1y return+14.3%S&P 500 +20.9%
3y return+48.5%S&P 500 +68.5%
5y return+44.5%S&P 500 +74.5%
10y return+183.1%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $283 against $357 in the S&P 500.2
USS Investment Management LtdS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| SPYMSpdr Series Trust | $5.8B | 21.0% | |
| VOOVanguard Index Fds | $1.1B | 3.9% | −55.1% |
| IVVIshares Tr | $962.7M | 3.5% | −57.7% |
| NVDANvidia Corporation | $837.0M | 3.0% | |
| AMZNAmazon Com Inc | $800.4M | 2.9% | +5.1% |
| Enlight Renewable Energy LtdCUSIP M4056D110 | $718.2M | 2.6% | −7.6% |
| Nova LtdCUSIP M7516K103 | $688.3M | 2.5% | +9.3% |
| MSFTMicrosoft Corp | $675.2M | 2.4% | −1.3% |
| Tower Semiconductor LtdCUSIP M87915274 | $670.6M | 2.4% | −22.2% |
| AAPLApple Inc | $667.9M | 2.4% | −3.1% |
| KLACKla Corp | $474.4M | 1.7% | +1050.9% |
| Camtek LtdCUSIP M20791105 | $433.7M | 1.6% | +12.0% |
| VVisa Inc | $334.0M | 1.2% | +1.3% |
| GOOGLAlphabet Inc | $324.1M | 1.2% | −2.3% |
| APHAmphenol Corp | $320.6M | 1.2% | +4.5% |
| FASTFastenal Co | $287.6M | 1.0% | |
| FERGFerguson Enterprises Inc | $286.6M | 1.0% | +2.1% |
| AVGOBroadcom Inc | $285.5M | 1.0% | −1.2% |
| GOOGAlphabet Inc | $283.7M | 1.0% | −1.4% |
| JNJJohnson & Johnson | $257.6M | 0.9% | +2.2% |
| MUMicron Technology Inc | $235.8M | 0.8% | +5.0% |
| TSLATesla Inc | $223.8M | 0.8% | +14.1% |
| Medtronic PLCCUSIP G5960L103 | $199.4M | 0.7% | +4.0% |
| METAMeta Platforms Inc | $199.0M | 0.7% | |
| CLColgate Palmolive Co | $199.0M | 0.7% | −1.3% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| NVDANvidia Corporation | June 30, 2020 | +2006.7% | $837.0M |
| AVGOBroadcom Inc | June 30, 2020 | +1096.9% | $285.5M |
| AMDAdvanced Micro Devices Inc | June 30, 2020 | +1004.1% | $169.3M |
| APHAmphenol Corp | June 30, 2020 | +636.1% | $320.6M |
| LLYEli Lilly & Co | June 30, 2020 | +630.6% | $167.6M |
| Enlight Renewable Energy LtdCUSIP M4056D110 | December 31, 2024 | +416.2% | $718.2M |
| Tower Semiconductor LtdCUSIP M87915274 | December 31, 2024 | +406.0% | $670.6M |
| GOOGLAlphabet Inc | June 30, 2020 | +404.0% | $324.1M |
| GOOGAlphabet Inc | June 30, 2020 | +399.9% | $283.7M |
| Eaton Corp PLCCUSIP G29183103 | June 30, 2020 | +387.1% | $186.4M |
Sold off last quarter
- Honeywell Intl IncCUSIP 438516106 was $25.0M
- MCHIIshares Tr was $24.5M
- INDAIshares Tr was $15.5M
- TEAMAtlassian Corporation was $11.6M
- Carnival CorpCUSIP 143658300 was $5.4M
- Amrize LtdCUSIP H2927K103 was $5.0M
- INVHInvitation Homes Inc was $4.3M
- SUNBSunbelt Rentals Holdings Inc was $4.2M
- Dupont De Nemours IncCUSIP 26614N102 was $3.7M
- MKCMccormick & Co Inc was $3.6M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +11.3% | +14.8% |
| March 31, 2026 | −5.0% | −4.6% |
| December 31, 2025 | +1.6% | +2.4% |
| September 30, 2025 | +6.5% | +7.8% |
| June 30, 2025 | +8.7% | +10.5% |
| March 31, 2025 | −2.5% | −4.6% |
| December 31, 2024 | −1.5% | +2.1% |
| September 30, 2024 | +6.6% | +5.4% |
| June 30, 2024 | +0.9% | +4.0% |
| March 31, 2024 | +8.2% | +10.0% |
| December 31, 2023 | +11.2% | +11.2% |
| September 30, 2023 | −3.9% | −3.6% |
| June 30, 2023 | +7.0% | +8.3% |
| March 31, 2023 | +6.4% | +7.0% |
| December 31, 2022 | +8.2% | +7.1% |
| September 30, 2022 | −6.0% | −5.3% |
| June 30, 2022 | −16.5% | −16.5% |
| March 31, 2022 | −5.6% | −4.9% |
| December 31, 2021 | +8.6% | +10.7% |
| September 30, 2021 | −2.0% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: USS Investment Management Ltd Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1587381&type=13F-HR&dateb=&owner=include&count=40CIK 1587381
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1587381/000091957426004930/Filed August 11, 2026 · accession 0000919574-26-004930