List of Stock Holdings

December 2013

Equities
Name
Valuation (£m)
% of net assets
Cumulative %
Pfizer Inc.
68.1
2.4
2.4
United Technologies Corporation
64.8
2.2
4.6
The Walt Disney Company
64.2
2.2
6.8
Qualcomm Incorporated
55.9
1.9
8.8
Prudential plc
52.6
1.8
10.6
Enterprise Products Partners L.P.
52.4
1.8
12.4
Visa Inc. Class A
50.2
1.7
14.1
Samsung Electronics Co., Ltd.
49.8
1.7
15.9
CVS Caremark Corporation
48.1
1.7
17.5
Accenture Plc
48.1
1.7
19.2
Express Scripts Holding Company
44.9
1.6
20.8
HSBC Holdings plc
43.9
1.5
22.3
Eni S.p.A.
41.7
1.4
23.7
National Grid plc
41.4
1.4
25.2
Legal & General Group Plc
38.8
1.3
26.5
Amgen Inc.
38.5
1.3
27.8
Wells Fargo & Company
38.2
1.3
29.2
GlaxoSmithKline plc
37.8
1.3
30.5
Reckitt Benckiser Group plc
37.3
1.3
31.8
Danaher Corporation
37.2
1.3
33.1
Resolution Limited
36.5
1.3
34.3
Deutsche Post AG
36.1
1.3
35.6
Vodafone Group Plc
36.1
1.2
36.8
Total SA
35.9
1.2
38.1
Rogers Communications Inc. Class B
35.0
1.2
39.3
Kraft Foods Group, Inc.
34.1
1.2
40.5
Twenty-First Century Fox, Inc. Class A
33.6
1.2
41.6
SAP AG
33.6
1.2
42.8
Swedbank AB Class A
33.3
1.2
43.9
Mitsubishi UFJ Financial Group, Inc.
32.6
1.1
45.1
Roche Holding Ltd Genusssch.
32.5
1.1
46.2
BorgWarner Inc.
31.8
1.1
47.3
Sanofi
31.7
1.1
48.4
The Toronto-Dominion Bank
31.1
1.1
49.5
Barclays PLC
30.6
1.1
50.5
Noble Energy, Inc.
30.3
1.1
51.6
Diageo plc
29.8
1.0
52.6
Fanuc Corporation
29.6
1.0
53.6
Coach, Inc.
28.7
1.0
54.6
Aberdeen Asset Management PLC
27.9
1.0
55.6
Grupo Financiero Banorte SAB de CV Class O
27.5
1.0
56.6
AmerisourceBergen Corporation
26.6
0.9
57.5
WPP Plc
26.5
0.9
58.4
Praxair, Inc.
26.2
0.9
59.3
Melrose Industries Plc
25.8
0.9
60.2
BNP Paribas SA Class A
25.7
0.9
61.1
Schneider Electric SA
24.9
0.9
62.0
Monsanto Company
24.5
0.9
62.8
Volkswagen AG Pref
24.1
0.8
63.6
Google Inc. Class A
24.1
0.8
64.5
Liberty Global Plc Class A
24.1
0.8
65.3
Glencore Xstrata plc
23.4
0.8
66.1
BASF SE
23.2
0.8
66.9
Standard Chartered PLC
22.4
0.8
67.7
Novo Nordisk A/S Class B
22.1
0.8
68.5
Cummins Inc.
22.0
0.8
69.2
Aviva plc
22.0
0.8
70.0
Seadrill Ltd.
21.9
0.8
70.7
Fomento Economico Mexicano SAB de CV Units Cons. Of 1 ShsB And 4 ShsD
21.8
0.8
71.5
China Gas Holdings Limited
21.6
0.7
72.2
Henkel AG & Co. KGaA Pref
21.3
0.7
73.0
Citigroup Inc.
20.9
0.7
73.7
Cadence Design Systems, Inc.
20.4
0.7
74.4
Schlumberger NV
20.2
0.7
75.1
Mattel, Inc.
19.5
0.7
75.8
Unilever PLC
19.1
0.7
76.5
Zurich Insurance Group AG
19.0
0.7
77.1
Charoen Pokphand Foods Public Co. Ltd.(Alien Mkt)
18.3
0.6
77.7
Marsh & McLennan Companies, Inc.
18.1
0.6
78.4
American Tower Corporation
17.7
0.6
79.0
Oceaneering International, Inc.
17.2
0.6
79.6
Bpost SA de Droit Public
16.5
0.6
80.1
Bangkok Bank Public Co. Ltd.(Alien Mkt)
16.1
0.6
80.7
GTECH S.p.A.
16.0
0.6
81.3
Plum Creek Timber Company, Inc.
15.9
0.6
81.8
Telecom Corporation of New Zealand Limited
15.5
0.5
82.4
Humana Inc.
15.4
0.5
82.9
Hyundai Mobis Co., Ltd
14.7
0.5
83.4
Wisconsin Energy Corporation
14.7
0.5
83.9
Rolls-Royce Holdings plc
14.6
0.5
84.4
Intuitive Surgical, Inc.
14.3
0.5
84.9
Ascendas Real Estate Investment Trust
14.0
0.5
85.4
Taiwan Mobile Co. Ltd.
13.9
0.5
85.9
PT Perusahaan Gas Negara (Persero) Tbk Class B
13.9
0.5
86.4
Cerner Corporation
12.9
0.4
86.8
Royal Dutch Shell Plc Class B
11.5
0.4
87.2
Experian PLC
11.4
0.4
87.6
VTech Holdings Limited
11.4
0.4
88.0
Och-Ziff Capital Management Group LLC Class A
11.2
0.4
88.4
M1 Limited
11.0
0.4
88.8
Technip SA
9.6
0.3
89.1
Ashmore Global Opportunities Ltd April 13 Redemption GBP
9.5
0.3
89.4
Komercni Banka as
9.0
0.3
89.7
Integrated Waste Solutions Group Holdings Limited
0.3
0.0
89.7
Sub Total
2589.6
89.7
OEICs
Name
Valuation (£m)
% of net assets
Cumulative %
Global Thematic Opportunities Fund
205.5
7.1
96.9
Monthly Income Bond Fund
165.3
5.7
102.6
Dynamic Bond Fund
53.4
1.8
104.4
Sub Total
424.1
14.7
Other Asset Classes
Name
Valuation (£m)
% of net assets
Cumulative %
Unlisted Private Equity
117.7
4.1
108.5
Operating Subsidiaries
39.5
1.4
109.9
Real Estate
14.7
0.5
110.4
Cash
46.2
1.6
112.0
Other Assets
34.2
1.2
113.2
Gearing
(380.4)
(13.2)
100.0
Total
2885.7
100.0
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