Directly held public equity holdings
A significant portion of our investment portfolio is invested in shares listed on equity markets around the world. We do this both directly through a portfolio of shares managed by our Investment team and through third-party managers.
Top direct public equity holdings
As at 30 September 2022
This table lists the major public equities which we hold directly and manage ourselves.
| Rank 2022 | Rank 2021 | Name | Total value (£m) | Total value (US$m) |
Return on cost GBP (Inception dates differ) |
|---|---|---|---|---|---|
| 1 | 2 | Microsoft | 511 | 570 | 8.78x |
| 2 | 5 | Nestle | 505 | 564 | 2.38x |
| 3 | 3 | Alphabet | 498 | 556 | 8.44x |
| 4 | 7 | Amazon | 451 | 504 | 1.29x |
| 5 | 6 | Apple | 408 | 456 | 18.82x |
| 6 | 20 | Visa | 382 | 426 | 1.12x |
| 7 | 12 | Roche | 351 | 391 | 2.37x |
| 8 | 23 | Johnson & Johnson | 348 | 389 | 2.83x |
| 9 | 9 | HDFC Corp | 328 | 366 | 1.54x |
| 10 | 10 | Berkshire Hathaway | 309 | 345 | 3.71x |
| 11 | 21 | Novartis | 308 | 343 | 1.90x |
| 12 | 15 | Syncona* | 306 | 341 | 0.94x |
| 13 | 4 | Vonovia | 300 | 335 | 1.60x |
| 14 | 30 | Pepsico | 292 | 326 | 4.56x |
| 15 | 33 | Linde | 270 | 302 | 1.20x |
| 16 | 35 | Bank Central | 268 | 299 | 2.09x |
| 17 | 13 | JD.com | 258 | 288 | 2.17x |
| 18 | 27 | LVMH | 257 | 287 | 1.79x |
| 19 | 19 | AIA | 254 | 283 | 1.30x |
| 20 | 26 | Accenture | 253 | 283 | 1.76x |
| 21 | 28 | HDFC Bank | 251 | 280 | 1.53x |
| 22 | 17 | Unilever | 234 | 261 | 1.89x |
| 23 | 24 | Adobe | 230 | 257 | 0.83x |
| 24 | 1 | DoorDash | 226 | 253 | 0.93x |
| 25 | 11 | Alibaba | 220 | 246 | 1.39x |
| 26 | 25 | Cisco Systems | 215 | 240 | 3.56x |
| 27 | 22 | Siemens | 199 | 222 | 1.87x |
| 28 | 34 | ServiceNow | 186 | 208 | 0.94x |
| 29 | 36 | Abbott | 180 | 201 | 1.15x |
| 30 | 37 | Ping An | 161 | 180 | 0.71x |
| 31 | 8 | Meta | 158 | 176 | 3.46x |
| 32 | 31 | Nike | 156 | 174 | 1.11x |
| 33 | 29 | Anheuser-Busch | 156 | 174 | 1.14x |
| 34 | - | Mastercard | 141 | 158 | 0.97x |
Notes: Returns include all purchases, sales and dividends since inclusion in our public equities portfolio. Some holdings originated prior to becoming publicly listed. These holdings are as at 30 September 2022, and any holdings and values may have changed since this point. Not included are any holdings representing less than 0.1% of our total portfolio.