• Equities 49.7%
• Thematic 9.7%
• Amundi Core MSCI China A Swap ETF GBP Dist 2.7%
• Fundsmith Equity Fund I Acc 2.3%
• Xtrackers MSCI India Swap ETF GBP 2.4%
• Xtrackers MSCI USA Health Care ETF USD Inc 2.3%
• US 26.8%
• iShares Core S&P 500 ETF 6.2%
• L&G US Equity ETF USD 7.3%
• SPDR S&P 500 UCITS ETF 7.0%
• Vanguard S&P 500 ETF 6.3%
• UK 3.3%
• Amundi UK Equity All Cap ETF GBP 3.3%
• Europe ex UK 3.7%
• HSBC Euro Stoxx 50 UCITS ETF USD Inc (Offshore) 3.7%
• Japan 3.3%
• Amundi Prime Japan UCITS ETF USD 3.3%
• Emerging Markets 2.9%
• HSBC MSCI EM ETF 2.9%

• Nominal Bonds 25.2%
• US Treasury 1.875% 28/02/29 8.7%
• US Treasury 4.5% 15/11/33 1.8%
• US Treasury 3.875% 15/08/34 8.7%
• US Treasury 4.5% 15/02/36 6.0%

• Inflation-Linked Bonds 6.4%
• US TIPS 0.25% 15/07/29 6.4%

• Alternatives 13.2%
• DUNN WMA Inst. UCITS USD B Acc 2.5%
• Fulcrum Equity Dispersion I USD 1.9%
• Icosa Cat Bond SI2 1.9%
• Royal Mint Responsibly Sourced Gold ETC 2.4%
• Twelve Cat Bond 1.9%
• Winton Trend USD I Acc 2.6%

• Cash 5.5%
• BlackRock ICS USD USBF Acc Premier Class 2.1%
• Cash Balance 3.4%