• Equities 54.3%
• Thematic 9.5%
• Amundi Core MSCI China A Swap ETF GBP Dist 2.7%
• Fundsmith Equity Fund I Acc 2.1%
• Xtrackers MSCI India Swap ETF GBP 2.3%
• Xtrackers MSCI USA Health Care ETF USD Inc 2.4%
• US 20.5%
• iShares Core S&P 500 ETF 4.2%
• L&G US Equity ETF GBP 11.1%
• SPDR S&P 500 UCITS ETF 5.2%
• UK 13.3%
• Amundi UK Equity All Cap ETF GBP 10.5%
• iShares Core FTSE 100 ETF 1.5%
• WS Gresham House UK Smaller Companies Fund 1.3%
• Europe ex UK 4.9%
• HSBC Euro Stoxx 50 ETF 4.9%
• Japan 3.2%
• Amundi Prime Japan UCITS ETF USD 3.2%
• Emerging Markets 2.9%
• HSBC MSCI EM ETF 2.9%

• Nominal Bonds 18.4%
• Invesco US Treasury 7-10 Yr ETF GBP Hdg Inc (London) 7.2%
• UK Gilt 0.625% 31/07/2035 2.9%
• UK Gilt 1.75% 07/09/2037 5.7%
• UK Gilt 1.125% 31/01/2039 2.6%

• Alternatives 15.0%
• DUNN WMA Inst. UCITS GBP Class B Acc 2.5%
• Fulcrum Equity Dispersion I GBP 2.5%
• Icosa Cat Bond SI2 2.5%
• Royal Mint Responsibly Sourced Gold ETC 2.4%
• Twelve Cat Bond 2.5%
• Winton Trend GBP I Acc 2.6%

• Cash 12.3%
• BlackRock ICS GBP USBF Acc Premier Class 11.9%
• Cash Balance 0.4%