Asset allocation
The net value of the Trust's investment asset base was approximately £14.5 billion at 30 September 2012. We have an extremely diversified portfolio: direct public equity holdings, multi-asset partnerships, illiquid private equity and venture capital interests and directly held property investments now make up almost 60 per cent of our portfolio.
We invest across all asset classes and, for reporting purposes, split them up into:
The Wellcome Trust Bonds are stated at quoted offer price in the figure above. The Bonds are carried at amortised cost in the Consolidated Balance Sheet. Investment assets exclude Programme related investments. The investment asset allocation presents net investment assets by investment strategy rather than the statutory asset and liabilities classification basis presented in the Financial Statements (for example the market value of Long Only Equities Global is the net market value of the equities, cash, investment debtors and investment creditors held within portfolios with a Global Equities investment strategy).
