List of Stock Holdings

April 2014

Equities
Name
Valuation (£m)
% of Net Assets
Cumulative (%)
Pfizer
68.2
2.4
2.4
Walt Disney
65.4
2.3
4.7
Qualcomm
58.1
2.1
6.8
Visa
57.3
2.0
8.8
Enterprise Products Partners
56.6
2.0
10.8
Prudential
53.4
1.9
12.7
United Technologies
51.9
1.8
14.5
CVS Caremark
47.9
1.7
16.2
Accenture
46.0
1.6
17.8
National Grid
44.1
1.6
19.4
Express Scripts Holding
41.7
1.5
20.9
SAP
41.3
1.5
22.3
Wells Fargo
40.9
1.4
23.8
HSBC
40.0
1.4
25.2
Eni
38.9
1.4
26.6
GlaxoSmithKline
38.3
1.4
27.9
Reckitt Benckiser
37.2
1.3
29.2
Amgen
37.0
1.3
30.6
Legal & General
36.9
1.3
31.9
Deutsche Post
36.4
1.3
33.1
Total
35.9
1.3
34.4
Noble Energy
35.4
1.3
35.7
Danaher
34.7
1.2
36.9
Roche
33.4
1.2
38.1
Continental
32.1
1.1
39.2
Sanofi
31.7
1.1
40.3
Toronto-Dominion Bank
31.3
1.1
41.4
Swedbank
30.8
1.1
42.5
Resolution
30.8
1.1
43.6
Rogers Communications
30.2
1.1
44.7
Twenty-First Century Fox
30.0
1.1
45.7
Aviva
29.0
1.0
46.8
Fanuc
28.6
1.0
47.8
Barclays
28.4
1.0
48.8
BNP Paribas
27.8
1.0
49.8
Diageo
27.1
1.0
50.7
Samsung Electronics
26.9
1.0
51.7
Novo-Nordisk
26.6
0.9
52.6
Schneider Electric
26.3
0.9
53.5
Praxair
25.8
0.9
54.4
Mitsubishi UFJ Financial
25.8
0.9
55.4
Toyota Motor
25.7
0.9
56.3
Grupo Financiero Banorte
25.6
0.9
57.2
BASF
24.6
0.9
58.0
WPP
24.5
0.9
58.9
Aberdeen Asset Management
24.4
0.9
59.8
Amerisourcebergen
24.2
0.9
60.6
Citigroup
24.1
0.9
61.5
Glencore Xstrata
23.8
0.8
62.3
China Gas
23.4
0.8
63.1
Cummins
23.1
0.8
64.0
Monsanto
22.9
0.8
64.8
Volkswagen
22.6
0.8
65.6
Coach
22.4
0.8
66.4
Schlumberger
22.3
0.8
67.1
Cadence Design Systems
22.1
0.8
67.9
Petrofac
21.9
0.8
68.7
Standard Chartered
21.1
0.7
69.4
Melrose Industries
20.4
0.7
70.2
Unilever
20.4
0.7
70.9
Fomento Economico Mexicano
20.0
0.7
71.6
Henkel
20.0
0.7
72.3
Eaton
19.0
0.7
73.0
Telecom Corporation Of New Zealand
19.0
0.7
73.6
bpost
18.7
0.7
74.3
Vodafone
18.6
0.7
75.0
Seadrill
18.4
0.7
75.6
Zurich Insurance
18.4
0.7
76.3
American Tower
18.1
0.6
76.9
Marsh & Mclennan
18.1
0.6
77.5
Google
17.8
0.6
78.2
Google Inc-Cl C -W/I Npv
17.5
0.6
78.8
Bangkok Bank
17.1
0.6
79.4
Wisconsin Energy
16.9
0.6
80.0
Perusahaan Gas Negara
16.9
0.6
80.6
Intuitive Surgical
16.4
0.6
81.2
Humana
16.1
0.6
81.7
Mattel
15.7
0.6
82.3
Oceaneering International
15.7
0.6
82.9
Charoen Pokphand Foods
15.6
0.6
83.4
GTECH
15.1
0.5
83.9
Plum Creek Timber
14.7
0.5
84.5
Ascendas Real Estate Investment Trust
14.3
0.5
85.0
Taiwan Mobile
13.7
0.5
85.4
Royal Dutch Shell
12.7
0.4
85.9
Rolls-Royce
12.0
0.4
86.3
Vtech
11.9
0.4
86.7
Experian
11.7
0.4
87.1
Cerner
11.6
0.4
87.6
M1 Limited
11.2
0.4
88.0
Liberty Global
10.6
0.4
88.3
Komercni Banka
10.4
0.4
88.7
Liberty Global
10.2
0.4
89.1
Och-Ziff Capital Management
8.9
0.3
89.4
Verizon Communications
5.0
0.2
89.5
Rolls Royce
0.2
0.0
89.6
Sub Total Equities
2533.3
89.6
OEICS
Name
Valuation (£m)
% of Net Assets
Cumulative %
Monthly Income Bond Fund
142.9
5.0
94.6
Global Thematic Opportunities Fund
199.1
7.0
101.6
Dynamic Bond Fund
54.1
1.9
103.5
Lux-Alli Ts Sus Fut P/E E
25.0
0.9
104.4
Sub Total OEICS
421.0
14.9
Other Asset Classes
Name
Valuation (£m)
% of Net Assets
Cumulative (%)
Private Equity
135.9
4.8
109.2
Operating Subsidiaries
56.7
2.0
111.2
Property
4.5
0.2
111.4
Cash
36.0
1.3
112.7
Other Assets
21.5
0.8
113.4
Gearing
(380.0)
(13.4)
100.0
Net Assets
2828.9
100.0
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