USS Investment Management Ltd

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), USS Investment Management Ltd reported 523 stock positions worth $15.9 billion. Its top holding was Ste STR SPDR PT S&P 500 ETF (SPYM) at 18.9% of the portfolio, followed by Microsoft (MSFT, 5.7%) and Nvidia (NVDA, 3.8%). Compared with Q1 2025, it opened 15 new positions, sold out of 26, added to 239 and reduced 93. The biggest buy was Ste STR SPDR PT S&P 500 ETF (SPYM, shares +96%) and the biggest sale Otis Worldwide (OTIS, shares −20%).

Most Recent 13F
Q2 2026
Location
London, X0
CIK
0001587381
Portfolio Value
$15.9B (Q2 2025)
SEC Filing
0000919574-25-004648 ↗ filed Aug 14, 2025

Holdings Value

0$10.0B$20.0B$30.0B Q1 2024: $12.1B Q1 2024 Q2 2024: $12.5B Q2 2024 Q3 2024: $13.6B Q3 2024 Q4 2024: $13.8B Q4 2024 Q1 2025: $13.2B Q1 2025 Q2 2025: $15.9B $15.9B Q2 2025 Q3 2025: $20.8B Q3 2025 Q4 2025: $20.1B Q4 2025 Q1 2026: $23.6B Q1 2026 Q2 2026: $25.4B Q2 2026

Holdings 523 stocks · $15.9B
SPYM Ste STR SPDR PT S&P 500 ETF 18.95% 41,572,102 $3.0B Add +96.1%
MSFT Microsoft Corp. 5.73% 1,836,641 $913.2M Add +0.5%
NVDA Nvidia Corp. 3.77% 3,808,921 $601.3M Add +1.1%
AAPL Apple Inc. 3.01% 2,339,220 $479.7M Add +0.1%
V Visa Inc. Class A 2.23% 1,004,407 $356.4M Reduce -4.9%
AMZN Amazon.com Inc. 2.06% 1,496,407 $328.3M Add +1.9%
FERG Ferguson Enterprises Inc. 1.63% 1,195,466 $260.4M No change
SPGI S&P Global Inc. 1.62% 490,939 $258.8M Add +0.2%
META Meta Platforms Inc. Class A 1.61% 348,818 $257.5M Add +1.3%
VRSK Verisk Analytics Inc. 1.57% 805,225 $250.8M Add +0.0%
FAST Fastenal Co. 1.48% 5,604,874 $235.4M No change
HD Home Depot Inc. 1.45% 631,807 $231.6M Add +0.1%
AON Aon PLC Class A 1.43% 640,774 $228.6M Add +0.1%
ACN Accenture PLC Class A 1.38% 736,243 $219.9M Add +0.1%
AVGO Broadcom Inc. 1.28% 742,750 $204.8M Add +3.0%
MAR Marriott International Class A 1.24% 724,861 $198.0M Reduce -11.9%
YUM Yum! Brands Inc. 1.20% 1,289,100 $190.9M Reduce -13.3%
MDT Medtronic PLC 1.16% 2,124,412 $185.2M Add +0.1%
OTIS Otis Worldwide Corp. 1.14% 1,830,268 $181.2M Reduce -19.5%
JNJ Johnson & Johnson 1.13% 1,178,610 $179.9M Add +0.1%
GOOGL Alphabet Inc. Class A 1.02% 919,438 $162.0M Reduce -0.6%
CDNS Cadence Design SYS Inc. 1.01% 523,132 $161.2M Add +34.9%
PG The Procter & Gamble Co. 0.98% 982,705 $156.5M Add +0.1%
CL Colgate-Palmolive Co. 0.96% 1,693,152 $153.9M Add +27.5%
GOOG Alphabet Inc. Class C 0.92% 831,545 $147.5M Add +0.4%
TSLA Tesla Inc. 0.89% 445,435 $141.5M Add +1.2%
UNH Unitedhealth Group Inc. 0.88% 450,294 $140.4M Add +0.2%
JPM JPMorgan Chase & Co. 0.82% 449,292 $130.2M Reduce -0.6%
ICE Intercontinental Exchange Inc. 0.73% 634,514 $116.4M Add +0.2%
LLY Eli Lilly & Co. 0.67% 137,378 $107.0M Add +0.9%
BRK.B Berkshire Hathaway Inc. Class B 0.64% 210,755 $102.3M Add +1.0%
NFLX Netflix Inc. 0.56% 67,253 $90.0M Add +0.4%
APH Amphenol Corp. Class A 0.53% 857,662 $84.7M Add +244.2%
ICLR Icon PLC 0.52% 569,635 $82.9M No change
EWY iShares MSCI South Korea ETF 0.52% 1,147,976 $82.4M Add +13.9%
MA Mastercard Inc. Class A 0.47% 133,053 $74.7M Add +0.5%
COST Costco Wholesale Corp. 0.44% 70,349 $69.6M Add +0.4%
WMT Walmart Inc. 0.42% 693,344 $67.8M Add +0.8%
ORCL Oracle Corp. 0.36% 263,380 $57.6M Add +1.6%
ABBV Abbvie Inc. 0.34% 289,245 $53.7M Add +0.4%
EWT iShares MSCI Taiwan ETF 0.32% 894,903 $51.3M Add +111.8%
MELI MercadoLibre Inc. 0.32% 19,429 $50.7M Add +10.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.32% 1,072,658 $50.7M Add +0.6%
CSCO Cisco Systems Inc. 0.29% 673,581 $46.7M Add +0.3%
PLTR Palantir Technologies Inc. Class A 0.28% 332,008 $45.3M Add +4.6%
GE General Electric filed as GE AEROSPACE 0.28% 174,088 $44.8M Add +17.5%
KO The Coca-Cola Co. 0.28% 632,914 $44.8M No change
LIN Linde PLC 0.28% 94,049 $44.1M Add +2.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.27% 147,222 $43.4M Add +0.8%
WFC Wells Fargo & Co. 0.26% 526,853 $42.2M Reduce -1.3%
EWM iShares MSCI Malaysia ETF 0.26% 1,703,203 $41.4M No change
CRM Salesforce Inc. 0.26% 150,754 $41.1M Add +1.5%
ABT Abbott Laboratories 0.25% 288,725 $39.3M Add +0.3%
AMD Advanced Micro Devices 0.24% 268,012 $38.0M Add +3.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.23% 293,967 $36.4M Add +0.8%
GS Goldman Sachs Group Inc. 0.23% 51,445 $36.4M Add +1.3%
GFI Gold Fields Ltd.-Spons ADR 0.22% 1,510,266 $35.7M Reduce -17.2%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.22% 2,601,185 $35.7M No change
TXN Texas Instruments Inc. 0.22% 170,150 $35.3M Add +1.0%
INTU Intuit Inc. 0.22% 44,515 $35.1M Add +1.0%
NOW ServiceNow Inc. 0.21% 33,367 $34.3M Add +0.8%
MCD McDonald's Corp. 0.21% 116,252 $34.0M Add +2.4%
MRK Merck & Co. Inc. 0.21% 422,758 $33.4M Add +1.2%
CVX Chevron Corp. 0.21% 230,018 $32.9M Add +1.6%
FMX Fomento Economico Mex-SP ADR 0.21% 319,194 $32.9M Add +16.0%
T AT&T Inc. 0.21% 1,134,130 $32.8M No change
ISRG Intuitive Surgical Inc. 0.20% 60,084 $32.7M Add +1.0%
UBER Uber Technologies Inc. 0.20% 337,577 $31.5M Reduce -0.3%
BKNG Booking Holdings Inc. 0.19% 5,361 $31.0M Reduce -0.3%
QCOM Qualcomm Inc. 0.19% 188,247 $30.0M Add +1.3%
RY Royal Bank of Canada 0.19% 226,144 $29.8M Add +1.3%
AXP American Express Co. 0.19% 92,871 $29.6M Add +1.3%
PEP Pepsico Inc. 0.18% 223,064 $29.5M Add +0.7%
VZ Verizon Communications Inc. 0.18% 679,642 $29.4M Add +0.5%
AMAT Applied Materials Inc. 0.18% 157,612 $28.9M Add +0.8%
MS Morgan Stanley 0.18% 203,469 $28.6M Add +0.7%
BSX Boston Scientific Corp. 0.17% 256,881 $27.6M Add +0.9%
VWOB Vanguard Emerg MKTS Gov BND 0.17% 420,000 $27.4M No change
ADBE Adobe Inc. 0.17% 69,680 $26.9M Reduce -1.1%
TMO Thermo Fisher Scientific Inc. 0.16% 63,593 $25.8M Add +0.5%
C Citigroup Inc. 0.16% 301,902 $25.7M Add +1.5%
BLK BlackRock Inc. 0.16% 24,279 $25.5M Add +1.4%
HON Honeywell International Inc. 0.16% 109,205 $25.4M Add +0.8%
AMGN Amgen Inc. 0.16% 90,429 $25.2M Add +0.9%
PGR Progressive Corp. 0.16% 94,504 $25.2M Add +2.6%
SCHW Schwab (charles) Corp. 0.16% 275,021 $25.1M Add +13.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.15% 195,301 $24.1M Reduce -0.0%
MU Micron Technology Inc. 0.15% 194,662 $24.0M Add +2.4%
GILD Gilead Sciences Inc. 0.15% 212,812 $23.6M Reduce -1.5%
MMYT Makemytrip Ltd. 0.15% 239,258 $23.4M Reduce -12.0%
NEE Nextera Energy Inc. 0.15% 334,914 $23.3M No change
PFE Pfizer Inc. 0.14% 948,506 $23.0M Add +1.5%
CAT Caterpillar Inc. 0.14% 58,354 $22.6M Add +0.9%
SYK Stryker Corp. 0.14% 57,174 $22.6M Add +3.0%
LRCX Lam Research Corp. 0.14% 228,909 $22.3M Add +1.0%
PDD PDD Holdings Inc. 0.14% 211,845 $22.2M Reduce -20.7%
SHOP Shopify Inc. Class A 0.14% 190,758 $22.0M Add +0.9%
PANW Palo Alto Networks Inc. 0.14% 107,186 $21.9M Add +1.8%
CMCSA Comcast Corp. Class A 0.14% 605,563 $21.6M No change
BAP Credicorp Ltd. 0.13% 95,874 $21.5M No change

Show all 523 holdings

Portfolio Sells Q1 2025 → Q2 2025
OTIS Otis Worldwide Corp. Reduce -19.5% 1.14% −0.64
YUM Yum! Brands Inc. Reduce -13.3% 1.20% −0.58
V Visa Inc. Class A Reduce -4.9% 2.23% −0.57
MAR Marriott International Class A Reduce -11.9% 1.24% −0.24
GEV GE Vernova Inc. Reduce -98.5% 0.00% −0.11
PDD PDD Holdings Inc. Reduce -20.7% 0.14% −0.10
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.09
YUMC Yum China Holdings Inc. Sold out 0.00% −0.09
GFI Gold Fields Ltd.-Spons ADR Reduce -17.2% 0.22% −0.08
MCHI iShares MSCI China ETF Sold out 0.00% −0.08
VALE Vale SA-SP ADR Sold out 0.00% −0.08
EPAM Epam Systems Inc. Sold out 0.00% −0.07
GOOGL Alphabet Inc. Class A Reduce -0.6% 1.02% −0.07
PSX Phillips 66 Reduce -52.4% 0.04% −0.07
FISV Fiserv Inc. Reduce -0.0% 0.10% −0.06
MMYT Makemytrip Ltd. Reduce -12.0% 0.15% −0.05
DFS Discover Financial Services Sold out 0.00% −0.05
TBBB BBB Foods Inc. Class A Reduce -25.4% 0.09% −0.05
TMUS T-Mobile US Inc. Reduce -1.5% 0.12% −0.04
DHR Danaher Corp. Reduce -4.8% 0.13% −0.04
VRTX Vertex Pharmaceuticals Inc. Reduce -0.5% 0.12% −0.04
WM Waste Management Inc. Reduce -5.3% 0.13% −0.04
ADBE Adobe Inc. Reduce -1.1% 0.17% −0.04
GILD Gilead Sciences Inc. Reduce -1.5% 0.15% −0.04
TJX TJX Companies Inc. Reduce -0.0% 0.15% −0.03
DOC Healthpeak Properties Inc. Sold out 0.00% −0.03
ORLY O'reilly Automotive Inc. Reduce -1.7% 0.09% −0.03
WFC Wells Fargo & Co. Reduce -1.3% 0.26% −0.03
ZBRA Zebra Technologies Corp. Class A Sold out 0.00% −0.03
JPM JPMorgan Chase & Co. Reduce -0.6% 0.82% −0.02
APTV Aptiv PLC Reduce -64.3% 0.01% −0.02
ILMN Illumina Inc. Sold out 0.00% −0.02
WELL Welltower Inc. Reduce -0.1% 0.11% −0.02
CPRT Copart Inc. Reduce -2.0% 0.05% −0.02
AMT American Tower Corp. Reduce -0.7% 0.11% −0.02
HUM Humana Inc. Reduce -41.3% 0.02% −0.02
BALL Ball Corp. Sold out 0.00% −0.02
TER Teradyne Inc. Sold out 0.00% −0.02
ALGN Align Technology Inc. Sold out 0.00% −0.02
CVS CVS Health Corp. Reduce -1.6% 0.10% −0.02
AZO AutoZone Inc. Reduce -1.9% 0.07% −0.02
WDC Western Digital Corp. Sold out 0.00% −0.02
AMCR Amcor PLC Sold out 0.00% −0.02
WAT Waters Corp. Reduce -12.4% 0.04% −0.02
AVTR Avantor Inc. Sold out 0.00% −0.02
SWKS Skyworks Solutions Inc. Sold out 0.00% −0.02
ENPH Enphase Energy Inc. Sold out 0.00% −0.02
AKAM Akamai Technologies Inc. Sold out 0.00% −0.02
ZBH Zimmer Biomet Holdings Inc. Reduce -6.9% 0.03% −0.02
ARGX Argenx SE - ADR Reduce -8.1% 0.04% −0.02

Portfolio Buys Q1 2025 → Q2 2025
SPYM Ste STR SPDR PT S&P 500 ETF Add +96.1% 18.95% +8.37
NVDA Nvidia Corp. Add +1.1% 3.77% +0.66
MSFT Microsoft Corp. Add +0.5% 5.73% +0.53
APH Amphenol Corp. Class A Add +244.2% 0.53% +0.41
AVGO Broadcom Inc. Add +3.0% 1.28% +0.37
CDNS Cadence Design SYS Inc. Add +34.9% 1.01% +0.26
EWT iShares MSCI Taiwan ETF Add +111.8% 0.32% +0.17
META Meta Platforms Inc. Class A Add +1.3% 1.61% +0.11
MSTR Strategy Inc. New 0.10% +0.10
EWY iShares MSCI South Korea ETF Add +13.9% 0.52% +0.10
NFLX Netflix Inc. Add +0.4% 0.56% +0.09
TT Trane Technologies PLC Add +466.3% 0.11% +0.09
ORCL Oracle Corp. Add +1.6% 0.36% +0.09
AU Anglogold Ashanti PLC New 0.08% +0.08
PLTR Palantir Technologies Inc. Class A Add +4.6% 0.28% +0.08
HOOD Robinhood Markets Inc. Class A New 0.07% +0.07
AXON Axon Enterprise Inc. New 0.07% +0.07
MELI MercadoLibre Inc. Add +10.5% 0.32% +0.06
GE General Electric Add +17.5% 0.28% +0.06
COF Capital One Financial Corp. Add +78.9% 0.13% +0.06
CEG Constellation Energy Add +40.8% 0.09% +0.04
TRGP Targa Resources Corp. New 0.04% +0.04
EMR Emerson Electric Co. Add +2015.1% 0.04% +0.04
AMD Advanced Micro Devices Add +3.1% 0.24% +0.04
CLS Celestica Inc. New 0.03% +0.03
CRWD CrowdStrike Holdings Inc. Class A Add +5.8% 0.13% +0.03
MU Micron Technology Inc. Add +2.4% 0.15% +0.03
AMRZ Amrize Ltd. New 0.02% +0.02
RBLX Roblox Corp. Class A Add +6.8% 0.06% +0.02
VRT Vertiv Holdings Co. Class A Add +11.1% 0.06% +0.02
RCL Royal Caribbean Cruises Ltd. Add +8.6% 0.09% +0.02
TSLA Tesla Inc. Add +1.2% 0.89% +0.02
CBRE CBRE Group Inc. Class A Add +158.1% 0.04% +0.02
SPOT Spotify Technology SA Add +5.1% 0.12% +0.02
CL Colgate-Palmolive Co. Add +27.5% 0.96% +0.02
ANET Arista Networks Inc. Add +8.8% 0.12% +0.02
GS Goldman Sachs Group Inc. Add +1.3% 0.23% +0.02
TECK Teck Resources Ltd.-CLS B New 0.02% +0.02
PPL PPL Corp. Add +584.4% 0.02% +0.02
CAH Cardinal Health Inc. Add +64.4% 0.04% +0.02
AGI Alamos Gold Inc. Class A New 0.02% +0.02
APP AppLovin Corp. Class A Add +9.4% 0.09% +0.02
ETN Eaton Corp. PLC Add +3.9% 0.13% +0.02
NOW ServiceNow Inc. Add +0.8% 0.21% +0.01
BSAC Banco Santander-Chile-ADR New 0.01% +0.01
LRCX Lam Research Corp. Add +1.0% 0.14% +0.01
INTU Intuit Inc. Add +1.0% 0.22% +0.01
SU Suncor Energy Inc. Add +134.8% 0.03% +0.01
CVNA Carvana Co. Add +1.3% 0.05% +0.01
STX Seagate Technology Holdings Add +7.4% 0.04% +0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 617$25.4BSPYM, VOO, IVV, NVDA, AMZN
Q1 2026 512$23.6BSPYM, VOO, IVV, NVDA, MSFT
Q4 2025 508$20.1BSPYM, MSFT, NVDA, AAPL, AMZN
Q3 2025 526$20.8BSPYM, MSFT, NVDA, VOO, IVV
Q2 2025 523$15.9BSPYM, MSFT, NVDA, AAPL, V
Q1 2025 533$13.2BSPYM, MSFT, AAPL, NVDA, V
Q4 2024 554$13.8BMSFT, AAPL, NVDA, V, AMZN
Q3 2024 535$13.6BMSFT, AAPL, NVDA, V, HD
Q2 2024 551$12.5BMSFT, AAPL, NVDA, V, HD
Q1 2024 542$12.1BMSFT, AAPL, NVDA, V, HD