Portfolio Holdings

The Company’s portfolio holdings report, detailing a list of all investments, including sector and geographical distribution is released monthly to the London Stock Exchange

Details of the latest monthly portfolio holdings

The latest report can be accessed from the link to the right, while historic reports are available in the archive further down the page.

A list of all investments is displayed below.

As at 31 May 2025

Rank
Company
Sector
Country
% of Net Assets
AVI Japanese Special Situations Fund
Financials
Japan
12.7
Volunteer Park Capital Fund SCSp
Financials
Luxembourg
6.9
Dassault Aviation
Industrials
France
3.3
Unilever
Consumer Staples
United Kingdom
3.3
Lloyds Banking Group
Financials
United Kingdom
3.0
Alibaba Group
Consumer Discretionary
Hong Kong
3.0
Jet2
Industrials
United Kingdom
2.8
TotalEnergies
Energy
France
2.8
Qinetiq
Industrials
United Kingdom
2.7
Orange
Communication Services
France
2.6
ENI
Energy
Italy
2.1
RTX
Industrials
United States
2.1
Terveystalo
Health Care
Finland
1.9
Danieli
Industrials
Italy
1.8
Bakkafrost
Consumer Staples
Denmark
1.6
Azelis Group
Materials
Belgium
1.6
Sanofi
Health Care
France
1.6
General Dynamics
Industrials
United States
1.6
Breedon Group
Materials
United Kingdom
1.5
Verizon Communications
Communication Services
United States
1.4
Kalmar
Industrials
Finland
1.3
Nestle
Consumer Staples
Switzerland
1.3
Intel
Information Technology
United States
1.0
Philips
Health Care
Netherlands
0.7
 
Total equity investments
 
64.6
 
Cash and other net assets/(liabilities)
 
35.4
 
Net assets
 
100.0

 

 

Archive

Portfolio Holdings FAQs

No investment in the Company’s portfolio may exceed 15% of the Company’s total assets.

The Investment Manager uses MSCI’s Global Industry Classification Standard (GICS).

This sector contains companies whose goods or services are considered non-essential to consumers. These include Automobiles & Components; Consumer Durables & Apparel; Consumer Services; and Retailing.

This sector contains companies whose products are considered essential and which consumers will continue to purchase regardless of changing financial conditions. These include Food & Staples Retailing; Food, Beverage & Tobacco; and Household & Personal Products.