Our portfolio is invested across three strategies, providing shareholders with access to high quality public and private companies alongside private equity funds. The result is a well-balanced diversified global portfolio.
Overview
As at 30 September 2025
Strategy
distribution
- Public Companies 35%
- Funds 30%
- Private Capital 29%
- Cash and other 6%
Geographic
distribution1
- North America 46%
- UK & Channel Islands 35%
- Asia 11%
- Europe 8%
1. Headquartered.
Sector
distribution
- Industrials* 25%
- Financials 15%
- Consumer discretionary 14%
- Information technology 13%
- Healthcare 8%
- Funds of funds 7%
- Materials 6%
- Consumer staples 6%
- Communication services 1%
- Other sectors 5%
* Includes AIR-serv Europe, DTM and Cooke Optics.
Our top 10 investments represent 42.8% of net assets
As at 30 September 2025
| Name | Pool | Geography1 | Business | Value (£m) | Net assets (%) |
|---|---|---|---|---|---|
Stonehage Fleming | Private Capital | Channel Islands | Family office services | 259.7 | 8.6 |
Cobepa | Private Capital | Europe | Investment company | 194.9 | 6.5 |
AIR-serv Europe | Private Capital | United Kingdom | Forecourt vending | 193.0 | 6.4 |
Butcombe Group | Private Capital | Channel Islands | Pubs, bars & inns | 145.2 | 4.8 |
Microsoft | Public Companies | United States | Software | 97.5 | 3.2 |
Oracle | Public Companies | United States | Software | 89.0 | 3.0 |
Philip Morris | Public Companies | United States | Tobacco & smoke-free products | 88.2 | 2.9 |
HighVista Strategies | Funds | United States | Funds of funds | 84.6 | 2.8 |
Texas Instruments | Public Companies | United States | Semiconductors | 70.7 | 2.3 |
Axiom Asia Funds | Funds | Asia | Funds of funds | 67.5 | 2.2 |
1. Geography is based on the country of listing, country of domicile for unlisted investments and regional analysis for fund.