| INVESTMENT PORTFOLIO at 31 December 2021 | Market Value $000 | % of NAV | Primary Focus |
|---|---|---|---|
| Findlay Park American Fund | 39,264 | 11.2 | US Equities - Long Only |
| BlackRock Strategic Equity Hedge Fund | 16,200 | 4.6 | Europe Equities - Hedge |
| Adelphi European Select Equity Fund | 15,590 | 4.4 | Europe Equities - Long Only |
| Egerton Long - Short Fund Limited | 15,474 | 4.4 | Europe/US Equities - Hedge |
| Select Equity Offshore, Ltd | 14,508 | 4.1 | US Equities - Long Only |
| GAM Star Fund PLC - Disruptive Growth | 14,454 | 4.1 | Technology Equities - Long Only |
| Vulcan Value Equity Fund | 13,324 | 3.8 | US Equities - Long Only |
| Schroder ISF Asian Total Return Fund | 8,988 | 2.5 | Asia ex-Japan Equities - Long Only |
| Stepstone Global Partners VI, LP | 8,364 | 2.4 | Private Assets - US Venture Capital |
| NG Capital Partners II, LP | 7,973 | 2.3 | Private Assets - Latin America |
|
Top 10 Holdings |
154,139 |
43.8 |
|
| Goodhart Partners: Hanjo Fund | 7,767 | 2.2 | Japan Equities - Long Only |
| Pangaea II, LP | 7,670 | 2.2 | Private Assets - GEM |
| NTAsian Discovery Fund | 7,247 | 2.1 | Asia ex-Japan Equities - Long Only |
| KKR Americas XII, LP | 6,879 | 2.1 | Private Assets - North America |
| Pershing Square Holdings Ltd | 6,817 | 1.9 | US Equities - Long Only |
| Silver Lake Partners IV, LP | 6,095 | 1.7 | Private Assets - Global Technology |
| Primary Capital IV, LLP | 5,609 | 1.6 | Private Assets - Europe |
| Indus Japan Long Only Fund | 5,394 | 1.5 | Japan Equities - Long Only |
| Impax Environmental Markets Fund | 5,310 | 1.5 | Environmental Equities - Long Only |
| Hudson Bay International Fund Ltd | 5,101 | 1.4 | Market Neutral - Multi-Strategy |
|
Top 20 Holdings |
218,028 |
62.0 |
|
| Stepstone Global Partners IV, LP | 4,980 | 1.4 | Private Assets - US Venture Capital |
| Helios Investors II, LP | 4,807 | 1.4 | Private Assets - Africa |
| Prince Street Opportunities Fund | 4,733 | 1.3 | Emerging Markets Equities - Long Only |
| Baring Asia Private Equity Fund VII, LP | 4,317 | 1.2 | Private Assets - Asia |
| Silver Lake Partners V, LP | 4,311 | 1.2 | Private Assets - Global Technology |
| EQT Mid-Market Europe, LP | 4,092 | 1.2 | Private Assets - Europe |
| Prosperity Quest Fund | 4,077 | 1.2 | Russia Equities - Long Only |
| Worldwide Healthcare Trust PLC | 4,069 | 1.1 | Healthcare Equities - Long Only |
| SPDR MSCI World Financials UCITS ETF | 3,832 | 1.1 | Financials Equities - Long Only |
| Global Event Partners Ltd | 3,772 | 1.1 | Market Neutral - Event-Driven |
|
Top 30 Holdings |
261,018 |
74.2 |
|
| 58 Remaining Holdings | 88,595 | 25.2 | |
| Cash | 2,186 | 0.6 | |
| Total | 351,799 | 100.0 |