RNPFN With-Profits Fund - Asset Allocation
The tables below show how the With-Profits Fund was invested recently and also at the end of each of the last several years. They also show the target asset mix for each asset type.
How our With-Profits Fund was invested as at 31 March 2026
| Assets | % |
|---|---|
| UK Equities | 5.5% |
| US Equities | 19.8% |
| European Equities | 9.5% |
| Japanese Equities | 3.5% |
| Asia Pacific Equities | 2.9% |
| Emerging Market Equities | 7.4% |
| UK Gilts | 14.0% |
| US Government Bonds | 16.3% |
| Corporate Bonds (Investment Grade) | 2.0% |
| Overseas Corporate Bonds | 8.9% |
| Corporate Bonds (High Yield) | 5.0% |
| Emerging Market Debt | 1.0% |
| Cash/Other | 4.1% |
| Property | 0.0% |
| Assets | % |
|---|---|
| UK Equities | 5.5% |
| US Equities | 19.8% |
| European Equities | 9.5% |
| Japanese Equities | 3.5% |
| Asia Pacific Equities | 2.9% |
| Emerging Market Equities | 7.4% |
| UK Gilts | 14.0% |
| US Government Bonds | 16.3% |
| Corporate Bonds (Investment Grade) | 2.0% |
| Overseas Corporate Bonds | 8.9% |
| Corporate Bonds (High Yield) | 5.0% |
| Emerging Market Debt | 1.0% |
| Cash/Other | 4.1% |
| Property | 0.0% |
How our With-Profits Fund was invested as at 31 December 2003 - 31 March 2026
| Assets | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equities | 49% | 49% | 50% | 52% | 41% | 38% | 38% | 32% | 33% | 33% | 32% | 32% | 33% | 35% | 27% | 28% | 26% | 21% | 26% | 31% | 27% | 15% | 10% | 10% |
| Property | 0% | 0% | 0% | 0% | 0% | 1% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 3% | 3% | 3% | 3% | 3% | 4% | 6% | 7% | 11% | 12% |
| Fixed Interest | 47% | 47% | 49% | 47% | 58% | 61% | 60% | 63% | 61% | 61% | 61% | 61% | 62% | 60% | 66% | 65% | 67% | 69% | 68% | 61% | 65% | 73% | 73% | 75% |
| Cash/Other | 4% | 4% | 1% | 2% | 1% | 1% | 1% | 3% | 4% | 4% | 5% | 5% | 3% | 3% | 4% | 4% | 4% | 7% | 3% | 4% | 2% | 5% | 6% | 3% |
| Assets | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equities | 49% | 49% | 50% | 52% | 41% | 38% | 38% | 32% | 33% | 33% | 32% | 32% | 33% | 35% | 27% | 28% | 26% | 21% | 26% | 31% | 27% | 15% | 10% | 10% |
| Property | 0% | 0% | 0% | 0% | 0% | 1% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 3% | 3% | 3% | 3% | 3% | 4% | 6% | 7% | 11% | 12% |
| Fixed Interest | 47% | 47% | 49% | 47% | 58% | 61% | 60% | 63% | 61% | 61% | 61% | 61% | 62% | 60% | 66% | 65% | 67% | 69% | 68% | 61% | 65% | 73% | 73% | 75% |
| Cash/Other | 4% | 4% | 1% | 2% | 1% | 1% | 1% | 3% | 4% | 4% | 5% | 5% | 3% | 3% | 4% | 4% | 4% | 7% | 3% | 4% | 2% | 5% | 6% | 3% |
View table showing the target asset mix for each asset type.
| Assets | Benchmark |
|---|---|
| UK Equities | 5.5% |
| US Equities | 17.5% |
| European Equities |
10.5% |
| Japanese Equities |
3.5% |
| Asia Pacific Equities |
3.0% |
| Emerging Markets Equities |
6.0% |
| UK Gilts | 14.0% |
| US Government Bonds |
16.5% |
| Corporate Bonds (Investment Grade) | 2.0% |
| Overseas Corporate Bonds | 12.0% |
| Corporate Bonds (High Yield) |
6.5% |
| Emerging Market Debt |
1.0% |
| Cash/Other |
2.0% |
| Property |
0.0% |
| Equity Backing Ratio (EBR) | 46.0% |
*EBR is the total of Equity Assets.
Please refer to your policy documentation and 'Your guide to how we manage the RNPFN Fund for with-profits business' for more information.
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