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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

29.4%
Private Capital Find out more >
19.6%
Quoted Equity - Capital Find out more >
7.1%
Quoted Equity - Income Find out more >
34.3%
Funds Find out more >
9.6%
Cash etc
as at 30 September 2022
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

as at 30 September 2022

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.