List of Stock Holdings

November 2013

Equities
Name
Valuation (£m)
% of net assets
Cumulative %
Pfizer Inc.
71.5
2.5
2.4
United Technologies Corporation
64.0
2.2
4.7
The Walt Disney Company
60.0
2.1
6.7
QUALCOMM Incorporated
56.2
2.0
8.7
Samsung Electronics Co., Ltd.
54.6
1.9
10.6
Prudential plc
51.3
1.8
12.4
Enterprise Products Partners L.P.
50.5
1.8
14.1
Visa Inc. Class A
46.5
1.6
15.8
Accenture Plc
45.8
1.6
17.3
CVS Caremark Corporation
45.6
1.6
18.9
HSBC Holdings plc
45.2
1.6
20.5
Express Scripts Holding Company
43.6
1.5
22.0
Eni S.p.A.
42.3
1.5
23.5
National Grid plc
40.7
1.4
24.9
Amgen Inc.
39.0
1.4
26.3
Reckitt Benckiser Group plc
38.2
1.3
27.6
GlaxoSmithKline plc
37.9
1.3
28.9
Wells Fargo & Company
37.5
1.3
30.2
Legal & General Group Plc
37.2
1.3
31.5
Danaher Corporation
36.6
1.3
32.8
Total SA
36.0
1.3
34.0
Deutsche Post AG
35.4
1.2
35.3
Resolution Limited
35.3
1.2
36.5
Rogers Communications Inc. Class B
35.0
1.2
37.7
Vodafone Group Plc
34.5
1.2
38.9
Kraft Foods Group, Inc.
34.1
1.2
40.1
Roche Holding Ltd Genusssch.
32.9
1.1
41.2
SAP AG
32.7
1.1
42.4
Twenty-First Century Fox, Inc. Class A
32.4
1.1
43.5
Mitsubishi UFJ Financial Group, Inc.
32.3
1.1
44.6
Sanofi
32.0
1.1
45.7
Noble Energy, Inc.
31.7
1.1
46.8
BorgWarner Inc.
30.9
1.1
47.9
Swedbank AB Class A
30.7
1.1
49.0
Barclays PLC
30.6
1.1
50.0
The Toronto-Dominion Bank
30.6
1.1
51.1
Coach, Inc.
30.0
1.0
52.1
Diageo plc
29.0
1.0
53.1
Fanuc Corporation
27.7
1.0
54.1
Aberdeen Asset Management PLC
27.5
1.0
55.1
Grupo Financiero Banorte SAB de CV Class O
27.1
0.9
56.0
AmerisourceBergen Corporation
27.0
0.9
56.9
WPP Plc
25.9
0.9
57.8
Praxair, Inc.
25.8
0.9
58.7
BNP Paribas SA
25.1
0.9
59.6
Melrose Industries Plc
24.7
0.9
60.5
Monsanto Company
24.2
0.8
61.3
Standard Chartered PLC
23.8
0.8
62.1
Liberty Global Plc Class A
23.5
0.8
63.0
BASF SE
23.4
0.8
63.8
Glencore Xstrata plc
23.2
0.8
64.6
Seadrill Ltd.
23.1
0.8
65.4
Google Inc. Class A
23.1
0.8
66.2
Volkswagen AG Pref
23.0
0.8
67.0
Fomento Economico Mexicano SAB de CV Units Cons. Of 1 ShsB And 4 ShsD
22.0
0.8
67.8
Novo Nordisk A/S Class B
21.9
0.8
68.5
Citigroup Inc.
21.5
0.7
69.3
Henkel AG & Co. KGaA Pref
21.0
0.7
70.0
Cummins Inc.
21.0
0.7
70.7
Aviva plc
21.0
0.7
71.4
China Gas Holdings Limited
20.1
0.7
72.1
Schlumberger NV
20.1
0.7
72.8
Schneider Electric SA
19.6
0.7
73.5
Cadence Design Systems, Inc.
19.5
0.7
74.2
Mattel, Inc.
19.2
0.7
74.9
Unilever PLC
19.0
0.7
75.5
Zurich Insurance Group AG
18.6
0.6
76.2
Bpost SA de Droit Public
18.2
0.6
76.8
Marsh & McLennan Companies, Inc.
18.0
0.6
77.4
Bangkok Bank Public Co. Ltd.(Alien Mkt)
17.8
0.6
78.1
American Tower Corporation
17.4
0.6
78.7
Experian PLC
17.2
0.6
79.3
Oceaneering International, Inc.
17.1
0.6
79.9
Charoen Pokphand Foods Public Co. Ltd.(Alien Mkt)
17.0
0.6
80.4
GTECH S.p.A.
16.4
0.6
81.0
Humana Inc.
15.8
0.5
81.6
Telecom Corporation of New Zealand Limited
15.6
0.5
82.1
Hyundai Mobis Co., Ltd
15.5
0.5
82.6
PT Perusahaan Gas Negara (Persero) Tbk Class B
15.5
0.5
83.2
Royal Dutch Shell Plc Class B
15.5
0.5
83.7
Plum Creek Timber Company, Inc.
15.2
0.5
84.2
Wisconsin Energy Corporation
15.0
0.5
84.8
Ascendas Real Estate Investment Trust
14.4
0.5
85.3
Taiwan Mobile Co. Ltd.
14.3
0.5
85.8
Intuitive Surgical, Inc.
14.2
0.5
86.3
Rolls-Royce Holdings plc
14.1
0.5
86.8
Cerner Corporation
13.4
0.5
87.2
VTech Holdings Limited
11.9
0.4
87.6
M1 Limited
11.2
0.4
88.0
Ashmore Global Opportunities Ltd April 13 Redemption GBP
10.9
0.4
88.4
Technip SA
10.1
0.4
88.8
Komercni Banka as
9.4
0.3
89.1
Housing Development Finance Corporation Limited
6.7
0.2
89.3
Och-Ziff Capital Management Group LLC Class A
5.2
0.2
89.5
Integrated Waste Solutions Group Holdings Limited
0.3
0.0
89.5
Sub Total
2576.5
89.6
OEICs
Name
Valuation (£m)
% of net assets
Cumulative %
Global Thematic Opportunities Fund
203.2
7.1
96.6
Monthly Income Bond Fund
166.7
5.8
102.4
Dynamic Bond Fund
53.0
1.8
104.2
Sub Total
422.9
14.7
Other Asset Classes
Name
Valuation (£m)
% of net assets
Cumulative %
Unlisted Private Equity
115.7
4.0
108.2
Operating Subsidiaries
39.5
1.4
109.6
Real Estate
19.3
0.7
110.3
Cash
31.8
1.1
111.4
Other Assets
21.5
0.7
112.2
Gearing
(350.0)
(12.2)
100.0
Total
2877.1
100.0
100.0
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