List of Stock Holdings

June 2014

Equities
Name
Valuation (£m)
% of Net Assets
Cumulative (%)
Visa
73.6
2.6
2.6
Walt Disney
69.8
2.5
5.0
Pfizer
63.9
2.2
7.3
CVS Caremark
61.4
2.2
9.4
Qualcomm
57.8
2.0
11.5
Accenture
56.1
2.0
13.5
Enterprise Products Partners
52.9
1.9
15.3
Prudential
52.7
1.9
17.2
United Technologies
50.1
1.8
18.9
National Grid
44.1
1.6
20.5
Express Scripts Holding
42.9
1.5
22.0
Wells Fargo
42.8
1.5
23.5
Intesa Sanpaolo
41.9
1.5
25.0
Reckitt Benckiser
39.7
1.4
26.4
HSBC
39.3
1.4
27.7
Legal & General
39.2
1.4
29.1
SAP
39.2
1.4
30.5
WPP
39.1
1.4
31.9
Amgen
38.7
1.4
33.2
Noble Energy
37.7
1.3
34.6
Google
37.1
1.3
35.9
Danaher
36.8
1.3
37.2
GlaxoSmithKline
36.7
1.3
38.4
Deutsche Post
34.6
1.2
39.7
Roche
33.6
1.2
40.8
Toronto-Dominion Bank
33.2
1.2
42.0
Twenty-First Century Fox
32.5
1.1
43.2
Friends Life
32.5
1.1
44.3
Blackstone
32.3
1.1
45.4
Continental
31.4
1.1
46.5
Oceaneering International
31.4
1.1
47.6
Sanofi
30.7
1.1
48.7
Swedbank
30.4
1.1
49.8
Eni
29.7
1.0
50.8
China Gas
29.3
1.0
51.9
Total
28.8
1.0
52.9
Toyota Motor
28.3
1.0
53.9
Aviva
28.2
1.0
54.9
Diageo
27.8
1.0
55.8
Grupo Financiero Banorte
27.2
1.0
56.8
Fanuc
27.1
1.0
57.8
Novo-Nordisk
26.9
0.9
58.7
Samsung Electronics
26.7
0.9
59.6
Amerisourcebergen
26.6
0.9
60.6
Schneider Electric
26.1
0.9
61.5
Marsh & Mclennan
26.0
0.9
62.4
Praxair
25.9
0.9
63.3
Schlumberger
25.6
0.9
64.2
Monsanto
25.4
0.9
65.1
Aberdeen Asset Management
25.3
0.9
66.0
Cadence Design Systems
24.6
0.9
66.9
BASF
24.5
0.9
67.7
Glencore
24.4
0.9
68.6
Cummins
23.4
0.8
69.4
Azimut
22.6
0.8
70.2
Volkswagen
21.8
0.8
71.0
Seadrill
20.7
0.7
71.7
Rogers Communications
20.6
0.7
72.4
Henkel
20.5
0.7
73.1
Unilever
20.4
0.7
73.9
Fomento Economico Mexicano
20.4
0.7
74.6
Eaton
19.9
0.7
75.3
Standard Chartered
19.6
0.7
76.0
American Tower
19.3
0.7
76.7
Zurich Insurance
19.1
0.7
77.3
Google
18.9
0.7
78.0
Telecom Corporation Of New Zealand
18.6
0.7
78.6
Melrose Industries
18.6
0.7
79.3
Humana
18.5
0.7
79.9
Intuitive Surgical
18.4
0.6
80.6
Petrofac
18.1
0.6
81.2
Bangkok Bank
17.2
0.6
81.8
Perusahaan Gas Negara
17.2
0.6
82.4
Vodafone
16.2
0.6
83.0
Wisconsin Energy
16.2
0.6
83.6
Charoen Pokphand Foods
15.5
0.5
84.1
Plum Creek Timber
15.0
0.5
84.7
Ascendas Real Estate Investment Trust
14.3
0.5
85.2
bpost
13.0
0.5
85.6
Rolls-Royce
12.2
0.4
86.0
Liberty Global
11.6
0.4
86.4
Cerner
11.5
0.4
86.9
Vtech
11.3
0.4
87.3
Liberty Global
11.1
0.4
87.6
Komercni Banka
10.3
0.4
88.0
Experian
10.1
0.4
88.4
Och-Ziff Capital Management
10.1
0.4
88.7
M1 Limited
8.8
0.3
89.0
Ashmore Global Opportunites
8.4
0.3
89.3
Delta Lloyd
7.2
0.3
89.6
Rolls-Royce
0.2
0.0
89.6
Sub Total Equities
2546.9
89.6
OEICS
Name
£m
% of Net Assets
Cumulative %
Global Thematic Opportunities Fund
182.0
6.4
96.0
Monthly Income Bond Fund
132.7
4.7
100.6
Dynamic Bond Fund
53.9
1.9
102.5
Sustainable Future Pan-European Equity Fund
34.5
1.2
103.7
Sub Total OEICS
403.1
14.2
Other Asset Classes
Name
£m
% of Net Assets
Cumulative (%)
Private Equity
122.5
4.3
108.1
Operating Subsidiaries
39.8
1.4
109.5
Property
11.4
0.4
109.9
Cash
66.2
2.3
112.2
Other Assets
33.5
1.2
113.4
Gearing
(380.0)
(13.4)
100.0
Net Assets
2843.3
100.0
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