USS Investment Management Ltd

CIK

1587381

Location

London, X0

Portfolio Value

Large $14,098,164,966

Diversification

Diversified

Filing Date

Global Rank

#341 / 8,592 ▲ 11

Top Industry

Semiconductors 9.0%

3Y Alpha vs SPY

-7.7%

Period ended 3 months ago

Filed Apr 24, 2026 · 56d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+45.1%

SPY

+76.8%

Annualised alpha

-7.7%

Max drawdown

−16.8%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

502 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

5.2%

−1.4 pts

Top 5

21.1%

−1.9 pts

Top 10

30.3%

−2.1 pts

HHI

151

Diversified−23

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	28.7%	$4,043,924,362	92
Consumer Cyclical	16.0%	$2,250,516,518	52
Financial Services	15.2%	$2,140,837,334	82
Industrials	10.2%	$1,433,495,762	62
Healthcare	9.9%	$1,392,486,727	52
Communication Services	6.4%	$899,138,116	26
Consumer Defensive	5.6%	$796,385,580	30
Basic Materials	2.7%	$387,488,419	27
Energy	2.3%	$323,374,110	28
Utilities	1.6%	$221,828,580	28
Real Estate	1.4%	$203,213,414	22
Unclassified	0.0%	$5,476,044	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
NU	Nu Holdings Ltd.	+3,143,141	6,854,145	$98,494,063
CPNG	Coupang, Inc.	+1,447,542	1,670,083	$31,531,167
ROL	Rollins Inc	+1,123,237	3,131,337	$167,244,709
AMZN	Amazon Com Inc	+542,626	3,196,522	$665,739,636
NVDA	Nvidia Corp	+480,078	4,229,093	$737,553,819
RBLX	Roblox Corp	+337,058	439,208	$24,841,604
PDD	PDD Holdings Inc.	+322,560	697,636	$71,284,446
DXCM	Dexcom Inc	+306,648	396,128	$24,876,838
ICE	Intercontinental Exchange, Inc.	+256,851	946,920	$148,931,577
APH	Amphenol Corp /De/	+249,155	1,739,556	$219,792,900
NET	Cloudflare, Inc.	+242,668	296,322	$61,143,081
NFLX	Netflix Inc	+213,972	886,527	$85,239,571
SHOP	Shopify Inc.	+211,299	403,039	$47,808,486
RACE	Ferrari N.V.	+206,463	229,353	$77,624,522
MDT	Medtronic plc	+175,371	2,451,244	$212,400,292
FMX	Mexican Economic Development Inc	+143,430	462,624	$51,379,021
TEAM	Atlassian Corp	+138,695	170,281	$11,621,678
SE	Sea Ltd	+131,161	353,736	$29,292,878
APP	AppLovin Corp	+113,689	155,818	$62,015,564
KLAC	Kla Corp	+112,993	136,708	$201,290,226
PG	PROCTER & GAMBLE Co	+109,409	1,192,532	$172,249,322
SPOT	Spotify Technology S.A.	+69,647	95,481	$46,299,691
OTIS	Otis Worldwide Corp	+65,250	1,767,235	$136,218,473
AAPL	Apple Inc.	+61,649	2,383,084	$604,802,888
ISRG	Intuitive Surgical Inc	+61,465	122,666	$56,547,799
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
GFI	Gold Fields Ltd	−600,662	1,200,151	$54,486,855
MICC	Magnum Ice Cream Co N.V.	−552,339	79,526	$1,188,913
UNH	Unitedhealth Group Inc	−301,393	148,923	$40,297,074
AU	AngloGold Ashanti PLC	−291,284	663,007	$64,550,361
JNJ	Johnson & Johnson	−191,891	992,389	$242,579,567
AON	Aon plc	−179,263	502,480	$162,190,494
MAR	Marriott International Inc /Md/	−167,381	380,667	$124,504,755
SCCO	Southern Copper Corp/	−151,559	150,096	$25,825,517
SPGI	S&P Global Inc.	−142,668	348,354	$148,168,890
VRSK	Verisk Analytics, Inc.	−137,584	643,035	$122,015,891
HD	Home Depot, Inc.	−62,110	531,317	$174,744,848
MSFT	Microsoft Corp	−59,639	1,834,520	$679,084,268
A	Agilent Technologies, Inc.	−57,028	56,851	$6,479,876
CARR	CARRIER GLOBAL Corp	−49,178	18,875	$1,062,851
MMYT	MakeMyTrip Ltd	−42,883	196,375	$7,322,823
EBAY	Ebay Inc	−39,745	94,425	$8,594,563
MRVL	Marvell Technology, Inc.	−38,781	163,725	$16,216,961
XYL	Xylem Inc.	−30,909	11,933	$1,425,993
LIN	Linde PLC	−17,726	77,875	$38,607,310
WM	Waste Management Inc	−17,616	77,762	$17,868,929
ZTS	Zoetis Inc.	−16,911	87,660	$10,362,288
AMAT	Applied Materials Inc /De	−12,203	140,884	$48,152,742
RSG	Republic Services, Inc.	−11,989	42,418	$9,290,390
TEL	TE Connectivity plc	−11,480	57,116	$11,938,386
FERG	Ferguson Enterprises Inc. /DE/	−9,042	1,183,017	$275,950,545
No positions match the current search.

New Positions

Positions the filer opened this quarter

14 positions

Ticker	Company	Shares	Value
AZN	Astrazeneca PLC	255,467	$50,383,201
IOT	Samsara Inc.	890,725	$28,227,075
RKLB	Rocket Lab Corp	431,074	$27,683,572
RDDT	Reddit, Inc.	167,057	$22,494,225
SYM	Symbotic Inc.	281,981	$15,001,389
RIVN	Rivian Automotive, Inc. / DE	841,876	$12,670,233
ELF	e.l.f. Beauty, Inc.	161,524	$9,789,969
JOBY	Joby Aviation, Inc.	1,072,983	$8,862,839
DUOL	Duolingo, Inc.	63,429	$6,252,196
SUNB	Sunbelt Rentals Holdings, Inc.	66,618	$4,336,165
VSNT	Versant Media Group, Inc.	24,222	$896,698
CVE	Cenovus Energy Inc.	32,253	$855,672
RBA	Rb Global Inc.	2,696	$258,411
MGA	Magna International Inc	4,588	$256,056
No positions match the current search.

Sold Out

Positions the filer fully exited

10 positions

Ticker	Company	Shares	Value
RNR	Renaissancere Holdings Ltd	18,107	$5,090,964
UNP	Union Pacific Corp	21,137	$4,889,410
HUBB	Hubbell Inc	9,581	$4,255,017
VLTO	Veralto Corp	33,523	$3,344,924
APTV	Aptiv PLC	43,236	$3,289,827
IEX	Idex Corp /De/	15,585	$2,773,194
AOS	Smith A O Corp	40,423	$2,703,490
PNR	PENTAIR plc	21,657	$2,255,359
ITRI	Itron, Inc.	20,234	$1,878,929
AAON	Aaon, Inc.	16,829	$1,283,211
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

502 positions · $14,098,164,966 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 502 positions by value · page 1 of 11

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Added	4,229,093	+480,078	$737,553,819	+5.5%	5.23%
MSFT	Microsoft Corp Technology	Reduced	1,834,520	-59,639	$679,084,268	−25.9%	4.82%
AMZN	Amazon Com Inc Consumer Cyclical	Added	3,196,522	+542,626	$665,739,636	+8.7%	4.72%
AAPL	Apple Inc. Technology	Added	2,383,084	+61,649	$604,802,888	−4.2%	4.29%
V	Visa Inc. Financial Services	Added	962,028	+21,585	$290,763,342	−11.8%	2.06%
FAST	Fastenal Co Industrials	Added	5,954,159	+7,169	$276,272,977	+15.8%	1.96%
FERG	Ferguson Enterprises Inc. /DE/ Industrials	Reduced	1,183,017	-9,042	$275,950,545	+4.0%	1.96%
GOOGL	Alphabet Inc. Communication Services	Added	928,627	+19,853	$267,035,980	−6.1%	1.89%
JNJ	Johnson & Johnson Healthcare	Reduced	992,389	-191,891	$242,579,567	−1.0%	1.72%
AVGO	Broadcom Inc. Technology	Added	765,851	+23,379	$237,038,543	−7.8%	1.68%
APH	Amphenol Corp /De/ Technology	Added	1,739,556	+249,155	$219,792,900	+9.1%	1.56%
MDT	Medtronic plc Healthcare	Added	2,451,244	+175,371	$212,400,292	−2.8%	1.51%
META	Meta Platforms, Inc. Communication Services	Added	355,570	+6,814	$203,432,264	−11.6%	1.44%
KLAC	Kla Corp Technology	Added	136,708	+112,993	$201,290,226	+598.5%	1.43%
CL	Colgate Palmolive Co Consumer Defensive	Added	2,200,744	+54,122	$187,569,411	+10.6%	1.33%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	531,317	-62,110	$174,744,848	−14.4%	1.24%
TSLA	Tesla, Inc. Consumer Cyclical	Added	466,864	+7,239	$173,556,692	−16.0%	1.23%
PG	PROCTER & GAMBLE Co Consumer Defensive	Added	1,192,532	+109,409	$172,249,322	+11.0%	1.22%
ROL	Rollins Inc Consumer Cyclical	Added	3,131,337	+1,123,237	$167,244,709	+38.8%	1.19%
AON	Aon plc Financial Services	Reduced	502,480	-179,263	$162,190,494	−32.6%	1.15%
AZO	Autozone Inc Consumer Cyclical	Added	46,842	+18,257	$158,221,970	+63.2%	1.12%
YUM	Yum Brands Inc Consumer Cyclical	Added	974,960	+33,235	$151,586,780	+6.4%	1.08%
ICE	Intercontinental Exchange, Inc. Financial Services	Added	946,920	+256,851	$148,931,577	+33.3%	1.06%
SPGI	S&P Global Inc. Financial Services	Reduced	348,354	-142,668	$148,168,890	−42.3%	1.05%
CDNS	Cadence Design Systems Inc Technology	Added	524,385	+1,100	$145,710,859	−10.9%	1.03%
OTIS	Otis Worldwide Corp Industrials	Added	1,767,235	+65,250	$136,218,473	−8.4%	0.97%
JPM	Jpmorgan Chase & Co Financial Services	Added	453,233	+6,128	$133,323,019	−7.5%	0.95%
LLY	ELI LILLY & Co Healthcare	Added	141,359	+4,003	$130,017,767	−11.9%	0.92%
MAR	Marriott International Inc /Md/ Consumer Cyclical	Reduced	380,667	-167,381	$124,504,755	−26.8%	0.88%
VRSK	Verisk Analytics, Inc. Industrials	Reduced	643,035	-137,584	$122,015,891	−30.1%	0.87%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	221,926	+8,666	$106,346,939	−0.8%	0.75%
NU	Nu Holdings Ltd. Financial Services	Added	6,854,145	+3,143,141	$98,494,063	+58.5%	0.70%
WMT	Walmart Inc. Consumer Defensive	Added	703,562	+10,218	$87,438,685	+13.2%	0.62%
NFLX	Netflix Inc Communication Services	Added	886,527	+213,972	$85,239,571	+35.2%	0.60%
RACE	Ferrari N.V. Consumer Cyclical	Added	229,353	+206,463	$77,624,522	+817.6%	0.55%
COST	Costco Wholesale Corp /New Consumer Defensive	Added	71,888	+1,539	$71,631,359	+18.1%	0.51%
PDD	PDD Holdings Inc. Consumer Cyclical	Added	697,636	+322,560	$71,284,446	+67.6%	0.51%
MA	Mastercard Inc Financial Services	Added	134,989	+1,958	$67,448,603	−11.2%	0.48%
MU	Micron Technology Inc Technology	Added	195,066	+5,231	$65,901,097	+21.6%	0.47%
ABBV	AbbVie Inc. Healthcare	Added	298,983	+9,950	$65,025,812	−1.5%	0.46%
AU	AngloGold Ashanti PLC Basic Materials	Reduced	663,007	-291,284	$64,550,361	−20.7%	0.46%
APP	AppLovin Corp Communication Services	Added	155,818	+113,689	$62,015,564	+118.5%	0.44%
NET	Cloudflare, Inc. Technology	Added	296,322	+242,668	$61,143,081	+478.0%	0.43%
MELI	Mercadolibre Inc Consumer Cyclical	Added	33,838	+18,188	$58,506,578	+85.6%	0.41%
ISRG	Intuitive Surgical Inc Healthcare	Added	122,666	+61,465	$56,547,799	+63.1%	0.40%
CVX	Chevron Corp Energy	Added	270,642	+10,663	$55,995,829	+41.3%	0.40%
GFI	Gold Fields Ltd Basic Materials	Reduced	1,200,151	-600,662	$54,486,855	−30.7%	0.39%
AMD	Advanced Micro Devices Inc Technology	Added	263,731	+2,306	$53,650,797	−4.2%	0.38%
CSCO	Cisco Systems, Inc. Technology	Added	686,466	+12,251	$53,262,896	+2.6%	0.38%
BAP	Credicorp Ltd Financial Services	Added	156,358	+46,014	$53,033,506	+67.5%	0.38%