LSHTM investment summary at 30 June 2025
Approach to investing
For medium-term and long-term investments, such as the endowment funds we have received from our donors, LSHTM appoints investment managers.
These managers invest in line with instructions given to them about the types of investments LSHTM wishes to hold and those in which it does not. The managers must follow LSHTM's Socially Responsible Investment Policy (pdf).
This policy restricts the investment LSHTM will make in companies where the major part of their business activities are:
- Tobacco manufacture
- Arms manufacture
- Gambling services
- Extraction and refinement of all fossil fuels
- Border industry operations, including border security and control; deportation; and detention.
The managers are required to balance risk and return. With both managers, we have agreed a 'medium' risk and return approach.
Investment portfolio elements
The portfolio of investments contains a number of elements, in order to ensure a diversification of investment and to achieve the medium risk and return approach LSHTM has instructed.
- Equities – the shares of listed companies who trade their shares on a recognised stock exchange. These can be held as direct shareholdings, i.e. the company shares are held by the investment manager on LSHTM's behalf; or indirectly, i.e. where the investment manager buys a fund which pools together a number of individual investments.
- Fixed income – debt issued by national governments, where an agreed interest payment is made periodically.
- Alternatives – companies or funds that are not listed or traded on recognised financial exchanges. For LSHTM these are related to infrastructure projects, privately held properties and renewable energy.
- Cash – held short-term on deposit by the manager as a result of buying and selling individual investments within the portfolio.
Position at 30 June 2025
The total value of LSHTM's medium and long-term investments at 30 June 2025 was £23.2 million. This was split £14.2 million with one manager and £9.0 million with the second manager.
The total value was split across the above investment elements as follows:
| Equities | 65% |
| Fixed income | 21% |
| Alternatives | 11% |
| Cash | 3% |
The equities can be further analysed by the sector in which the companies primarily operate. This is set out in the chart below.
As at 30 June 2025, LSHTM was fully compliant with the restrictions set out above in our socially responsible investment policy.