• Equities 49.9%
• Thematic 10.1%
• Amundi Core MSCI China A Swap ETF GBP Dist 2.6%
• Fundsmith Equity Fund I Acc 2.5%
• Xtrackers MSCI India Swap ETF GBP 2.5%
• Xtrackers MSCI USA Health Care ETF USD Inc 2.5%
• US 27.2%
• iShares Core S&P 500 ETF 4.7%
• L&G US Equity ETF USD 11.5%
• SPDR S&P 500 UCITS ETF 11.0%
• UK 3.0%
• Amundi UK Equity All Cap ETF GBP 3.0%
• Europe ex UK 4.0%
• HSBC Euro Stoxx 50 UCITS ETF USD Inc (Offshore) 4.0%
• Japan 3.0%
• Amundi Prime Japan UCITS ETF USD 3.0%
• Emerging Markets 2.6%
• HSBC MSCI EM ETF 2.6%

• Nominal Bonds 26.2%
• US Treasury 1.875% 28/02/29 10.4%
• US Treasury 4.5% 15/11/33 2.7%
• US Treasury 3.875% 15/08/34 13.1%

• Inflation-Linked Bonds 6.8%
• US TIPS 0.25% 15/07/29 6.8%

• Alternatives 16.3%
• DUNN WMA Inst. UCITS USD B Acc 2.6%
• Fulcrum Equity Dispersion I USD 2.9%
• Icosa Cat Bond SI2 2.8%
• Royal Mint Responsibly Sourced Gold ETC 2.5%
• Twelve Cat Bond 2.8%
• Winton Trend USD I Acc 2.7%

• Cash 0.9%
• BlackRock ICS USD USBF Acc Premier Class 3.1%
• Cash Balance -2.2%