USS Investment Management Ltd's Q1 2023 13F: 7 new positions, 28 exits
Form 13F-HR for the quarter ended Mar 31, 2023 · filed May 15, 2023 · 577 reported positions · accession 0000919574-23-003196
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Exited | BLACKSTONE SECD LENDING FD (BXSL) | 2.0% | — | −2.0 pts | −6.4M sh | −100% |
| Exited | SAPIENS INTL CORP N V (SPNS) | 0.6% | — | −0.6 pts | −24,990 sh | −100% |
| Exited | VALE S A (VALE) | 0.5% | — | −0.5 pts | −2.02M sh | −100% |
| Reduced | ICL GROUP LTD (ICL) | 1.9% | 1.3% | −0.6 pts | −48,440 sh | −25% |
| Exited | TARGET CORP (TGT) | 0.2% | — | −0.2 pts | −118K sh | −100% |
| Increased | MICROSOFT CORP (MSFT) | 5.0% | 5.9% | +1.0 pts | +35,477 sh | +2% |
| Increased | KLA CORP (KLAC) | 0.1% | 0.2% | +0.1 pts | +24,919 sh | +227% |
| Exited | AMERISOURCEBERGEN CORP (COR) | 0.1% | — | −0.1 pts | −54,693 sh | −100% |
| Exited | EDWARDS LIFESCIENCES CORP (EW) | 0.1% | — | −0.1 pts | −116K sh | −100% |
| Exited | TRAVELERS COMPANIES INC (TRV) | 0.1% | — | −0.1 pts | −44,258 sh | −100% |
| Increased | APPLE INC (AAPL) | 5.7% | 7.1% | +1.4 pts | +46,085 sh | +1% |
| Reduced | EMERSON ELEC CO (EMR) | 0.2% | 0.1% | −0.1 pts | −81,717 sh | −58% |
| New | SEA LTD (SE) | — | 0.1% | +0.1 pts | +74,421 sh | new |
| Increased | ON SEMICONDUCTOR CORP (ON) | 0.0% | 0.1% | +0.1 pts | +74,164 sh | +815% |
| Reduced | ISHARES INC (EWY) | 0.4% | 0.4% | −0.1 pts | −98,251 sh | −18% |
| Increased | VICI PPTYS INC (VICI) | 0.0% | 0.1% | +0.1 pts | +184K sh | +602% |
| Exited | FORTINET INC (FTNT) | 0.1% | — | −0.1 pts | −114K sh | −100% |
| New | ULTA BEAUTY INC (ULTA) | — | 0.1% | +0.1 pts | +10,059 sh | new |
| Increased | CHENIERE ENERGY INC (LNG) | 0.1% | 0.2% | +0.1 pts | +33,748 sh | +77% |
| Reduced | TRANE TECHNOLOGIES PLC (TT) | 0.1% | 0.0% | −0.1 pts | −28,848 sh | −59% |
| Reduced | STELLANTIS N.V (STLA) | 0.2% | 0.2% | 0.0 pts | −265K sh | −30% |
| Reduced | BAKER HUGHES COMPANY (BKR) | 0.1% | 0.0% | −0.1 pts | −160K sh | −75% |
| Reduced | PDD HOLDINGS INC (PDD) | 0.5% | 0.4% | −0.1 pts | −57,318 sh | −12% |
| Increased | WILLIAMS COS INC (WMB) | 0.1% | 0.1% | 0.0 pts | +145K sh | +67% |
| Exited | RAYTHEON TECHNOLOGIES CORP (RTX) | 0.1% | — | −0.1 pts | −39,400 sh | −100% |
| Increased | CONSTELLATION ENERGY CORP (CEG) | 0.0% | 0.1% | +0.1 pts | +52,145 sh | +869% |
| Increased | MARTIN MARIETTA MATLS INC (MLM) | 0.0% | 0.1% | 0.0 pts | +10,245 sh | +488% |
| Exited | VERISIGN INC (VRSN) | 0.0% | — | 0.0 pts | −16,874 sh | −100% |
| Increased | ALPHABET INC (GOOG) | 1.1% | 1.3% | +0.2 pts | +33,084 sh | +4% |
| Exited | EXACT SCIENCES CORP (EXAS) | 0.0% | — | 0.0 pts | −65,761 sh | −100% |
| Reduced | NUCOR CORP (NUE) | 0.1% | 0.1% | 0.0 pts | −21,565 sh | −31% |
| Increased | LILLY ELI & CO (LLY) | 0.9% | 0.8% | 0.0 pts | +9,239 sh | +5% |
| New | ROBLOX CORP (RBLX) | — | 0.0% | 0.0 pts | +69,775 sh | new |
| Reduced | FOMENTO ECONOMICO MEXICANO S (FMX) | 0.4% | 0.4% | 0.0 pts | −30,348 sh | −9% |
| Increased | BROADCOM INC (AVGO) | 0.7% | 0.8% | +0.1 pts | +4,448 sh | +5% |
| Increased | HORMEL FOODS CORP (HRL) | 0.0% | 0.1% | 0.0 pts | +65,694 sh | +85% |
| Exited | PINNACLE WEST CAP CORP (PNW) | 0.0% | — | 0.0 pts | −33,403 sh | −100% |
| Exited | DENTSPLY SIRONA INC (XRAY) | 0.0% | — | 0.0 pts | −77,293 sh | −100% |
| Exited | ORGANON & CO (OGN) | 0.0% | — | 0.0 pts | −86,002 sh | −100% |
| Increased | NVIDIA CORPORATION (NVDA) | 0.9% | 1.7% | +0.8 pts | +8,414 sh | +2% |
| Exited | SVB FINANCIAL GROUP (SIVBQ) | 0.0% | — | 0.0 pts | −9,497 sh | −100% |
| Exited | GLOBE LIFE INC (GL) | 0.0% | — | 0.0 pts | −17,369 sh | −100% |
| New | UNITY SOFTWARE INC (U) | — | 0.0% | 0.0 pts | +64,143 sh | new |
| Exited | LYFT INC (LYFT) | 0.0% | — | 0.0 pts | −178K sh | −100% |
| Increased | JOHNSON & JOHNSON (JNJ) | 1.6% | 1.4% | −0.2 pts | +12,742 sh | +2% |
| Reduced | ARCHER DANIELS MIDLAND CO (ADM) | 0.2% | 0.1% | −0.1 pts | −24,403 sh | −16% |
| Exited | UNIVERSAL HLTH SVCS INC (UHS) | 0.0% | — | 0.0 pts | −12,854 sh | −100% |
| Increased | META PLATFORMS INC (META) | 0.6% | 1.0% | +0.4 pts | +8,740 sh | +3% |
| Exited | ELANCO ANIMAL HEALTH INC (ELAN) | 0.0% | — | 0.0 pts | −142K sh | −100% |
| Increased | UNITEDHEALTH GROUP INC (UNH) | 1.4% | 1.2% | −0.2 pts | +3,757 sh | +2% |
The 50 largest of 344 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
* Prior share counts adjusted or corrected for a stock split — changes are measured from the adjusted count:
- PACCAR INC (PCAR): 64,178 shares as filed last quarter, 96,267 after adjustment → 92,997 now (prior share count adjusted for a stock split)
- NUTRIEN LTD (NTR): 119K shares as filed last quarter, 119K after adjustment → 108K now (prior share count corrected for a stock split)
† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:
- LINDE PLC (LIN): G5494J103 → G54950103, 111K → 112K shares
Top 10 positions — 23.6% of the equity book
Changes in the top 10 this quarter: NVDA entered · BXSL left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | APPLE INC (AAPL) | 5.7% | 7.1% | |
| 2 | MICROSOFT CORP (MSFT) | 5.0% | 5.9% | |
| 3 | NVIDIA CORPORATION (NVDA) | 0.9% | 1.7% | Entered the top 10 |
| 4 | JOHNSON & JOHNSON (JNJ) | 1.6% | 1.4% | |
| 5 | ALPHABET INC (GOOGL) | 1.2% | 1.4% | |
| 6 | ALPHABET INC (GOOG) | 1.1% | 1.3% | |
| 7 | ICL GROUP LTD (ICL) | 1.9% | 1.3% | |
| 8 | UNITEDHEALTH GROUP INC (UNH) | 1.4% | 1.2% | |
| 9 | PROCTER AND GAMBLE CO (PG) | 1.2% | 1.2% | |
| 10 | ABBVIE INC (ABBV) | 1.1% | 1.0% | |
| — | BLACKSTONE SECD LENDING FD (BXSL) | 2.0% | 0.0% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).