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Livermore
Livermore
ZHEN

USS Investment Management Ltd

SEC CIK
0001587381
Latest filing
Aug 11, 2026

The latest 13F from USS Investment Management Ltd covers Q2 2026 (filed Aug 11, 2026): 617 long positions worth $25.3B. The top 10 holdings make up 47.3% of the portfolio, and the largest is State Street SPDR Portfolio S&P 500 ETF at 23.0%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
135
Est. +$1.00B
Added
246
Est. +$1.19B
Reduced
184
Est. −$3.36B
Sold out
30
Est. −$141.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street SPDR Portfolio S&P 500 ETF78464A854
    23.0%$5.83B
  2. Vanguard S&P 500 ETF922908363
    4.3%$1.08B
  3. iShares Core S&P 500 ETF464287200
    3.8%$962.7M
  4. NVDANVIDIA Corp
    3.3%$837.0MHistory
  5. AMZNAmazon Com Inc
    3.2%$800.4MHistory

Share of portfolio

Top 5 holdings and the other 612 positions, by share of portfolio value

  1. State Street SPDR Portfolio S&P 500 ETF23.0%
  2. Vanguard S&P 500 ETF4.3%
  3. iShares Core S&P 500 ETF3.8%
  4. NVDA3.3%
  5. AMZN3.2%
  6. Other 612 positions62.5%

Biggest buys

New and added positions, by estimated amount bought

  1. ETNEaton Corp plc
    +$159.6MAddedHistory
  2. CSCOCisco Systems, Inc.
    +$63.0MAddedHistory
  3. KLACKLA Corp
    +$62.2MAddedConverted for a 10-for-1 splitHistory
  4. SNDKSandisk Corp
    +$42.7MNewHistory
  5. ARGXArgenx SE
    +$42.5MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. KLACKLA Corp
    +1.02 pp0.9% → 1.9%History
  2. MUMicron Technology Inc
    +0.65 pp0.3% → 0.9%History
  3. ETNEaton Corp plc
    +0.64 pp0.1% → 0.7%History
  4. AMDAdvanced Micro Devices Inc
    +0.44 pp0.2% → 0.7%History
  5. CSCOCisco Systems, Inc.
    +0.34 pp0.2% → 0.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard S&P 500 ETF922908363
    −$1.32BReduced
  2. iShares Core S&P 500 ETF464287200
    −$1.31BReduced
  3. CDNSCadence Design Systems Inc
    −$107.9MReducedHistory
  4. HDHome Depot, Inc.
    −$78.6MReducedHistory
  5. MARMarriott International Inc
    −$73.4MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Vanguard S&P 500 ETF922908363
    −4.62 pp8.9% → 4.3%
  2. iShares Core S&P 500 ETF464287200
    −4.62 pp8.4% → 3.8%
  3. HDHome Depot, Inc.
    −0.31 pp0.7% → 0.4%History
  4. CDNSCadence Design Systems Inc
    −0.27 pp0.6% → 0.4%History
  5. MARMarriott International Inc
    −0.26 pp0.5% → 0.3%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$25.3B
+$1.79B (+7.6%) vs. prior quarter
Positions
617
+105 vs. prior quarter
Top 10 concentration
47.3%
Top 10 as share of value
Turnover
9.0%
Q2 2026, one quarter
Average holding period
14.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $25.3B (Q2 2026)

Q1 2021: $11.4BQ2 2021: $12.4BQ3 2021: $11.6BQ4 2021: $12.6BQ1 2022: $11.9BQ2 2022: $9.51BQ3 2022: $6.39BQ4 2022: $6.96BQ1 2023: $7.26BQ2 2023: $8.39BQ3 2023: $9.11BQ4 2023: $11.1BQ1 2024: $12.1BQ2 2024: $12.5BQ3 2024: $13.6BQ4 2024: $13.8BQ1 2025: $13.2BQ2 2025: $15.9BQ3 2025: $20.8BQ4 2025: $20.1BQ1 2026: $23.5BQ2 2026: $25.3B
Q1 2021Q2 2026
13F filings of USS Investment Management Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 11, 2026617$25.3BState Street SPDR Portfolio S&P 500 ETFVanguard S&P 500 ETFiShares Core S&P 500 ETFvs. Q1 2026SEC
Q1 2026Apr 24, 2026512$23.5BState Street SPDR Portfolio S&P 500 ETFVanguard S&P 500 ETFiShares Core S&P 500 ETFvs. Q4 2025SEC
Q4 2025Feb 13, 2026508$20.1BState Street SPDR Portfolio S&P 500 ETFMSFTNVDAvs. Q3 2025SEC
Q3 2025Nov 13, 2025526$20.8BState Street SPDR Portfolio S&P 500 ETFMSFTNVDAvs. Q2 2025SEC
Q2 2025Aug 14, 2025523$15.9BState Street SPDR Portfolio S&P 500 ETFMSFTNVDAvs. Q1 2025SEC
Q1 2025May 15, 2025533$13.2BState Street SPDR Portfolio S&P 500 ETFMSFTAAPLvs. Q4 2024SEC
Q4 2024Feb 14, 2025554$13.8BMSFTAAPLNVDAvs. Q3 2024SEC
Q3 2024Nov 13, 2024535$13.6BMSFTAAPLNVDAvs. Q2 2024SEC
Q2 2024Aug 14, 2024551$12.5BMSFTAAPLNVDAvs. Q1 2024SEC
Q1 2024May 15, 2024542$12.1BMSFTAAPLNVDAvs. Q4 2023SEC
Q4 2023Feb 14, 2024552$11.1BMSFTAAPLVvs. Q3 2023SEC
Q3 2023Nov 14, 2023577$9.11BMSFTAAPLNVDAvs. Q2 2023SEC
Q2 2023Aug 14, 2023590$8.39BAAPLMSFTNVDAvs. Q1 2023SEC
Q1 2023May 15, 2023578$7.26BAAPLMSFTNVDAvs. Q4 2022SEC
Q4 2022Feb 13, 2023599$6.96BAAPLMSFTBXSLvs. Q3 2022SEC
Q3 2022Nov 8, 2022587$6.39BAAPLMSFTBXSLvs. Q2 2022SEC
Q2 2022Aug 12, 2022708$9.51BAAPLMSFTBXSLvs. Q1 2022SEC
Q1 2022Jul 18, 2022Amended716$11.9BAAPLMSFTAMZNvs. Q4 2021SEC
Q4 2021Feb 14, 2022697$12.6BAAPLMSFTAMZNvs. Q3 2021SEC
Q3 2021Nov 15, 2021697$11.6BAAPLMSFTAMZNvs. Q2 2021SEC
Q2 2021Aug 10, 2021623$12.4BMSFTAAPLBABAvs. Q1 2021SEC
Q1 2021May 12, 2021612$11.4BMSFTAAPLBABA–SEC