USS Investment Management Ltd
Reported US equity positions for Q1 2026 — $25.6B across 512 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| SPYM State Street SPDR Portfolio S&P 500 ETF | $5.1B | 19.9% | 66,398,232 |
| VOO Vanguard S&P 500 ETF | $2.1B | 8.2% | 3,495,162 |
| IVV iShares Core S&P 500 ETF | $2.0B | 7.8% | 3,033,549 |
| NVDA NVIDIA Corporation | $737.2M | 2.9% | 4,229,093 |
| MSFT Microsoft Corporation | $679.0M | 2.7% | 1,834,520 |
| AMZN Amazon.com, Inc. | $665.8M | 2.6% | 3,196,522 |
| AAPL Apple Inc. | $604.6M | 2.4% | 2,383,084 |
| M4056D110 Enlight Renewable Energy LTD | $584.0M | 2.3% | 88,084 |
| M87915274 Tower Semiconductor LTD | $573.1M | 2.2% | 33,584 |
| M7516K103 Nova LTD | $511.8M | 2.0% | 11,910 |
| M20791105 Camtek LTD | $360.5M | 1.4% | 24,557 |
| V Visa Inc. | $290.7M | 1.1% | 962,028 |
| FAST Fastenal Company | $276.4M | 1.1% | 5,954,159 |
| FERG Ferguson Enterprises Inc. | $276.0M | 1.1% | 1,183,017 |
| GOOGL Alphabet Inc. | $267.0M | 1.0% | 928,627 |
| JNJ Johnson & Johnson | $242.5M | 0.9% | 992,389 |
| AVGO Broadcom Inc. | $237.0M | 0.9% | 765,851 |
| GOOG Alphabet Inc. - Class C Capital Stock | $233.6M | 0.9% | 814,669 |
| APH Amphenol Corporation | $219.8M | 0.9% | 1,739,556 |
| G5960L103 Medtronic PLC | $212.4M | 0.8% | 2,451,244 |
| META Meta Platforms, Inc. | $203.4M | 0.8% | 355,570 |
| KLAC KLA Corporation | $201.2M | 0.8% | 136,708 |
| CL Colgate-Palmolive Company | $187.5M | 0.7% | 2,200,744 |
| HD The Home Depot, Inc. | $174.7M | 0.7% | 531,317 |
| TSLA Tesla, Inc. | $174.0M | 0.7% | 466,864 |
| PG The Procter & Gamble Company | $172.2M | 0.7% | 1,192,532 |
| ROL Rollins, Inc. | $167.3M | 0.7% | 3,131,337 |
| G0403H108 Aon PLC | $162.2M | 0.6% | 502,480 |
| AZO AutoZone, Inc. | $158.1M | 0.6% | 46,842 |
| YUM Yum! Brands, Inc. | $151.6M | 0.6% | 974,960 |
| ICE Intercontinental Exchange Inc. | $149.0M | 0.6% | 946,920 |
| SPGI S&P Global Inc. | $148.2M | 0.6% | 348,354 |
| CDNS Cadence Design Systems, Inc. | $145.7M | 0.6% | 524,385 |
| OTIS Otis Worldwide Corporation | $136.2M | 0.5% | 1,767,235 |
| JPM JP Morgan Chase & Co. | $133.4M | 0.5% | 453,233 |
| LLY Eli Lilly and Company | $130.1M | 0.5% | 141,359 |
| MAR Marriott International | $124.5M | 0.5% | 380,667 |
| VRSK Verisk Analytics, Inc. | $122.0M | 0.5% | 643,035 |
| BRK.B Berkshire Hathaway Inc. | $106.4M | 0.4% | 221,926 |
| G6683N103 Nu Hldgs LTD | $98.5M | 0.4% | 6,854,145 |
| WMT Walmart Inc. | $87.4M | 0.3% | 703,562 |
| NFLX Netflix, Inc. | $85.2M | 0.3% | 886,527 |
| N3167Y103 Ferrari N V | $76.6M | 0.3% | 229,353 |
| COST Costco Wholesale Corporation | $71.6M | 0.3% | 71,888 |
| PDD PDD Holdings Inc. | $71.3M | 0.3% | 697,636 |
| MA Mastercard Incorporated | $67.5M | 0.3% | 134,989 |
| MU Micron Technology, Inc. | $65.9M | 0.3% | 195,066 |
| ABBV AbbVie Inc. | $65.0M | 0.3% | 298,983 |
| G0378L100 Anglogold Ashanti PLC | $64.6M | 0.3% | 663,007 |
| APP Applovin Corporation | $62.0M | 0.2% | 155,818 |
| NET Cloudflare, Inc. Class A | $61.2M | 0.2% | 296,322 |
| MELI MercadoLibre, Inc. | $58.5M | 0.2% | 33,838 |
| ISRG Intuitive Surgical, Inc. | $56.6M | 0.2% | 122,666 |
| CVX Chevron Corporation | $56.0M | 0.2% | 270,642 |
| GFI Gold Fields Limited American Depositary Shares | $54.5M | 0.2% | 1,200,151 |
| AMD Advanced Micro Devices, Inc. | $53.6M | 0.2% | 263,731 |
| CSCO Cisco Systems, Inc. | $53.3M | 0.2% | 686,466 |
| G2519Y108 Credicorp LTD | $53.0M | 0.2% | 156,358 |
| BAC Bank of America Corporation | $52.9M | 0.2% | 1,084,283 |
| MRK Merck & Company, Inc. Common Stock (new) | $52.2M | 0.2% | 434,031 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| VOO Vanguard S&P 500 ETF | Add | $2.1B | $254.8M | +760% |
| IVV iShares Core S&P 500 ETF | Add | $2.0B | $256.1M | +711% |
| NVDA NVIDIA Corporation | Add | $737.2M | $699.2M | +13% |
| MSFT Microsoft Corporation | Trim | $679.0M | $916.1M | -3% |
| AMZN Amazon.com, Inc. | Add | $665.8M | $612.6M | +20% |
| AAPL Apple Inc. | Add | $604.6M | $631.2M | +3% |
| M4056D110 Enlight Renewable Energy LTD | Add | $584.0M | $386.7M | +4% |
| M87915274 Tower Semiconductor LTD | Add | $573.1M | $367.7M | +7% |
| M7516K103 Nova LTD | Add | $511.8M | $381.7M | +4% |
| M20791105 Camtek LTD | Add | $360.5M | $250.5M | +5% |
| V Visa Inc. | Add | $290.7M | $330.0M | +2% |
| GOOGL Alphabet Inc. | Add | $267.0M | $284.4M | +2% |
| JNJ Johnson & Johnson | Trim | $242.5M | $245.1M | -16% |
| AVGO Broadcom Inc. | Add | $237.0M | $256.9M | +3% |
| APH Amphenol Corporation | Add | $219.8M | $201.4M | +17% |
| G5960L103 Medtronic PLC | Add | $212.4M | $218.7M | +8% |
| META Meta Platforms, Inc. | Add | $203.4M | $230.2M | +2% |
| KLAC KLA Corporation | Add | $201.2M | $28.8M | +476% |
| CL Colgate-Palmolive Company | Add | $187.5M | $169.6M | +3% |
| HD The Home Depot, Inc. | Trim | $174.7M | $204.2M | -10% |
| TSLA Tesla, Inc. | Add | $174.0M | $206.7M | +2% |
| PG The Procter & Gamble Company | Add | $172.2M | $155.2M | +10% |
| ROL Rollins, Inc. | Add | $167.3M | $120.5M | +56% |
| G0403H108 Aon PLC | Trim | $162.2M | $240.6M | -26% |
| AZO AutoZone, Inc. | Add | $158.1M | $97.0M | +64% |
| YUM Yum! Brands, Inc. | Add | $151.6M | $142.5M | +4% |
| ICE Intercontinental Exchange Inc. | Add | $149.0M | $111.8M | +37% |
| SPGI S&P Global Inc. | Trim | $148.2M | $256.6M | -29% |
| OTIS Otis Worldwide Corporation | Add | $136.2M | $148.7M | +4% |
| JPM JP Morgan Chase & Co. | Add | $133.4M | $144.1M | +1% |
| LLY Eli Lilly and Company | Add | $130.1M | $147.7M | +3% |
| MAR Marriott International | Trim | $124.5M | $170.0M | -31% |
| VRSK Verisk Analytics, Inc. | Trim | $122.0M | $174.7M | -18% |
| BRK.B Berkshire Hathaway Inc. | Add | $106.4M | $107.2M | +4% |
| G6683N103 Nu Hldgs LTD | Add | $98.5M | $62.2M | +85% |
| WMT Walmart Inc. | Add | $87.4M | $77.2M | +1% |
| NFLX Netflix, Inc. | Add | $85.2M | $63.1M | +32% |
| COST Costco Wholesale Corporation | Add | $71.6M | $60.7M | +2% |
| PDD PDD Holdings Inc. | Add | $71.3M | $42.5M | +86% |
| MA Mastercard Incorporated | Add | $67.5M | $75.9M | +1% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.