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

36%

                            Private Capital
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22%

                            Public Companies - Capital
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8%

                            Public Companies - Income
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33%

                            Funds
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1%

                            Cash etc

as at 30 September 2023

Holdings over 1% of net assets:

Name

Strategy

Geography¹

Business

Value (£m)

Net assets %

Seven Investment Management

Private Capital

Jersey

Investment management

248.5

8.6

Cobehold

Private Capital

Belgium

Investment company

178.8

6.2

Stonehage Fleming

Private Capital

Guernsey

Family office services

157.0

5.5

AIR-serv Europe

Private Capital

Forecourt vending

142.5

5.0

Liberation Group

Private Capital

Jersey

Pubs, bars & inns

135.0

4.7

High Vista Strategies

Funds

Funds of funds

123.5

4.3

Cooke Optics

Private Capital

Cine lens manufacturer

102.3

3.6

Axiom Asia funds

Funds

Asia

Funds of funds

88.1

3.1

Watsco

Public Companies

Ventilation products

73.9

2.6

Microsoft

Public Companies

Software

72.3

2.5

Oracle

Public Companies

Software

69.8

2.4

Decheng funds

Funds

Asia/US

Private equity funds

57.4

2.0

Texas Instruments

Public Companies

Semiconductors

54.2

1.9

Philip Morris

Public Companies

Tobacco & smoke-free products

49.3

1.7

Asia Alternatives funds

Funds

Asia

Funds of funds

47.3

1.6

Charter Communications

Public Companies

Cable communications

46.4

1.6

Thermo Fisher Scientific

Public Companies

Pharma & life sciences services

41.6

1.4

Fastenal

Public Companies

Industrial suppliers

40.3

1.4

Hill & Smith

Public Companies

Infrastructure

40.2

1.4

Unicorn funds

Funds

Asia

Funds of funds

39.6

1.4

CenterOak funds

Funds

Private equity funds

38.9

1.4

Stonepeak funds

Funds

Private equity funds

36.2

1.3

SIS

Private Capital

Content services

35.3

1.2

British American Tobacco

Public Companies

Tobacco & vaping

33.6

1.2

Ironbridge funds

Funds

Canada

Private equity funds

34.0

1.2

Becton Dickinson

Public Companies

Medical technology

30.9

1.1

AE Industrial funds

Funds

Private equity funds

27.7

1.0

PAG Asia funds

Funds

Asia

Private equity funds

27.6

1.0

Spirax Sarco

Public Companies

Steam engineering

27.6

1.0

Moody's Corporation

Public Companies

Financial services

27.5

1.0

Other investments

727.8

25.3

Investment portfolio

2,855.1

99.6

Cash and other

21.0

0.4

Net assets

2,876.1

100.0

as at 30 September 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.

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Investment model

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

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Performance highlights

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

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