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Our portfolio

Minimising risk. Maximising impact

Our investments secure more than the pensions of our policyholders. They’re helping to green the economy, provide social housing, regenerate our cities, support our universities and benefit generations to come. We’re delivering long-term, socially beneficial outcomes.

Why we invest the way we do

We invest for the long-term, to provide secure and stable cashflows that will pay the pensions of our policyholders for decades to come.

Our portfolio is robust and durable. It’s designed to:
 

  • hold up against the ups and downs of the market 
  • always pay the pensions of our policyholders 
  • be socially beneficial

Weatherproofing

Our portfolio is made up of high-quality, low-risk assets – we’re risk averse, long-term investors. So our portfolio is designed to deliver stable cashflows regardless of ups and downs in the market. 

How we do it

We invest in a mix of public credit and privately sourced debt. Our assets are primarily managed in-house, which includes our holdings in gilts, supranational bonds and privately sourced debt, all of which represent 59% of our portfolio. Our UK, US and emerging market listed debt, as well as our US municipal bond investments, are managed by our asset management partners.


Privately sourced investments

We’ve made significant investments in privately sourced debt over many years. Choosing secure, long-term opportunities that provide steady cashflows, such as social housing, renewable energy and the UK’s universities.


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