Investments

The Wellcome Trust has a £25.9 billion investment portfolio (at 30 September 2018) which funds all the work we do. The portfolio is managed by our investment team.

Our overall investment objective is to generate 4.0% real return over the long term.

This is to provide for real increases in annual expenditure while preserving the Trust's capital base to balance the needs of current and future beneficiaries.

We use this absolute return strategy because it aligns asset allocation with funding requirements and provides a competitive framework in which to judge individual investments.

'CUMULATIVE NET RETURN %'DatesMeasure NamesMeasure Values
CUMULATIVE NET RETURN %30/09/1985UK/US CPI + 4%0
CUMULATIVE NET RETURN %31/10/1985UK/US CPI + 4%0.682085057
CUMULATIVE NET RETURN %29/11/1985UK/US CPI + 4%1.499256155
CUMULATIVE NET RETURN %31/12/1985UK/US CPI + 4%2.091915444
CUMULATIVE NET RETURN %31/01/1986UK/US CPI + 4%2.803552302
CUMULATIVE NET RETURN %28/02/1986UK/US CPI + 4%3.73539974
CUMULATIVE NET RETURN %31/03/1986UK/US CPI + 4%4.340379463
CUMULATIVE NET RETURN %30/04/1986UK/US CPI + 4%5.937429021
CUMULATIVE NET RETURN %30/05/1986UK/US CPI + 4%6.554106746
CUMULATIVE NET RETURN %30/06/1986UK/US CPI + 4%7.072764249
CUMULATIVE NET RETURN %31/07/1986UK/US CPI + 4%7.27091852
CUMULATIVE NET RETURN %29/08/1986UK/US CPI + 4%8.11766694
CUMULATIVE NET RETURN %30/09/1986UK/US CPI + 4%9.193270205
CUMULATIVE NET RETURN %31/10/1986UK/US CPI + 4%9.949035107
CUMULATIVE NET RETURN %28/11/1986UK/US CPI + 4%11.38559078
CUMULATIVE NET RETURN %31/12/1986UK/US CPI + 4%12.258703504
CUMULATIVE NET RETURN %30/01/1987UK/US CPI + 4%13.260169074
CUMULATIVE NET RETURN %27/02/1987UK/US CPI + 4%14.268722629
CUMULATIVE NET RETURN %31/03/1987UK/US CPI + 4%15.037014163
CUMULATIVE NET RETURN %30/04/1987UK/US CPI + 4%16.982088823
CUMULATIVE NET RETURN %29/05/1987UK/US CPI + 4%17.658567063
CUMULATIVE NET RETURN %30/06/1987UK/US CPI + 4%18.231276088
CUMULATIVE NET RETURN %31/07/1987UK/US CPI + 4%18.698673947
CUMULATIVE NET RETURN %31/08/1987UK/US CPI + 4%19.620446372
CUMULATIVE NET RETURN %30/09/1987UK/US CPI + 4%20.548348223
CUMULATIVE NET RETURN %30/10/1987UK/US CPI + 4%21.738419667
CUMULATIVE NET RETURN %30/11/1987UK/US CPI + 4%22.918838061
CUMULATIVE NET RETURN %31/12/1987UK/US CPI + 4%23.387927146
CUMULATIVE NET RETURN %29/01/1988UK/US CPI + 4%23.988524121
CUMULATIVE NET RETURN %29/02/1988UK/US CPI + 4%24.992651453
CUMULATIVE NET RETURN %31/03/1988UK/US CPI + 4%26.003610838
CUMULATIVE NET RETURN %29/04/1988UK/US CPI + 4%28.234964752
CUMULATIVE NET RETURN %31/05/1988UK/US CPI + 4%29.468835243
CUMULATIVE NET RETURN %30/06/1988UK/US CPI + 4%30.507440786
CUMULATIVE NET RETURN %29/07/1988UK/US CPI + 4%31.142692354
CUMULATIVE NET RETURN %31/08/1988UK/US CPI + 4%32.19342735
CUMULATIVE NET RETURN %30/09/1988UK/US CPI + 4%33.458485476
CUMULATIVE NET RETURN %31/10/1988UK/US CPI + 4%34.732713807
CUMULATIVE NET RETURN %30/11/1988UK/US CPI + 4%36.016170978
CUMULATIVE NET RETURN %30/12/1988UK/US CPI + 4%36.88844956
CUMULATIVE NET RETURN %31/01/1989UK/US CPI + 4%38.065690226
CUMULATIVE NET RETURN %28/02/1989UK/US CPI + 4%39.266861731
CUMULATIVE NET RETURN %31/03/1989UK/US CPI + 4%40.478483428
CUMULATIVE NET RETURN %28/04/1989UK/US CPI + 4%41.728741931
CUMULATIVE NET RETURN %31/05/1989UK/US CPI + 4%42.990127734
CUMULATIVE NET RETURN %30/06/1989UK/US CPI + 4%44.262739871
CUMULATIVE NET RETURN %31/07/1989UK/US CPI + 4%45.546678256
CUMULATIVE NET RETURN %31/08/1989UK/US CPI + 4%46.812934356
CUMULATIVE NET RETURN %29/09/1989UK/US CPI + 4%48.119569472
CUMULATIVE NET RETURN %31/10/1989UK/US CPI + 4%49.467457554
CUMULATIVE NET RETURN %30/11/1989UK/US CPI + 4%50.827611418
CUMULATIVE NET RETURN %29/12/1989UK/US CPI + 4%52.200142682
CUMULATIVE NET RETURN %31/01/1990UK/US CPI + 4%53.600383995
CUMULATIVE NET RETURN %28/02/1990UK/US CPI + 4%55.044227604
CUMULATIVE NET RETURN %30/03/1990UK/US CPI + 4%56.517147766
CUMULATIVE NET RETURN %30/04/1990UK/US CPI + 4%58.0353641
CUMULATIVE NET RETURN %31/05/1990UK/US CPI + 4%59.615717741
CUMULATIVE NET RETURN %29/06/1990UK/US CPI + 4%61.22783649
CUMULATIVE NET RETURN %31/07/1990UK/US CPI + 4%62.840114855
CUMULATIVE NET RETURN %31/08/1990UK/US CPI + 4%64.582504084
CUMULATIVE NET RETURN %28/09/1990UK/US CPI + 4%66.392911629
CUMULATIVE NET RETURN %31/10/1990UK/US CPI + 4%68.223233657
CUMULATIVE NET RETURN %30/11/1990UK/US CPI + 4%70.04004458
CUMULATIVE NET RETURN %31/12/1990UK/US CPI + 4%71.842469053
CUMULATIVE NET RETURN %31/01/1991UK/US CPI + 4%73.612446484
CUMULATIVE NET RETURN %28/02/1991UK/US CPI + 4%75.383293438
CUMULATIVE NET RETURN %29/03/1991UK/US CPI + 4%77.154664702
CUMULATIVE NET RETURN %30/04/1991UK/US CPI + 4%79.156512413
CUMULATIVE NET RETURN %31/05/1991UK/US CPI + 4%81.145149701
CUMULATIVE NET RETURN %28/06/1991UK/US CPI + 4%83.173975377
CUMULATIVE NET RETURN %31/07/1991UK/US CPI + 4%85.225523902
CUMULATIVE NET RETURN %30/08/1991UK/US CPI + 4%87.207437007
CUMULATIVE NET RETURN %30/09/1991UK/US CPI + 4%89.135673609
CUMULATIVE NET RETURN %31/10/1991UK/US CPI + 4%91.027030345
CUMULATIVE NET RETURN %29/11/1991UK/US CPI + 4%92.994608757
CUMULATIVE NET RETURN %31/12/1991UK/US CPI + 4%94.982453227
CUMULATIVE NET RETURN %31/01/1992UK/US CPI + 4%96.97127425
CUMULATIVE NET RETURN %28/02/1992UK/US CPI + 4%98.96068412
CUMULATIVE NET RETURN %31/03/1992UK/US CPI + 4%101.009979167
CUMULATIVE NET RETURN %30/04/1992UK/US CPI + 4%102.71856399
CUMULATIVE NET RETURN %29/05/1992UK/US CPI + 4%104.380856214
CUMULATIVE NET RETURN %30/06/1992UK/US CPI + 4%105.975026893
CUMULATIVE NET RETURN %31/07/1992UK/US CPI + 4%107.540437097
CUMULATIVE NET RETURN %31/08/1992UK/US CPI + 4%109.055482288
CUMULATIVE NET RETURN %30/09/1992UK/US CPI + 4%110.56068176
CUMULATIVE NET RETURN %30/10/1992UK/US CPI + 4%112.055662601
CUMULATIVE NET RETURN %30/11/1992UK/US CPI + 4%113.518846673
CUMULATIVE NET RETURN %31/12/1992UK/US CPI + 4%114.992126715
CUMULATIVE NET RETURN %29/01/1993UK/US CPI + 4%116.411074751
CUMULATIVE NET RETURN %26/02/1993UK/US CPI + 4%117.861028952
CUMULATIVE NET RETURN %31/03/1993UK/US CPI + 4%119.342483949
CUMULATIVE NET RETURN %30/04/1993UK/US CPI + 4%120.83401284
CUMULATIVE NET RETURN %31/05/1993UK/US CPI + 4%122.335684127
CUMULATIVE NET RETURN %30/06/1993UK/US CPI + 4%123.825333211
CUMULATIVE NET RETURN %30/07/1993UK/US CPI + 4%125.36972801
CUMULATIVE NET RETURN %31/08/1993UK/US CPI + 4%126.969853079
CUMULATIVE NET RETURN %30/09/1993UK/US CPI + 4%128.604036021
CUMULATIVE NET RETURN %29/10/1993UK/US CPI + 4%130.181403869
CUMULATIVE NET RETURN %30/11/1993UK/US CPI + 4%131.700601135
CUMULATIVE NET RETURN %31/12/1993UK/US CPI + 4%133.252995163
CUMULATIVE NET RETURN %31/01/1994UK/US CPI + 4%134.862440829
CUMULATIVE NET RETURN %28/02/1994UK/US CPI + 4%136.459505427
CUMULATIVE NET RETURN %31/03/1994UK/US CPI + 4%138.020138163
CUMULATIVE NET RETURN %29/04/1994UK/US CPI + 4%139.543467047
CUMULATIVE NET RETURN %31/05/1994UK/US CPI + 4%141.076545236
CUMULATIVE NET RETURN %30/06/1994UK/US CPI + 4%142.619435126
CUMULATIVE NET RETURN %29/07/1994UK/US CPI + 4%144.123675623
CUMULATIVE NET RETURN %31/08/1994UK/US CPI + 4%145.66165478
CUMULATIVE NET RETURN %30/09/1994UK/US CPI + 4%147.135624708
CUMULATIVE NET RETURN %31/10/1994UK/US CPI + 4%148.618438457
CUMULATIVE NET RETURN %30/11/1994UK/US CPI + 4%150.184734619
CUMULATIVE NET RETURN %30/12/1994UK/US CPI + 4%151.785916921
CUMULATIVE NET RETURN %31/01/1995UK/US CPI + 4%153.472882564
CUMULATIVE NET RETURN %28/02/1995UK/US CPI + 4%155.171150877
CUMULATIVE NET RETURN %31/03/1995UK/US CPI + 4%156.931831818
CUMULATIVE NET RETURN %28/04/1995UK/US CPI + 4%158.627581908
CUMULATIVE NET RETURN %31/05/1995UK/US CPI + 4%160.386249465
CUMULATIVE NET RETURN %30/06/1995UK/US CPI + 4%162.182914586
CUMULATIVE NET RETURN %31/07/1995UK/US CPI + 4%163.991976697
CUMULATIVE NET RETURN %31/08/1995UK/US CPI + 4%165.813521336
CUMULATIVE NET RETURN %29/09/1995UK/US CPI + 4%167.72737869
CUMULATIVE NET RETURN %31/10/1995UK/US CPI + 4%169.628243079
CUMULATIVE NET RETURN %30/11/1995UK/US CPI + 4%171.51564078
CUMULATIVE NET RETURN %29/12/1995UK/US CPI + 4%173.470553394
CUMULATIVE NET RETURN %31/01/1996UK/US CPI + 4%175.357500212
CUMULATIVE NET RETURN %29/02/1996UK/US CPI + 4%177.257466964
CUMULATIVE NET RETURN %29/03/1996UK/US CPI + 4%179.170543486
CUMULATIVE NET RETURN %30/04/1996UK/US CPI + 4%181.096820236
CUMULATIVE NET RETURN %31/05/1996UK/US CPI + 4%182.980168931
CUMULATIVE NET RETURN %28/06/1996UK/US CPI + 4%184.876136063
CUMULATIVE NET RETURN %31/07/1996UK/US CPI + 4%186.756318561
CUMULATIVE NET RETURN %30/08/1996UK/US CPI + 4%188.648910264
CUMULATIVE NET RETURN %30/09/1996UK/US CPI + 4%190.553993071
CUMULATIVE NET RETURN %31/10/1996UK/US CPI + 4%192.529760224
CUMULATIVE NET RETURN %29/11/1996UK/US CPI + 4%194.54821557
CUMULATIVE NET RETURN %31/12/1996UK/US CPI + 4%196.492233793
CUMULATIVE NET RETURN %31/01/1997UK/US CPI + 4%198.419433312
CUMULATIVE NET RETURN %28/02/1997UK/US CPI + 4%200.299475742
CUMULATIVE NET RETURN %31/03/1997UK/US CPI + 4%202.161332492
CUMULATIVE NET RETURN %30/04/1997UK/US CPI + 4%204.00451662
CUMULATIVE NET RETURN %30/05/1997UK/US CPI + 4%205.858944171
CUMULATIVE NET RETURN %30/06/1997UK/US CPI + 4%207.755269625
CUMULATIVE NET RETURN %31/07/1997UK/US CPI + 4%209.724903351
CUMULATIVE NET RETURN %29/08/1997UK/US CPI + 4%211.707142732
CUMULATIVE NET RETURN %30/09/1997UK/US CPI + 4%213.670897731
CUMULATIVE NET RETURN %31/10/1997UK/US CPI + 4%215.647024387
CUMULATIVE NET RETURN %28/11/1997UK/US CPI + 4%217.635600641
CUMULATIVE NET RETURN %31/12/1997UK/US CPI + 4%219.604941365
CUMULATIVE NET RETURN %30/01/1998UK/US CPI + 4%221.522571013
CUMULATIVE NET RETURN %27/02/1998UK/US CPI + 4%223.483858696
CUMULATIVE NET RETURN %31/03/1998UK/US CPI + 4%225.48945862
CUMULATIVE NET RETURN %30/04/1998UK/US CPI + 4%227.540042209
CUMULATIVE NET RETURN %29/05/1998UK/US CPI + 4%229.63629848
CUMULATIVE NET RETURN %30/06/1998UK/US CPI + 4%231.68004353
CUMULATIVE NET RETURN %31/07/1998UK/US CPI + 4%233.636955787
CUMULATIVE NET RETURN %31/08/1998UK/US CPI + 4%235.605413826
CUMULATIVE NET RETURN %30/09/1998UK/US CPI + 4%237.585485768
CUMULATIVE NET RETURN %30/10/1998UK/US CPI + 4%239.577240134
CUMULATIVE NET RETURN %30/11/1998UK/US CPI + 4%241.58074585
CUMULATIVE NET RETURN %31/12/1998UK/US CPI + 4%243.6643884
CUMULATIVE NET RETURN %29/01/1999UK/US CPI + 4%245.760741169
CUMULATIVE NET RETURN %26/02/1999UK/US CPI + 4%247.800729542
CUMULATIVE NET RETURN %31/03/1999UK/US CPI + 4%249.957094065
CUMULATIVE NET RETURN %30/04/1999UK/US CPI + 4%252.05683663
CUMULATIVE NET RETURN %31/05/1999UK/US CPI + 4%254.133971966
CUMULATIVE NET RETURN %30/06/1999UK/US CPI + 4%256.223362401
CUMULATIVE NET RETURN %30/07/1999UK/US CPI + 4%258.325080239
CUMULATIVE NET RETURN %31/08/1999UK/US CPI + 4%260.403365704
CUMULATIVE NET RETURN %30/09/1999UK/US CPI + 4%262.493705225
CUMULATIVE NET RETURN %29/10/1999UK/US CPI + 4%264.559919345
CUMULATIVE NET RETURN %30/11/1999UK/US CPI + 4%266.674366877
CUMULATIVE NET RETURN %31/12/1999UK/US CPI + 4%268.764410768
CUMULATIVE NET RETURN %31/01/2000UK/US CPI + 4%270.792615028
CUMULATIVE NET RETURN %29/02/2000UK/US CPI + 4%272.869053672
CUMULATIVE NET RETURN %31/03/2000UK/US CPI + 4%274.845259656
CUMULATIVE NET RETURN %28/04/2000UK/US CPI + 4%276.831939532
CUMULATIVE NET RETURN %31/05/2000UK/US CPI + 4%278.791465618
CUMULATIVE NET RETURN %30/06/2000UK/US CPI + 4%280.874818679
CUMULATIVE NET RETURN %31/07/2000UK/US CPI + 4%283.007717663
CUMULATIVE NET RETURN %31/08/2000UK/US CPI + 4%285.037658567
CUMULATIVE NET RETURN %29/09/2000UK/US CPI + 4%287.193869455
CUMULATIVE NET RETURN %31/10/2000UK/US CPI + 4%289.362155124
CUMULATIVE NET RETURN %30/11/2000UK/US CPI + 4%291.581519408
CUMULATIVE NET RETURN %29/12/2000UK/US CPI + 4%293.735217765
CUMULATIVE NET RETURN %31/01/2001UK/US CPI + 4%295.940134984
CUMULATIVE NET RETURN %28/02/2001UK/US CPI + 4%298.117805727
CUMULATIVE NET RETURN %30/03/2001UK/US CPI + 4%300.347265439
CUMULATIVE NET RETURN %30/04/2001UK/US CPI + 4%302.669279578
CUMULATIVE NET RETURN %31/05/2001UK/US CPI + 4%305.165829112
CUMULATIVE NET RETURN %29/06/2001UK/US CPI + 4%307.677857252
CUMULATIVE NET RETURN %31/07/2001UK/US CPI + 4%310.08315661
CUMULATIVE NET RETURN %31/08/2001UK/US CPI + 4%312.666680497
CUMULATIVE NET RETURN %28/09/2001UK/US CPI + 4%315.101413912
CUMULATIVE NET RETURN %31/10/2001UK/US CPI + 4%317.509002112
CUMULATIVE NET RETURN %30/11/2001UK/US CPI + 4%319.805301624
CUMULATIVE NET RETURN %31/12/2001UK/US CPI + 4%322.198191843
CUMULATIVE NET RETURN %31/01/2002UK/US CPI + 4%324.773600813
CUMULATIVE NET RETURN %28/02/2002UK/US CPI + 4%327.322242418
CUMULATIVE NET RETURN %29/03/2002UK/US CPI + 4%329.886175873
CUMULATIVE NET RETURN %30/04/2002UK/US CPI + 4%332.422504311
CUMULATIVE NET RETURN %31/05/2002UK/US CPI + 4%334.800828084
CUMULATIVE NET RETURN %28/06/2002UK/US CPI + 4%337.105272473
CUMULATIVE NET RETURN %31/07/2002UK/US CPI + 4%339.596772526
CUMULATIVE NET RETURN %30/08/2002UK/US CPI + 4%342.058514452
CUMULATIVE NET RETURN %30/09/2002UK/US CPI + 4%344.534042133
CUMULATIVE NET RETURN %31/10/2002UK/US CPI + 4%347.156792982
CUMULATIVE NET RETURN %29/11/2002UK/US CPI + 4%349.83973374
CUMULATIVE NET RETURN %31/12/2002UK/US CPI + 4%352.628740089
CUMULATIVE NET RETURN %31/01/2003UK/US CPI + 4%355.299249655
CUMULATIVE NET RETURN %28/02/2003UK/US CPI + 4%358.076575078
CUMULATIVE NET RETURN %31/03/2003UK/US CPI + 4%360.825034529
CUMULATIVE NET RETURN %30/04/2003UK/US CPI + 4%363.543902233
CUMULATIVE NET RETURN %30/05/2003UK/US CPI + 4%366.278811256
CUMULATIVE NET RETURN %30/06/2003UK/US CPI + 4%368.93660048
CUMULATIVE NET RETURN %31/07/2003UK/US CPI + 4%371.703326423
CUMULATIVE NET RETURN %29/08/2003UK/US CPI + 4%374.486376049
CUMULATIVE NET RETURN %30/09/2003UK/US CPI + 4%377.285845667
CUMULATIVE NET RETURN %31/10/2003UK/US CPI + 4%380.101832157
CUMULATIVE NET RETURN %28/11/2003UK/US CPI + 4%382.934432966
CUMULATIVE NET RETURN %31/12/2003UK/US CPI + 4%385.783746121
CUMULATIVE NET RETURN %30/01/2004UK/US CPI + 4%388.649870223
CUMULATIVE NET RETURN %27/02/2004UK/US CPI + 4%391.532904457
CUMULATIVE NET RETURN %31/03/2004UK/US CPI + 4%394.334642013
CUMULATIVE NET RETURN %30/04/2004UK/US CPI + 4%397.152349472
CUMULATIVE NET RETURN %31/05/2004UK/US CPI + 4%400.135263569
CUMULATIVE NET RETURN %30/06/2004UK/US CPI + 4%403.186088677
CUMULATIVE NET RETURN %30/07/2004UK/US CPI + 4%406.1548866
CUMULATIVE NET RETURN %31/08/2004UK/US CPI + 4%409.141200431
CUMULATIVE NET RETURN %30/09/2004UK/US CPI + 4%412.043305273
CUMULATIVE NET RETURN %29/10/2004UK/US CPI + 4%415.013156444
CUMULATIVE NET RETURN %30/11/2004UK/US CPI + 4%418.103235383
CUMULATIVE NET RETURN %31/12/2004UK/US CPI + 4%421.315475442
CUMULATIVE NET RETURN %31/01/2005UK/US CPI + 4%424.495499842
CUMULATIVE NET RETURN %28/02/2005UK/US CPI + 4%427.747371941
CUMULATIVE NET RETURN %31/03/2005UK/US CPI + 4%431.072180385
CUMULATIVE NET RETURN %29/04/2005UK/US CPI + 4%434.417935121
CUMULATIVE NET RETURN %31/05/2005UK/US CPI + 4%437.784768112
CUMULATIVE NET RETURN %30/06/2005UK/US CPI + 4%441.226590628
CUMULATIVE NET RETURN %29/07/2005UK/US CPI + 4%444.798686126
CUMULATIVE NET RETURN %31/08/2005UK/US CPI + 4%448.448837323
CUMULATIVE NET RETURN %30/09/2005UK/US CPI + 4%452.178289417
CUMULATIVE NET RETURN %31/10/2005UK/US CPI + 4%455.822666127
CUMULATIVE NET RETURN %30/11/2005UK/US CPI + 4%459.435513457
CUMULATIVE NET RETURN %30/12/2005UK/US CPI + 4%462.959957192
CUMULATIVE NET RETURN %31/01/2006UK/US CPI + 4%466.506604922
CUMULATIVE NET RETURN %28/02/2006UK/US CPI + 4%470.132247194
CUMULATIVE NET RETURN %31/03/2006UK/US CPI + 4%473.724080351
CUMULATIVE NET RETURN %28/04/2006UK/US CPI + 4%477.395914465
CUMULATIVE NET RETURN %31/05/2006UK/US CPI + 4%481.206727501
CUMULATIVE NET RETURN %30/06/2006UK/US CPI + 4%485.158933248
CUMULATIVE NET RETURN %31/07/2006UK/US CPI + 4%489.0794981
CUMULATIVE NET RETURN %31/08/2006UK/US CPI + 4%493.085238688
CUMULATIVE NET RETURN %29/09/2006UK/US CPI + 4%497.058909787
CUMULATIVE NET RETURN %31/10/2006UK/US CPI + 4%501.059204482
CUMULATIVE NET RETURN %30/11/2006UK/US CPI + 4%505.206512993
CUMULATIVE NET RETURN %29/12/2006UK/US CPI + 4%509.563999887
CUMULATIVE NET RETURN %31/01/2007UK/US CPI + 4%513.769991486
CUMULATIVE NET RETURN %28/02/2007UK/US CPI + 4%518.066381426
CUMULATIVE NET RETURN %30/03/2007UK/US CPI + 4%522.578266011
CUMULATIVE NET RETURN %30/04/2007UK/US CPI + 4%526.936313873
CUMULATIVE NET RETURN %31/05/2007UK/US CPI + 4%531.199480807
CUMULATIVE NET RETURN %29/06/2007UK/US CPI + 4%535.428517329
CUMULATIVE NET RETURN %31/07/2007UK/US CPI + 4%539.431716988
CUMULATIVE NET RETURN %31/08/2007UK/US CPI + 4%543.460136805
CUMULATIVE NET RETURN %28/09/2007UK/US CPI + 4%547.513935667
CUMULATIVE NET RETURN %31/10/2007UK/US CPI + 4%551.722776249
CUMULATIVE NET RETURN %30/11/2007UK/US CPI + 4%555.958974294
CUMULATIVE NET RETURN %31/12/2007UK/US CPI + 4%560.222707627
CUMULATIVE NET RETURN %31/01/2008UK/US CPI + 4%564.555749257
CUMULATIVE NET RETURN %29/02/2008UK/US CPI + 4%569.070741018
CUMULATIVE NET RETURN %31/03/2008UK/US CPI + 4%573.616407632
CUMULATIVE NET RETURN %30/04/2008UK/US CPI + 4%578.451626206
CUMULATIVE NET RETURN %30/05/2008UK/US CPI + 4%583.477595853
CUMULATIVE NET RETURN %30/06/2008UK/US CPI + 4%588.801886325
CUMULATIVE NET RETURN %31/07/2008UK/US CPI + 4%594.481057878
CUMULATIVE NET RETURN %29/08/2008UK/US CPI + 4%600.3647014
CUMULATIVE NET RETURN %30/09/2008UK/US CPI + 4%606.562929007
CUMULATIVE NET RETURN %31/10/2008UK/US CPI + 4%612.442945702
CUMULATIVE NET RETURN %28/11/2008UK/US CPI + 4%618.155313241
CUMULATIVE NET RETURN %31/12/2008UK/US CPI + 4%623.365530039
CUMULATIVE NET RETURN %31/01/2009UK/US CPI + 4%628.579042423
CUMULATIVE NET RETURN %27/02/2009UK/US CPI + 4%633.94225847
CUMULATIVE NET RETURN %31/03/2009UK/US CPI + 4%639.175486956
CUMULATIVE NET RETURN %30/04/2009UK/US CPI + 4%644.103348175
CUMULATIVE NET RETURN %29/05/2009UK/US CPI + 4%649.006393957
CUMULATIVE NET RETURN %30/06/2009UK/US CPI + 4%653.709105502
CUMULATIVE NET RETURN %31/07/2009UK/US CPI + 4%658.441343492
CUMULATIVE NET RETURN %31/08/2009UK/US CPI + 4%663.08512815
CUMULATIVE NET RETURN %30/09/2009UK/US CPI + 4%667.459437338
CUMULATIVE NET RETURN %30/10/2009UK/US CPI + 4%671.591400576
CUMULATIVE NET RETURN %30/11/2009UK/US CPI + 4%676.477348802
CUMULATIVE NET RETURN %31/12/2009UK/US CPI + 4%681.960365952
CUMULATIVE NET RETURN %29/01/2010UK/US CPI + 4%687.633527505
CUMULATIVE NET RETURN %26/02/2010UK/US CPI + 4%693.049492549
CUMULATIVE NET RETURN %31/03/2010UK/US CPI + 4%698.677090706
CUMULATIVE NET RETURN %30/04/2010UK/US CPI + 4%704.412430828
CUMULATIVE NET RETURN %31/05/2010UK/US CPI + 4%710.029280847
CUMULATIVE NET RETURN %30/06/2010UK/US CPI + 4%715.317597508
CUMULATIVE NET RETURN %30/07/2010UK/US CPI + 4%720.667059329
CUMULATIVE NET RETURN %31/08/2010UK/US CPI + 4%726.023676325
CUMULATIVE NET RETURN %30/09/2010UK/US CPI + 4%731.413852524
CUMULATIVE NET RETURN %29/10/2010UK/US CPI + 4%736.880440175
CUMULATIVE NET RETURN %30/11/2010UK/US CPI + 4%742.405608529
CUMULATIVE NET RETURN %31/12/2010UK/US CPI + 4%748.212436749
CUMULATIVE NET RETURN %31/01/2011UK/US CPI + 4%754.201579944
CUMULATIVE NET RETURN %28/02/2011UK/US CPI + 4%760.521176783
CUMULATIVE NET RETURN %31/03/2011UK/US CPI + 4%766.947505905
CUMULATIVE NET RETURN %29/04/2011UK/US CPI + 4%773.747972183
CUMULATIVE NET RETURN %31/05/2011UK/US CPI + 4%780.737606462
CUMULATIVE NET RETURN %30/06/2011UK/US CPI + 4%787.679272018
CUMULATIVE NET RETURN %29/07/2011UK/US CPI + 4%794.767035933
CUMULATIVE NET RETURN %31/08/2011UK/US CPI + 4%801.994203497
CUMULATIVE NET RETURN %30/09/2011UK/US CPI + 4%809.552644324
CUMULATIVE NET RETURN %31/10/2011UK/US CPI + 4%816.986145221
CUMULATIVE NET RETURN %30/11/2011UK/US CPI + 4%824.364903485
CUMULATIVE NET RETURN %30/12/2011UK/US CPI + 4%831.438652127
CUMULATIVE NET RETURN %31/01/2012UK/US CPI + 4%838.339634529
CUMULATIVE NET RETURN %29/02/2012UK/US CPI + 4%845.200210932
CUMULATIVE NET RETURN %30/03/2012UK/US CPI + 4%852.067090465
CUMULATIVE NET RETURN %30/04/2012UK/US CPI + 4%858.672579542
CUMULATIVE NET RETURN %31/05/2012UK/US CPI + 4%865.027236603
CUMULATIVE NET RETURN %29/06/2012UK/US CPI + 4%871.259768507
CUMULATIVE NET RETURN %31/07/2012UK/US CPI + 4%877.510942067
CUMULATIVE NET RETURN %31/08/2012UK/US CPI + 4%883.872729904
CUMULATIVE NET RETURN %28/09/2012UK/US CPI + 4%890.275970405
CUMULATIVE NET RETURN %31/10/2012UK/US CPI + 4%895.821466325
CUMULATIVE NET RETURN %30/11/2012UK/US CPI + 4%901.242021313
CUMULATIVE NET RETURN %31/12/2012UK/US CPI + 4%906.682920643
CUMULATIVE NET RETURN %31/01/2013UK/US CPI + 4%912.095351366
CUMULATIVE NET RETURN %28/02/2013UK/US CPI + 4%917.729230744
CUMULATIVE NET RETURN %29/03/2013UK/US CPI + 4%923.192248595
CUMULATIVE NET RETURN %30/04/2013UK/US CPI + 4%928.35809046
CUMULATIVE NET RETURN %31/05/2013UK/US CPI + 4%933.79244879
CUMULATIVE NET RETURN %28/06/2013UK/US CPI + 4%939.496502005
CUMULATIVE NET RETURN %31/07/2013UK/US CPI + 4%945.275842682
CUMULATIVE NET RETURN %30/08/2013UK/US CPI + 4%950.86420092
CUMULATIVE NET RETURN %30/09/2013UK/US CPI + 4%956.343879752
CUMULATIVE NET RETURN %31/10/2013UK/US CPI + 4%961.552552972
CUMULATIVE NET RETURN %29/11/2013UK/US CPI + 4%966.860262659
CUMULATIVE NET RETURN %31/12/2013UK/US CPI + 4%972.264229947
CUMULATIVE NET RETURN %31/01/2014UK/US CPI + 4%977.686080413
CUMULATIVE NET RETURN %28/02/2014UK/US CPI + 4%982.857518723
CUMULATIVE NET RETURN %31/03/2014UK/US CPI + 4%988.176352426
CUMULATIVE NET RETURN %30/04/2014UK/US CPI + 4%993.79613038
CUMULATIVE NET RETURN %30/05/2014UK/US CPI + 4%999.390405379
CUMULATIVE NET RETURN %30/06/2014UK/US CPI + 4%1005.16308452
CUMULATIVE NET RETURN %31/07/2014UK/US CPI + 4%1010.800576672
CUMULATIVE NET RETURN %29/08/2014UK/US CPI + 4%1016.294929564
CUMULATIVE NET RETURN %30/09/2014UK/US CPI + 4%1021.665647729
CUMULATIVE NET RETURN %31/10/2014UK/US CPI + 4%1027.109483701
CUMULATIVE NET RETURN %28/11/2014UK/US CPI + 4%1032.29351106
CUMULATIVE NET RETURN %31/12/2014UK/US CPI + 4%1037.022195221
CUMULATIVE NET RETURN %30/01/2015UK/US CPI + 4%1041.296204802
CUMULATIVE NET RETURN %27/02/2015UK/US CPI + 4%1045.478770068
CUMULATIVE NET RETURN %31/03/2015UK/US CPI + 4%1049.654383829
CUMULATIVE NET RETURN %30/04/2015UK/US CPI + 4%1053.741232715
CUMULATIVE NET RETURN %29/05/2015UK/US CPI + 4%1058.008690787
CUMULATIVE NET RETURN %30/06/2015UK/US CPI + 4%1062.321462554
CUMULATIVE NET RETURN %31/07/2015UK/US CPI + 4%1066.718059718
CUMULATIVE NET RETURN %31/08/2015UK/US CPI + 4%1071.096519253
CUMULATIVE NET RETURN %30/09/2015UK/US CPI + 4%1075.336239981
CUMULATIVE NET RETURN %30/10/2015UK/US CPI + 4%1079.688451311
CUMULATIVE NET RETURN %30/11/2015UK/US CPI + 4%1084.307108551
CUMULATIVE NET RETURN %31/12/2015UK/US CPI + 4%1089.098519036
CUMULATIVE NET RETURN %29/01/2016UK/US CPI + 4%1094.260276797
CUMULATIVE NET RETURN %29/02/2016UK/US CPI + 4%1099.276408812
CUMULATIVE NET RETURN %31/03/2016UK/US CPI + 4%1104.330579345
CUMULATIVE NET RETURN %29/04/2016UK/US CPI + 4%1109.440252911
CUMULATIVE NET RETURN %31/05/2016UK/US CPI + 4%1114.520869525
CUMULATIVE NET RETURN %30/06/2016UK/US CPI + 4%1119.709120502
CUMULATIVE NET RETURN %29/07/2016UK/US CPI + 4%1124.88568798
CUMULATIVE NET RETURN %31/08/2016UK/US CPI + 4%1130.198874629
CUMULATIVE NET RETURN %30/09/2016UK/US CPI + 4%1135.92581945
CUMULATIVE NET RETURN %31/10/2016UK/US CPI + 4%1141.714401618
CUMULATIVE NET RETURN %30/11/2016UK/US CPI + 4%1147.705487348
CUMULATIVE NET RETURN %30/12/2016UK/US CPI + 4%1154.110521082
CUMULATIVE NET RETURN %31/01/2017UK/US CPI + 4%1160.856632397
CUMULATIVE NET RETURN %28/02/2017UK/US CPI + 4%1168.004176475
CUMULATIVE NET RETURN %31/03/2017UK/US CPI + 4%1175.014908167
CUMULATIVE NET RETURN %28/04/2017UK/US CPI + 4%1182.17360687
CUMULATIVE NET RETURN %31/05/2017UK/US CPI + 4%1189.308967101
CUMULATIVE NET RETURN %30/06/2017UK/US CPI + 4%1196.210186744
CUMULATIVE NET RETURN %31/07/2017UK/US CPI + 4%1203.19669484
CUMULATIVE NET RETURN %31/08/2017UK/US CPI + 4%1210.481955323
CUMULATIVE NET RETURN %29/09/2017UK/US CPI + 4%1218.01041206
CUMULATIVE NET RETURN %31/10/2017UK/US CPI + 4%1225.48280619
CUMULATIVE NET RETURN %30/11/2017UK/US CPI + 4%1233.133294125
CUMULATIVE NET RETURN %29/12/2017UK/US CPI + 4%1240.727021339
CUMULATIVE NET RETURN %31/01/2018UK/US CPI + 4%1247.8176573
CUMULATIVE NET RETURN %28/02/2018UK/US CPI + 4%1254.862430631
CUMULATIVE NET RETURN %30/03/2018UK/US CPI + 4%1261.916521876
CUMULATIVE NET RETURN %30/04/2018UK/US CPI + 4%1269.008974547
CUMULATIVE NET RETURN %31/05/2018UK/US CPI + 4%1276.320235426
CUMULATIVE NET RETURN %29/06/2018UK/US CPI + 4%1283.70866653
CUMULATIVE NET RETURN %31/07/2018UK/US CPI + 4%1291.233481815
CUMULATIVE NET RETURN %31/08/2018UK/US CPI + 4%1298.771949998
CUMULATIVE NET RETURN %28/09/2018UK/US CPI + 4%1305.954014514
CUMULATIVE NET RETURN %30/09/1985Global Equities0
CUMULATIVE NET RETURN %31/10/1985Global Equities3.08607
CUMULATIVE NET RETURN %29/11/1985Global Equities5.417567645
CUMULATIVE NET RETURN %31/12/1985Global Equities13.679258381
CUMULATIVE NET RETURN %31/01/1986Global Equities18.059456621
CUMULATIVE NET RETURN %28/02/1986Global Equities25.717524946
CUMULATIVE NET RETURN %31/03/1986Global Equities34.605577956
CUMULATIVE NET RETURN %30/04/1986Global Equities32.371434954
CUMULATIVE NET RETURN %30/05/1986Global Equities39.064915697
CUMULATIVE NET RETURN %30/06/1986Global Equities39.019385844
CUMULATIVE NET RETURN %31/07/1986Global Equities43.930440276
CUMULATIVE NET RETURN %29/08/1986Global Equities56.965615744
CUMULATIVE NET RETURN %30/09/1986Global Equities55.09469548
CUMULATIVE NET RETURN %31/10/1986Global Equities56.970767445
CUMULATIVE NET RETURN %28/11/1986Global Equities60.455110358
CUMULATIVE NET RETURN %31/12/1986Global Equities58.281890298
CUMULATIVE NET RETURN %30/01/1987Global Equities73.289609321
CUMULATIVE NET RETURN %27/02/1987Global Equities75.276010784
CUMULATIVE NET RETURN %31/03/1987Global Equities79.322800849
CUMULATIVE NET RETURN %30/04/1987Global Equities83.52738256
CUMULATIVE NET RETURN %29/05/1987Global Equities87.25575969
CUMULATIVE NET RETURN %30/06/1987Global Equities89.094517622
CUMULATIVE NET RETURN %31/07/1987Global Equities95.511402258
CUMULATIVE NET RETURN %31/08/1987Global Equities101.84028231
CUMULATIVE NET RETURN %30/09/1987Global Equities99.334233365
CUMULATIVE NET RETURN %30/10/1987Global Equities56.245427877
CUMULATIVE NET RETURN %30/11/1987Global Equities43.790745457
CUMULATIVE NET RETURN %31/12/1987Global Equities45.85467468
CUMULATIVE NET RETURN %29/01/1988Global Equities58.717117119
CUMULATIVE NET RETURN %29/02/1988Global Equities67.603593277
CUMULATIVE NET RETURN %31/03/1988Global Equities62.335276008
CUMULATIVE NET RETURN %29/04/1988Global Equities65.185802287
CUMULATIVE NET RETURN %31/05/1988Global Equities65.573988923
CUMULATIVE NET RETURN %30/06/1988Global Equities78.083368704
CUMULATIVE NET RETURN %29/07/1988Global Equities81.155965723
CUMULATIVE NET RETURN %31/08/1988Global Equities73.93829539
CUMULATIVE NET RETURN %30/09/1988Global Equities80.702477396
CUMULATIVE NET RETURN %31/10/1988Global Equities84.128993913
CUMULATIVE NET RETURN %30/11/1988Global Equities81.905820441
CUMULATIVE NET RETURN %30/12/1988Global Equities87.79447566
CUMULATIVE NET RETURN %31/01/1989Global Equities101.099695481
CUMULATIVE NET RETURN %28/02/1989Global Equities100.600023068
CUMULATIVE NET RETURN %31/03/1989Global Equities106.172270448
CUMULATIVE NET RETURN %28/04/1989Global Equities111.236644865
CUMULATIVE NET RETURN %31/05/1989Global Equities121.535255125
CUMULATIVE NET RETURN %30/06/1989Global Equities121.774956271
CUMULATIVE NET RETURN %31/07/1989Global Equities129.434664066
CUMULATIVE NET RETURN %31/08/1989Global Equities137.283968076
CUMULATIVE NET RETURN %29/09/1989Global Equities138.186881031
CUMULATIVE NET RETURN %31/10/1989Global Equities135.930512888
CUMULATIVE NET RETURN %30/11/1989Global Equities146.621656894
CUMULATIVE NET RETURN %29/12/1989Global Equities147.856096935
CUMULATIVE NET RETURN %31/01/1990Global Equities126.973948127
CUMULATIVE NET RETURN %28/02/1990Global Equities116.159524697
CUMULATIVE NET RETURN %30/03/1990Global Equities108.047922373
CUMULATIVE NET RETURN %30/04/1990Global Equities106.439961591
CUMULATIVE NET RETURN %31/05/1990Global Equities122.910835858
CUMULATIVE NET RETURN %29/06/1990Global Equities112.846612239
CUMULATIVE NET RETURN %31/07/1990Global Equities101.657180695
CUMULATIVE NET RETURN %31/08/1990Global Equities79.562127715
CUMULATIVE NET RETURN %28/09/1990Global Equities62.431020876
CUMULATIVE NET RETURN %31/10/1990Global Equities70.946986925
CUMULATIVE NET RETURN %30/11/1990Global Equities68.470802725
CUMULATIVE NET RETURN %31/12/1990Global Equities72.953793938
CUMULATIVE NET RETURN %31/01/1991Global Equities76.155307027
CUMULATIVE NET RETURN %28/02/1991Global Equities98.218724001
CUMULATIVE NET RETURN %29/03/1991Global Equities111.691254234
CUMULATIVE NET RETURN %30/04/1991Global Equities115.331729902
CUMULATIVE NET RETURN %31/05/1991Global Equities123.726695791
CUMULATIVE NET RETURN %28/06/1991Global Equities120.467333423
CUMULATIVE NET RETURN %31/07/1991Global Equities121.92224145
CUMULATIVE NET RETURN %30/08/1991Global Equities122.002222226
CUMULATIVE NET RETURN %30/09/1991Global Equities118.30637363
CUMULATIVE NET RETURN %31/10/1991Global Equities123.444541593
CUMULATIVE NET RETURN %29/11/1991Global Equities111.102291861
CUMULATIVE NET RETURN %31/12/1991Global Equities113.932308075
CUMULATIVE NET RETURN %31/01/1992Global Equities120.270009915
CUMULATIVE NET RETURN %28/02/1992Global Equities121.016042412
CUMULATIVE NET RETURN %31/03/1992Global Equities113.79454214
CUMULATIVE NET RETURN %30/04/1992Global Equities111.899381801
CUMULATIVE NET RETURN %29/05/1992Global Equities113.464407065
CUMULATIVE NET RETURN %30/06/1992Global Equities97.745507176
CUMULATIVE NET RETURN %31/07/1992Global Equities96.723024482
CUMULATIVE NET RETURN %31/08/1992Global Equities94.843316311
CUMULATIVE NET RETURN %30/09/1992Global Equities114.923517772
CUMULATIVE NET RETURN %30/10/1992Global Equities139.054098714
CUMULATIVE NET RETURN %30/11/1992Global Equities150.902360914
CUMULATIVE NET RETURN %31/12/1992Global Equities153.190439904
CUMULATIVE NET RETURN %29/01/1993Global Equities158.701281743
CUMULATIVE NET RETURN %26/02/1993Global Equities176.692998693
CUMULATIVE NET RETURN %31/03/1993Global Equities176.559355975
CUMULATIVE NET RETURN %30/04/1993Global Equities177.420589466
CUMULATIVE NET RETURN %31/05/1993Global Equities185.391881715
CUMULATIVE NET RETURN %30/06/1993Global Equities196.354953998
CUMULATIVE NET RETURN %30/07/1993Global Equities204.231801956
CUMULATIVE NET RETURN %31/08/1993Global Equities218.123482381
CUMULATIVE NET RETURN %30/09/1993Global Equities211.115858311
CUMULATIVE NET RETURN %29/10/1993Global Equities222.269144051
CUMULATIVE NET RETURN %30/11/1993Global Equities205.928035925
CUMULATIVE NET RETURN %31/12/1993Global Equities223.564236525
CUMULATIVE NET RETURN %31/01/1994Global Equities240.579185467
CUMULATIVE NET RETURN %28/02/1994Global Equities238.5251524
CUMULATIVE NET RETURN %31/03/1994Global Equities223.662036321
CUMULATIVE NET RETURN %29/04/1994Global Equities225.492506967
CUMULATIVE NET RETURN %31/05/1994Global Equities228.406250791
CUMULATIVE NET RETURN %30/06/1994Global Equities220.099083315
CUMULATIVE NET RETURN %29/07/1994Global Equities228.653059109
CUMULATIVE NET RETURN %31/08/1994Global Equities240.360962821
CUMULATIVE NET RETURN %30/09/1994Global Equities223.832455853
CUMULATIVE NET RETURN %31/10/1994Global Equities221.233829928
CUMULATIVE NET RETURN %30/11/1994Global Equities220.123742181
CUMULATIVE NET RETURN %30/12/1994Global Equities221.36364546
CUMULATIVE NET RETURN %31/01/1995Global Equities210.263455918
CUMULATIVE NET RETURN %28/02/1995Global Equities215.005987974
CUMULATIVE NET RETURN %31/03/1995Global Equities219.624227762
CUMULATIVE NET RETURN %28/04/1995Global Equities235.263569076
CUMULATIVE NET RETURN %31/05/1995Global Equities243.383082771
CUMULATIVE NET RETURN %30/06/1995Global Equities242.960790256
CUMULATIVE NET RETURN %31/07/1995Global Equities257.487168896
CUMULATIVE NET RETURN %31/08/1995Global Equities261.172039387
CUMULATIVE NET RETURN %29/09/1995Global Equities263.22996155
CUMULATIVE NET RETURN %31/10/1995Global Equities258.246373831
CUMULATIVE NET RETURN %30/11/1995Global Equities281.207673617
CUMULATIVE NET RETURN %29/12/1995Global Equities286.845125178
CUMULATIVE NET RETURN %31/01/1996Global Equities306.331868091
CUMULATIVE NET RETURN %29/02/1996Global Equities302.718927653
CUMULATIVE NET RETURN %29/03/1996Global Equities310.097704933
CUMULATIVE NET RETURN %30/04/1996Global Equities327.362039125
CUMULATIVE NET RETURN %31/05/1996Global Equities314.330018367
CUMULATIVE NET RETURN %28/06/1996Global Equities315.423020956
CUMULATIVE NET RETURN %31/07/1996Global Equities299.059632787
CUMULATIVE NET RETURN %30/08/1996Global Equities302.455111485
CUMULATIVE NET RETURN %30/09/1996Global Equities317.210202501
CUMULATIVE NET RETURN %31/10/1996Global Equities302.159261003
CUMULATIVE NET RETURN %29/11/1996Global Equities310.572633823
CUMULATIVE NET RETURN %31/12/1996Global Equities297.296028678
CUMULATIVE NET RETURN %31/01/1997Global Equities331.388676302
CUMULATIVE NET RETURN %28/02/1997Global Equities329.496864401
CUMULATIVE NET RETURN %31/03/1997Global Equities318.214797817
CUMULATIVE NET RETURN %30/04/1997Global Equities336.806662118
CUMULATIVE NET RETURN %30/05/1997Global Equities359.078560207
CUMULATIVE NET RETURN %30/06/1997Global Equities374.364453118
CUMULATIVE NET RETURN %31/07/1997Global Equities403.928506112
CUMULATIVE NET RETURN %29/08/1997Global Equities373.109196142
CUMULATIVE NET RETURN %30/09/1997Global Equities400.314630803
CUMULATIVE NET RETURN %31/10/1997Global Equities353.268094841
CUMULATIVE NET RETURN %28/11/1997Global Equities358.044498044
CUMULATIVE NET RETURN %31/12/1997Global Equities375.169911541
CUMULATIVE NET RETURN %30/01/1998Global Equities388.720046807
CUMULATIVE NET RETURN %27/02/1998Global Equities418.504943444
CUMULATIVE NET RETURN %31/03/1998Global Equities431.557475787
CUMULATIVE NET RETURN %30/04/1998Global Equities437.373937154
CUMULATIVE NET RETURN %29/05/1998Global Equities440.529450651
CUMULATIVE NET RETURN %30/06/1998Global Equities437.801830937
CUMULATIVE NET RETURN %31/07/1998Global Equities448.664621219
CUMULATIVE NET RETURN %31/08/1998Global Equities360.947468433
CUMULATIVE NET RETURN %30/09/1998Global Equities363.229895917
CUMULATIVE NET RETURN %30/10/1998Global Equities412.990468244
CUMULATIVE NET RETURN %30/11/1998Global Equities452.080803615
CUMULATIVE NET RETURN %31/12/1998Global Equities473.136116512
CUMULATIVE NET RETURN %29/01/1999Global Equities492.326318473
CUMULATIVE NET RETURN %26/02/1999Global Equities492.144711224
CUMULATIVE NET RETURN %31/03/1999Global Equities514.063362211
CUMULATIVE NET RETURN %30/04/1999Global Equities542.26440634
CUMULATIVE NET RETURN %31/05/1999Global Equities522.19801104
CUMULATIVE NET RETURN %30/06/1999Global Equities564.361757016
CUMULATIVE NET RETURN %30/07/1999Global Equities543.798564786
CUMULATIVE NET RETURN %31/08/1999Global Equities547.825717948
CUMULATIVE NET RETURN %30/09/1999Global Equities525.704607505
CUMULATIVE NET RETURN %29/10/1999Global Equities559.798000159
CUMULATIVE NET RETURN %30/11/1999Global Equities600.88652474
CUMULATIVE NET RETURN %31/12/1999Global Equities650.325097712
CUMULATIVE NET RETURN %31/01/2000Global Equities605.822115647
CUMULATIVE NET RETURN %29/02/2000Global Equities627.150013098
CUMULATIVE NET RETURN %31/03/2000Global Equities666.887307013
CUMULATIVE NET RETURN %28/04/2000Global Equities646.765411097
CUMULATIVE NET RETURN %31/05/2000Global Equities661.499017982
CUMULATIVE NET RETURN %30/06/2000Global Equities677.325937421
CUMULATIVE NET RETURN %31/07/2000Global Equities662.655387272
CUMULATIVE NET RETURN %31/08/2000Global Equities709.441473456
CUMULATIVE NET RETURN %29/09/2000Global Equities652.825089595
CUMULATIVE NET RETURN %31/10/2000Global Equities651.515023374
CUMULATIVE NET RETURN %30/11/2000Global Equities622.114027175
CUMULATIVE NET RETURN %29/12/2000Global Equities596.725075671
CUMULATIVE NET RETURN %31/01/2001Global Equities630.328613778
CUMULATIVE NET RETURN %28/02/2001Global Equities577.596915976
CUMULATIVE NET RETURN %30/03/2001Global Equities541.143150532
CUMULATIVE NET RETURN %30/04/2001Global Equities583.466420414
CUMULATIVE NET RETURN %31/05/2001Global Equities580.701115277
CUMULATIVE NET RETURN %29/06/2001Global Equities566.508020533
CUMULATIVE NET RETURN %31/07/2001Global Equities547.350313895
CUMULATIVE NET RETURN %31/08/2001Global Equities506.827414211
CUMULATIVE NET RETURN %28/09/2001Global Equities444.193115826
CUMULATIVE NET RETURN %31/10/2001Global Equities461.643321116
CUMULATIVE NET RETURN %30/11/2001Global Equities507.973559497
CUMULATIVE NET RETURN %31/12/2001Global Equities501.316735399
CUMULATIVE NET RETURN %31/01/2002Global Equities502.261524254
CUMULATIVE NET RETURN %28/02/2002Global Equities497.373087914
CUMULATIVE NET RETURN %29/03/2002Global Equities520.141246312
CUMULATIVE NET RETURN %30/04/2002Global Equities486.779011571
CUMULATIVE NET RETURN %31/05/2002Global Equities485.237073685
CUMULATIVE NET RETURN %28/06/2002Global Equities427.496120902
CUMULATIVE NET RETURN %31/07/2002Global Equities371.534532182
CUMULATIVE NET RETURN %30/08/2002Global Equities377.429232522
CUMULATIVE NET RETURN %30/09/2002Global Equities318.117100879
CUMULATIVE NET RETURN %31/10/2002Global Equities351.230637294
CUMULATIVE NET RETURN %29/11/2002Global Equities378.513485563
CUMULATIVE NET RETURN %31/12/2002Global Equities340.442713395
CUMULATIVE NET RETURN %31/01/2003Global Equities318.794645721
CUMULATIVE NET RETURN %28/02/2003Global Equities329.375618084
CUMULATIVE NET RETURN %31/03/2003Global Equities326.250837023
CUMULATIVE NET RETURN %30/04/2003Global Equities359.20266948
CUMULATIVE NET RETURN %30/05/2003Global Equities374.032757452
CUMULATIVE NET RETURN %30/06/2003Global Equities379.681616209
CUMULATIVE NET RETURN %31/07/2003Global Equities403.350834007
CUMULATIVE NET RETURN %29/08/2003Global Equities423.672013207
CUMULATIVE NET RETURN %30/09/2003Global Equities401.750421961
CUMULATIVE NET RETURN %31/10/2003Global Equities421.039614833
CUMULATIVE NET RETURN %28/11/2003Global Equities421.979413986
CUMULATIVE NET RETURN %31/12/2003Global Equities433.279380934
CUMULATIVE NET RETURN %30/01/2004Global Equities433.447683906
CUMULATIVE NET RETURN %27/02/2004Global Equities432.884309807
CUMULATIVE NET RETURN %31/03/2004Global Equities435.223565351
CUMULATIVE NET RETURN %30/04/2004Global Equities441.958444041
CUMULATIVE NET RETURN %31/05/2004Global Equities428.615210365
CUMULATIVE NET RETURN %30/06/2004Global Equities445.231119411
CUMULATIVE NET RETURN %30/07/2004Global Equities426.498504795
CUMULATIVE NET RETURN %31/08/2004Global Equities435.661052974
CUMULATIVE NET RETURN %30/09/2004Global Equities443.743428338
CUMULATIVE NET RETURN %29/10/2004Global Equities450.243717901
CUMULATIVE NET RETURN %30/11/2004Global Equities456.417012221
CUMULATIVE NET RETURN %31/12/2004Global Equities475.575952277
CUMULATIVE NET RETURN %31/01/2005Global Equities473.589006533
CUMULATIVE NET RETURN %28/02/2005Global Equities481.517612652
CUMULATIVE NET RETURN %31/03/2005Global Equities479.806148166
CUMULATIVE NET RETURN %29/04/2005Global Equities461.373820813
CUMULATIVE NET RETURN %31/05/2005Global Equities499.704762122
CUMULATIVE NET RETURN %30/06/2005Global Equities516.208637176
CUMULATIVE NET RETURN %29/07/2005Global Equities550.721743494
CUMULATIVE NET RETURN %31/08/2005Global Equities542.124277674
CUMULATIVE NET RETURN %30/09/2005Global Equities572.637959137
CUMULATIVE NET RETURN %31/10/2005Global Equities554.22032465
CUMULATIVE NET RETURN %30/11/2005Global Equities594.002546684
CUMULATIVE NET RETURN %30/12/2005Global Equities616.896857896
CUMULATIVE NET RETURN %31/01/2006Global Equities626.694974012
CUMULATIVE NET RETURN %28/02/2006Global Equities636.741750036
CUMULATIVE NET RETURN %31/03/2006Global Equities659.802135183
CUMULATIVE NET RETURN %28/04/2006Global Equities649.565548956
CUMULATIVE NET RETURN %31/05/2006Global Equities599.986884938
CUMULATIVE NET RETURN %30/06/2006Global Equities608.201161034
CUMULATIVE NET RETURN %31/07/2006Global Equities606.524848886
CUMULATIVE NET RETURN %31/08/2006Global Equities611.817073267
CUMULATIVE NET RETURN %29/09/2006Global Equities633.494038599
CUMULATIVE NET RETURN %31/10/2006Global Equities645.465614851
CUMULATIVE NET RETURN %30/11/2006Global Equities643.592408854
CUMULATIVE NET RETURN %29/12/2006Global Equities664.220108431
CUMULATIVE NET RETURN %31/01/2007Global Equities671.89058566
CUMULATIVE NET RETURN %28/02/2007Global Equities667.206599208
CUMULATIVE NET RETURN %30/03/2007Global Equities682.287502608
CUMULATIVE NET RETURN %30/04/2007Global Equities701.627448933
CUMULATIVE NET RETURN %31/05/2007Global Equities735.363138494
CUMULATIVE NET RETURN %29/06/2007Global Equities721.474558026
CUMULATIVE NET RETURN %31/07/2007Global Equities698.887375726
CUMULATIVE NET RETURN %31/08/2007Global Equities702.9428476
CUMULATIVE NET RETURN %28/09/2007Global Equities737.867408817
CUMULATIVE NET RETURN %31/10/2007Global Equities753.95873619
CUMULATIVE NET RETURN %30/11/2007Global Equities724.971960849
CUMULATIVE NET RETURN %31/12/2007Global Equities742.928630537
CUMULATIVE NET RETURN %31/01/2008Global Equities675.098247931
CUMULATIVE NET RETURN %29/02/2008Global Equities677.185354983
CUMULATIVE NET RETURN %31/03/2008Global Equities666.784050222
CUMULATIVE NET RETURN %30/04/2008Global Equities712.964079717
CUMULATIVE NET RETURN %30/05/2008Global Equities728.413486495
CUMULATIVE NET RETURN %30/06/2008Global Equities655.333499639
CUMULATIVE NET RETURN %31/07/2008Global Equities639.39241273
CUMULATIVE NET RETURN %29/08/2008Global Equities686.059756373
CUMULATIVE NET RETURN %30/09/2008Global Equities604.152251153
CUMULATIVE NET RETURN %31/10/2008Global Equities523.067851959
CUMULATIVE NET RETURN %28/11/2008Global Equities513.393477421
CUMULATIVE NET RETURN %31/12/2008Global Equities578.697555244
CUMULATIVE NET RETURN %31/01/2009Global Equities519.217858898
CUMULATIVE NET RETURN %27/02/2009Global Equities465.383739385
CUMULATIVE NET RETURN %31/03/2009Global Equities508.849140886
CUMULATIVE NET RETURN %30/04/2009Global Equities559.002662672
CUMULATIVE NET RETURN %29/05/2009Global Equities566.626269075
CUMULATIVE NET RETURN %30/06/2009Global Equities549.344383025
CUMULATIVE NET RETURN %31/07/2009Global Equities602.043095249
CUMULATIVE NET RETURN %31/08/2009Global Equities639.965357125
CUMULATIVE NET RETURN %30/09/2009Global Equities688.889350656
CUMULATIVE NET RETURN %30/10/2009Global Equities665.311876581
CUMULATIVE NET RETURN %30/11/2009Global Equities698.889387594
CUMULATIVE NET RETURN %31/12/2009Global Equities722.298681688
CUMULATIVE NET RETURN %29/01/2010Global Equities689.978098114
CUMULATIVE NET RETURN %26/02/2010Global Equities721.362779033
CUMULATIVE NET RETURN %31/03/2010Global Equities776.193237607
CUMULATIVE NET RETURN %30/04/2010Global Equities774.180320124
CUMULATIVE NET RETURN %31/05/2010Global Equities713.250452704
CUMULATIVE NET RETURN %30/06/2010Global Equities677.111741863
CUMULATIVE NET RETURN %30/07/2010Global Equities721.804651125
CUMULATIVE NET RETURN %31/08/2010Global Equities700.940885695
CUMULATIVE NET RETURN %30/09/2010Global Equities767.010809229
CUMULATIVE NET RETURN %29/10/2010Global Equities792.058328379
CUMULATIVE NET RETURN %30/11/2010Global Equities784.190236991
CUMULATIVE NET RETURN %31/12/2010Global Equities846.684933468
CUMULATIVE NET RETURN %31/01/2011Global Equities850.919398682
CUMULATIVE NET RETURN %28/02/2011Global Equities871.550286304
CUMULATIVE NET RETURN %31/03/2011Global Equities878.117426989
CUMULATIVE NET RETURN %29/04/2011Global Equities898.848024931
CUMULATIVE NET RETURN %31/05/2011Global Equities884.849505036
CUMULATIVE NET RETURN %30/06/2011Global Equities881.94514545
CUMULATIVE NET RETURN %29/07/2011Global Equities855.66453814
CUMULATIVE NET RETURN %31/08/2011Global Equities789.852284634
CUMULATIVE NET RETURN %30/09/2011Global Equities724.392261157
CUMULATIVE NET RETURN %31/10/2011Global Equities797.017152817
CUMULATIVE NET RETURN %30/11/2011Global Equities782.042472839
CUMULATIVE NET RETURN %30/12/2011Global Equities785.86192813
CUMULATIVE NET RETURN %31/01/2012Global Equities830.503645963
CUMULATIVE NET RETURN %29/02/2012Global Equities871.851923377
CUMULATIVE NET RETURN %30/03/2012Global Equities878.690992656
CUMULATIVE NET RETURN %30/04/2012Global Equities860.350462697
CUMULATIVE NET RETURN %31/05/2012Global Equities799.186527141
CUMULATIVE NET RETURN %29/06/2012Global Equities835.225189755
CUMULATIVE NET RETURN %31/07/2012Global Equities848.836986963
CUMULATIVE NET RETURN %31/08/2012Global Equities863.363558989
CUMULATIVE NET RETURN %28/09/2012Global Equities885.966999135
CUMULATIVE NET RETURN %31/10/2012Global Equities880.789115126
CUMULATIVE NET RETURN %30/11/2012Global Equities896.409224046
CUMULATIVE NET RETURN %31/12/2012Global Equities912.296890834
CUMULATIVE NET RETURN %31/01/2013Global Equities972.601058908
CUMULATIVE NET RETURN %28/02/2013Global Equities996.774346956
CUMULATIVE NET RETURN %29/03/2013Global Equities1017.167254183
CUMULATIVE NET RETURN %30/04/2013Global Equities1035.815891391
CUMULATIVE NET RETURN %31/05/2013Global Equities1048.722059851
CUMULATIVE NET RETURN %28/06/2013Global Equities1015.392919596
CUMULATIVE NET RETURN %31/07/2013Global Equities1069.398232311
CUMULATIVE NET RETURN %30/08/2013Global Equities1034.103450891
CUMULATIVE NET RETURN %30/09/2013Global Equities1066.412009265
CUMULATIVE NET RETURN %31/10/2013Global Equities1118.388646572
CUMULATIVE NET RETURN %29/11/2013Global Equities1124.292159158
CUMULATIVE NET RETURN %31/12/2013Global Equities1138.989316401
CUMULATIVE NET RETURN %31/01/2014Global Equities1094.338688456
CUMULATIVE NET RETURN %28/02/2014Global Equities1140.522264798
CUMULATIVE NET RETURN %31/03/2014Global Equities1149.952174683
CUMULATIVE NET RETURN %30/04/2014Global Equities1154.510834057
CUMULATIVE NET RETURN %30/05/2014Global Equities1186.563326046
CUMULATIVE NET RETURN %30/06/2014Global Equities1198.882192343
CUMULATIVE NET RETURN %31/07/2014Global Equities1191.713292187
CUMULATIVE NET RETURN %29/08/2014Global Equities1231.732412955
CUMULATIVE NET RETURN %30/09/2014Global Equities1204.80556914
CUMULATIVE NET RETURN %31/10/2014Global Equities1223.038065144
CUMULATIVE NET RETURN %28/11/2014Global Equities1260.256968503
CUMULATIVE NET RETURN %31/12/2014Global Equities1237.485766846
CUMULATIVE NET RETURN %30/01/2015Global Equities1242.016036022
CUMULATIVE NET RETURN %27/02/2015Global Equities1297.394173866
CUMULATIVE NET RETURN %31/03/2015Global Equities1304.813237587
CUMULATIVE NET RETURN %30/04/2015Global Equities1321.676995225
CUMULATIVE NET RETURN %29/05/2015Global Equities1325.954664107
CUMULATIVE NET RETURN %30/06/2015Global Equities1272.311747183
CUMULATIVE NET RETURN %31/07/2015Global Equities1290.14236509
CUMULATIVE NET RETURN %31/08/2015Global Equities1204.886140626
CUMULATIVE NET RETURN %30/09/2015Global Equities1167.844614775
CUMULATIVE NET RETURN %30/10/2015Global Equities1254.559404328
CUMULATIVE NET RETURN %30/11/2015Global Equities1261.431787932
CUMULATIVE NET RETURN %31/12/2015Global Equities1251.698381815
CUMULATIVE NET RETURN %29/01/2016Global Equities1195.303994777
CUMULATIVE NET RETURN %29/02/2016Global Equities1198.614246125
CUMULATIVE NET RETURN %31/03/2016Global Equities1274.528625294
CUMULATIVE NET RETURN %29/04/2016Global Equities1282.482968885
CUMULATIVE NET RETURN %31/05/2016Global Equities1289.869665137
CUMULATIVE NET RETURN %30/06/2016Global Equities1343.552583141
CUMULATIVE NET RETURN %29/07/2016Global Equities1411.361297058
CUMULATIVE NET RETURN %31/08/2016Global Equities1427.606673157
CUMULATIVE NET RETURN %30/09/2016Global Equities1443.964163089
CUMULATIVE NET RETURN %31/10/2016Global Equities1466.6850039
CUMULATIVE NET RETURN %30/11/2016Global Equities1461.346283427
CUMULATIVE NET RETURN %30/12/2016Global Equities1504.573907718
CUMULATIVE NET RETURN %31/01/2017Global Equities1534.080341779
CUMULATIVE NET RETURN %28/02/2017Global Equities1589.900468943
CUMULATIVE NET RETURN %31/03/2017Global Equities1607.558805196
CUMULATIVE NET RETURN %28/04/2017Global Equities1605.92539231
CUMULATIVE NET RETURN %31/05/2017Global Equities1646.998139288
CUMULATIVE NET RETURN %30/06/2017Global Equities1650.260467151
CUMULATIVE NET RETURN %31/07/2017Global Equities1686.567654738
CUMULATIVE NET RETURN %31/08/2017Global Equities1715.035271383
CUMULATIVE NET RETURN %29/09/2017Global Equities1714.155511582
CUMULATIVE NET RETURN %31/10/2017Global Equities1761.798091612
CUMULATIVE NET RETURN %30/11/2017Global Equities1780.667721063
CUMULATIVE NET RETURN %29/12/2017Global Equities1812.25517075
CUMULATIVE NET RETURN %31/01/2018Global Equities1871.303245064
CUMULATIVE NET RETURN %28/02/2018Global Equities1819.579069364
CUMULATIVE NET RETURN %30/03/2018Global Equities1762.922484539
CUMULATIVE NET RETURN %30/04/2018Global Equities1799.149254425
CUMULATIVE NET RETURN %31/05/2018Global Equities1836.555344609
CUMULATIVE NET RETURN %29/06/2018Global Equities1834.42922245
CUMULATIVE NET RETURN %31/07/2018Global Equities1899.852574356
CUMULATIVE NET RETURN %31/08/2018Global Equities1925.77024111
CUMULATIVE NET RETURN %28/09/2018Global Equities1932.059365341
CUMULATIVE NET RETURN %30/09/1985Wellcome0
CUMULATIVE NET RETURN %31/10/1985Wellcome3.00485
CUMULATIVE NET RETURN %29/11/1985Wellcome6.099991235
CUMULATIVE NET RETURN %31/12/1985Wellcome9.288136822
CUMULATIVE NET RETURN %31/01/1986Wellcome12.572081401
CUMULATIVE NET RETURN %28/02/1986Wellcome15.954703589
CUMULATIVE NET RETURN %31/03/1986Wellcome19.4389685
CUMULATIVE NET RETURN %30/04/1986Wellcome23.027930345
CUMULATIVE NET RETURN %30/05/1986Wellcome26.72473511
CUMULATIVE NET RETURN %30/06/1986Wellcome30.532623313
CUMULATIVE NET RETURN %31/07/1986Wellcome34.454932844
CUMULATIVE NET RETURN %29/08/1986Wellcome38.495101894
CUMULATIVE NET RETURN %30/09/1986Wellcome42.656671963
CUMULATIVE NET RETURN %31/10/1986Wellcome54.750434126
CUMULATIVE NET RETURN %28/11/1986Wellcome67.869448604
CUMULATIVE NET RETURN %31/12/1986Wellcome82.10063147
CUMULATIVE NET RETURN %30/01/1987Wellcome97.538267133
CUMULATIVE NET RETURN %27/02/1987Wellcome114.284632991
CUMULATIVE NET RETURN %31/03/1987Wellcome132.450677038
CUMULATIVE NET RETURN %30/04/1987Wellcome152.15675292
CUMULATIVE NET RETURN %29/05/1987Wellcome173.533417295
CUMULATIVE NET RETURN %30/06/1987Wellcome196.722294807
CUMULATIVE NET RETURN %31/07/1987Wellcome221.877016365
CUMULATIVE NET RETURN %31/08/1987Wellcome249.164236991
CUMULATIVE NET RETURN %30/09/1987Wellcome278.764739931
CUMULATIVE NET RETURN %30/10/1987Wellcome276.24993144
CUMULATIVE NET RETURN %30/11/1987Wellcome273.751820021
CUMULATIVE NET RETURN %31/12/1987Wellcome271.270294812
CUMULATIVE NET RETURN %29/01/1988Wellcome268.805245689
CUMULATIVE NET RETURN %29/02/1988Wellcome266.35656326
CUMULATIVE NET RETURN %31/03/1988Wellcome263.924138859
CUMULATIVE NET RETURN %29/04/1988Wellcome261.507864539
CUMULATIVE NET RETURN %31/05/1988Wellcome259.107633072
CUMULATIVE NET RETURN %30/06/1988Wellcome256.723337942
CUMULATIVE NET RETURN %29/07/1988Wellcome254.35487334
CUMULATIVE NET RETURN %31/08/1988Wellcome252.002134158
CUMULATIVE NET RETURN %30/09/1988Wellcome249.665015989
CUMULATIVE NET RETURN %31/10/1988Wellcome258.060263224
CUMULATIVE NET RETURN %30/11/1988Wellcome266.657075307
CUMULATIVE NET RETURN %30/12/1988Wellcome275.460291691
CUMULATIVE NET RETURN %31/01/1989Wellcome284.474868019
CUMULATIVE NET RETURN %28/02/1989Wellcome293.705878915
CUMULATIVE NET RETURN %31/03/1989Wellcome303.158520844
CUMULATIVE NET RETURN %28/04/1989Wellcome312.838115034
CUMULATIVE NET RETURN %31/05/1989Wellcome322.750110474
CUMULATIVE NET RETURN %30/06/1989Wellcome332.900086976
CUMULATIVE NET RETURN %31/07/1989Wellcome343.293758324
CUMULATIVE NET RETURN %31/08/1989Wellcome353.936975485
CUMULATIVE NET RETURN %29/09/1989Wellcome364.835729904
CUMULATIVE NET RETURN %31/10/1989Wellcome352.978002852
CUMULATIVE NET RETURN %30/11/1989Wellcome341.422760489
CUMULATIVE NET RETURN %29/12/1989Wellcome330.16228658
CUMULATIVE NET RETURN %31/01/1990Wellcome319.189061731
CUMULATIVE NET RETURN %28/02/1990Wellcome308.49575836
CUMULATIVE NET RETURN %30/03/1990Wellcome298.075235812
CUMULATIVE NET RETURN %30/04/1990Wellcome287.920535584
CUMULATIVE NET RETURN %31/05/1990Wellcome278.024876682
CUMULATIVE NET RETURN %29/06/1990Wellcome268.38165109
CUMULATIVE NET RETURN %31/07/1990Wellcome258.984419362
CUMULATIVE NET RETURN %31/08/1990Wellcome249.826906316
CUMULATIVE NET RETURN %28/09/1990Wellcome240.902996849
CUMULATIVE NET RETURN %31/10/1990Wellcome254.582377314
CUMULATIVE NET RETURN %30/11/1990Wellcome268.81066891
CUMULATIVE NET RETURN %31/12/1990Wellcome283.60989774
CUMULATIVE NET RETURN %31/01/1991Wellcome299.002973746
CUMULATIVE NET RETURN %28/02/1991Wellcome315.013726173
CUMULATIVE NET RETURN %29/03/1991Wellcome331.666940462
CUMULATIVE NET RETURN %30/04/1991Wellcome348.988396615
CUMULATIVE NET RETURN %31/05/1991Wellcome367.004909107
CUMULATIVE NET RETURN %28/06/1991Wellcome385.744368394
CUMULATIVE NET RETURN %31/07/1991Wellcome405.23578409
CUMULATIVE NET RETURN %30/08/1991Wellcome425.509329875
CUMULATIVE NET RETURN %30/09/1991Wellcome446.596390204
CUMULATIVE NET RETURN %31/10/1991Wellcome453.301597442
CUMULATIVE NET RETURN %29/11/1991Wellcome460.089058798
CUMULATIVE NET RETURN %31/12/1991Wellcome466.9597833
CUMULATIVE NET RETURN %31/01/1992Wellcome473.914792354
CUMULATIVE NET RETURN %28/02/1992Wellcome480.955119895
CUMULATIVE NET RETURN %31/03/1992Wellcome488.081812541
CUMULATIVE NET RETURN %30/04/1992Wellcome495.295929752
CUMULATIVE NET RETURN %29/05/1992Wellcome502.598543982
CUMULATIVE NET RETURN %30/06/1992Wellcome509.99074084
CUMULATIVE NET RETURN %31/07/1992Wellcome517.473619256
CUMULATIVE NET RETURN %31/08/1992Wellcome525.048291639
CUMULATIVE NET RETURN %30/09/1992Wellcome532.715884042
CUMULATIVE NET RETURN %30/10/1992Wellcome528.885991524
CUMULATIVE NET RETURN %30/11/1992Wellcome525.079281729
CUMULATIVE NET RETURN %31/12/1992Wellcome521.295614329
CUMULATIVE NET RETURN %29/01/1993Wellcome517.534849846
CUMULATIVE NET RETURN %26/02/1993Wellcome513.796849646
CUMULATIVE NET RETURN %31/03/1993Wellcome510.081475935
CUMULATIVE NET RETURN %30/04/1993Wellcome506.388591753
CUMULATIVE NET RETURN %31/05/1993Wellcome502.718060969
CUMULATIVE NET RETURN %30/06/1993Wellcome499.069748274
CUMULATIVE NET RETURN %30/07/1993Wellcome495.44351918
CUMULATIVE NET RETURN %31/08/1993Wellcome491.839240015
CUMULATIVE NET RETURN %30/09/1993Wellcome488.256777911
CUMULATIVE NET RETURN %29/10/1993Wellcome497.361992796
CUMULATIVE NET RETURN %30/11/1993Wellcome477.181073649
CUMULATIVE NET RETURN %31/12/1993Wellcome503.411529286
CUMULATIVE NET RETURN %31/01/1994Wellcome521.837183062
CUMULATIVE NET RETURN %28/02/1994Wellcome498.19673669
CUMULATIVE NET RETURN %31/03/1994Wellcome462.252171536
CUMULATIVE NET RETURN %29/04/1994Wellcome476.890744173
CUMULATIVE NET RETURN %31/05/1994Wellcome462.39422973
CUMULATIVE NET RETURN %30/06/1994Wellcome458.129875483
CUMULATIVE NET RETURN %29/07/1994Wellcome492.141696152
CUMULATIVE NET RETURN %31/08/1994Wellcome525.923616774
CUMULATIVE NET RETURN %30/09/1994Wellcome493.10863228
CUMULATIVE NET RETURN %31/10/1994Wellcome508.315107259
CUMULATIVE NET RETURN %30/11/1994Wellcome514.061920909
CUMULATIVE NET RETURN %30/12/1994Wellcome520.474323924
CUMULATIVE NET RETURN %31/01/1995Wellcome549.955789141
CUMULATIVE NET RETURN %28/02/1995Wellcome595.181272843
CUMULATIVE NET RETURN %31/03/1995Wellcome666.048538424
CUMULATIVE NET RETURN %28/04/1995Wellcome679.974381594
CUMULATIVE NET RETURN %31/05/1995Wellcome715.405107865
CUMULATIVE NET RETURN %30/06/1995Wellcome711.352136776
CUMULATIVE NET RETURN %31/07/1995Wellcome740.777931532
CUMULATIVE NET RETURN %31/08/1995Wellcome745.533623746
CUMULATIVE NET RETURN %29/09/1995Wellcome747.089743828
CUMULATIVE NET RETURN %31/10/1995Wellcome762.61291751
CUMULATIVE NET RETURN %30/11/1995Wellcome803.500424755
CUMULATIVE NET RETURN %29/12/1995Wellcome827.169967482
CUMULATIVE NET RETURN %31/01/1996Wellcome842.224333527
CUMULATIVE NET RETURN %29/02/1996Wellcome835.425336959
CUMULATIVE NET RETURN %29/03/1996Wellcome839.545979111
CUMULATIVE NET RETURN %30/04/1996Wellcome882.24871968
CUMULATIVE NET RETURN %31/05/1996Wellcome869.645781032
CUMULATIVE NET RETURN %28/06/1996Wellcome867.36633773
CUMULATIVE NET RETURN %31/07/1996Wellcome852.893763425
CUMULATIVE NET RETURN %30/08/1996Wellcome891.979655102
CUMULATIVE NET RETURN %30/09/1996Wellcome921.234027913
CUMULATIVE NET RETURN %31/10/1996Wellcome905.719849055
CUMULATIVE NET RETURN %29/11/1996Wellcome916.083792099
CUMULATIVE NET RETURN %31/12/1996Wellcome908.026247628
CUMULATIVE NET RETURN %31/01/1997Wellcome963.97472845
CUMULATIVE NET RETURN %28/02/1997Wellcome975.931038063
CUMULATIVE NET RETURN %31/03/1997Wellcome978.92180357
CUMULATIVE NET RETURN %30/04/1997Wellcome1007.69265606
CUMULATIVE NET RETURN %30/05/1997Wellcome1054.779673946
CUMULATIVE NET RETURN %30/06/1997Wellcome1072.654970431
CUMULATIVE NET RETURN %31/07/1997Wellcome1139.798496931
CUMULATIVE NET RETURN %29/08/1997Wellcome1104.233141329
CUMULATIVE NET RETURN %30/09/1997Wellcome1183.030812275
CUMULATIVE NET RETURN %31/10/1997Wellcome1100.145610469
CUMULATIVE NET RETURN %28/11/1997Wellcome1103.346518826
CUMULATIVE NET RETURN %31/12/1997Wellcome1161.623387386
CUMULATIVE NET RETURN %30/01/1998Wellcome1228.78351133
CUMULATIVE NET RETURN %27/02/1998Wellcome1298.105615602
CUMULATIVE NET RETURN %31/03/1998Wellcome1312.334695694
CUMULATIVE NET RETURN %30/04/1998Wellcome1158.317054926
CUMULATIVE NET RETURN %29/05/1998Wellcome1337.455349144
CUMULATIVE NET RETURN %30/06/1998Wellcome1347.834495492
CUMULATIVE NET RETURN %31/07/1998Wellcome1373.696149601
CUMULATIVE NET RETURN %31/08/1998Wellcome1201.170541367
CUMULATIVE NET RETURN %30/09/1998Wellcome1196.400450163
CUMULATIVE NET RETURN %30/10/1998Wellcome1287.612333755
CUMULATIVE NET RETURN %30/11/1998Wellcome1351.189816902
CUMULATIVE NET RETURN %31/12/1998Wellcome1400.558568878
CUMULATIVE NET RETURN %29/01/1999Wellcome1408.577103703
CUMULATIVE NET RETURN %26/02/1999Wellcome1415.912710727
CUMULATIVE NET RETURN %31/03/1999Wellcome1473.053827628
CUMULATIVE NET RETURN %30/04/1999Wellcome1477.914878566
CUMULATIVE NET RETURN %31/05/1999Wellcome1435.676779722
CUMULATIVE NET RETURN %30/06/1999Wellcome1494.37848533
CUMULATIVE NET RETURN %30/07/1999Wellcome1447.568649065
CUMULATIVE NET RETURN %31/08/1999Wellcome1469.869268055
CUMULATIVE NET RETURN %30/09/1999Wellcome1435.826652978
CUMULATIVE NET RETURN %29/10/1999Wellcome1548.712676459
CUMULATIVE NET RETURN %30/11/1999Wellcome1682.347598608
CUMULATIVE NET RETURN %31/12/1999Wellcome1768.745472573
CUMULATIVE NET RETURN %31/01/2000Wellcome1687.550350535
CUMULATIVE NET RETURN %29/02/2000Wellcome1753.905292077
CUMULATIVE NET RETURN %31/03/2000Wellcome1849.999877425
CUMULATIVE NET RETURN %28/04/2000Wellcome1845.820442687
CUMULATIVE NET RETURN %31/05/2000Wellcome1834.098431176
CUMULATIVE NET RETURN %30/06/2000Wellcome1880.35007424
CUMULATIVE NET RETURN %31/07/2000Wellcome1882.858385644
CUMULATIVE NET RETURN %31/08/2000Wellcome1971.125128395
CUMULATIVE NET RETURN %29/09/2000Wellcome1913.131760787
CUMULATIVE NET RETURN %31/10/2000Wellcome1883.993691682
CUMULATIVE NET RETURN %30/11/2000Wellcome1831.884692568
CUMULATIVE NET RETURN %29/12/2000Wellcome1788.835153644
CUMULATIVE NET RETURN %31/01/2001Wellcome1810.631744666
CUMULATIVE NET RETURN %28/02/2001Wellcome1754.925174456
CUMULATIVE NET RETURN %30/03/2001Wellcome1673.572051647
CUMULATIVE NET RETURN %30/04/2001Wellcome1741.328002093
CUMULATIVE NET RETURN %31/05/2001Wellcome1747.88902203
CUMULATIVE NET RETURN %29/06/2001Wellcome1744.722294613
CUMULATIVE NET RETURN %31/07/2001Wellcome1707.977086755
CUMULATIVE NET RETURN %31/08/2001Wellcome1615.844201593
CUMULATIVE NET RETURN %28/09/2001Wellcome1521.014983272
CUMULATIVE NET RETURN %31/10/2001Wellcome1547.26553781
CUMULATIVE NET RETURN %30/11/2001Wellcome1593.238577525
CUMULATIVE NET RETURN %31/12/2001Wellcome1600.174252063
CUMULATIVE NET RETURN %31/01/2002Wellcome1587.719455562
CUMULATIVE NET RETURN %28/02/2002Wellcome1584.31448156
CUMULATIVE NET RETURN %29/03/2002Wellcome1627.454491513
CUMULATIVE NET RETURN %30/04/2002Wellcome1586.599501807
CUMULATIVE NET RETURN %31/05/2002Wellcome1551.747609702
CUMULATIVE NET RETURN %28/06/2002Wellcome1447.624248357
CUMULATIVE NET RETURN %31/07/2002Wellcome1327.128700579
CUMULATIVE NET RETURN %30/08/2002Wellcome1330.470322431
CUMULATIVE NET RETURN %30/09/2002Wellcome1218.930972557
CUMULATIVE NET RETURN %31/10/2002Wellcome1282.138629127
CUMULATIVE NET RETURN %29/11/2002Wellcome1328.792994981
CUMULATIVE NET RETURN %31/12/2002Wellcome1262.585299421
CUMULATIVE NET RETURN %31/01/2003Wellcome1203.687958629
CUMULATIVE NET RETURN %28/02/2003Wellcome1222.51125722
CUMULATIVE NET RETURN %31/03/2003Wellcome1217.152573857
CUMULATIVE NET RETURN %30/04/2003Wellcome1301.466671276
CUMULATIVE NET RETURN %30/05/2003Wellcome1339.415725947
CUMULATIVE NET RETURN %30/06/2003Wellcome1349.13293363
CUMULATIVE NET RETURN %31/07/2003Wellcome1401.705157849
CUMULATIVE NET RETURN %29/08/2003Wellcome1439.74410035
CUMULATIVE NET RETURN %30/09/2003Wellcome1413.030925979
CUMULATIVE NET RETURN %31/10/2003Wellcome1465.930269728
CUMULATIVE NET RETURN %28/11/2003Wellcome1480.820074291
CUMULATIVE NET RETURN %31/12/2003Wellcome1505.951635668
CUMULATIVE NET RETURN %30/01/2004Wellcome1506.720244121
CUMULATIVE NET RETURN %27/02/2004Wellcome1520.954018092
CUMULATIVE NET RETURN %31/03/2004Wellcome1521.303819969
CUMULATIVE NET RETURN %30/04/2004Wellcome1546.142356621
CUMULATIVE NET RETURN %31/05/2004Wellcome1519.143152759
CUMULATIVE NET RETURN %30/06/2004Wellcome1550.993479631
CUMULATIVE NET RETURN %30/07/2004Wellcome1521.032240559
CUMULATIVE NET RETURN %31/08/2004Wellcome1543.575449619
CUMULATIVE NET RETURN %30/09/2004Wellcome1579.033782011
CUMULATIVE NET RETURN %29/10/2004Wellcome1596.285686218
CUMULATIVE NET RETURN %30/11/2004Wellcome1626.654967373
CUMULATIVE NET RETURN %31/12/2004Wellcome1678.013110719
CUMULATIVE NET RETURN %31/01/2005Wellcome1685.642564977
CUMULATIVE NET RETURN %28/02/2005Wellcome1719.332997507
CUMULATIVE NET RETURN %31/03/2005Wellcome1712.12971237
CUMULATIVE NET RETURN %29/04/2005Wellcome1684.403946558
CUMULATIVE NET RETURN %31/05/2005Wellcome1763.71517033
CUMULATIVE NET RETURN %30/06/2005Wellcome1819.790446003
CUMULATIVE NET RETURN %29/07/2005Wellcome1892.864005687
CUMULATIVE NET RETURN %31/08/2005Wellcome1897.532887479
CUMULATIVE NET RETURN %30/09/2005Wellcome1963.596493654
CUMULATIVE NET RETURN %31/10/2005Wellcome1930.808628045
CUMULATIVE NET RETURN %30/11/2005Wellcome2012.53364734
CUMULATIVE NET RETURN %30/12/2005Wellcome2089.649364349
CUMULATIVE NET RETURN %31/01/2006Wellcome2137.110452251
CUMULATIVE NET RETURN %28/02/2006Wellcome2162.685993786
CUMULATIVE NET RETURN %31/03/2006Wellcome2226.658009814
CUMULATIVE NET RETURN %28/04/2006Wellcome2233.6675324
CUMULATIVE NET RETURN %31/05/2006Wellcome2142.447502326
CUMULATIVE NET RETURN %30/06/2006Wellcome2156.291251982
CUMULATIVE NET RETURN %31/07/2006Wellcome2167.07790357
CUMULATIVE NET RETURN %31/08/2006Wellcome2194.852328382
CUMULATIVE NET RETURN %29/09/2006Wellcome2236.745316607
CUMULATIVE NET RETURN %31/10/2006Wellcome2287.018756372
CUMULATIVE NET RETURN %30/11/2006Wellcome2306.878513724
CUMULATIVE NET RETURN %29/12/2006Wellcome2373.288142923
CUMULATIVE NET RETURN %31/01/2007Wellcome2360.865311238
CUMULATIVE NET RETURN %28/02/2007Wellcome2357.898738106
CUMULATIVE NET RETURN %30/03/2007Wellcome2441.833522113
CUMULATIVE NET RETURN %30/04/2007Wellcome2479.912475925
CUMULATIVE NET RETURN %31/05/2007Wellcome2563.287507409
CUMULATIVE NET RETURN %29/06/2007Wellcome2594.280983119
CUMULATIVE NET RETURN %31/07/2007Wellcome2523.213933628
CUMULATIVE NET RETURN %31/08/2007Wellcome2522.330959817
CUMULATIVE NET RETURN %28/09/2007Wellcome2633.147519382
CUMULATIVE NET RETURN %31/10/2007Wellcome2724.493135886
CUMULATIVE NET RETURN %30/11/2007Wellcome2640.948018319
CUMULATIVE NET RETURN %31/12/2007Wellcome2683.284427315
CUMULATIVE NET RETURN %31/01/2008Wellcome2540.268140302
CUMULATIVE NET RETURN %29/02/2008Wellcome2562.273719144
CUMULATIVE NET RETURN %31/03/2008Wellcome2513.659536123
CUMULATIVE NET RETURN %30/04/2008Wellcome2609.59495486
CUMULATIVE NET RETURN %30/05/2008Wellcome2640.649080719
CUMULATIVE NET RETURN %30/06/2008Wellcome2528.68907912
CUMULATIVE NET RETURN %31/07/2008Wellcome2494.932006703
CUMULATIVE NET RETURN %29/08/2008Wellcome2568.292350818
CUMULATIVE NET RETURN %30/09/2008Wellcome2337.731377088
CUMULATIVE NET RETURN %31/10/2008Wellcome2231.625660167
CUMULATIVE NET RETURN %28/11/2008Wellcome2249.113973288
CUMULATIVE NET RETURN %31/12/2008Wellcome2283.752788478
CUMULATIVE NET RETURN %31/01/2009Wellcome2213.058070405
CUMULATIVE NET RETURN %27/02/2009Wellcome2174.621059226
CUMULATIVE NET RETURN %31/03/2009Wellcome2204.672442812
CUMULATIVE NET RETURN %30/04/2009Wellcome2279.101147951
CUMULATIVE NET RETURN %29/05/2009Wellcome2244.548510339
CUMULATIVE NET RETURN %30/06/2009Wellcome2204.384753173
CUMULATIVE NET RETURN %31/07/2009Wellcome2270.53096532
CUMULATIVE NET RETURN %31/08/2009Wellcome2329.148506818
CUMULATIVE NET RETURN %30/09/2009Wellcome2451.732085407
CUMULATIVE NET RETURN %30/10/2009Wellcome2404.028070078
CUMULATIVE NET RETURN %30/11/2009Wellcome2481.702060277
CUMULATIVE NET RETURN %31/12/2009Wellcome2549.836446574
CUMULATIVE NET RETURN %29/01/2010Wellcome2504.639353079
CUMULATIVE NET RETURN %26/02/2010Wellcome2557.144901487
CUMULATIVE NET RETURN %31/03/2010Wellcome2667.812604324
CUMULATIVE NET RETURN %30/04/2010Wellcome2647.793257564
CUMULATIVE NET RETURN %31/05/2010Wellcome2551.508331021
CUMULATIVE NET RETURN %30/06/2010Wellcome2520.816764607
CUMULATIVE NET RETURN %30/07/2010Wellcome2580.614504891
CUMULATIVE NET RETURN %31/08/2010Wellcome2541.924319291
CUMULATIVE NET RETURN %30/09/2010Wellcome2723.416081451
CUMULATIVE NET RETURN %29/10/2010Wellcome2776.033904019
CUMULATIVE NET RETURN %30/11/2010Wellcome2775.458802989
CUMULATIVE NET RETURN %31/12/2010Wellcome2922.327886643
CUMULATIVE NET RETURN %31/01/2011Wellcome2878.254052235
CUMULATIVE NET RETURN %28/02/2011Wellcome2887.329551329
CUMULATIVE NET RETURN %31/03/2011Wellcome2972.197695941
CUMULATIVE NET RETURN %29/04/2011Wellcome2987.745397837
CUMULATIVE NET RETURN %31/05/2011Wellcome2968.363213548
CUMULATIVE NET RETURN %30/06/2011Wellcome3015.225670746
CUMULATIVE NET RETURN %29/07/2011Wellcome2962.061380762
CUMULATIVE NET RETURN %31/08/2011Wellcome2874.651103549
CUMULATIVE NET RETURN %30/09/2011Wellcome2764.045151086
CUMULATIVE NET RETURN %31/10/2011Wellcome2873.49147373
CUMULATIVE NET RETURN %30/11/2011Wellcome2837.893264209
CUMULATIVE NET RETURN %30/12/2011Wellcome2864.305428689
CUMULATIVE NET RETURN %31/01/2012Wellcome2920.69261566
CUMULATIVE NET RETURN %29/02/2012Wellcome3009.042921884
CUMULATIVE NET RETURN %30/03/2012Wellcome3095.817588795
CUMULATIVE NET RETURN %30/04/2012Wellcome3025.246467692
CUMULATIVE NET RETURN %31/05/2012Wellcome2963.303390042
CUMULATIVE NET RETURN %29/06/2012Wellcome3020.749241731
CUMULATIVE NET RETURN %31/07/2012Wellcome3026.072392647
CUMULATIVE NET RETURN %31/08/2012Wellcome3061.262871707
CUMULATIVE NET RETURN %28/09/2012Wellcome3158.024470383
CUMULATIVE NET RETURN %31/10/2012Wellcome3142.119956718
CUMULATIVE NET RETURN %30/11/2012Wellcome3185.907576255
CUMULATIVE NET RETURN %31/12/2012Wellcome3258.050824847
CUMULATIVE NET RETURN %31/01/2013Wellcome3341.228530484
CUMULATIVE NET RETURN %28/02/2013Wellcome3408.97127574
CUMULATIVE NET RETURN %29/03/2013Wellcome3471.47917221
CUMULATIVE NET RETURN %30/04/2013Wellcome3485.04724405
CUMULATIVE NET RETURN %31/05/2013Wellcome3569.632718631
CUMULATIVE NET RETURN %28/06/2013Wellcome3564.358808664
CUMULATIVE NET RETURN %31/07/2013Wellcome3638.88089151
CUMULATIVE NET RETURN %30/08/2013Wellcome3588.090901363
CUMULATIVE NET RETURN %30/09/2013Wellcome3765.432676439
CUMULATIVE NET RETURN %31/10/2013Wellcome3791.296886365
CUMULATIVE NET RETURN %29/11/2013Wellcome3889.466559318
CUMULATIVE NET RETURN %31/12/2013Wellcome4018.324805998
CUMULATIVE NET RETURN %31/01/2014Wellcome3882.537703803
CUMULATIVE NET RETURN %28/02/2014Wellcome3969.718446555
CUMULATIVE NET RETURN %31/03/2014Wellcome4086.619058549
CUMULATIVE NET RETURN %30/04/2014Wellcome4019.47127219
CUMULATIVE NET RETURN %30/05/2014Wellcome4092.824576399
CUMULATIVE NET RETURN %30/06/2014Wellcome4231.467706463
CUMULATIVE NET RETURN %31/07/2014Wellcome4167.777395173
CUMULATIVE NET RETURN %29/08/2014Wellcome4299.742558329
CUMULATIVE NET RETURN %30/09/2014Wellcome4364.633509389
CUMULATIVE NET RETURN %31/10/2014Wellcome4322.411695888
CUMULATIVE NET RETURN %28/11/2014Wellcome4453.752038495
CUMULATIVE NET RETURN %31/12/2014Wellcome4494.669390003
CUMULATIVE NET RETURN %30/01/2015Wellcome4424.119633752
CUMULATIVE NET RETURN %27/02/2015Wellcome4599.575262319
CUMULATIVE NET RETURN %31/03/2015Wellcome4681.962516324
CUMULATIVE NET RETURN %30/04/2015Wellcome4688.718967721
CUMULATIVE NET RETURN %29/05/2015Wellcome4771.099898595
CUMULATIVE NET RETURN %30/06/2015Wellcome4720.363300862
CUMULATIVE NET RETURN %31/07/2015Wellcome4695.690763965
CUMULATIVE NET RETURN %31/08/2015Wellcome4549.32719188
CUMULATIVE NET RETURN %30/09/2015Wellcome4484.687231559
CUMULATIVE NET RETURN %30/10/2015Wellcome4613.099292433
CUMULATIVE NET RETURN %30/11/2015Wellcome4660.537136859
CUMULATIVE NET RETURN %31/12/2015Wellcome4669.167550289
CUMULATIVE NET RETURN %29/01/2016Wellcome4454.791138895
CUMULATIVE NET RETURN %29/02/2016Wellcome4415.647612608
CUMULATIVE NET RETURN %31/03/2016Wellcome4541.916583448
CUMULATIVE NET RETURN %29/04/2016Wellcome4566.097098356
CUMULATIVE NET RETURN %31/05/2016Wellcome4572.556219318
CUMULATIVE NET RETURN %30/06/2016Wellcome4657.897233887
CUMULATIVE NET RETURN %29/07/2016Wellcome4769.80723404
CUMULATIVE NET RETURN %31/08/2016Wellcome4851.037830565
CUMULATIVE NET RETURN %30/09/2016Wellcome4953.508711632
CUMULATIVE NET RETURN %31/10/2016Wellcome5038.927053695
CUMULATIVE NET RETURN %30/11/2016Wellcome5077.655296648
CUMULATIVE NET RETURN %30/12/2016Wellcome5222.117486252
CUMULATIVE NET RETURN %31/01/2017Wellcome5261.547074706
CUMULATIVE NET RETURN %28/02/2017Wellcome5376.416581313
CUMULATIVE NET RETURN %31/03/2017Wellcome5496.455675652
CUMULATIVE NET RETURN %28/04/2017Wellcome5474.439236767
CUMULATIVE NET RETURN %31/05/2017Wellcome5621.257673598
CUMULATIVE NET RETURN %30/06/2017Wellcome5685.104851205
CUMULATIVE NET RETURN %31/07/2017Wellcome5761.441191818
CUMULATIVE NET RETURN %31/08/2017Wellcome5856.010652844
CUMULATIVE NET RETURN %29/09/2017Wellcome5907.962324822
CUMULATIVE NET RETURN %31/10/2017Wellcome5986.401535651
CUMULATIVE NET RETURN %30/11/2017Wellcome6018.855325664
CUMULATIVE NET RETURN %29/12/2017Wellcome6169.476969623
CUMULATIVE NET RETURN %31/01/2018Wellcome6233.928773648
CUMULATIVE NET RETURN %28/02/2018Wellcome6158.627470517
CUMULATIVE NET RETURN %30/03/2018Wellcome6109.304692946
CUMULATIVE NET RETURN %30/04/2018Wellcome6164.644727291
CUMULATIVE NET RETURN %31/05/2018Wellcome6269.737376794
CUMULATIVE NET RETURN %29/06/2018Wellcome6407.15813736
CUMULATIVE NET RETURN %31/07/2018Wellcome6447.717823027
CUMULATIVE NET RETURN %31/08/2018Wellcome6539.902682414
CUMULATIVE NET RETURN %28/09/2018Wellcome6620.034193616
Download the data [CSV 145KB]

Between 1936 and 1986, the Trust was the sole owner of the Wellcome Foundation, Henry Wellcome's drug company.

In 1986, the Trust began floating shares in the Foundation and used the proceeds to diversify its assets.

Since this first flotation, the endowment has experienced an average 14% growth every year. This has allowed us to greatly increase the funds available to disburse in charitable grants.

Total portfolio net returns (£) period to 30 September 2018

 Annualised return in £ (%)  
 NominalUK CPIReal
Trailing 1 year13.42.710.7
Trailing 3 years16.31.814.5
Trailing 5 years14.01.512.5
Trailing 10 years11.72.39.4
Trailing 20 years9.12.07.1
Since October 198513.92.811.1
    
 Cumulative return in £ (%)  
 NominalUK CPIReal
Trailing 3 years57552
Trailing 5 years93786
Trailing 10 years20326177
Trailing 20 years46949420
Since October 19857,2801457,135

£ used to 30 September 2009. Blended £/US$ from 1 October 2009.
Net returns include impact of all external management fees/expenses. Performance fees are included for hedge funds, private equity and property, but for public equity they are only included in FY 2018.

1936

Henry Wellcome's will creates the Wellcome Group (now the Wellcome Trust). The Group owns the Wellcome Foundation Limited, the drug company.

Death duties are considerable and have to be partially funded by selling some of Henry's historical medical collection. The remainder after death duties is £3 million.

1950s–60s

The Wellcome Foundation Limited begins developing breakthrough drugs, and sales grow from £10m a year in 1952 to £50m a year by the 1960s.

Blockbuster drugs such as Zyloric (1966) and Septrin (1967) increase sales to about £400m a year by 1977.

1981

Zovirax is developed. It becomes the world's first billion-dollar drug in 1985.

1986

Henry's will is legally amended to allow the flotation of 21% of the drug company. The Foundation becomes a public limited company, Wellcome plc.

1992

A secondary share offering raises a further £2.3bn and allows the Trust to diversify its assets further.

1995

The Foundation merges with Glaxo.

In the years up to 2001, the Trust sells out of the combined Glaxo Wellcome shares to diversify its holding.

2006

The Trust becomes the only UK-domiciled non-public sector organisation with an Aaa/AAA credit rating and the first UK charity to issue a listed bond.

Grant giving

In the Trust's first 20 years, we disbursed a total of £1.17m of dividends. Until 1972, our trustees allowed the majority of profits to be reinvested to build up the strength of the drug company.

Between 1965 and 1991, we disbursed about £100m.

Disbursements grew from £20m in 1985 to £100m in 1992 and £200m in 1994.

Over the 2017–18 financial year, our charitable disbursements were £723m.

The Wellcome Trust endowment now stands at approximately £25.9bn.

Our approach to investing is set out in our Investment policy [PDF 186KB]. This is reviewed at least every two years by our Board of Governors and Investment Committee.

Stewardship

We welcome the introduction of the FRC Stewardship Code [PDF 211KB], and support the industry's continued efforts to strengthen the role played by institutional investors in corporate governance.

Philosophy and competitive advantages

In the deliberate absence of any pre-determined strategic asset allocation, with the exception of very broad asset ranges, the following investment beliefs drive our asset allocation:

  1. Sufficient liquidity must be maintained to avoid the forced sale of assets at distressed prices. Real assets offer the best long-term growth prospects and provide protection against inflationary pressures.
  2. To maximise investment returns from global economic activity, the portfolio should be very broadly diversified with no innate geographical bias.
  3. We seek to use the advantages of our long-term investment horizon, ability to tolerate high levels of short-term volatility, AAA balance sheet and proactive governance structure in our investment portfolio.
  4. The best returns will be driven by combining aligned partnership with the strongest external managers and building in-house resource to own selected assets directly.
  5. We're generally flexible about the vehicles we invest in, whether public companies or private partnerships.

Asset allocation

The net value of our investment asset base was approximately £25.9bn at 30 September 2018.

We invest across all asset classes and, for reporting purposes, split them into four areas:

  • public equity
  • hedge funds
  • private equity
  • property and infrastructure.

Investment asset allocation at 30 September 2018

 2018
£m
2017
£m
2016
£m
2018
%
2017
%
2016
%
Change in allocation Sept 2017 to Sept 2018 %
Total public equities14,94313,48711,66352.152.350.5(0.2)
        
Indirectly managed3,6803,7414,22112.914.518.3(1.6)
Global1,6291,4981,3425.75.85.8(0.1)
Developed markets9357241,1393.32.84.90.5
Growth markets1,1161,5191,7393.95.97.5(2.0)
Directly managed11,2639,7467,44239.237.832.21.4
Mega cap basket7,0706,0915,21324.623.622.61.0
Optionality basket2,4302,4601,7998.59.57.8(1.0)
Growth basket8465364302.92.11.90.8
Other917659-3.22.6-0.6
        
Equity index futures and options*181233-0.60.9-(0.3)
Commodity futures and options*-310--1.2-(1.2)
        
Hedge funds2,6792,3682,4639.39.210.70.1
Equity long/short1,5061,5031,4955.25.86.5(0.6)
Directional hedge funds4603604351.61.41.90.2
Non-directional hedge funds7135055332.52.02.30.5
        
Cash & Bonds1,3638937974.73.53.41.2
        
Private equity7,1266,2385,83124.824.225.20.6
Buyout funds1,1281,1971,1763.94.65.1(0.7)
Specialist funds1,3401,2891,1874.75.05.1(0.3)
Multi asset partnerships7146907102.52.73.1(0.2)
Venture funds2,8172,2032,0439.88.58.81.3
Directs1,1278597163.93.43.10.5
        
Property2,4272,2442,3558.58.710.2(0.2)
        
Net overlay assets*(11)(13)(8)----
        
Total assets28,70825,76023,101 ---
        
Bond liabilities(2,654)(2,041)(2,248) ---
Other liabilities(174)(531)- ---
Total liabilities(2,828)(2,572)(2,248) ---
        
Total assets net of all liabilities25,88023,18820,853 ---
*As of September 2017, the equity and commodity derivatives have been shown separately as notional exposures, with futures offsets included in other liabilities. Net overlay assets comprise foreign exchange overlays and the related cash collateral amounts due to counterparties.

Wellcome Trust Bonds are stated at quoted offer price in the table 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.

Public equity

A significant portion of our portfolio is invested in shares listed on equity markets around the world. We do this both directly through a portfolio of shares managed by our Investment team and through third-party managers.

There's no innate geographical bias in our equity portfolio – we're focused on owning well-managed businesses that are best able to take advantage of economic opportunities around the world.

When we appoint external equity managers to manage money on our behalf, we prefer active managers who share our long-term time horizon and run concentrated portfolios.

Public equity net returns (%) Period to 30 September 2018

 Annualised return in £ (%)  
 1 year3 years5 years
Global10.419.814.1
Developed world26.323.317.5
Growth markets(1.8)13.28.2
Total public equities9.919.113.6
    
Direct public equities by strategy   
Mega cap basket13.321.915.3
Optionality basket(0.4)14.610.1
Growth basket(7.9)13.67.0
    
MSCI AC World13.519.914.1

Direct public equity holdings above US$150m As at 30 September 2018

   Total
value
Total
value
Return on cost
GBP
Rank
2018
Rank
2017
 £mUS$m(Inception
dates differ)
1N/ASyncona*68989844%
23Apple6067901075%
35Microsoft570743471%
41Vonovia**506660192%
54Bank of America452589192%
62Alibaba**420548439%
76JPMorgan Chase407530281%
88Royal Dutch Shell356464103%
913Alphabet331432463%
1011Siemens32442368%
1115Berkshire Hathaway307400176%
127Morgan Stanley302394142%
1316HSBC26834955%
1418Nestle257335112%
1517Unilever253330127%
1610AXA2473236%
1722BP24532075%
1826Cisco Systems242316233%
1919Toyota24131597%
209Banco Santander23630710%
2124Novartis23530675%
2227Anheuser-Busch2272970%
2321Rolls-Royce22229017%
2420Merlin22028711%
2512Facebook202263239%
2614JD.com**18323866%
2731Johnson & Johnson180235208%
2825Pepsico180235164%
2929Roche17723187%
3033General Electric1732260%
3123Marks & Spencer15920781%
3232Sumitomo Mitsui FG15520237%
3330Vodafone Group13217240%
3435Rio Tinto12616473%
3534Schlumberger11715228%
      
 

*Return since transfer into investment portfolio in May 2018.
**Return on cost has been adjusted for when the asset was held directly as a private company.

Illiquid assets

Hedge funds

We are one of the largest institutional investors in hedge funds.

We're prepared to consider a variety of approaches but avoid funds that employ substantial leverage to achieve returns. In general, most of the funds we invest in are closed to new investors.

Private equity

We have major exposure to private equity. This is mainly through partnerships with well-established buyout and venture groups across a broad range of locations and sectors.

We also selectively co-invest in direct opportunities alongside external managers.

Property and infrastructure

We have a global portfolio of property. Our major asset is our freehold estate in South Kensington, London.

Investment in commercial property and infrastructure is driven by finding attractive value propositions at the appropriate risk profile.

Illiquid asset net returns (£) (%) Period to 30 September 2018

 Annualised return in £ (%)
 1year3 years5 years10 years
Directional8.410.98.69.1
Non Directional7.99.37.48.8
Equity long/short11.912.912.711.3
Total Hedge funds10.511.910.610.2
     
Large buyout funds22.926.320.815.6
Mid buyout funds16.018.116.1 
Specialist funds10.517.814.5 
Multi asset partnerships(3.8)3.02.9 
Venture funds32.018.025.817.7
Direct private(2.3)   
Private co-investments50.129.8  
Total Private equity funds20.217.4  
     
Non-residential property14.68.18.43.7
Residential property(2.0)0.76.29.2
Property & infrastructure5.94.57.37.5
     
MSCI AC World13.519.914.112.2

 

Illiquid asset net returns (US$) (%) Period to 30 September 2018

 Annualised return in US($) (%)
 1 year3 years5 years10 years
Directional5.45.54.05.8
Non Directional4.94.02.95.4
Equity long/short8.77.47.97.9
Total Hedge funds7.46.56.06.8
     
Large buyout funds19.520.215.712.0
Mid buyout funds12.712.311.2 
Specialist funds7.412.19.7 
Multi asset partnerships(6.5)(2.0)(1.5) 
Venture funds28.312.320.414.1
Direct private(5.0)   
Private co-investments45.923.5  
Total Private equity funds16.811.7  
     
Non-residential property11.42.93.80.5
Residential property(4.7)(4.2)1.75.8
Property & infrastructure3.0(0.6)2.74.2
     
MSCI AC World10.314.09.28.8

 

Risk management

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

Our Investments team focuses on qualitative risk by continually meeting managers and through ongoing due diligence. Our internal risk and performance team analyses the overall portfolio risk. Investment risk is monitored and managed through a policy of holistic measurement using the following parameters:

  • currency risk
  • equity market beta (expectation of movement in the portfolio given a certain percentage change in global equity markets)
  • liquidity and forecast cash holdings
  • value-at-risk
  • measures of diversification and exposure.
'ANNUALISED VOLATILITY %'DatesGlobal equities rolling 3 yearsWellcome rolling 3 years
ANNUALISED VOLATILITY %31/10/199610.9880766712.13678981
ANNUALISED VOLATILITY %29/11/199610.4720786411.78910676
ANNUALISED VOLATILITY %31/12/199610.3160075811.74072835
ANNUALISED VOLATILITY %31/01/199710.9854445311.94145642
ANNUALISED VOLATILITY %28/02/199710.9791245511.51417266
ANNUALISED VOLATILITY %31/03/199710.7427830810.60812032
ANNUALISED VOLATILITY %30/04/199710.9501784910.60967507
ANNUALISED VOLATILITY %30/05/199711.2193439710.36687554
ANNUALISED VOLATILITY %30/06/199711.0993636910.23652738
ANNUALISED VOLATILITY %31/07/199711.4517140710.1896934
ANNUALISED VOLATILITY %29/08/199712.1242379810.35499062
ANNUALISED VOLATILITY %30/09/199711.919078159.797519283
ANNUALISED VOLATILITY %31/10/199713.3776482410.99588756
ANNUALISED VOLATILITY %28/11/199713.3525543311.02414457
ANNUALISED VOLATILITY %31/12/199713.433541311.13653379
ANNUALISED VOLATILITY %30/01/199813.1809927511.18903902
ANNUALISED VOLATILITY %27/02/199813.46385910.97050434
ANNUALISED VOLATILITY %31/03/199813.477490079.844225275
ANNUALISED VOLATILITY %30/04/199813.3269041312.25967392
ANNUALISED VOLATILITY %29/05/199813.3203581514.23081415
ANNUALISED VOLATILITY %30/06/199813.3365455514.18453583
ANNUALISED VOLATILITY %31/07/199813.2319683914.13865896
ANNUALISED VOLATILITY %31/08/199816.5648831816.10107476
ANNUALISED VOLATILITY %30/09/199816.5652878816.11741281
ANNUALISED VOLATILITY %30/10/199817.4739218916.45335389
ANNUALISED VOLATILITY %30/11/199817.6127687716.44272636
ANNUALISED VOLATILITY %31/12/199817.6785681816.46822631
ANNUALISED VOLATILITY %29/01/199917.5804207216.47645405
ANNUALISED VOLATILITY %26/02/199917.5527175216.43716732
ANNUALISED VOLATILITY %31/03/199917.6086979916.47866542
ANNUALISED VOLATILITY %30/04/199917.632070816.39622393
ANNUALISED VOLATILITY %31/05/199917.6384114516.49489407
ANNUALISED VOLATILITY %30/06/199917.9102578616.52362455
ANNUALISED VOLATILITY %30/07/199917.8297082316.63395169
ANNUALISED VOLATILITY %31/08/199917.8328662116.56034005
ANNUALISED VOLATILITY %30/09/199918.0008571416.65898999
ANNUALISED VOLATILITY %29/10/199917.9191907916.93763353
ANNUALISED VOLATILITY %30/11/199918.1224572817.35779951
ANNUALISED VOLATILITY %31/12/199918.1484159117.38595305
ANNUALISED VOLATILITY %31/01/200018.2558074117.60170646
ANNUALISED VOLATILITY %29/02/200018.2380717917.64220377
ANNUALISED VOLATILITY %31/03/200018.1914936317.73849768
ANNUALISED VOLATILITY %28/04/200018.3015030517.76741742
ANNUALISED VOLATILITY %31/05/200018.1876341417.75001336
ANNUALISED VOLATILITY %30/06/200018.1600755617.75631471
ANNUALISED VOLATILITY %31/07/200018.042259117.60327423
ANNUALISED VOLATILITY %31/08/200017.7004381717.49612677
ANNUALISED VOLATILITY %29/09/200018.2064532517.43025476
ANNUALISED VOLATILITY %31/10/200017.0955225616.8887903
ANNUALISED VOLATILITY %30/11/200017.3816140617.04440753
ANNUALISED VOLATILITY %29/12/200017.5505370517.04955433
ANNUALISED VOLATILITY %31/01/200117.6508881916.87669009
ANNUALISED VOLATILITY %28/02/200118.0674362216.85450333
ANNUALISED VOLATILITY %30/03/200118.3946695117.12844958
ANNUALISED VOLATILITY %30/04/200118.7110533715.74615182
ANNUALISED VOLATILITY %31/05/200118.7239576213.70131498
ANNUALISED VOLATILITY %29/06/200118.7834998713.7122466
ANNUALISED VOLATILITY %31/07/200118.8817955713.78784443
ANNUALISED VOLATILITY %31/08/200116.654351112.19295776
ANNUALISED VOLATILITY %28/09/200117.8664252112.7192944
ANNUALISED VOLATILITY %31/10/200116.9001713412.16475377
ANNUALISED VOLATILITY %30/11/200116.9963294112.00346267
ANNUALISED VOLATILITY %31/12/200116.8928593411.87801177
ANNUALISED VOLATILITY %31/01/200216.7923319411.89575769
ANNUALISED VOLATILITY %28/02/200216.8014380511.90006239
ANNUALISED VOLATILITY %29/03/200216.8095384211.80106313
ANNUALISED VOLATILITY %30/04/200216.8901665911.90218062
ANNUALISED VOLATILITY %31/05/200216.7970569811.85598386
ANNUALISED VOLATILITY %28/06/200217.2192389812.24747261
ANNUALISED VOLATILITY %31/07/200218.1273643212.94336464
ANNUALISED VOLATILITY %30/08/200218.1469099312.91099084
ANNUALISED VOLATILITY %30/09/200219.3151680713.59740791
ANNUALISED VOLATILITY %31/10/200219.6460678113.17459635
ANNUALISED VOLATILITY %29/11/200219.6238345912.38478273
ANNUALISED VOLATILITY %31/12/200219.4518641812.17622941
ANNUALISED VOLATILITY %31/01/200319.3778519712.17400526
ANNUALISED VOLATILITY %28/02/200319.3422016711.95343696
ANNUALISED VOLATILITY %31/03/200318.9258040811.40518404
ANNUALISED VOLATILITY %30/04/200319.640070612.18066956
ANNUALISED VOLATILITY %30/05/200319.7225121312.35214677
ANNUALISED VOLATILITY %30/06/200319.679381912.24152277
ANNUALISED VOLATILITY %31/07/200319.9861105412.4968517
ANNUALISED VOLATILITY %29/08/200319.7654889912.27251531
ANNUALISED VOLATILITY %30/09/200319.5406895812.22708234
ANNUALISED VOLATILITY %31/10/200319.7330917312.45841196
ANNUALISED VOLATILITY %28/11/200319.6567552912.42923368
ANNUALISED VOLATILITY %31/12/200319.6550895612.44184086
ANNUALISED VOLATILITY %30/01/200419.3964836812.4112522
ANNUALISED VOLATILITY %27/02/200419.0091957512.34270773
ANNUALISED VOLATILITY %31/03/200418.7943060912.10384462
ANNUALISED VOLATILITY %30/04/200418.3646626511.91460585
ANNUALISED VOLATILITY %31/05/200418.3993022711.9353789
ANNUALISED VOLATILITY %30/06/200418.497996412.00739852
ANNUALISED VOLATILITY %30/07/200418.5264140711.99901081
ANNUALISED VOLATILITY %31/08/200418.2367370811.67980893
ANNUALISED VOLATILITY %30/09/200417.238968111.28327568
ANNUALISED VOLATILITY %29/10/200417.1544546111.26200635
ANNUALISED VOLATILITY %30/11/200416.4685251311.19569075
ANNUALISED VOLATILITY %31/12/200416.5856170511.31681408
ANNUALISED VOLATILITY %31/01/200516.5864533811.30466287
ANNUALISED VOLATILITY %28/02/200516.5989342611.34285691
ANNUALISED VOLATILITY %31/03/200516.447709211.2660595
ANNUALISED VOLATILITY %29/04/200516.2522032511.21143112
ANNUALISED VOLATILITY %31/05/200516.723544811.38729792
ANNUALISED VOLATILITY %30/06/200515.6775627610.76276808
ANNUALISED VOLATILITY %29/07/200514.474244829.674158101
ANNUALISED VOLATILITY %31/08/200514.534123739.67415471
ANNUALISED VOLATILITY %30/09/200512.348895728.242122521
ANNUALISED VOLATILITY %31/10/200511.943403158.132077677
ANNUALISED VOLATILITY %30/11/200511.948328278.202600703
ANNUALISED VOLATILITY %30/12/200510.729741727.58138189
ANNUALISED VOLATILITY %31/01/200610.051970226.802626562
ANNUALISED VOLATILITY %28/02/200610.036841676.806140745
ANNUALISED VOLATILITY %31/03/20069.9835060046.748048695
ANNUALISED VOLATILITY %28/04/20069.4520395166.156563203
ANNUALISED VOLATILITY %31/05/200610.456291566.837566634
ANNUALISED VOLATILITY %30/06/200610.456261746.839334839
ANNUALISED VOLATILITY %31/07/200610.235477176.705327038
ANNUALISED VOLATILITY %31/08/200610.074488196.656433897
ANNUALISED VOLATILITY %29/09/20069.6808753786.444615847
ANNUALISED VOLATILITY %31/10/20069.5490719096.328298194
ANNUALISED VOLATILITY %30/11/20069.5655815636.330236166
ANNUALISED VOLATILITY %29/12/20069.5968931316.391219132
ANNUALISED VOLATILITY %31/01/20079.5782065096.433658264
ANNUALISED VOLATILITY %28/02/20079.6036116256.477025198
ANNUALISED VOLATILITY %30/03/20079.6104985166.564650368
ANNUALISED VOLATILITY %30/04/20079.6429787216.564222912
ANNUALISED VOLATILITY %31/05/20079.5595317736.42399487
ANNUALISED VOLATILITY %29/06/20079.6468744676.416789595
ANNUALISED VOLATILITY %31/07/20079.541814156.573229539
ANNUALISED VOLATILITY %31/08/20079.5444992656.622461975
ANNUALISED VOLATILITY %28/09/20079.7186592686.81655727
ANNUALISED VOLATILITY %31/10/20079.7263690116.90577185
ANNUALISED VOLATILITY %30/11/200710.092032447.354085428
ANNUALISED VOLATILITY %31/12/200710.019198257.28943188
ANNUALISED VOLATILITY %31/01/200811.305766268.166631336
ANNUALISED VOLATILITY %29/02/200811.30747788.155331952
ANNUALISED VOLATILITY %31/03/200811.359994998.285437004
ANNUALISED VOLATILITY %30/04/200811.487562678.274161725
ANNUALISED VOLATILITY %30/05/200810.984593688.045985067
ANNUALISED VOLATILITY %30/06/200812.288863158.49959548
ANNUALISED VOLATILITY %31/07/200812.022850498.411746977
ANNUALISED VOLATILITY %29/08/200812.445131578.488531613
ANNUALISED VOLATILITY %30/09/200813.73670129.969949723
ANNUALISED VOLATILITY %31/10/200815.2345992110.291456
ANNUALISED VOLATILITY %28/11/200814.8150943910.07043264
ANNUALISED VOLATILITY %31/12/200815.980097229.901938081
ANNUALISED VOLATILITY %31/01/200916.7259711810.00880944
ANNUALISED VOLATILITY %27/02/200917.3720217810.04280852
ANNUALISED VOLATILITY %31/03/200917.899500759.937420435
ANNUALISED VOLATILITY %30/04/200918.5827793510.10873182
ANNUALISED VOLATILITY %29/05/200918.202942269.871793335
ANNUALISED VOLATILITY %30/06/200918.249588089.926635429
ANNUALISED VOLATILITY %31/07/200918.8557066110.05322771
ANNUALISED VOLATILITY %31/08/200919.0979736510.12386395
ANNUALISED VOLATILITY %30/09/200919.3852721610.46612962
ANNUALISED VOLATILITY %30/10/200919.4644739610.47837173
ANNUALISED VOLATILITY %30/11/200919.6089714610.60809303
ANNUALISED VOLATILITY %31/12/200919.6157762210.59854655
ANNUALISED VOLATILITY %29/01/201019.766699610.65000589
ANNUALISED VOLATILITY %26/02/201019.8771751410.69896987
ANNUALISED VOLATILITY %31/03/201020.1917809510.78313814
ANNUALISED VOLATILITY %30/04/201020.16074410.77369395
ANNUALISED VOLATILITY %31/05/201020.4688749310.83046265
ANNUALISED VOLATILITY %30/06/201020.6133267210.83049495
ANNUALISED VOLATILITY %30/07/201020.8051124210.79654555
ANNUALISED VOLATILITY %31/08/201020.8667398110.83349804
ANNUALISED VOLATILITY %30/09/201021.2523243111.27966805
ANNUALISED VOLATILITY %29/10/201021.2852873511.1676046
ANNUALISED VOLATILITY %30/11/201021.184694511.01952104
ANNUALISED VOLATILITY %31/12/201021.5128861611.35733087
ANNUALISED VOLATILITY %31/01/201120.9045424510.94648692
ANNUALISED VOLATILITY %28/02/201120.9183978210.9432992
ANNUALISED VOLATILITY %31/03/201120.8800566110.95401756
ANNUALISED VOLATILITY %29/04/201120.6695385210.79102894
ANNUALISED VOLATILITY %31/05/201120.6943523710.79819563
ANNUALISED VOLATILITY %30/06/201119.9266339410.48745732
ANNUALISED VOLATILITY %29/07/201119.9585396710.51513923
ANNUALISED VOLATILITY %31/08/201120.1800075110.59648393
ANNUALISED VOLATILITY %30/09/201119.682383779.487952447
ANNUALISED VOLATILITY %31/10/201118.875738619.229222744
ANNUALISED VOLATILITY %30/11/201118.881609829.294703154
ANNUALISED VOLATILITY %30/12/201118.02315379.283296226
ANNUALISED VOLATILITY %31/01/201217.237151499.057405906
ANNUALISED VOLATILITY %29/02/201216.278882639.02101411
ANNUALISED VOLATILITY %30/03/201215.88125369.08399156
ANNUALISED VOLATILITY %30/04/201215.462363619.157399962
ANNUALISED VOLATILITY %31/05/201216.059773729.206925068
ANNUALISED VOLATILITY %29/06/201216.014259539.106391889
ANNUALISED VOLATILITY %31/07/201215.469398439.037125089
ANNUALISED VOLATILITY %31/08/201215.24618228.985167206
ANNUALISED VOLATILITY %28/09/201214.886186048.73044581
ANNUALISED VOLATILITY %31/10/201214.743534378.626234459
ANNUALISED VOLATILITY %30/11/201214.596603648.521136573
ANNUALISED VOLATILITY %31/12/201214.546973018.490343206
ANNUALISED VOLATILITY %31/01/201314.596144138.429072099
ANNUALISED VOLATILITY %28/02/201314.507118628.426787534
ANNUALISED VOLATILITY %29/03/201314.109802988.210429372
ANNUALISED VOLATILITY %30/04/201314.10683268.167719691
ANNUALISED VOLATILITY %31/05/201313.328851237.809856317
ANNUALISED VOLATILITY %28/06/201313.139870157.738503397
ANNUALISED VOLATILITY %31/07/201313.039103657.725290417
ANNUALISED VOLATILITY %30/08/201313.087235077.716413029
ANNUALISED VOLATILITY %30/09/201312.421803587.252533014
ANNUALISED VOLATILITY %31/10/201312.540655997.230737586
ANNUALISED VOLATILITY %29/11/201312.497572117.273018332
ANNUALISED VOLATILITY %31/12/201311.963945826.978500053
ANNUALISED VOLATILITY %31/01/201412.231503897.264891113
ANNUALISED VOLATILITY %28/02/201412.340384837.299397817
ANNUALISED VOLATILITY %31/03/201412.340323567.302316331
ANNUALISED VOLATILITY %30/04/201412.31489547.440162236
ANNUALISED VOLATILITY %30/05/201412.295619687.408646016
ANNUALISED VOLATILITY %30/06/201412.278402627.531070225
ANNUALISED VOLATILITY %31/07/201412.130089867.503768466
ANNUALISED VOLATILITY %29/08/201411.271921797.251416683
ANNUALISED VOLATILITY %30/09/201410.262813696.660566025
ANNUALISED VOLATILITY %31/10/20149.252152476.600089061
ANNUALISED VOLATILITY %28/11/20149.1502009486.535300047
ANNUALISED VOLATILITY %31/12/20149.2940064076.535308613
ANNUALISED VOLATILITY %30/01/20159.0179457976.715153208
ANNUALISED VOLATILITY %27/02/20158.9788644956.823402971
ANNUALISED VOLATILITY %31/03/20158.9816806866.765082442
ANNUALISED VOLATILITY %30/04/20158.8133016186.496561578
ANNUALISED VOLATILITY %29/05/20157.6301334376.21868437
ANNUALISED VOLATILITY %30/06/20157.9988307716.354686749
ANNUALISED VOLATILITY %31/07/20157.9969370936.405749149
ANNUALISED VOLATILITY %31/08/20159.0124415026.862904583
ANNUALISED VOLATILITY %30/09/20159.2179216516.907056125
ANNUALISED VOLATILITY %30/10/20159.8327915126.929557041
ANNUALISED VOLATILITY %30/11/20159.8280571396.927525334
ANNUALISED VOLATILITY %31/12/20159.863279696.911362323
ANNUALISED VOLATILITY %29/01/20169.7970257227.543316587
ANNUALISED VOLATILITY %29/02/20169.7466830517.570384225
ANNUALISED VOLATILITY %31/03/201610.197396637.641224343
ANNUALISED VOLATILITY %29/04/201610.178326387.639287869
ANNUALISED VOLATILITY %31/05/201610.173166057.587139384
ANNUALISED VOLATILITY %30/06/201610.130689657.5975761
ANNUALISED VOLATILITY %29/07/201610.111058537.618195809
ANNUALISED VOLATILITY %31/08/20169.8602156717.529488185
ANNUALISED VOLATILITY %30/09/20169.7910746027.19365476
ANNUALISED VOLATILITY %31/10/20169.5600358397.212963728
ANNUALISED VOLATILITY %30/11/20169.5793867757.139751314
ANNUALISED VOLATILITY %30/12/20169.6491713057.091670095
ANNUALISED VOLATILITY %31/01/20179.3113052336.675445947
ANNUALISED VOLATILITY %28/02/20179.2657359876.672287885
ANNUALISED VOLATILITY %31/03/20179.2657517676.612731887
ANNUALISED VOLATILITY %28/04/20179.2787585816.496056362
ANNUALISED VOLATILITY %31/05/20179.2700925626.555871343
ANNUALISED VOLATILITY %30/06/20179.2787915476.398488207
ANNUALISED VOLATILITY %31/07/20179.2650056.256708288
ANNUALISED VOLATILITY %31/08/20179.185200726.136261349
ANNUALISED VOLATILITY %29/09/20179.0396302196.125415519
ANNUALISED VOLATILITY %31/10/20179.0880646886.037242116
ANNUALISED VOLATILITY %30/11/20179.0232333655.914287917
ANNUALISED VOLATILITY %29/12/20178.8973955395.98814119
ANNUALISED VOLATILITY %31/01/20188.9654781965.813732061
ANNUALISED VOLATILITY %28/02/20189.0326753555.673930561
ANNUALISED VOLATILITY %30/03/20189.3036556255.718943069
ANNUALISED VOLATILITY %30/04/20189.3239301345.708337944
ANNUALISED VOLATILITY %31/05/20189.3404402795.705930439
ANNUALISED VOLATILITY %29/06/20188.9466309025.658122087
ANNUALISED VOLATILITY %31/07/20189.051466885.602126087
ANNUALISED VOLATILITY %31/08/20187.9839029745.097496235
ANNUALISED VOLATILITY %28/09/20187.6294768814.895537164
Download the data [CSV 30KB]

Bondholder information

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

The £550m proceeds from the issue are being used for investments that, over the long term, will enable us to fund a wide range of scientific and medical research to improve health worldwide.

We received the International Financing Review award for the 2006 Sterling Bond of the Year for 'demonstrating the relevance of the capital markets to the sector and capturing the imagination of the investor community'.

Following our inaugural issue, it has been our strategy to regularly review market conditions and, on occasion, access the bond markets again when circumstances are appropriate.

We did so in:

  • spring 2009 - benchmark gilts rallied and the Trust's credit spread showed signs of relative strength, given its continued AAA (stable)/Aaa (stable) ratings.

Our initial book was more than three and a half times oversubscribed given strong demand for high-quality fixed-income product. Reflecting this, we priced with the tightest credit spread over benchmark gilts in investment grade, primary, Sterling markets since December 2007.

  • 2014 - demand for very long duration, high-grade issuance was significant. We issued bonds with a 45-year tenor.

Our initial order book was more than three and a half times oversubscribed, which allowed us to price at what we believe was the tightest spread for a non government-related issuer in the Sterling markets since the financial crisis of September 2008. We also believe this was the lowest coupon for a non government-related issuer in the Sterling markets for a bond with a maturity in excess of 40 years.

  • January 2015 - we issued our first euro bond.

This was priced at a spread of 40bps over mid swaps, with the 1.125% coupon the lowest ever for an Aaa/AAA rated corporate in the euro bond market. It is the lowest ever coupon in the euro bond market for a corporate issuance with a tenor of longer than ten years. The initial order book was seven and a half times over-subscribed.

  • February 2018 - we issued our first century bond

This was priced at a spread of 80bps over the benchmark 2068 Gilt, with the 2.517% coupon the all-time lowest for a 100-year Sterling bond, the lowest coupon for a 100-year corporate bond in any currency, and the lowest coupon for a Sterling corporate bond with a tenor of longer than 50 years. The initial order book was £3.4bn and, as a result, was four and a half times over-subscribed.

Details of bond issues

Date of issueJuly 2006May 2009May 2014January 2015February 2018
Size £550.00 MM  £275.00 MM  £400.00 MM€400.00 MM£750.00 MM
Coupon4.625%4.750%4.000%1.125%2.517%
Tenor30 years12 years45 years12 years100 years
IssuerWellcome Trust Finance PLC  The Wellcome Trust Limited,
as trustee of the Wellcome Trust
The Wellcome Trust Limited,
as trustee of the Wellcome Trust
The Wellcome Trust Limited,
as trustee of the Wellcome Trust
Issuer ratingAaa/AAAAaa/AAAAaa/AAAAaa/AAAAaa/AAA
StructureSenior, Unsecured Bonds  
GuarantorThe Wellcome Trust Limited, as trustee of the Wellcome TrustN/AN/AN/A
Parent ratingAaa/AAAAaa/AAAAaa/AAAAaa/AAAAaa/AAA

The team manages our endowment and oversees all investments.

Managing partners
Nick Moakes, Chief Investment Officer
Peter Pereira Gray, Chief Executive Officer, Investment Division

Emeritus partner
Danny Truell

Principals
Robert Coke
Elaina Elzinga
Geoffrey Love
Lisha Patel
Fabian Thehos

The Board of Governors determines the broad structure of our asset management arrangements. The Investment Committee is a sub-committee of the Board of Governors and has oversight responsibilities.

  • Alan Brown (Chair)
  • Stefan Dunatov
  • Dr Jeremy Farrar
  • Michael Ferguson
  • Sarah Fromson
  • Eliza Manningham-Buller
  • David Mayhew
  • Nick Moakes
  • Peter Pereira Gray
  • Danny Truell.

Financial information

Read our latest annual reports, financial statements and bondholder update.

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