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USS Investment Management Ltd

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

Q1 2026 · Filed 2026-04-24
Market Value
$24.9B
+18.5%
Holdings
510
-12
New Purchases
14
Added To
353
Closed
10
Reduced
31
Top 10 Concentration
53.4%
Turnover
4.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VOO 8.40% 1.21% +7.19% $2.1B
IVV 7.97% 1.22% +6.75% $2.0B
KLAC 0.81% 0.14% +0.67% $201M
TSEM 2.31% 1.75% +0.55% $573M
RACE 0.31% 0.04% +0.27% $77M
CAMT 1.45% 1.19% +0.26% $360M
NVMI 2.06% 1.82% +0.24% $512M
AZN 0.20% 0.00% +0.20% $50M
NET 0.25% 0.05% +0.20% $61M
AZO 0.64% 0.46% +0.17% $158M
SPOT 0.19% 0.07% +0.11% $46M
APP 0.25% 0.14% +0.11% $62M
IOT 0.11% 0.00% +0.11% $28M
RKLB 0.11% 0.00% +0.11% $28M
CPNG 0.13% 0.03% +0.10% $32M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SPLG 20.44% 25.38% -4.94% $5.1B
MSFT 2.73% 4.37% -1.63% $679M
SPGI 0.60% 1.22% -0.63% $148M
AAPL 2.43% 3.01% -0.58% $605M
UNH 0.16% 0.71% -0.55% $40M
AON 0.65% 1.15% -0.49% $162M
V 1.17% 1.57% -0.40% $291M
NVDA 2.97% 3.33% -0.37% $737M
VRSK 0.49% 0.83% -0.34% $122M
EWY 0.03% 0.34% -0.31% $7M
MAR 0.50% 0.81% -0.31% $124M
TSLA 0.70% 0.98% -0.29% $174M
GOOGL 1.07% 1.36% -0.28% $267M
META 0.82% 1.10% -0.28% $203M
INDA 0.06% 0.34% -0.28% $16M

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 56 $11.0B 44.1%
Large Cap 430 $13.4B 54.0%
Mid Cap 23 $451M 1.8%
Micro Cap 1 $27M 0.1%

Portfolio Analytics

Avg Market Cap
$150.8B
Median Market Cap
$50.5B
Avg P/E
34.3
Median P/E
24.6
Avg Dividend Yield
0.02%
Avg Beta
0.99
# Stocks
503
# ETFs / Funds
7

Top Holdings (510 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SPLG 20.44% 66,398,232 $5.1B $76.53 -$245M
2 VOO 8.40% 3,495,162 $2.1B $597.69 $1.8B +3,088,758 +760.0%
3 IVV 7.97% 3,033,549 $2.0B $653.17 $1.7B +2,659,582 +711.2%
4 NVDA 2.97% 4,229,093 $737M $174.32 $38M +480,078 +12.8%
5 MSFT 2.73% 1,834,520 $679M $370.14 -$237M -59,639 -3.1%
6 AMZN 2.68% 3,196,522 $666M $208.28 $53M +542,626 +20.4%
7 AAPL 2.43% 2,383,084 $605M $253.73 -$27M +61,649 +2.7%
8 TSEM 2.31% 33,584 $573M $17,063.94 $205M +2,167 +6.9%
9 NVMI 2.06% 11,910 $512M $42,968.69 $130M +499 +4.4%
10 CAMT 1.45% 24,557 $360M $14,678.72 $110M +1,248 +5.3%
11 V 1.17% 962,028 $291M $302.19 -$39M +21,585 +2.3%
12 FAST 1.11% 5,954,159 $276M $46.43 $38M +7,169 +0.1%
13 FERG 1.11% 1,183,017 $276M $233.29 $11M -9,042 -0.8%
14 GOOGL 1.07% 928,627 $267M $287.52 -$17M +19,853 +2.2%
15 JNJ 0.98% 992,389 $243M $244.41 -$3M -191,891 -16.2%
16 AVGO 0.95% 765,851 $237M $309.42 -$20M +23,379 +3.1%
17 GOOG 0.94% 814,669 $234M $286.77 -$20M +6,610 +0.8%
18 APH 0.88% 1,739,556 $220M $126.35 $18M +249,155 +16.7%
19 MDT 0.85% 2,451,244 $212M $86.64 -$6M +175,371 +7.7%
20 META 0.82% 355,570 $203M $572.05 -$27M +6,814 +1.9%
21 KLAC 0.81% 136,708 $201M $1,471.93 $172M +112,993 +476.5%
22 CL 0.75% 2,200,744 $188M $85.22 $18M +54,122 +2.5%
23 HD 0.70% 531,317 $175M $328.75 -$30M -62,110 -10.5%
24 TSLA 0.70% 466,864 $174M $372.66 -$33M +7,239 +1.6%
25 PG 0.69% 1,192,532 $172M $144.42 $17M +109,409 +10.1%
26 ROL 0.67% 3,131,337 $167M $53.42 $47M +1,123,237 +55.9%
27 AON 0.65% 502,480 $162M $322.84 -$78M -179,263 -26.3%
28 AZO 0.64% 46,842 $158M $3,376.17 $61M +18,257 +63.9%
29 YUM 0.61% 974,960 $152M $155.50 $9M +33,235 +3.5%
30 ICE 0.60% 946,920 $149M $157.31 $37M +256,851 +37.2%
31 SPGI 0.60% 348,354 $148M $425.30 -$108M -142,668 -29.1%
32 CDNS 0.59% 524,385 $146M $277.76 -$18M +1,100 +0.2%
33 OTIS 0.55% 1,767,235 $136M $77.08 -$12M +65,250 +3.8%
34 JPM 0.54% 453,233 $133M $294.22 -$11M +6,128 +1.4%
35 LLY 0.52% 141,359 $130M $920.11 -$18M +4,003 +2.9%
36 MAR 0.50% 380,667 $124M $327.02 -$46M -167,381 -30.5%
37 VRSK 0.49% 643,035 $122M $189.71 -$53M -137,584 -17.6%
38 BRK-B 0.43% 221,926 $106M $479.25 -$862K +8,666 +4.1%
39 NU 0.40% 6,854,145 $99M $14.37 $36M +3,143,141 +84.7%
40 WMT 0.35% 703,562 $87M $124.28 $10M +10,218 +1.5%
41 NFLX 0.34% 886,527 $85M $96.16 $22M +213,972 +31.8%
42 RACE 0.31% 229,353 $77M $333.93 $68M +206,463 +902.0%
43 COST 0.29% 71,888 $72M $996.33 $11M +1,539 +2.2%
44 PDD 0.29% 697,636 $71M $102.19 $29M +322,560 +86.0%
45 MA 0.27% 134,989 $67M $499.73 -$8M +1,958 +1.5%
46 MU 0.26% 195,066 $66M $337.62 $12M +5,231 +2.8%
47 ABBV 0.26% 298,983 $65M $217.45 -$1M +9,950 +3.4%
48 APP 0.25% 155,818 $62M $398.08 $34M +113,689 +269.9%
49 NET 0.25% 296,322 $61M $206.39 $51M +242,668 +452.3%
50 MELI 0.24% 33,838 $59M $1,728.89 $27M +18,188 +116.2%
51 ISRG 0.23% 122,666 $57M $461.21 $22M +61,465 +100.4%
52 CVX 0.23% 270,642 $56M $206.88 $16M +10,663 +4.1%
53 GFI 0.22% 1,200,151 $54M $45.40 -$24M -600,662 -33.4%
54 AMD 0.22% 263,731 $54M $203.34 -$2M +2,306 +0.9%
55 CSCO 0.21% 686,466 $53M $77.58 $1M +12,251 +1.8%
56 BAP 0.21% 156,358 $53M $338.80 $21M +46,014 +41.7%
57 BAC 0.21% 1,084,283 $53M $48.75 -$6M +16,100 +1.5%
58 MRK 0.21% 434,031 $52M $120.30 $8M +10,994 +2.6%
59 BSAC 0.21% 1,561,544 $52M $33.38 $4M
60 FMX 0.21% 462,624 $51M $111.08 $19M +143,430 +44.9%
61 PLTR 0.20% 339,653 $50M $146.26 -$10M +6,058 +1.8%
62 AZN 0.20% 255,467 $50M $194.29 +255,467 NEW
63 KO 0.20% 649,696 $49M $76.05 $5M +11,795 +1.9%
64 GE 0.20% 174,088 $49M $283.74 -$4M
65 AMAT 0.19% 140,884 $48M $341.64 $9M -12,203 -8.0%
66 SHOP 0.19% 403,039 $48M $118.66 $17M +211,299 +110.2%
67 LRCX 0.19% 223,245 $48M $213.60 $10M +4,293 +2.0%
68 SPOT 0.19% 95,481 $46M $484.85 $31M +69,647 +269.6%
69 GS 0.18% 52,193 $44M $845.75 -$1M +784 +1.5%
70 WFC 0.17% 534,992 $43M $79.59 -$7M +8,299 +1.6%
71 CAT 0.17% 58,354 $41M $708.23 $8M
72 ORCL 0.16% 275,202 $40M $147.11 -$12M +8,530 +3.2%
73 UNH 0.16% 148,923 $40M $270.54 -$108M -301,393 -66.9%
74 LIN 0.16% 77,875 $39M $495.64 -$2M -17,726 -18.5%
75 RY 0.15% 228,904 $37M $161.74 -$2M +2,760 +1.2%
76 MCD 0.15% 118,514 $37M $310.81 $1M +2,138 +1.8%
77 IBM 0.15% 151,718 $37M $242.37 -$7M +3,794 +2.6%
78 INTC 0.15% 819,261 $36M $44.13 $8M +44,888 +5.8%
79 VZ 0.14% 713,156 $36M $50.19 $8M +31,354 +4.6%
80 PEP 0.14% 229,257 $36M $155.28 $3M +3,752 +1.7%
81 C 0.14% 306,651 $35M $113.41 -$427K +4,962 +1.6%
82 MS 0.14% 206,769 $34M $164.53 -$2M +3,300 +1.6%
83 T 0.14% 1,165,850 $34M $28.96 $6M +31,720 +2.8%
84 AMGN 0.13% 95,031 $33M $351.72 $4M +3,681 +4.0%
85 TMO 0.13% 65,801 $32M $491.82 -$4M +2,208 +3.5%
86 TJX 0.13% 201,764 $32M $159.74 $2M +6,471 +3.3%
87 NEE 0.13% 345,226 $32M $92.91 $5M +10,312 +3.1%
88 CPNG 0.13% 1,670,083 $32M $18.87 $26M +1,447,542 +650.5%
89 ABT 0.13% 303,839 $31M $102.59 -$5M +13,263 +4.6%
90 GILD 0.12% 221,598 $31M $139.36 $5M +8,786 +4.1%
91 TXN 0.12% 154,931 $30M $194.11 $2M -6,765 -4.2%
92 DIS 0.12% 305,457 $29M $96.37 -$4M +11,314 +3.9%
93 SE 0.12% 353,736 $29M $82.82 $913K +131,161 +58.9%
94 CRM 0.12% 156,301 $29M $186.66 -$11M +5,177 +3.4%
95 AXP 0.11% 94,257 $29M $302.54 -$6M +1,442 +1.6%
96 IOT 0.11% 890,725 $28M $31.70 +890,725 NEW
97 RKLB 0.11% 431,074 $28M $64.18 +431,074 NEW
98 ADI 0.11% 86,274 $27M $318.01 $4M +1,542 +1.8%
99 PFE 0.11% 970,841 $27M $28.07 $4M +22,335 +2.4%
100 EWM 0.11% 956,978 $27M $28.40 -$5M -224,558 -19.0%

New Positions

SymbolValue% Port
AZN $50M 0.20%
IOT $28M 0.11%
RKLB $28M 0.11%
MCHI $25M 0.10%
RDDT $23M 0.09%
SYM $15M 0.06%
RIVN $13M 0.05%
ELF $10M 0.04%
JOBY $9M 0.04%
DUOL $6M 0.03%
SUNB $4M 0.02%
VSNTV $897K —%
CVE $856K —%
MGA $254K —%

Sold Out Positions

SymbolValue% Port
HUBB —%
IEX —%
VLTO —%
PNR —%
UNP —%
RNR —%
AOS —%
AAON —%
ITRI —%
CYBR —%
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