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 2025
This table lists the major public equities which we hold directly and manage ourselves.
| Rank 2025 | Rank 2024 | Name | Total value £m | Total value US$m | Return on Cost GBP (Inception dates differ) |
| 1 | 5 | Alphabet | 651 | 877 | 14.1x |
| 2 | 2 | Visa | 609 | 820 | 1.8x |
| 3 | 12 | DoorDash | 607 | 817 | 29.0x |
| 4 | 4 | Microsoft | 578 | 778 | 11.4x |
| 5 | 1 | Amazon | 539 | 725 | 2.0x |
| 6 | 3 | Apple | 530 | 714 | 21.9x |
| 7 | 6 | HDFC Bank | 446 | 601 | 1.6x |
| 8 | 7 | Nestle | 409 | 551 | 1.7x |
| 9 | 13 | Siemens | 400 | 539 | 2.9x |
| 10 | 8 | Linde | 396 | 533 | 1.8x |
| 11 | 9 | Berkshire Hathaway | 393 | 529 | 4.9x |
| 12 | 10 | Novartis | 383 | 516 | 2.6x |
| 13 | 20 | Abbott | 311 | 419 | 1.3x |
| 14 | 11 | ServiceNow | 308 | 415 | 1.9x |
| 15 | 23 | Cisco Systems | 305 | 411 | 4.9x |
| 16 | 16 | Roche | 290 | 390 | 2.2x |
| 17 | 25 | Edwards Life | 278 | 374 | 0.9x |
| 18 | 17 | Unilever | 260 | 349 | 2.1x |
| 19 | 14 | Vonovia | 255 | 343 | 1.8x |
| 20 | 27 | Mastercard | 252 | 339 | 1.6x |
| 21 | 19 | LVMH | 227 | 306 | 1.5x |
| 22 | 29 | Johnson & Johnson | 221 | 297 | 2.8x |
| 23 | 21 | Pepsico | 209 | 281 | 3.8x |
| 24 | 15 | Accenture | 202 | 272 | 1.5x |
| 25 | 18 | Adobe | 197 | 265 | 1.0x |
| 26 | 26 | Syncona | 184 | 247 | 0.7x |
| 27 | 32 | Keyence | 159 | 214 | 0.9x |
| 28 | 28 | Nike | 156 | 209 | 0.8x |
| 29 | 22 | Bank Central Asia | 51 | 68 | 1.7x |
| Notes: Returns include all purchases, sales and dividends since inclusion in our public equities portfolio. Some holdings originated prior to becoming publicly listed, and, where this is the case, returns are inclusive of that period. These holdings are as at 30 September 2025, 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. |