USS Investment Management Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), USS Investment Management Ltd reported 526 stock positions worth $20.8 billion. Its top holding was Ste STR SPDR PT S&P 500 ETF (SPYM) at 25.0% of the portfolio, followed by Microsoft (MSFT, 4.6%) and Nvidia (NVDA, 3.4%). Compared with Q2 2025, it opened 7 new positions, sold out of 4, added to 36 and reduced 54. The biggest buy was Ste STR SPDR PT S&P 500 ETF (SPYM, shares +60%) and the biggest sale Accenture Class A (ACN, shares −86%).

Most Recent 13F
Q2 2026
Location
London, X0
CIK
0001587381
Portfolio Value
$20.8B (Q3 2025)
SEC Filing
0000919574-25-006678 ↗ filed Nov 13, 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 Q2 2025 Q3 2025: $20.8B $20.8B Q3 2025 Q4 2025: $20.1B Q4 2025 Q1 2026: $23.6B Q1 2026 Q2 2026: $25.4B Q2 2026

Holdings 526 stocks · $20.8B
SPYM Ste STR SPDR PT S&P 500 ETF 25.00% 66,398,232 $5.2B Add +59.7%
MSFT Microsoft Corp. 4.58% 1,837,746 $951.9M Add +0.1%
NVDA Nvidia Corp. 3.41% 3,800,256 $709.0M Reduce -0.2%
VOO Vanguard S&P 500 ETF 3.21% 1,092,167 $668.8M New
IVV iShares Core S&P 500 ETF 3.21% 998,515 $668.3M New
AAPL Apple Inc. 2.86% 2,338,914 $595.4M Reduce -0.0%
AMZN Amazon.com Inc. 2.79% 2,644,254 $580.5M Add +76.7%
QQQM Invesco Nasdaq 100 ETF 1.81% 1,523,993 $376.6M New
V Visa Inc. Class A 1.54% 940,642 $321.0M Reduce -6.3%
FAST Fastenal Co. 1.32% 5,604,874 $274.8M No change
FERG Ferguson Enterprises Inc. 1.29% 1,192,059 $267.6M Reduce -0.3%
META Meta Platforms Inc. Class A 1.23% 348,793 $256.1M Reduce -0.0%
AVGO Broadcom Inc. 1.18% 742,676 $244.9M Reduce -0.0%
HD Home Depot Inc. 1.16% 593,427 $240.4M Reduce -6.1%
SPGI S&P Global Inc. 1.15% 490,939 $238.9M No change
VRSK Verisk Analytics Inc. 1.10% 912,508 $229.4M Add +13.3%
AON Aon PLC Class A 1.10% 640,774 $228.3M No change
GOOGL Alphabet Inc. Class A 1.07% 919,332 $223.5M Reduce -0.0%
JNJ Johnson & Johnson 1.05% 1,178,610 $218.5M No change
GOOG Alphabet Inc. Class C 0.97% 831,384 $202.5M Reduce -0.0%
MDT Medtronic PLC 0.97% 2,124,412 $202.3M No change
TSLA Tesla Inc. 0.95% 445,435 $198.0M No change
CDNS Cadence Design SYS Inc. 0.88% 523,132 $183.8M No change
APH Amphenol Corp. Class A 0.85% 1,427,865 $176.7M Add +66.5%
UNH Unitedhealth Group Inc. 0.75% 450,255 $155.5M Reduce -0.0%
PG The Procter & Gamble Co. 0.73% 982,705 $151.0M No change
YUM Yum! Brands Inc. 0.69% 941,511 $143.1M Reduce -27.0%
MAR Marriott International Class A 0.69% 547,902 $142.7M Reduce -24.4%
JPM JPMorgan Chase & Co. 0.68% 449,171 $141.7M Reduce -0.0%
OTIS Otis Worldwide Corp. 0.68% 1,545,461 $141.3M Reduce -15.6%
CL Colgate-Palmolive Co. 0.65% 1,693,152 $135.3M No change
ICE Intercontinental Exchange Inc. 0.51% 634,514 $106.9M No change
BRK.B Berkshire Hathaway Inc. Class B 0.51% 210,755 $105.9M No change
LLY Eli Lilly & Co. 0.50% 137,378 $104.7M No change
ICLR Icon PLC 0.48% 569,635 $99.7M No change
ROL Rollins Inc. 0.40% 1,423,841 $83.6M Add +2298.7%
NFLX Netflix Inc. 0.39% 67,253 $80.6M No change
MA Mastercard Inc. Class A 0.36% 132,984 $75.6M Reduce -0.1%
ORCL Oracle Corp. 0.36% 263,380 $74.0M No change
WMT Walmart Inc. 0.34% 693,344 $71.4M No change
AU Anglogold Ashanti PLC 0.34% 1,003,795 $70.6M Add +240.3%
GFI Gold Fields Ltd.-Spons ADR 0.34% 1,662,120 $69.8M Add +10.1%
EWY iShares MSCI South Korea ETF 0.33% 867,443 $69.5M Reduce -24.4%
ABBV Abbvie Inc. 0.32% 289,149 $66.9M Reduce -0.0%
COST Costco Wholesale Corp. 0.31% 70,349 $65.1M No change
PDD PDD Holdings Inc. 0.30% 472,054 $62.4M Add +122.8%
PLTR Palantir Technologies Inc. Class A 0.29% 332,008 $60.6M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.27% 1,072,658 $55.3M No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.25% 3,308,124 $52.9M Add +27.2%
GE General Electric filed as GE AEROSPACE 0.25% 174,088 $52.4M No change
CSCO Cisco Systems Inc. 0.22% 672,981 $46.0M Reduce -0.1%
LIN Linde PLC 0.22% 94,459 $44.9M Add +0.4%
WFC Wells Fargo & Co. 0.21% 526,853 $44.2M No change
CVX Chevron Corp. 0.21% 284,343 $44.2M Add +23.6%
AMD Advanced Micro Devices 0.21% 268,012 $43.4M No change
KO The Coca-Cola Co. 0.20% 632,914 $42.0M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.20% 147,222 $41.5M No change
MELI MercadoLibre Inc. 0.20% 17,736 $41.5M Reduce -8.7%
GS Goldman Sachs Group Inc. 0.20% 51,445 $41.0M No change
ABT Abbott Laboratories 0.19% 288,425 $38.6M Reduce -0.1%
CRM Salesforce Inc. 0.17% 150,754 $35.7M No change
MRK Merck & Co. Inc. 0.17% 422,758 $35.5M No change
MCD McDonald's Corp. 0.17% 116,252 $35.3M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.16% 293,967 $33.6M No change
RY Royal Bank of Canada 0.16% 226,144 $33.3M No change
UBER Uber Technologies Inc. 0.16% 337,577 $33.1M No change
MU Micron Technology Inc. 0.16% 194,662 $32.6M No change
MS Morgan Stanley 0.16% 203,469 $32.3M No change
T AT&T Inc. 0.15% 1,134,130 $32.0M No change
FMX Fomento Economico Mex-SP ADR 0.15% 319,194 $31.5M No change
AMAT Applied Materials Inc. 0.15% 153,236 $31.4M Reduce -2.8%
QCOM Qualcomm Inc. 0.15% 188,247 $31.3M No change
PEP Pepsico Inc. 0.15% 223,064 $31.3M No change
AXP American Express Co. 0.15% 92,871 $30.8M No change
TMO Thermo Fisher Scientific Inc. 0.15% 63,593 $30.8M No change
NOW ServiceNow Inc. 0.15% 33,367 $30.7M No change
C Citigroup Inc. 0.15% 301,902 $30.6M No change
LRCX Lam Research Corp. 0.15% 228,909 $30.6M No change
EWM iShares MSCI Malaysia ETF 0.15% 1,181,536 $30.6M Reduce -30.6%
APP AppLovin Corp. Class A 0.15% 42,553 $30.6M No change
INTU Intuit Inc. 0.15% 44,495 $30.4M Reduce -0.0%
VZ Verizon Communications Inc. 0.14% 679,642 $29.9M No change
TXN Texas Instruments Inc. 0.14% 161,696 $29.7M Reduce -5.0%
BKNG Booking Holdings Inc. 0.14% 5,361 $28.9M No change
BSAC Banco Santander-Chile-ADR 0.14% 1,072,868 $28.4M Add +1042.8%
SHOP Shopify Inc. Class A 0.14% 190,758 $28.3M No change
BLK BlackRock Inc. 0.14% 24,279 $28.3M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.14% 195,202 $28.2M Reduce -0.1%
VWOB Vanguard Emerg MKTS Gov BND 0.14% 420,000 $28.1M No change
CAT Caterpillar Inc. 0.13% 58,354 $27.8M No change
SE Sea Ltd.-ADR 0.13% 155,268 $27.7M Add +110.9%
ISRG Intuitive Surgical Inc. 0.13% 60,084 $26.9M No change
ANET Arista Networks Inc. 0.13% 181,205 $26.4M No change
SCHW Schwab (charles) Corp. 0.13% 275,021 $26.2M No change
KLAC KLA Corp. 0.12% 23,715 $25.6M No change
BAP Credicorp Ltd. 0.12% 95,874 $25.5M No change
AMGN Amgen Inc. 0.12% 90,429 $25.5M No change
NEE Nextera Energy Inc. 0.12% 334,914 $25.3M No change
INTC Intel Corp. 0.12% 753,166 $25.3M No change
BSX Boston Scientific Corp. 0.12% 256,881 $25.1M No change

Show all 526 holdings

Portfolio Sells Q2 2025 → Q3 2025
ACN Accenture PLC Class A Reduce -86.4% 0.12% −1.26
V Visa Inc. Class A Reduce -6.3% 1.54% −0.69
MAR Marriott International Class A Reduce -24.4% 0.69% −0.56
YUM Yum! Brands Inc. Reduce -27.0% 0.69% −0.51
OTIS Otis Worldwide Corp. Reduce -15.6% 0.68% −0.46
META Meta Platforms Inc. Class A Reduce -0.0% 1.23% −0.38
NVDA Nvidia Corp. Reduce -0.2% 3.41% −0.36
FERG Ferguson Enterprises Inc. Reduce -0.3% 1.29% −0.35
EWT iShares MSCI Taiwan ETF Sold out 0.00% −0.32
HD Home Depot Inc. Reduce -6.1% 1.16% −0.30
EWY iShares MSCI South Korea ETF Reduce -24.4% 0.33% −0.18
AAPL Apple Inc. Reduce -0.0% 2.86% −0.15
JPM JPMorgan Chase & Co. Reduce -0.0% 0.68% −0.14
UNH Unitedhealth Group Inc. Reduce -0.0% 0.75% −0.13
MELI MercadoLibre Inc. Reduce -8.7% 0.20% −0.12
EWM iShares MSCI Malaysia ETF Reduce -30.6% 0.15% −0.11
AVGO Broadcom Inc. Reduce -0.0% 1.18% −0.11
MA Mastercard Inc. Class A Reduce -0.1% 0.36% −0.11
TXN Texas Instruments Inc. Reduce -5.0% 0.14% −0.08
INTU Intuit Inc. Reduce -0.0% 0.15% −0.07
CSCO Cisco Systems Inc. Reduce -0.1% 0.22% −0.07
ABT Abbott Laboratories Reduce -0.1% 0.19% −0.06
ANSS Ansys Inc. Sold out 0.00% −0.05
GLOB Globant SA Sold out 0.00% −0.05
HES Hess Corp. Sold out 0.00% −0.05
VRTX Vertex Pharmaceuticals Inc. Reduce -0.1% 0.08% −0.04
AMAT Applied Materials Inc. Reduce -2.8% 0.15% −0.03
COF Capital One Financial Corp. Reduce -0.1% 0.10% −0.03
MTD Mettler-Toledo International Reduce -38.6% 0.03% −0.03
ADSK Autodesk Inc. Reduce -6.7% 0.07% −0.02
COIN Coinbase Global Inc. Class A Reduce -0.1% 0.06% −0.02
SNOW Snowflake Inc. Reduce -0.3% 0.06% −0.02
TJX TJX Companies Inc. Reduce -0.1% 0.14% −0.02
ABBV Abbvie Inc. Reduce -0.0% 0.32% −0.01
EW Edwards Lifesciences Corp. Reduce -0.5% 0.04% −0.01
TEL Te Connectivity PLC Reduce -15.0% 0.07% −0.01
AVB Avalonbay Communities Inc. Reduce -0.3% 0.03% −0.01
NET Cloudflare Inc. Class A Reduce -0.1% 0.06% −0.01
MNST Monster Beverage Corp. Reduce -0.5% 0.05% −0.01
VEEV Veeva Systems Inc. Class A Reduce -0.3% 0.04% −0.01
AZO AutoZone Inc. Reduce -0.4% 0.06% −0.01
EBAY eBay Inc. Reduce -7.2% 0.05% −0.01
ESS Essex Property Trust Inc. Reduce -0.5% 0.02% −0.01
CVNA Carvana Co. Reduce -0.1% 0.05% −0.01
XYZ Block Inc. Reduce -0.2% 0.03% −0.01
PNR Pentair PLC Reduce -21.3% 0.01% −0.01
IP International Paper Co. Reduce -0.5% 0.01% −0.00
RPRX Royalty Pharma PLC Class A Reduce -1.5% 0.01% −0.00
LYV Live Nation Entertainment Inc. Reduce -1.0% 0.02% −0.00
DPZ Domino's Pizza Inc. Reduce -0.6% 0.01% −0.00

Portfolio Buys Q2 2025 → Q3 2025
SPYM Ste STR SPDR PT S&P 500 ETF Add +59.7% 25.00% +6.06
VOO Vanguard S&P 500 ETF New 3.21% +3.21
IVV iShares Core S&P 500 ETF New 3.21% +3.21
QQQM Invesco Nasdaq 100 ETF New 1.81% +1.81
AMZN Amazon.com Inc. Add +76.7% 2.79% +0.73
ROL Rollins Inc. Add +2298.7% 0.40% +0.38
APH Amphenol Corp. Class A Add +66.5% 0.85% +0.32
AU Anglogold Ashanti PLC Add +240.3% 0.34% +0.26
PDD PDD Holdings Inc. Add +122.8% 0.30% +0.16
BSAC Banco Santander-Chile-ADR Add +1042.8% 0.14% +0.12
GFI Gold Fields Ltd.-Spons ADR Add +10.1% 0.34% +0.11
YUMC Yum China Holdings Inc. New 0.09% +0.09
SE Sea Ltd.-ADR Add +110.9% 0.13% +0.06
NU Nu Holdings Ltd./Cayman Isl-A Add +27.2% 0.25% +0.03
APTV Aptiv PLC Add +89.0% 0.02% +0.01
AEM Agnico Eagle Mines Ltd. Add +0.3% 0.08% +0.01
CVX Chevron Corp. Add +23.6% 0.21% +0.01
AOS Smith (a.o.) Corp. Add +51.6% 0.01% +0.00
UNP Union Pacific Corp. Add +43.0% 0.02% +0.00
ITRI Itron Inc. Add +75.8% 0.01% +0.00
CMI Cummins Inc. New 0.00% +0.00
ADM Archer-Daniels-Midland Co. New 0.00% +0.00
FOX Fox Corp. Class B New 0.00% +0.00
VLTO Veralto Corp. Add +29.8% 0.02% +0.00
SCCO Southern Copper Corp. Add +1.0% 0.02% −0.00
RAL Ralliant Corp. Add +0.0% 0.01% −0.00
XYL Xylem Inc. Add +1.8% 0.03% −0.00
HUBB Hubbell Inc. Add +2.5% 0.02% −0.00
IEX Idex Corp. Add +2.5% 0.01% −0.00
RNR Renaissancere Holdings Ltd. Add +2.5% 0.02% −0.00
CARR Carrier Global Corp. Add +26.9% 0.02% −0.01
TU Telus Corp. Add +1.9% 0.02% −0.01
MRVL Marvell Technology Inc. Add +4.7% 0.08% −0.01
A Agilent Technologies Inc. Add +1.3% 0.07% −0.01
WAT Waters Corp. Add +0.8% 0.03% −0.01
SNPS Synopsys Inc. Add +17.7% 0.09% −0.01
ZTS Zoetis Inc. Add +14.3% 0.07% −0.02
RSG Republic Services Inc. Add +0.6% 0.06% −0.02
TT Trane Technologies PLC Add +0.2% 0.08% −0.03
WM Waste Management Inc. Add +1.6% 0.10% −0.03
LIN Linde PLC Add +0.4% 0.22% −0.06
VRSK Verisk Analytics Inc. Add +13.3% 1.10% −0.47
MSFT Microsoft Corp. Add +0.1% 4.58% −1.15

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