CIK: 0001587381
Total reported value
$25.6B
Reporting period: 2026-03-31 · Number of holdings: 512
USS Investment Management Ltd disclosed 512 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $25.6B and a quarterly turnover rate of 32.0%.
Browse other institutions with $10B to $100B AUMBrowse other institutions starting with "U"
USS Investment Management Ltd's disclosed holdings carry a Herfindahl concentration index of 0.058 — mathematically equivalent to about 17 equally-sized positions, well below its 512 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 5.39), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 34% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add VOO
+760.0% $1.8B
Add IVV
+711.2% $1.7B
Trim SPYM
0.0% -$245.0M
Trim MSFT
-3.1% -$237.0M
Add KLAC
+476.5% $172.4M
Trim SPGI
-29.1% -$108.5M
USS Investment Management is executing a binary bet on S&P 500 momentum, pouring nearly 16% of the portfolio into VOO and IVV while simultaneously trimming MSFT and layering into semiconductor equipment names. This is a capital rotation away from stock-specific bets toward pure beta exposure, signaling a conviction that the macro tailwind will persist and that idiosyncratic risk is less rewarding than riding the tape.
The portfolio prices in a regime of sustained economic expansion and accommodative policy, with heavy overweights in Technology and Consumer Discretionary betting on continued earnings growth and multiple expansion. The opposing thesis is a liquidity-triggered correction where rising rates or a growth scare force a violent rotation out of momentum and high-beta names, collapsing the ETF positions and the semi equipment picks simultaneously.
A momentum_contrarian score of 100 is not a feature but a trap — this portfolio has zero exposure to any contrarian value, leaving it fully exposed to a momentum crash. The massive S&P 500 ETF allocation doubles down on broad market beta, while the concentrated bets on semi equipment (KLAC, NVMI, CAMT) face multiple compression if the AI trade falters. With negligible holdings in defensives, the portfolio lacks any buffer for a regime shift.
This narrative is produced by AI from publicly available filings and describes past activity only — it is informational, not investment advice.
Showing top 200 holdings (of 512 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPYM | Ste Str Spdr Pt S&p 500 ETF | ETF-Large Cap & Growth | 21.57% | -4.88% | — | |
| 2 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 8.87% | +6.99% | +760.02% | |
| 3 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 8.41% | +6.56% | +711.18% | |
| 4 | NVDA | Nvidia CORP | Stock-Tech | 3.13% | -0.37% | +12.81% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 2.88% | -1.60% | -3.15% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.83% | -0.25% | +20.45% | |
| 7 | AAPL | Apple INC | Stock-Tech | 2.57% | -0.56% | +2.66% | |
| 8 | V | Visa Inc-class A Shares | Stock-Financials | 1.23% | -0.39% | +2.30% | |
| 9 | FAST | Fastenal Co | Stock-Industrials | 1.17% | -0.03% | +0.12% | |
| 10 | FERG | Ferguson Enterprises INC | Stock-Industrials | 1.17% | — | -0.76% | |
| 11 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.13% | — | +2.18% | |
| 12 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.03% | — | -16.20% | |
| 13 | AVGO | Broadcom INC | Stock-Tech | 1.01% | -0.26% | +3.15% | |
| 14 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.99% | -0.27% | +0.82% | |
| 15 | APH | Amphenol Corp-cl A | Stock-Tech | 0.93% | -0.08% | +16.72% | |
| 16 | MDT | Medtronic plc | Stock-Healthcare | 0.90% | — | +7.71% | |
| 17 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.86% | -0.27% | +1.95% | |
| 18 | KLAC | Kla CORP | Stock-Tech | 0.85% | +0.66% | +476.46% | |
| 19 | CL | Colgate-palmolive Co | Stock-Consumer Staples | 0.80% | — | +2.52% | |
| 20 | HD | Home Depot INC | Stock-Consumer Disc | 0.74% | -0.27% | -10.47% | |
| 21 | TSLA | Tesla INC | Stock-Consumer Disc | 0.74% | -0.28% | +1.57% | |
| 22 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.73% | — | +10.10% | |
| 23 | ROL | Rollins INC | Stock-Consumer Disc | 0.71% | +0.09% | +55.94% | |
| 24 | AON | Aon plc | Stock-Financials | 0.69% | -0.49% | -26.29% | |
| 25 | AZO | Autozone INC | Stock-Consumer Disc | 0.67% | +0.17% | +63.87% | |
| 26 | YUM | Yum! Brands INC | Stock-Consumer Disc | 0.64% | — | +3.53% | |
| 27 | ICE | Intercontinental Exchange In | Stock-Financials | 0.63% | +0.06% | +37.22% | |
| 28 | SPGI | S&p Global INC | Stock-Financials | 0.63% | -0.61% | -29.06% | |
| 29 | CDNS | Cadence Design Sys INC | Stock-Tech | 0.62% | — | +0.21% | |
| 30 | OTIS | Otis Worldwide CORP | Stock-Industrials | 0.58% | — | +3.83% | |
| 31 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.57% | — | +1.37% | |
| 32 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.55% | — | +2.91% | |
| 33 | MAR | Marriott International -cl A | Stock-Consumer Disc | 0.53% | -0.30% | -30.54% | |
| 34 | VRSK | Verisk Analytics INC | Stock-Industrials | 0.52% | -0.33% | -17.63% | |
| 35 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.45% | — | +4.06% | |
| 36 | NU | Nu Holdings Ltd. | Stock-Financials | 0.42% | +0.10% | +84.70% | |
| 37 | WMT | Walmart INC | Stock-Consumer Staples | 0.37% | — | +1.47% | |
| 38 | NFLX | Netflix INC | Stock-Comm Services | 0.36% | +0.04% | +31.81% | |
| 39 | RACE | Ferrari N.V. | Stock-Consumer Disc | 0.33% | +0.26% | +901.98% | |
| 40 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.30% | — | +2.19% | |
| 41 | PDD | Pdd Holdings INC | Stock-Consumer Disc | 0.30% | +0.08% | +86.00% | |
| 42 | MA | Mastercard INC - A | Stock-Financials | 0.29% | — | +1.47% | |
| 43 | MU | Micron Technology INC | Stock-Tech | 0.28% | — | +2.76% | |
| 44 | ABBV | Abbvie INC | Stock-Healthcare | 0.28% | — | +3.44% | |
| 45 | AU | AngloGold Ashanti plc | Stock-Materials | 0.27% | — | -30.52% | |
| 46 | APP | Applovin Corp-class A | Stock-Tech | 0.26% | +0.11% | +269.86% | |
| 47 | NET | Cloudflare INC - Class A | Stock-Tech | 0.26% | +0.19% | +452.28% | |
| 48 | MELI | Mercadolibre INC | Stock-Consumer Disc | 0.25% | +0.08% | +116.22% | |
| 49 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.24% | +0.06% | +100.43% | |
| 50 | CVX | Chevron CORP | Stock-Energy | 0.24% | — | +4.10% |
Performance for Q3 2026
+2.4%
Performance Last 4 Quarters
+16.9%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 512 | $25.6B | 32 | |
| 2025-12-31 | 508 | $21.5B | 16 | |
| 2025-09-30 | 526 | $22.0B | 53 | |
| 2025-06-30 | 523 | $16.9B | 0 | |
| 2025-03-31 | 533 | $13.7B | 100 | |
| 2024-12-31 | 554 | $14.3B | 0 | |
| 2024-09-30 | 535 | $13.7B | 0 | |
| 2024-06-30 | 551 | $12.6B | 0 | |
| 2024-03-31 | 542 | $12.2B | 0 | |
| 2023-12-31 | 552 | $11.2B | 0 | |
| 2023-09-30 | 577 | $9.2B | 0 | |
| 2023-06-30 | 590 | $8.5B | 0 | |
| 2023-03-31 | 578 | $7.4B | 0 | |
| 2022-12-31 | 599 | $7.1B | 0 | |
| 2022-09-30 | 587 | $6.8B | 0 | |
| 2022-06-30 | 708 | $10.0B | 0 | |
| 2022-03-31 | 716 | $12.2B | 0 | |
| 2021-12-31 | 697 | $13.2B | 0 | |
| 2021-09-30 | 697 | $11.8B | 0 | |
| 2021-06-30 | 623 | $12.6B | 96 | |
| 2021-03-31 | 612 | $11.6B | 16 | |
| 2020-12-31 | 606 | $11.0B | 18 | |
| 2020-09-30 | 606 | $10.4B | 17 | |
| 2020-06-30 | 606 | $9.6B | 47 | |
| 2020-03-31 | 295 | $7.4B | 47 | |
| 2019-12-31 | 223 | $10.3B | 30 | |
| 2019-09-30 | 122 | $9.7B | 26 | |
| 2019-06-30 | 122 | $9.7B | 30 | |
| 2019-03-31 | 107 | $8.9B | 28 | |
| 2018-12-31 | 105 | $8.1B | 38 | |
| 2018-09-30 | 112 | $9.9B | 21 | |
| 2018-06-30 | 107 | $9.2B | 23 | |
| 2018-03-31 | 112 | $9.0B | 34 | |
| 2017-12-31 | 125 | $8.6B | 72 | |
| 2017-09-30 | 131 | $12.9B | 32 | |
| 2017-06-30 | 138 | $10.7B | 64 | |
| 2017-03-31 | 145 | $7.2B | 17 | |
| 2016-12-31 | 144 | $6.5B | 34 | |
| 2016-09-30 | 137 | $6.5B | 35 | |
| 2016-06-30 | 129 | $5.7B | 33 | |
| 2016-03-31 | 132 | $5.9B | 32 | |
| 2015-12-31 | 149 | $6.1B | 39 | |
| 2015-09-30 | 143 | $5.6B | 39 | |
| 2015-06-30 | 98 | $6.3B | 23 | |
| 2015-03-31 | 95 | $6.1B | 33 | |
| 2014-12-31 | 98 | $6.1B | 32 | |
| 2014-09-30 | 81 | $5.7B | 19 | |
| 2014-06-30 | 81 | $5.8B | 24 | |
| 2014-03-31 | 80 | $5.5B | 24 | |
| 2013-12-31 | 74 | $5.2B | 29 | |
| 2013-09-30 | 82 | $5.3B | 27 | |
| 2013-06-30 | 79 | $4.7B | 27 |
USS Investment Management Ltd's most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); New buy: Samsara Inc-cl A (IOT); New buy: Rocket Lab CORP (RKLB); New buy: Ishares Msci China ETF (MCHI); New buy: Reddit Inc-cl A (RDDT).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VOO | Vanguard S&p 500 ETF | +7% | +760.02% | Add |
| 2 | IVV | Ishares Core S&p 500 ETF | +6.6% | +711.18% | Add |
| 3 | KLAC | Kla CORP | +0.7% | +476.46% | Add |
| 4 | TSEM | Tower Semiconductor Ltd. | +0.5% | +6.90% | Add |
| 5 | ENLT | Enlight Renewable Energy Ltd | +0.5% | +3.50% | Add |
| 6 | RACE | Ferrari N.V. | +0.3% | +901.98% | Add |
| 7 | CAMT | Camtek Ltd. | +0.3% | +5.35% | Add |
| 8 | NVMI | Nova Ltd. | +0.2% | +4.37% | Add |
| 9 | NET | Cloudflare INC - Class A | +0.2% | +452.28% | Add |
| 10 | AZO | Autozone INC | +0.2% | +63.87% | Add |
| 11 | APP | Applovin Corp-class A | +0.1% | +269.86% | Add |
| 12 | SPOT | Spotify Technology S.A. | +0.1% | +269.59% | Add |
| 13 | NU | Nu Holdings Ltd. | +0.1% | +84.70% | Add |
| 14 | CPNG | Coupang INC | +0.1% | +650.46% | Add |
| 15 | ROL | Rollins INC | +0.1% | +55.94% | Add |
| 16 | PDD | Pdd Holdings INC | +0.1% | +86.00% | Add |
| 17 | MELI | Mercadolibre INC | +0.1% | +116.22% | Add |
| 18 | DXCM | Dexcom INC | +0.1% | +342.70% | Add |
| 19 | ICE | Intercontinental Exchange In | +0.1% | +37.22% | Add |
| 20 | ISRG | Intuitive Surgical INC | +0.1% | +100.43% | Add |
| 21 | BAP | Credicorp Ltd. | +0.1% | +41.70% | Add |
| 22 | AXON | Axon Enterprise INC | +0.1% | +345.71% | Add |
| 23 | FMX | Fomento Economico Mex-sp Adr | +0.1% | +44.94% | Add |
| 24 | NFLX | Netflix INC | 0% | +31.81% | Add |
| 25 | FAST | Fastenal Co | 0% | +0.12% | Add |
| 26 | APH | Amphenol Corp-cl A | -0.1% | +16.72% | Add |
| 27 | GFI | Gold Fields Ltd-spons Adr | -0.2% | -33.35% | Trim |
| 28 | AMZN | Amazon.com INC | -0.3% | +20.45% | Add |
| 29 | AVGO | Broadcom INC | -0.3% | +3.15% | Add |
| 30 | INDA | Ishares Msci India ETF | -0.3% | -74.68% | Trim |
| 31 | HD | Home Depot INC | -0.3% | -10.47% | Trim |
| 32 | META | Meta Platforms Inc-class A | -0.3% | +1.95% | Add |
| 33 | GOOG | Alphabet Inc-cl C | -0.3% | +0.82% | Add |
| 34 | TSLA | Tesla INC | -0.3% | +1.57% | Add |
| 35 | EWY | Ishares Msci South Korea ETF | -0.3% | -92.01% | Trim |
| 36 | MAR | Marriott International -cl A | -0.3% | -30.54% | Trim |
| 37 | VRSK | Verisk Analytics INC | -0.3% | -17.63% | Trim |
| 38 | NVDA | Nvidia CORP | -0.4% | +12.81% | Add |
| 39 | V | Visa Inc-class A Shares | -0.4% | +2.30% | Add |
| 40 | AON | Aon plc | -0.5% | -26.29% | Trim |
| 41 | UNH | Unitedhealth Group INC | -0.5% | -66.93% | Trim |
| 42 | AAPL | Apple INC | -0.6% | +2.66% | Add |
| 43 | SPGI | S&p Global INC | -0.6% | -29.06% | Trim |
| 44 | MSFT | Microsoft CORP | -1.6% | -3.15% | Trim |
| 45 | SPYM | Ste Str Spdr Pt S&p 500 ETF | -4.9% | — | Unchanged |
| 46 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 47 | IOT | Samsara Inc-cl A | — | NEW | New buy |
| 48 | RKLB | Rocket Lab CORP | — | NEW | New buy |
| 49 | MCHI | Ishares Msci China ETF | — | NEW | New buy |
| 50 | RDDT | Reddit Inc-cl A | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-24 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-08 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-07-18 | Amendment | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-10 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-12 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-30 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-11 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-11 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-06 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-01 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | Amendment | View on EDGAR |
| 2019-06-30 | 2019-07-19 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | Amendment | View on EDGAR |
| 2019-03-31 | 2019-04-05 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-09 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-23 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-24 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-09 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-16 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-12-06 | Amendment | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-12-06 | Amendment | View on EDGAR |
| 2017-06-30 | 2017-08-08 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-10 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-09 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-01 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-01 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | Amendment | View on EDGAR |
| 2016-03-31 | 2016-05-11 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-15 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-02 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-16 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-22 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-21 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-03 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-15 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-07 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-12 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-24 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-10-24 | 13F-HR | View on EDGAR |
Institutions with a similar AUM
CIK 0001393818
Total reported value
$25.6B
441 stks
2026-03-31
AUM within 0.2% of this institution
CIK 0000947529
Total reported value
$25.5B
668 stks
2026-03-31
AUM within 0.2% of this institution
CIK 0001717443
Total reported value
$25.5B
2,154 stks
2026-03-31
AUM within 0.3% of this institution
Institutions with overlapping top holdings
CIK 0000759944
Total reported value
$7.2B
1,041 stks
2026-03-31
4 of the top 5 holdings overlap, including Vanguard S&p 500 ETF
CIK 0001274981
Total reported value
$28.0B
1,092 stks
2026-03-31
4 of the top 5 holdings overlap, including Nvidia CORP
CIK 0001535865
Total reported value
$8.9B
2,028 stks
2026-03-31
4 of the top 5 holdings overlap, including Nvidia CORP