List of Stock Holdings

February 2014

Equities
Name
Valuation (£m)
% of net assets
Cumulative %
Pfizer Inc.
70.6
2.5
2.5
Walt Disney Company
67.2
2.3
4.8
Visa Inc. Class A
64.5
2.2
7.1
QUALCOMM Incorporated
56.1
2.0
9.0
Prudential plc
53.2
1.9
10.9
Enterprise Products Partners L.P.
52.5
1.8
12.7
United Technologies Corporation
51.8
1.8
14.5
CVS Caremark Corporation
48.6
1.7
16.2
Accenture Plc
48.2
1.7
17.9
Express Scripts Holding Company
47.6
1.7
19.5
National Grid plc
43.8
1.5
21.1
Legal & General Group Plc
41.9
1.5
22.5
HSBC Holdings plc
41.7
1.5
24.0
Amgen Inc.
41.4
1.4
25.4
Google Inc. Class A
40.8
1.4
26.8
GlaxoSmithKline plc
39.2
1.4
28.2
Resolution Limited
39.0
1.4
29.6
Wells Fargo & Company
38.6
1.3
30.9
Reckitt Benckiser Group plc
38.3
1.3
32.2
Deutsche Post AG
36.6
1.3
33.5
Danaher Corporation
36.5
1.3
34.8
Eni S.p.A.
36.5
1.3
36.1
Roche Holding Ltd Genusssch.
35.5
1.2
37.3
Noble Energy, Inc.
34.2
1.2
38.5
Continental AG
33.6
1.2
39.7
Swedbank AB Class A
33.1
1.2
40.8
Total SA
32.9
1.1
42.0
Twenty-First Century Fox, Inc. Class A
31.7
1.1
43.1
SAP AG
31.1
1.1
44.2
BNP Paribas SA Class A
30.7
1.1
45.2
Sanofi
30.7
1.1
46.3
Rogers Communications Inc. Class B
29.7
1.0
47.3
Toronto-Dominion Bank
29.7
1.0
48.4
Novo Nordisk A/S Class B
28.4
1.0
49.4
Barclays PLC
28.4
1.0
50.4
Mitsubishi UFJ Financial Group, Inc.
28.3
1.0
51.3
Diageo plc
28.0
1.0
52.3
Fanuc Corporation
27.8
1.0
53.3
Toyota Motor Corp.
27.5
1.0
54.2
Samsung Electronics Co., Ltd.
26.3
0.9
55.2
Aviva plc
26.2
0.9
56.1
Praxair, Inc.
26.0
0.9
57.0
AmerisourceBergen Corporation
25.4
0.9
57.9
Schneider Electric SA
25.3
0.9
58.7
Grupo Financiero Banorte SAB de CV Class O
25.2
0.9
59.6
WPP Plc
25.1
0.9
60.5
Coach, Inc.
24.7
0.9
61.4
Citigroup Inc.
24.7
0.9
62.2
Glencore Xstrata plc
24.7
0.9
63.1
BASF SE
24.6
0.9
63.9
Melrose Industries Plc
23.5
0.8
64.8
Liberty Global Plc Class A
23.1
0.8
65.6
Monsanto Company
22.9
0.8
66.4
China Gas Holdings Limited
22.6
0.8
67.2
Cummins Inc.
22.6
0.8
67.9
Volkswagen AG Pref
22.1
0.8
68.7
Cadence Design Systems, Inc.
22.0
0.8
69.5
Aberdeen Asset Management PLC
21.8
0.8
70.2
Standard Chartered PLC
20.8
0.7
71.0
Vodafone Group PLC
20.7
0.7
71.7
Petrofac Limited
20.6
0.7
72.4
Schlumberger NV
20.6
0.7
73.1
Intuitive Surgical, Inc.
20.3
0.7
73.8
Henkel AG & Co. KGaA Pref
20.2
0.7
74.5
Zurich Insurance Group AG
19.9
0.7
75.2
Eaton Corp. Plc
19.7
0.7
75.9
Seadrill Ltd.
19.5
0.7
76.6
Fomento Economico Mexicano SAB de CV Units Cons. Of 1 ShsB And 4 ShsD
19.1
0.7
77.3
Unilever PLC
18.8
0.7
77.9
Marsh & McLennan Companies, Inc.
17.8
0.6
78.5
American Tower Corporation
17.8
0.6
79.2
Bpost SA de Droit Public
17.7
0.6
79.8
GTECH S.p.A.
17.2
0.6
80.4
Telecom Corporation of New Zealand Limited
16.9
0.6
81.0
Humana Inc.
16.6
0.6
81.5
PT Perusahaan Gas Negara (Persero) Tbk Class B
15.8
0.6
82.1
Charoen Pokphand Foods Public Co. Ltd.(Alien Mkt)
15.8
0.5
82.7
Bangkok Bank Public Company Limited (Alien Mkt)
15.5
0.5
83.2
Oceaneering International, Inc.
15.5
0.5
83.7
Wisconsin Energy Corporation
15.4
0.5
84.3
Mattel, Inc.
15.1
0.5
84.8
Plum Creek Timber Company, Inc.
14.7
0.5
85.3
Cerner Corporation
14.0
0.5
85.8
Ascendas Real Estate Investment Trust
13.5
0.5
86.3
Taiwan Mobile Co. Ltd.
12.8
0.4
86.7
Royal Dutch Shell Plc Class B
11.7
0.4
87.1
Rolls-Royce Holdings plc
11.4
0.4
87.5
Verizon Communications Inc.
11.3
0.4
87.9
M1 Limited
11.2
0.4
88.3
Experian PLC
11.1
0.4
88.7
Komercni Banka as
11.1
0.4
89.1
Och-Ziff Capital Management Group LLC Class A
10.0
0.4
89.4
VTech Holdings Limited
9.8
0.3
89.8
Total Equities
2,587.2
90.2
OEICs
Name
Valuation (£m)
% of net assets
Cumulative %
Global Thematic Opportunities Fund
205.2
7.2
97.4
Monthly Income Bond Fund
142.3
5.0
102.3
Dynamic Bond Fund
53.6
1.9
104.2
Sustainable Future Pan-European Equity Fund
25.6
0.9
105.1
Sub Total
426.7
14.9
Other Asset Classes
Name
Valuation (£m)
% of net assets
Cumulative %
Unlisted Private Equity
117.7
4.1
109.2
Operating Subsidiaries
39.5
1.4
110.6
Real Estate
14.4
0.5
111.1
Cash
36.2
1.3
112.4
Other Assets
25.8
0.9
113.3
Gearing
(380.0)
(13.3)
100.0
Total
2,867.5
100.0
100.0
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