Strong year for Wellcome Trust investment portfolio

Finance | Gareth Jones | 21 Dec 2010

The Wellcome Trust, the UK’s largest investment charity, recorded an 11.1 per cent return in the year to September 2010, meaning it has now offset the losses it incurred in 2007/08.

Public equities, the largest element of the portfolio, returned 31 per cent, which is 12 per cent ahead of global equities markets over the period.

Adding £1,450m to a portfolio value of £13bn over the course of the year, it ensured a two-year total return of 16 per cent.

As a result the Trust was able to spend £678m in support of its mission.

Equity exposure up

During 2009/10 it increased its equity exposure from 38 to 45 per cent, increased its direct holdings in commercial companies, allowed its cash levels to decline and reduced its commercial property and buyout interests.

Sir William Castell, chair of the Trust, said: "We are pleased that the consistency of our investment performance across the different asset classes enabled us to achieve an 11 per cent return in the past year.

“The deep partnerships with outstanding investment managers, which we have built over a long period, have enabled us, in recent difficult years, to manage liquidity comfortably and to deliver the excellent investment returns which have supported our extensive charitable spend.

“We continue to increase our direct investment, both in public and private assets, across the world, as opportunities occur."

Directory: Wellcome Trust

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