USS Investment Management Ltd

New 13F: Q3 2026

USS Investment Management Ltd filed its 13F for the quarter ended Sep 30, 2026 on Nov 10, 2026: $8.0B in AI and semiconductor stocks; $235.7M bought and $201.2M sold against its previous quarter, at the quarter's prices.

• added to Cisco (CSCO): +$60.6M at the quarter's price
• trimmed Amphenol (APH): -$35.0M at the quarter's price
• added to KLA (KLAC): +$34.3M at the quarter's price
• added to Lam Research (LRCX): +$29.4M at the quarter's price
• added to Lattice Semiconductor (LSCC): +$24.5M at the quarter's price
• trimmed Modine (MOD): -$22.3M at the quarter's price
• sold out of STMicroelectronics (STM): -$19.1M at the quarter's price
• added to NVIDIA (NVDA): +$15.8M at the quarter's price
• trimmed Monolithic Power (MPWR): -$13.9M at the quarter's price
• added to Broadcom (AVGO): +$12.6M at the quarter's price

USS Investment Management Ltd declares $7.8B in 128 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 27.9% of its $27.8B 13F portfolio. Largest positions: NVIDIA (0.02% of the company) and Amazon (0.03% of the company). Over time: $7.8B in 128 of these companies for Q2 2026, against $2.6B in 31 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $943.9M and sold $207.1M of these stocks, at the quarter's prices: a net purchase of $736.7M; 44 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio USS Investment Management Ltd declared for Q2 2026 (Form 13F), held unchanged, returned +2.8% in Q3 2026 (SMH -7.1%), ranked 1040 of 1,785 active managers. Over the last 12 months, quarter after quarter: +23.6% (SMH +87.2%), ranked 1019 of 1,360 active managers. Over three years, quarter after quarter: +126.1% (SMH +325.8%), ranked 598 of 784 active managers. Over five years, quarter after quarter: +142.7% (SMH +389.8%), ranked 357 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. NVIDIA (NVDA): $837.0M, 4.2M shares, 0.02% of the company, 3.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Amazon (AMZN): $800.4M, 3.4M shares, 0.03% of the company, 2.9% of its portfolio (added this quarter); held since Q4 2024
3. Microsoft (MSFT): $675.2M, 1.8M shares, 0.02% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Apple (AAPL): $667.9M, 2.3M shares, 0.02% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Alphabet (GOOGL): $607.7M, 1.7M shares, 0.01% of the company, 2.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. KLA (KLAC): $474.4M, 1.6M shares, 0.12% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Amphenol (APH): $320.6M, 3.6M shares, 0.15% of the company, 1.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
8. Broadcom (AVGO): $285.5M, 756,791 shares, 0.02% of the company, 1.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. Micron (MU): $235.8M, 204,848 shares, 0.02% of the company, 0.85% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Meta Platforms (META): $199.0M, 353,546 shares, 0.01% of the company, 0.71% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Eaton (ETN): $186.4M, 437,477 shares, 0.11% of the company, 0.67% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. AMD (AMD): $169.3M, 291,735 shares, 0.02% of the company, 0.61% of its portfolio (added this quarter); held since Q1 2020
13. Cisco (CSCO): $143.6M, 1.2M shares, 0.03% of the company, 0.52% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Applied Materials (AMAT): $108.5M, 150,041 shares, 0.02% of the company, 0.39% of its portfolio (added this quarter); held since Q2 2020
15. Intel (INTC): $106.1M, 760,454 shares, 0.01% of the company, 0.38% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $3.0B, 38% of its AI holdings, 6 companies
• Chips & compute: $1.7B, 22% of its AI holdings, 23 companies
• Equipment & test: $759.7M, 10% of its AI holdings, 13 companies
• AI software: $551.2M, 7% of its AI holdings, 19 companies
• Interconnect: $534.1M, 7% of its AI holdings, 10 companies
• Power, electrical & cooling: $532.7M, 7% of its AI holdings, 31 companies
• Memory & storage: $371.7M, 5% of its AI holdings, 5 companies
• Servers & systems: $103.7M, 1% of its AI holdings, 7 companies
• Optics: $101.2M, 1% of its AI holdings, 6 companies
• Neoclouds & data centers: $96.7M, 1% of its AI holdings, 8 companies

Biggest changes this quarter

• added to Eaton (ETN): +$159.6M at the quarter's price
• trimmed Cadence (CDNS): -$107.9M at the quarter's price
• added to Cisco (CSCO): +$63.0M at the quarter's price
• added to KLA (KLAC): +$62.2M at the quarter's price
• opened a position in Sandisk (SNDK): +$42.7M at the quarter's price
• added to Amazon (AMZN): +$38.9M at the quarter's price
• opened a position in Western Digital (WDC): +$38.8M at the quarter's price
• opened a position in Modine (MOD): +$32.7M at the quarter's price
• opened a position in Coherent (COHR): +$29.6M at the quarter's price
• opened a position in Lattice Semiconductor (LSCC): +$29.4M at the quarter's price

Other holders of this size

• Marex Group plc: $7.8B in 152 of these companies
• Aristotle Capital Management, LLC: $7.8B in 18 of these companies
• NewEdge Advisors, LLC: $7.7B in 207 of these companies
• IFM Investors Pty Ltd: $7.8B in 103 of these companies
• AXIOM INVESTORS LLC /DE: $7.7B in 43 of these companies
• Fiera Capital Corp: $7.9B in 51 of these companies
• MML INVESTORS SERVICES, LLC: $7.7B in 177 of these companies
• Cambridge Investment Research Advisors, Inc.: $7.9B in 196 of these companies

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