• Equities 50.2%
• Thematic 10.6%
• Amundi Core MSCI China A Swap ETF GBP Dist 2.6%
• iShares Edge MSCI World Quality Factor ETF USD 2.5%
• Xtrackers MSCI India Swap ETF GBP 2.5%
• Xtrackers MSCI USA Health Care ETF USD Inc 3.0%
• US 26.8%
• iShares Core S&P 500 ETF 2.9%
• L&G US Equity ETF USD 12.2%
• SPDR S&P 500 UCITS ETF 11.7%
• UK 3.2%
• Amundi UK Equity All Cap ETF GBP 3.2%
• Europe ex UK 4.4%
• HSBC Euro Stoxx 50 UCITS ETF USD Inc (Offshore) 4.4%
• Japan 2.5%
• Amundi Prime Japan UCITS ETF USD 2.5%
• Emerging Markets 2.7%
• HSBC MSCI EM ETF 2.7%

• Emerging Market Debt 2.0%
• Ashmore SICAV EM Short Duration Z USD Acc 2.0%

• Nominal Bonds 23.4%
• US Treasury 1.875% 28/02/29 8.3%
• US Treasury 4.5% 15/11/33 2.6%
• US Treasury 3.875% 15/08/34 12.5%

• Inflation-Linked Bonds 6.6%
• US TIPS 0.25% 15/07/29 6.6%

• Alternatives 14.6%
• DUNN WMA Inst. UCITS USD B Acc 2.6%
• Fulcrum Equity Dispersion I USD 2.6%
• Icosa Cat Bond SI2 2.9%
• Royal Mint Responsibly Sourced Gold ETC 2.4%
• Twelve Cat Bond 1.9%
• Winton Trend USD I Acc 2.2%

• Cash 3.2%
• BlackRock ICS USD USBF Acc Premier Class 1.9%
• Cash Balance 1.3%