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USS Investment Management Ltd

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

Q4 2025 · Filed 2026-02-13
Market Value
$21.0B
-2.8%
Holdings
522
+4
New Purchases
8
Added To
245
Closed
26
Reduced
70
Top 10 Concentration
46.8%
Turnover
6.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SPLG 25.38% 24.10% +1.29% $5.3B
TSEM 1.75% 1.06% +0.70% $368M
AZO 0.46% 0.06% +0.40% $97M
INDA 0.34% 0.00% +0.34% $71M
GOOGL 1.36% 1.04% +0.32% $284M
GOOG 1.21% 0.94% +0.27% $254M
AAPL 3.01% 2.76% +0.25% $631M
AMZN 2.92% 2.69% +0.23% $613M
LLY 0.70% 0.49% +0.22% $148M
SCCO 0.21% 0.02% +0.19% $43M
ROL 0.57% 0.39% +0.19% $121M
CL 0.81% 0.63% +0.18% $170M
JNJ 1.17% 1.01% +0.16% $245M
MAR 0.81% 0.66% +0.15% $170M
APH 0.96% 0.82% +0.14% $201M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VOO 1.21% 3.10% -1.88% $255M
IVV 1.22% 3.10% -1.88% $256M
QQQM 0.00% 1.74% -1.74% $0
ICLR 0.01% 0.46% -0.45% $2M
CAMT 1.19% 1.46% -0.27% $251M
VRSK 0.83% 1.06% -0.23% $175M
HD 0.97% 1.11% -0.14% $204M
FAST 1.14% 1.27% -0.14% $239M
VWOB 0.00% 0.13% -0.13% $0
ORCL 0.25% 0.34% -0.10% $52M
META 1.10% 1.19% -0.09% $230M
PDD 0.20% 0.29% -0.09% $43M
NFLX 0.30% 0.37% -0.07% $63M
CDNS 0.78% 0.85% -0.07% $164M
MSFT 4.37% 4.41% -0.04% $916M

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 $7.6B 36.3%
Large Cap 441 $13.0B 61.8%
Mid Cap 24 $385M 1.8%
Small Cap 1 $0 0.0%
Micro Cap 1 $32M 0.2%

Portfolio Analytics

Avg Market Cap
$147.1B
Median Market Cap
$48.2B
Avg P/E
34.3
Median P/E
24.2
Avg Dividend Yield
0.02%
Avg Beta
0.97
# Stocks
514
# ETFs / Funds
8

Top Holdings (522 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SPLG 25.38% 66,398,232 $5.3B $80.22 $125M
2 MSFT 4.37% 1,894,159 $916M $483.64 -$36M +56,413 +3.1%
3 NVDA 3.33% 3,749,015 $699M $186.49 -$10M -51,241 -1.4%
4 AAPL 3.01% 2,321,435 $631M $271.89 $36M -17,479 -0.8%
5 AMZN 2.92% 2,653,896 $613M $230.83 $32M +9,642 +0.4%
6 NVMI 1.82% 11,411 $382M $33,452.48 -$934K -636 -5.3%
7 TSEM 1.75% 31,417 $368M $11,704.13 $140M -554 -1.7%
8 V 1.57% 940,443 $330M $350.88 $9M -199 -0.0%
9 GOOGL 1.36% 908,774 $284M $312.97 $61M -10,558 -1.1%
10 FERG 1.26% 1,192,059 $265M $222.64 -$2M
11 AVGO 1.22% 742,472 $257M $346.04 $12M -204 -0.0%
12 SPGI 1.22% 491,022 $257M $522.64 $18M +83 +0.0%
13 IVV 1.22% 373,967 $256M $684.89 -$412M -624,548 -62.5%
14 VOO 1.21% 406,404 $255M $627.07 -$414M -685,763 -62.8%
15 GOOG 1.21% 808,059 $254M $313.81 $51M -23,325 -2.8%
16 CAMT 1.19% 23,309 $251M $10,747.09 -$65M -6,875 -22.8%
17 JNJ 1.17% 1,184,280 $245M $206.95 $27M +5,670 +0.5%
18 AON 1.15% 681,743 $241M $352.90 $12M +40,969 +6.4%
19 FAST 1.14% 5,946,990 $239M $40.14 -$36M +342,116 +6.1%
20 META 1.10% 348,756 $230M $659.97 -$26M -37 -0.0%
21 MDT 1.04% 2,275,873 $219M $96.08 $16M +151,461 +7.1%
22 TSLA 0.98% 459,625 $207M $449.65 $9M +14,190 +3.2%
23 HD 0.97% 593,427 $204M $344.15 -$36M
24 APH 0.96% 1,490,401 $201M $135.15 $25M +62,536 +4.4%
25 VRSK 0.83% 780,619 $175M $223.75 -$55M -131,889 -14.4%
26 MAR 0.81% 548,048 $170M $310.28 $27M +146 +0.0%
27 CL 0.81% 2,146,622 $170M $79.03 $34M +453,470 +26.8%
28 CDNS 0.78% 523,285 $164M $312.63 -$20M +153 +0.0%
29 PG 0.74% 1,083,123 $155M $143.32 $4M +100,418 +10.2%
30 UNH 0.71% 450,316 $149M $330.21 -$7M +61 +0.0%
31 OTIS 0.71% 1,701,985 $149M $87.36 $7M +156,524 +10.1%
32 LLY 0.70% 137,356 $148M $1,074.98 $43M -22 -0.0%
33 JPM 0.69% 447,105 $144M $322.31 $2M -2,066 -0.5%
34 YUM 0.68% 941,725 $142M $151.31 -$580K +214 +0.0%
35 ROL 0.57% 2,008,100 $121M $60.02 $37M +584,259 +41.0%
36 ICE 0.53% 690,069 $112M $162.00 $5M +55,555 +8.8%
37 BRK-B 0.51% 213,260 $107M $502.76 $1M +2,505 +1.2%
38 AZO 0.46% 28,585 $97M $3,392.28 $83M +25,443 +809.8%
39 GFI 0.37% 1,800,813 $79M $43.64 $9M +138,693 +8.3%
40 WMT 0.37% 693,344 $77M $111.40 $6M
41 MA 0.36% 133,031 $76M $570.90 $326K +47 +0.0%
42 EWY 0.34% 740,253 $72M $97.21 $2M -127,190 -14.7%
43 INDA 0.34% 1,310,424 $71M $54.07 +1,310,424 NEW
44 ABBV 0.31% 289,033 $66M $228.48 -$894K -116 -0.0%
45 NFLX 0.30% 672,555 $63M $93.75 -$18M +605,302 +900.0%
46 NU 0.30% 3,711,004 $62M $16.75 $9M +402,880 +12.2%
47 COST 0.29% 70,349 $61M $862.23 -$4M
48 PLTR 0.28% 333,595 $59M $177.76 -$1M +1,587 +0.5%
49 BAC 0.28% 1,068,183 $59M $54.99 $3M -4,475 -0.4%
50 AMD 0.27% 261,425 $56M $214.15 $13M -6,587 -2.5%
51 MU 0.26% 189,835 $54M $285.39 $22M -4,827 -2.5%
52 GE 0.26% 174,088 $54M $308.05 $1M
53 ORCL 0.25% 266,672 $52M $194.94 -$22M +3,292 +1.2%
54 CSCO 0.25% 674,215 $52M $77.05 $6M +1,234 +0.2%
55 WFC 0.23% 526,693 $49M $93.23 $5M -160 -0.0%
56 BSAC 0.23% 1,561,544 $49M $31.13 $20M +488,676 +45.5%
57 GS 0.22% 51,409 $45M $878.75 $4M -36 -0.1%
58 KO 0.21% 637,901 $45M $69.93 $3M +4,987 +0.8%
59 MRK 0.21% 423,037 $45M $105.27 $9M +279 +0.1%
60 IBM 0.21% 147,924 $44M $296.18 $2M +702 +0.5%
61 SCCO 0.21% 301,655 $43M $143.45 $40M +271,634 +904.8%
62 PDD 0.20% 375,076 $43M $113.36 -$20M -96,978 -20.5%
63 LIN 0.19% 95,601 $41M $426.42 -$4M +1,142 +1.2%
64 CRM 0.19% 151,124 $40M $264.90 $4M +370 +0.2%
65 CVX 0.19% 259,979 $40M $152.39 -$5M -24,364 -8.6%
66 AMAT 0.19% 153,087 $39M $256.90 $8M -149 -0.1%
67 RY 0.18% 226,144 $39M $170.61 $5M
68 LRCX 0.18% 218,952 $37M $171.11 $7M -9,957 -4.3%
69 TMO 0.18% 63,593 $37M $579.50 $6M
70 ABT 0.17% 290,576 $36M $125.27 -$2M +2,151 +0.8%
71 MS 0.17% 203,469 $36M $177.55 $4M
72 MCD 0.17% 116,376 $36M $305.65 $234K +124 +0.1%
73 C 0.17% 301,689 $35M $116.69 $5M -213 -0.1%
74 ISRG 0.17% 61,201 $35M $566.52 $8M +1,117 +1.9%
75 AXP 0.16% 92,815 $34M $370.05 $3M -56 -0.1%
76 DIS 0.16% 294,143 $33M $113.76 -$186K +176 +0.1%
77 CAT 0.16% 58,354 $33M $572.83 $6M
78 PEP 0.15% 225,505 $32M $143.50 $1M +2,441 +1.1%
79 EWM 0.15% 1,181,536 $32M $27.38 $2M
80 QCOM 0.15% 188,546 $32M $171.08 $938K +299 +0.2%
81 FMX 0.15% 319,194 $32M $101.04 $764K
82 BAP 0.15% 110,344 $32M $287.13 $6M +14,470 +15.1%
83 MELI 0.15% 15,650 $32M $2,014.60 -$10M -2,086 -11.8%
84 SHOP 0.15% 191,740 $31M $160.87 $3M +982 +0.5%
85 TJX 0.14% 195,293 $30M $153.63 $2M +91 +0.1%
86 AMGN 0.14% 91,350 $30M $327.39 $4M +921 +1.0%
87 INTU 0.14% 44,609 $30M $662.56 -$823K +114 +0.3%
88 KLAC 0.14% 23,715 $29M $1,214.85 $3M
89 BKNG 0.14% 5,365 $29M $5,354.24 -$201K +4 +0.1%
90 INTC 0.14% 774,373 $29M $36.91 $3M +21,207 +2.8%
91 ACN 0.14% 106,098 $28M $268.39 $4M +5,790 +5.8%
92 SE 0.14% 222,575 $28M $127.53 $642K +67,307 +43.4%
93 APP 0.14% 42,129 $28M $673.53 -$2M -424 -1.0%
94 T 0.13% 1,134,130 $28M $24.85 -$4M
95 TXN 0.13% 161,696 $28M $173.50 -$2M
96 VZ 0.13% 681,802 $28M $40.76 -$2M +2,160 +0.3%
97 UBER 0.13% 337,440 $28M $81.68 -$5M -137 -0.0%
98 SCHW 0.13% 275,246 $28M $99.93 $1M +225 +0.1%
99 NEE 0.13% 334,914 $27M $80.28 $2M
100 TD 0.12% 277,316 $26M $94.35 $4M

New Positions

SymbolValue% Port
INDA $71M 0.34%
TOTB.DE $18M 0.08%
GGAL $10M 0.05%
MICC $10M 0.05%
Q $3M 0.02%
YNDX $3M 0.01%
SOLS $1M 0.01%
AAON $1M 0.01%

Sold Out Positions

SymbolValue% Port
EXPD —%
ARE —%
BAX —%
BF-A —%
FNF —%
BBY —%
TRU —%
DOW —%
IFF —%
CLX —%
MAS —%
MAA —%
OMC —%
HRL —%
RAL —%
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