USS Investment Management Ltd
Long book
$25.57B
Q1 2026
Positions
512
Top-10 weight
53%
concentration
Last quarter
+13.7%
SPY +14.8%
Turnover
5%
of book per quarter
Strategy in plain words
auto-generated from filingsUSS Investment Management Ltd is an institutional manager, running a $25.57B US long book across 512 positions.
The portfolio is concentrated: the top 10 names carry 53% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: STE STR SPDR PT S&P 500 ETF, VANGUARD S&P 500 ETF, ISHARES CORE S&P 500 ETF, NVIDIA CORP, MICROSOFT CORP.
Over the last 9 quarters its long book ran on average 0.2pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.6%
Q2 2024
+7.0%
Q3 2024
-1.0%
Q4 2024
-2.7%
Q1 2025
+10.4%
Q2 2025
+8.1%
Q3 2025
+3.1%
Q4 2025
-1.6%
Q1 2026
+13.7%
Sector allocation
Technology 33%
Consumer discretionary 14%
Other 10%
Financials 10%
Healthcare 8%
Services media 7%
Industrials 7%
Utilities 6%
Long book by quarter
What does USS Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 4.2M | $737.2M | 2.9% | +12.8% |
| MSFT MICROSOFT CORP | Technology | 1.8M | $679.0M | 2.7% | -3.1% |
| AMZN AMAZON.COM INC | Consumer discretionary | 3.2M | $665.8M | 2.6% | +20.4% |
| AAPL APPLE INC | Technology | 2.4M | $604.6M | 2.4% | +2.7% |
| ENLT ENLIGHT RENEWABLE ENERGY LTD | Utilities | 88.1K | $584.0M | 2.3% | +3.5% |
| TSEM TOWER SEMICONDUCTOR LTD | Technology | 33.6K | $573.1M | 2.2% | +6.9% |
| NVMI NOVA LTD | Other | 11.9K | $511.8M | 2.0% | +4.4% |
| CAMT CAMTEK LTD | Other | 24.6K | $360.5M | 1.4% | +5.4% |
| V VISA INC-CLASS A SHARES | Services media | 962.0K | $290.7M | 1.1% | +2.3% |
| FAST FASTENAL CO | Consumer discretionary | 6.0M | $276.4M | 1.1% | +0.1% |
| FERG FERGUSON ENTERPRISES INC | Consumer discretionary | 1.2M | $276.0M | 1.1% | -0.8% |
| GOOGL ALPHABET INC-CL A | Technology | 928.6K | $267.0M | 1.0% | +2.2% |
| JNJ JOHNSON & JOHNSON | Healthcare | 992.4K | $242.5M | 0.9% | -16.2% |
| AVGO BROADCOM INC | Technology | 765.9K | $237.0M | 0.9% | +3.1% |
| GOOG ALPHABET INC-CL C | Technology | 814.7K | $233.6M | 0.9% | +0.8% |
| APH AMPHENOL CORP-CL A | Technology | 1.7M | $219.8M | 0.9% | +16.7% |
| MDT MEDTRONIC PLC | Healthcare | 2.5M | $212.4M | 0.8% | +7.7% |
| META META PLATFORMS INC-CLASS A | Technology | 355.6K | $203.4M | 0.8% | +2.0% |
| KLAC KLA CORP | Other | 136.7K | $201.2M | 0.8% | +476.5% |
| CL COLGATE-PALMOLIVE CO | Other | 2.2M | $187.5M | 0.7% | +2.5% |
| HD HOME DEPOT INC | Consumer discretionary | 531.3K | $174.7M | 0.7% | -10.5% |
| TSLA TESLA INC | Industrials | 466.9K | $174.0M | 0.7% | +1.6% |
| PG PROCTER & GAMBLE CO/THE | Other | 1.2M | $172.2M | 0.7% | +10.1% |
| ROL ROLLINS INC | Services media | 3.1M | $167.3M | 0.7% | +55.9% |
| AON AON PLC-CLASS A | Financials | 502.5K | $162.2M | 0.6% | -26.3% |
| AZO AUTOZONE INC | Consumer discretionary | 46.8K | $158.1M | 0.6% | +63.9% |
| YUM YUM! BRANDS INC | Consumer discretionary | 975.0K | $151.6M | 0.6% | +3.5% |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 946.9K | $149.0M | 0.6% | +37.2% |
| SPGI S&P GLOBAL INC | Services media | 348.4K | $148.2M | 0.6% | -29.1% |
| CDNS CADENCE DESIGN SYS INC | Technology | 524.4K | $145.7M | 0.6% | +0.2% |
| OTIS OTIS WORLDWIDE CORP | Industrials | 1.8M | $136.2M | 0.5% | +3.8% |
| JPM JPMORGAN CHASE & CO | Financials | 453.2K | $133.4M | 0.5% | +1.4% |
| LLY ELI LILLY & CO | Healthcare | 141.4K | $130.1M | 0.5% | +2.9% |
| MAR MARRIOTT INTERNATIONAL -CL A | Services media | 380.7K | $124.5M | 0.5% | -30.5% |
| VRSK VERISK ANALYTICS INC | Technology | 643.0K | $122.0M | 0.5% | -17.6% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 221.9K | $106.4M | 0.4% | +4.1% |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 6.9M | $98.5M | 0.4% | +84.7% |
| WMT WALMART INC | Consumer discretionary | 703.6K | $87.4M | 0.3% | +1.5% |
| NFLX NETFLIX INC | Services media | 886.5K | $85.2M | 0.3% | +31.8% |
| RACE FERRARI NV | Industrials | 229.4K | $76.6M | 0.3% | +902.0% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 71.9K | $71.6M | 0.3% | +2.2% |
| MA MASTERCARD INC - A | Services media | 135.0K | $67.5M | 0.3% | +1.5% |
| MU MICRON TECHNOLOGY INC | Technology | 195.1K | $65.9M | 0.3% | +2.8% |
| ABBV ABBVIE INC | Healthcare | 299.0K | $65.0M | 0.3% | +3.4% |
| AU ANGLOGOLD ASHANTI PLC | Materials | 663.0K | $64.6M | 0.3% | -30.5% |
| APP APPLOVIN CORP-CLASS A | Technology | 155.8K | $62.0M | 0.2% | +269.9% |
| NET CLOUDFLARE INC - CLASS A | Technology | 296.3K | $61.2M | 0.2% | +452.3% |
| MELI MERCADOLIBRE INC | Services media | 33.8K | $58.5M | 0.2% | +116.2% |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 122.7K | $56.6M | 0.2% | +100.4% |
| CVX CHEVRON CORP | Energy | 270.6K | $56.0M | 0.2% | +4.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 24, 2026 | 512 | $25.57B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 508 | $21.51B | confidential canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 526 | $21.99B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 523 | $16.88B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 533 | $13.69B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 554 | $14.33B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 535 | $13.72B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 551 | $12.57B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 542 | $12.22B | canonical | SEC ↗ |
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