Top Twenty Holdings
Sector Allocation
Geographical Allocation

TOP TWENTY HOLDINGS (%)

AVI Global Trust 6.9
Caledonia 6.1
ICG Enterprise 4.7
Blackrock World Mining 4.6
Aberdeen Standard Asia Focus 4.5
Merian Gold & Silver Fund 4.1
Schroder Global Recovery Fund 3.7
JOHCM UK Equity Income Fund 3.5
AVI Japan Opportunity Trust 3.4
BlackRock Gold & General 3.0
LF Ruffer Equity & General Fund 2.9
Aberforth Smaller Companies Trust 2.9
TR European Growth Trust 2.7
Man GLG Undervalued Assets Fund 2.6
Miton Gbl Infrastructure Income Fund 2.5
TB Amati UK Smaller Companies 2.4
Baker Steel Resources Trust 2.4
Henderson UK Absolute Return Fund 2.4
Henderson EuroTrust 2.4
Ecofin Global Utilities and Infra. Trust 2.4
Total

SECTOR ALLOCATION (%)

Equities

International 19.5
UK Small-Cap 7.3
Asia 6.9
Europe 5.1
UK Growth 4.0
UK Income 3.5
Japan 3.4
Emerging Markets 3.4

Specialist

Defensive 18.3
Private Equity 9.5
Mining And Resources 7.1
Utilities 4.9
Technology 2.0
Biotechnology 1.7

Property

Commercial Property 1.0
Cash & Income 2.3

GEOGRAPHICAL ALLOCATION (%)

International 56.0
United Kingdom 21.0
Asia Pacific ex Japan 7.0
Europe ex UK 5.0
Japan 4.0
Emerging Markets 3.0
Europe 1.0
America 1.0
Cash 2.3

Data as at 31 Jul 2019.