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Top investments

Our portfolio is invested across three investment pools, each managed by a specialist team investing in well-managed businesses that combine long-term growth characteristics with, in many cases, an ability to deliver increasing levels of income. We invest in both listed and private markets, covering a range of sectors, resulting in a well-balanced diversified portfolio of investments with a global reach.

Strategy allocation

33%
Public Companies Find out more >
31%
Funds Find out more >
30%
Private Capital Find out more >
6%
Cash etc
as at 31 March 2025

Geography(1) distribution

45%
N America
35%
UK & Channel Islands
11%
Asia
9%
Europe

Sector distribution

27%
Industrials(2)
14%
Consumer discretionary
13%
Financials
12%
Information technology
9%
Funds of funds
8%
Healthcare
6%
Materials
6%
Consumer staples
3%
Other sectors
2%
Communication services
1. By headquarters
2. Includes AIR-serv Europe and Cooke Optics

as at 31 March 2025

Our top 10 investments represent 42.2% of net assets:

Name

Pool

Geography1

Business

Value (£m)

Net assets %

Stonehage Fleming

Private Capital

Channel Islands

Family office services

221.4

7.6

AIR-serv Europe

Private Capital

United Kingdom

Forecourt vending

197.7

6.7

Cobepa

Private Capital

Europe

Investment company

192.7

6.6

Butcombe Group

Private Capital

Channel Islands

Pubs, bars & inns

136.5

4.7

HighVista Strategies

Funds

United States

Funds of funds

99.9

3.4

Philip Morris

Public Companies 

United States

Tobacco & smoke-free products

90.1

3.1

Watsco

Public Companies

United States

Ventilation products

76.6

2.6

Microsoft

Public Companies

United States

Software

73.6

2.5

Axiom Asia funds

Funds

Asia

Funds of funds

73.4

2.5

Oracle

Public Companies

United States

Software

72.3

2.5

as at 31 March 2025

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.

Investment model

Designed to deliver strong returns over the medium to long term.

Performance highlights

See how our performance stacks up over time, from NAV to share price and dividends.