USS Investment Management Ltd
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), USS Investment Management Ltd reported 554 stock positions worth $13.8 billion. Its top holding was Microsoft (MSFT) at 6.2% of the portfolio, followed by Apple (AAPL, 5.0%) and Nvidia (NVDA, 4.3%). Compared with Q3 2024, it opened 43 new positions, sold out of 24, added to 73 and reduced 417. The biggest buy was a new position in Amazon.com (AMZN) and the biggest sale Pepsico (PEP, shares −46%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001587381
- Portfolio Value
- $13.8B (Q4 2024)
- SEC Filing
- 0000919574-25-001222 ↗ filed Feb 14, 2025
Holdings Value
Holdings 554 stocks · $13.8B
| MSFT Microsoft Corp. | 6.22% | 2,031,511 | $856.2M | Add +3.6% |
| AAPL Apple Inc. | 5.01% | 2,755,130 | $689.9M | Add +3.5% |
| NVDA Nvidia Corp. | 4.29% | 4,398,295 | $590.6M | Add +1.1% |
| V Visa Inc. Class A | 2.53% | 1,103,238 | $349.0M | Add +1.5% |
| AMZN Amazon.com Inc. | 2.34% | 1,468,129 | $322.1M | New |
| ACN Accenture PLC Class A | 1.95% | 761,856 | $268.2M | Reduce -1.1% |
| HD Home Depot Inc. | 1.93% | 684,107 | $266.3M | Reduce -2.3% |
| SPGI S&P Global Inc. | 1.81% | 501,251 | $249.8M | Reduce -0.1% |
| UNH Unitedhealth Group Inc. | 1.78% | 484,959 | $245.6M | Add +3.2% |
| META Meta Platforms Inc. Class A | 1.72% | 404,457 | $236.9M | Add +0.0% |
| AON Aon PLC Class A | 1.68% | 643,899 | $231.2M | Reduce -0.5% |
| MAR Marriott International Class A | 1.68% | 828,610 | $231.2M | Reduce -10.8% |
| VRSK Verisk Analytics Inc. | 1.62% | 809,029 | $222.9M | Reduce -0.4% |
| OTIS Otis Worldwide Corp. | 1.54% | 2,293,062 | $212.3M | Reduce -1.0% |
| FERG Ferguson Enterprises Inc. | 1.51% | 1,194,810 | $207.4M | Add +9.7% |
| AVGO Broadcom Inc. | 1.50% | 891,539 | $206.6M | Reduce -0.3% |
| GOOGL Alphabet Inc. Class A | 1.49% | 1,086,101 | $205.6M | Add +15.5% |
| FAST Fastenal Co. | 1.49% | 2,844,698 | $204.6M | Reduce -0.9% |
| YUM Yum! Brands Inc. | 1.46% | 1,498,463 | $201.0M | Reduce -0.5% |
| JNJ Johnson & Johnson | 1.45% | 1,378,386 | $199.4M | Reduce -0.4% |
| PG The Procter & Gamble Co. | 1.35% | 1,111,266 | $186.3M | Reduce -0.9% |
| GOOG Alphabet Inc. Class C | 1.34% | 971,242 | $185.0M | Add +19.2% |
| MDT Medtronic PLC | 1.31% | 2,249,374 | $179.7M | Reduce -1.1% |
| TSLA Tesla Inc. | 1.29% | 439,402 | $177.4M | New |
| CL Colgate-Palmolive Co. | 0.91% | 1,372,002 | $124.8M | Add +7.2% |
| LLY Eli Lilly & Co. | 0.90% | 159,714 | $123.4M | Reduce -0.6% |
| ICLR Icon PLC | 0.87% | 569,561 | $119.4M | Add +12.9% |
| CDNS Cadence Design SYS Inc. | 0.85% | 387,939 | $116.6M | Reduce -0.3% |
| JPM JPMorgan Chase & Co. | 0.79% | 452,108 | $108.5M | Reduce -0.3% |
| ICE Intercontinental Exchange Inc. | 0.71% | 651,601 | $97.1M | Reduce -0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.69% | 208,646 | $94.6M | New |
| MA Mastercard Inc. Class A | 0.61% | 159,389 | $84.0M | Add +0.3% |
| ABBV Abbvie Inc. | 0.61% | 470,730 | $83.7M | Reduce -2.8% |
| COST Costco Wholesale Corp. | 0.55% | 82,949 | $76.0M | Reduce -0.9% |
| CVX Chevron Corp. | 0.50% | 477,715 | $69.2M | Add +134.1% |
| KO The Coca-Cola Co. | 0.50% | 1,104,114 | $68.8M | Add +2.1% |
| WMT Walmart Inc. | 0.45% | 687,854 | $62.2M | Reduce -15.1% |
| VZ Verizon Communications Inc. | 0.45% | 1,543,546 | $61.8M | Reduce -2.0% |
| MRK Merck & Co. Inc. | 0.44% | 610,080 | $60.7M | Add +44.2% |
| NFLX Netflix Inc. | 0.43% | 67,006 | $59.7M | Reduce -1.2% |
| PEP Pepsico Inc. | 0.42% | 383,321 | $58.3M | Reduce -45.9% |
| CSCO Cisco Systems Inc. | 0.42% | 970,973 | $57.5M | Reduce -8.8% |
| ORCL Oracle Corp. | 0.39% | 320,494 | $53.4M | Add +2.7% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.38% | 830,000 | $52.4M | Reduce -27.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.38% | 236,553 | $52.0M | Add +129.9% |
| PFE Pfizer Inc. | 0.38% | 1,958,514 | $52.0M | Reduce -3.2% |
| CRM Salesforce Inc. | 0.36% | 148,477 | $49.7M | Reduce -2.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.34% | 1,066,076 | $46.9M | Reduce -1.8% |
| MCD McDonald's Corp. | 0.34% | 159,480 | $46.2M | Reduce -2.1% |
| LIN Linde PLC | 0.33% | 108,528 | $45.4M | Reduce -4.4% |
| EWY iShares MSCI South Korea ETF | 0.31% | 851,794 | $43.4M | Add +226.6% |
| TXN Texas Instruments Inc. | 0.31% | 227,897 | $42.7M | Reduce -3.4% |
| ABT Abbott Laboratories | 0.30% | 369,886 | $41.9M | Reduce -3.4% |
| EWM iShares MSCI Malaysia ETF | 0.30% | 1,703,203 | $41.8M | Reduce -13.2% |
| MELI MercadoLibre Inc. | 0.28% | 22,955 | $39.1M | Reduce -12.5% |
| TMO Thermo Fisher Scientific Inc. | 0.28% | 73,406 | $38.2M | Reduce -5.0% |
| WFC Wells Fargo & Co. | 0.27% | 533,879 | $37.5M | Reduce -4.5% |
| MCHI iShares MSCI China ETF | 0.27% | 792,084 | $37.1M | Reduce -44.1% |
| QCOM Qualcomm Inc. | 0.26% | 228,924 | $35.2M | Reduce -1.7% |
| NOW ServiceNow Inc. | 0.25% | 33,110 | $35.1M | Reduce -0.8% |
| EWT iShares MSCI Taiwan ETF | 0.25% | 673,144 | $34.9M | Add +70.9% |
| AMGN Amgen Inc. | 0.25% | 133,603 | $34.8M | Reduce -3.4% |
| NEE Nextera Energy Inc. | 0.25% | 482,814 | $34.6M | Reduce -3.9% |
| YUMC Yum China Holdings Inc. | 0.25% | 714,718 | $34.4M | Reduce -19.0% |
| CMCSA Comcast Corp. Class A | 0.25% | 907,263 | $34.1M | Reduce -6.5% |
| INTU Intuit Inc. | 0.24% | 52,836 | $33.2M | Add +0.1% |
| AXP American Express Co. | 0.24% | 111,776 | $33.2M | Reduce -3.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.24% | 291,648 | $32.5M | Reduce -1.9% |
| BLK BlackRock Inc. | 0.24% | 31,546 | $32.4M | Reduce -2.6% |
| HON Honeywell International Inc. | 0.23% | 141,492 | $32.0M | Add +326.2% |
| ADBE Adobe Inc. | 0.23% | 70,435 | $31.3M | Reduce -1.3% |
| AMD Advanced Micro Devices | 0.23% | 258,536 | $31.2M | Reduce -2.0% |
| ISRG Intuitive Surgical Inc. | 0.23% | 59,475 | $31.0M | Reduce -5.5% |
| BX Blackstone Inc. | 0.22% | 177,472 | $30.6M | Reduce -1.5% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.22% | 2,942,311 | $30.5M | Reduce -3.6% |
| GE General Electric filed as GE AEROSPACE | 0.22% | 180,613 | $30.1M | Reduce -3.8% |
| COP Conocophillips | 0.21% | 297,851 | $29.5M | Add +282.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.21% | 243,204 | $29.4M | Add +385.4% |
| GS Goldman Sachs Group Inc. | 0.21% | 50,803 | $29.1M | Reduce -3.7% |
| DHR Danaher Corp. | 0.21% | 126,149 | $29.0M | Reduce -6.9% |
| CAT Caterpillar Inc. | 0.21% | 79,708 | $28.9M | Reduce -10.8% |
| AMAT Applied Materials Inc. | 0.21% | 177,684 | $28.9M | Reduce -0.7% |
| LOW Lowe's Cos Inc. | 0.20% | 114,130 | $28.2M | Reduce -7.6% |
| UPS United Parcel Service Class B | 0.20% | 220,971 | $27.9M | Reduce -3.4% |
| ADP Automatic Data Processing | 0.20% | 92,830 | $27.2M | Reduce -3.2% |
| RY Royal Bank of Canada | 0.20% | 223,082 | $26.9M | No change |
| BKNG Booking Holdings Inc. | 0.19% | 5,379 | $26.8M | Reduce -4.2% |
| GFI Gold Fields Ltd.-Spons ADR | 0.19% | 2,022,029 | $26.7M | Reduce -28.9% |
| PDD PDD Holdings Inc. | 0.19% | 267,153 | $25.9M | Reduce -45.1% |
| T AT&T Inc. | 0.19% | 1,134,130 | $25.8M | Reduce -2.7% |
| MS Morgan Stanley | 0.18% | 202,126 | $25.4M | Reduce -3.8% |
| ETN Eaton Corp. PLC | 0.18% | 74,863 | $24.9M | Add +335.3% |
| PGR Progressive Corp. | 0.18% | 103,446 | $24.8M | Add +10.8% |
| GLOB Globant SA | 0.18% | 114,931 | $24.6M | Reduce -18.9% |
| PLTR Palantir Technologies Inc. Class A | 0.17% | 317,380 | $24.0M | Reduce -8.1% |
| CME Cme Group Inc. | 0.17% | 103,120 | $24.0M | Reduce -2.3% |
| MDLZ Mondelez International Inc. Class A | 0.17% | 398,462 | $23.8M | Add +7.0% |
| WM Waste Management Inc. | 0.17% | 117,925 | $23.8M | Reduce -6.2% |
| MMYT Makemytrip Ltd. | 0.17% | 209,854 | $23.6M | Reduce -2.2% |
| FMX Fomento Economico Mex-SP ADR | 0.17% | 275,210 | $23.5M | Reduce -37.5% |
Portfolio Sells Q3 2024 → Q4 2024
| PEP Pepsico Inc. | Reduce -45.9% | 0.42% | −0.46 |
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −0.35 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.33 |
| PDD PDD Holdings Inc. | Reduce -45.1% | 0.19% | −0.29 |
| MCHI iShares MSCI China ETF | Reduce -44.1% | 0.27% | −0.26 |
| TME Tencent Music Entertainm-ADR | Sold out | 0.00% | −0.23 |
| OTIS Otis Worldwide Corp. | Reduce -1.0% | 1.54% | −0.23 |
| UNP Union Pacific Corp. | Reduce -69.5% | 0.08% | −0.20 |
| MDT Medtronic PLC | Reduce -1.1% | 1.31% | −0.20 |
| JNJ Johnson & Johnson | Reduce -0.4% | 1.45% | −0.20 |
| VWOB Vanguard Emerg MKTS Gov BND | Reduce -27.3% | 0.38% | −0.18 |
| HD Home Depot Inc. | Reduce -2.3% | 1.93% | −0.15 |
| FMX Fomento Economico Mex-SP ADR | Reduce -37.5% | 0.17% | −0.15 |
| LLY Eli Lilly & Co. | Reduce -0.6% | 0.90% | −0.15 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -28.9% | 0.19% | −0.13 |
| MELI MercadoLibre Inc. | Reduce -12.5% | 0.28% | −0.11 |
| ABBV Abbvie Inc. | Reduce -2.8% | 0.61% | −0.09 |
| AMD Advanced Micro Devices | Reduce -2.0% | 0.23% | −0.09 |
| SPGI S&P Global Inc. | Reduce -0.1% | 1.81% | −0.09 |
| EWM iShares MSCI Malaysia ETF | Reduce -13.2% | 0.30% | −0.09 |
| YUM Yum! Brands Inc. | Reduce -0.5% | 1.46% | −0.09 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -3.6% | 0.22% | −0.08 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.08 |
| TFC Truist Financial Corp. | Reduce -56.3% | 0.06% | −0.08 |
| MMM 3M Co. | Reduce -32.8% | 0.14% | −0.08 |
| AMGN Amgen Inc. | Reduce -3.4% | 0.25% | −0.07 |
| TMO Thermo Fisher Scientific Inc. | Reduce -5.0% | 0.28% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -0.9% | 1.35% | −0.07 |
| VZ Verizon Communications Inc. | Reduce -2.0% | 0.45% | −0.07 |
| ICE Intercontinental Exchange Inc. | Reduce -0.7% | 0.71% | −0.07 |
| LIN Linde PLC | Reduce -4.4% | 0.33% | −0.07 |
| CVS CVS Health Corp. | Reduce -6.4% | 0.13% | −0.07 |
| DHR Danaher Corp. | Reduce -6.9% | 0.21% | −0.07 |
| ELV Elevance Health Inc. | Reduce -4.1% | 0.13% | −0.06 |
| NEE Nextera Energy Inc. | Reduce -3.9% | 0.25% | −0.06 |
| REGN Regeneron Pharmaceuticals | Reduce -7.3% | 0.09% | −0.06 |
| AMAT Applied Materials Inc. | Reduce -0.7% | 0.21% | −0.06 |
| ACN Accenture PLC Class A | Reduce -1.1% | 1.95% | −0.05 |
| PFE Pfizer Inc. | Reduce -3.2% | 0.38% | −0.05 |
| CMCSA Comcast Corp. Class A | Reduce -6.5% | 0.25% | −0.05 |
| UBER Uber Technologies Inc. | Reduce -5.8% | 0.15% | −0.05 |
| TXN Texas Instruments Inc. | Reduce -3.4% | 0.31% | −0.05 |
| CAT Caterpillar Inc. | Reduce -10.8% | 0.21% | −0.05 |
| MPWR Monolithic Power Systems Inc. | Reduce -12.1% | 0.06% | −0.05 |
| AMT American Tower Corp. | Reduce -10.3% | 0.11% | −0.05 |
| DHI D.R. Horton Inc. | Reduce -22.0% | 0.06% | −0.05 |
| NKE Nike Inc. Class B | Reduce -11.1% | 0.14% | −0.05 |
| ADBE Adobe Inc. | Reduce -1.3% | 0.23% | −0.04 |
| TT Trane Technologies PLC | Reduce -46.1% | 0.04% | −0.04 |
| VALE Vale SA-SP ADR | Reduce -19.0% | 0.06% | −0.04 |
Portfolio Buys Q3 2024 → Q4 2024
| AMZN Amazon.com Inc. | New | 2.34% | +2.34 |
| TSLA Tesla Inc. | New | 1.29% | +1.29 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.69% | +0.69 |
| AAPL Apple Inc. | Add +3.5% | 5.01% | +0.46 |
| NVDA Nvidia Corp. | Add +1.1% | 4.29% | +0.41 |
| GOOGL Alphabet Inc. Class A | Add +15.5% | 1.49% | +0.35 |
| GOOG Alphabet Inc. Class C | Add +19.2% | 1.34% | +0.34 |
| V Visa Inc. Class A | Add +1.5% | 2.53% | +0.34 |
| CVX Chevron Corp. | Add +134.1% | 0.50% | +0.28 |
| IBM Intl Business Machines Corp. | Add +129.9% | 0.38% | +0.21 |
| EWY iShares MSCI South Korea ETF | Add +226.6% | 0.31% | +0.19 |
| HON Honeywell International Inc. | Add +326.2% | 0.23% | +0.18 |
| TJX TJX Companies Inc. | Add +385.4% | 0.21% | +0.17 |
| COP Conocophillips | Add +282.4% | 0.21% | +0.15 |
| ETN Eaton Corp. PLC | Add +335.3% | 0.18% | +0.14 |
| BAP Credicorp Ltd. | New | 0.13% | +0.13 |
| ENB Enbridge Inc. | New | 0.12% | +0.12 |
| GEV GE Vernova Inc. | New | 0.11% | +0.11 |
| APH Amphenol Corp. Class A | Add +582.4% | 0.12% | +0.11 |
| EWT iShares MSCI Taiwan ETF | Add +70.9% | 0.25% | +0.10 |
| TEL Te Connectivity PLC | New | 0.10% | +0.10 |
| EPAM Epam Systems Inc. | New | 0.09% | +0.09 |
| APP AppLovin Corp. Class A | New | 0.09% | +0.09 |
| SBUX Starbucks Corp. | Add +147.0% | 0.16% | +0.09 |
| TDG Transdigm Group Inc. | New | 0.09% | +0.09 |
| MRK Merck & Co. Inc. | Add +44.2% | 0.44% | +0.09 |
| BN Brookfield Corp. | Add +539.0% | 0.09% | +0.08 |
| ROST Ross Stores Inc. | Add +459.3% | 0.08% | +0.07 |
| HWM Howmet Aerospace Inc. | Add +448.9% | 0.08% | +0.06 |
| PSX Phillips 66 | Add +200.0% | 0.10% | +0.06 |
| VRT Vertiv Holdings Co. Class A | New | 0.06% | +0.06 |
| NEM Newmont Corp. | New | 0.06% | +0.06 |
| AEM Agnico Eagle Mines Ltd. | Add +289.7% | 0.08% | +0.06 |
| VST Vistra Corp. | New | 0.05% | +0.05 |
| FLUT Flutter Entertainment PLC-Di | New | 0.05% | +0.05 |
| MNST Monster Beverage Corp. | New | 0.05% | +0.05 |
| KMI Kinder Morgan Inc. | Add +17.2% | 0.16% | +0.05 |
| KVUE Kenvue Inc. | Add +172.3% | 0.08% | +0.05 |
| CNQ Canadian Natural Resources | New | 0.05% | +0.05 |
| VMC Vulcan Materials Co. | Add +425.3% | 0.06% | +0.05 |
| HES Hess Corp. | New | 0.05% | +0.05 |
| DELL Dell Technologies -C | Add +533.6% | 0.05% | +0.04 |
| WPM Wheaton Precious Metals Corp. | New | 0.04% | +0.04 |
| LNG Cheniere Energy Inc. | New | 0.04% | +0.04 |
| FTV Fortive Corp. | Add +533.4% | 0.05% | +0.04 |
| CCJ Cameco Corp. | New | 0.04% | +0.04 |
| SHOP Shopify Inc. Class A | Add +2.4% | 0.15% | +0.04 |
| CVNA Carvana Co. | New | 0.04% | +0.04 |
| FNV Franco-Nevada Corp. | Add +446.1% | 0.05% | +0.04 |
| OKE Oneok Inc. | Add +21.0% | 0.15% | +0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 617 | $25.4B | SPYM, VOO, IVV, NVDA, AMZN |
| Q1 2026 | 512 | $23.6B | SPYM, VOO, IVV, NVDA, MSFT |
| Q4 2025 | 508 | $20.1B | SPYM, MSFT, NVDA, AAPL, AMZN |
| Q3 2025 | 526 | $20.8B | SPYM, MSFT, NVDA, VOO, IVV |
| Q2 2025 | 523 | $15.9B | SPYM, MSFT, NVDA, AAPL, V |
| Q1 2025 | 533 | $13.2B | SPYM, MSFT, AAPL, NVDA, V |
| Q4 2024 | 554 | $13.8B | MSFT, AAPL, NVDA, V, AMZN |
| Q3 2024 | 535 | $13.6B | MSFT, AAPL, NVDA, V, HD |
| Q2 2024 | 551 | $12.5B | MSFT, AAPL, NVDA, V, HD |
| Q1 2024 | 542 | $12.1B | MSFT, AAPL, NVDA, V, HD |