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USS Investment Management Ltd

6TH FLOOR 60 THREADNEEDLE STREET, LONDON EC2R 8HP • 00442079720300

Q2 2025 · Filed 2025-08-14
Market Value
$16.6B
+23.1%
Holdings
536
-11
New Purchases
14
Added To
240
Closed
25
Reduced
89
Top 10 Concentration
41.1%
Turnover
7.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SPLG 18.20% 10.34% +7.86% $3.0B
CAMT 1.57% 0.85% +0.72% $260M
NVDA 3.62% 3.04% +0.58% $601M
NVMI 2.05% 1.53% +0.52% $340M
MSFT 5.50% 5.08% +0.42% $913M
TSEM 0.84% 0.42% +0.42% $139M
APH 0.51% 0.12% +0.39% $85M
AVGO 1.23% 0.90% +0.34% $205M
CDNS 0.97% 0.73% +0.24% $161M
EWT 0.31% 0.15% +0.16% $51M
FERG 1.57% 1.42% +0.15% $260M
MSTR 0.10% 0.00% +0.10% $17M
EWY 0.50% 0.40% +0.09% $82M
TT 0.10% 0.02% +0.09% $17M
NFLX 0.54% 0.46% +0.08% $90M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 2.89% 3.85% -0.96% $480M
UNH 0.85% 1.75% -0.90% $140M
OTIS 1.09% 1.74% -0.65% $181M
V 2.15% 2.74% -0.60% $356M
YUM 1.15% 1.74% -0.59% $191M
AON 1.38% 1.89% -0.52% $229M
ACN 1.32% 1.70% -0.38% $220M
JNJ 1.08% 1.45% -0.36% $180M
HD 1.40% 1.72% -0.32% $232M
MDT 1.12% 1.41% -0.30% $185M
PG 0.94% 1.24% -0.30% $157M
SPGI 1.56% 1.85% -0.29% $259M
VRSK 1.51% 1.78% -0.27% $251M
MAR 1.19% 1.45% -0.26% $198M
ICLR 0.50% 0.74% -0.24% $83M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 45.7%
Technology 22.3%
Consumer Cyclical 9.0%
Industrials 5.8%
Healthcare 5.6%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 55 $6.0B 36.1%
Large Cap 448 $10.1B 60.8%
Mid Cap 30 $474M 2.9%
Small Cap 2 $8M 0.0%
Micro Cap 1 $41M 0.2%

Portfolio Analytics

Avg Market Cap
$139.9B
Median Market Cap
$45.8B
Avg P/E
34.3
Median P/E
24.3
Avg Dividend Yield
0.02%
Avg Beta
0.98
# Stocks
530
# ETFs / Funds
6

Top Holdings (536 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SPLG 18.20% 41,572,102 $3.0B $72.69 $1.6B +20,372,102 +96.1%
2 MSFT 5.50% 1,836,641 $913M $497.20 $228M +9,360 +0.5%
3 NVDA 3.62% 3,808,921 $601M $157.87 $192M +41,873 +1.1%
4 AAPL 2.89% 2,339,220 $480M $205.09 -$39M +3,319 +0.1%
5 V 2.15% 1,004,407 $356M $354.81 -$14M -51,517 -4.9%
6 NVMI 2.05% 12,047 $340M $28,237.56 $134M +715 +6.3%
7 AMZN 1.98% 1,496,407 $328M $219.38 $49M +27,615 +1.9%
8 FERG 1.57% 1,195,466 $260M $217.82 $69M
9 CAMT 1.57% 30,184 $260M $8,625.09 $146M +10,134 +50.5%
10 SPGI 1.56% 490,939 $259M $527.16 $10M +1,088 +0.2%
11 META 1.55% 348,818 $257M $738.12 $59M +4,494 +1.3%
12 VRSK 1.51% 805,225 $251M $311.48 $11M +46 +0.0%
13 FAST 1.42% 5,604,874 $235M $42.00 $18M +2,802,276 +100.0%
14 HD 1.40% 631,807 $232M $366.59 $216K +365 +0.1%
15 AON 1.38% 640,774 $229M $356.81 -$27M +475 +0.1%
16 ACN 1.32% 736,243 $220M $298.66 -$10M +902 +0.1%
17 AVGO 1.23% 742,750 $205M $275.72 $84M +21,511 +3.0%
18 MAR 1.19% 724,861 $198M $273.19 $2M -97,549 -11.9%
19 YUM 1.15% 1,289,100 $191M $148.09 -$43M -198,042 -13.3%
20 MDT 1.12% 2,124,412 $185M $87.18 -$5M +2,099 +0.1%
21 OTIS 1.09% 1,830,268 $181M $98.99 -$53M -443,336 -19.5%
22 JNJ 1.08% 1,178,610 $180M $152.66 -$15M +1,724 +0.1%
23 GOOGL 0.98% 919,438 $162M $176.21 $19M -5,955 -0.6%
24 CDNS 0.97% 523,132 $161M $308.05 $62M +135,193 +34.9%
25 PG 0.94% 982,705 $157M $159.30 -$11M +839 +0.1%
26 CL 0.93% 1,693,152 $154M $90.88 $29M +364,926 +27.5%
27 GOOG 0.89% 831,545 $147M $177.34 $18M +3,017 +0.4%
28 TSLA 0.85% 445,435 $141M $317.62 $27M +5,452 +1.2%
29 UNH 0.85% 450,294 $140M $311.82 -$95M +834 +0.2%
30 TSEM 0.84% 31,971 $139M $4,340.01 $83M +15,904 +99.0%
31 JPM 0.78% 449,292 $130M $289.76 $19M -2,798 -0.6%
32 ICE 0.70% 634,514 $116M $183.41 $7M +1,291 +0.2%
33 LLY 0.64% 137,378 $107M $779.02 -$5M +1,290 +0.9%
34 BRK-B 0.62% 210,755 $102M $485.17 -$9M +2,109 +1.0%
35 NFLX 0.54% 67,253 $90M $1,338.85 $28M +271 +0.4%
36 APH 0.51% 857,662 $85M $98.73 $68M +608,483 +244.2%
37 ICLR 0.50% 569,635 $83M $145.52 -$17M
38 EWY 0.50% 1,147,976 $82M $71.76 $28M +140,350 +13.9%
39 MA 0.45% 133,053 $75M $561.66 $2M +648 +0.5%
40 COST 0.42% 70,349 $70M $989.60 $3M +300 +0.4%
41 WMT 0.41% 693,344 $68M $97.76 $7M +5,490 +0.8%
42 ORCL 0.35% 263,380 $58M $218.54 $21M +4,220 +1.6%
43 ABBV 0.32% 289,245 $54M $185.58 -$7M +1,157 +0.4%
44 EWT 0.31% 894,903 $51M $57.38 $31M +472,327 +111.8%
45 MELI 0.31% 19,429 $51M $2,611.99 $16M +1,848 +10.5%
46 BAC 0.31% 1,072,658 $51M $47.28 $6M +6,255 +0.6%
47 CSCO 0.28% 673,581 $47M $69.34 $5M +2,146 +0.3%
48 PLTR 0.27% 332,008 $45M $136.34 $18M +14,628 +4.6%
49 GE 0.27% 174,088 $45M $257.23 $15M +25,975 +17.5%
50 KO 0.27% 632,914 $45M $70.73 -$570K
51 LIN 0.27% 94,049 $44M $469.12 $1M +2,030 +2.2%
52 IBM 0.26% 147,222 $43M $294.62 $7M +1,169 +0.8%
53 WFC 0.25% 526,853 $42M $80.06 $4M -7,026 -1.3%
54 EWM 0.25% 1,703,203 $41M $24.33 $2M
55 CRM 0.25% 150,754 $41M $272.62 $1M +2,268 +1.5%
56 ABT 0.24% 288,725 $39M $135.95 $1M +891 +0.3%
57 AMD 0.23% 268,012 $38M $141.90 $11M +8,140 +3.1%
58 DIS 0.22% 293,967 $36M $123.93 $8M +2,393 +0.8%
59 GS 0.22% 51,445 $36M $707.44 $9M +646 +1.3%
60 GFI 0.22% 1,510,266 $36M $23.67 -$5M -314,080 -17.2%
61 NU 0.22% 2,601,185 $36M $13.72 $9M
62 TXN 0.21% 170,150 $35M $207.53 $5M +1,735 +1.0%
63 INTU 0.21% 44,515 $35M $787.49 $8M +459 +1.0%
64 NOW 0.21% 33,367 $34M $1,027.38 $8M +257 +0.8%
65 MCD 0.20% 116,252 $34M $292.15 -$1M +2,699 +2.4%
66 MRK 0.20% 422,758 $33M $79.11 -$4M +5,036 +1.2%
67 CVX 0.20% 230,018 $33M $143.11 -$5M +3,503 +1.6%
68 FMX 0.20% 319,194 $33M $102.93 $6M +43,984 +16.0%
69 T 0.20% 1,134,130 $33M $28.92 $703K
70 ISRG 0.20% 60,084 $33M $543.57 $3M +617 +1.0%
71 UBER 0.19% 337,577 $31M $93.27 $7M -1,069 -0.3%
72 BKNG 0.19% 5,361 $31M $5,783.74 $6M -14 -0.3%
73 QCOM 0.18% 188,247 $30M $159.23 $1M +2,440 +1.3%
74 RY 0.18% 226,144 $30M $131.73 $5M +2,938 +1.3%
75 AXP 0.18% 92,871 $30M $318.90 $5M +1,178 +1.3%
76 PEP 0.18% 223,064 $29M $132.03 -$4M +1,643 +0.7%
77 VZ 0.18% 679,642 $29M $43.26 -$1M +3,296 +0.5%
78 AMAT 0.17% 157,612 $29M $183.05 $6M +1,331 +0.8%
79 MS 0.17% 203,469 $29M $140.80 $5M +1,389 +0.7%
80 BSX 0.17% 256,881 $28M $107.37 $2M +2,383 +0.9%
81 VWOB 0.17% 420,000 $27M $65.36 $483K
82 ADBE 0.16% 69,680 $27M $386.76 -$60K -755 -1.1%
83 TMO 0.16% 63,593 $26M $405.31 -$6M +341 +0.5%
84 C 0.15% 301,902 $26M $85.10 $5M +4,394 +1.5%
85 BLK 0.15% 24,279 $25M $1,048.61 $3M +329 +1.4%
86 HON 0.15% 109,205 $25M $232.94 $3M +913 +0.8%
87 AMGN 0.15% 90,429 $25M $279.14 -$3M +852 +0.9%
88 PGR 0.15% 94,504 $25M $266.86 -$869K +2,358 +2.6%
89 SCHW 0.15% 275,021 $25M $91.19 $6M +32,178 +13.2%
90 TJX 0.15% 195,301 $24M $123.47 $325K -64 -0.0%
91 MU 0.14% 194,662 $24M $123.19 $7M +4,520 +2.4%
92 GILD 0.14% 212,812 $24M $110.81 -$613K -3,172 -1.5%
93 MMYT 0.14% 239,258 $23M $98.00 -$3M -32,524 -12.0%
94 NEE 0.14% 334,914 $23M $69.42 -$499K
95 PFE 0.14% 948,506 $23M $24.24 -$679K +14,392 +1.5%
96 CAT 0.14% 58,354 $23M $388.05 $4M +546 +0.9%
97 SYK 0.14% 57,174 $23M $395.45 $2M +1,692 +3.0%
98 LRCX 0.13% 228,909 $22M $97.31 $6M +2,273 +1.0%
99 PDD 0.13% 211,845 $22M $104.64 -$9M -55,308 -20.7%
100 SHOP 0.13% 190,758 $22M $115.43 $4M +1,682 +0.9%

New Positions

SymbolValue% Port
MSTR $17M 0.10%
HOOD $12M 0.07%
AXON $11M 0.07%
B $7M 0.04%
TRGP $7M 0.04%
CLS $4M 0.03%
TECK $3M 0.02%
AGI $2M 0.01%
BSAC $2M 0.01%
ITRI $2M 0.01%
EMRAF $1M 0.01%
LNT $1M 0.01%
RAL $1M 0.01%
OPRA $722K —%

Sold Out Positions

SymbolValue% Port
AVTR —%
LYB —%
CE —%
MRP —%
EPAM —%
CAG —%
VALE —%
DOC —%
YUMC —%
ILMN —%
ENPH —%
MCHI —%
CGNX —%
CPB —%
MRNA —%
View SEC EDGAR Filings for USS Investment Management Ltd →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms