Every quarter USS publish a list of their investments. This comprises a full list (with valuations) of their ‘top 100 public investments’ and a searchable database of their smaller public investments (without valuations). Due to the limited nature of the information provided it can be difficult to judge whether a company appearing as ‘new’ to the top 100 list is truly a new investment or whether it has simply moved up the rankings from say No 105 to No 98. The lower threshold for inclusion in the top 100 list is usually around £ 30 million.
Changes in the ‘top 100 investments’ Sept 2025- Jan 2025
There are few notable changes in the ‘top 100 investments’. ICON, an Irish pharmaceutical company for which USS had a holding of £ 74 million (Sept 2025) has dropped out of the top 100 but this coincides with a sharp decline in their share price. Similarly Diageo, a UK drinks company for which USS had a holding of £ 60 million has also dropped out of the top 100 but again the share price has declined considerably.
Autozone, an American automotive parts company appears to be the highest new entry in to the ‘top 100’ (£ 72 million).
Companies on the FFX 200 list
Regarding our previous analysis of the 200 companies with the biggest coal, oil and gas expansion plans, USS continues to hold investments in 54 of the 200 companies.
Companies supporting the genocide in Gaza
Regarding our previous analysis of the companies and financial institutions that have been identified as ‘contributing to the maintenance of Israel’s unlawful presence in the Occupied Palestinian Territories’ USS continues to invest in 46 of the 104 companies identified. USS also continues to invest in 21 of the 47 European financial institutions providing funding to these companies and invests in 32 of the top 100 shareholders in these companies.