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class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><h1 class="tw-leading-heading tw-font-secondary tw-tracking-heading-major tw-text-heading-xl tw-mb-responsive-md after:tw-bg-amber-30 after:tw-block after:tw-h-static-xxs after:tw-w-static-xl after:tw-mt-responsive-sm print:after:tw-border-b-4 print:after:tw-border-b-amber-30">Investments </h1></div></div><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><div class="c-page-header-standard__standfirst tw-text-body-lg"><div class="c-rich-text"><p>Wellcome is an independent charitable foundation. Our work is funded from an investment portfolio that currently stands at £36.8 billion. </p></div></div></div></div></header></div><div class="c-outer-grid__sidebar print:tw-hidden"><div class="c-page-sidebar c-page-sidebar--standard tw-relative"></div><div class="c-page-sidebar c-page-sidebar--standard c-page-sidebar--sticky"><a class="c-skip-link" href="#page-sections">Skip to contents</a><nav aria-label="On this page" class="c-inpage-nav"><h2 class="c-inpage-nav__title">On this page</h2><ul class="c-inpage-nav__list tw-list-none"><li class="c-inpage-nav__item"><a class="c-inpage-nav__link" href="#where-our-money-comes-from-327a"><span class="c-inpage-nav__link-text o-animated-link-nested__child">Where our money comes from</span></a></li><li class="c-inpage-nav__item"><a class="c-inpage-nav__link" href="#our-investments-approach-3cfa"><span class="c-inpage-nav__link-text o-animated-link-nested__child">Our investments approach</span></a></li><li class="c-inpage-nav__item"><a 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class="ds-icon c-social-share__icon" aria-hidden="true"><svg viewBox="0 0 24 24"><path d="M22 3a2 2 0 0 1 2 2v14a2 2 0 0 1-2 2H2a2 2 0 0 1-2-2V5a2 2 0 0 1 2-2h20zM2 18a1 1 0 0 0 .883.993L3 19h18a1 1 0 0 0 .993-.883L22 18V9l-8.971 5.383a2 2 0 0 1-2.058 0L2 9v9zM2 7l8.971 5.383a2 2 0 0 0 2.058 0L22 7V6a1 1 0 0 0-1-1H3a1 1 0 0 0-.993.883L2 6v1z" fill="currentColor" fill-rule="evenodd"></path></svg></span><span class="tw-sr-only">Share with Email</span></a></li></ul></div></div></div></div><div class="c-outer-grid__content c-sections-container"><div id="page-sections" class="o-scroll-offset"><section class="c-section"><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block c-grid--text" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><div class="c-scaffold-grid-item tw-pb-scaffold"><div class="c-text"><div class="c-rich-text"><p>We use the returns from our investments to fund our work.  </p> <p>Over time, our careful investment decisions have meant our funds have grown. In the past decade, the portfolio has grown at an average annual rate of 12%.  </p> <p>This has enabled us to spend more on science to solve the urgent health challenges facing everyone. We’re now planning to spend £16bn over ten years to support new discoveries in science and health, and to help find solutions for three of the world’s greatest health challenges: climate change and health, infectious diseases and mental health.</p></div></div></div></div></div></section><section class="c-section"><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><h2 class="tw-leading-heading tw-font-medium tw-tracking-heading-minor tw-text-heading-lg tw-mb-responsive-md after:tw-bg-amber-30 after:tw-block after:tw-h-static-xxs after:tw-w-static-xl after:tw-mt-responsive-sm print:after:tw-border-b-4 print:after:tw-border-b-amber-30 js-section-title tw-relative md:tw-z-med">Where our money comes from<span id="where-our-money-comes-from-327a" class="c-section__title-anchor tw-invisible tw-absolute tw-left-0 tw-top-0 tw-block tall:-tw-top-site-header md:-tw-top-full-header"> </span></h2></div></div><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block c-grid--text" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><div class="c-scaffold-grid-item tw-pb-scaffold"><div class="c-text"><div class="c-rich-text"><p>The original source of our funding was a bequest left by Sir Henry Wellcome on his death in 1936. For the next 50 years, we were the sole owner of Wellcome Plc, the pharmaceutical company founded by Sir Henry. Dividends from the company funded the charitable grants we made for research. </p> <p>In 1986, we decided to diversify by listing and selling shares in the company, which was subsequently bought by the pharmaceutical company Glaxo in 1995. <a href="/who-we-are/history-wellcome" id="" target title="History of Wellcome">Read more about our history</a>. </p> <p>Since then, Wellcome’s funding has come from a wide range of financial assets around the world, including: </p> <ul> <li>publicly listed stocks and shares </li> <li>private equity </li> <li>venture capital </li> <li>property </li> <li>hedge funds and other investments. </li> </ul> <p>Wellcome generally does not receive donations or government grants. We don’t raise money from the public. </p></div></div></div></div></div><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block c-grid--section-info" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full sm:tw-col-start-2 sm:tw-col-end-12 md:tw-col-start-4 md:tw-col-end-10"><div class="c-scaffold-grid-item tw-pb-scaffold"><div class="c-info-box c-info-box--secondary"><div class="c-text-snippet"><h2 class="tw-leading-heading tw-font-medium tw-tracking-heading-minor tw-text-heading-md tw-mb-static-xs sm:tw-mb-static-md">More detail on our portfolio </h2><div class="c-rich-text-snippet"><p>Our <a href="https://wellcome.org/reports/wellcome-annual-report-2023" target="_self">annual report</a> has more detailed information about our portfolio, as does our <a href="/sites/default/files/2024-01/wellcome-bondholder-update-presentation-january-2024.pdf" id="" target title="wellcome-bondholder-update-presentation-january-2024.pdf">bondholder update presentation <span>[PDF 1.24MB]</span></a>. We also publish a list of the <a href="/who-we-are/investments/direct-public-equity-holdings" id="" target title="Directly held public equity holdings">publicly listed stocks and shares that we hold directly</a>. </p></div></div></div></div></div></div></section><section class="c-section"><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><h2 class="tw-leading-heading tw-font-medium tw-tracking-heading-minor tw-text-heading-lg tw-mb-responsive-md after:tw-bg-amber-30 after:tw-block after:tw-h-static-xxs after:tw-w-static-xl after:tw-mt-responsive-sm print:after:tw-border-b-4 print:after:tw-border-b-amber-30 js-section-title tw-relative md:tw-z-med">Our investments approach<span id="our-investments-approach-3cfa" class="c-section__title-anchor tw-invisible tw-absolute tw-left-0 tw-top-0 tw-block tall:-tw-top-site-header md:-tw-top-full-header"> </span></h2></div></div><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block c-grid--text" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><div class="c-scaffold-grid-item tw-pb-scaffold"><div class="c-text"><div class="c-rich-text"><p>We aim to maximise returns to spend on our charitable activities, while keeping risk at an acceptable level. A key way we control risk is making sure our investments are spread over a wide variety of assets. We also carefully manage the level of cash flow from our investments to our charitable activities so that we are not forced to sell good assets at the wrong time. </p> <p>Wellcome has existed since 1936, and we intend to be here to fund health science for a very long time to come – so we always think about the long term. Our investments team aim as a minimum to maintain the value of our investments in the long term. </p> <p>Full details of our approach are available in our <a href="/sites/default/files/2024-09/Investment-Policy-September-2024.pdf" id="" target title="Investment-Policy-September-2024.pdf">investment policy <span>[PDF 128KB]</span></a>, which is overseen by the Board of Governors and sets out how we approach using different investment techniques, and what level of authority is needed for us to make transactions. It’s a key part of ensuring the good governance of our investments work. </p></div></div></div></div></div></section><section class="c-section"><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><h2 class="tw-leading-heading tw-font-medium tw-tracking-heading-minor tw-text-heading-lg tw-mb-responsive-md after:tw-bg-amber-30 after:tw-block after:tw-h-static-xxs after:tw-w-static-xl after:tw-mt-responsive-sm print:after:tw-border-b-4 print:after:tw-border-b-amber-30 js-section-title tw-relative md:tw-z-med">Responsible investment and stewardship<span id="responsible-investment-and-stewardship-54b3" class="c-section__title-anchor tw-invisible tw-absolute tw-left-0 tw-top-0 tw-block tall:-tw-top-site-header md:-tw-top-full-header"> </span></h2></div></div><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block c-grid--text" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><div class="c-scaffold-grid-item tw-pb-scaffold"><div class="c-text"><div class="c-rich-text"><p>We take stewardship of our assets very seriously and consider many factors before we invest. As well as a sound and sustainable business model, we must be confident that the companies and funds we invest in take their environmental, social and governance responsibilities seriously. We engage closely with them to ensure they are doing this, and we have previously sold positions where we felt a company was not meeting our expectations. </p> <p>Read more about <a href="https://wellcome.org/who-we-are/investments/responsible-investment-and-stewardship" target="_self">our approach to responsible investment and stewardship</a>.  </p></div></div></div></div></div></section><section class="c-section"><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><h2 class="tw-leading-heading tw-font-medium tw-tracking-heading-minor tw-text-heading-lg tw-mb-responsive-md after:tw-bg-amber-30 after:tw-block after:tw-h-static-xxs after:tw-w-static-xl after:tw-mt-responsive-sm print:after:tw-border-b-4 print:after:tw-border-b-amber-30 js-section-title tw-relative md:tw-z-med">Driving down carbon emissions in our portfolio<span id="driving-down-carbon-emissions-in-our-portfolio-a224" class="c-section__title-anchor tw-invisible tw-absolute tw-left-0 tw-top-0 tw-block tall:-tw-top-site-header md:-tw-top-full-header"> </span></h2></div></div><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block c-grid--text" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><div class="c-scaffold-grid-item tw-pb-scaffold"><div class="c-text"><div class="c-rich-text"><p>We believe we have a responsibility and an opportunity as a major investor to accelerate decarbonisation in the businesses we invest in. Find out about <a href="https://wellcome.org/who-we-are/investments/carbon-emissions-investment-portfolio-net-zero" target="_self">our plan to drive down the carbon emissions of the businesses we invest in</a> and bring our investment portfolio to net zero by 2050 at the latest.  </p></div></div></div></div></div></section><section class="c-section"><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><h2 class="tw-leading-heading tw-font-medium tw-tracking-heading-minor tw-text-heading-lg tw-mb-responsive-md after:tw-bg-amber-30 after:tw-block after:tw-h-static-xxs after:tw-w-static-xl after:tw-mt-responsive-sm print:after:tw-border-b-4 print:after:tw-border-b-amber-30 js-section-title tw-relative md:tw-z-med">Why we manage our own funds<span id="why-we-manage-our-own-funds-a94d" class="c-section__title-anchor tw-invisible tw-absolute tw-left-0 tw-top-0 tw-block tall:-tw-top-site-header md:-tw-top-full-header"> </span></h2></div></div><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block c-grid--text" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><div class="c-scaffold-grid-item tw-pb-scaffold"><div class="c-text"><div class="c-rich-text"><p>Our investments are managed by a team of staff within Wellcome. In the last ten years, this team’s work has generated around £30bn for our mission.</p> <p>We manage our investments ourselves because:  </p> <ul> <li>it gives us more control and choice over what we invest in</li> <li>it saves us a lot of money compared to hiring external investment managers</li> <li>we have a skilled team who are able to achieve strong results.</li> </ul> <p>The alternative would be to pay external companies to manage our investments for us. This would cost us several times more than managing our portfolio in-house does. </p> <h3>How pay is determined in investments  </h3> <p>As with all staff at Wellcome, pay for our investments team is set by looking at relevant market benchmarks. We balance our need to be able to attract and retain outstanding investment professionals with our duty to use charitable funds carefully. </p> <p>For senior staff in the investment team, performance-related long-term incentive plans make up the majority of their remuneration. These incentive plans tie the remuneration of the senior team very closely to the financial returns they deliver to fund Wellcome's work. </p> <p>Our in-house investment team represent good value for Wellcome. The lower costs of managing our investments ourselves means we can spend more on health research. </p> <p>We disclose remuneration in accordance with Charity Commission rules. You can find details in our annual reports. </p></div></div></div></div></div></section><section class="c-section"><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><h2 class="tw-leading-heading tw-font-medium tw-tracking-heading-minor tw-text-heading-lg tw-mb-responsive-md after:tw-bg-amber-30 after:tw-block after:tw-h-static-xxs after:tw-w-static-xl after:tw-mt-responsive-sm print:after:tw-border-b-4 print:after:tw-border-b-amber-30 js-section-title tw-relative md:tw-z-med">Investment team<span id="investment-team-2095" class="c-section__title-anchor tw-invisible tw-absolute tw-left-0 tw-top-0 tw-block tall:-tw-top-site-header md:-tw-top-full-header"> </span></h2></div></div><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block c-grid--text" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><div class="c-scaffold-grid-item tw-pb-scaffold"><div class="c-text"><div class="c-rich-text"><h3>Managing partner and chief investment officer</h3> <ul> <li>Nick Moakes</li> </ul> <h3>Managing directors</h3> <ul> <li>Lisha Patel</li> <li>Fabian Thehos</li> </ul> <h3>Principals</h3> <ul> <li>Robert Coke</li> <li>Elaina Elzinga</li> <li>Geoffrey Love</li> <li>Robert Holl</li> </ul></div></div></div></div></div></section><section class="c-section"><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><h2 class="tw-leading-heading tw-font-medium tw-tracking-heading-minor tw-text-heading-lg tw-mb-responsive-md after:tw-bg-amber-30 after:tw-block after:tw-h-static-xxs after:tw-w-static-xl after:tw-mt-responsive-sm print:after:tw-border-b-4 print:after:tw-border-b-amber-30 js-section-title tw-relative md:tw-z-med">Investment committee<span id="investment-committee-a350" class="c-section__title-anchor tw-invisible tw-absolute tw-left-0 tw-top-0 tw-block tall:-tw-top-site-header md:-tw-top-full-header"> </span></h2></div></div><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block c-grid--text" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><div class="c-scaffold-grid-item tw-pb-scaffold"><div class="c-text"><div class="c-rich-text"><p>We have clear governance and accountability arrangements for our investment work. </p><p>Our <a href="https://wellcome.org/about-us/governance/board-governors" target="_self">Board of Governors</a> determines the broad structure of our investment arrangements. </p><p>A sub-committee of the Board of Governors, the Investment Committee sets our investment policy and supports and oversees our investment work. </p><p>It includes external investment experts to provide additional independent expertise and accountability.  </p><p>Its membership is: </p><ul><li>Richard Gillingwater (Chair) </li><li>Diana Noble</li><li>Tracy Blackwell </li><li>Stefan Dunatov </li><li>Karen Chadwick</li><li>Julia Gillard </li><li>Martin Halusa </li><li>Cressida Hogg </li><li>Nick Moakes</li><li>Girish Reddy </li><li>John-Arne Røttingen</li><li>Lisha Patel</li><li>Fabian Thehos</li></ul></div></div></div></div></div><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block c-grid--section-info" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full sm:tw-col-start-2 sm:tw-col-end-12 md:tw-col-start-4 md:tw-col-end-10"><div class="c-scaffold-grid-item tw-pb-scaffold"><div class="c-info-box c-info-box--secondary"><div class="c-text-snippet"><h2 class="tw-leading-heading tw-font-medium tw-tracking-heading-minor tw-text-heading-md tw-mb-static-xs sm:tw-mb-static-md"> Documents available for inspection </h2><div class="c-rich-text-snippet"><p>The following <a href="https://wellcome.org/who-we-are/investments/docsinspection" target="_self">documents are available for inspection</a> in connection with our bond issues. </p></div></div></div></div></div></div></section></div></div><div class="c-outer-grid__footer"><section class="c-section"><div class="o-container tw-grid tw-grid-cols-6 sm:tw-grid-cols-12 tw-grid-rows-1 tw-gap-x-gutter print:tw-block" data-gtm="grid"><div class="tw-col-span-full tw-max-w-full md:tw-col-start-4 md:tw-col-end-10"><h2 class="tw-leading-heading tw-font-medium tw-tracking-heading-minor tw-text-heading-lg tw-mb-responsive-md after:tw-bg-amber-30 after:tw-block after:tw-h-static-xxs after:tw-w-static-xl after:tw-mt-responsive-sm 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top</span></a></div></div></div></footer></div></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"authors":null,"grantAwardHolders":null,"grantFundingScheme":null,"grantProjectSummary":null,"grantYearOfAward":null,"bannerImage":null,"bannerImages":null,"bannerVariant":"lead_with_image","contactLinks":[],"hasFullyRestrictedPageContent":false,"inpageNavLinks":[{"id":"where-our-money-comes-from-327a","title":"Where our money comes from","childLinks":[]},{"id":"our-investments-approach-3cfa","title":"Our investments approach","childLinks":[]},{"id":"responsible-investment-and-stewardship-54b3","title":"Responsible investment and stewardship","childLinks":[]},{"id":"driving-down-carbon-emissions-in-our-portfolio-a224","title":"Driving down carbon emissions in our portfolio","childLinks":[]},{"id":"why-we-manage-our-own-funds-a94d","title":"Why we manage our own funds","childLinks":[]},{"id":"investment-team-2095","title":"Investment team","childLinks":[]},{"id":"investment-committee-a350","title":"Investment committee","childLinks":[]},{"id":"related-content-401f","title":"Related content","childLinks":[]}],"newsletterFooter":[{"__typename":"ParagraphNewsletter","id":"ff59eb1c-a369-4fd0-aef0-7c1487fdff09","body":{"__typename":"Text","processed":"\u003cp\u003eStay up to date with some of the biggest stories in global health, and how we're advocating to improve health for everyone.\u003c/p\u003e"},"newsletterSignupBoxPlacement":null,"newsletterSignupType":"monthly","newsletterStyle":"light-blue","title":"Sign up to our monthly newsletter","anchorId":"section-ff09"}],"page":{"__typename":"NodeStandard","bannerImageRef":null,"bannerStyling":"lead_with_image","excludeFromListings":false,"excludeBreadcrumbs":true,"id":"b5631eca-b0d3-46e1-9b01-4b977c66519c","includeSchema":null,"jumpLinks":true,"metaDescription":"Information about Wellcome's investments portfolio and investments team.","metaTitle":"Investments – How we are funded | Who we are | Wellcome","noindex":false,"path":"/who-we-are/investments","showLiveChat":false,"showPrintPageLink":false,"showSiblingNavigationMenu":false,"siblingNavigationRef":null,"socialShare":true,"standardPageType":{"__typename":"TermStandardPageTypes","name":"Basic"},"standfirst":{"__typename":"Text","processed":"\u003cp\u003eWellcome is an independent charitable foundation. Our work is funded from an investment portfolio that currently stands at £36.8 billion.\u0026nbsp;\u003c/p\u003e"},"datePublished":{"__typename":"DateTime","time":"2020-11-24T14:41:53+00:00"},"dateLastUpdated":null,"dateNextReview":null,"title":"Investments "},"pageContent":[{"__typename":"ParagraphSection","id":"2e8659f2-b3a2-4c23-a077-bde6cfa0317d","adminTitle":null,"sectionTitle":null,"contentSlicesRef":[{"__typename":"ParagraphText","id":"b75b0c76-8d5c-47bc-995f-e009560c56ef","body":{"__typename":"Text","processed":"\u003cp\u003eWe use the returns from our investments to fund our work.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eOver time, our careful investment decisions have meant our funds have grown. In the past decade, the portfolio has grown at an average annual rate of 12%.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eThis has enabled us to spend more on science to solve the urgent health challenges facing everyone. We’re now planning to spend £16bn over ten years to support new discoveries in science and health, and to help\u0026nbsp;find solutions for three of the world’s greatest health challenges: climate change and health, infectious diseases and mental health.\u003c/p\u003e"},"wideComponent":false}],"anchorId":"section-2e7d"},{"__typename":"ParagraphSection","id":"32b4ed8d-7bde-4d46-b7ad-98209cc58e7a","adminTitle":"Where our money comes from","sectionTitle":"Where our money comes from","contentSlicesRef":[{"__typename":"ParagraphText","id":"9649e60a-a0aa-4cc5-be90-9279ce86076e","body":{"__typename":"Text","processed":"\u003cp\u003eThe original source of our funding was a bequest left by Sir Henry Wellcome on his death in 1936.\u0026nbsp;For the next 50 years, we were the sole owner of Wellcome Plc, the pharmaceutical company founded by Sir Henry. Dividends from the company funded the charitable grants we made for research.\u0026nbsp;\u003c/p\u003e\n\n\u003cp lang=\"EN-US\"\u003eIn 1986, we decided to diversify by listing and selling shares in the company, which was subsequently bought by the pharmaceutical company Glaxo in 1995. \u003ca data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"7723a011-ea46-48f2-824a-18711e891354\" href=\"/who-we-are/history-wellcome\" id rel target title=\"History of Wellcome\"\u003eRead more about our history\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eSince then, Wellcome’s funding has come from a wide range of financial assets around the world, including:\u0026nbsp;\u003c/p\u003e\n\n\u003cul\u003e\n\t\u003cli\u003epublicly listed stocks and shares\u0026nbsp;\u003c/li\u003e\n\t\u003cli\u003eprivate equity\u0026nbsp;\u003c/li\u003e\n\t\u003cli\u003eventure capital\u0026nbsp;\u003c/li\u003e\n\t\u003cli\u003eproperty\u0026nbsp;\u003c/li\u003e\n\t\u003cli\u003ehedge funds and other investments.\u0026nbsp;\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eWellcome generally does not receive donations or government grants. We don’t raise money from the public.\u0026nbsp;\u003c/p\u003e"},"wideComponent":false},{"__typename":"ParagraphSectionInfo","id":"24be0181-b148-44ed-95b5-8fc7df973d1b","infoBoxStyling":"secondary","contentSlicesRef":[{"__typename":"ParagraphTextSnippetWithTitle","id":"85803aa5-ab0b-47b9-9528-d74a46f79379","title":"More detail on our portfolio ","optionalTitleAs":null,"body":{"__typename":"Text","processed":"\u003cp\u003eOur \u003ca href=\"https://wellcome.org/reports/wellcome-annual-report-2023\" target=\"_self\" rel=\"noreferrer external nofollow\"\u003eannual report\u003c/a\u003e\u0026nbsp;has more detailed information about our portfolio, as does our \u003ca data-entity-substitution=\"media\" data-entity-type=\"media\" data-entity-uuid=\"902de265-803d-443a-aad6-13a140987557\" href=\"/sites/default/files/2024-01/wellcome-bondholder-update-presentation-january-2024.pdf\" id rel target title=\"wellcome-bondholder-update-presentation-january-2024.pdf\" data-file-type=\"Document\"\u003ebondholder update presentation \u003cspan\u003e[PDF 1.24MB]\u003c/span\u003e\u003c/a\u003e. We also publish a list of the \u003ca data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"3d05cfe4-bc0e-458c-aff0-01f401beb57c\" href=\"/who-we-are/investments/direct-public-equity-holdings\" id rel target title=\"Directly held public equity holdings\"\u003epublicly listed stocks and shares that we hold directly\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e"}}]}],"anchorId":"where-our-money-comes-from-327a"},{"__typename":"ParagraphSection","id":"3ca50707-5cf9-4153-8f6d-a906ad0df6fa","adminTitle":"Our investments approach","sectionTitle":"Our investments approach","contentSlicesRef":[{"__typename":"ParagraphText","id":"40bb8c3f-d0da-40f9-b0ca-c240df5d122c","body":{"__typename":"Text","processed":"\u003cp\u003eWe aim to maximise returns to spend on our charitable activities, while keeping risk at an acceptable level. A key way we control risk is making sure our investments are spread over a wide variety of assets. We also carefully manage the level of cash flow from our investments to our charitable activities so that we are not forced to sell good assets at the wrong time.\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eWellcome has existed since 1936, and we intend to be here to fund health science for a\u0026nbsp;very\u0026nbsp;long time to come – so we always think about the long term. Our investments team aim as a minimum to maintain the value of our investments in the long term.\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eFull details of our approach are available in our \u003ca data-entity-substitution=\"media\" data-entity-type=\"media\" data-entity-uuid=\"143734f6-aebc-4b77-9444-f145c00f42de\" href=\"/sites/default/files/2024-09/Investment-Policy-September-2024.pdf\" id rel target title=\"Investment-Policy-September-2024.pdf\" data-file-type=\"Document\"\u003einvestment policy \u003cspan\u003e[PDF 128KB]\u003c/span\u003e\u003c/a\u003e, which is overseen by the Board of Governors and sets out how we approach using different investment techniques, and what level of authority is needed for us to make transactions. It’s a key part of ensuring the good governance of our investments work.\u0026nbsp;\u003c/p\u003e"},"wideComponent":false}],"anchorId":"our-investments-approach-3cfa"},{"__typename":"ParagraphSection","id":"542edc5c-09c8-4421-8c4b-021ce82737b3","adminTitle":"Responsible investment and stewardship","sectionTitle":"Responsible investment and stewardship","contentSlicesRef":[{"__typename":"ParagraphText","id":"c4afba7d-d9da-4ab9-a638-f6bf0032f504","body":{"__typename":"Text","processed":"\u003cp\u003eWe take stewardship of our assets very seriously and consider many factors before we invest. As well as a sound and sustainable business model, we must be confident that the companies and funds we invest in take their environmental, social and governance responsibilities seriously. We engage closely with them to ensure they are doing this, and we have previously sold positions where we felt a company was not meeting our expectations.\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eRead more about \u003ca href=\"https://wellcome.org/who-we-are/investments/responsible-investment-and-stewardship\" rel=\"noreferrer noopener external nofollow\" target=\"_self\"\u003eour approach to responsible investment and stewardship\u003c/a\u003e. \u0026nbsp;\u003c/p\u003e"},"wideComponent":false}],"anchorId":"responsible-investment-and-stewardship-54b3"},{"__typename":"ParagraphSection","id":"a2f31cdb-ec55-442c-af7f-ce2e8a856f24","adminTitle":"Driving down carbon emissions in our portfolio","sectionTitle":"Driving down carbon emissions in our portfolio","contentSlicesRef":[{"__typename":"ParagraphText","id":"4c3a5c24-90f5-4bf3-b240-6d8f0fb20a9d","body":{"__typename":"Text","processed":"\u003cp\u003eWe believe we have a responsibility and an opportunity as a major investor to accelerate decarbonisation in the businesses we invest in. Find out about \u003ca href=\"https://wellcome.org/who-we-are/investments/carbon-emissions-investment-portfolio-net-zero\" rel=\"noreferrer noopener external nofollow\" target=\"_self\"\u003eour plan to drive down the carbon emissions of the businesses we invest in\u003c/a\u003e and bring our investment portfolio to net zero by 2050 at the latest. \u0026nbsp;\u003c/p\u003e"},"wideComponent":false}],"anchorId":"driving-down-carbon-emissions-in-our-portfolio-a224"},{"__typename":"ParagraphSection","id":"a9f87aa5-c280-4b0f-be9e-5c5b9837694d","adminTitle":"Why we manage our own funds","sectionTitle":"Why we manage our own funds","contentSlicesRef":[{"__typename":"ParagraphText","id":"72f45746-457f-43ea-9761-5c9e58d4ae71","body":{"__typename":"Text","processed":"\u003cp\u003eOur investments are managed by a team of staff within Wellcome. In the last ten years, this team’s work has generated around £30bn for our mission.\u003c/p\u003e\n\n\u003cp\u003eWe manage our investments ourselves because: \u0026nbsp;\u003c/p\u003e\n\n\u003cul\u003e\n\t\u003cli\u003eit gives us more control and choice over what we invest in\u003c/li\u003e\n\t\u003cli\u003eit saves us a lot of money compared to hiring external investment managers\u003c/li\u003e\n\t\u003cli\u003ewe have a skilled team who are able to achieve strong results.\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eThe alternative would be to pay external companies to manage our investments for us. This would cost us several times more than managing our portfolio in-house does.\u0026nbsp;\u003c/p\u003e\n\n\u003ch3\u003eHow pay is determined in investments \u0026nbsp;\u003c/h3\u003e\n\n\u003cp\u003eAs with all staff at Wellcome, pay for our investments team is set by looking at relevant market benchmarks. We balance our need to be able to attract and retain outstanding investment professionals with our duty to use charitable funds carefully.\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eFor senior staff in the investment team, performance-related long-term incentive plans make up the majority of their remuneration. These incentive plans tie the remuneration of the senior team very closely to the financial returns they deliver to fund Wellcome's work.\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eOur in-house investment team represent good value for Wellcome. The lower costs of managing our investments ourselves means we can spend more on health research.\u0026nbsp;\u003c/p\u003e\n\n\u003cp\u003eWe disclose remuneration in accordance with Charity Commission rules. You can find details in our annual reports.\u0026nbsp;\u003c/p\u003e"},"wideComponent":false}],"anchorId":"why-we-manage-our-own-funds-a94d"},{"__typename":"ParagraphSection","id":"2060d74f-09e6-4e72-af06-b084aa4c3895","adminTitle":"Investment team","sectionTitle":"Investment team","contentSlicesRef":[{"__typename":"ParagraphText","id":"5845b91a-6a25-499f-8d8c-9a3d7ab2f49f","body":{"__typename":"Text","processed":"\u003ch3\u003eManaging partner and chief investment officer\u003c/h3\u003e\n\n\u003cul\u003e\n\t\u003cli\u003eNick Moakes\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003ch3\u003eManaging directors\u003c/h3\u003e\n\n\u003cul\u003e\n\t\u003cli\u003eLisha Patel\u003c/li\u003e\n\t\u003cli\u003eFabian Thehos\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003ch3\u003ePrincipals\u003c/h3\u003e\n\n\u003cul\u003e\n\t\u003cli\u003eRobert Coke\u003c/li\u003e\n\t\u003cli\u003eElaina Elzinga\u003c/li\u003e\n\t\u003cli\u003eGeoffrey Love\u003c/li\u003e\n\t\u003cli\u003eRobert Holl\u003c/li\u003e\n\u003c/ul\u003e"},"wideComponent":false}],"anchorId":"investment-team-2095"},{"__typename":"ParagraphSection","id":"a3f3a7d3-5bd4-49b1-9e0e-2e661a7d5150","adminTitle":"Investment committee","sectionTitle":"Investment committee","contentSlicesRef":[{"__typename":"ParagraphText","id":"dce74bd1-0eb0-4265-a548-54477f1a0475","body":{"__typename":"Text","processed":"\u003cp\u003eWe have clear governance and accountability arrangements for our investment work.\u0026nbsp;\u003c/p\u003e\u003cp\u003eOur \u003ca href=\"https://wellcome.org/about-us/governance/board-governors\" target=\"_self\" rel=\"noreferrer noopener external nofollow\"\u003eBoard of Governors\u003c/a\u003e determines the broad structure of our investment arrangements.\u0026nbsp;\u003c/p\u003e\u003cp\u003eA sub-committee of the Board of Governors, the Investment Committee sets our investment policy and supports and oversees our investment work.\u0026nbsp;\u003c/p\u003e\u003cp lang=\"EN-US\"\u003eIt includes external investment experts to provide additional independent expertise and accountability. \u0026nbsp;\u003c/p\u003e\u003cp lang=\"EN-US\"\u003eIts membership is:\u0026nbsp;\u003c/p\u003e\u003cul\u003e\u003cli\u003eRichard Gillingwater (Chair)\u0026nbsp;\u003c/li\u003e\u003cli\u003eDiana Noble\u003c/li\u003e\u003cli\u003eTracy Blackwell\u0026nbsp;\u003c/li\u003e\u003cli\u003eStefan Dunatov\u0026nbsp;\u003c/li\u003e\u003cli\u003eKaren Chadwick\u003c/li\u003e\u003cli\u003eJulia Gillard\u0026nbsp;\u003c/li\u003e\u003cli\u003eMartin Halusa\u0026nbsp;\u003c/li\u003e\u003cli\u003eCressida Hogg\u0026nbsp;\u003c/li\u003e\u003cli\u003eNick Moakes\u003c/li\u003e\u003cli\u003eGirish Reddy\u0026nbsp;\u003c/li\u003e\u003cli\u003eJohn-Arne Røttingen\u003c/li\u003e\u003cli\u003eLisha Patel\u003c/li\u003e\u003cli\u003eFabian Thehos\u003c/li\u003e\u003c/ul\u003e"},"wideComponent":false},{"__typename":"ParagraphSectionInfo","id":"a4144d93-6a8c-4c74-86e6-224ec405daaf","infoBoxStyling":"secondary","contentSlicesRef":[{"__typename":"ParagraphTextSnippetWithTitle","id":"a7ae1f1a-56ee-4de3-8ab4-d3838da25b8e","title":" Documents available for inspection ","optionalTitleAs":null,"body":{"__typename":"Text","processed":"\u003cp\u003eThe following \u003ca href=\"https://wellcome.org/who-we-are/investments/docsinspection\" rel=\"noreferrer noopener external nofollow\" target=\"_self\"\u003edocuments are available for inspection\u003c/a\u003e in connection with our bond 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