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 2023

This table lists the major public equities which we hold directly and manage ourselves.

Rank 2023 Rank 2022 Name Total value (£m) Total value (US$m) Return on cost GBP (Inception dates differ)
1 4 Amazon 486 593 1.3x
2 2 Nestle 483 590 2.3x
3 1 Microsoft 479 584 9.7x
4 6 Visa 453 552 1.3x
5 3 Alphabet 431 526 10.1x
6 21 HDFC Bank 420 512 1.5x
7 5 Apple 393 480 19.7x
8 11 Novartis 345 421 2.3x
9 15 Linde 342 417 1.5x
10 23 Adobe 334 408 1.4x
11 24 DoorDash 333 406 21.5x
12 10 Berkshire Hathaway 331 404 4.2x
13 13 Vonovia 304 371 1.6x
14 18 LVMH 279 341 2.1x
15 14 Pepsico 278 339 4.5x
16 20 Accenture 277 338 1.9x
17 8 Johnson & Johnson 268 327 2.6x
18 7 Roche 268 327 1.9x
19 26 Cisco Systems 264 323 4.2x
20 28 ServiceNow 262 320 1.3x
21 16 Bank Central 249 304 2.0x
22 22 Unilever 240 293 2.0x
23 27 Siemens 235 287 2.2x
24 19 AIA 227 277 1.2x
25 12 Syncona* 217 264 0.8x
26 29 Abbott 214 262 1.0x
27 35 Edwards Life 199 243 0.9x
28 32 Nike 196 239 1.2x
29 25 Alibaba 195 237 1.4x
30 34 Mastercard 180 220 1.2x
31 33 Anheuser-Busch 173 211 1.2x
32 30 Ping An 146 178 0.8x
33 17 JD.com 131 159 1.7x
34 - Instacart 87 106 1.7x
35 - Keyence 46 56 1.0x

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 2023, 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.