Manager firm
WTW
Manager(s)
Craig Baker, Mark Davis, Stuart Gray
Structure
investment_trust
AIC sector
Global
Base currency
GBP
Launched
1888-04-21
Latest factsheet
2026-06-30
Snapshot date
2025-08-31
Manager firm
WTW
Manager(s)
Craig Baker, Mark Davis, Stuart Gray
Structure
investment_trust
AIC sector
Global
Base currency
GBP
Launched
1888-04-21
Latest factsheet
2026-06-30
Snapshot date
2025-08-31
Share price
1326.00p
NAV / share
1370.20p2026-07-23
Premium / discount
-3.23%
Fund size
£5.28bn
OCF
0.47%
Performance fee
—
Gearing
6.40%
Dividend yield
2.10%
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| ytd | 6.0% | 12.7% | -6.7pp |
| 1y | 12.5% | 27.7% | -15.2pp |
| 3y | 12.8% | 27.7% | -14.9pp |
| 5y | 42.6% | 64.3% | -21.7pp |
| since_inception | 51.6% | 75.3% | -23.7pp |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Taiwan Semiconductor | — | — | 3.2% |
| 2 | Alphabet | — | — | 3.2% |
| 3 | Microsoft | — | — | 2.7% |
| 4 | Mastercard | — | — | 2.4% |
| 5 | Amazon | — | — | 2.0% |
| 6 | Visa | — | — | 1.6% |
| 7 | SK Hynix | — | — | 1.5% |
| 8 | NVIDIA | — | — | 1.4% |
| 9 | Samsung Electronics | — | — | 1.2% |
| 10 | SAP | — | — | 1.1% |
| 11 | Galderma Group | — | — | 1.0% |
| 12 | Everest Group | — | — | 1.0% |
| 13 | HCA Healthcare | — | — | 0.9% |
| 14 | GE Vernova | — | — | 0.9% |
| 15 | Diageo | — | — | 0.9% |
| 16 | Lam Research | — | — | 0.9% |
| 17 | Safran | — | — | 0.8% |
| 18 | Progressive | — | — | 0.8% |
| 19 | Roche | — | — | 0.8% |
| 20 | Cigna | — | — | 0.8% |
| Information Technology | 21.7% | |
| Financials | 21.1% | |
| Industrials | 14.8% | |
| Health Care | 8.9% | |
| Consumer Discretionary | 8.9% | |
| Communication Services | 7.7% | |
| Consumer Staples | 5.4% | |
| Stock Picker Cash | 3.5% | |
| Energy | 2.9% | |
| Utilities | 2.7% | |
| Materials | 2.4% | |
| Real Estate | 0.0% |
| USA | 53.5% | |
| UK | 7.4% | |
| Japan | 7.0% | |
| France | 4.2% | |
| Canada | 3.6% | |
| India | 3.1% | |
| Fixed Interest | 2.9% | |
| Cash near Cash | 2.2% | |
| Netherlands | 2.2% | |
| Switzerland | 1.9% |
| Portfolio yield | 1.84% |
| Unlisted holdings | — |
| Cash & equivalents | 2.20% |
| Total assets | £5.56bn |
| Revenue reserves | £0 |
| Net gearing | 6.10% |
| Gross gearing | 8.50% |
| Net cash | £0 |
| Gearing range (from) | — |
| Gearing range (to) | — |
| Shares in issue | 392,720,982 |
| Shares issued | 0 |
| Shares purchased | 1,719,000 |
| Treasury shares | 12,473,000 |
Global stock markets were volatile in June but capped off a strong quarter with a modest increase. The MSCI All Country World Index rose by 0.7% in sterling in the month, led by European stocks, although all regions finished in positive territory in sterling terms. Artificial intelligence (AI) related stocks remained in favour, but investors are questioning whether the massive spending on AI infrastructure by the very largest companies, such as Microsoft and NVIDIA, will yield attractive returns. So, they are rotating into a broader range of opportunities, though many are still AI-related, albeit in different parts of the supply chain. This broadening out of returns beyond the technology sector should, if it is sustained, be supportive of our diversified investment approach. Indeed, over the month, our portfolio outperformed the index, with a net asset value return of 1.9% and a reduced share price return of 1.7% due to a slight widening of the discount.
Manager firm
WTW
Manager(s)
Craig Baker, Mark Davis, Stuart Gray
Structure
investment_trust
AIC sector
Global
Base currency
GBP
Launched
1888-04-21
Latest factsheet
2026-06-30
Snapshot date
2025-08-31
Share price
1326.00p
NAV / share
1370.20p2026-07-23
Premium / discount
-3.23%
Fund size
£5.28bn
OCF
0.47%
Performance fee
—
Gearing
6.40%
Dividend yield
2.10%
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| ytd | 6.0% | 12.7% | -6.7pp |
| 1y | 12.5% | 27.7% | -15.2pp |
| 3y | 12.8% | 27.7% | -14.9pp |
| 5y | 42.6% | 64.3% | -21.7pp |
| since_inception | 51.6% | 75.3% | -23.7pp |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Taiwan Semiconductor | — | — | 3.2% |
| 2 | Alphabet | — | — | 3.2% |
| 3 | Microsoft | — | — | 2.7% |
| 4 | Mastercard | — | — | 2.4% |
| 5 | Amazon | — | — | 2.0% |
| 6 | Visa | — | — | 1.6% |
| 7 | SK Hynix | — | — | 1.5% |
| 8 | NVIDIA | — | — | 1.4% |
| 9 | Samsung Electronics | — | — | 1.2% |
| 10 | SAP | — | — | 1.1% |
| 11 | Galderma Group | — | — | 1.0% |
| 12 | Everest Group | — | — | 1.0% |
| 13 | HCA Healthcare | — | — | 0.9% |
| 14 | GE Vernova | — | — | 0.9% |
| 15 | Diageo | — | — | 0.9% |
| 16 | Lam Research | — | — | 0.9% |
| 17 | Safran | — | — | 0.8% |
| 18 | Progressive | — | — | 0.8% |
| 19 | Roche | — | — | 0.8% |
| 20 | Cigna | — | — | 0.8% |
| Information Technology | 21.7% | |
| Financials | 21.1% | |
| Industrials | 14.8% | |
| Health Care | 8.9% | |
| Consumer Discretionary | 8.9% | |
| Communication Services | 7.7% | |
| Consumer Staples | 5.4% | |
| Stock Picker Cash | 3.5% | |
| Energy | 2.9% | |
| Utilities | 2.7% | |
| Materials | 2.4% | |
| Real Estate | 0.0% |
| USA | 53.5% | |
| UK | 7.4% | |
| Japan | 7.0% | |
| France | 4.2% | |
| Canada | 3.6% | |
| India | 3.1% | |
| Fixed Interest | 2.9% | |
| Cash near Cash | 2.2% | |
| Netherlands | 2.2% | |
| Switzerland | 1.9% |
| Portfolio yield | 1.84% |
| Unlisted holdings | — |
| Cash & equivalents | 2.20% |
| Total assets | £5.56bn |
| Revenue reserves | £0 |
| Net gearing | 6.10% |
| Gross gearing | 8.50% |
| Net cash | £0 |
| Gearing range (from) | — |
| Gearing range (to) | — |
| Shares in issue | 392,720,982 |
| Shares issued | 0 |
| Shares purchased | 1,719,000 |
| Treasury shares | 12,473,000 |
Global stock markets were volatile in June but capped off a strong quarter with a modest increase. The MSCI All Country World Index rose by 0.7% in sterling in the month, led by European stocks, although all regions finished in positive territory in sterling terms. Artificial intelligence (AI) related stocks remained in favour, but investors are questioning whether the massive spending on AI infrastructure by the very largest companies, such as Microsoft and NVIDIA, will yield attractive returns. So, they are rotating into a broader range of opportunities, though many are still AI-related, albeit in different parts of the supply chain. This broadening out of returns beyond the technology sector should, if it is sustained, be supportive of our diversified investment approach. Indeed, over the month, our portfolio outperformed the index, with a net asset value return of 1.9% and a reduced share price return of 1.7% due to a slight widening of the discount.