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Our approach

Our approach to investing is set out in our investment policy [PDF 68KB], which is reviewed at least every two years by our Board of Governors and Investment Committee. Some of the key aspects of our approach are described below.

Philosophy and competitive advantages

A number of investment beliefs drive our asset allocation in the deliberate absence of any pre-determined strategic benchmark.

Asset allocation

The net value of the Trust’s investment asset base was £18.3 billion at 30 September 2015.

We invest across all asset classes and, for reporting purposes, split them up into four areas: public equity, hedge funds, private equity, and property and infrastructure.

Risk management

We are very focused on both the qualitative and quantitative risks we take on in our investments.


We welcome the introduction of the FRC’s UK Stewardship Code [PDF 72KB], and support the industry's continued efforts to strengthen the role played by institutional investors in corporate governance.

Bondholder information

In July 2006 we became the only UK domiciled non-public sector organisation with an Aaa/AAA credit rating and the first UK charity to issue a listed bond.

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Wellcome Trust, Gibbs Building, 215 Euston Road, London NW1 2BE, UK T:+44 (0)20 7611 8888