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USS Investment Management Ltd

13F for the quarter to June 30, 2026, filed August 11, 2026 · SEC CIK 1587381

Reported value
$27.8bn
69% in companies we cover
Positions we cover
587
Largest NVDA 3.0%
Copy, a year
+12.9%
S&P 500 +13.7%
Copy Sharpe ratio
0.71
S&P 500 0.76

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $53.5k$48.5k
CopyS&P 500 $10,000 copying USS Investment Management Ltd's filed holdings in companies we cover from October 25, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −32.0% (S&P 500 −31.8%); beta 0.99; alpha −0.6% a year (t = −0.63); last 12 months +8.9% against +12.1%.

Reported value by quarter

USS Investment Management Ltd: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $2T $4T $6T $8T Reported value, 2013-03-31: $4.7B Reported value, 2013-06-30: $4.7B Reported value, 2013-09-30: $5.3B Reported value, 2013-12-31: $5.2B Reported value, 2014-03-31: $5.5B Reported value, 2014-06-30: $5.8B Reported value, 2014-09-30: $5.7B Reported value, 2014-12-31: $6.1B Reported value, 2015-03-31: $6.1B Reported value, 2015-06-30: $6.3B Reported value, 2015-09-30: $5.6B Reported value, 2015-12-31: $6.1B Reported value, 2016-03-31: $5.9B Reported value, 2016-06-30: $5.7B Reported value, 2016-09-30: $6.5B Reported value, 2016-12-31: $6.5B Reported value, 2017-03-31: $7.2B Reported value, 2017-06-30: $7.6B Reported value, 2017-09-30: $8B Reported value, 2017-12-31: $8.6B Reported value, 2018-03-31: $9B Reported value, 2018-06-30: $9.2B Reported value, 2018-09-30: $9.9B Reported value, 2018-12-31: $8.1B Reported value, 2019-03-31: $8.9B Reported value, 2019-06-30: $9.7B Reported value, 2019-09-30: $9.7B Reported value, 2019-12-31: $10.3B Reported value, 2020-03-31: $7.4B Reported value, 2020-06-30: $9.6B Reported value, 2020-09-30: $10.4B Reported value, 2020-12-31: $11B Reported value, 2021-03-31: $11.6B Reported value, 2021-06-30: $12.6B Reported value, 2021-09-30: $11.8B Reported value, 2021-12-31: $13.2B Reported value, 2022-03-31: $12.2B Reported value, 2022-06-30: $10B Reported value, 2022-09-30: $6.8B Reported value, 2022-12-31: $7.1T Reported value, 2023-03-31: $7.4B Reported value, 2023-06-30: $8.5B Reported value, 2023-09-30: $9.2B Reported value, 2023-12-31: $11.2B Reported value, 2024-03-31: $12.2B Reported value, 2024-06-30: $12.6B Reported value, 2024-09-30: $13.7B Reported value, 2024-12-31: $14.3B Reported value, 2025-03-31: $13.7B Reported value, 2025-06-30: $16.9B Reported value, 2025-09-30: $22B Reported value, 2025-12-31: $21.5B Reported value, 2026-03-31: $25.6B Reported value, 2026-06-30: $27.8B 2013-03-31 2015-12-31 2018-09-30 2021-06-30 2024-03-31 2026-06-30 $27.8B
View chart data
Period Reported value
2013-03-31 $4.7B
2013-06-30 $4.7B
2013-09-30 $5.3B
2013-12-31 $5.2B
2014-03-31 $5.5B
2014-06-30 $5.8B
2014-09-30 $5.7B
2014-12-31 $6.1B
2015-03-31 $6.1B
2015-06-30 $6.3B
2015-09-30 $5.6B
2015-12-31 $6.1B
2016-03-31 $5.9B
2016-06-30 $5.7B
2016-09-30 $6.5B
2016-12-31 $6.5B
2017-03-31 $7.2B
2017-06-30 $7.6B
2017-09-30 $8B
2017-12-31 $8.6B
2018-03-31 $9B
2018-06-30 $9.2B
2018-09-30 $9.9B
2018-12-31 $8.1B
2019-03-31 $8.9B
2019-06-30 $9.7B
2019-09-30 $9.7B
2019-12-31 $10.3B
2020-03-31 $7.4B
2020-06-30 $9.6B
2020-09-30 $10.4B
2020-12-31 $11B
2021-03-31 $11.6B
2021-06-30 $12.6B
2021-09-30 $11.8B
2021-12-31 $13.2B
2022-03-31 $12.2B
2022-06-30 $10B
2022-09-30 $6.8B
2022-12-31 $7.1T
2023-03-31 $7.4B
2023-06-30 $8.5B
2023-09-30 $9.2B
2023-12-31 $11.2B
2024-03-31 $12.2B
2024-06-30 $12.6B
2024-09-30 $13.7B
2024-12-31 $14.3B
2025-03-31 $13.7B
2025-06-30 $16.9B
2025-09-30 $22B
2025-12-31 $21.5B
2026-03-31 $25.6B
2026-06-30 $27.8B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
NVDANVIDIA Corporation3.01%$837.0m4.19M−0.9% Reduced
AMZNAmazon2.88%$800.4m3.36M+5.1% Added
ENLTEnlight Renewable Energy Ltd.2.58%$718.2m81.4K−7.6% Reduced
NVMINova LTD.2.47%$688.3m13.0K+9.3% Added
MSFTMicrosoft Corporation2.43%$675.2m1.81M−1.3% Reduced
TSEMTower Semiconductor LTD2.41%$670.6m26.1K−22.2% Reduced
AAPLApple Inc.2.40%$667.9m2.31M−3.1% Reduced
KLACKLA Corporation1.70%$474.4m1.57M+1050.9% Added
CAMTCamtek LTD1.56%$433.7m27.5K+12.0% Added
VVisa Inc.1.20%$334.0m974.6K+1.3% Added
GOOGLAlphabet Inc. (Class A)1.16%$324.1m907.4K−2.3% Reduced
APHAmphenol1.15%$320.6m1.82M+4.5% Added
FASTFastenal1.03%$287.6m5.99M+0.6% Added
FERGFerguson Enterprises1.03%$286.6m1.21M+2.1% Added
AVGOBroadcom1.03%$285.5m756.8K−1.2% Reduced
JNJJohnson & Johnson0.93%$257.6m1.01M+2.2% Added
MUMicron Technology0.85%$235.8m204.8K+5.0% Added
TSLATesla, Inc.0.80%$223.8m532.5K+14.1% Added
MDTMedtronic0.72%$199.4m2.55M+4.0% Added
METAMeta Platforms0.71%$199.0m353.5K−0.6% Reduced
CLColgate-Palmolive0.71%$199.0m2.17M−1.3% Reduced
ETNEaton Corporation0.67%$186.4m437.5K+596.4% Added
PGProcter & Gamble0.64%$177.3m1.21M+1.5% Added
AONAon plc0.62%$172.7m520.8K+3.6% Added
AMDAdvanced Micro Devices0.61%$169.3m291.7K+10.6% Added
LLYLilly (Eli)0.60%$167.6m139.7K−1.2% Reduced
AZOAutoZone0.54%$150.9m47.3K+0.9% Added
ROLRollins, Inc.0.53%$147.6m3.54M+12.9% Added
SPGIS&P Global0.53%$147.0m361.5K+3.8% Added
CSCOCisco0.52%$143.6m1.22M+78.2% Added
JPMJPMorgan Chase0.51%$142.4m435.2K−4.0% Reduced
YUMYum! Brands0.50%$138.2m864.4K−11.3% Reduced
OTISOtis Worldwide0.45%$126.0m1.76M−0.5%
ICEIntercontinental Exchange0.42%$117.1m951.2K+0.4%
VRSKVerisk Analytics, Inc.0.42%$116.6m649.9K+1.1% Added
HDThe Home Depot0.39%$108.6m308.1K−42.0% Reduced
AMATApplied Materials0.39%$108.5m150.0K+6.5% Added
INTCIntel0.38%$106.1m760.5K−7.2% Reduced
LRCXLam Research0.37%$102.5m236.4K+5.9% Added
APPApplovin Corp0.33%$91.0m176.7K+13.4% Added
CDNSCadence Design Systems Inc0.32%$88.8m236.8K−54.8% Reduced
RACEFerrari N.V.0.31%$87.5m236.3K+3.0% Added
NUNu Holdings Ltd.0.31%$86.2m6.45M−5.9% Reduced
NETCloudflare, Inc.0.29%$81.1m330.6K+11.6% Added
AUAnglogold Ashanti PLC0.28%$78.2m967.0K+45.9% Added
SPOTSpotify Technology S.a.0.28%$78.2m170.3K+78.4% Added
ABBVAbbVie0.27%$75.5m300.4K+0.5%
WMTWalmart0.27%$74.9m661.8K−5.9% Reduced
NFLXNetflix0.25%$69.4m972.1K+9.7% Added
MAMastercard0.24%$67.8m131.9K−2.3% Reduced
MARMarriott International0.24%$67.6m182.5K−52.1% Reduced
COSTCostco0.23%$65.2m69.7K−3.0% Reduced
GEGE Aerospace0.23%$65.0m174.1K0.0%
UNHUnitedHealth Group0.22%$61.8m148.8K−0.1%
PANWPalo Alto Networks0.22%$61.0m179.0K+32.2% Added
SESea Ltd0.21%$59.7m623.7K+76.3% Added
CATCaterpillar Inc.0.21%$59.6m56.0K−4.0% Reduced
BACBank of America0.21%$58.9m1.03M−4.6% Reduced
KOThe Coca-Cola Company0.20%$57.2m703.8K+8.3% Added
MRKMerck & Co.0.20%$55.5m432.3K−0.4%
GFIGold Fields LTD0.20%$54.8m1.63M+35.9% Added
ISRGIntuitive Surgical0.20%$54.3m136.6K+11.3% Added
ARGXArgenx SE0.19%$53.8m57.9K+376.8% Added
TXNTexas Instruments0.19%$52.5m176.2K+13.7% Added
MRVLMarvell Technology0.18%$51.3m172.4K+5.3% Added
MELIMercadolibre Inc0.18%$50.7m29.9K−11.7% Reduced
GSGoldman Sachs0.18%$50.0m49.5K−5.2% Reduced
SHOPShopify Inc.0.18%$49.9m436.5K+8.3% Added
IBMIBM0.17%$48.1m171.0K+12.7% Added
AZNAstrazeneca PLC0.17%$47.7m255.0K−0.2%
RYRoyal Bank Of Canada0.17%$46.4m224.8K−1.8% Reduced
PDDPDD Holdings Inc.0.16%$44.3m581.3K−16.7% Reduced
WSTWest Pharmaceutical Services0.16%$44.3m123.3K+542.2% Added
PLTRPalantir Technologies Inc.0.16%$44.2m379.1K+11.6% Added
CRWDCrowdStrike0.16%$43.9m57.6K+36.0% Added
STXSeagate Technology0.16%$43.4m45.0K+4.9% Added
MSMorgan Stanley0.15%$43.1m206.2K−0.3%
SNDKSandisk0.15%$42.7m18.8KNew
AXONAxon Enterprise0.15%$42.7m76.1K+22.6% Added
SCCOSouthern Copper Corp/0.15%$41.8m240.2K+60.0% Added
QCOMQualcomm0.15%$41.6m225.3K+17.0% Added
ORCLOracle Corporation0.15%$41.3m281.6K+2.3% Added
GLWCorning Inc.0.15%$40.7m159.5K+14.3% Added
CCitigroup0.15%$40.6m290.0K−5.4% Reduced
WFCWells Fargo0.15%$40.5m490.6K−8.3% Reduced
LINLinde plc0.14%$39.7m76.5K−1.8% Reduced
WDCWestern Digital0.14%$38.8m60.7KNew
RDDTReddit, Inc.0.14%$38.7m222.6K+33.2% Added
ADIAnalog Devices0.14%$38.4m96.8K+12.2% Added
ASNDAscendis Pharma A/s0.14%$37.6m141.0KNew
ANETArista Networks0.13%$36.2m213.2K+18.8% Added
AMGNAmgen0.13%$35.1m96.8K+1.9% Added
TMOThermo Fisher Scientific0.12%$33.5m66.9K+1.6% Added
PEPPepsiCo0.12%$33.5m247.4K+7.9% Added
MODModine Manufacturing Co0.12%$32.7m122.4KNew
IOTSamsara Inc.0.12%$32.4m998.5K+12.1% Added
TJXTJX Companies0.12%$32.3m213.3K+5.7% Added
AXPAmerican Express0.11%$31.5m93.1K−1.2% Reduced
MCDMcDonald's0.11%$31.0m114.6K−3.3% Reduced
DXCMDexcom0.11%$30.9m459.1K+15.9% Added
MPWRMonolithic Power Systems, Inc.0.11%$30.6m22.2K+121.6% Added
TDToronto Dominion Bank0.11%$30.6m252.0K−10.1% Reduced
NEENextEra Energy0.11%$30.3m345.2K0.0%
WELLWelltower0.11%$30.2m133.2K+6.8% Added
VZVerizon0.11%$30.1m710.7K−0.3%
COHRCoherent Corp.0.11%$29.6m75.0KNew
LSCCLattice Semiconductor Corp0.11%$29.4m192.1KNew
DISThe Walt Disney Company0.11%$29.4m305.4K0.0%
GILDGilead Sciences0.10%$28.5m226.0K+2.0% Added
ABTAbbott Laboratories0.10%$28.3m311.9K+2.7% Added
WWDWoodward, Inc.0.10%$28.2m66.3KNew
RKLBRocket Lab Corp0.10%$27.7m273.1K−36.7% Reduced
CVXChevron Corporation0.10%$27.6m166.6K−38.4% Reduced
RBLXRoblox Corp0.10%$27.5m505.6K+15.1% Added
CVSCVS Health0.10%$27.4m264.5K+13.9% Added
DELLDell Technologies0.10%$26.5m61.4K+7.3% Added
SCHWCharles Schwab Corporation0.10%$26.5m287.1K−0.3%
VRTVertiv0.10%$26.4m79.0K+8.2% Added
CRMSalesforce0.10%$26.4m168.5K+7.8% Added
USFDUS Foods Holding Corp.0.09%$26.1m255.7KNew
UBSUBS Group AG0.09%$25.9m521.6K−0.1%
DEDeere & Company0.09%$25.8m40.7K−3.4% Reduced
LYVLive Nation Entertainment0.09%$25.6m140.0K+395.4% Added
APGApi Group Corp0.09%$25.4m599.4KNew
UBERUber0.09%$25.3m350.2K+0.4%
FTNTFortinet0.09%$25.2m164.0K+44.2% Added
COMPCompass, Inc.0.09%$25.2m2.04MNew
TWSTTwist Bioscience Corp0.09%$24.8m241.2KNew
BLKBlackRock0.09%$24.5m25.5K−0.2%
TDYTeledyne Technologies0.09%$24.4m36.6KNew
BKNGBooking Holdings0.09%$24.4m136.8K+2404.3% Added
VRTXVertex Pharmaceuticals0.09%$24.3m48.9K+3.7% Added
PLDPrologis0.09%$24.1m178.3K+4.1% Added
TAT&T0.09%$24.1m1.17M0.0%
PFEPfizer0.09%$24.1m999.9K+3.0% Added
PHParker Hannifin0.08%$23.0m23.6K+4.1% Added
ARMARM Holdings PLC0.08%$22.7m64.1K+112.0% Added
BMYBristol Myers Squibb0.08%$22.6m392.3K+2.5% Added
ENTGEntegris Inc0.08%$22.4m124.3KNew
ENBEnbridge Inc0.08%$22.2m410.0K0.0%
FWONKLiberty Media Corp0.08%$22.1m232.5KNew
HWMHowmet Aerospace0.08%$22.0m81.9K+9.0% Added
DHRDanaher Corporation0.08%$21.8m114.5K+4.9% Added
SPCXSpace Exploration Technologies Corp0.08%$21.7m126.9KNew
TBBBBBB Foods Inc0.08%$21.4m511.9K0.0%
TTTrane Technologies0.08%$21.2m43.2K+14.5% Added
INSMInsmed Inc0.07%$20.9m196.3KNew
CPNGCoupang, Inc.0.07%$20.8m1.20M−28.2% Reduced
SYKStryker Corporation0.07%$20.5m65.3K+1.5% Added
EQIXEquinix0.07%$20.5m19.7K+4.0% Added
CompanyBought (value)Shares
KLACKLA Corporation$433.2m1.44M
ETNEaton Corporation$159.6m374.7K
CSCOCisco$63.0m536.6K
NVMINova LTD.$58.8m1.1K
CAMTCamtek LTD$46.4m2.9K
SNDKSandisk$42.7m18.8K
ARGXArgenx SE$42.5m45.8K
AMZNAmazon$38.9m163.4K
WDCWestern Digital$38.8m60.7K
ASNDAscendis Pharma A/s$37.6m141.0K
WSTWest Pharmaceutical Services$37.4m104.1K
SPOTSpotify Technology S.a.$34.4m74.8K
MODModine Manufacturing Co$32.7m122.4K
COHRCoherent Corp.$29.6m75.0K
LSCCLattice Semiconductor Corp$29.4m192.1K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
TSEMTower Semiconductor LTD−$190.9m−7.4K
CDNSCadence Design Systems Inc−$107.9m−287.6K
HDThe Home Depot−$78.6m−223.2K
MARMarriott International−$73.4m−198.2K
ENLTEnlight Renewable Energy Ltd.−$59.2m−6.7K
AAPLApple Inc.−$21.2m−73.2K
YUMYum! Brands−$17.7m−110.5K
CVXChevron Corporation−$17.2m−104.0K
RKLBRocket Lab Corp−$16.1m−158.0K
TEAMAtlassian Corp−$11.6m−170.3K
EOGEOG Resources−$8.9m−68.4K
PDDPDD Holdings Inc.−$8.9m−116.4K
MSFTMicrosoft Corporation−$8.8m−23.5K
CNQCanadian Natural Resources Ltd−$8.7m−219.3K
GMGeneral Motors−$8.5m−109.8K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
TEAMAtlassian Corp$11.6m170.3K
AMRZAmrize Ltd$5.0m92.1K
INVHInvitation Homes$4.3m173.9K
SUNBSunbelt Rentals Holdings, Inc.$4.2m66.6K
MKCMcCormick & Company$3.6m71.6K
TSCOTractor Supply$3.6m79.4K
WYWeyerhaeuser$3.5m145.3K
GPCGenuine Parts Company$3.4m31.7K
TRMBTrimble Inc.$3.2m49.5K
CSGPCoStar Group$3.1m78.0K
CDWCDW Corporation$3.0m24.5K
SMCISupermicro$2.8m122.0K
ITGartner$2.5m16.0K
HUBSHubspot Inc$2.5m10.4K
GENGen Digital Inc.$2.4m127.4K
PINSPinterest, Inc.$2.2m122.3K
SOLSSolstice Advanced Materials Inc.$2.1m27.3K
AERAercap Holdings N.V.$2.0m14.6K
TTDTrade Desk, Inc.$2.0m86.8K
LNTAlliant Energy$1.6m22.0K
MICCMagnum Ice Cream Co N.V.$1.2m79.5K
OTEXOpen Text Corp$1.1m49.8K
WMGWarner Music Group Corp.$936,10936.6K
VSNTVersant Media Group, Inc.$896,57724.2K
HAFNHafnia Ltd$576,28074.8K
ODDOddity Tech Ltd$196,00914.6K
  • Technology39.9%
  • Industrials11.5%
  • Consumer Discretionary10.8%
  • Financials10.4%
  • Health Care9.0%
  • Communication Services5.1%
  • Utilities4.7%
  • Consumer Staples4.1%
  • Materials2.1%
  • Real Estate1.3%
  • Energy1.1%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestOctober 25, 2013 to November 2, 2026+12.9%+13.7%0.710.76−32.0%0.99
2018 onwardsJanuary 5, 2018 to November 2, 2026+11.7%+13.9%0.550.66−32.0%0.97
Last three yearsNovember 3, 2023 to November 2, 2026+18.3%+21.8%0.981.16−15.3%0.92
Last yearNovember 7, 2025 to November 2, 2026+10.9%+14.2%0.550.84−7.7%1.03

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.