Broad global holdings
Beyond the named positions, the company holds small stakes in a wide range of companies worldwide.
In short
Beyond its named positions, Bellwether Holdings holds small stakes in a wide range of companies worldwide. These are individually immaterial and are not itemised. They include smaller listed businesses, index and fund positions and occasional direct stakes, and exist to widen exposure the concentrated book does not reach.
Individual positions in this group are immaterial on their own and are not itemised. See the note below for what it covers.
Why this group is held
These holdings are individually immaterial and are not listed here. They exist to widen exposure across geographies, currencies and sectors that the concentrated book does not reach on its own — including smaller listed businesses, index and fund positions, and occasional direct stakes.
Frequently asked questions
Why are these holdings not listed individually?
Because each one is immaterial on its own. Listing them would imply a level of conviction that does not apply, and the position sizes are too small to be meaningful to anyone reading the portfolio.
What does this group actually contain?
Smaller listed businesses, index and fund positions, and occasional direct stakes across geographies, currencies and sectors that the eleven named groups do not reach.
Does Bellwether Holdings use index funds?
Yes, index and fund positions form part of this group. They are used to widen exposure rather than to replace the concentrated named book, which remains the core of the portfolio.
Will these holdings ever be itemised?
Only if one becomes material. Bellwether's stated approach is that a portfolio should be small enough to be read, so positions are named when their size justifies the attention.