A summary of how our investments performed in 2025.
The market value of the Foundation's investments at the end of 2025 was £1.381 billion. The portfolio’s total return of 9.4% in 2025 compared to the Foundation's long-term investment objective (RPI+4%) which was up 8.3% during the year.
Looking back over one-year, three-year, five-year and since-inception, the performance of the portfolio against our long-term investment objectives is as follows:
| Annualised performance over... | Actual return % | Target return % (UK RPI +4%) | Over/(under) performance % |
|---|---|---|---|
| 1 year | 9.4 | 8.3 | 1.1 |
| 3 years | 5.8 | 8.4 | (2.6) |
| 5 years | 7.3 | 10.9 | (3.6) |
| 10 years | 8.6 | 8.8 | (0.2) |
| Since inception (2000) | 7.1 | 7.6 | (0.5) |
Asset allocation of our investment portfolio
The table below shows the asset allocation of our investment portfolio at the end of 2025.
| 2025 % | 2024 % | Change % | |
|---|---|---|---|
| Global equities | 44.1 | 42.7 | 1.4 |
| Emerging equities | 3.5 | 3.6 | (0.1) |
| Private investments | 32.6 | 32.6 | 0.0 |
| Hedge funds | 7.3 | 6.5 | 0.8 |
| 2025 % | 2024 % | Change % | |
|---|---|---|---|
| Low volatility funds | 8.6 | 9.9 | (1.3) |
| 2025 % | 2024 % | Change % | |
|---|---|---|---|
| Investment cash | 3.7 | 5.6 | (1.9) |
| Currency hedge | 0.2 | (0.9) | (1.1) |
