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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

24%
Public Companies - Capital Find out more >
8%
Public Companies - Income Find out more >
28%
Private Capital Find out more >
31%
Funds Find out more >
9%
Cash etc
as at 31 March 2024
Holdings over 1% of net assets:

Name

Pool

Geography1

Business

Value (£m)

Net assets %

Cobepa

Private Capital

Europe

Investment company

181.0

6.1

AIR-serv Europe

Private Capital

United Kingdom

Forecourt vending

170.1

5.7

Stonehage Fleming

Private Capital

Channel Islands

Family office services

168.5

5.7

HighVista Strategies

Funds

United States

Funds of funds

139.7

4.7

Liberation Group

Private Capital

Channel Islands

Pubs, bars & inns

135.2

4.6

Cooke Optics

Private Capital

United Kingdom

Cine lens manufacturer

105.4

3.6

Microsoft

Quoted

United States

Software

84.3

2.8

Oracle

Quoted

United States

Software

83.5

2.8

Axiom Asia funds

Funds

Asia

Funds of funds

83.2

2.8

Watsco

Quoted

United States

Ventilation products

77.0

2.6

Texas Instruments

Quoted

United States

Semiconductors

63.6

2.1

Decheng funds

Funds

Asia

Private equity funds

59.0

2.0

Philip Morris

Quoted

United States

Tobacco & smoke-free products

53.1

1.8

Fastenal

Quoted

United States

Industrial supplies

53.2

1.8

Thermo Fisher Scientific

Quoted

United States

Pharma & life sciences services

46.1

1.6

Hill & Smith

Quoted

United Kingdom

Infrastructure

45.7

1.5

Asia Alternatives funds

Funds

Asia

Funds of funds

44.2

1.5

Unicorn funds

Funds

Asia

Funds of funds

39.9

1.3

Ironbridge Funds

Funds

Canada

Private equity funds

35.9

1.2

SIS

Private Capital

United Kingdom

Content services

35.0

1.2

Stonepeak funds

Funds

United States

Private equity funds

34.9

1.2

Spirax Sarco

Quoted

United Kingdom

Steam engineering

34.1

1.1

Boyne funds

Funds

United States

Private equity funds

33.8

1.1

British American Tobacco

Quoted

United Kingdom

Tobacco & vaping

32.4

1.1

Moody's Corporation

Quoted

United States

Financial services

33.0

1.1

Charter Communications

Quoted

United States

Cable communications

32.5

1.1

Becton Dickinson

Quoted

United States

Medical technology

28.6

1.0

CenterOak funds

Funds

United States

Private equity funds

28.3

1.0

Other investments

735.2

24.9

Investment portfolio

2,696.4

91.0

Cash and other

268.90

9.0

Net assets

2,965.3

100.0

as at 31 March 2024

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.