Public equity
A significant portion of our portfolio is invested in shares listed on equity markets around the world. We do this both directly through a portfolio of shares managed by our Investment team and through third-party managers. There is no innate geographical bias in our equity portfolio - we are focused on owning well-managed businesses that are best able to take advantage of economic opportunities around the world. When we appoint external equity managers to manage money on our behalf we prefer active managers who share our long-term time horizon and run concentrated portfolios.
Public equity net returns (%), period to 30 September 2012
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Public equity allocations by strategy (£), as at 30 September
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