USS Investment Management Ltd's Q2 2025 13F: 15 new positions, 27 exits
Form 13F-HR for the quarter ended Jun 30, 2025 · filed Aug 14, 2025 · 523 reported positions · accession 0000919574-25-004648
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Increased | SPDR SERIES TRUST (SPYM) | 10.2% | 17.9% | +7.7 pts | +20.37M sh | +96% |
| Increased | CAMTEK LTD (CAMT) | 0.8% | 1.5% | +0.7 pts | +10,134 sh | +51% |
| Increased | TOWER SEMICONDUCTOR LTD (TSEM) | 0.4% | 0.8% | +0.4 pts | +15,904 sh | +99% |
| Increased | AMPHENOL CORP NEW (APH) | 0.1% | 0.5% | +0.4 pts | +608K sh | +244% |
| Reduced | OTIS WORLDWIDE CORP (OTIS) | 1.7% | 1.1% | −0.6 pts | −443K sh | −19% |
| Increased | CADENCE DESIGN SYSTEM INC (CDNS) | 0.7% | 1.0% | +0.2 pts | +135K sh | +35% |
| Increased | COLGATE PALMOLIVE CO (CL) | 0.9% | 0.9% | 0.0 pts | +365K sh | +27% |
| Reduced | YUM BRANDS INC (YUM) | 1.7% | 1.1% | −0.6 pts | −198K sh | −13% |
| Increased | ISHARES INC (EWT) | 0.1% | 0.3% | +0.2 pts | +472K sh | +112% |
| Reduced | MARRIOTT INTL INC NEW (MAR) | 1.4% | 1.2% | −0.3 pts | −97,549 sh | −12% |
| Reduced | GE VERNOVA INC (GEV) | 0.1% | 0.0% | −0.1 pts | −45,716 sh | −99% |
| Increased | NOVA LTD (NVMI) | 1.5% | 2.0% | +0.5 pts | +715 sh | +6% |
| Reduced | VISA INC (V) | 2.7% | 2.1% | −0.6 pts | −51,517 sh | −5% |
| New | MICROSTRATEGY INC (MSTR) | — | 0.1% | +0.1 pts | +40,953 sh | new |
| Exited | ALIBABA GROUP HLDG LTD (BABA) | 0.1% | — | −0.1 pts | −87,540 sh | −100% |
| Increased | TRANE TECHNOLOGIES PLC (TT) | 0.0% | 0.1% | +0.1 pts | +32,434 sh | +466% |
| Exited | YUM CHINA HLDGS INC (YUMC) | 0.1% | — | −0.1 pts | −217K sh | −100% |
| New | ANGLOGOLD ASHANTI PLC (AU) | — | 0.1% | +0.1 pts | +295K sh | new |
| Exited | ISHARES TR (MCHI) | 0.1% | — | −0.1 pts | −196K sh | −100% |
| Exited | VALE S A (VALE) | 0.1% | — | −0.1 pts | −1.01M sh | −100% |
| New | ROBINHOOD MKTS INC (HOOD) | — | 0.1% | +0.1 pts | +125K sh | new |
| New | AXON ENTERPRISE INC (AXON) | — | 0.1% | +0.1 pts | +13,828 sh | new |
| Exited | EPAM SYS INC (EPAM) | 0.1% | — | −0.1 pts | −54,266 sh | −100% |
| Increased | ISHARES INC (EWY) | 0.4% | 0.5% | +0.1 pts | +140K sh | +14% |
| Increased | CAPITAL ONE FINL CORP (COF) | 0.1% | 0.1% | +0.1 pts | +42,441 sh | +79% |
| Exited | DISCOVER FINL SVCS (DFS) | 0.1% | — | −0.1 pts | −41,617 sh | −100% |
| Exited | BARRICK GOLD CORP (ABX) | 0.0% | — | 0.0 pts | −323K sh | −100% |
| Reduced | GOLD FIELDS LTD (GFI) | 0.3% | 0.2% | −0.1 pts | −314K sh | −17% |
| Reduced | PHILLIPS 66 (PSX) | 0.1% | 0.0% | −0.1 pts | −60,717 sh | −52% |
| New |
BARRICK MNG CORP (B)
new — newly listed security (e.g. spin-off)
|
— | 0.0% | 0.0 pts | +323K sh | new |
| Increased | GE AEROSPACE (GE) | 0.2% | 0.3% | 0.0 pts | +25,975 sh | +18% |
| New | TARGA RES CORP (TRGP) | — | 0.0% | 0.0 pts | +38,271 sh | new |
| Increased | EMERSON ELEC CO (EMR) | 0.0% | 0.0% | 0.0 pts | +49,874 sh | +2015% |
| Increased | NVIDIA CORPORATION (NVDA) | 3.0% | 3.6% | +0.6 pts | +41,873 sh | +1% |
| Increased | AMAZON COM INC (AMZN) | 2.0% | 1.9% | −0.1 pts | +27,615 sh | +2% |
| Increased | BROADCOM INC (AVGO) | 0.9% | 1.2% | +0.3 pts | +21,511 sh | +3% |
| Reduced | PDD HOLDINGS INC (PDD) | 0.2% | 0.1% | −0.1 pts | −55,308 sh | −21% |
| Reduced | BBB FOODS INC (TBBB) | 0.1% | 0.1% | 0.0 pts | −174K sh | −25% |
| Increased | MERCADOLIBRE INC (MELI) | 0.3% | 0.3% | +0.1 pts | +1,848 sh | +11% |
| Increased | MICROSOFT CORP (MSFT) | 5.0% | 5.4% | +0.4 pts | +9,360 sh | +1% |
| Increased | FOMENTO ECONOMICO MEXICANO S (FMX) | 0.2% | 0.2% | 0.0 pts | +43,984 sh | +16% |
| Exited | HEALTHPEAK PROPERTIES INC (PEAK) | 0.0% | — | 0.0 pts | −178K sh | −100% |
| New | CELESTICA INC (CLS) | — | 0.0% | 0.0 pts | +27,912 sh | new |
| Exited | ZEBRA TECHNOLOGIES CORPORATI (ZBRA) | 0.0% | — | 0.0 pts | −12,104 sh | −100% |
| Increased | CONSTELLATION ENERGY CORP (CEG) | 0.0% | 0.1% | 0.0 pts | +13,007 sh | +41% |
| New | AMRIZE LTD (AMRZ) | — | 0.0% | 0.0 pts | +78,106 sh | new |
| Increased | CBRE GROUP INC (CBRE) | 0.0% | 0.0% | 0.0 pts | +26,657 sh | +158% |
| Exited | ILLUMINA INC (ILMN) | 0.0% | — | 0.0 pts | −37,430 sh | −100% |
| Reduced | APTIV PLC (APTV) | 0.0% | 0.0% | 0.0 pts | −52,083 sh | −64% |
| Exited | BALL CORP (BALL) | 0.0% | — | 0.0 pts | −54,326 sh | −100% |
The 50 largest of 376 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
Top 10 positions — 40.4% of the equity book
Changes in the top 10 this quarter: NVMI entered · FERG entered · CAMT entered · AON left · VRSK left · UNH left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | SPDR SERIES TRUST (SPYM) | 10.2% | 17.9% | |
| 2 | MICROSOFT CORP (MSFT) | 5.0% | 5.4% | |
| 3 | NVIDIA CORPORATION (NVDA) | 3.0% | 3.6% | |
| 4 | APPLE INC (AAPL) | 3.8% | 2.8% | |
| 5 | VISA INC (V) | 2.7% | 2.1% | |
| 6 | NOVA LTD (NVMI) | 1.5% | 2.0% | Entered the top 10 |
| 7 | AMAZON COM INC (AMZN) | 2.0% | 1.9% | |
| 8 | FERGUSON ENTERPRISES INC (FERG) | 1.4% | 1.5% | Entered the top 10 |
| 9 | CAMTEK LTD (CAMT) | 0.8% | 1.5% | Entered the top 10 |
| 10 | S&P GLOBAL INC (SPGI) | 1.8% | 1.5% | |
| — | AON PLC (AON) | 1.9% | 1.4% | Left the top 10 |
| — | VERISK ANALYTICS INC (VRSK) | 1.7% | 1.5% | Left the top 10 |
| — | UNITEDHEALTH GROUP INC (UNH) | 1.7% | 0.8% | 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).