Stewart Investors Asia Pacific Leaders Fund

The Stewart Investors Asia Pacific Leaders is a £7bn Investment Fund.

https://www.firststateinvestments.com/uk/en/intermediary/equities/first-state-stewart-asia.html

The Fund invests in shares of companies based in or having significant operations in the Asia Pacific region including Australia and New Zealand excluding Japan. The Fund invests in shares of large and mid-sized companies in the region. These companies generally have a total stock market value of at least US$1 billion

Ten Largest Holdings:-

Tata Consultancy Serv. Ltd 6.1% of the fund
President Chain Store Corporation 4.0% of the fund
Unicharm Corporation 5.3% of the fund
Oversea-Chinese Banking Corporation 3.9% of the fund
CSL Limited 5.2% of the fund
Delta Electronics, Inc. 3.7% of the fund
Tech Mahindra Limited 4.6% of the fund
CK Hutchison Holdings Ltd 2.9% of the fund
Mahindra & Mahindra Ltd. 4.1% of the fund
Hong Kong & China Gas Co Ltd 2.8% of the fund

Invested across:-

India 29.6% of the fund
Taiwan 13.0% of the fund
Japan 10.0% of the fund
Hong Kong 9.4% of the fund
Australia 7.8% of the fund
Singapore 3.9% of the fund
Philippines 3.6% of the fund
USA 1.8% of the fund
Indonesia 1.6% of the fund

Fund Size of £7614.4 Million

Temple Bar Investment Trust PLC

The Temple Bar Investment Trust is a FTSE-250 London listed investment trust.

https://www.templebarinvestments.co.uk/

Top Ten Equity Holdings (%)

GlaxoSmithKline Plc 6.3% of the fund
Royal Dutch Shell Plc 6.1% of the fund
Capita Plc 5.7% of the fund
Travis Perkins Plc 5.5% of the fund
BP Plc 5.3% of the fund
HSBC Holdings Plc 4.3% of the fund
Lloyds Banking Group Plc 4.2% of the fund
Royal Bank of Scotland Plc 4.0% of the fund
Grafton Group Plc 4.0% of the fund
Tesco Plc 3.8% of the fund

Total 49.1% of the fund are the top 10 assets.

It does carry debt.

5.50% Debenture Stock 2021 £38m
4.05% Private Placement Loan 2028 £50m
2.99% Private Placement Loan 2047 £25m

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10323&action=

The Edinburgh Investment Trust Plc

The Edinburgh Investment Trust Plc is managed by Invesco.

https://www.invesco.co.uk/uk/products/the-edinburgh-investment-trust-plc

Largest Holdings (% Portfolio) as at 31 Dec 2018

BP Plc 6.1% of the fund
British American Tobacco 4.6% of the fund
Burford Capital Ord 4.3% of the fund
Legal & General Plc 3.7% of the fund
Royal Dutch Shell Plc 3.5% of the fund
BTG PLC 3.4% of the fund
Imperial Brands PLC 3.2% of the fund
Hiscox Insurance 3.2% of the fund
Altria Group Inc 3.2% of the fund
Roche Holding AG 3.0% of the fund

Total 38.2%

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10171&record_search=1&search_phrase=edinburgh

4.2% yield, paid quarterly

UK Greencoat Wind PLC

UK Greencoat Wind is a green energy company. Formed in 2012 and is now a member of the FTSE-250.

http://www.greencoat-ukwind.com/

Incredible to think, that in less than 7 years a £Billion Pound firm has been created.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=7013076&action=

A value of £1,660 Million = £1.6Bn of Market Capitalisation.

On Thur 28th Feb (yesterday), it paid out a dividend.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/UKW/13955197.html

As such the total voting rights figure will be 1,131,721,890 and a dividend of 1.69p

That is:-

1,131,721,890 x  1.69p = £19,126,099.941

£19m

A yield of 4.9%

Vodafone’s Feb 2019 Dividend.

On Friday 1st Feb, Vodafone PLC paid out its Feb 2019 Dividend.

www.vodafone.com

€0.0484 (4.2252716p) a share.

The total number of voting rights in Vodafone is 26,720,396,036

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/VOD/13955383.html

thus:

26,720,396,036 x £0.04.2252716 = £1,129,009,305

that is £1.129 Billion

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10097

that is 9.5% yield….

Yes, 9.5%

HM Government Borrowings: January 2019

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In January 2019 , the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement.

There were “only” 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office http://www.dmo.gov.uk/ to raise cash for HM Treasury:-

08-Jan-2019 1 5/8% Treasury Gilt 2028 £2,563.8700 Million
17-Jan-2019 1% Treasury Gilt 2024 £2,799.4030 Million
22-Jan-2019 1¾% Treasury Gilt 2037 £2,012.4980 Million

When you add the cash raised:-

(£2,563.8700 Million + £2,799.4030 Million + £2,012.4980 Million) =  £7,375.77 Million

£7,375.77 Million = £7.37577  Billion

On another way of looking at it, is in the 31 days in January, HM Government borrowed:-

£238 million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature, 2024, 2028 and 2037. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

Venezuela’s oil falling production

Venezuela, has the world’s largest proven oil reserves – even bigger than Saudi Arabia – but it is rapidly running out of money to prospect for crude and pump it out of the ground.

In the late 1990s, Venezuela was producing more than three million barrels of oil per day. Output today is hovering above the one million mark

The proven oil reserves in Venezuela are recognized as the largest in the world, totaling 297 billion barrels of oil, which equate to 4.72×1010 m3.

Venzeula

This is a very important lesson, about the collapse of Venezuela

This is a very important lesson, about the collapse of Venezuela, and the toxic mix of bad politics, idealism, money and power. A government, forcing the state oil company (PDVSA = one of the top ten largest companies in the world, that few have heard of…)

https://en.wikipedia.org/wiki/PDVSA

to bank roll the economy, handover its oil profits to the state, as the state owned PDVSA, and in the time Hugo Chavez was in power….PDVSA handover $1.3 Trillion in just over a decade, to the government, and with that money the government wasted it…..and that also resulted in PDVSA NOT able to invest in its own company, and now you have a spiral, where PDVSA oil’s output is falling due to lack of investment (too generous to the government, so effectively cut into the muscle and arteries of PDVSA) and now Venezuela is dying, a nation with oil reserves larger that Saudi.

The perils of popular politics, and lethal communism.

Why Index Funds are awesome: e.g. The US S&P 500 Index

Index funds are passive investment vehicles, they track the whole index.

e.g. $10,000 (a lot of money) invested in the US Stockmarket, the Standard & Poors 500 Index in 1942.

today, that $10,000 investment, on 11th March 1942 (the date that Warren Buffett bought his first stock) would be worth…..

$51,000,000

Yes, $10,000 dollars turned into $51 MILLION dollars.

Index funds are beautiful.

The Vanguard LifeStrategy 100% Equity Fund

The Vanguard LifeStrategy 100% Equity Fund is a open-ended investment company provides exposure to global equities via 10 underlying index-tracking funds

www.vanguardinvestor.co.uk

The Fund will seek to achieve its investment objective predominantly through investment in passive, index tracking collective investment schemes.

It’s holdings are:-

Vanguard FTSE Dev Wld ex UK Eq Idx Acc 19.42 % of the fund
Vanguard FTSE U.K. All Shr Idx UT Acc 19.40 % of the fund
Vanguard US Equity Index Acc 19.16 % of the fund
Vanguard S&P 500 ETF 12.91 % of the fund
Vanguard FTSE Dev Eurp ex UK Eq Idx Acc 8.26 % of the fund
Vanguard Emerg Mkts Stk Idx GBP Acc 7.93 % of the fund
Vanguard Japan Stock Index GBP Acc 4.85 % of the fund
Vanguard FTSE 100 ETF 4.66 % of the fund
Vanguard Pac ex-Jpn Stk Idx GBP Acc 2.37 % of the fund
Vanguard FTSE 250 ETF 1.04 % of the fund

Geographical breakdown:-

United States 45.78 %
United Kingdom 22.72 %
Eurozone 7.83 %
Japan 6.83 %

BT February 2019 Dividend.

Tomorrow, Monday 4th Feb 2019, British Telecommunications Group PLC, the world’s most progressive and dynamic telecoms and media corporation pays out its half yearly dividend.

www.bt.com

It is paying tomorrow, 4.62p

https://www.btplc.com/Sharesandperformance/Shareholders/Dividends/index.htm

The total number of voting rights in BT Group plc is 9,922,793,546

https://otp.tools.investis.com/clients/uk/bt/rns/regulatory-story.aspx?cid=1470&newsid=1220219
Thus:-

9,922,793,546 x 4.62p = £458,433,061.80

That is £458million.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10025&action=

6.6% yield. Delicious.

UK Mortgage Quarterly Dividend

https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GG00BXDZMK63GGGBXSFM1.html?lang=en

today, UK Mortgages PLC pays out is quarterly dividend. 1.5p a share:

These are the assets:

https://mma.prnewswire.com/media/807900/UKML_Factsheet___November_2018.pdf

273,000,000 shares in circulation:-

Thus:

273,000,000 x £0.015 = £4,h095,000

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=41993839

7% yield.

 

 

 

 

 

The US Government Shutdown: US National Debt $21.6 Trillion

As of October 28, 2018, debt held by the public was $15.8 trillion and intragovernmental holdings were $5.8 trillion, for a total or “National Debt” of $21.6 trillion. Debt held by the public was approximately 77% of GDP in 2017, ranked 43rd highest out of 207 countries. The Congressional Budget Office forecast in April 2018 that the ratio will rise to nearly 100% by 2028, perhaps higher if current policies are extended beyond their scheduled expiration date. As of December 2017, $9.3 trillion or approximately 45% of the debt held by the public was owned by foreign investors, the largest being China (about $1.18 trillion) then Japan (about $1.06 trillion).

The Legal and General Worldwide Trust.

The Legal and General Worldwide Trust is a fund of funds, investing in various funds of Legal and General.

https://www.legalandgeneral.com/investments/funds/full-fund-range/equities-index-tracking/worldwide-trust.html

Total Assets of £103,008,359

It holds:-

Legal & General All Stocks Gilt Index Trust ‘I’ Inc
Legal & General UK Alpha Trust ‘R’ Acc
Legal & General UK Equity Income Trust ‘R’ Inc
Legal & General UK Index Trust ‘R’ Inc
Legal & General UK Smaller Companies Trust ‘R’ Inc
Legal & General UK Special Situations Trust ‘R’ Inc
Legal & General European Index Trust ‘R’ Inc
Legal & General European Trust ‘E’ Inc
Legal & General US Index Trust ‘R’ Inc
Legal & General Asian Income Trust ‘E’ Inc
Legal & General Japan Index Trust ‘R’ Inc
Legal & General Pacific Index Trust ‘R’ Inc
Legal & General Global Emerging Markets Index Fund ‘L’ Inc
Legal & General Dynamic Bond Trust ‘L’ Inc
https://www.legalandgeneral.com/_resources/pdfs/investments/managers-report-annual/am-worldwide-trust.pdf

Vanguard Announces The Passing Of Founder John C. Bogle

https://pressroom.vanguard.com/news/Press-Release-Vanguard-Announces-Passing-Of-Founder-Jack-Bogle-011619.html

VALLEY FORGE, PA (January 16, 2019)—Vanguard announces the passing of John Clifton Bogle, founder of The Vanguard Group, who died today in Bryn Mawr, Pennsylvania. He was 89.

Mr. Bogle had legendary status in the American investment community, largely because of two towering achievements: He introduced the first index mutual fund for investors and, in the face of skeptics, stood behind the concept until it gained widespread acceptance; and he drove down costs across the mutual fund industry by ceaselessly campaigning in the interests of investors. Vanguard, the company he founded to embody his philosophy, is now one of the largest investment management firms in the world.

“Jack Bogle made an impact on not only the entire investment industry, but more importantly, on the lives of countless individuals saving for their futures or their children’s futures,” said Vanguard CEO Tim Buckley. “He was a tremendously intelligent, driven, and talented visionary whose ideas completely changed the way we invest. We are honored to continue his legacy of giving every investor ‘a fair shake.’”

Mr. Bogle, a resident of Bryn Mawr, PA, began his career in 1951 after graduating magna cum laude in economics from Princeton University. His senior thesis on mutual funds had caught the eye of fellow Princeton alumnus Walter L. Morgan, who had founded Wellington Fund, the nation’s oldest balanced fund, in 1929 and was one of the deans of the mutual fund industry. Mr. Morgan hired the ambitious 22-year-old for his Philadelphia-based investment management firm, Wellington Management Company.

Mr. Bogle worked in several departments before becoming assistant to the president in 1955, the first in a series of executive positions he would hold at Wellington: 1962, administrative vice president; 1965, executive vice president; and 1967, president. Mr. Bogle became the driving force behind Wellington’s growth into a mutual fund family after he persuaded Mr. Morgan, in the late 1950s, to start an equity fund that would complement Wellington Fund. Windsor Fund, a value-oriented equity fund, debuted in 1958.

In 1967, Mr. Bogle led the merger of Wellington Management Company with the Boston investment firm Thorndike, Doran, Paine & Lewis (TDPL). Seven years later, a management dispute with the principals of TDPL led Mr. Bogle to form Vanguard in September 1974 to handle the administrative functions of Wellington’s funds, while TDPL/Wellington Management would retain the investment management and distribution duties. The Vanguard Group of Investment Companies commenced operations on May 1, 1975.

To describe his new venture, Mr. Bogle coined the term “The Vanguard Experiment.” It was an experiment in which mutual funds would operate at cost and independently, with their own directors, officers, and staff—a radical change from the traditional mutual fund corporate structure, whereby an external management company ran a fund’s affairs on a for-profit basis.

“Our challenge at the time,” Mr. Bogle recalled a decade later, “was to build, out of the ashes of major corporate conflict, a new and better way of running a mutual fund complex. The Vanguard Experiment was designed to prove that mutual funds could operate independently, and do so in a manner that would directly benefit their shareholders.”

In 1976, Vanguard introduced the first index mutual fund—First Index Investment Trust—for individual investors. Ridiculed by others in the industry as “un-American” and “a sure path to mediocrity,” the fund collected a mere $11 million during its initial underwriting. Now known as Vanguard 500 Index Fund, it has grown to be one of the industry’s largest, with more than $441 billion in assets (the sister fund, Vanguard Institutional Index Fund, has $221.5 billion in assets). Today, index funds account for more than 70% of Vanguard’s $4.9 trillion in assets under management; they are offered by many other fund companies as well and they make up most exchange-traded funds (ETFs). For his pioneering of the index concept for individual investors, Mr. Bogle was often called the “father of indexing.”

Mr. Bogle and Vanguard again broke from industry tradition in 1977, when Vanguard ceased to market its funds through brokers and instead offered them directly to investors. The company eliminated sales charges and became a pure no-load mutual fund complex—a move that would save shareholders hundreds of millions of dollars in sales commissions. This was a theme for Mr. Bogle and his successors: Vanguard is known today for maintaining investment costs among the lowest in the industry.

A champion of the individual investor, Mr. Bogle is widely credited with helping to bring increased disclosure about mutual fund costs and performance to the public. His commitment to safeguarding investors’ interests often prompted him to speak out against practices that were common among his peers in other mutual fund organizations. “We are more than a mere industry,” he insisted in a 1987 speech before the National Investment Company Services Association. “We must hold ourselves to higher standards, standards of trust and fiduciary duty. Change we must—in our communications, our pricing structure, our product, and our promotional techniques.”

Mr. Bogle spoke frequently before industry professionals and the public. He liked to write his own speeches. He also responded personally to many of the letters written to him by Vanguard shareholders, and he wrote many reports, sometimes as long as 25 pages, to Vanguard employees—whom he called “crew members” in light of Vanguard’s nautical theme. (Mr. Bogle named the company after Admiral Horatio Nelson’s flagship at the Battle of the Nile in 1798; he thought the name “Vanguard” resonated with the themes of leadership and progress.)

In January 1996, Mr. Bogle passed the reins of Vanguard to his hand-picked successor, John J. Brennan, who joined the company in 1982 as Mr. Bogle’s assistant. The following month, Mr. Bogle underwent heart transplant surgery. A few months later, he was back in the office, writing and speaking about issues of importance to mutual fund investors.

In December 1999, he stepped down from the Vanguard board of directors and created the Bogle Financial Markets Resource Center, a Vanguard-supported venture. Mr. Bogle worked as the center’s president—analyzing issues affecting the financial markets, mutual funds, and investors through books, articles, and public speeches—until his death. Mr. Bogle wrote 12 books, selling over 1.1 million copies worldwide.

Industry accomplishments

Mr. Bogle was active in the investment industry. Early on, he served as chairman of the board of governors of the Investment Company Institute from 1969 to 1970. He also served as chairman of the Investment Companies Committee of the National Association of Securities Dealers Inc. (now FINRA) from 1972 to 1974. In 1997, he was appointed by then-SEC Chairman Arthur Levitt to serve on the Independence Standards Board.

Awards

In 2004, Time magazine named Mr. Bogle one of “the world’s 100 most powerful and influential people” and Institutional Investor magazine presented him with its Lifetime Achievement Award. In 2010, Forbes magazine described him as the person who “has done more good for investors than any other financier of the past century.” Fortune magazine designated him one of the investment industry’s four “Giants of the 20th Century” in 1999. In January 2012, some of the nation’s most respected financial leaders celebrated his career at the John C. Bogle Legacy Forum. Among his numerous other awards and honors were:
•Pennsylvania Society Gold Medal for Distinguished Achievement, 2016
•EY Entrepreneur Of The Year Lifetime Achievement Award, 2016
•FUSE Research Network Award for Lifetime Impact and Commitment to Investors and Investment Management Consultants Association Richard J. Davis Ethics Award, 2010.
•National Council on Economic Education Visionary Award, 2007.
•Center for Corporate Excellence Exemplary Leader Award, 2006.
•Yale School of Management, Legends of Leadership, 2003.
•Barron’s Investment Hall of Fame, 1999.
•Woodrow Wilson Award from Princeton University for “distinguished achievement in the nation’s service,” 1999.
•Fixed Income Analysts Society’ Hall of Fame, 1999.
•Award for Professional Excellence from the Association for Investment Management and Research, 1998.
•No-Load Mutual Fund Association’s first Outstanding Achievement Award, 1986.

Civic work

An avid booster of Philadelphia and the surrounding area, Mr. Bogle was active in civic affairs. “I loved Philadelphia, my adopted city that had been so good to me. I established my roots there, finding even more unimaginable diamonds,” he wrote in one of his books.

His civic work extended to organizations involved in education, leadership, and public affairs. He served as the first chairman of the board of trustees and chairman emeritus for the National Constitution Center. He was a member of the American Philosophical Society, American Academy of Arts and Sciences, The Conference Board’s Commission on Public Trust and Private Enterprise, and the investment committee of the Phi Beta Kappa Society. He served as a trustee of the American Indian College Fund, The American College, and Blair Academy.

Corporate board memberships

Mr. Bogle was sought after in the corporate community. He served as a director of Instinet Corporation, Chris-Craft Industries, Mead Corporation, The General Accident Group of Insurance Companies, Meritor Financial Group, Inc., and Bryn Mawr Hospital. He was a trustee for the American Indian College Fund and The American College.

Academic recognition

The academic community recognized Mr. Bogle’s for his accomplishments. He received honorary doctorate degrees from Villanova University, Trinity College, Georgetown University, Princeton University, the University of Delaware, University of Rochester, New School University, Susquehanna University, Eastern University, Widener University, Albright College, The Pennsylvania State University, Drexel University, and Immaculata University.

Author and speaker

Mr. Bogle was a best-selling author, beginning with Bogle on Mutual Funds: New Perspectives for the Intelligent Investor in 1993. He followed that with Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor (1999); John Bogle on Investing: The First 50 Years (2000); Character Counts: The Creation and Building of The Vanguard Group (2002); Battle for the Soul of Capitalism (2005); The Little Book of Common Sense Investing (2007); Enough. True Measures of Money, Business, and Life (2008); Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition (2009); Don’t Count on It! Reflections on Investment Illusions, Capitalism, “Mutual” Funds, Indexing, Entrepreneurship, Idealism, and Heroes (2011); The Clash of the Cultures: Investment vs. Speculation (2012); The Little Book of Common Sense Investing: 10th Anniversary Edition (2017), and, Stay the Course: The Story of Vanguard and the Index Revolution (2018).

Mr. Bogle also wrote numerous articles and commentaries for trade and business publications.

Personal information

Mr. Bogle was born May 8, 1929, in Montclair, New Jersey. He worked his way through Blair Academy and Princeton University as a waiter and also managed Princeton’s athletic ticket office.

A tall, athletic man who sported a crew cut for most of his life, Mr. Bogle played squash, tennis, and golf, and also enjoyed sailing. He was often described as a “fierce competitor” on the court and course, a demeanor he also maintained on the job. Reading was among his pleasures, as was The New York Times crossword puzzle, which he often completed in less than 20 minutes.

He married Eve Sherrerd in 1956. They had six children: daughters Barbara Bogle Renninger, Jean Bogle, Nancy Bogle St. John, and Sandra Bogle Marucci, and sons John C. Bogle Jr. and Andrew Armstrong Bogle. They had 12 grandchildren and six great-grandchildren

 

The Murray Income Trust

The Murray Income Trust, is a London listed £477m investment company

http://www.murray-income.co.uk/itmurrayincome/

Its objective is to achieve high and growing income combined with capital growth through investment in a portfolio principally of UK equities.

Largest Holdings (% Portfolio)

Unilever Plc 4.2% of the fund
BP Plc 3.7% of the fund
AstraZeneca 3.7% of the fund
Royal Dutch Shell Plc B 3.6% of the fund
Prudential Financial Inc 3.3% of the fund
Diageo Plc 3.3% of the fund
BHP Billiton Plc 3.3% of the fund
Roche Holding AG 2.8% of the fund
Rio Tinto Plc 2.6% of the fund
RELX PLC 2.6% of the fund

Total 33.2%

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10250&record_search=1&search_phrase=mut

4.5% yield.

HM Government Borrowings: December 2018

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In December 2018 , the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement.

There were “only” 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

12-Dec-2018 0 1/8% Index-linked Treasury Gilt 2048 3 months £500.0000 Million
06-Dec-2018 1¾% Treasury Gilt 2049 £2,012.4990 Million
04-Dec-2018 1% Treasury Gilt 2024 £2,500.0000 Million

When you add the cash raised:-

(£500.0000 Million + £2,012.4990 Million + £2,500.0000 Million) =  £5012.499 Million

£5012.499 Million = £5.012499 Billion

On another way of looking at it, is in the 31 days in December, HM Government borrowed:-

£161.6935161290323 million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature, 2024, 2048 and 2049. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

The BMO Managed Portfolio Trust Plc

The BMO Managed Portfolio Trust Plc is a London Listed Invest trust.

https://www.bmogam.com/managed-portfolio-trust/

Top Ten Holdings are:-

Monks Investment Trust % of net assets: 4.4 Sector: Global
Syncona Limited % of net assets: 3.3 Sector: Biotechnology & Healthcare
Polar Capital Technology Trust % of net assets: 3.1 Sector: Tech Media & Telecomm
Baillie Gifford Japan Trust % of net assets: 3.0 Sector: Japan
Worldwide Healthcare Trust % of net assets: 3.0 Sector: Biotechnology & Healthcare
Allianz Technology Trust % of net assets: 3.0 Sector: Tech Media & Telecomm
RIT Capital Partners % of net assets: 3.0 Sector: Flexible Investment
Personal Assets Trust % of net assets: 2.8 Sector: Flexible Investment
BH Macro % of net assets: 2.8 Sector: Hedge Funds
Scottish Mortgage Investment Trust % of net assets: 2.8 Sector: Global

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=1543559&action=

Rolls Royce January 2019 dividend

Today, the UK Engineering giant Rolls Royce pays out is dividend.

www.rollsroyce.com

It is £0.046 a share.

The total number of voting rights in the Company is 1,885,502,090

https://otp.tools.investis.com/clients/uk/rolls_royce2/rns/regulatory-story.aspx?cid=171&newsid=1213155

Thus:-

1,885,502,090 x £0.046 = £86,733,096.14

That is £86m of cash

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10072&record_search=1&search_phrase=RR

 

 

Jan 2019: Start The Year Quote

Make Long-Term Investments Over Short Term Ones

“If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.”

Investing is not trading and has a vastly different goal, as trading, when done well, is about taking measured risks for discrete periods of time at sufficient volume as to generate profits, and typically involves wild swings in profitability. Investing is about minimizing risk to generate wealth over the long term, not generating short-term profits. Another great Buffett quote in this vein: “The stock market is designed to transfer money from the active to the patient.”

Royal Dutch Shell’s December 2018 Dividend

On Wed December 19th RDSA & RDSB (Royal Dutch Shell A and B) paid out it’s quarterly December 2018 Dividend.

www.shell.com

RDSA Royal Dutch Shell A FTSE 100 $0.47 (36.77p) a share
RDSB Royal Dutch Shell B FTSE 100 $0.47 (36.77p) a share

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133655

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133755

£0.3677 a share.

https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=3541244&lang=en-GB&companycode=uk-rdsa&v=

Royal Dutch Shell plc´s capital consists of 4,513,394,760 A shares and 3,745,486,731 B shares, each with equal voting rights. Royal Dutch Shell plc holds no ordinary shares in Treasury. The total number of A shares and B shares in issue is 8,258,881,491

Thus:-

8,258,881,491 x £0.3677 = £3,036,790,724.2407

That is £3Billion of cash paid out. Delicious.

 

 

 

 

Genesis Emerging Markets Fund

The Genesis Emerging Markets Fund is a London listed investment trust.

https://www.genesisemf.com/

The objective of the Genesis Emerging Markets Fund is to achieve long-term capital growth, primarily through investment in equity markets of developing countries

Naspers (South Africa) 4.7% of the fund
AIA Group (China) 3.2% of the fund
Alibaba (China) 3.2% of the fund
Samsung Electronics (South Korea) 2.9% of the fund
Sberbank (Russia) 2.6% of the fund
Taiwan Semiconductor (Taiwan) 2.6% of the fund
58.com (China) 2.2% of the fund
Vinamilk (Vietnam) 1.9% of the fund
Heineken (Netherlands) 1.8% of the fund
Jiangsu Yanghe Brewery (China) 1.8% of the fund
Geographical Diversification (%) as at 30th November 2018

Americas 14.7% of the fund
Brazil 6.7% of the fund
Mexico 3.4% of the fund
LiLAC† 1.5% of the fund
Colombia 1.1% of the fund
Colgate-Palmolive# 1.0% of the fund
Peru 0.8% of the fund
Argentina 0.2% of the fund

Asia 54.2% of the fund
China 20.8% of the fund
India 10.8% of the fund
South Korea 9.3% of the fund
Thailand 4.5% of the fund
Taiwan 2.6% of the fund
Vietnam 2.5% of the fund
Indonesia 2.4% of the fund
Philippines 1.2% of the fund
Malaysia 0.1% of the fund

Middle East/Africa 13.3% of the fund
South Africa 7.7% of the fund
Nigeria 2.1% of the fund
Egypt 0.8% of the fund
Jordan 0.5% of the fund
Saudi Arabia 0.5% of the fund
Morocco 0.5% of the fund
Kenya 0.4% of the fund
Mauritius 0.4% of the fund
United Arab Emirates 0.3% of the fund
Lebanon 0.1% of the fund

Europe/Central Asia 15.6% of the fund
Russia 5.2% of the fund
Turkey 3.6% of the fund
Netherlands 1.8% of the fund
Poland 1.2% of the fund
Hungary 1.1% of the fund
Romania 1.0% of the fund
Switzerland 0.9% of the fund
Greece 0.6% of the fund

Cash 2.1% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=12140

 

 

 

Legal & General Mixed Investment 40‑85% Fund

The Legal & General Mixed Investment 40‑85% Fund is a multi-asset investment fund. The objective of this fund is to provide growth of both capital and income. The fund will invest between 40% and 85% in a broad range of UK and overseas company shares. The rest of the fund will be invested at least 80% in bonds. Generally the fund will invest in these assets through other authorised investment funds, including funds from Legal & General.

TOP 10 HOLDINGS (%)

L&G UK Index Trust 15.6% of the fund
L&G US Index Trust 12.8% of the fund
L&G European Index Trust 10.3% of the fund
LGIM Sterling Liquidity Fund Class 1 7.5% of the fund
L&G Japan Index Trust 6.8% of the fund
L&G Emerging Markets Government Bond (US$) Index Fund 5.8% of the fund
L&G Global Real Estate Dividend Index Fund 5.8% of the fund
L&G Global Listed Infrastructure index Fund 5.5% of the fund
L&G Emerging Markets Government Bond (Local Currency) Index Fund 5.4% of the fund
L&G Global Emerging Markets Index Fund 4.5% of the fund

A £578.0m fund.

Baillie Gifford American Fund

A very well regarded unit trust whose objective, to produce capital growth over the long term.  The Fund will invest principally in equities of companies which are listed, quoted, traded, incorporated, domiciled or conducting a significant portion of their business in the United States of America

Top Ten Holdings
Holdings % of Total Assets
1 Amazon.com 8.8% of Total Assets
2 Tesla Inc 6.5% of Total Assets
3 Grubhub 5.3% of Total Assets
4 Netflix 5.2% of Total Assets
5 Illumina 4.9% of Total Assets
6 Abiomed 4.8% of Total Assets
7 MarketAxess 4.6% of Total Assets
8 Alphabet 4.6% of Total Assets
9 Wayfair 4.2% of Total Assets
10 Facebook 3.9% of Total Assets

Total 52.8 %

1 Consumer Discretionary 28.5%
2 Health Care 19.6%
3 Telecommunication Services 14.6%
4 Information Technology 13.4%
5 Financials 12.0%
6 Industrials 8.6%
7 Materials 1.1%
8 Real Estate 1.0%
9 Cash 1.1%

Assets of The Scottish Mortgage Investment Trust.

The The Scottish Mortgage Investment Trust, is a FTSE-100 member.

https://www.bailliegifford.com/en/uk/individual-investors/funds/scottish-mortgage-investment-trust/performance/portfolio/

Managed by Baille Gifford.

https://www.bailliegifford.com/

The holdings of this trust are:-

1 Amazon.com 9.4%
2 Illumina 8.2%
3 Tesla Inc 6.6%
4 Alibaba 5.6%
5 Tencent 5.3%
6 Baidu.com ADR 3.3%
7 Kering 3.1%
8 Ferrari NV 2.9%
9 Netflix Inc 2.9%
10 ASML 2.8%

Top ten holdings make up 50% of the fund.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10304&record_search=1&search_phrase=smt

BP’s December 2018 Dividend.

Today, the oil major BP, pays out its December Dividend.

www.bp.com

its pay out is  $0.1025 (8.0251p) a share.

https://otp.investis.com/clients/uk/bp_plc/rns/regulatory-story.aspx?cid=233&newsid=1213520

The total number of voting rights in BP p.l.c. is 20,061,666,112.

Thus:-

20,061,666,112 x £0.080251 = £1,609,968,767.154112

That is £1.6 billion

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10022&record_search=1&search_phrase=bp

6.4% Yield.

 

The Select Monthly Income Fund from TwentyFour Asset Management

The Select Monthly Income Fund, pays out an income to investors monthly.

https://twentyfouram.com/funds/twentyfour-select-monthly-income-fund/

The fund aims to generate attractive risk-adjusted returns, principally through income distributions by investing in a diversified portfolio of fixed income credit products

NATIONWIDE BLDG 10.25 PERP 3.65% of the fund
SHAWBROOK GROUP 7.875 PERP 2.30% of the fund
COVENTRY BDG SOC 6.375 PERP 2.11% of the fund
SANTANDER UK PLC 10.375 PERP 1.93% of the fund
ALDERMORE 11.875 PERP 1.75% of the fund
BRACKEN MIDCO 8.875 15/10/2023 High Yield  1.74% of the fund
ARBR 3X FR 1.58% of the fund
CBFLU 1 MEZZ  1.47% of the fund
BARCLAYS PLC 7.875 PERP  1.47% of the fund
BANCO SABADELL 6.5 PERP  1.43% of the fund

As you can see mainly holds investments in banks securities paying an income

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=26656574

7% yield.

Legal & General Multi-Index 7 Fund

The Legal & General Multi-Index 7 Fund is a multi-asset fund. The objective of the fund is to provide a combination of growth and income and to keep the fund within a pre-determined risk profile. The fund will have exposure to company shares, company and government bonds, cash and UK commercial property. The fund will have a strong bias towards company shares. At least 75% of the fund will be invested in other funds. At least 50% of the fund will be invested in Legal & General index-tracker funds.

TOP 10 HOLDINGS (%)
L&G US Index Trust 20.9% of the fund
L&G European Index Trust 12.9% of the fund
L&G UK Index Trust 10.2% of the fund
L&G Global Emerging Markets Index Fund 9.6% of the fund
L&G Japan Index Trust 8.7% of the fund
L&G (N) Tracker Trust 6.3% of the fund
L&G Pacific Index Trust 6.0% of the fund
LGIM Sterling Liquidity Fund Class 1 4.6% of the fund
L&G Emerging Markets Government Bond (Local Currency) Index Fund 3.3% of the fund
L&G UK Property Fund 3.1% of the fund

A £187.9m fund.

The Debt of General Electric

GE (www.ge.com) is the USA’s industrial giant, but is in a financial mess

https://www.ge.com/investor-relations/sites/default/files/GE_AR17.pdf

The annual report makes sombre reading

https://www.ge.com/investor-relations/fixed-income-investor

It’s debts are huge:

•Approximately $67.5 billion in senior unsecured, subordinated and senior secured notes issued or guaranteed by GECC pursuant to the GECC U.S. medium term note programs
•Approximately $55.2 billion of senior and subordinated debt securities issued or guaranteed by GECC under the GE Capital European medium term note program for issuances by GECC, GE Capital European Funding, GE Capital UK Funding and/or GE Capital Australia Funding Pty Ltd
•Approximately $8.9 billion of commercial paper issued by GECC.

from the annual report:-

Total borrowings $ 134,591 Million

That is $134 Billion of total debt.

HM Government Borrowings: November 2018

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In November 2018 , the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement.

There were “only” 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

20-Nov-2018 0 1/8% Index-Linked Treasury Gilt 2056 3 months £555.0650 Million
15-Nov-2018 1¾% Treasury Gilt 2037 £2,299.9970 Million
06-Nov-2018 1 5/8% Treasury Gilt 2028 £2,250.0000 Million

When you add the cash raised:-

(£555.0650 Million + £2,299.9970 Million + £2,250.0000 Million) =  £5105.062 Million

£5105.062 Million = £5.105062 Billion

On another way of looking at it, is in the 30 days in November, HM Government borrowed:-

£170.1687333333333 million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature, 2028, 2037 and 2056. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….”

ITV’s December Dividend

ITV, the UK’s premier entertainment channel pays out today its dividend.

www.itv.com

It is 2.6p a share.

The total voting rights in ITV plc is 4,025,409,194 shares.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ITV/13642162.html

Thus:

4,025,409,194 x £0.026 = £104,660,639.044

That is £104m.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=54450&action=

5.3% yield.

A clever quote: Warren Buffet

Derivatives are financial weapons of mass destruction.

Derivatives, or contracts based on the price movements of underlying assets, declined to a gross market value of about $11 trillion at the end of 2017, according to the Bank for International Settlements. That total comes from the largely unregulated over-the-counter market, where most derivatives are traded. The level was a decline from $15 trillion at the end of 2016 and $13 trillion in mid-2017.

Assets of The Polar Capital Technology Trust plc

The Polar Capital Technology Trust plc is a London listed investment trust.

https://www.polarcapitaltechnologytrust.co.uk/

A trust worth £1,517m holding 113 investments.

It top 15 holdings are:-

Top 15 Holdings (%)

Alphabet 9.1% of the fund
Microsoft 8.9% of the fund
Apple 8.0% of the fund
Facebook 3.7% of the fund
Amazon.com 2.8% of the fund
Tencent 2.5% of the fund
Alibaba 2.4% of the fund
Taiwan Semiconductors 2.4% of the fund
NVIDIA 1.9% of the fund
Samsung 1.9% of the fund
Salesforce.com 1.8% of the fund
Adobe Systems 1.6% of the fund
ServiceNow 1.4% of the fund
Xilinx 1.4% of the fund
Texas Instruments 1.4% of the fund

Total 51.2% of the fund

Sector Exposure (%)

Software 25.5% of the fund
Interactive Media & Services 16.4% of the fund
Semiconductors & Semiconductor Equip. 15.2% of the fund
Tech. Hardware, Storage & Peripherals 10.9% of the fund
Internet & Direct Marketing Retail 7.4% of the fund
Elec. Equip. Instruments & Components 4.5% of the fund
IT Services 4.4% of the fund
Entertainment 3.6% of the fund
Communications Equipment 1.5% of the fund
Machinery 0.8% of the fund
Other 2.3% of the fund
Cash 7.4% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=12294&record_search=1&search_phrase=pct

The HSBC November Dividend 2018

Today, The Hong Kong and Shanghai Banking Corporation pays out its quarterly dividend.

It was 7.78p a share

www.hsbc.com

What does this £0.0778 dividend cost HSBC Holdings plc ?

https://www.hsbc.com/-/media/hsbc-com/investorrelationsassets/stockexchangeannouncements/2018/november/sea-181031-e-total-voting-rights-rns-announcement.pdf
The total number of voting rights in HSBC Holdings plc is 19,927,909,172 shares.

Thus:

19,927,909,172 x £0.0778 = £1,550,391,333.58

That is £1,550 Million = £1.55 Billion.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10048&action=

6.1% yield.

The Gore Street Energy Storage Fund

The Gore Street Energy Storage Fund is a London listed investment trust.

http://www.gsenergystoragefund.com/

Gore Street Energy Storage Fund is the first UK pure play energy storage fund, targeting a 7% yield. Building a diversified portfolio of projects, the Fund already has two operational assets in the portfolio and both with multiple revenue streams in place.

The portfolio as of 26 September 2018: Four Power Stations

Boulby: 6.0 MW: Cleveland, North Yorkshire: Owned by the Fund   100%

CENIN: 4.0 MW: Bridgend,  Wales: Owned by the Fund   49%

Port of Tilbury: 9 MW: Port of Tilbury, London: Owned by the Fund   100%

Lower Road: 10 MW: Brentwood,  Essex: : Owned by the Fund   100%
http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=54696839

BioPharma Credit plc

BioPharma Credit plc

The BioPharma Credit plc is a London listed investment funds.

http://www.bpcruk.com/

BioPharma Credit plc provides investors with an opportunity to gain exposure to the fast growing life sciences industry, through a diversified portfolio of loans and other instruments backed by royalties or other cash flows derived from sales of approved life sciences products.
Net assets of $918.5m

Cash and cash equivalents $149.2m
Limited partnership interest in BioPharma III $64.8m
RPS Note $52.3m
Tesaro senior secured loan $322.0m
Lexicon senior secured loan $124.5m
Novocure senior secured loan $150.0m
Sebela senior secured loan $194.2m
BMS purchased payments $20.0m
C Shares $(161.0)m
Other net assets $2.5m

Total net assets $918.5m

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=54490167&record_search=1&search_phrase=biopharma

UK Government Debt.

The Chancellor of the Exchequer, Philip Hammond had the UK budget.

The National Debt peaked in 2016/17 at 85.2% of GDP.

This is debt profile:-

Government borrowing for the next FOUR years:-

2019/20 in £31.8bn
2020-21 in £23.8bn
2021-22 in £20.8bn
2023-24 in £19.8bn

HM Government Borrowings: October 2018

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In October 2018 , the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement.

There were “only” 2 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

23-Oct-2018 0 1/8% Index-linked Treasury Gilt 2028 3 months £1,100 Million
04-Oct-2018 1% Treasury Gilt 2024 £3,000 Million

When you add the cash raised:-

(£1,100.0000 Million + £3,000.0000 Million) =  £4,100.00 Million

£4,100.00 Million = £4.10 Billion

On another way of looking at it, is in the 31 days in Oct, HM Government borrowed:-

£132 million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature, 2024 and 2028. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

BT Results: H1 2018: Dividend Declaration.

On Thursday 1st Nov, the world’s most dynamic and progressive media and telecommunications giant, announced its first half results

www.bt.com

The BT Board has declared an interim dividend of 4.62p per share

https://www.btplc.com/Thegroup/Ourcompany/Theboard/Ourboard/index.htm

What will be the cost of the dividend when it is paid out in Feb 2019 ?

https://otp.tools.investis.com/clients/uk/bt/rns/regulatory-story.aspx?cid=1470&newsid=1203894

The total number of voting rights in BT Group plc on that date was 9,921,904,070

Thus:-

9,921,904,070 x 4.62p per share = £458,391,968.034

That is £458m

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10025&action=

6.4% yield. Delicious.

The Assets of the BlackRock Commodities Income Investment Trust

The BlackRock Commodities Income Investment Trust is a £86m London listed investment trust.

https://www.blackrock.com/uk/individual/products/investment-trusts/our-range/blackrock-commodities-income-investment-trust/trust-information?locale=en_GB&switchLocale=y&siteEntryPassthrough=true

It has the strategy to achieve an annual dividend target and, over the long term, capital growth by investing primarily in securities of companies operating in the mining and energy sectors

Its top ten holdings are:-

BHP Global 8.8% of the fund
Royal Dutch Shell ‘B’ Global 6.4% of the fund
First Quantum Minerals* Global 6.1% of the fund
Rio TInto Global 5.9% of the fund
Glencore Global 4.9% of the fund
Exxon Mobil Global 4.5% of the fund
Chevron Global 4.3% of the fund
Teck Resources Canada 4.3% of the fund
BP Global 4.1% of the fund
Vale – ADS Latin America 4.0% of the fund

its assets are split over these sectors:

Diversified Mining 30.1% of the fund
Integrated Oil 25.7% of the fund
Exploration & Production 16.3% of the fund
Copper 8.4% of the fund
Gold 8.2% of the fund
Industrial Minerals 4.0% of the fund
Diamonds 2.2% of the fund
Silver 2.0% of the fund
Steel 1.3% of the fund
Distribution 1.1% of the fund
Oil Services 0.9% of the fund
Net current liabilities (0.2)% of the fund

100.0% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=152827&action=

A yield of over 5%

HM Government Borrowings: September 2018

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In September 2018 , the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement.

There were “only” 2 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

25-Sep-2018 0 1/8% Index-linked Treasury Gilt 2048 3 months £872.7200 Million
20-Sep-2018 1 5/8% Treasury Gilt 2028 £2,750.0000 Million
11-Sep-2018 1¾% Treasury Gilt 2049 £2,500.0000 Million
06-Sep-2018 1% Treasury Gilt 2024 £3,000.0000 Million

When you add the cash raised:-

(£872.7200 Million + £2,750.0000 Million + £2,500.0000 Million + £3,000.0000 Million) =  £9122.72 Million

£9122.72 Million = £9.12272 Billion

On another way of looking at it, is in the 30 days in Sept, HM Government borrowed:-

£304 million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature, 2020, 2028 and 2049. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….”

GlaxoSmithKline October Dividend

On Thursday the 11th October, GlaxoSmithKline paid out its October dividend.

www.gsk.com

It was 19p a share.

The total number of voting rights in GSK is 4,960,316,601

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GSK/13777222.html

Thus:-

4,960,316,601 x £0.19 = £942,460,154.19

That is £942m

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10042

5.5% is the yield.

The Invesco Perpetual Enhanced Income

The Invesco Perpetual Enhanced Income principal objective is to provide shareholders with a high level of income whilst seeking to maximise total return through investing in a diversified portfolio of high yielding corporate and government bonds

https://www.invesco.co.uk/uk/products/invesco-perpetual-enhanced-income-limited

Top 10 issuers % portfolio

Altice 6.625% 15 Feb 2023, 7.5% 15 May 2026, SFR, 7.375% 01 May 2026 (SNR) 2.7% of the fund
UniCredit International Bank 8% FRN Perpetual, 8.125% FRN Perpetual 2.3% of the fund
Standard Chartered 5.7% 26 Mar 2044, 5.125% 06 Jun 2034 1.9% of the fund
Enterprise Inns 6.5% 06 Dec 2018 (SNR), 6.375% 15 Feb 2022 (SNR) 1.9% of the fund
NWEN Finance 5.875% 21 Jun 2021 (SNR) 1.8% of the fund
NGG Finance 5.625% FRN 18 Jun 2073 1.7% of the fund
Enel 7.75% 10 Sep 2075, 6.625% 15 Sep 2076 1.7% of the fund
Premier Foods Finance FRN 15 Jul 2022 (SNR), 6.25% 15 Oct 2023 1.7% of the fund
Intesa Sanpaolo 8.375% FRN Perpetual, 7.75% Perpetual, 7% Perpetual 1.6% of the fund
TVL Finance FRN 15 May 2023 (SNR), 8.5% 15 May 2023 (SNR) 1.6 % of the fund

Total 18.9 % of the fund are from the top ten holders.

Total Assets £148.3m

The Personal Assets Trust

The Personal Assets is what its name implies. It is an investment trust run for private
investors, who may often have committed to it a substantial proportion of their
personal wealth.

https://www.patplc.co.uk/

Its assets:-

British American Tobacco UK Tobacco 3.3%
Nestlé Switzerland Food Producer 3.1%
Microsoft USA Software 3.0%
Coca-Cola USA Beverages 3.0%
Philip Morris USA Tobacco 2.8%
Unilever UK Food Producer 2.7%
Berkshire Hathaway USA Insurance 2.1%
Altria USA Tobacco 2.1%
Sage Group UK Technology 2.0%
American Express USA Financial Services 1.8%
Imperial Oil Canada Oil & Gas 1.7%
Colgate Palmolive USA Personal Products 1.6%
Henkel Germany Consumer Goods 1.5%
Procter & Gamble USA Household Products 1.4%
A.G. Barr UK Beverages 1.2%
Diageo UK Beverages 1.2%
GlaxoSmithKline UK Pharmaceuticals 1.1%
Hershey USA Food Producer 0.9%
Société BIC France Consumer Goods 0.9%
Franco-Nevada Canada Mining 0.7%
PZ Cussons UK Personal Products 0.3%
Dr Pepper Snapple USA Beverages
Becton Dickinson USA Pharmaceuticals
Agnico Eagle Mines Canada Mining
Total Equities 38.4% £329million

US TIPS USA 20.0% £171m
US Treasuries USA 2.7% 23m
UK Index-Linked Gilts UK 3.6% 31,m
UK T-Bills UK 22.5% £193m
Gold Bullion 8.9% £76m

Total Investments 96.1% £825m
UK cash 4.3% £36m
Overseas cash 0.5% £4m

TOTAL PORTFOLIO 100.0 worth £858m

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=13170

The shares trade at £393 a share.

The RBS Dividend after 10 years.

On Friday last week, that was Friday 12th October 2018, The Royal Bank of Scotland after 10 years has paid out a dividend to its shareholders.

www.rbs.com

2p a share.

RBS has 12,048,231,514 shares.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/RBS/13809173.html

thus:

12,048,231,514 x £0.02 = £240,964,630.28

That is £240m

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10068

The Troy Trojan Fund

The Troy Trojan Fund is a UK based Unit Trust, run by Troy Asset Management

www.taml.co.uk

The investment objective of Trojan Fund is to achieve growth in capital and income in real terms over the longer term. The investment policy is to invest substantially in UK and overseas equities and fixed interest securities

Top 10 Holdings

Gold Bullion Securities 6.2 Fund (%)
Microsoft 4.1 Fund (%)
British American Tobacco 3.6 Fund (%)
Coca-Cola 3.4 Fund (%)
Unilever 3.0 Fund (%)
Altria 2.2 Fund (%)
Berkshire Hathaway 2.2 Fund (%)
Nestlé 2.2 Fund (%)
Philip Morris 2.2 Fund (%)
Procter & Gamble 1.9 Fund (%)

Total Top 10 31.0 Fund (%)

20 other holdings 53.0 Fund (%)
Cash & equivalent 16.0 Fund (%)

Total 100.0

Interesting to see the fund is holding 16% in cash

The Assets of Direct Line plc

Direct Line is a major UK insurer.

https://www.directlinegroup.com/

It collects in insurance premiums, and pays out on claims. The insurance premiums are invested.

What are these investments ?

https://www.directlinegroup.com/~/media/Files/D/Direct-Line-Group-V2/reports-and-presentations/annual-report-and-accounts-2017.pdf

Investment-grade credit 3,893.1 million
High-yield 388.6 million
Investment-grade private placements 103.6 million
Sovereign 224.8 million

Total debt securities 4,610.1 million

Infrastructure debt 316.4 million
Commercial real estate loans 169.0 million
Cash and cash equivalents3 1,304.5 million
Investment property 309.3 million

Total Group £6,709.3 million

Note, no equity investments.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=2773867

A yield of 6.1%

The Astra Zeneca September Dividend

On Sept 10th, Astra Zeneca paid out its September dividend.

https://www.astrazeneca.com/

It is 68.4p a share.

The total number of voting rights in AstraZeneca PLC is 1,266,776,325.

https://www.astrazeneca.com/investor-relations/Stock-exchange-announcements/2018/transparency-directive-voting-rights-and-capital01082018.html

Thus:

1,266,776,325 x £0.684 = £866,475,006.30

That is £866 Million

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10009

3.8% yield.

The Miton MicroCap Trust PLC.

The Miton MicroCap Trust, in a London listed investment trust.

https://www.mitongroup.com/private/fund/miton-uk-microcap-trust-plc/

The company intends to invest primarily in the smallest companies, measured by their market capitalisation.

Top 20 Holdings (%)

1.Kape Technologies plc 4.5%
2.Yu Group plc 4.2%
3.Frontier IP Group plc 2.8%
4.Cerillion plc 2.6%
5.Zotefoams plc 2.5%
6.Nanoco Group plc 2.4%
7.Bilby plc 2.4%
8.Kromek Group plc 2.4%
9.Aquis Exchange plc 2.3%
10.Conygar Investment Co plc 1.9%
Eland Oil & Gas plc 1.8%
12.Mind Gym plc 1.7%
13.Science in Sport plc 1.6%
14.Simec Atlantis Energy Ltd 1.6%
15.Versarien plc 1.6%
16.Scientific Digital Imaging plc 1.6%
17.BATM Advanced Comms Ltd 1.5%
18.Amino Technologies 1.5%
19.CML Microsystems plc 1.5%
20.Seeing Machines Ltd 1.5%

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=41162280&record_search=1&search_phrase=mini

 

BP’s September 2018 Dividend

Today, Friday 21st Sept 2018, BP plc pays out its quarterly dividend.

www.bp.com

7.9296p a share.

The total number of voting rights in BP p.l.c. is 19,982,865,583

https://otp.investis.com/clients/uk/bp_plc/rns/regulatory-story.aspx?cid=233&newsid=1164468

thus:-

19,982,865,583 x £0.079296 = £1,584,561,309.27

That is £1,584 Million = £1.584 Billion

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10022&record_search=1&search_phrase=BP

5.6% yield

The Rio Tinto September Dividend.

Rio Tinto is the world’s 2nd largest mining company

www.riotinto.com

Tomorrow (20th Sept 2018) it pays out its September dividend of 96.82p a share.

The total number of voting rights in Rio Tinto plc is 1,310,179,764

https://otp.tools.investis.com/clients/uk/rio_tinto1/rns/regulatory-story.aspx?cid=507&newsid=1131729

Thus:-

1,310,179,764 x £0.9882 = £1,294,719,642.78

That is £1,294 Million = £1.294 Billion in the dividend to shareholders.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10071&record_search=1&search_phrase=rio

6.1% dividend yield.

Royal Dutch Shell: September Dividend 2018

Today, Monday 17th Sept, Royal Dutch Shell pays out its quarterly dividend.

https://www.shell.com/media/news-and-media-releases/2018/second-quarter-2018-euro-and-gbp-equivalent-dividend-payments.html

Dividends on A Shares will be paid, by default, in euro at the rate of €0.4048 per A Share. Holders of A Shares who have validly submitted pounds sterling currency elections by August 24, 2018 will be entitled to a dividend of 36.50p per A Share.

Dividends on B Shares will be paid, by default, in pounds sterling at the rate of 36.50p per B Share. Holders of B Shares who have validly submitted euro currency elections by August 24, 2018 will be entitled to a dividend of €0.4048 per B Share

It is going to pay : 36.50p per share (in Shell A and Shell B)

Royal Dutch Shell plc’s capital consists of 4,573,199,702 A shares and 3,745,486,731 B shares, each with equal voting rights

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/RDSA/13776498.html

Thus:-

36.50p x 4,573,199,702 A shares = £1,669,217,891.23

36.50p x 3,745,486,731 B shares = £1,367,102,656.82
£1,669,217,891.23 + £1,367,102,656.82 = £3,036,320,548.05

That is £3.036 Billion of cash.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133655

Shell A a yield of 5.8%

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133755

Shell B a yield of 5.7%

RIT Capital Partners PLC

RIT Capital plc

The RIT Capital Investment Trust, is a London Listed Fund

http://www.ritcap.com/

The family wealth of The Rothschild Family is managed by this fund.

http://www.ritcap.com/significant-shareholdings

Lord Rothschild 18,462,036 shares 11.88% holding in RIT
Hannah Rothschild 14,081,001 shares 9.06% holding in RIT
The Rothschild Foundation 14,081,001 shares  9.06% holding in RIT

It’s asset allocation:-

Quoted Equity – Long 38%
Absolute Return & Credit 22%
Quoted Equity – Hedge 19%
Private Investments – Funds 13%
Private Investments – Direct 9%
Real Assets 3%
Other Investments 2%
Net Liquidity / Borrowings / Other Assets -6%

Global 33%
North America 33%
Emerging Markets 19%
Japan 8%
Europe 8%
United Kingdom 6%
Other -1%

It’s strategy is to deliver long-term capital growth, while preserving shareholders’ capital, to invest in a widely diversified, international portfolio across a range of asset classes, both quoted and unquoted.
Investment Portfolio as at 30 June 2018, all figures in £m

Quoted Equity
Stocks:
CSX Corporation1 United States Industrials 102.8 3.5%
Trian Partners Co-Investment2 United States Consumer staples/Industrials 64.1 2.2%
Dropbox United States Information technology 45.3 1.5%
Automatic Data Processing1 United States Information technology 36.3 1.2%
Citigroup Swap United States Financials, 2.0% notional (0.5) (0.0%)
Reckitt Benckiser Swap United Kingdom Consumer staples, 2.0% notional (0.4) (0.0%)
Nestlé Swap Switzerland Consumer staples, 1.4% notional 0.0 0.0%
Unilever Swap Europe Consumer staples, 1.1% notional 0.5 0.0%
Alphabet Swap United States Information technology, 1.0% notional (0.4) (0.0%)
Mitsubishi UFJ Swap Japan Financials, 0.9% notional (0.2) (0.0%)
S&P Global Swap United States Financials, 0.6% notional (0.2) (0.0%)
Other Stocks – – 9.4 0.4%
Total Stocks 256.7 8.8%
Long-only Funds:
HCIF Offshore United States All-cap, biotechnology 156.5 5.4%
Morant Wright3 Japan Small/mid-cap, value bias 117.4 4.0%
BlackRock Emerging Markets Emerging Markets All-cap, value bias 81.2 2.8%
Lansdowne Developed Markets Strategic Global All-cap, diversified 63.7 2.2%
Tekne Long-only Fund United States All-cap, information technology 56.3 1.9%
Ward Ferry Asian Smaller Companies Asia Small/mid-cap, diversified 55.2 1.9%
Springs Opportunities China All-cap, diversified 54.2 1.9%
Lansdowne New Energy Global All-cap, energy 45.1 1.5%
Brown Advisory LATAM3,4 Latin America All-cap, diversified 44.6 1.5%
Emerging India Focus India All-cap, diversified 39.8 1.4%
Trian Partners United States Large-cap, diversified 31.1 1.1%
Strategic Equity Capital United Kingdom Small-cap, diversified 21.6 0.7%
Other Long-only Funds – – 43.9 1.4%
Total Long-only Funds: 810.6 27.7%
Hedge Funds:
BlackRock European Hedge Fund Europe All-cap, diversified 95.2 3.3%
Gaoling China All-cap, diversified 88.9 3.0%
Martin Currie Japan Japan All-cap, diversified 87.7 3.0%
Soroban Global All-cap, diversified 83.9 2.9%
Palestra Capital Global All-cap, diversified 79.4 2.7%
RIT Discovery5 Global All-cap, diversified 62.0 2.1%
ENA Opportunity6 Europe All-cap, diversified 46.7 1.6%
Other Hedge Funds – – 33.1 1.1%
Total Hedge Funds: 576.9 19.7%
Derivatives:
GS US Value Basket Swap United States Long, 1.9% notional (2.6) (0.1%)
Euro Stoxx 600 Basic Resources Swap Europe Long, 0.7% notional (0.2) (0.0%)
Euro Stoxx 600 Oil & Gas Swap Europe Long, 0.5% notional 0.2 0.0%
MSCI World £ Index Swap Global Short, 5.6% notional 0.3 0.0%
GS Custom Industrials Swap United States Short, 2.6% notional 3.1 0.2%
FTSE 100 Futures United Kingdom Short, 2.0% notional 0.4 0.0%
S&P 500 Futures United States Short, 1.5% notional 1.0 0.0%
GS Custom US Transport Swap United States Short, 0.9% notional (0.8) (0.0%)
GS Custom Technology Swap Global Short, 0.8% notional 2.6 0.1%
iShares NASDAQ Biotech ETF Swap United States Short, 0.8% notional 0.2 0.0%
Equity Options Various Premium 9.3 0.3%
Other Derivatives – – 2.8 0.1%
Total Derivatives: 16.3 0.6%
Total Quoted Equity 1,660.5 56.8%
Private Investments – Direct:
Acorn Global Consumer staples 102.9 3.5%
Coupang Asia Information technology 38.2 1.3%
Helios Towers Africa Telecommunication services 35.2 1.2%
CSL United Kingdom Information technology 25.8 0.9%
Infinity Data Systems United Kingdom Information technology 20.9 0.7%
Age of Learning United States Information technology 14.1 0.5%
Other Private Investments – Direct – – 27.9 1.0%
Total Private Investments – Direct 265.0 9.1%
Private Investments – Funds:
Thrive Capital Funds United States Venture Capital 67.9 2.3%
Gaoling – Unquoted China Private Equity 37.2 1.3%
BDT Capital Funds United States Private Equity 36.2 1.2%
3G Special Situations United States Private Equity 23.0 0.8%
Augmentum Fintech PLC United Kingdom Venture Capital 19.0 0.6%
ICQ Holdings 6 United States Private Equity 18.9 0.6%
Other Private Investments – Funds – – 183.6 6.4%
Total Private Investments – Funds 385.8 13.2%
Absolute Return & Credit:
Eisler Capital Fund Global Macro strategy 140.9 4.8%
Attestor Value Fund Global Distressed and special situations 109.3 3.7%
Elliott International Global Multi-strategy 95.9 3.3%
Farmstead Fund United States Distressed and special situations 52.4 1.8%
Emso Opportunity Strategies Fund Global Opportunistic credit 47.5 1.6%
Sand Grove Tactical Global Multi-strategy 46.6 1.6%
Palm Lane Credit Opportunities Fund Global Fixed income, relative value 42.3 1.4%
Oaktree Strategic Credit Global Opportunistic credit 37.5 1.3%
BTG Global Derivatives Opportunities Global Volatility strategy 34.1 1.2%
RIT US Value Partnership Global Multi-strategy 24.9 0.9%
Other Absolute Return & Credit – – 44.3 1.5%
Total Absolute Return & Credit 675.7 23.1%
Real Assets:
Spencer House United Kingdom Investment property 38.9 1.3%
Other St James’s Properties United Kingdom Investment property 24.7 0.8%
BlackRock World Gold Fund Global Gold and precious metal equities 17.5 0.6%
Gold Futures United States Long, 2.3% notional (3.0) (0.1%)
Corn Futures Swap United States Long, 0.6% notional (1.2) (0.0%)
Silver Futures United States Long, 0.5% notional (0.1) (0.0%)
Soybean Futures Swap United States Long, 0.5% notional (0.9) (0.0%)
Other Real Assets – – 12.0 0.4%
Total Real Assets 87.9 3.0%
Government Bonds & Rates:
US Treasury Inflation Protected Securities United States Maturing January 2028 52.5 1.8%
US Dollar Interest Rate Swaps7 United States Long, 13.8% notional (1.4) (0.0%)
Sterling Interest Rate Swap7 United Kingdom Long, 1.8% notional 0.1 0.0%
Interest Rate Options Various Premium 8.2 0.2%
Total Government Bonds & Rates 59.4 2.0%
Other Investments:
Currency Forward Contracts Global Various forward contracts (26.3) (0.9%)
Currency Options Various Premium 0.4 0.0%
Total Other Investments (25.9) (0.9%)
Total Investments 3,108.4 106.3%
Liquidity:
Liquidity – Cash at bank/margins 221.2 7.6%
Total Liquidity 221.2 7.6%
Borrowings:
Commonwealth Bank of Australia loan – Revolving credit facility (125.0) (4.3%)
National Australia Bank loan – Revolving credit facility (150.0) (5.1%)
RIT Senior Notes – Long-term notes (159.5) (5.5%)
Total Borrowings (434.5) (14.9%)
Other Assets/(Liabilities) – Various 29.9 1.0%

Total Net Asset Value £2,925.0m  100.0%

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10281&record_search=1&search_phrase=RIT

Lindsell Train Investment Trust: The Price of Protection

The Lindsell Train Investment Trust is a highly regarding investment trust.

https://www.lindselltrain.com/funds/lindsell-train-investment-trust-plc/investment-objective-and-approach.aspx

This objective is simple: To maximise long-term total returns subject to the avoidance of loss of absolute value and with a minimum objective to maintain the real purchasing power of Sterling capital

Top 10 Holdings (% NAV)
Lindsell Train Limited (unlisted) 43.0%
Diageo 7.1%
London Stock Exchange 6.5%
Nintendo 6.2%
Unilever 5.5%
AG Barr 5.2%
PayPal 3.8%
LT Japanese Equity Fund 3.6%
Heineken Holdings 3.3%
RELX 3.2%

These are the salient facts:-

Market Capitalisation of £228m
Share Price: £1,140
Net Asset Value: £827.83
Premium (Discount): 37.7%

yes, you read that correct, a price of £1140 for assets of £827 in value.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=31089&action=

The Utilico Emerging Markets Trust

The Utilico Emerging Markets Trust is a London listed investment trust, worth just under £500m.

https://www.uemtrust.co.uk/

Top 20 Holdings are:-

1 Ocean Wilsons Holdings Limited (Brazil) Ports operator and provider of shipping services 4.5% of the fund
2 International Container Terminal Services Inc (Philippines) Ports operator and provider of shipping services 4.1% of the fund
3 China Resources Gas Group Ltd (Hong Kong) Gas distributor 3.7% of the fund
4 Yuexiu Transport Infrastructure Limited (China) Toll roads operator 3.2% of the fund
5 Cia de Gas de Sao Paulo (Brazil) Gas distributor 2.9% of the fund
6 Alupar Investimento S.A. (Brazil) Electricity generation and transmission 2.9% of the fund
7 Transgaz S.A. (Romania) Gas transmission 2.8% of the fund
8 Energisa S.A. (Brazil) Electricity distribution 2.6% of the fund
9 Transelectrica SA (Romania) Electricity transmission 2.6% of the fund
10 Rumo S.A. (Brazil) Rail-based logistics operator 2.5% of the fund
11 Malaysia Airports Holdings Berhad (Malaysia) Airport operator 2.5% of the fund
12 Transportadora de Gas del Sur S.A. (Argentina) Gas distributor 2.3% of the fund
13 Shanghai International Airport Co Ltd (China) Airport operator 2.3% of the fund
14 Engie Energia Chile S.A. (Chile) Electricity generation and transmission 2.2% of the fund
15 Conpet S.A. (Romania) Crude oil distributor 2.2% of the fund
16 APT Satellite Holdings Ltd (Hong Kong) Satellite operator 2.0% of the fund
17 Bolsas Y Mercados Argentinos (Argentina) Stock Exchange 2.0% of the fund
18 China Everbright Greentech Limited (China) Biomass integrated utilisation and waste treatment 1.8% of the fund
19 Enel Americas S.A. (Brazil) Electricity generation and transmission 1.7% of the fund
20 Power Grid Corporation of India Limited (India) Electricity transmission 1.7% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133441&action=

3.4% yield.

HM Government Borrowings: August 2018

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In August 2018 , the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement.

There were “only” 2 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

08-Aug-2018 1 5/8% Treasury Gilt 2028 £2,500 Million
21-Aug-2018 0 1/8% Index-linked Treasury Gilt 2028 3 months £1,100 Million

When you add the cash raised:-

(£2,500 Million + 1,100 Million) =  £3,600 Million

£3,600 Million = £3.6 Billion

On another way of looking at it, is in the 31 days in Aug, HM Government borrowed:-

£116 million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature 2028. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….”

The Unilever September Dividend.

Today, Wed 5th September, Unilever plc pays out its dividend, of 34.35p a share

https://www.unilever.com/

Unilever PLC’s issued share capital as at 31 July 2018 consisted of 1,199,662,738 ordinary shares of 3 1/9p each, of which 2,271,957 were held as treasury shares; leaving a balance of 1,197,390,781 shares with voting rights.

https://otp.tools.investis.com/clients/uk/unilever/rns1/regulatory-story.aspx?cid=129&newsid=1131531

Thus:-

1,197,390,781 x 34.35p = £411,303,733.27

That is £411million.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10094

3.2% yield.

BT’s September Dividend.

Today, Monday 3rd September, BT plc the world’s premier telecommunications and media corporation pays out its dividend.

www.bt.com

10.55p a share.

The total number of voting rights in BT Group plc is 9,921,902,900:-

https://otp.tools.investis.com/clients/uk/bt/rns/regulatory-story.aspx?cid=1470&newsid=1132213

Thus, the cost of the dividend is:-

9,921,902,900 x £0.1055 = £1,046,760,755.95
That is £1,046 Million pounds = £1.046 Billion of cash

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10025&action=

6.8% yield.

Clever Quote: Warren Buffet

Make Long-Term Investments Over Short Term Ones

If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.”

Investing is not trading and has a vastly different goal, as trading, when done well, is about taking measured risks for discrete periods of time at sufficient volume as to generate profits, and typically involves wild swings in profitability. Investing is about minimizing risk to generate wealth over the long term, not generating short-term profits. Another great Buffett quote in this vein: “The stock market is designed to transfer money from the active to the patient.”

The UK Emerging Fund plc

The UK Emerging Fund plc is a London listed investment trust, managed by SVM Asset Management

http://www.svmonline.co.uk/

A £6.4millon fund.

Net Asset Value per share of 124.62p

Top 10 Holdings (%)

Fevertree Drinks 5.0%
Burford Capital 3.8%
GVC Holdings 3.8%
Workspace Group 3.4%
Unite Group 3.3%
Hutchison China Meditech 3.0%
Hilton Food Group 2.9%
GB Group 2.9%
Blue Prism 2.8%
4Imprint Group 2.7%

Total 33.5%

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=24939&record_search=1&search_phrase=UK Emerging Fund

Time: A Way To Make Money

Ticking away the moments that make up a dull day
Fritter and waste the hours in an off-hand way
Kicking around on a piece of ground in your home town
Waiting for someone or something to show you the way

Tired of lying in the sunshine staying home to watch the rain
You are young and life is long and there is time to kill today
And then one day you find ten years have got behind you
No one told you when to run, you missed the starting gun

And you run and you run to catch up with the sun but it’s sinking
Racing around to come up behind you again
The sun is the same in a relative way, but you’re older
Shorter of breath and one day closer to death

Every year is getting shorter, never seem to find the time
Plans that either come to naught or half a page of scribbled lines
Hanging on in quiet desperation is the English way
The time is gone, the song is over, thought I’d something more to say

Home, home again
I like to be here when I can
When I come home cold and tired
It’s good to warm my bones beside the fire
Far away, across the field
The tolling of the iron bell
Calls the faithful to their knees
To hear the softly spoken magic spell

HM Government July 2018 Borrowings

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In July 2018 , the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement.

There were “only” 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

03-Jul-2018 1 5/8% Treasury Gilt 2028 £2,874.9950 Million
19-Jul-2018 1¾% Treasury Gilt 2057 £2,299.9970 Million
24-Jul-2018 1% Treasury Gilt 2024 £2,750.0000 Million

When you add the cash raised:-

(£2,874.9950 Million + £2,299.9970 Million + £2,750.0000 Million) =  £7924.992 Million

£7924.992 Million = £7.924992 Billion

On another way of looking at it, is in the 31 days in July, HM Government borrowed:-

£255.6449032 million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature 2028, 2028 and 2057. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

Assets of the Troy Income & Growth Trust PLC

The Troy Income & Growth Trust PLC is a £222m London listed investment trust.

 https://www.tigt.co.uk/

 The top ten holdings:-

 Royal Dutch Shell 5.3% of the fund

Unilever 5.2% of the fund

BP 4.4% of the fund

Reckitt Benckiser 4.1% of the fund

GlaxoSmithKline 3.9% of the fund

Lloyds Banking Group 3.9% of the fund

British American Tobacco 3.5% of the fund

Compass 3.0% of the fund

Experian 2.9% of the fund

Nestle 2.5% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=12083&action=

 3.3% yield

 

Robotics and Automation

Robotics and Automation is now becoming a critical part of modern society.

Legal & General UCITS ETF Public Limited Company Robo Global Rob&Auto Go UCITS ETF (GBP) (ROBG) is an exchange traded fund that invests in Robotics

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=35847198&record_search=1&search_phrase=ROBO

http://www.lgimetf.com/Documents/FS_UK_ROBO%20Global%20Robotics%20and%20Automation%20UCITS%20ETF_USD_IE00BMW3QX54.pdf

The Top Ten holdings are:-

iRobot 2.0%

Oceaneering International 1.9%

AeroVironment 1.9%

Brooks Automation 1.9%

Intuitive Surgical 1.8%

Fanuc 1.8%

Nabtesco 1.8%

ABB 1.8%

FLIR Systems 1.7%

Cognex Corporation 1.7%

 

 

 

Vodafone Dividend

Today, Vodafone PLC pays out its August 2018 dividend.

www.vodafone.com

€0.1023 a share:

The total number of voting rights in Vodafone plc is 26.714,482,765

https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=3480049&lang=en-GB&companycode=uk-vod&v=

Thus:

26,714,482,764 x €0.1023 a share = €2,732,891,586.7

That is £2,427,800,000 = £2.427 Billion

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10097

a yield of over 7%

The Foreign & Colonial Investment Trust August Dividend

Today, the Foreign & Colonial Investment Trust pays out it’s dividend.

http://www.fandc.com/foreign-and-colonial-investment-trust/

2.7p a share.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/FRCL/13703325.html

The total number of voting rights that can be exercised in the Company is, therefore, 542,180,712.

Thus:-

542,180,712 x £0.027 = £14,638,879.224

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10192&action=

1.5% yield.

HM Government Borrowings: June 2018

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In June 2018 , the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement.

There were “only” 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

26-Jun-2018 1¾% Treasury Gilt 2037 £2,587.4950 Million
20-Jun-2018 0 1/8% Index-linked Treasury Gilt 2028 3 months £1,381.4000 Million
06-Jun-2018 0¾%  Treasury Gilt 2023 £2,750.0000 Million

When you add the cash raised:-

(2,587.4950 Million + £1,381.4000 Million + £2,750.0000 Million) =  £6718.895 Million

£6718.895 Million = £6.718895 Billion

On another way of looking at it, is in the 30 days in June, HM Government borrowed:-

£223 million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature 2023, 2028 and 2037. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….”

The Weiss Korea Opportunity Fund

The Weiss Korea Opportunity Fund

The Weiss Korea Opportunity Fund is an investment company, that is  geographically focused on investing in South Korean companies.

http://www.weisskoreaopportunityfund.com/

Top 10 Holdings

Samsung Electronics Co. 23% of the fund
LG Electronics Inc. 8% of the fund
Samsung Electro-Mechanics Co. 6% of the fund
Samsung SDI Co., Ltd.  5% of the fund
CJ CheilJedang Corp.  5% of the fund
Hyundai Motor Company. 5% of the fund
Korea Investment Holdings Co. 4% of the fund
CJ Corporation. 3% of the fund
Hyundai Motor Company. 3% of the fund
LG Household & Health Care Ltd. 3% of the fund

Top 10 Holdings 66% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=8703386&action=

The National Grid Debt

The UK’s National Grid is the power transmission company of the United Kingdom.

www.nationalgrid.com

It carries a lot of debt to fund its operations.

http://investors.nationalgrid.com/~/media/Files/N/National-Grid-IR-V2/results-centre/2018/full-year-results-statement-2017-18.pdf

The current outstanding debt is £23.0 billion (2017: £19.3 billion).

CopyofDebtMaturityProfile31Mar18

The interest payments on the debt (statutory net finance costs) were £745 million.
The effective interest rate on Treasury managed debt for the year was 4.6%

However, one has to note, that cash generated from continuing operations was £4,702 million, (£4.7 Billion)

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=51261

A yield of 5%

The Debt of Thames Water

Thames Water is the London water Utility.

www.thameswater.co.uk

It is owned by a group of investors:-

“Ontario Municipal Employees Retirement System (“OMERS”), one of Canada’s largest pension plans, and Wren House, the global direct infrastructure investment arm of the Kuwait Investment Authority, acquired the 26.3% managed stake from Macquire an Australian bank. OMERS has since agreed to increase its investment by a further 5.530%. When our recent sales complete towards the end of 2017, Thames Water will be jointly owned by 14 institutional investors – made up mostly of pension funds and sovereign wealth funds. The three largest
investors will represent pension funds – one based in Canada and two in the UK. All of our investors take a long-term view of the company’s infrastructure, its customers and the natural environment”

It carries debt to fund its business:-

https://corporate.thameswater.co.uk/-/media/Site-Content/Thames-Water/Corporate/AboutUs/Investors/Debt-investors/Kemble/Thames-Water-Kemble-Finance-plc/Investor-reports-and-presentations/Thames-Water-Utilities-including-Kemble-Water-Finance-Investor-Report-31-March-2017.pdf

a total of debt of £10,749.4 Million. That is £10.749 Billion

 

Book Value Bonds including accretion Class A 7,101.5
Book Value Bonds including accretion Class B 850.0
Total Book Value Bonds including accretion 7,951.5
Class A USPP Notes 479.1
Class B USPP Notes 119.8
Class A RPI linked loans including accretion of £134.4m 1,264.4
Accretion on Index-linked Swaps 223.3
Class A Floating Rate Loans 492.0
Class A Cross-currency swaps (78.9)
Class B Cross-currency swaps (23.2)
Class B Loans 179.0
Less TWUL Cash Investments (57.5)
TWUL Net Debt as per Compliance Certificate 10,549.5
Fees and Discounts (75.2)
Intercompany Loans* 300.0
Derivative financial liabilities (208.4)
Interest payable on amounts owed to group undertakings 179.2
Interest payable on secured bank loans 4.3
TWUL Net Debt as per accounts at 31 March 2017 10,749.4

 

Issuer Currency Face Value

(currency m)

Coupon % Maturity Date Class Description Face Value and accretion at 31 Mar 17 (£m)
TWUCF GBP 550.0 5.375% 21/07/2017* B Fixed Rate Bond 550.0
TWUF GBP 200.0 5.050% 30/06/2020 A Fixed Rate Bond 200.0
TWUF GBP 225.0 6.590% 20/04/2021 A Fixed Rate Bond 225.0
TWUF GBP 175.0 3.375% 21/07/2021 A RPI Linked Bond 264.3
TWUCF EUR 113.0 2.300% 18/07/2022 A CPI Linked Bond 100.6
TWUCF GBP 300.0 5.750% 13/09/2030 B Fixed Rate Bond 300.0
TWUCF GBP 500.0 4.000% 19/06/2025 A Fixed Rate Bond 500.0
TWUCF GBP 45.0 0.721% 21/12/2027 A RPI Linked Bond 46.0
TWUCF GBP 300.0 3.5% 25/02/2028 A Fixed Rate Bond 300.0
TWUF GBP 330.0 6.750% 16/11/2028 A Fixed Rate Bond 330.0
TWUF GBP 200.0 6.500% 09/02/2032 A Fixed Rate Bond 200.0
TWUCF GBP 300.0 4.375% 03/07/2034 A Fixed Rate Bond 300.0
TWUCF GBP 40.0 0.75% 18/12/2034 A RPI Linked Bond 40.9
TWUF GBP 600.0 5.125% 28/09/2037 A Fixed Rate Bond 600.0
TWUCF JPY 20,000.0 3.280% 20/08/2038 A Fixed Rate Bond 143.3
TWUCF GBP 50.0 3.853% 15/12/2040 A LPI Linked Bond 60.9
TWUCF GBP 500.0 5.500% 11/02/2041 A Fixed Rate Bond 500.0
TWUCF GBP 50.0 1.980% 28/08/2042 A RPI Linked Bond 64.4
TWUCF GBP 55.0 2.091% 06/10/2042 A RPI Linked Bond 68.4
TWUCF GBP 40.0 1.974% 12/10/2045 A RPI Linked Bond 45.7
TWUCF GBP 300.0 4.625% 04/06/2046 A Fixed Rate Bond 300.0
TWUCF GBP 100.0 1.846% 28/08/2047 A RPI Linked Bond 128.9
TWUCF GBP 200.0 1.819% 28/08/2049 A RPI Linked Bond 257.8
TWUF GBP 300.0 1.680% 11/07/2053 A RPI Linked Bond 408.2
TWUF GBP 300.0 1.681% 11/07/2055 A RPI Linked Bond 408.2
TWUCF GBP 200.0 1.771% 28/08/2057 A RPI Linked Bond 257.8
TWUCF GBP 400.0 7.738% 09/04/2058 A Fixed Rate Bond 400.0
TWUCF GBP 350.0 1.760% 28/08/2062 A RPI Linked Bond 451.1
TWUCF GBP 250.0 1.875% 24/01/2024 A Fixed Rate Bond 250.0
TWUCF GBP 250.0 2.625% 24/01/2032 A Fixed Rate Bond 250.0
Total 7,951.5

 

The Value of the FTSE-100

Today the FTSE-100, the UK Flagship Index of the UK’s largest 100 companies is worth a lot of money.

£2,129,423.22 Million to be precise.

That is £2.129 TRILLION. That figure is larger than UK GDP.

101 companies because of the dual listing for Royal Dutch Shell, which trades as Royal Dutch Shell “A” and Royal Dutch Shell “B”

Position Symbol Company Market Capitalisation £m
1 HSBA HSBC Holdings £142,052.77
2 RDSA Royal Dutch Shell A £120,008.21
3 BP. BP £115,576.52
4 RDSB Royal Dutch Shell B £100,716.11
5 BATS British American Tobacco £87,849.26
6 GSK GlaxoSmithKline £75,870.76
7 DGE Diageo £66,984.00
8 AZN AstraZeneca £66,536.99
9 RIO Rio Tinto £55,246.45
10 GLEN Glencore £52,217.56
11 ULVR Unilever £50,680.14
12 VOD Vodafone £49,036.85
13 LLOY Lloyds Banking Group £45,474.30
14 PRU Prudential £44,955.83
15 RB. Reckitt Benckiser Group £44,052.37
16 SHP Shire £38,982.71
17 BLT BHP Billiton £36,030.68
18 BARC Barclays £32,335.08
19 RBS Royal Bank of Scotland Group £30,801.96
20 NG. National Grid £28,141.47
21 IMB Imperial Brands £26,914.46
22 CPG Compass Group £25,631.83
23 TSCO Tesco £25,261.01
24 SKY Sky £25,123.44
25 AAL Anglo American £23,808.03
26 STAN Standard Chartered £23,141.48
27 CRH CRH £22,394.66
28 ABF Associated British Foods £21,676.04
29 BT.A BT Group £21,609.90
30 BA. BAE Systems £20,652.56
31 AV. Aviva £20,351.60
32 RR. Rolls-Royce Holdings £18,475.16
33 EXPN Experian £17,198.38
34 REL RELX £16,988.15
35 LGEN Legal & General Group £15,850.56
36 LSE London Stock Exchange Group £15,558.49
37 WPP WPP £15,052.46
38 FERG Ferguson £14,255.63
39 SSE SSE £13,755.76
40 IAG International Consolidated Airlines £13,490.74
41 SN. Smith & Nephew £12,225.21
42 RRS Randgold Resources £11,425.01
43 AHT Ashtead Group £11,115.20
44 INF Informa £10,450.37
45 MRO Melrose Industries £10,179.66
46 TUI TUI AG £9,765.31
47 ANTO Antofagasta £9,759.98
48 SLA Standard Life Aberdeen £9,704.01
49 HL. Hargreaves Lansdown £9,351.19
50 CCH Coca Cola HBC AG £9,317.48
51 ITRK Intertek Group £9,225.23
52 BRBY Burberry Group £9,028.27
53 IHG InterContinental Hotels Group £8,999.62
54 CCL Carnival £8,933.55
55 CNA Centrica £8,894.88
56 III 3i Group £8,762.00
57 SDR Schroders £8,541.95
58 NXT Next £8,507.67
59 FRES Fresnillo £8,426.38
60 PSN Persimmon £7,885.55
61 BNZL Bunzl £7,716.97
62 SMT Scottish Mortgage Investment Trust £7,547.63
63 MNDI Mondi £7,532.11
64 NMC NMC Health £7,458.11
65 EVR Evraz £7,338.00
66 SKG Smurfit Kappa Group £7,272.91
67 WTB Whitbread £7,268.77
68 OCDO Ocado Group £7,166.75
69 RSA RSA Insurance Group £7,137.38
70 LAND Land Securities Group £7,095.03
71 SBRY Sainsbury (J) £7,065.51
72 ITV ITV £7,004.21
73 JMAT Johnson Matthey £7,003.97
74 PPB Paddy Power Betfair £6,953.87
75 PSON Pearson £6,908.93
76 SGE Sage Group £6,811.02
77 SGRO Segro £6,771.34
78 SMIN Smiths Group £6,720.00
79 EZJ Easyjet £6,645.29
80 BLND British Land £6,602.15
81 RTO Rentokil Initial £6,466.41
82 KGF Kingfisher £6,340.13
83 CRDA Croda International £6,321.50
84 DCC DCC £6,158.74
85 GVC GVC Holdings £6,074.96
86 STJ St. James’s Place £6,073.72
87 MRW Morrison (Wm) Supermarkets £5,936.99
88 TW. Taylor Wimpey £5,861.90
89 MCRO Micro Focus International £5,774.67
90 SMDS Smith (DS) £5,600.61
91 ADM Admiral Group £5,488.66
92 JE. Just Eat £5,302.28
93 BDEV Barratt Developments £5,218.67
94 UU. United Utilities Group £5,204.17
95 HLMA Halma £5,201.09
96 BKG Berkeley Group Holdings £5,077.83
97 RMG Royal Mail £5,054.00
98 RMV Rightmove £4,810.83
99 MKS Marks & Spencer Group £4,794.72
100 DLG Direct Line Insurance Group £4,714.88
101 SVT Severn Trent £4,687.63
£2,129,423.22

Legal & General Global Infrastructure Index Fund

The Legal & General Global Infrastructure Index Fund targets companies that own, operate, manage or maintain essential infrastructure across a range of sectors, including utilities,  industrials, and oil and gas.

a £250m fund

http://www.lgim.com/files/_document-library/adviser/global-infrastructure-index-fund-profile.pdf

Top 10 Holdings %

Union Pacific Corp 5.95% of the fund
Nextera Energy Inc 4.30% of the fund
American Tower Corp 3.45% of the fund
Canadian National Railway 3.09% of the fund
Duke Energy Corp 3.06% of the fund
Enbridge 2.92% of the fund
CSX Corp 2.67% of the fund
Southern Co 2.50% of the fund
Crown Castle Intl Corp 2.48% of the fund
Dominion Energy 2.43% of the fund

Total 32.85% of the fund are the top 10 holdings.

http://www.londonstockexchange.com/exchange/prices-and-markets/funds/company-summary/UK/25096902.html

JPMorgan Global Growth & Income plc

The JPMorgan Global Growth & Income plc is a London listed investment trust.

https://am.jpmorgan.com/gb/en/asset-management/gim/per/products/d/jpmorgan-global-growth-income-plc-ordinary-shares-gb00bymky695

The objective of the fund is to deliver total returns and outperform the MSCI All Country World Index over the long-term by investing in companies based around the world. The Company makes quarterly dividends.
10 Largest Holdings are:

Alphabet  4.4%  of the fund
Microsoft  Technology 2.8%  of the fund
United Health Group  2.8%  of the fund
Prudential 2.0%  of the fund
Pioneer Natural Resources 1.9%  of the fund
Union Pacific  1.7%  of the fund
Visa  1.6%  of the fund
Standard Chartered  1.6%  of the fund
Citigroup  1.6%  of the fund
O Reilly Auto Parts  1.5%  of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10191&record_search=1&search_phrase=jpg

2% yield.

The Debt of Vodafone 2017

Vodafone.

www.vodafone.com

Carries a lot of debt.

http://www.vodafone.com/content/index/investors/debt_investors.html#

Reading the annual report you see it has revenues of £41,649.80 Million = £41.6Bn.

http://www.vodafone.com/content/annualreport/annual_report17/index.html?utm_source=vodafone&utm_medium=promotion&utm_term=investorARpanel&utm_campaign=annual_report_2017.html

The level of debt is very interesting:-

The Debt of Vodafone 2017:-                   €m                         €m                      €m
Short-Term           Long-Term          Total
Bank loans:                                               867                       2,741                   3,608
Bonds:                                                       660                       19,345                20,005
Other liabilities:                                          4,632                    305                     4,937
Bonds in designated hedge relationships  2,244                    12,132                14,37
Total:                                                         12,051                   34,523                46,574

That is €m 46,574  = £40,725.5 = £40.725 Bn

 

The Diverse Income Trust plc

The The Diverse Income Trust plc is a London Listed £400 investment trust.

https://www.mitongroup.com/private/fund/the-diverse-income-trust-plc/

The Company invests primarily in quoted or traded UK companies with a wide range of market capitalisations, but a long-term bias toward small and medium sized companies. The Company may also invest in large companies, including FTSE 100 Index constituents

Top 20 Holdings are:-

Zotefoams plc 2.2% of the fund
2.Stobart Group Ltd 2.1% of the fund
3.Charles Taylor plc 2.0% of the fund
4.SafeCharge International Group Ltd 1.8% of the fund
5.Amino Technologies 1.6% of the fund
6.A&J Mucklow Group plc 1.5% of the fund
7.Royal Dutch Shell plc* 1.4% of the fund
8.Randall & Quilter Investment Holdings 1.3% of the fund
9.CML Microsystems plc 1.3% of the fund
10.K3 Capital Group plc 1.3% of the fund
11.FTSE Put Option 20/09/19 1.3% of the fund
12.International Greetings plc 1.2% of the fund
13.Smurfit Kappa Group plc 1.2% of the fund
14.PJSC Polyus GDR 1.2% of the fund
15.Sainsbury plc 1.2% of the fund
16.Aviva plc 1.2% of the fund
17.Rio Tinto plc 1.2% of the fund
18.Morses Club plc 1.2% of the fund
19.BP plc 1.1% of the fund
20.Legal & General Group plc 1.1% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=2543596&action=

A 2.8% yield.

The EP Global Opportunities Trust plc

The EP Global Opportunities Trust plc is a £130m London listed investment.

https://www.edinburghpartners.com/investment-trusts/ep-global-opportunities-trust-plc/documents

The Company’s objective is to provide Shareholders with an attractive real long-term total return by investing globally in undervalued securities.
Top 10 Holdings

Roche Holdings Health Care 3.3% of the fund
Astrazeneca Health Care 3.2% of the fund
BP Oil & Gas 3.1% of the fund
Tesco Retail 3.1% of the fund
Verizon Communications Inc Telecoms 3.0% of the fund
Sumitomo Mitsui Trust Banks 2.9% of the fund
Panasonic Personal & Household Goods 2.9% of the fund
ENI Oil & Gas 2.9% of the fund
Total Oil & Gas 2.7% of the fund
Sumitomo Mitsui Financial Group Banks 2.7% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=54096

Assets of The TwentyFour Select Monthly Income Fund

TwentyFour Select Monthly Income Fund is a London listed closed-ended fund which is designed to take advantage of the premium returns available from “less liquid” instruments across the debt spectrum.

https://twentyfouram.com/funds/twentyfour-select-monthly-income-fund/

It’s top ten holdings are:-

NATIONWIDE BLDG 10.25 PERP Banks 3.72% of whole fund
BRACKEN MIDCO 10.5 15/11/2021 High Yield – EU 2.63% of whole fund
SHAWBROOK GROUP 7.875 PERP Banks 2.54% of whole fund
COVENTRY BDG SOC 6.375 PERP Banks 2.28% of whole fund
SANTANDER UK PLC 10.375 PERP Banks 2.15% of whole fund
ALDERMORE 11.875 PERP Banks 1.83% of whole fund
ARBR 3X FR ABS 1.68% of whole fund
OPTOM 3 MEZZ ABS 1.67% of whole fund
BANCO BILBAO VIZ 8.875 PERP Banks 1.63% of whole fund
CBFLU 1 MEZZ ABS 1.56% of whole fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=26656574

6.6% yield, paying 0.5p out a month.

 

BP’s June 2018 Quarterly Dividend.

Tomorrow, BP PLC one of the oil majors pays out its quarterly dividend of 7.4435p a share.

www.bp.com

What does this dividend cost ?

https://otp.investis.com/clients/uk/bp_plc/rns/regulatory-story.aspx?cid=233&newsid=1036742

The total number of voting rights in BP p.l.c. is 19,954,945,428

Thus:-19,954,945,428

19,954,945,428 x £0.074435 = £1,485,346,362.93

That is £1.485 Billion.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10022&record_search=1&search_phrase=bp

A yield of 5.1%

Shell’s Quarterly Dividend: June 2018

Tomorrow, Royal Dutch Shell pays out its quarterly dividend.

RDSA Royal Dutch Shell A  $0.47 (35.18p)
RDSB Royal Dutch Shell B  $0.47 (35.18p)

£0.3518 a share.

https://irssl.euroinvestor.com/asp/ir/IRM_Shell/ssl2017/NewsRead.aspx?storyid=13939519&ishtml=1

Royal Dutch Shell plc’s capital consists of 4,597,136,050 A shares and 3,745,486,731 B shares, each with equal voting rights.

Thus:

4,597,136,050 x £0.3518 = £1,617,272,462.39
3,745,486,731 x £0.3518 = £1,317,662,231.97
That is:-

£1,617,272,462.39 + 1,317,662,231.97 = £2,934,934,694.36

That is £2.934 Billion of cash.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133655
http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133755

That is over a 5% yield.

ETFS Battery Value-Chain GO UCITS ETF

The ETFS Battery Value-Chain GO UCITS ETF is a London Listed Exchange Traded Fund

It is now known as the L&G Battery Value-Chain UCITS ETF

http://www.lgimetf.com/institutional/uk/en-gb/products/product/etfs-battery-value-chain-go-ucits-etf-batg-lse#6

The fund is investing in technology companies in the Battery sector. The ETFS Battery Value-Chain GO UCITS ETF (BATT) is designed to track the performance of the Solactive Battery Value-Chain Index.The Index aims to track the performance of a basket of stocks of companies that are providers of certain electro-chemical energy storage technologies and mining companies that produce metals used to manufacture batteries.

Ten Top Holdings

1 OROCOBRE LTD 4.39% of the fund
2 TOSHIBA CORP ORD 4.26% of the fund
3 TESLA INC 4.26% of the fund
4 NIDEC CORP ORD 4.25% of the fund
5 NEC CORP ORD 4.25% of the fund
6 GS YUASA CORP 4.17% of the fund
7 SONY CORP 4.14% of the fund
8 NISSAN MOTOR CO LTD ORD 4.11% of the fund
9 ENERSYS 3.91% of the fund
10 PANASONIC CORP 3.83% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=54634582&record_search=1&search_phrase=batt

Investment: A Miracle Drug

I want to trip inside your head
Spend the day there
To hear the things you haven’t said
And see what you might see

I want to hear you when you call
Do you feel anything at all?
I want to see your thoughts take shape and walk right out

Freedom has a scent
Like the top of a newborn baby’s head

The songs are in your eyes
I see them when you smile
I’ve seen enough, I’m not giving up on a miracle drug

Of science and the human heart
There is no limit
There is no failure here, sweetheart
Just when you quit

I am you and you are mine
Love makes nonsense of space and time, will disappear
Love and logic keep us clear
Reason is on our side, love

The songs are in your eyes
I see them when you smile
I’ve had enough of romantic love
I’d give it up, yeah, I’d give it up
For a…

Legal & General May 2018 dividend.

Today, the Insurer and Investment Management giant, Legal and General paid out it’s June 2018 Dividend.

www.legalandgeneral.com

11.05p a share.

The total number of voting rights in the Company is 5,958,820,443

https://ir.euroinvestor.com/solutions/LegalAndGeneralGroup/3726/newsArticle.aspx?storyid=13904793

Thus:-

5,958,820,443 x £0.1105 = £658,449,658.95

that is £658million in cash.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10055&action=

5.7% yield.

HM Government Borrowings: May 2018

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In May 2018 , the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement.

There were “only” 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

24-May-2018 0 1/8% Index-linked Treasury Gilt 2036 3 months 1,146.8740 Million
09-May-2018 1 5/8% Treasury Gilt 2028 2,810.0810 Million
03-May-2018 0¾% Treasury Gilt 2023 3,427.0340 Million
When you add the cash raised:-

(£1,146.8740 Million + £2,810.0810 Million + £3,427.0340 Million) =  £7383.989 Million

£7383.989 Million = £7.383989 Billion

On another way of looking at it, is in the 31 days in May, HM Government borrowed:-

£238 million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature 2023, 2028 and 2036. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

Warren Buffet Quote.

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.