| COLUMN 1 | COLUMN 2 | COLUMN 3 | COLUMN 4 | COLUMN 5 | COLUMN 6 | COLUMN 7 | COLUMN 8 |
| | | VALUE | SHRS OR | SH/ | PUT/ | INVESTMENT | OTHER | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| Abbott Laboratories Com | COM | 002824100 | 4,543 | 54,298 | SH | | SOLE | | 54,298 | 0 | 0 |
| AbbVie Inc | COM | 00287Y109 | 809 | 10,678 | SH | | SOLE | | 10,678 | 0 | 0 |
| Aberdeen Standard Physical Gold Shares ETF | PHYSCL SWISS GLD | 00326A104 | 6,760 | 47,620 | SH | | SOLE | | 47,620 | 0 | 0 |
| Activision Blizzard Inc Com US$0.000001 | COM | 00507V109 | 6,206 | 117,272 | SH | | SOLE | | 117,272 | 0 | 0 |
| Advanced Micro Devices | COM | 007903107 | 3,334 | 114,995 | SH | | SOLE | | 114,995 | 0 | 0 |
| Aflac Inc Com US$0.10 | COM | 001055102 | 564 | 10,778 | SH | | SOLE | | 10,778 | 0 | 0 |
| Alibaba Group Holdings Ltd Sponsored ADR | SPONSORED ADS | 01609W102 | 14,208 | 84,960 | SH | | SOLE | | 84,960 | 0 | 0 |
| Amazon.com Inc Com US$0.01 | COM | 023135106 | 127,440 | 73,414 | SH | | SOLE | | 73,414 | 0 | 0 |
| American Express Co Com US$0.20 | COM | 025816109 | 71,711 | 606,278 | SH | | SOLE | | 606,278 | 0 | 0 |
| American Tower Corporation Com US$0.01 | COM | 03027X100 | 92,199 | 416,947 | SH | | SOLE | | 416,947 | 0 | 0 |
| Apple Inc Com | COM | 037833100 | 74,017 | 330,476 | SH | | SOLE | | 330,476 | 0 | 0 |
| AT&T Inc Com US$1.00 | COM | 00206R102 | 58,046 | 1,533,989 | SH | | SOLE | | 1,533,989 | 0 | 0 |
| Becton Dickinson Com US$1 | COM | 075887109 | 127,166 | 502,711 | SH | | SOLE | | 502,711 | 0 | 0 |
| Berkshire Hathaway 'B' Com US$0.1667 | CL B NEW | 084670702 | 63,252 | 304,066 | SH | | SOLE | | 304,066 | 0 | 0 |
| Biogen Inc Com US$0.0005 | COM | 09062X103 | 44,519 | 191,217 | SH | | SOLE | | 191,217 | 0 | 0 |
| British American Tobacco Ord 25p ADR | SPONSORED ADR | 110448107 | 14,312 | 387,857 | SH | | SOLE | | 387,857 | 0 | 0 |
| Cadiz Inc Com US$0.01 | COM NEW | 127537207 | 1,306 | 104,600 | SH | | SOLE | | 104,600 | 0 | 0 |
| Centerpoint Energy Com | COM | 15189T107 | 1,002 | 33,187 | SH | | SOLE | | 33,187 | 0 | 0 |
| Chevron Corporation Com US$0.75 | COM | 166764100 | 85,367 | 719,786 | SH | | SOLE | | 719,786 | 0 | 0 |
| Chubb Ltd Ord CHF24.15 | COM | H1467J104 | 4,487 | 27,794 | SH | | SOLE | | 27,794 | 0 | 0 |
| Church & Dwight Com US$1 | COM | 171340102 | 2,182 | 28,999 | SH | | SOLE | | 28,999 | 0 | 0 |
| Cisco Systems Com US$0.001 | COM | 17275R102 | 1,302 | 26,360 | SH | | SOLE | | 26,360 | 0 | 0 |
| Cognizant Tech Solutions Com | CL A | 192446102 | 710 | 11,776 | SH | | SOLE | | 11,776 | 0 | 0 |
| Colgate-Palmolive Co Com US$1.00 | COM | 194162103 | 3,249 | 44,201 | SH | | SOLE | | 44,201 | 0 | 0 |
| eBay Inc Com US$0.001 | COM | 278642103 | 717 | 18,400 | SH | | SOLE | | 18,400 | 0 | 0 |
| Eli Lilly & Co Com | COM | 532457108 | 1,198 | 10,716 | SH | | SOLE | | 10,716 | 0 | 0 |
| Encana Corp Com NPV | COM | 292505104 | 229 | 49,734 | SH | | SOLE | | 49,734 | 0 | 0 |
| EOG Resources Inc | COM | 26875P101 | 1,964 | 26,465 | SH | | SOLE | | 26,465 | 0 | 0 |
| Eversource Energy | COM | 30040W108 | 948 | 11,092 | SH | | SOLE | | 11,092 | 0 | 0 |
| Exxon Mobil Corporation Com | COM | 30231G102 | 6,082 | 86,138 | SH | | SOLE | | 86,138 | 0 | 0 |
| Facebook Inc Com | CL A | 30303M102 | 1,860 | 10,444 | SH | | SOLE | | 10,444 | 0 | 0 |
| Helmerich & Payne Inc Com US$0.10 | COM | 423452101 | 444 | 11,085 | SH | | SOLE | | 11,085 | 0 | 0 |
| Home Depot Inc Com US$0.05 | COM | 437076102 | 118,151 | 509,228 | SH | | SOLE | | 509,228 | 0 | 0 |
| Honeywell International Inc Com US$1.00 | COM | 438516106 | 99,318 | 586,988 | SH | | SOLE | | 586,988 | 0 | 0 |
| Illumina Incorporated Com US$0.01 | COM | 452327109 | 48,325 | 158,848 | SH | | SOLE | | 158,848 | 0 | 0 |
| Infosys Ltd ADR Each Rep 1 Ord Shares | SPONSORED ADR | 456788108 | 4,810 | 423,015 | SH | | SOLE | | 423,015 | 0 | 0 |
| International Paper Co Com US$1.00 | COM | 460146103 | 645 | 15,412 | SH | | SOLE | | 15,412 | 0 | 0 |
| Intuit Inc Com US$0.01 | COM | 461202103 | 77,348 | 290,846 | SH | | SOLE | | 290,846 | 0 | 0 |
| Johnson & Johnson Com US$1.00 | COM | 478160104 | 2,011 | 15,545 | SH | | SOLE | | 15,545 | 0 | 0 |
| JP Morgan Chase Com US$1 (US quote) | COM | 46625H100 | 119,117 | 1,012,122 | SH | | SOLE | | 1,012,122 | 0 | 0 |
| Kinder Morgan Inc | COM | 49456B101 | 599 | 29,057 | SH | | SOLE | | 29,057 | 0 | 0 |
| Kraft Heinz Co Com US$0.01 | COM | 500754106 | 532 | 19,040 | SH | | SOLE | | 19,040 | 0 | 0 |
| L3 Harris Technologies Com US$1.00 | COM | 502431109 | 6,753 | 32,365 | SH | | SOLE | | 32,365 | 0 | 0 |
| LivaNova plc | SHS | G5509L101 | 6,938 | 94,030 | SH | | SOLE | | 94,030 | 0 | 0 |
| Lockheed Martin Corp Com US$1.00 | COM | 539830109 | 94,087 | 241,212 | SH | | SOLE | | 241,212 | 0 | 0 |
| Marsh & McLennan Cos Inc Com US$1.00 | COM | 571748102 | 41,494 | 414,735 | SH | | SOLE | | 414,735 | 0 | 0 |
| Medtronic Plc US$0.0001 | SHS | G5960L103 | 5,407 | 49,781 | SH | | SOLE | | 49,781 | 0 | 0 |
| Merck & Co Inc Com US$0.50 | COM | 58933Y105 | 1,367 | 16,240 | SH | | SOLE | | 16,240 | 0 | 0 |
| Micron Technology | COM | 595112103 | 660 | 15,406 | SH | | SOLE | | 15,406 | 0 | 0 |
| Microsoft Corporation Com US$0.00000625 | COM | 594918104 | 165,134 | 1,187,759 | SH | | SOLE | | 1,187,759 | 0 | 0 |
| New York Times Company Class 'A' Com US$0.10 | CL A | 650111107 | 618 | 21,692 | SH | | SOLE | | 21,692 | 0 | 0 |
| Occidental Petroleum Corp Com US$0.20 USA (Regd) | COM | 674599105 | 3,851 | 86,601 | SH | | SOLE | | 86,601 | 0 | 0 |
| OGE Energy Corporation Com US$0.01 | COM | 670837103 | 935 | 20,599 | SH | | SOLE | | 20,599 | 0 | 0 |
| ON Semiconductor US$0.01 | COM | 682189105 | 764 | 39,760 | SH | | SOLE | | 39,760 | 0 | 0 |
| Paccar Inc US$1 | COM | 693718108 | 835 | 11,920 | SH | | SOLE | | 11,920 | 0 | 0 |
| Pfizer Inc Com US$0.05 | COM | 717081103 | 4,209 | 117,156 | SH | | SOLE | | 117,156 | 0 | 0 |
| Philip Morris International Com | COM | 718172109 | 936 | 12,333 | SH | | SOLE | | 12,333 | 0 | 0 |
| Procter & Gamble Co Com | COM | 742718109 | 6,635 | 53,348 | SH | | SOLE | | 53,348 | 0 | 0 |
| Progressive Corp Com US$1 | COM | 743315103 | 1,098 | 14,208 | SH | | SOLE | | 14,208 | 0 | 0 |
| Quanta Services, Inc | COM | 74762E102 | 5,460 | 144,450 | SH | | SOLE | | 144,450 | 0 | 0 |
| S&P Global Inc | COM | 78409V104 | 9,435 | 38,514 | SH | | SOLE | | 38,514 | 0 | 0 |
| Salesforce.com Inc Com US$0.001 | COM | 79466L302 | 95,441 | 642,961 | SH | | SOLE | | 642,961 | 0 | 0 |
| Schlumberger Com US$0.01 | COM | 806857108 | 693 | 20,273 | SH | | SOLE | | 20,273 | 0 | 0 |
| Southern Copper Corporation Com US$0.01 | COM | 84265V105 | 437 | 12,802 | SH | | SOLE | | 12,802 | 0 | 0 |
| SPDR Gold Trust Shares | GOLD SHS | 78463V107 | 5,211 | 37,521 | SH | | SOLE | | 37,521 | 0 | 0 |
| Steel Dynamics Inc Com US$0.01 | COM | 858119100 | 676 | 22,680 | SH | | SOLE | | 22,680 | 0 | 0 |
| Taiwan Semiconductor Manufacturing ADS Rep 5 Ord TW$10 | SPONSORED ADS | 874039100 | 1,747 | 37,596 | SH | | SOLE | | 37,596 | 0 | 0 |
| TJX Cos Inc Com US$1 | COM | 872540109 | 1,203 | 21,579 | SH | | SOLE | | 21,579 | 0 | 0 |
| Tyson Foods Incorporated Class 'A' Com US$0.10 | CL A | 902494103 | 870 | 10,098 | SH | | SOLE | | 10,098 | 0 | 0 |
| Union Pacific Corporation Com US$2.50 | COM | 907818108 | 105,547 | 651,605 | SH | | SOLE | | 651,605 | 0 | 0 |
| US Bancorp US$0.01 | COM NEW | 902973304 | 844 | 15,252 | SH | | SOLE | | 15,252 | 0 | 0 |
| Verizon Communications Com US$0.10 | COM | 92343V104 | 6,130 | 101,554 | SH | | SOLE | | 101,554 | 0 | 0 |
| Visa Inc Com Stock US$0.0001 | COM CL A | 92826C839 | 84,804 | 493,017 | SH | | SOLE | | 493,017 | 0 | 0 |
| W R Berkley Corp Com US$0.20 | COM | 084423102 | 776 | 10,740 | SH | | SOLE | | 10,740 | 0 | 0 |
| Walt Disney Company Disney Com US$0.01 | COM DISNEY | 254687106 | 2,289 | 17,562 | SH | | SOLE | | 17,562 | 0 | 0 |
| Wells Fargo & Co Com US$1 2/3 | COM | 949746101 | 1,347 | 26,698 | SH | | SOLE | | 26,698 | 0 | 0 |
