Top Twenty Holdings
Sector Allocation
Geographical Allocation

TOP TWENTY HOLDINGS (%)

Caledonia 8.0
ICG Enterprise 6.0
Aberdeen Standard Asia Focus 4.9
British Empire 4.8
Blackrock World Mining 4.1
LF Ruffer Equity & General Fund 3.9
Woodford Patient Capital Trust 3.1
HG Capital 3.1
Henderson UK Absolute Return Fund 2.9
Odyssean Investment Trust 2.8
Schroder Global Recovery Fund 2.8
Merian Gold & Silver Fund 2.8
TwentyFour Abs Return Credit Fund 2.8
AVI Japan Opportunity Trust 2.7
Man GLG Undervalued Assets Fund 2.7
JOHCM UK Equity Income Fund 2.6
Miton Gbl Infrastructure Income Fund 2.4
Aberforth Smaller Companies Trust 2.4
Hansa 2.3
Baker Steel Resources Trust 2.3
Total

SECTOR ALLOCATION (%)

Equities

International 23.6
UK Small-Cap 7.0
Asia 6.1
UK Growth 4.2
Europe 3.6
Emerging Markets 3.1
Japan 2.7
UK Income 2.6
UK Mid-Cap 1.0

Specialist

Private Equity 13.6
Mining And Resources 10.1
Absolute Return 9.3
Utilities 4.1
Technology 1.1
Biotechnology 1.0

Property

Commercial Property 1.0
Cash & Income 5.8

GEOGRAPHICAL ALLOCATION (%)

International 54.1
United Kingdom 22.0
Asia Pacific ex Japan 6.2
Europe ex UK 3.6
Emerging Markets 3.1
Japan 2.7
America 1.5
Europe 1.0
Cash 5.8

Data as at 31 Dec 2018.