Wellcome Trust announces 2014/15 annual results

Wellcome Trust has today issued the following press release in connection with the publication of its Annual Report and Financial Statements:

The Wellcome Trust is pleased to report that our investment portfolio recorded a total return of 6.1 per cent for the year to 30 September 2015, equating to £1.1 billion on an investment portfolio value of £18.0 billion at the start of the year. Cash payments in support of our mission rose to £756 million and the investment base rose to £18.3 billion.

We have returned over £10 billion (92 per cent cumulative, 9.8 per cent annualised) in the seven years since the start of the global financial crisis in September 2008, recording positive returns in each of these years. Returns have been 127 per cent cumulative (8.6 per cent annualised) over ten years and 453 per cent cumulative (8.9 per cent annualised) over 20 years. Since the inception of our investment portfolio in 1985, it has provided a total return averaging 14 per cent a year. We maintain a AAA/Aaa (stable) credit rating.

Depending on actual investment returns, we aim to be able to commit up to £5 billion to our charitable mission over the next five years.

This year, we enjoyed double-digit returns from private equities, venture capital and property. Each major element of the portfolio (public equities, private equities, venture capital, hedge funds and property) has performed strongly over three, five and ten years.

Baroness Manningham-Buller, Chair of the Trust, said: "I am pleased to report that, once again, our investments have done well, building on past investment decisions, and despite a difficult market. We are now spending 35% more a year than we were at the start of the global financial crisis in 2008.

"We would also like to thank Sir William Castell, who retired as Chair at the end of September, for his strong and thoughtful leadership. During his time, the portfolio rose in value from £13.1 billion to £18.3 billion and we have given £6.9 billion to fund our charitable activities."

Danny Truell, CIO of the Trust, added: "Our internal investment team and external investment partners have again added significant value across the board, enabling us to perform better than global stock markets with considerably lower volatility. Prospective investment returns are now lower in most global markets, but with strength in breadth and depth across our investment team and the businesses and partnerships in which we invest, I am confident that we can continue to reinforce the Trust’s robust financial position."