USS Investment Management Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), USS Investment Management Ltd reported 533 stock positions worth $13.2 billion. Its top holding was Ste STR SPDR PT S&P 500 ETF (SPYM) at 10.6% of the portfolio, followed by Microsoft (MSFT, 5.2%) and Apple (AAPL, 3.9%). Compared with Q4 2024, it opened 3 new positions, sold out of 26, added to 64 and reduced 253. The biggest buy was a new position in Ste STR SPDR PT S&P 500 ETF (SPYM) and the biggest sale Nvidia (NVDA, shares −14%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001587381
- Portfolio Value
- $13.2B (Q1 2025)
- SEC Filing
- 0000919574-25-003092 ↗ filed May 15, 2025
Holdings Value
Holdings 533 stocks · $13.2B
| SPYM Ste STR SPDR PT S&P 500 ETF | 10.58% | 21,200,000 | $1.4B | New |
| MSFT Microsoft Corp. | 5.20% | 1,827,281 | $685.0M | Reduce -10.1% |
| AAPL Apple Inc. | 3.94% | 2,335,901 | $518.8M | Reduce -15.2% |
| NVDA Nvidia Corp. | 3.11% | 3,767,048 | $409.7M | Reduce -14.3% |
| V Visa Inc. Class A | 2.81% | 1,055,924 | $370.0M | Reduce -4.3% |
| AMZN Amazon.com Inc. | 2.12% | 1,468,792 | $279.5M | Add +0.1% |
| AON Aon PLC Class A | 1.94% | 640,299 | $255.5M | Reduce -0.6% |
| SPGI S&P Global Inc. | 1.89% | 489,851 | $249.0M | Reduce -2.3% |
| VRSK Verisk Analytics Inc. | 1.82% | 805,179 | $239.6M | Reduce -0.5% |
| UNH Unitedhealth Group Inc. | 1.79% | 449,460 | $235.4M | Reduce -7.3% |
| OTIS Otis Worldwide Corp. | 1.78% | 2,273,604 | $234.6M | Reduce -0.8% |
| YUM Yum! Brands Inc. | 1.78% | 1,487,142 | $234.0M | Reduce -0.8% |
| HD Home Depot Inc. | 1.76% | 631,442 | $231.4M | Reduce -7.7% |
| ACN Accenture PLC Class A | 1.74% | 735,341 | $229.6M | Reduce -3.5% |
| FAST Fastenal Co. | 1.65% | 2,802,598 | $217.4M | Reduce -1.5% |
| META Meta Platforms Inc. Class A | 1.51% | 344,324 | $198.5M | Reduce -14.9% |
| MAR Marriott International Class A | 1.49% | 822,410 | $195.9M | Reduce -0.8% |
| JNJ Johnson & Johnson | 1.48% | 1,176,886 | $195.2M | Reduce -14.6% |
| FERG Ferguson Enterprises Inc. | 1.45% | 1,195,466 | $191.5M | Add +0.1% |
| MDT Medtronic PLC | 1.45% | 2,122,313 | $190.7M | Reduce -5.7% |
| PG The Procter & Gamble Co. | 1.27% | 981,866 | $167.3M | Reduce -11.6% |
| GOOGL Alphabet Inc. Class A | 1.09% | 925,393 | $143.0M | Reduce -14.8% |
| GOOG Alphabet Inc. Class C | 0.98% | 828,528 | $129.3M | Reduce -14.7% |
| CL Colgate-Palmolive Co. | 0.94% | 1,328,226 | $124.5M | Reduce -3.2% |
| AVGO Broadcom Inc. | 0.92% | 721,239 | $120.8M | Reduce -19.1% |
| TSLA Tesla Inc. | 0.87% | 439,983 | $114.1M | Add +0.1% |
| LLY Eli Lilly & Co. | 0.85% | 136,088 | $112.4M | Reduce -14.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.84% | 208,646 | $111.3M | No change |
| JPM JPMorgan Chase & Co. | 0.84% | 452,090 | $110.9M | Reduce 0.0% |
| ICE Intercontinental Exchange Inc. | 0.83% | 633,223 | $109.3M | Reduce -2.8% |
| ICLR Icon PLC | 0.76% | 569,635 | $99.7M | Add +0.0% |
| CDNS Cadence Design SYS Inc. | 0.75% | 387,939 | $98.7M | No change |
| MA Mastercard Inc. Class A | 0.55% | 132,405 | $72.6M | Reduce -16.9% |
| COST Costco Wholesale Corp. | 0.50% | 70,049 | $66.2M | Reduce -15.6% |
| NFLX Netflix Inc. | 0.47% | 66,982 | $62.5M | Reduce -0.0% |
| WMT Walmart Inc. | 0.46% | 687,854 | $60.4M | No change |
| ABBV Abbvie Inc. | 0.46% | 288,088 | $60.4M | Reduce -38.8% |
| EWY iShares MSCI South Korea ETF | 0.41% | 1,007,626 | $54.5M | Add +18.3% |
| KO The Coca-Cola Co. | 0.34% | 632,914 | $45.3M | Reduce -42.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.34% | 1,066,403 | $44.5M | Add +0.0% |
| LIN Linde PLC | 0.33% | 92,019 | $42.8M | Reduce -15.2% |
| CSCO Cisco Systems Inc. | 0.31% | 671,435 | $41.4M | Reduce -30.9% |
| GFI Gold Fields Ltd.-Spons ADR | 0.31% | 1,824,346 | $40.3M | Reduce -9.8% |
| CRM Salesforce Inc. | 0.30% | 148,486 | $39.8M | Add +0.0% |
| EWM iShares MSCI Malaysia ETF | 0.30% | 1,703,203 | $39.3M | No change |
| WFC Wells Fargo & Co. | 0.29% | 533,879 | $38.3M | No change |
| ABT Abbott Laboratories | 0.29% | 287,834 | $38.2M | Reduce -22.2% |
| CVX Chevron Corp. | 0.29% | 226,515 | $37.9M | Reduce -52.6% |
| MRK Merck & Co. Inc. | 0.28% | 417,722 | $37.5M | Reduce -31.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.28% | 146,053 | $36.3M | Reduce -38.3% |
| ORCL Oracle Corp. | 0.27% | 259,160 | $36.2M | Reduce -19.1% |
| MCD McDonald's Corp. | 0.27% | 113,553 | $35.5M | Reduce -28.8% |
| MELI MercadoLibre Inc. | 0.26% | 17,581 | $34.3M | Reduce -23.4% |
| PEP Pepsico Inc. | 0.25% | 221,421 | $33.2M | Reduce -42.2% |
| T AT&T Inc. | 0.24% | 1,134,130 | $32.1M | No change |
| PDD PDD Holdings Inc. | 0.24% | 267,153 | $31.6M | No change |
| TMO Thermo Fisher Scientific Inc. | 0.24% | 63,252 | $31.5M | Reduce -13.8% |
| VZ Verizon Communications Inc. | 0.23% | 676,346 | $30.7M | Reduce -56.2% |
| TXN Texas Instruments Inc. | 0.23% | 168,415 | $30.3M | Reduce -26.1% |
| GE General Electric filed as GE AEROSPACE | 0.23% | 148,113 | $29.7M | Reduce -18.0% |
| ISRG Intuitive Surgical Inc. | 0.22% | 59,467 | $29.4M | Reduce -0.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.22% | 291,574 | $28.8M | Reduce -0.0% |
| QCOM Qualcomm Inc. | 0.22% | 185,807 | $28.5M | Reduce -18.8% |
| AMGN Amgen Inc. | 0.21% | 89,577 | $27.9M | Reduce -33.0% |
| GS Goldman Sachs Group Inc. | 0.21% | 50,799 | $27.7M | Reduce -0.0% |
| INTU Intuit Inc. | 0.21% | 44,056 | $27.0M | Reduce -16.6% |
| ADBE Adobe Inc. | 0.20% | 70,435 | $27.0M | No change |
| VWOB Vanguard Emerg MKTS Gov BND | 0.20% | 420,000 | $27.0M | Reduce -49.4% |
| FMX Fomento Economico Mex-SP ADR | 0.20% | 275,210 | $26.8M | No change |
| PLTR Palantir Technologies Inc. Class A | 0.20% | 317,380 | $26.8M | No change |
| AMD Advanced Micro Devices | 0.20% | 259,872 | $26.7M | Add +0.5% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.20% | 2,601,185 | $26.6M | Reduce -11.6% |
| MMYT Makemytrip Ltd. | 0.20% | 271,782 | $26.6M | Add +29.5% |
| NOW ServiceNow Inc. | 0.20% | 33,110 | $26.4M | No change |
| PGR Progressive Corp. | 0.20% | 92,146 | $26.1M | Reduce -10.9% |
| BSX Boston Scientific Corp. | 0.19% | 254,498 | $25.7M | No change |
| RY Royal Bank of Canada | 0.19% | 223,206 | $25.1M | Add +0.1% |
| BKNG Booking Holdings Inc. | 0.19% | 5,375 | $24.8M | Reduce -0.1% |
| UBER Uber Technologies Inc. | 0.19% | 338,646 | $24.7M | No change |
| AXP American Express Co. | 0.19% | 91,693 | $24.7M | Reduce -18.0% |
| GILD Gilead Sciences Inc. | 0.18% | 215,984 | $24.2M | Reduce -0.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.18% | 195,365 | $23.8M | Reduce -19.7% |
| NEE Nextera Energy Inc. | 0.18% | 334,914 | $23.8M | Reduce -30.6% |
| PFE Pfizer Inc. | 0.18% | 934,114 | $23.7M | Reduce -52.3% |
| MS Morgan Stanley | 0.18% | 202,080 | $23.6M | Reduce -0.0% |
| HON Honeywell International Inc. | 0.17% | 108,292 | $22.9M | Reduce -23.5% |
| WM Waste Management Inc. | 0.17% | 98,911 | $22.9M | Reduce -16.1% |
| AMAT Applied Materials Inc. | 0.17% | 156,281 | $22.7M | Reduce -12.1% |
| BLK BlackRock Inc. | 0.17% | 23,950 | $22.7M | Reduce -24.1% |
| CMCSA Comcast Corp. Class A | 0.17% | 605,563 | $22.3M | Reduce -33.3% |
| DHR Danaher Corp. | 0.17% | 106,578 | $21.8M | Reduce -15.5% |
| BMY Bristol-Myers Squibb Co. | 0.16% | 353,710 | $21.6M | Reduce -0.0% |
| VRTX Vertex Pharmaceuticals Inc. | 0.16% | 44,391 | $21.5M | Reduce -0.0% |
| TMUS T-Mobile US Inc. | 0.16% | 79,789 | $21.3M | No change |
| C Citigroup Inc. | 0.16% | 297,508 | $21.1M | Add +0.0% |
| FISV Fiserv Inc. | 0.16% | 94,970 | $21.0M | No change |
| SYK Stryker Corp. | 0.16% | 55,482 | $20.7M | Reduce -13.9% |
| ADP Automatic Data Processing | 0.16% | 67,330 | $20.6M | Reduce -27.5% |
| LOW Lowe's Cos Inc. | 0.15% | 87,376 | $20.4M | Reduce -23.4% |
| EWT iShares MSCI Taiwan ETF | 0.15% | 422,576 | $20.1M | Reduce -37.2% |
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -14.3% | 3.11% | −1.18 |
| AAPL Apple Inc. | Reduce -15.2% | 3.94% | −1.07 |
| MSFT Microsoft Corp. | Reduce -10.1% | 5.20% | −1.02 |
| AVGO Broadcom Inc. | Reduce -19.1% | 0.92% | −0.58 |
| GOOGL Alphabet Inc. Class A | Reduce -14.8% | 1.09% | −0.41 |
| GOOG Alphabet Inc. Class C | Reduce -14.7% | 0.98% | −0.36 |
| VZ Verizon Communications Inc. | Reduce -56.2% | 0.23% | −0.22 |
| CVX Chevron Corp. | Reduce -52.6% | 0.29% | −0.22 |
| META Meta Platforms Inc. Class A | Reduce -14.9% | 1.51% | −0.21 |
| ACN Accenture PLC Class A | Reduce -3.5% | 1.74% | −0.21 |
| PFE Pfizer Inc. | Reduce -52.3% | 0.18% | −0.20 |
| MAR Marriott International Class A | Reduce -0.8% | 1.49% | −0.19 |
| MCHI iShares MSCI China ETF | Reduce -75.2% | 0.08% | −0.19 |
| HD Home Depot Inc. | Reduce -7.7% | 1.76% | −0.18 |
| VWOB Vanguard Emerg MKTS Gov BND | Reduce -49.4% | 0.20% | −0.18 |
| PEP Pepsico Inc. | Reduce -42.2% | 0.25% | −0.17 |
| YUMC Yum China Holdings Inc. | Reduce -69.6% | 0.09% | −0.16 |
| MRK Merck & Co. Inc. | Reduce -31.5% | 0.28% | −0.16 |
| KO The Coca-Cola Co. | Reduce -42.7% | 0.34% | −0.16 |
| ABBV Abbvie Inc. | Reduce -38.8% | 0.46% | −0.15 |
| ORCL Oracle Corp. | Reduce -19.1% | 0.27% | −0.11 |
| GLOB Globant SA | Reduce -28.8% | 0.07% | −0.11 |
| CSCO Cisco Systems Inc. | Reduce -30.9% | 0.31% | −0.10 |
| IBM Intl Business Machines Corp. | Reduce -38.3% | 0.28% | −0.10 |
| EWT iShares MSCI Taiwan ETF | Reduce -37.2% | 0.15% | −0.10 |
| BX Blackstone Inc. | Reduce -33.7% | 0.12% | −0.10 |
| UPS United Parcel Service Class B | Reduce -41.8% | 0.11% | −0.10 |
| PG The Procter & Gamble Co. | Reduce -11.6% | 1.27% | −0.08 |
| TXN Texas Instruments Inc. | Reduce -26.1% | 0.23% | −0.08 |
| KMI Kinder Morgan Inc. | Reduce -52.9% | 0.08% | −0.08 |
| CMCSA Comcast Corp. Class A | Reduce -33.3% | 0.17% | −0.08 |
| COP Conocophillips | Reduce -41.3% | 0.14% | −0.08 |
| NEE Nextera Energy Inc. | Reduce -30.6% | 0.18% | −0.07 |
| USB US Bancorp | Reduce -43.6% | 0.07% | −0.07 |
| MCD McDonald's Corp. | Reduce -28.8% | 0.27% | −0.07 |
| SU Suncor Energy Inc. | Reduce -82.9% | 0.02% | −0.07 |
| CAT Caterpillar Inc. | Reduce -27.5% | 0.14% | −0.07 |
| OKE Oneok Inc. | Reduce -45.3% | 0.08% | −0.06 |
| BLK BlackRock Inc. | Reduce -24.1% | 0.17% | −0.06 |
| PNC PNC Financial Services Group | Reduce -39.6% | 0.08% | −0.06 |
| ETN Eaton Corp. PLC | Reduce -23.0% | 0.12% | −0.06 |
| MA Mastercard Inc. Class A | Reduce -16.9% | 0.55% | −0.06 |
| GIS General Mills Inc. | Reduce -56.7% | 0.04% | −0.06 |
| HON Honeywell International Inc. | Reduce -23.5% | 0.17% | −0.06 |
| MDLZ Mondelez International Inc. Class A | Reduce -43.8% | 0.12% | −0.06 |
| AXP American Express Co. | Reduce -18.0% | 0.19% | −0.05 |
| CME Cme Group Inc. | Reduce -42.0% | 0.12% | −0.05 |
| DUK Duke Energy Corp. | Reduce -42.1% | 0.12% | −0.05 |
| UNP Union Pacific Corp. | Reduce -68.4% | 0.03% | −0.05 |
| STLA Stellantis NV | Sold out | 0.00% | −0.05 |
Portfolio Buys Q4 2024 → Q1 2025
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 10.58% | +10.58 |
| EWY iShares MSCI South Korea ETF | Add +18.3% | 0.41% | +0.10 |
| BABA Alibaba Group Holding-SP ADR | New | 0.09% | +0.09 |
| MMYT Makemytrip Ltd. | Add +29.5% | 0.20% | +0.03 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +10.0% | 0.12% | +0.02 |
| MCK McKesson Corp. | Add +0.1% | 0.11% | +0.02 |
| EBAY eBay Inc. | Add +15.2% | 0.07% | +0.02 |
| TBBB BBB Foods Inc. Class A | Add +13.4% | 0.14% | +0.01 |
| AOS Smith (a.o.) Corp. | New | 0.01% | +0.01 |
| VRSN Verisign Inc. | Add +15.5% | 0.03% | +0.01 |
| C Citigroup Inc. | Add +0.0% | 0.16% | +0.01 |
| ZBH Zimmer Biomet Holdings Inc. | Add +7.8% | 0.04% | +0.01 |
| IP International Paper Co. | Add +404.5% | 0.01% | +0.01 |
| TTWO Take-Two Interactive Softwre | Add +0.2% | 0.05% | +0.01 |
| CHKP Check Point Software Tech | Add +0.3% | 0.03% | +0.01 |
| EXPD Expeditors Intl Wash Inc. | Add +12.3% | 0.03% | +0.01 |
| INVH Invitation Homes Inc. | Add +3.7% | 0.04% | +0.01 |
| IDXX Idexx Laboratories Inc. | Add +4.2% | 0.05% | +0.01 |
| BR Broadridge Financial Solutio | Add +2.9% | 0.04% | +0.00 |
| HUBB Hubbell Inc. | Add +49.4% | 0.02% | +0.00 |
| FER Ferrovial NV | Add +1.5% | 0.04% | +0.00 |
| MTD Mettler-Toledo International | Add +5.6% | 0.07% | +0.00 |
| DOX Amdocs Ltd. | Add +10.8% | 0.02% | +0.00 |
| ENLT Enlight Renewable Energy Ltd. | Add +53.6% | 0.01% | +0.00 |
| CPRT Copart Inc. | Add +1.4% | 0.07% | +0.00 |
| RNR Renaissancere Holdings Ltd. | Add +15.5% | 0.02% | +0.00 |
| XYL Xylem Inc. | Add +5.4% | 0.03% | +0.00 |
| TU Telus Corp. | Add +2.1% | 0.03% | +0.00 |
| IEX Idex Corp. | Add +25.7% | 0.02% | +0.00 |
| EW Edwards Lifesciences Corp. | Add +1.6% | 0.07% | +0.00 |
| NVR NVR Inc. | Add +15.1% | 0.04% | +0.00 |
| VMRK Vivmark Residential | Add +0.3% | 0.04% | +0.00 |
| APTV Aptiv PLC | Add +2.1% | 0.04% | +0.00 |
| SPG Simon Property Group Inc. | Add +1.2% | 0.08% | +0.00 |
| SCCO Southern Copper Corp. | Add +0.0% | 0.02% | +0.00 |
| AVB Avalonbay Communities Inc. | Add +0.1% | 0.05% | +0.00 |
| VLTO Veralto Corp. | Add +5.6% | 0.02% | +0.00 |
| APH Amphenol Corp. Class A | Add +2.0% | 0.12% | +0.00 |
| WMG Warner Music Group Corp. Class A | Add +1.3% | 0.01% | +0.00 |
| RKT Rocket Cos Inc. Class A | Add +2.7% | 0.00% | +0.00 |
| ANSS Ansys Inc. | Add +2.1% | 0.06% | 0.00 |
| EL Estee Lauder Companies Class A | Add +7.5% | 0.03% | −0.00 |
| IBKR Interactive Brokers Gro Class A | Add +0.4% | 0.03% | −0.00 |
| LEN.B Lennar Corp. Class B | Add +7.5% | 0.01% | −0.00 |
| PRU Prudential Financial Inc. | Add +0.2% | 0.04% | −0.00 |
| HOLX Hologic Inc. | Add +8.8% | 0.03% | −0.00 |
| PNR Pentair PLC | Add +5.6% | 0.02% | −0.00 |
| BF.B Brown-Forman Corp. Class B | Add +0.8% | 0.03% | −0.00 |
| IT Gartner Inc. | Add +4.7% | 0.04% | −0.00 |
| BAC Bank of America Corp. | Add +0.0% | 0.34% | −0.00 |
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 |