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

34%
Private Capital Find out more >
24%
Quoted Equity - Capital Find out more >
8%
Quoted Equity - Income Find out more >
25%
Funds Find out more >
9%
Cash etc
as at 31 March 2020
Holdings over 1% of net assets:

Name

Strategy2

Geography1

Business

Value (£m)
31 Mar 2020

Net assets %

Deep Sea Electronics

Private Capital

UK

Control systems

122.6

6.9

Cobehold

Private Capital

Belgium

Investment company

97.4

5.4

Stonehage Fleming

Private Capital

Guernsey

Family office services

89.5

5.0

Seven Investment Management

Private Capital

Jersey

Investment management

84.8

4.7

Cooke Optics

Private Capital

UK

Cine lens manufacturer

75.8

4.2

Aberdeen US PE funds

Funds

US

Funds of funds

70.0

3.9

Liberation Group

Private Capital

Jersey

Pubs and restaurants

50.6

2.8

Axiom Asia funds

Funds

Asia

Funds of funds

49.0

2.7

Buzz Bingo

Private Capital

UK

Bingo operator

41.0

2.3

Microsoft

Quoted

US

Software

39.8

2.2

Oracle

Quoted

US

Software

37.1

2.1

Watsco

Quoted

US

Ventilation products

34.3

1.9

British American Tobacco

Quoted/Income

UK

Tobacco

32.6

1.8

Charter Communications

Quoted

US

Cable broadband

32.0

1.8

Texas Instruments

Quoted

US

Semiconductor manufacturer

31.8

1.8

JF Lehman funds

Funds

US

Private equity funds

31.6

1.8

Asia Alternatives funds

Funds

Asia

Funds of funds

30.1

1.7

Unilever

Quoted

UK

Consumer goods

28.3

1.6

Becton Dickinson

Quoted

US

Medical technology

27.0

1.5

Stonepeak funds

Funds

UK

Infrastructure funds

26.1

1.5

Spirax Sarco

Quoted

UK

Steam engineering

26.0

1.5

Thermo Fisher Scientific

Quoted

US

Scientific analysis support

24.8

1.4

Fastenal

Quoted

US

Fasteners

22.6

1.3

BioAgilytix

Private Capital

US

Bioanalytical testing services

22.0

1.2

Decheng funds

Funds

Asia

Private equity funds

22.0

1.2

Polar Capital

Quoted

UK

Fund manager

21.9

1.2

AG Barr

Quoted

UK

Soft drinks

20.9

1.2

Hill & Smith

Quoted

UK

Infrastructure products

20.5

1.1

PAG Asia fund

Funds

Asia

Private equity fund

20.5

1.1

North Haven Asia fund

Funds

Asia

Private equity fund

18.8

1.1

Other investments

384.0

21.6

Total strategy investments

1,635.4

91.5

Non-strategy investments

21.3

1.2

Cash and other items

130.6

7.3

Net assets

1,787.3

100.0

as at 31 March 2020

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

2. Unquoted rebranded to Private Capital 1 October 2019. Funds pool investment valuations are based principally on managers’ NAV statements at 31 December 2019, adjusted to reflect the potential impact of the Covid-19 pandemic.

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.