Asset Allocation

Equities 44.9
Credit and Emerging Market Debt 26.4
Alternatives 14.3
Government Bonds 13.3
Cash 1.0

Data as at 30/09/2019

Equities

UK Large Cap Equities 12.2
North American Large Cap Equities 8.0
Europe (ex UK) Large Cap Equities 7.7
Emerging Market Equities 5.5
Japanese Equities 4.8
Pacific ex Japan Equities 2.5
Global Equities 2.3
North American Small Cap Equities 1.3
UK Small Cap Equities 0.7
Data as at 30/09/2019

Credit and Emerging Market Debt

UK Investment Grade (All Maturities) 7.3
Emerging Market Sovereign Debt (Hard) 6.9
Global High Yield 6.6
Emerging Market Sovereign Debt (Local) 3.3
Global Investment Grade 2.3
Data as at 30/09/2019

Government Bonds

Global Index Linked 5.0
UK Sovereign 3.6
US Sovereign 1.8
Austraila Sovereign 1.6
EU Sovereign 1.2
Data as at 30/09/2019

Alternatives

Other Alternative 7.5
Infrastructure 3.3
Direct Property 1.4
Global Real Estate Investment Trust 1.1
Commodities 1.0
Data as at 30/09/2019

Top 10 Holdings

Nordea 1 Global High Yield Bond Fund 9.5
Schroder Recovery Fund 9.2
Artemis Income Fund 6.6
Neuberger Berman Global Bond ARB 6.2
MI TwentyFour AM Dynamic Bond Fund 5.4
Legg Mason Gbl Fd Wstn Asset Stru Opp Prem Cl 4.7
BlackRock Euro Dynamic Fund 4.6
Man GLG Continental European Growth 4.1
Metropole Euro SRI A 3.9
iShares Core GBP Corp 3.5

Data as at 30/09/2019.