Logo

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

33%
Private Capital Find out more >
27%
Quoted Equity - Capital Find out more >
9%
Quoted Equity - Income Find out more >
29%
Funds Find out more >
2%
Cash etc
as at 30 September 2020
Holdings over 1% of net assets:

Name

Strategy

Geography1

Business

Value (£m)

Net assets %

Deep Sea Electronics

Private Capital

UK

Control systems

131.6

6.7

Cobehold

Private Capital

Belgium

Investment company

105.5

5.4

Seven Investment Management

Private Capital

Jersey

Investment management

104.1

5.3

Stonehage Fleming

Private Capital

Guernsey

Family office services

101.7

5.2

Aberdeen US PE funds

Funds

US

Funds of funds

90.4

4.6

Cooke Optics

Private Capital

UK

Cine lens manufacturer

78.5

4.0

Axiom Asia funds

Funds

Asia

Funds of funds

62.9

3.2

Liberation Group

Private Capital

Jersey

Pubs and restaurants

59.8

3.1

Watsco

Quoted Equity

US

Ventilation products

48.4

2.5

Microsoft

Quoted Equity

US

Software

48.2

2.5

Oracle

Quoted Equity

US

Infrastructure technology

44.0

2.2

Charter Communications

Quoted Equity

US

Cable telecommunications

43.9

2.2

Texas Instruments

Quoted Equity

US

Semiconductor manufacturer

43.5

2.2

Thermo Fisher Scientific

Quoted Equity

US

Biotechnology development

37.1

1.9

Asia Alternatives funds

Funds

Asia

Funds of funds

36.9

1.9

British American Tobacco

Quoted Equity

UK

Tobacco

36.2

1.8

Spirax Sarco

Quoted Equity

UK

Steam engineering

35.4

1.8

Stonepeak funds

Funds

UK

Infrastructure funds

35.1

1.8

JF Lehman funds

Funds

US

Private equity funds

33.4

1.7

Unilever

Quoted Equity

UK

Consumer goods

33.2

1.7

Fastenal

Quoted Equity

US

Fasteners

31.4

1.6

BioAgilytix

Private Capital

US

Bioanalytical testing services

26.7

1.4

Becton Dickinson

Quoted Equity

US

Medical technology

26.3

1.3

Polar Capital

Quoted Equity

UK

Fund manager

25.7

1.3

Hill & Smith

Quoted Equity

UK

Infrastructure products

25.6

1.3

PAG Asia funds

Funds

Asia

Private equity fund

25.5

1.3

Centeroak funds

Funds

US

Private equity funds

23.8

1.2

Decheng funds

Funds

Asia

Private equity funds

22.5

1.2

Buzz Bingo

Private Capital

UK

Bingo operator

22.0

1.1

AG Barr

Quoted Equity

UK

Soft drinks

22.0

1.1

Croda International

Quoted Equity

UK

Speciality chemicals

21.0

1.1

Other investments

441.6

22.6

Portfolio investments

1,923.9

98.2

Other investments

29.4

1.5

Cash and other

6.3

0.3

Net assets

1,959.6

100.0

as at 30 September 2020

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