List of Stock Holdings

May 2014

Equities
Name
Valuation (£m)
% of Net Assets
Cumulative (%)
Walt Disney
69.7
2.4
2.4
Pfizer
65.0
2.2
4.6
Visa
61.1
2.1
6.8
Qualcomm
59.8
2.1
8.8
Enterprise Products Partners
58.4
2.0
10.8
Prudential
54.4
1.9
12.7
CVS Caremark
52.0
1.8
14.5
United Technologies
51.4
1.8
16.3
Accenture
47.0
1.6
17.9
National Grid
46.7
1.6
19.5
Express Scripts Holding
45.1
1.6
21.1
Wells Fargo
42.2
1.5
22.5
HSBC
41.7
1.4
24.0
Legal & General
40.1
1.4
25.3
Reckitt Benckiser
39.7
1.4
26.7
SAP
39.5
1.4
28.1
Amgen
38.7
1.3
29.4
Eni
38.5
1.3
30.7
GlaxoSmithKline
37.5
1.3
32.0
Danaher
37.3
1.3
33.3
Deutsche Post
36.0
1.2
34.6
Noble Energy
35.8
1.2
35.8
Total
35.6
1.2
37.0
Roche
33.8
1.2
38.2
Twenty-First Century Fox
33.4
1.2
39.3
Continental
32.6
1.1
40.5
Toronto-Dominion Bank
32.4
1.1
41.6
Friends Life
32.3
1.1
42.7
Sanofi
31.5
1.1
43.8
Swedbank
31.2
1.1
44.9
Rogers Communications
31.0
1.1
45.9
Samsung Electronics
29.5
1.0
46.9
Aviva
29.0
1.0
47.9
Diageo
28.6
1.0
48.9
Grupo Financiero Banorte
28.3
1.0
49.9
Barclays
27.8
1.0
50.9
Mitsubishi UFJ Financial
27.5
0.9
51.8
Amerisourcebergen
27.3
0.9
52.8
Fanuc
27.2
0.9
53.7
Toyota Motor
27.0
0.9
54.6
Schneider Electric
26.6
0.9
55.5
Praxair
26.3
0.9
56.4
BNP Paribas
26.2
0.9
57.4
Monsanto
25.3
0.9
58.2
Novo-Nordisk
25.2
0.9
59.1
Aberdeen Asset Management
24.9
0.9
60.0
WPP
24.7
0.9
60.8
BASF
24.6
0.8
61.7
Glencore
24.2
0.8
62.5
Citigroup
24.1
0.8
63.3
Cadence Design Systems
23.9
0.8
64.1
Cummins
23.6
0.8
65.0
China Gas
23.3
0.8
65.8
Schlumberger
23.0
0.8
66.6
Volkswagen
22.5
0.8
67.3
Standard Chartered
22.1
0.8
68.1
Fomento Economico Mexicano
21.1
0.7
68.8
bpost
21.0
0.7
69.5
Henkel
20.9
0.7
70.3
Unilever
20.6
0.7
71.0
Coach
20.6
0.7
71.7
Seadrill
20.0
0.7
72.4
Melrose Industries
20.0
0.7
73.1
American Tower
19.6
0.7
73.7
Zurich Insurance
19.5
0.7
74.4
Eaton
19.4
0.7
75.1
Google
19.1
0.7
75.7
Petrofac
19.0
0.7
76.4
Google
18.8
0.6
77.1
Marsh & Mclennan
18.6
0.6
77.7
Telecom Corporation Of New Zealand
18.5
0.6
78.3
Humana
18.4
0.6
79.0
Perusahaan Gas Negara
17.4
0.6
79.6
Vodafone
17.4
0.6
80.2
Intuitive Surgical
16.9
0.6
80.7
Bangkok Bank
16.6
0.6
81.3
Wisconsin Energy
16.0
0.6
81.9
Charoen Pokphand Foods
15.9
0.5
82.4
Mattel
15.7
0.5
83.0
Oceaneering International
15.5
0.5
83.5
Ascendas Real Estate Investment Trust
15.5
0.5
84.0
Plum Creek Timber
15.3
0.5
84.6
GTECH
14.3
0.5
85.0
Taiwan Mobile
14.1
0.5
85.5
Cerner
12.3
0.4
86.0
Royal Dutch Shell
12.2
0.4
86.4
Liberty Global
12.0
0.4
86.8
Rolls-Royce
11.9
0.4
87.2
M1 Limited
11.8
0.4
87.6
Vtech
11.7
0.4
88.0
Liberty Global
11.4
0.4
88.4
Experian
10.6
0.4
88.8
Komercni Banka
10.5
0.4
89.1
Och-Ziff Capital Management
9.9
0.3
89.5
Verizon Communications
5.4
0.2
89.7
Rolls-Royce
0.2
0.0
89.7
Sub Total Equities
2599.7
89.7
OEICS
Name
£m
% of Net Assets
Cumulative %
Monthly Income Bond Fund
143.7
5.0
94.6
Global Thematic Opportunities Fund
204.9
7.1
101.7
Dynamic Bond Fund
54.0
1.9
103.5
Sustainable Future Pan-European Equity Fund
25.4
0.9
104.4
Sub Total OEICS
427.9
14.8
Other Asset Classes
Name
£m
% of Net Assets
Cumulative (%)
Private Equity
128.2
4.4
108.8
Operating Subsidiaries
56.7
2.0
110.8
Property
4.5
0.2
111.0
Cash
40.7
1.4
112.4
Other Assets
21.5
0.7
113.1
Gearing
(380.0)
(13.1)
100.0
Net Assets
2899.2
100.0
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