List of Stock Holdings

January 2014

Equities
Name
Valuation (£m)
% of net assets
Cumulative %
Pfizer Inc.
68.1
2.5
2.4
United Technologies Corporation
65.4
2.4
4.8
Visa Inc. Class A
62.6
2.3
7.1
Walt Disney Company
61.4
2.2
9.3
QUALCOMM Incorporated
56.3
2.0
11.3
Enterprise Products Partners L.P.
52.9
1.9
13.2
Prudential plc
48.2
1.7
14.9
Express Scripts Holding Company
48.1
1.7
16.7
Accenture Plc
47.0
1.7
18.4
CVS Caremark Corporation
45.8
1.7
20.0
Samsung Electronics Co., Ltd.
45.6
1.6
21.7
HSBC Holdings plc
41.6
1.5
23.2
National Grid plc
41.4
1.5
24.6
Amgen Inc.
40.5
1.5
26.1
Google Inc. Class A
40.4
1.5
27.6
Wells Fargo & Company
38.4
1.4
28.9
Legal & General Group Plc
37.5
1.4
30.3
GlaxoSmithKline plc
36.7
1.3
31.6
Danaher Corporation
36.1
1.3
32.9
Resolution Limited
35.9
1.3
34.2
Reckitt Benckiser Group plc
35.5
1.3
35.5
Eni S.p.A.
35.0
1.3
36.8
Deutsche Post AG
34.5
1.2
38.0
Vodafone Group PLC
34.5
1.2
39.2
Kraft Foods Group, Inc.
33.4
1.2
40.4
Rogers Communications Inc. Class B
33.0
1.2
41.6
Roche Holding Ltd Genusssch.
32.2
1.2
42.8
Noble Energy, Inc.
31.6
1.1
43.9
Swedbank AB Class A
31.2
1.1
45.1
BorgWarner Inc.
30.7
1.1
46.2
Barclays PLC
30.7
1.1
47.3
Twenty-First Century Fox, Inc. Class A
30.6
1.1
48.4
Mitsubishi UFJ Financial Group, Inc.
30.5
1.1
49.5
SAP AG
30.1
1.1
50.6
Sanofi
29.5
1.1
51.6
Total SA
29.5
1.1
52.7
Toronto-Dominion Bank
28.9
1.0
53.7
Diageo plc
26.8
1.0
54.7
Fanuc Corporation
26.8
1.0
55.7
Melrose Industries Plc
26.1
0.9
56.6
BNP Paribas SA Class A
25.7
0.9
57.5
AmerisourceBergen Corporation
25.6
0.9
58.4
Praxair, Inc.
25.3
0.9
59.4
Grupo Financiero Banorte SAB de CV Class O
25.0
0.9
60.3
Coach, Inc.
24.7
0.9
61.2
WPP Plc
24.5
0.9
62.0
Glencore Xstrata plc
24.1
0.9
62.9
Novo Nordisk A/S Class B
24.0
0.9
63.8
BASF SE
23.4
0.8
64.6
Schneider Electric SA
23.2
0.8
65.5
Monsanto Company
22.6
0.8
66.3
Volkswagen AG Pref
21.9
0.8
67.1
Aberdeen Asset Management PLC
21.8
0.8
67.8
Liberty Global Plc Class A
21.8
0.8
68.6
Aviva plc
21.7
0.8
69.4
China Gas Holdings Limited
20.7
0.7
70.2
Cadence Design Systems, Inc.
20.7
0.7
70.9
Fomento Economico Mexicano SAB de CV Units Cons. Of 1 ShsB And 4 ShsD
20.5
0.7
71.6
Standard Chartered PLC
20.4
0.7
72.4
Henkel AG & Co. KGaA Pref
20.0
0.7
73.1
Cummins Inc.
20.0
0.7
73.8
Schlumberger NV
19.8
0.7
74.5
Seadrill Ltd.
19.2
0.7
75.2
Zurich Insurance Group AG
19.2
0.7
75.9
Citigroup Inc.
19.2
0.7
76.6
Technip SA
18.5
0.7
77.3
American Tower Corporation
18.0
0.6
77.9
Unilever PLC
18.0
0.6
78.6
Marsh & McLennan Companies, Inc.
17.2
0.6
79.2
Bpost SA de Droit Public
16.6
0.6
79.8
Charoen Pokphand Foods Public Co. Ltd.(Alien Mkt)
16.6
0.6
80.4
GTECH S.p.A.
16.2
0.6
81.0
Telecom Corporation of New Zealand Limited
15.7
0.6
81.5
Mattel, Inc.
15.6
0.6
82.1
Bangkok Bank Public Company Limited (Alien Mkt)
15.6
0.6
82.7
Intuitive Surgical, Inc.
15.3
0.6
83.2
Wisconsin Energy Corporation
15.3
0.6
83.8
Hyundai Mobis Co., Ltd
15.3
0.6
84.3
Oceaneering International, Inc.
15.0
0.5
84.8
Plum Creek Timber Company, Inc.
14.9
0.5
85.4
PT Perusahaan Gas Negara (Persero) Tbk Class B
14.9
0.5
85.9
Humana Inc.
14.7
0.5
86.4
Rolls-Royce Holdings plc
13.6
0.5
86.9
Ascendas Real Estate Investment Trust
13.5
0.5
87.4
Cerner Corporation
13.2
0.5
87.9
Taiwan Mobile Co. Ltd.
12.7
0.5
88.4
M1 Limited
11.2
0.4
88.8
Royal Dutch Shell Plc Class B
11.2
0.4
89.2
VTech Holdings Limited
10.7
0.4
89.6
Experian PLC
10.7
0.4
89.9
Och-Ziff Capital Management Group LLC Class A
10.6
0.4
90.3
Komercni Banka as
8.8
0.3
90.6
Ashmore Global Opportunities Ltd April 13 Redemption GBP
8.7
0.3
91.0
Total Equities
2524.5
91.0
OEICs
Name
Valuation (£m)
% of net assets
Cumulative %
Global Thematic Opportunities Fund
198.4
7.2
98.1
Monthly Income Bond Fund
141.9
5.1
103.2
Dynamic Bond Fund
53.6
1.9
105.1
Sustainable Future Pan-European Equity Fund
24.6
0.9
106.0
Sub Total
418.5
15.1
Other Asset Classes
Name
Valuation (£m)
% of net assets
Cumulative %
Unlisted Private Equity
117.7
4.2
110.3
Operating Subsidiaries
39.5
1.4
111.7
Real Estate
14.4
0.5
112.2
Cash
13.7
0.5
112.7
Other Assets
27.0
1.0
113.7
Gearing
(380.0)
(13.7)
100.0
Total
2775.2
100.0
100.0
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