Top investments

Investment portfolio holdings of over 1% of net assets at 31 March 2020:

NamePoolGeographyBusinessValue £mNet assets %
Deep Sea ElectronicsPrivate CapUKControl systems122.66.9
CobeholdPrivate CapBelgiumInvestment company97.45.4
Stonehage FlemingPrivate CapGuernseyFamily office services89.55.0
Seven Investment ManagementPrivate CapJerseyInvestment management84.84.7
Cooke OpticsPrivate CapUKCine lens manufacturer75.84.2
Aberdeen US PE fundsFundsUSFunds of funds70.03.9
Liberation GroupPrivate CapJerseyPubs and restaurants50.62.8
Axiom Asia fundsFundsAsiaFunds of funds49.02.7
Buzz BingoPrivate CapUKBingo operator41.02.3
MicrosoftQuoted EquityUSSoftware39.82.2
OracleQuoted EquityUSInfrastructure technology37.12.1
WatscoQuoted EquityUSVentilation products34.31.9
British American TobaccoQuoted EquityUKTobacco32.61.8
Charter CommunicationsQuoted EquityUSCable telecommunications32.01.8
Texas InstrumentsQuoted EquityUSSemiconductor manufacturer31.81.8
JF Lehman fundsFundsUSPrivate equity funds31.61.8
Asia Alternative fundsFundsAsiaFunds of funds30.11.7
UnileverQuoted EquityUKConsumer goods28.31.6
Becton DickinsonQuoted EquityUSMedical technology27.01.5
Stonepeak fundsFundsUKInfrastructure funds26.11.5
Spirax-SarcoQuoted EquityUKSteam engineering26.01.5
Thermo Fisher ScientificQuoted EquityUSBiotechnology development24.81.4
FastenalQuoted EquityUSFasteners22.61.3
BioAgilytixPrivate CapUSBioanalytical testing services22.01.2
Decheng fundsFundsAsiaPrivate equity funds22.01.2
Polar CapitalQuoted EquityUKFund manager21.91.2
AG BarrQuoted EquityUKSoft drinks20.91.2
Hill & SmithQuoted EquityUKInfrastructure products20.51.1
PAG Asia fundsFundsAsiaPrivate equity fund20.51.1
North Haven fundFundsAsiaPrivate equity fund18.81.1
Other investments384.021.6
Total pool investments1,635.491.5
Non-pool investments21.31.2
Cash and other items130.67.3
Net assets1,787.3100.0

1. Geography is based on the country of listing, country of domicile for unlisted investments and underlying regional analysis for funds.

2. Funds pool investment valuations are based principally on managers' NAV statements at 31 December 2019, adjusted to reflect the potential impact of the Covid-19 pandemic.