Asset Allocation

Equities 44.5
Credit and Emerging Market Debt 38.0
Alternatives 9.0
Government Bonds 7.5
Cash 1.1

Data as at 30/09/2019

Equities

UK Equity 17.3
Europe ex UK Equity 9.2
Emerging Market Equity 5.8
Asia Pacific ex Japan Equity 5.0
North America Equity 4.7
Japan Equity 2.0
Small-cap Equity 0.4
Data as at 30/09/2019

Credit and Emerging Market Debt

UK Corporate Bonds 10.5
Emerging Market Bonds (Hard Currency) 7.7
Emerging Market Bonds (Local) 7.4
Global High Yield 5.6
Global Corporate Bonds 4.3
UK Short Duration Corporate Bonds 2.5
Data as at 30/09/2019

Government Bonds

Developed Market Government Bonds (ex UK) 6.5
Global Inflation-Linked Bonds 0.9
Data as at 30/09/2019

Alternatives

Listed Infrastructure 3.5
UK Property 2.8
Real Estate Investment Trusts 2.7
Data as at 30/09/2019

Top 10 Holdings

L&G UK Index Trust 10.8
iShares UK Dividend UCITS ETF 8.1
L&G Emerging Markets Government Bond (US$) Index Fund 7.7
L&G Emerging Markets Government Bond (Local Currency) Index Fund 7.4
L&G US Index Trust 5.7
L&G High Income Trust 5.6
L&G Managed Monthly Income Trust 5.5
L&G Sterling Corporate Bond Index Fund 5.1
L&G European Index Trust 5.1
LGIM Global Corporate Bond Fund 4.3

Data as at 30/09/2019.