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Top investments

We balance our portfolio by investing in three asset classes: Quoted Equity (Capital and Income), Funds and Private Capital. 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

30%
Private Capital Find out more >
22%
Quoted Equity - Capital Find out more >
8%
Quoted Equity - Income Find out more >
31%
Funds Find out more >
9%
Cash etc
as at 31 March 2023
Holdings over 1% of net assets:

Name

Strategy

Geography1

Business

Value (£m)

Net assets %

Seven Investment Management

Private Capital

Jersey

Investment management

187.1

6.7

Cobehold

Private Capital

Belgium

Investment company

176.1

6.3

Stonehage Fleming

Private Capital

Jersey

Family office services

141.6

5.1

Liberation Group

Private Capital

Jersey

Pubs, bars & inns

131.9

4.7

Cooke Optics

Private Capital

UK

Cine lens manufacturer

124.5

4.4

Aberdeen US PE funds

Funds

US

Funds of funds

114.9

4.1

Axiom Asia funds

Funds

Asia

Funds of funds

84.3

3.0

Watsco

Quoted Equity

US

Ventilation products

70.4

2.5

Oracle

Quoted Equity

US

Software

70.1

2.5

Microsoft

Quoted Equity

US

Software

66.6

2.4

Texas Instruments

Quoted Equity

US

Semiconductors

61.5

2.2

Philip Morris

Quoted Equity

US

Tobacco & smoke-free products

50.0

1.8

Asia Alternatives funds

Funds

Asia

Funds of funds

48.1

1.7

Thermo Fisher Scientific

Quoted Equity

US

Pharma & life sciences services

46.7

1.7

Fastenal

Quoted Equity

US

Industrial suppliers

39.3

1.4

Unicorn funds

Funds

Asia

Funds of funds

37.7

1.3

Charter Communications

Quoted Equity

US

Cable communications

37.3

1.3

Stonepeak funds

Funds

US

Private equity funds

37.1

1.3

British American Tobacco

Quoted Equity

UK

Tobacco & vaping

37.0

1.3

SIS

Private Capital

UK

Content services

36.1

1.3

CenterOak funds

Funds

US

Private equity funds

33.5

1.2

Decheng funds

Funds

Asia

Private equity funds

33.2

1.2

Spirax Sarco

Quoted Equity

UK

Steam engineering

31.8

1.1

Hill & Smith

Quoted Equity

UK

Infrastructure

31.4

1.1

Ironbridge funds

Funds

Canada

Private equity funds

30.3

1.1

PAG Asia funds

Funds

Asia

Private equity funds

29.6

1.1

Becton Dickinson

Quoted Equity

US

Medical technology

29.2

1.0

Other investments

717.4

25.8

Investment portfolio

2,534.7

90.6

Non-pool investments

260.2

9.3

Cash and other

3.1

0.1

Net assets

2,798.0

100.0

as at 31 March 2023

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.