USS Investment Management Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), USS Investment Management Ltd reported 508 stock positions worth $20.1 billion. Its top holding was Ste STR SPDR PT S&P 500 ETF (SPYM) at 26.4% of the portfolio, followed by Microsoft (MSFT, 4.5%) and Nvidia (NVDA, 3.5%). Compared with Q3 2025, it opened 6 new positions, sold out of 26, added to 248 and reduced 73. The biggest buy was AutoZone (AZO, shares +810%) and the biggest sale Vanguard S&P 500 ETF (VOO, shares −63%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001587381
- Portfolio Value
- $20.1B (Q4 2025)
- SEC Filing
- 0000919574-26-000941 ↗ filed Feb 13, 2026
Holdings Value
Holdings 508 stocks · $20.1B
| SPYM Ste STR SPDR PT S&P 500 ETF | 26.45% | 66,398,232 | $5.3B | No change |
| MSFT Microsoft Corp. | 4.55% | 1,894,159 | $916.1M | Add +3.1% |
| NVDA Nvidia Corp. | 3.47% | 3,749,015 | $699.2M | Reduce -1.4% |
| AAPL Apple Inc. | 3.13% | 2,321,435 | $631.2M | Reduce -0.8% |
| AMZN Amazon.com Inc. | 3.04% | 2,653,896 | $612.6M | Add +0.4% |
| V Visa Inc. Class A | 1.64% | 940,443 | $330.0M | Reduce -0.0% |
| GOOGL Alphabet Inc. Class A | 1.41% | 908,774 | $284.4M | Reduce -1.1% |
| FERG Ferguson Enterprises Inc. | 1.32% | 1,192,059 | $265.4M | No change |
| AVGO Broadcom Inc. | 1.28% | 742,472 | $256.9M | Reduce -0.0% |
| SPGI S&P Global Inc. | 1.27% | 491,022 | $256.6M | Add +0.0% |
| IVV iShares Core S&P 500 ETF | 1.27% | 373,967 | $256.1M | Reduce -62.5% |
| VOO Vanguard S&P 500 ETF | 1.27% | 406,404 | $254.8M | Reduce -62.8% |
| GOOG Alphabet Inc. Class C | 1.26% | 808,059 | $253.6M | Reduce -2.8% |
| JNJ Johnson & Johnson | 1.22% | 1,184,280 | $245.1M | Add +0.5% |
| AON Aon PLC Class A | 1.19% | 681,743 | $240.6M | Add +6.4% |
| FAST Fastenal Co. | 1.19% | 5,946,990 | $238.7M | Add +6.1% |
| META Meta Platforms Inc. Class A | 1.14% | 348,756 | $230.2M | Reduce -0.0% |
| MDT Medtronic PLC | 1.09% | 2,275,873 | $218.7M | Add +7.1% |
| TSLA Tesla Inc. | 1.03% | 459,625 | $206.7M | Add +3.2% |
| HD Home Depot Inc. | 1.01% | 593,427 | $204.2M | No change |
| APH Amphenol Corp. Class A | 1.00% | 1,490,401 | $201.4M | Add +4.4% |
| VRSK Verisk Analytics Inc. | 0.87% | 780,619 | $174.7M | Reduce -14.4% |
| MAR Marriott International Class A | 0.84% | 548,048 | $170.0M | Add +0.0% |
| CL Colgate-Palmolive Co. | 0.84% | 2,146,622 | $169.6M | Add +26.8% |
| CDNS Cadence Design SYS Inc. | 0.81% | 523,285 | $163.6M | Add +0.0% |
| PG The Procter & Gamble Co. | 0.77% | 1,083,123 | $155.2M | Add +10.2% |
| UNH Unitedhealth Group Inc. | 0.74% | 450,316 | $148.7M | Add +0.0% |
| OTIS Otis Worldwide Corp. | 0.74% | 1,701,985 | $148.7M | Add +10.1% |
| LLY Eli Lilly & Co. | 0.73% | 137,356 | $147.7M | Reduce -0.0% |
| JPM JPMorgan Chase & Co. | 0.72% | 447,105 | $144.1M | Reduce -0.5% |
| YUM Yum! Brands Inc. | 0.71% | 941,725 | $142.5M | Add +0.0% |
| ROL Rollins Inc. | 0.60% | 2,008,100 | $120.5M | Add +41.0% |
| ICE Intercontinental Exchange Inc. | 0.56% | 690,069 | $111.8M | Add +8.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.53% | 213,260 | $107.2M | Add +1.2% |
| AZO AutoZone Inc. | 0.48% | 28,585 | $97.0M | Add +809.8% |
| AU Anglogold Ashanti PLC | 0.40% | 954,291 | $81.4M | Reduce -4.9% |
| GFI Gold Fields Ltd.-Spons ADR | 0.39% | 1,800,813 | $78.6M | Add +8.3% |
| WMT Walmart Inc. | 0.38% | 693,344 | $77.2M | No change |
| MA Mastercard Inc. Class A | 0.38% | 133,031 | $75.9M | Add +0.0% |
| EWY iShares MSCI South Korea ETF | 0.36% | 740,253 | $72.0M | Reduce -14.7% |
| INDA iShares MSCI India ETF | 0.35% | 1,310,424 | $70.8M | New |
| ABBV Abbvie Inc. | 0.33% | 289,033 | $66.0M | Reduce -0.0% |
| NFLX Netflix Inc. | 0.31% | 672,555 | $63.1M | No change |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.31% | 3,711,004 | $62.2M | Add +12.2% |
| COST Costco Wholesale Corp. | 0.30% | 70,349 | $60.7M | No change |
| PLTR Palantir Technologies Inc. Class A | 0.29% | 333,595 | $59.3M | Add +0.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.29% | 1,068,183 | $58.7M | Reduce -0.4% |
| AMD Advanced Micro Devices | 0.28% | 261,425 | $56.0M | Reduce -2.5% |
| MU Micron Technology Inc. | 0.27% | 189,835 | $54.2M | Reduce -2.5% |
| GE General Electric filed as GE AEROSPACE | 0.27% | 174,088 | $53.6M | No change |
| ORCL Oracle Corp. | 0.26% | 266,672 | $52.0M | Add +1.3% |
| CSCO Cisco Systems Inc. | 0.26% | 674,215 | $51.9M | Add +0.2% |
| WFC Wells Fargo & Co. | 0.24% | 526,693 | $49.1M | Reduce -0.0% |
| BSAC Banco Santander-Chile-ADR | 0.24% | 1,561,544 | $48.6M | Add +45.5% |
| GS Goldman Sachs Group Inc. | 0.22% | 51,409 | $45.2M | Reduce -0.1% |
| KO The Coca-Cola Co. | 0.22% | 637,901 | $44.6M | Add +0.8% |
| MRK Merck & Co. Inc. | 0.22% | 423,037 | $44.5M | Add +0.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.22% | 147,924 | $43.8M | Add +0.5% |
| SCCO Southern Copper Corp. | 0.21% | 301,655 | $43.3M | Add +904.8% |
| PDD PDD Holdings Inc. | 0.21% | 375,076 | $42.5M | Reduce -20.5% |
| LIN Linde PLC | 0.20% | 95,601 | $40.8M | Add +1.2% |
| CRM Salesforce Inc. | 0.20% | 151,124 | $40.0M | Add +0.3% |
| CVX Chevron Corp. | 0.20% | 259,979 | $39.6M | Reduce -8.6% |
| AMAT Applied Materials Inc. | 0.20% | 153,087 | $39.3M | Reduce -0.1% |
| RY Royal Bank of Canada | 0.19% | 226,144 | $38.6M | No change |
| LRCX Lam Research Corp. | 0.19% | 218,952 | $37.5M | Reduce -4.3% |
| TMO Thermo Fisher Scientific Inc. | 0.18% | 63,593 | $36.9M | No change |
| ABT Abbott Laboratories | 0.18% | 290,576 | $36.4M | Add +0.8% |
| MS Morgan Stanley | 0.18% | 203,469 | $36.1M | No change |
| MCD McDonald's Corp. | 0.18% | 116,376 | $35.6M | Add +0.1% |
| C Citigroup Inc. | 0.17% | 301,689 | $35.2M | Reduce -0.1% |
| ISRG Intuitive Surgical Inc. | 0.17% | 61,201 | $34.7M | Add +1.9% |
| AXP American Express Co. | 0.17% | 92,815 | $34.3M | Reduce -0.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.17% | 294,143 | $33.5M | Add +0.1% |
| CAT Caterpillar Inc. | 0.17% | 58,354 | $33.4M | No change |
| PEP Pepsico Inc. | 0.16% | 225,505 | $32.4M | Add +1.1% |
| EWM iShares MSCI Malaysia ETF | 0.16% | 1,181,536 | $32.4M | No change |
| QCOM Qualcomm Inc. | 0.16% | 188,546 | $32.3M | Add +0.2% |
| FMX Fomento Economico Mex-SP ADR | 0.16% | 319,194 | $32.3M | No change |
| BAP Credicorp Ltd. | 0.16% | 110,344 | $31.7M | Add +15.1% |
| MELI MercadoLibre Inc. | 0.16% | 15,650 | $31.5M | Reduce -11.8% |
| SHOP Shopify Inc. Class A | 0.15% | 191,740 | $30.8M | Add +0.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.15% | 195,293 | $30.0M | Add +0.1% |
| AMGN Amgen Inc. | 0.15% | 91,350 | $29.9M | Add +1.0% |
| INTU Intuit Inc. | 0.15% | 44,609 | $29.6M | Add +0.3% |
| KLAC KLA Corp. | 0.14% | 23,715 | $28.8M | No change |
| BKNG Booking Holdings Inc. | 0.14% | 5,365 | $28.7M | Add +0.1% |
| INTC Intel Corp. | 0.14% | 774,373 | $28.6M | Add +2.8% |
| ACN Accenture PLC Class A | 0.14% | 106,098 | $28.5M | Add +5.8% |
| SE Sea Ltd.-ADR | 0.14% | 222,575 | $28.4M | Add +43.4% |
| APP AppLovin Corp. Class A | 0.14% | 42,129 | $28.4M | Reduce -1.0% |
| T AT&T Inc. | 0.14% | 1,134,130 | $28.2M | No change |
| TXN Texas Instruments Inc. | 0.14% | 161,696 | $28.1M | No change |
| VZ Verizon Communications Inc. | 0.14% | 681,802 | $27.8M | Add +0.3% |
| UBER Uber Technologies Inc. | 0.14% | 337,440 | $27.6M | Reduce -0.0% |
| SCHW Schwab (charles) Corp. | 0.14% | 275,246 | $27.5M | Add +0.1% |
| NEE Nextera Energy Inc. | 0.13% | 334,914 | $26.9M | No change |
| TD Toronto-Dominion Bank | 0.13% | 277,316 | $26.2M | No change |
| GILD Gilead Sciences Inc. | 0.13% | 212,812 | $26.1M | No change |
| NOW ServiceNow Inc. | 0.13% | 169,925 | $26.0M | Add +1.9% |
Portfolio Sells Q3 2025 → Q4 2025
| VOO Vanguard S&P 500 ETF | Reduce -62.8% | 1.27% | −1.95 |
| IVV iShares Core S&P 500 ETF | Reduce -62.5% | 1.27% | −1.94 |
| QQQM Invesco Nasdaq 100 ETF | Sold out | 0.00% | −1.81 |
| ICLR Icon PLC | Reduce -97.6% | 0.01% | −0.47 |
| VRSK Verisk Analytics Inc. | Reduce -14.4% | 0.87% | −0.24 |
| VWOB Vanguard Emerg MKTS Gov BND | Sold out | 0.00% | −0.14 |
| PDD PDD Holdings Inc. | Reduce -20.5% | 0.21% | −0.09 |
| META Meta Platforms Inc. Class A | Reduce -0.0% | 1.14% | −0.09 |
| MELI MercadoLibre Inc. | Reduce -11.8% | 0.16% | −0.04 |
| K Kellanova | Sold out | 0.00% | −0.02 |
| UBER Uber Technologies Inc. | Reduce -0.0% | 0.14% | −0.02 |
| MAA Mid-America Apartment Comm | Sold out | 0.00% | −0.02 |
| HOLX Hologic Inc. | Sold out | 0.00% | −0.02 |
| EXPD Expeditors Intl Wash Inc. | Sold out | 0.00% | −0.02 |
| COIN Coinbase Global Inc. Class A | Reduce -0.3% | 0.04% | −0.02 |
| HOOD Robinhood Markets Inc. Class A | Reduce -0.7% | 0.07% | −0.02 |
| ARE Alexandria Real Estate Equit | Sold out | 0.00% | −0.02 |
| CLX Clorox Company | Sold out | 0.00% | −0.02 |
| CVX Chevron Corp. | Reduce -8.6% | 0.20% | −0.02 |
| COO The Cooper Cos Inc. | Sold out | 0.00% | −0.01 |
| TRU Transunion | Sold out | 0.00% | −0.01 |
| IFF Intl Flavors & Fragrances | Sold out | 0.00% | −0.01 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Sold out | 0.00% | −0.01 |
| BF.B Brown-Forman Corp. Class B | Sold out | 0.00% | −0.01 |
| OMC Omnicom Group | Sold out | 0.00% | −0.01 |
| BAX Baxter International Inc. | Sold out | 0.00% | −0.01 |
| TECK Teck Resources Ltd.-CLS B | Reduce -82.9% | 0.00% | −0.01 |
| MAS Masco Corp. | Sold out | 0.00% | −0.01 |
| DASH DoorDash Inc. Class A | Reduce -0.1% | 0.07% | −0.01 |
| DPZ Domino's Pizza Inc. | Sold out | 0.00% | −0.01 |
| ANET Arista Networks Inc. | Reduce -1.0% | 0.12% | −0.01 |
| FNF Fidelity National Financial | Sold out | 0.00% | −0.01 |
| SMCI Super Micro Computer Inc. | Reduce -0.2% | 0.02% | −0.01 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −0.01 |
| SNAP Snap Inc. Class A | Sold out | 0.00% | −0.01 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -0.2% | 0.06% | −0.01 |
| BBY Best Buy Co. Inc. | Sold out | 0.00% | −0.01 |
| APTV Aptiv PLC | Reduce -20.8% | 0.02% | −0.01 |
| APP AppLovin Corp. Class A | Reduce -1.0% | 0.14% | −0.01 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -0.5% | 0.05% | −0.01 |
| DELL Dell Technologies -C | Reduce -5.6% | 0.04% | −0.01 |
| BF.A Brown-Forman Corp. Class A | Sold out | 0.00% | −0.01 |
| COP Conocophillips | Reduce -7.8% | 0.09% | −0.01 |
| RAL Ralliant Corp. | Sold out | 0.00% | −0.01 |
| HRL Hormel Foods Corp. | Sold out | 0.00% | −0.01 |
| HPQ HP Inc. | Reduce -5.1% | 0.02% | −0.00 |
| ARM Arm Holdings PLC-ADR | Reduce -0.3% | 0.02% | −0.00 |
| OPRA Opera Ltd.-ADR | Sold out | 0.00% | −0.00 |
| NET Cloudflare Inc. Class A | Reduce -0.2% | 0.05% | −0.00 |
| CAMT Camtek Ltd. | Reduce -22.8% | 0.01% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| AZO AutoZone Inc. | Add +809.8% | 0.48% | +0.42 |
| INDA iShares MSCI India ETF | New | 0.35% | +0.35 |
| AMZN Amazon.com Inc. | Add +0.4% | 3.04% | +0.25 |
| SCCO Southern Copper Corp. | Add +904.8% | 0.21% | +0.20 |
| ROL Rollins Inc. | Add +41.0% | 0.60% | +0.20 |
| CL Colgate-Palmolive Co. | Add +26.8% | 0.84% | +0.19 |
| JNJ Johnson & Johnson | Add +0.5% | 1.22% | +0.17 |
| MAR Marriott International Class A | Add +0.0% | 0.84% | +0.16 |
| APH Amphenol Corp. Class A | Add +4.4% | 1.00% | +0.15 |
| SPGI S&P Global Inc. | Add +0.0% | 1.27% | +0.13 |
| MDT Medtronic PLC | Add +7.1% | 1.09% | +0.11 |
| BSAC Banco Santander-Chile-ADR | Add +45.5% | 0.24% | +0.10 |
| AON Aon PLC Class A | Add +6.4% | 1.19% | +0.10 |
| TTE Totalenergies SE | New | 0.09% | +0.09 |
| TSLA Tesla Inc. | Add +3.2% | 1.03% | +0.07 |
| OTIS Otis Worldwide Corp. | Add +10.1% | 0.74% | +0.06 |
| GFI Gold Fields Ltd.-Spons ADR | Add +8.3% | 0.39% | +0.05 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +12.2% | 0.31% | +0.05 |
| GGAL Grupo Financiero Galicia-ADR | New | 0.05% | +0.05 |
| MRK Merck & Co. Inc. | Add +0.1% | 0.22% | +0.05 |
| MICC The Magnum Ice Cream Co. NV | New | 0.05% | +0.05 |
| PG The Procter & Gamble Co. | Add +10.2% | 0.77% | +0.05 |
| ISRG Intuitive Surgical Inc. | Add +1.9% | 0.17% | +0.04 |
| ICE Intercontinental Exchange Inc. | Add +8.8% | 0.56% | +0.04 |
| CSCO Cisco Systems Inc. | Add +0.2% | 0.26% | +0.04 |
| BAP Credicorp Ltd. | Add +15.1% | 0.16% | +0.03 |
| DHR Danaher Corp. | Add +7.6% | 0.12% | +0.03 |
| CRM Salesforce Inc. | Add +0.3% | 0.20% | +0.03 |
| AMGN Amgen Inc. | Add +1.0% | 0.15% | +0.03 |
| REGN Regeneron Pharmaceuticals | Add +5.7% | 0.07% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.2% | 0.53% | +0.02 |
| ACN Accenture PLC Class A | Add +5.8% | 0.14% | +0.02 |
| INTC Intel Corp. | Add +2.8% | 0.14% | +0.02 |
| BMY Bristol-Myers Squibb Co. | Add +1.8% | 0.10% | +0.02 |
| KO The Coca-Cola Co. | Add +0.8% | 0.22% | +0.02 |
| YUM Yum! Brands Inc. | Add +0.0% | 0.71% | +0.02 |
| VRTX Vertex Pharmaceuticals Inc. | Add +2.9% | 0.10% | +0.02 |
| IBM Intl Business Machines Corp. | Add +0.5% | 0.22% | +0.02 |
| SHOP Shopify Inc. Class A | Add +0.5% | 0.15% | +0.02 |
| PLD Prologis Inc. | Add +1.3% | 0.10% | +0.01 |
| CAH Cardinal Health Inc. | Add +8.8% | 0.04% | +0.01 |
| MA Mastercard Inc. Class A | Add +0.0% | 0.38% | +0.01 |
| WELL Welltower Inc. | Add +6.1% | 0.11% | +0.01 |
| TJX TJX Companies Inc. | Add +0.1% | 0.15% | +0.01 |
| NBIS Nebius Group NV | New | 0.01% | +0.01 |
| CB Chubb Ltd. | Add +0.1% | 0.10% | +0.01 |
| UPS United Parcel Service Class B | Add +0.7% | 0.06% | +0.01 |
| FDX FedEx Corp. | Add +0.5% | 0.06% | +0.01 |
| WAT Waters Corp. | Add +11.9% | 0.04% | +0.01 |
| RKT Rocket Cos Inc. Class A | Add +319.0% | 0.02% | +0.01 |
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 |