Top investments
We balance our portfolio by investing in three asset classes: Public Companies (Capital and Income), Private Capital and Funds. Each has a strategic allocation of capital, as the pie chart here shows.
Allocation to asset classes is dependent on pricing, liquidity, income and growth targets. Some investments require capital for up to a decade or more. We manage our balance sheet accordingly often with substantial levels of cash.
Strategy allocation
Holdings over 1% of net assets:
Name
Strategy
Geography1
Business
Value (£m)
Net assets %
Seven Investment Management
Private Capital
Jersey
Investment management
248.5
8.6
Cobehold
Private Capital
Belgium
Investment company
178.8
6.2
Stonehage Fleming
Private Capital
Guernsey
Family office services
157.0
5.5
AIR-serv Europe
Private Capital
UK
Forecourt vending
142.5
5.0
Liberation Group
Private Capital
Jersey
Pubs, bars & inns
135.0
4.7
High Vista Strategies
Funds
US
Funds of funds
123.5
4.3
Cooke Optics
Private Capital
UK
Cine lens manufacturer
102.3
3.6
Axiom Asia funds
Funds
Asia
Funds of funds
88.1
3.1
Watsco
Public Companies
US
Ventilation products
73.9
2.6
Microsoft
Public Companies
US
Software
72.3
2.5
Oracle
Public Companies
US
Software
69.8
2.4
Decheng funds
Funds
Asia/US
Private equity funds
57.4
2.0
Texas Instruments
Public Companies
US
Semiconductors
54.2
1.9
Philip Morris
Public Companies
US
Tobacco & smoke-free products
49.3
1.7
Asia Alternatives funds
Funds
Asia
Funds of funds
47.3
1.6
Charter Communications
Public Companies
US
Cable communications
46.4
1.6
Thermo Fisher Scientific
Public Companies
US
Pharma & life sciences services
41.6
1.4
Fastenal
Public Companies
US
Industrial suppliers
40.3
1.4
Hill & Smith
Public Companies
UK
Infrastructure
40.2
1.4
Unicorn funds
Funds
Asia
Funds of funds
39.6
1.4
CenterOak funds
Funds
US
Private equity funds
38.9
1.4
Stonepeak funds
Funds
US
Private equity funds
36.2
1.3
SIS
Private Capital
UK
Content services
35.3
1.2
British American Tobacco
Public Companies
UK
Tobacco & vaping
33.6
1.2
Ironbridge funds
Funds
Canada
Private equity funds
34.0
1.2
Becton Dickinson
Public Companies
US
Medical technology
30.9
1.1
AE Industrial funds
Funds
US
Private equity funds
27.7
1.0
PAG Asia funds
Funds
Asia
Private equity funds
27.6
1.0
Spirax Sarco
Public Companies
UK
Steam engineering
27.6
1.0
Moody's Corporation
Public Companies
US
Financial services
27.5
1.0
Other investments
727.8
25.3
Investment portfolio
2,855.1
99.6
Cash and other
21.0
0.4
Net assets
2,876.1
100.0
1. Geography is based on the country of listing, country of domicile for unlisted investments and regional analysis for funds.
Our strategy
Our strategy is driven by a resolutely long-term view and by values that endure.
Performance highlights
See how our performance stacks up over time, from NAV to share price and dividends.