Wellcome has reported that its investment assets grew by over 10% last year to a record high of £39.9bn, while its charitable spending increased to £1.92bn.
The charity’s accounts for the year to September 2025, published today, show that its portfolio rose by 6.4% after inflation, with total funds (investments minus liabilities) rising by £1.8bn to £35.7bn.
Wellcome said its returns were underpinned by strong public equity markets, while property investments delivered a negative return against “a difficult market backdrop”.
The charity plans to achieve a net zero portfolio by 2050 at the latest while spending £16bn on its mission in the 10 years to 2032.
Wellcome’s highest paid member of its investment team earned between £4.47m and £4.48m in 2024-25, while chief executive John-Arne Rottingen took home £949,000.
Former chief investment officer Nick Moakes retired in March last year and was replaced by co-chief investment officers Lisha Patel and Fabian Thehos.
‘Highly uncertain environment’
Patel said: “It was reassuring to see the investment portfolio value reach a new high, despite significant market volatility over the course of the year.
“We remain focused on the long term and laying the foundations for Wellcome’s investment portfolio for the decades ahead, even if the near-term outlook appears increasingly challenged, and are confident in our team’s sound stewardship of Wellcome’s assets.”
Thehos said: “The investment portfolio has performed well in a turbulent environment, with positive contributions from many different parts.
“We are grateful for our high-quality roster of investment partners, many of whom have been active relationships for decades.
“Our flexible, unconstrained investment mandate and our strong governance structure that allows efficient decision-making mean we can pursue opportunities that many others cannot access.
“We maintain a strong liquidity position that allows us to take advantage of any future market dislocations that may arise.”
Longer-term performance
Since the inception of Wellcome’s investment portfolio in 1985, it has provided a total return of 13.2% per annum with an 11.7% annualised return in the decade since September 2015.
Julia Gillard, chair of the charity’s board of governors, said: “I thank the investment team for steering the endowment through a highly uncertain environment.
“Our investment portfolio allows us to be truly independent and operate at an increasingly large scale, funding ambitious projects at a global level.
“Our long-term horizon is a powerful advantage, both in our mission-related activities and as an investor.
“The investment portfolio has performed very strongly over the last decade, and while we recognise the challenge of current elevated market valuations for prospective returns, the quality of our assets and strength of our team underpin the board’s confidence in our charitable mission spend ambition.”
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