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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
Holdings over 1% of net assets:
Name
Strategy
Geography1
Business
Value (£m)
Net assets %
Seven Investment Management
Private Capital
Jersey
Investment management
184.5
6.6
Cobehold
Private Capital
Belgium
Investment company
174.2
6.3
Aberdeen US PE funds
Funds
US
Funds of funds
145.5
5.2
Stonehage Fleming
Private Capital
Guernsey
Family office services
141.2
5.1
Cooke Optics
Private Capital
UK
Cine lens manufacturer
137.1
4.9
Liberation Group
Private Capital
Jersey
Pubs & restaurants
124.4
4.5
Axiom Asia funds
Funds
Asia
Funds of funds
98.7
3.5
Watsco
Quoted Equity
US
Ventilation products
62.0
2.2
Asia Alternatives funds
Funds
Asia
Funds of funds
56.5
2.0
Microsoft
Quoted Equity
US
Software
55.6
2.0
Texas Instruments
Quoted Equity
US
Semiconductors
55.6
2.0
Oracle
Quoted Equity
US
Software
51.1
1.8
Thermo Fisher Scientific
Quoted Equity
US
Pharma & life science services
45.6
1.6
Philip Morris
Quoted Equity
US
Tobacco
43.7
1.6
British American Tobacco
Quoted Equity
UK
Tobacco & vaping
42.1
1.5
Unicorn funds
Funds
Asia
Funds of funds
42.4
1.5
Stonepeak funds
Funds
UK
Private equity funds
40.2
1.4
Decheng funds
Funds
Asia/US
Private equity funds
38.3
1.4
Fastenal
Quoted Equity
US
Industrial suppliers
37.1
1.3
CenterOak funds
Funds
US
Private equity funds
35.3
1.3
AE Industrial
Funds
US
Private equity funds
33.8
1.2
PAG Asia fund
Funds
Asia
Private equity funds
32.4
1.2
Charter Communications
Quoted Equity
US
Cable communications
31.1
1.1
LYFE fund
Funds
Asia
Private equity funds
29.8
1.1
Becton Dickinson
Quoted Equity
US
Medical technology
29.2
1.0
Ironbridge funds
Funds
Canada
Private equity funds
28.9
1.0
Spirax Sarco
Quoted Equity
UK
Steam engineering
27.9
1.0
TZP funds
Funds
US
Private equity funds
26.5
1.0
Other investments
665.1
23.9
Investment portfolio
2,515.8
90.2
Cash and other
265.7
9.8
Net assets
2,781.5
100.0
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.
Performance highlights
See how our performance stacks up over time, from NAV to share price and dividends.