List of Stock Holdings

July 2014

Equities
Name
Valuation (£m)
% of Net Assets
Cumulative (%)
Visa
74.7
2.7
2.7
Walt Disney
70.8
2.5
5.2
CVS Caremark
63.0
2.3
7.5
Pfizer
62.6
2.2
9.7
Accenture
55.7
2.0
11.7
Qualcomm
54.4
1.9
13.6
Prudential
53.7
1.9
15.6
Enterprise Products Partners
51.0
1.8
17.4
United Technologies
46.2
1.7
19.0
National Grid
44.9
1.6
20.7
Express Scripts Holding
43.7
1.6
22.2
Amgen
42.2
1.5
23.7
HSBC
42.2
1.5
25.2
Wells Fargo
42.0
1.5
26.7
Intesa Sanpaolo
41.0
1.5
28.2
Reckitt Benckiser
40.8
1.5
29.7
Legal & General
40.8
1.5
31.1
SAP
40.4
1.4
32.6
Google
37.2
1.3
33.9
WPP
36.3
1.3
35.2
Danaher
34.9
1.3
36.5
Friends Life
34.3
1.2
37.7
Toronto-Dominion Bank
34.1
1.2
38.9
GlaxoSmithKline
33.7
1.2
40.1
Roche
33.2
1.2
41.3
Noble Energy
32.8
1.2
42.5
Blackstone
32.0
1.1
43.6
Deutsche Post
31.1
1.1
44.7
Sanofi
30.8
1.1
45.8
Swedbank
29.8
1.1
46.9
Twenty-First Century Fox
29.7
1.1
48.0
Continental
29.7
1.1
49.0
Amerisourcebergen
28.5
1.0
50.0
Toyota Motor
28.5
1.0
51.1
Eni
28.0
1.0
52.1
China Gas
27.9
1.0
53.1
Aviva
27.8
1.0
54.1
Fanuc
27.8
1.0
55.1
Oceaneering International
27.7
1.0
56.1
Novo-Nordisk
27.4
1.0
57.0
Samsung Electronics
27.0
1.0
58.0
Glencore
27.0
1.0
59.0
Diageo
26.6
1.0
59.9
Total
26.0
0.9
60.8
Marsh & Mclennan
25.8
0.9
61.8
Grupo Financiero Banorte
25.6
0.9
62.7
Praxair
25.3
0.9
63.6
Cadence Design Systems
24.0
0.9
64.5
Schlumberger
23.8
0.9
65.3
Schneider Electric
23.7
0.8
66.2
Monsanto
23.4
0.8
67.0
Aberdeen Asset Management
23.1
0.8
67.8
Azimut
23.0
0.8
68.6
BASF
22.1
0.8
69.4
Cummins
21.4
0.8
70.2
Intuitive Surgical
20.7
0.7
70.9
Fomento Economico Mexicano
20.7
0.7
71.7
American Tower
20.5
0.7
72.4
Rogers Communications
20.3
0.7
73.1
Standard Chartered
20.2
0.7
73.9
Henkel
20.0
0.7
74.6
Unilever
19.8
0.7
75.3
Volkswagen
19.7
0.7
76.0
Petrofac
19.6
0.7
76.7
Telecom Corporation Of New Zealand
19.3
0.7
77.4
Google
19.0
0.7
78.1
Seadrill
19.0
0.7
78.7
Perusahaan Gas Negara
19.0
0.7
79.4
Melrose Industries
18.8
0.7
80.1
Zurich Insurance
18.7
0.7
80.8
Bangkok Bank
17.9
0.6
81.4
Eaton
17.8
0.6
82.0
Humana
17.2
0.6
82.7
Delta Lloyd
16.7
0.6
83.3
Vodafone
16.4
0.6
83.9
Charoen Pokphand Foods
15.6
0.6
84.4
Wisconsin Energy
15.2
0.5
85.0
Ascendas Real Estate Investment Trust
14.6
0.5
85.5
Plum Creek Timber
13.9
0.5
86.0
Cerner
12.5
0.4
86.4
Rolls-Royce
11.9
0.4
86.8
Liberty Global
11.0
0.4
87.2
Vtech
10.7
0.4
87.6
Liberty Global
10.6
0.4
88.0
Experian
10.4
0.4
88.4
Och-Ziff Capital Management
10.1
0.4
88.7
Komercni Banka
9.8
0.3
89.1
M1 Limited
9.4
0.3
89.4
Ashmore Global Opportunites
8.8
0.3
89.7
Sub Total Equities
2,507.2
89.7
OEICS
Name
£m
% of Net Assets
Cumulative %
Monthly Income Bond Fund
122.4
4.4
94.1
Global Thematic Opportunities Fund
170.2
6.1
100.2
Dynamic Bond Fund
54.1
1.9
102.1
Sustainable Future Pan-European Equity Fund
53.9
1.9
104.1
Sustainable Future Cautious Managed Fund
10.0
0.4
104.4
Sustainable Future Defensive Managed Fund
10.0
0.4
104.8
Sub Total OEICS
420.6
15.1
Other Asset Classes
Name
£m
% of Net Assets
Cumulative (%)
Private Equity
131.4
4.7
109.5
Operating Subsidiaries
56.6
2.0
111.5
Property
4.5
0.2
111.7
Cash
36.8
1.3
113.0
Other Assets
16.8
0.6
113.6
Gearing
(380.0)
(13.6)
100.0
Net Assets
2,794.0
100.0
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