The table below shows the Fund's investments which exceed 5% of net assets of the Fund. These are all pooled investment vehicles, which are made up of underlying investments, each of which represent significantly less than 5%.
| Investments | 31 March 2025 Market Value £000s | Holding % | 31 March 2026 Market Value £000s2 | Holding % |
|---|
| London CIV - Baillie Gifford | 243,082 | 14 | 179,885 | 9 |
|---|
| Legal & General - Future World Fund | 350,431 | 21 | 335,063 | 18 |
|---|
| Legal & General - GPJA - ESGParis AlignWldEq | 377,290 | 23 | 426,470 | 22 |
|---|
| Legal & General - Index Linked Gilts | - | - | 177,968 | 9 |
|---|
| Total | 970,802 | 58 | 1,119,386 | 58 |
|---|
London CIV - Baillie Gifford 243,082 14 179,885
Legal & General - Future World Fund 350,431 21 335,063
Legal & General - Index Linked Gilts - - 177,968
Total 970,802 58 1,119,386
All investments are held at fair value in accordance with the requirements of the Code and IFRS 13. The valuation bases are set out below. All assets have been valued using fair value techniques based on the characteristics of each instrument, with the overall objective of maximising the use of market-based information. There has been no change in the valuation techniques used during the year.
| Description of asset | Valuation hierarchy | Basis of valuation | Observable and unobservable inputs | Key sensitivities affecting the valuations provided |
|---|
| Market quoted investments - equities | Level 2 | The published bid market price on the final day of the accounting period | Evaluated price feeds | Not required |
|---|
| Bonds - Corporate bonds and Index linked gilts | Level 2 | NAV basis. Where the markets of financial instruments are actively traded exchange markets, valuations are based on quoted market prices, where available | Evaluated price feeds | Not required |
|---|
| Cash deposits and Cash instruments | Level 1 | Closing bid value on published exchanges | Not required | Not required |
|---|
| Pooled investments - property | Level 2 | Average of broker prices | Evaluated price feeds | Not required |
|---|
| Pooled Investments - Multi Asset Credit | Level 2 | Fixed income securities are priced based on evaluated prices provided by independent pricing services. | Evaluated price feeds | Not required |
|---|