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USS Investment Management Ltd

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

Q3 2025 · Filed 2025-11-13
Market Value
$21.6B
+30.0%
Holdings
518
-18
New Purchases
7
Added To
34
Closed
4
Reduced
54
Top 10 Concentration
48.4%
Turnover
2.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SPLG 24.10% 18.20% +5.90% $5.2B
VOO 3.10% 0.00% +3.10% $669M
IVV 3.10% 0.00% +3.10% $668M
QQQM 1.74% 0.00% +1.74% $377M
AMZN 2.69% 1.98% +0.71% $581M
ROL 0.39% 0.02% +0.37% $84M
APH 0.82% 0.51% +0.31% $177M
TSEM 1.06% 0.84% +0.22% $228M
PDD 0.29% 0.13% +0.16% $62M
BSAC 0.13% 0.01% +0.12% $28M
GFI 0.32% 0.22% +0.11% $70M
YUMC 0.08% 0.00% +0.08% $18M
TSLA 0.92% 0.85% +0.07% $198M
GOOGL 1.04% 0.98% +0.06% $223M
SE 0.13% 0.07% +0.06% $28M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ACN 0.11% 1.32% -1.21% $25M
MSFT 4.41% 5.50% -1.09% $952M
V 1.49% 2.15% -0.66% $321M
MAR 0.66% 1.19% -0.53% $143M
YUM 0.66% 1.15% -0.49% $143M
SPGI 1.11% 1.56% -0.45% $239M
VRSK 1.06% 1.51% -0.45% $229M
OTIS 0.65% 1.09% -0.44% $141M
META 1.19% 1.55% -0.36% $256M
NVDA 3.28% 3.62% -0.34% $709M
FERG 1.24% 1.57% -0.33% $268M
AON 1.06% 1.38% -0.32% $228M
EWT 0.00% 0.31% -0.31% $0
CL 0.63% 0.93% -0.30% $135M
HD 1.11% 1.40% -0.28% $240M

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 $8.2B 38.0%
Large Cap 438 $12.9B 59.6%
Mid Cap 22 $497M 2.3%
Small Cap 2 $789K 0.0%
Micro Cap 1 $31M 0.1%

Portfolio Analytics

Avg Market Cap
$147.8B
Median Market Cap
$49.1B
Avg P/E
34.2
Median P/E
24.1
Avg Dividend Yield
0.02%
Avg Beta
0.97
# Stocks
510
# ETFs / Funds
8

Top Holdings (518 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SPLG 24.10% 66,398,232 $5.2B $78.34 $2.2B +24,826,130 +59.7%
2 MSFT 4.41% 1,837,746 $952M $517.95 $39M +1,105 +0.1%
3 NVDA 3.28% 3,800,256 $709M $186.57 $108M -8,665 -0.2%
4 VOO 3.10% 1,092,167 $669M $612.34 +1,092,167 NEW
5 IVV 3.10% 998,515 $668M $669.30 +998,515 NEW
6 AAPL 2.76% 2,338,914 $595M $254.55 $116M -306 -0.0%
7 AMZN 2.69% 2,644,254 $581M $219.54 $252M +1,147,847 +76.7%
8 NVMI 1.77% 12,047 $383M $31,763.95 $42M
9 QQQM 1.74% 1,523,993 $377M $247.12 +1,523,993 NEW
10 V 1.49% 940,642 $321M $341.21 -$35M -63,765 -6.3%
11 CAMT 1.46% 30,184 $316M $10,468.94 $56M
12 FAST 1.27% 5,604,874 $275M $49.04 $39M
13 FERG 1.24% 1,192,059 $268M $224.47 $7M -3,407 -0.3%
14 META 1.19% 348,793 $256M $734.27 -$1M -25 -0.0%
15 AVGO 1.13% 742,676 $245M $329.71 $40M -74 -0.0%
16 HD 1.11% 593,427 $240M $405.19 $9M -38,380 -6.1%
17 SPGI 1.11% 490,939 $239M $486.63 -$20M
18 VRSK 1.06% 912,508 $229M $251.43 -$21M +107,283 +13.3%
19 AON 1.06% 640,774 $228M $356.32 -$317K
20 TSEM 1.06% 31,971 $228M $7,124.57 $89M
21 GOOGL 1.04% 919,332 $223M $243.07 $61M -106 -0.0%
22 JNJ 1.01% 1,178,610 $219M $185.40 $39M
23 GOOG 0.94% 831,384 $202M $243.52 $55M -161 -0.0%
24 MDT 0.94% 2,124,412 $202M $95.22 $17M
25 TSLA 0.92% 445,435 $198M $444.57 $57M
26 CDNS 0.85% 523,132 $184M $351.33 $23M
27 APH 0.82% 1,427,865 $177M $123.75 $92M +570,203 +66.5%
28 UNH 0.72% 450,255 $155M $345.27 $15M -39 -0.0%
29 PG 0.70% 982,705 $151M $153.62 -$6M
30 YUM 0.66% 941,511 $143M $151.96 -$48M -347,589 -27.0%
31 MAR 0.66% 547,902 $143M $260.51 -$55M -176,959 -24.4%
32 JPM 0.66% 449,171 $142M $315.39 $11M -121 -0.0%
33 OTIS 0.65% 1,545,461 $141M $91.43 -$40M -284,807 -15.6%
34 CL 0.63% 1,693,152 $135M $79.93 -$19M
35 ICE 0.50% 634,514 $107M $168.44 -$10M
36 BRK-B 0.49% 210,755 $106M $502.61 $4M
37 LLY 0.49% 137,378 $105M $762.49 -$2M
38 ICLR 0.46% 569,635 $100M $175.04 $17M
39 ROL 0.39% 1,423,841 $84M $58.75 $80M +1,364,481 +2298.7%
40 NFLX 0.37% 67,253 $81M $1,198.58 -$9M
41 MA 0.35% 132,984 $76M $568.65 $891K -69 -0.1%
42 ORCL 0.34% 263,380 $74M $281.04 $16M
43 WMT 0.33% 693,344 $71M $103.04 $4M
44 GFI 0.32% 1,662,120 $70M $41.98 $34M +151,854 +10.1%
45 EWY 0.32% 867,443 $69M $80.09 -$13M -280,533 -24.4%
46 ABBV 0.31% 289,149 $67M $231.48 $13M -96 -0.0%
47 COST 0.30% 70,349 $65M $925.56 -$5M
48 PDD 0.29% 472,054 $62M $132.13 $40M +260,209 +122.8%
49 PLTR 0.28% 332,008 $61M $182.38 $15M
50 BAC 0.26% 1,072,658 $55M $51.57 $5M
51 NU 0.25% 3,308,124 $53M $16.01 $17M +706,939 +27.2%
52 GE 0.24% 174,088 $52M $300.72 $8M
53 CSCO 0.21% 672,981 $46M $68.40 -$667K -600 -0.1%
54 LIN 0.21% 94,459 $45M $474.95 $743K +410 +0.4%
55 WFC 0.20% 526,853 $44M $83.83 $2M
56 CVX 0.20% 284,343 $44M $155.29 $11M +54,325 +23.6%
57 AMD 0.20% 268,012 $43M $161.76 $5M
58 KO 0.19% 632,914 $42M $66.32 -$3M
59 IBM 0.19% 147,222 $42M $282.18 -$2M
60 MELI 0.19% 17,736 $41M $2,337.49 -$9M -1,693 -8.7%
61 GS 0.19% 51,445 $41M $796.11 $5M
62 ABT 0.18% 288,425 $39M $133.96 -$618K -300 -0.1%
63 CRM 0.17% 150,754 $36M $236.97 -$5M
64 MRK 0.16% 422,758 $35M $83.92 $2M
65 MCD 0.16% 116,252 $35M $303.96 $1M
66 DIS 0.16% 293,967 $34M $114.47 -$3M
67 RY 0.15% 226,144 $33M $147.22 $4M
68 UBER 0.15% 337,577 $33M $97.93 $2M
69 MU 0.15% 194,662 $33M $167.37 $9M
70 MS 0.15% 203,469 $32M $158.94 $4M
71 T 0.15% 1,134,130 $32M $28.22 -$794K
72 FMX 0.15% 319,194 $31M $98.64 -$1M
73 AMAT 0.15% 153,236 $31M $204.73 $3M -4,376 -2.8%
74 QCOM 0.15% 188,247 $31M $166.37 $1M
75 PEP 0.15% 223,064 $31M $140.39 $2M
76 AXP 0.14% 92,871 $31M $332.15 $1M
77 TMO 0.14% 63,593 $31M $484.79 $5M
78 NOW 0.14% 33,367 $31M $919.95 -$4M
79 C 0.14% 301,902 $31M $101.49 $5M
80 LRCX 0.14% 228,909 $31M $133.85 $8M
81 EWM 0.14% 1,181,536 $31M $25.88 -$11M -521,667 -30.6%
82 APP 0.14% 42,553 $31M $718.50 $16M
83 INTU 0.14% 44,495 $30M $682.75 -$5M -20 -0.0%
84 VZ 0.14% 679,642 $30M $43.93 $462K
85 TXN 0.14% 161,696 $30M $183.70 -$6M -8,454 -5.0%
86 BKNG 0.13% 5,361 $29M $5,395.71 -$2M
87 BSAC 0.13% 1,072,868 $28M $26.47 $26M +978,990 +1042.8%
88 SHOP 0.13% 190,758 $28M $148.37 $6M
89 BLK 0.13% 24,279 $28M $1,165.38 $3M
90 TJX 0.13% 195,202 $28M $144.54 $4M -99 -0.1%
91 VWOB 0.13% 420,000 $28M $66.90 $647K
92 CAT 0.13% 58,354 $28M $476.98 $5M
93 SE 0.13% 155,268 $28M $178.68 $16M +81,658 +110.9%
94 ISRG 0.12% 60,084 $27M $447.20 -$6M
95 ANET 0.12% 181,205 $26M $145.72 $8M
96 SCHW 0.12% 275,021 $26M $95.43 $1M
97 KLAC 0.12% 23,715 $26M $1,078.04 $4M
98 BAP 0.12% 95,874 $26M $266.49 $4M
99 AMGN 0.12% 90,429 $26M $282.12 $269K
100 NEE 0.12% 334,914 $25M $75.48 $2M

New Positions

SymbolValue% Port
VOO $669M 3.10%
IVV $668M 3.10%
QQQM $377M 1.74%
YUMC $18M 0.08%
CMI $225K —%
ADM $218K —%
FOX $210K —%

Sold Out Positions

SymbolValue% Port
GLOB —%
EWT —%
HES —%
ANSS —%
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