USS Investment Management Ltd

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 24, 2026), USS Investment Management Ltd reported 512 stock positions worth $23.6 billion. Its top holding was Ste STR SPDR PT S&P 500 ETF (SPYM) at 21.6% of the portfolio, followed by Vanguard S&P 500 ETF (VOO, 8.9%) and iShares Core S&P 500 ETF (IVV, 8.4%). Compared with Q4 2025, it opened 14 new positions, sold out of 11, added to 358 and reduced 32. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +760%) and the biggest sale Microsoft (MSFT, shares −3%).

Most Recent 13F
Q2 2026
Location
London, X0
CIK
0001587381
Portfolio Value
$23.6B (Q1 2026)
SEC Filing
0000919574-26-002394 ↗ filed Apr 24, 2026

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 Q3 2025 Q4 2025: $20.1B Q4 2025 Q1 2026: $23.6B $23.6B Q1 2026 Q2 2026: $25.4B Q2 2026

Holdings 512 stocks · $23.6B
SPYM Ste STR SPDR PT S&P 500 ETF 21.57% 66,398,232 $5.1B No change
VOO Vanguard S&P 500 ETF 8.87% 3,495,162 $2.1B Add +760.0%
IVV iShares Core S&P 500 ETF 8.41% 3,033,549 $2.0B Add +711.2%
NVDA Nvidia Corp. 3.13% 4,229,093 $737.2M Add +12.8%
MSFT Microsoft Corp. 2.88% 1,834,520 $679.0M Reduce -3.1%
AMZN Amazon.com Inc. 2.83% 3,196,522 $665.8M Add +20.4%
AAPL Apple Inc. 2.57% 2,383,084 $604.6M Add +2.7%
V Visa Inc. Class A 1.23% 962,028 $290.7M Add +2.3%
FAST Fastenal Co. 1.17% 5,954,159 $276.4M Add +0.1%
FERG Ferguson Enterprises Inc. 1.17% 1,183,017 $276.0M Reduce -0.8%
GOOGL Alphabet Inc. Class A 1.13% 928,627 $267.0M Add +2.2%
JNJ Johnson & Johnson 1.03% 992,389 $242.5M Reduce -16.2%
AVGO Broadcom Inc. 1.01% 765,851 $237.0M Add +3.1%
GOOG Alphabet Inc. Class C 0.99% 814,669 $233.6M Add +0.8%
APH Amphenol Corp. Class A 0.93% 1,739,556 $219.8M Add +16.7%
MDT Medtronic PLC 0.90% 2,451,244 $212.4M Add +7.7%
META Meta Platforms Inc. Class A 0.86% 355,570 $203.4M Add +1.9%
KLAC KLA Corp. 0.85% 136,708 $201.2M Add +476.5%
CL Colgate-Palmolive Co. 0.80% 2,200,744 $187.5M Add +2.5%
HD Home Depot Inc. 0.74% 531,317 $174.7M Reduce -10.5%
TSLA Tesla Inc. 0.74% 466,864 $174.0M Add +1.6%
PG The Procter & Gamble Co. 0.73% 1,192,532 $172.2M Add +10.1%
ROL Rollins Inc. 0.71% 3,131,337 $167.3M Add +55.9%
AON Aon PLC Class A 0.69% 502,480 $162.2M Reduce -26.3%
AZO AutoZone Inc. 0.67% 46,842 $158.1M Add +63.9%
YUM Yum! Brands Inc. 0.64% 974,960 $151.6M Add +3.5%
ICE Intercontinental Exchange Inc. 0.63% 946,920 $149.0M Add +37.2%
SPGI S&P Global Inc. 0.63% 348,354 $148.2M Reduce -29.1%
CDNS Cadence Design SYS Inc. 0.62% 524,385 $145.7M Add +0.2%
OTIS Otis Worldwide Corp. 0.58% 1,767,235 $136.2M Add +3.8%
JPM JPMorgan Chase & Co. 0.57% 453,233 $133.4M Add +1.4%
LLY Eli Lilly & Co. 0.55% 141,359 $130.1M Add +2.9%
MAR Marriott International Class A 0.53% 380,667 $124.5M Reduce -30.5%
VRSK Verisk Analytics Inc. 0.52% 643,035 $122.0M Reduce -17.6%
BRK.B Berkshire Hathaway Inc. Class B 0.45% 221,926 $106.4M Add +4.1%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.42% 6,854,145 $98.5M Add +84.7%
WMT Walmart Inc. 0.37% 703,562 $87.4M Add +1.5%
NFLX Netflix Inc. 0.36% 886,527 $85.2M Add +31.8%
RACE Ferrari NV 0.33% 229,353 $76.6M Add +902.0%
COST Costco Wholesale Corp. 0.30% 71,888 $71.6M Add +2.2%
PDD PDD Holdings Inc. 0.30% 697,636 $71.3M Add +86.0%
MA Mastercard Inc. Class A 0.29% 134,989 $67.5M Add +1.5%
MU Micron Technology Inc. 0.28% 195,066 $65.9M Add +2.8%
ABBV Abbvie Inc. 0.28% 298,983 $65.0M Add +3.4%
AU Anglogold Ashanti PLC 0.27% 663,007 $64.6M Reduce -30.5%
APP AppLovin Corp. Class A 0.26% 155,818 $62.0M Add +269.9%
NET Cloudflare Inc. Class A 0.26% 296,322 $61.2M Add +452.3%
MELI MercadoLibre Inc. 0.25% 33,838 $58.5M Add +116.2%
ISRG Intuitive Surgical Inc. 0.24% 122,666 $56.6M Add +100.4%
CVX Chevron Corp. 0.24% 270,642 $56.0M Add +4.1%
GFI Gold Fields Ltd.-Spons ADR 0.23% 1,200,151 $54.5M Reduce -33.4%
AMD Advanced Micro Devices 0.23% 263,731 $53.6M Add +0.9%
CSCO Cisco Systems Inc. 0.23% 686,466 $53.3M Add +1.8%
BAP Credicorp Ltd. 0.22% 156,358 $53.0M Add +41.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.22% 1,084,283 $52.9M Add +1.5%
MRK Merck & Co. Inc. 0.22% 434,031 $52.2M Add +2.6%
BSAC Banco Santander-Chile-ADR 0.22% 1,561,544 $52.1M No change
FMX Fomento Economico Mex-SP ADR 0.22% 462,624 $51.4M Add +44.9%
PLTR Palantir Technologies Inc. Class A 0.21% 339,653 $49.7M Add +1.8%
AZN Astrazeneca PLC 0.21% 255,467 $49.6M New
KO The Coca-Cola Co. 0.21% 649,696 $49.4M Add +1.9%
GE General Electric filed as GE AEROSPACE 0.21% 174,088 $49.4M No change
AMAT Applied Materials Inc. 0.20% 140,884 $48.1M Reduce -8.0%
SHOP Shopify Inc. Class A 0.20% 403,039 $47.8M Add +110.2%
LRCX Lam Research Corp. 0.20% 223,245 $47.7M Add +2.0%
SPOT Spotify Technology SA 0.20% 95,481 $46.3M Add +269.6%
GS Goldman Sachs Group Inc. 0.19% 52,193 $44.1M Add +1.5%
WFC Wells Fargo & Co. 0.18% 534,992 $42.6M Add +1.6%
CAT Caterpillar Inc. 0.18% 58,354 $41.3M No change
ORCL Oracle Corp. 0.17% 275,202 $40.5M Add +3.2%
UNH Unitedhealth Group Inc. 0.17% 148,923 $40.3M Reduce -66.9%
LIN Linde PLC 0.16% 77,875 $38.6M Reduce -18.5%
RY Royal Bank of Canada 0.16% 228,904 $37.0M Add +1.2%
MCD McDonald's Corp. 0.16% 118,514 $36.8M Add +1.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.16% 151,718 $36.8M Add +2.6%
INTC Intel Corp. 0.15% 819,261 $36.1M Add +5.8%
VZ Verizon Communications Inc. 0.15% 713,156 $35.8M Add +4.6%
PEP Pepsico Inc. 0.15% 229,257 $35.6M Add +1.7%
C Citigroup Inc. 0.15% 306,651 $34.8M Add +1.6%
MS Morgan Stanley 0.14% 206,769 $34.0M Add +1.6%
T AT&T Inc. 0.14% 1,165,850 $33.8M Add +2.8%
AMGN Amgen Inc. 0.14% 95,031 $33.4M Add +4.0%
TMO Thermo Fisher Scientific Inc. 0.14% 65,801 $32.4M Add +3.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.14% 201,764 $32.2M Add +3.3%
NEE Nextera Energy Inc. 0.14% 345,226 $32.1M Add +3.1%
CPNG Coupang Inc. 0.13% 1,670,083 $31.5M Add +650.5%
ABT Abbott Laboratories 0.13% 303,839 $31.2M Add +4.6%
GILD Gilead Sciences Inc. 0.13% 221,598 $30.9M Add +4.1%
TXN Texas Instruments Inc. 0.13% 154,931 $30.1M Reduce -4.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.13% 305,457 $29.4M Add +3.9%
SE Sea Ltd.-ADR 0.12% 353,736 $29.3M Add +58.9%
CRM Salesforce Inc. 0.12% 156,301 $29.2M Add +3.4%
AXP American Express Co. 0.12% 94,257 $28.5M Add +1.6%
IOT Samsara Inc. Class A 0.12% 890,725 $28.2M New
RKLB Rocket Lab Corp. 0.12% 431,074 $27.7M New
ADI Analog Devices Inc. 0.12% 86,274 $27.4M Add +1.8%
PFE Pfizer Inc. 0.12% 970,841 $27.3M Add +2.4%
EWM iShares MSCI Malaysia ETF 0.12% 956,978 $27.2M Reduce -19.0%
SCHW Schwab (charles) Corp. 0.11% 288,035 $27.1M Add +4.7%
AXON Axon Enterprise Inc. 0.11% 62,074 $26.4M Add +345.7%

Show all 512 holdings

Portfolio Sells Q4 2025 → Q1 2026
MSFT Microsoft Corp. Reduce -3.1% 2.88% −1.67
SPGI S&P Global Inc. Reduce -29.1% 0.63% −0.65
UNH Unitedhealth Group Inc. Reduce -66.9% 0.17% −0.57
AON Aon PLC Class A Reduce -26.3% 0.69% −0.51
VRSK Verisk Analytics Inc. Reduce -17.6% 0.52% −0.35
EWY iShares MSCI South Korea ETF Reduce -92.0% 0.03% −0.33
MAR Marriott International Class A Reduce -30.5% 0.53% −0.32
INDA iShares MSCI India ETF Reduce -74.7% 0.07% −0.29
HD Home Depot Inc. Reduce -10.5% 0.74% −0.27
JNJ Johnson & Johnson Reduce -16.2% 1.03% −0.19
GFI Gold Fields Ltd.-Spons ADR Reduce -33.4% 0.23% −0.16
FERG Ferguson Enterprises Inc. Reduce -0.8% 1.17% −0.15
AU Anglogold Ashanti PLC Reduce -30.5% 0.27% −0.13
SCCO Southern Copper Corp. Reduce -50.2% 0.11% −0.11
MMYT Makemytrip Ltd. Reduce -17.9% 0.03% −0.07
A Agilent Technologies Inc. Reduce -50.1% 0.03% −0.05
EWM iShares MSCI Malaysia ETF Reduce -19.0% 0.12% −0.05
MICC The Magnum Ice Cream Co. NV Reduce -87.4% 0.00% −0.04
LIN Linde PLC Reduce -18.5% 0.16% −0.04
SNPS Synopsys Inc. Reduce -18.6% 0.05% −0.04
WM Waste Management Inc. Reduce -18.5% 0.08% −0.03
TEL Te Connectivity PLC Reduce -16.7% 0.05% −0.03
RNR Renaissancere Holdings Ltd. Sold out 0.00% −0.03
UNP Union Pacific Corp. Sold out 0.00% −0.02
ADSK Autodesk Inc. Reduce -8.8% 0.04% −0.02
XYL Xylem Inc. Reduce -72.2% 0.01% −0.02
EBAY eBay Inc. Reduce -29.6% 0.04% −0.02
ZTS Zoetis Inc. Reduce -16.2% 0.04% −0.02
HUBB Hubbell Inc. Sold out 0.00% −0.02
CYBR Cyberark Software Ltd./Israel Sold out 0.00% −0.02
RSG Republic Services Inc. Reduce -22.0% 0.04% −0.02
MRVL Marvell Technology Inc. Reduce -19.1% 0.07% −0.02
VLTO Veralto Corp. Sold out 0.00% −0.02
APTV Aptiv PLC Sold out 0.00% −0.02
IEX Idex Corp. Sold out 0.00% −0.01
AOS Smith (a.o.) Corp. Sold out 0.00% −0.01
CARR Carrier Global Corp. Reduce -72.3% 0.00% −0.01
TXN Texas Instruments Inc. Reduce -4.2% 0.13% −0.01
PNR Pentair PLC Sold out 0.00% −0.01
TT Trane Technologies PLC Reduce -4.6% 0.07% −0.01
ITRI Itron Inc. Sold out 0.00% −0.01
AAON Aaon Inc. Sold out 0.00% −0.01
AMAT Applied Materials Inc. Reduce -8.0% 0.20% +0.01

Portfolio Buys Q4 2025 → Q1 2026
VOO Vanguard S&P 500 ETF Add +760.0% 8.87% +7.60
IVV iShares Core S&P 500 ETF Add +711.2% 8.41% +7.14
KLAC KLA Corp. Add +476.5% 0.85% +0.71
RACE Ferrari NV Add +902.0% 0.33% +0.28
AZN Astrazeneca PLC New 0.21% +0.21
NET Cloudflare Inc. Class A Add +452.3% 0.26% +0.21
AZO AutoZone Inc. Add +63.9% 0.67% +0.19
APP AppLovin Corp. Class A Add +269.9% 0.26% +0.12
SPOT Spotify Technology SA Add +269.6% 0.20% +0.12
IOT Samsara Inc. Class A New 0.12% +0.12
RKLB Rocket Lab Corp. New 0.12% +0.12
ROL Rollins Inc. Add +55.9% 0.71% +0.11
NU Nu Holdings Ltd./Cayman Isl-A Add +84.7% 0.42% +0.11
CPNG Coupang Inc. Add +650.5% 0.13% +0.11
MCHI iShares MSCI China ETF New 0.10% +0.10
RDDT Reddit Inc. Class A New 0.10% +0.10
MELI MercadoLibre Inc. Add +116.2% 0.25% +0.09
PDD PDD Holdings Inc. Add +86.0% 0.30% +0.09
ICE Intercontinental Exchange Inc. Add +37.2% 0.63% +0.08
DXCM Dexcom Inc. Add +342.7% 0.11% +0.08
AXON Axon Enterprise Inc. Add +345.7% 0.11% +0.07
ISRG Intuitive Surgical Inc. Add +100.4% 0.24% +0.07
BAP Credicorp Ltd. Add +41.7% 0.22% +0.07
RBLX Roblox Corp. Class A Add +330.0% 0.11% +0.06
SYM Symbotic Inc. New 0.06% +0.06
FMX Fomento Economico Mex-SP ADR Add +44.9% 0.22% +0.06
RIVN Rivian Automotive Inc. Class A New 0.05% +0.05
SHOP Shopify Inc. Class A Add +110.2% 0.20% +0.05
NFLX Netflix Inc. Add +31.8% 0.36% +0.05
ELF Elf Beauty Inc. New 0.04% +0.04
CVX Chevron Corp. Add +4.1% 0.24% +0.04
JOBY Joby Aviation Inc. New 0.04% +0.04
DUOL Duolingo New 0.03% +0.03
TEAM Atlassian Corp. Class A Add +439.1% 0.05% +0.02
VRT Vertiv Holdings Co. Class A Add +3.5% 0.08% +0.02
SUNB Sunbelt Rentals Holdings Inc. New 0.02% +0.02
LRCX Lam Research Corp. Add +2.0% 0.20% +0.02
STX Seagate Technology Holdings Add +4.1% 0.07% +0.01
VZ Verizon Communications Inc. Add +4.6% 0.15% +0.01
LNG Cheniere Energy Inc. Add +9.9% 0.05% +0.01
INTC Intel Corp. Add +5.8% 0.15% +0.01
MU Micron Technology Inc. Add +2.8% 0.28% +0.01
EQIX Equinix Inc. Add +4.9% 0.08% +0.01
EOG EOG Resources Inc. Add +3.5% 0.05% +0.01
OKE Oneok Inc. Add +16.3% 0.05% +0.01
KEYS Keysight Technologies Inc. Add +6.1% 0.04% +0.01
SLB SLB Ltd. Add +2.5% 0.06% +0.01
KMI Kinder Morgan Inc. Add +10.3% 0.06% +0.01
DE Deere & Co. Add +4.5% 0.10% +0.01
TSEM Tower Semiconductor Ltd. Add +6.9% 0.02% +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