Legal & General Multi-Index Income 6 Fund

The objective of this fund is to provide a combination of income and capital growth and to keep the fund within a pre-determined risk profile. While this will be the fund’s focus, it will have a bias towards investments that pay a higher income. At least 75% of the fund will be invested in other authorised investment funds. The fund will invest at least 50% in index-tracker funds which are operated by Legal & General.

It is spread across 5 asset classes:-

Government Bonds 2.1% of the fund

Equities 58.4% of the fund

Cash 0.3% of the fund

Credit and Emerging Market Debt 29.6% of the fund

Alternatives 9.6% of the fund

The TOP 10 HOLDINGS (%)

L&G UK Index Trust 9.9% of the fund

L&G Emerging Markets Government Bond (Local Currency) Index Fund 7.9% of the fund

iShares UK Dividend UCITS ETF 7.5% of the fund

L&G Emerging Markets Government Bond (US$) Index Fund 7.4% of the fund

L&G US Index Trust 7.0% of the fund

L&G Pacific Index Trust 6.4% of the fund

L&G High Income Trust 6.2% of the fund

L&G European Index Trust 5.9% of the fund

LGIM Global Corporate Bond Fund 5.0% of the fund

L&G UK Property Fund 4.4% of the fund

https://fundcentres.lgim.com/srp/lit/NylWj7/Fact-sheet_Legal-General-Multi-Index-Income-6-Fund_30-04-2018_UK-ADV_UK-PRIV.pdf

The Vodafone August 2019 Dividend.

On Friday 2nd August, Vodafone plc paid out its August dividend.

€0.0416 a share = 3.725072p

www.vodafone.com

The total number of voting rights in Vodafone is 26,767,415,647

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/VOD/14172525.html

26,767,415,647 x £0.03725072 = £997,105,505.39001584

That is £997m.

A yield of over 4%

https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GB00BH4HKS39GBGBXSET1.html?lang=en

The United Utilities August Dividend

On August 1st 2019, United Utilities paid out its August dividend.

£0.2752 a share.

https://www.unitedutilities.com/

What was the cost of the dividend ?

United Utilities as 681,888,000 shares in circulation:-

681,888,000 x £0.2752 = £187,655,577.6

That is £187m

4% yield.

https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GB00B39J2M42GBGBXSET1.html

The Legal and General Multi Manager Income Trust

The Legal and General Multi Manager Income Trust is a Unit Trust that invests in other funds.

It holds:-

Equities 46.6% of the fund

Credit and Emerging Market Debt 26.6% of the fund

Alternatives 16.8% of the fund

Government Bonds 9.4% of the fund

Cash 0.7% of the fund

The fund investment objective is to achieve a high income with some potential for capital growth. The fund will invest in a wide range of investment funds (including funds which are not authorised for sale in the UK) that hold company shares, bonds issued by companies and governments, commercial property and cash. The fund manager will select investment funds that invest across all countries, currencies and sectors.

TOP 10 HOLDINGS (%):-

LGIM Sterling Liquidity Fund 9.1% of the fund

Nordea 1 Global High Yield Bond Fund 8.6% of the fund

Schroder Recovery Fund 8.4% of the fund

Neuberger Berman Global Bond ARB 6.8% of the fund

Artemis Income Fund 5.7% of the fund

MI TwentyFour AM Dynamic Bond Fund 4.9% of the fund

BlackRock Emerging Markets Loc Curr 4.1% of the fund

Legg Mason Gbl Fd Wstn Asset Stru Opp Prem Cl 4.0% of the fund

Man GLG Continental European Growth 3.8% of the fund

The L&G Pharma Breakthrough ETF

The L&G Pharma Breakthrough UCITS ETF is an Exchange Traded Fund that owns shares in pharmaceutical companies, that looks for Long-term value in the pharmaceutical sub-sector that benefits from certain commercial and regulatory incentives.

https://fundcentres.lgim.com/srp/documents-id/9c1df141-4b11-414b-a098-b5934daf6dce/Fact-sheet_LG-Pharma-Breakthrough-UCITS-ETF-Pharma-Breakthrough-USD-Acc.pdf

It’s top ten holdings are:-

Array BioPharma 6.6% of the fund

PTC Therapeutics 4.2% of the fund

PharmaMar 4.0% of the fund

Grifols 3.7% of the fund

CSL 3.6% of the fund

Nippon Shinyaku 3.6% of the fund

Celgene 3.6% of the fund

Jazz Pharmaceuticals 3.4% of the fund

Novartis 3.3% of the fund

Ipsen 3.3% of the fund

https://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=54634586&action=

The Debt of Anheuser-Busch InBev

Anheuser-Busch InBev is one of the largest drinks and brewing companies in the world.

https://www.ab-inbev.com/

The annual report makes interesting reading.

https://www.ab-inbev.com/content/dam/universaltemplate/ab-inbev/investors/reports-and-filings/annual-and-hy-reports/2019/190321_AB%20InBev%20RA2018%20EN.pdf

The debt mountain, could drive a sober person to drink. Debt Interest-bearing loans and borrowings $105,584 Million. That is $105 Billion. Interest payments (finance costs) known as “Interest expense” $4.141 Billion.

The M&G Credit Income Investment Trust.

The Company aims to generate a regular and attractive level of income with low asset value volatility by investing in a diversified portfolio of public and private debt and debt-like instruments (‘Debt Instruments’), of which at least 70% will be investment grade

http://docs.mandg.com/MR/MandG_Credit-Income-Investment-Trust_Factsheet_GB_eng.pdf

Top 20 holdings:-

M&G European Loan Fund 8.41% of the fund

Cash 7.80% of the fund

HSBC Holdings Plc 1.92% of the fund

Project Gate 1.82% of the fund

Brass No 6 Plc Brass 6 1.76% of the fund

Warwick Finance Residential Mortgages No. One Plc Warw 1 1.53% of the fund

Silverstone Master Issuer Smi 18-1x 1.51% of the fund

Newday Partnership Funding Plc Ndpft 17-1 1.51% of the fund

Coventry Building Society 1.48% of the fund

Marstons Issuer Plc 1.38% of the fund

Castell Caste 18-1 1.34% of the fund

Charter Mortgage Funding CCMF 18-1 1.34% of the fund

Yorkshire Building Society 1.24% of the fund

Altice Luxembourg SA 1.22% of the fund

Paragon Mortgages Plc Pargn 25 1.20% of the fund

Imperial Brands Finance Plc 1.19% of the fund

Lloyds Banking Group Plc 1.19% of the fund

Sonovate Limited 1.17% of the fund

London and Quadrant Housing Trust Ltd 1.17% of the fund

Hammerson Plc 1.17% of the fund

The Debt of Marks and Spencer plc.

Marks and Spencer PLC funding strategy is to ensure a mix of funding sources offering flexibility and cost effectiveness to match the requirements of the Group. Operating subsidiaries are financed by a combination of retained profits, bank borrowings, medium term notes, finance leases and committed bank facilities

www.marksandspencer.com

Marks and Spencer has issued Medium Term Notes (MTN) as follows:

2019 £400m 6.125% Annually

2021 £300m 6.125% Annually

2023 £300m 3.000% Annually

2025 £400m 4.750% Annually

2037 US$300m (circa £240m) 7.125% Semi-annually

total debt (£400m + £300m + £300m + £400m + £240m) = £1,640m = £1.64bn

The National debt of the United States of America

The national debt of the United States is the total debt, or unpaid borrowed funds, carried by the Federal Government of the United States As of June 2019, federal debt held by the public was $16.17 trillion and intragovernmental holdings were $5.86 trillion, for a total national debt of $22.03 trillion. intragovernmental holdings are primarily composed of the Medicare bills.

UK National Debt

The UK national debt is the total amount of money the British government owes to the private sector and other purchasers of UK gilts.

In May 2019, UK public sector net debt was £1,806.1 billion equivalent to 82.9% of GDP

HSBC PLC July Dividend

On Friday 5th July, HSBC Holdings has paid out its July dividend of US $0.10 = 7.8368p a share.

www.hsbc.com

The total number of voting rights in HSBC Holdings plc is 20,237,155,864.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/HSBA/14129876.html

Thus: 20,237,155,864 x 7.8368p a share = £1,585,945,430.749952

That is £1.585945 Billion

https://www.londonstockexchange.com/exchange/prices/stocks/summary/fundamentals.html?fourWayKey=GB0005405286GBGBXSET1

A yield of 5.27%

HM Government Borrowings, June 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 June 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” 5 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

02-Jul-2019 0 5/8% Treasury Gilt 2025 £3,373.0970 Million

25-Jun-2019 1¾% Treasury Gilt 2049 £2,250.0000 Million

18-Jun-2019 0 7/8% Treasury Gilt 2029 £5,912.4990 Million

12-Jun-2019 0 1/8% Index-linked Treasury Gilt 2048 3 months £700.0000 Million

04-Jun-2019 1% Treasury Gilt 2024 £3,000.0000 Million

When you add the cash raised:-

(£3,373.0970 Million + £2,250.0000 Million + £5,912.4990 Million + £700.0000 Million + £3,000.0000 Million) = £15,235.596 Million

£15,235.596 Million = £15.235596 Billion

On another way of looking at it, is in the 30 days in June, HM Government borrowed:- £507.8532 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 2024, 2025, 2029, 2048 and 2049. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

The Royal Dutch Shell June 2019 Dividend.

On Monday 24th June this month, Royal Dutch Shell paid out its quarterly dividend.

www.shell.com

It was:-

RDSA Royal Dutch Shell A FTSE 100 $0.47 (36.97p)

RDSB Royal Dutch Shell B FTSE 100 $0.47 (36.97p)

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

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

Shell has 2 share classes, Shell A and Shell B

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/RDSA/14103461.html

Royal Dutch Shell plc´s capital as at 7 June 2019 consists of 4,346,607,523 A shares and 3,745,486,731 B shares, each with equal voting rights

Thus:

4,346,607,523 x £0.3697 = £1,606,940,801.2531

3,745,486,731 x £0.3697 = £1,384,706,444.4507

Total:- £2,991,647,245.7038.

That is £2.991 Billion.

The Aquila European Renewables Income Fund

The Aquila European Renewables Income Fund is a London Listed investment trust.

https://www.lseg.com/markets-products-and-services/our-markets/london-stock-exchange/equities-markets/raising-equity-finance/market-open-ceremony/london-stock-exchange-welcomes-aquila-european-renewables-income-fund-plc

Managed by Aquila Asset Management. It joined the London Stock Exchange on the 5th June.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/AERS/14099233.html

Aquila European Renewables Income Fund objective is to provide investors with a truly diversified portfolio of renewable assets. The fund’s aim is to invest mostly in diversified operating and a limited number of greenfield renewable energy assets, such as hydropower-plants, onshore wind and solar parks across continental Europe & Ireland

https://www.aquila-capital.de/en/alternative-investments/real-assets/infrastructure/

This fund invests in energy projects that are green.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=54815984&action=

BP June Dividend 2019

Today, BP plc pays out it is quarerly dividend.

www.bp.com

8.0655p a share.

The total number of voting rights in BP p.l.c. is 20,350,821,343

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BP./14094792.html

Thus:- 20,350,821,343 x £0.080655 = £1,641,395,495.419665

That is £1,641 million = £1.641 Billion.

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

5.9% yield.

Woodford Patient Capital Trust PLC

Woodford Patient Capital Trust PLC is a closed-ended investment company. The Company’s principal activity is investment in quoted and unquoted equities of companies incorporated or listed predominantly in the United Kingdom. The Company’s investment objective is to achieve long-term capital growth through investing in a portfolio consisting predominantly of the United Kingdom companies, both quoted and unquoted. The Company is focused on investing in mid and large-capitalization listed, mature companies; early-stage companies, which are typically quoted and unquoted companies. The Company’s portfolio is diversified across various sectors, which include healthcare, financials, industrials, technology, consumer goods and telecommunication industries.

Its top ten holdings are:-

Benevolentai 9.81% of the fund

Oxford Nanopore Tech Ord 8.32% of the fund

Autolus Therapeutics PLC ADR 8.26% of the fund

Crossco (1337) Plc 8.07% of the fund

Proton Partners Int Ltd ORD GBP0.001 7.34% of the fund

IH HLDGS INTL LTD 6.74% of the fund

Immunocore Ltd Series 5.64% of the fund

Oxford Sciences Plc 4.62% of the fund

IH HLDGS INTL LTD 2.97% of the fund

https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GB00BVG1CF25GBGBXSTMM.html

BT upgraded to ‘overweight’ by Credit Suisse

Credit Suisse expects BT’s move away from sports rights ownership to boost free cash flow by up to £200mln by 2023

Credit Suisse has turned positive on BT Group PLC (LON:BT.A), citing a “much increased level of confidence” in the company’s ability to return to sustainable earnings growth from the 2021 financial year. The investment bank raised its recommendation on BT to ‘outperform’ from ‘neutral’ and lifted its target price to 280p from 270p. “The fact that BT trades on a four-year low enterprise value/earnings (EBITDA) adds to our conviction and more than offsets any short-term impact that the recent disappointment on fiscal year 2020 EBITDA guidance may have,” Credit Suisse said. “We are 2% ahead of fiscal 2022 consensus forecast for EBITDA.” Last month, BT reported a 2% drop in adjusted underlying earnings (EBITDA) to £7.39bn and a 1% decrease in adjusted revenue to £23.46bn for the year to March 31, as growth in the consumer business was offset by regulated price reductions in Openreach and declines in the enterprise businesses. For the 2020 financial year, BT expects adjusted EBITDA will fall to £7.2bn-£7.3bn as adjusted revenue falls by another 2%.

Fibre investment to improve revenue and earnings from 2021 BT said it would be focusing on investing in fibre broadband in the coming year. It increased its target for rolling out ‘fibre to the premises’ broadband from 3mln to 4mln homes and businesses by March 2021. Credit Suisse expects BT’s Openreach division will bring fibre to 15mln UK premises by 2025. The bank believes this will drive upgrades to its Openreach line loss forecasts and improve BT group revenue and EBITDA growth trends from fiscal year 2021. “Our revenue forecasts rise by 0-2% for full years 2020-22 on lower Openreach line loss of 2% per annum (3% per annum previously),” Credit Suisse said. “Our 2020-22 EBITDA forecasts fall by 0-1% mostly reflecting additional 2020 consumer costs for new initiatives that we expect to boost medium-term profitability.” BT’s move away from sports rights ownership to boost free cash flow BT confirmed that it would bid to retain the Champions League rights for a further three seasons from 2021 when they come up for auction this year but added that the group would take a “very disciplined approach to how we think about sports rights”.

Credit Suisse expects BT’s move away from sports rights ownership to boost free cash flow by up to £200mln by 2023 and would lift its fair value to 330p. “Risks include a deep UK recession and a Department for Digital, Culture, Media and Sport decision regarding a possible ban of Huawei equipment for UK telecom networks,” the bank said. BT’s EE network has dropped Huawei phones from their 5G launch plans amid a US export ban on the Chinese telecoms firm. The UK is still reviewing its 5G telecoms policy and whether to allow Huawei to supply components.

BT, the world’s premier communications company.

HM Government May 2019 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 April 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” 2 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

23-May-2019 0 1/8% Index-linked Treasury Gilt 2028 3 months £1,437.4960 Million

09-May-2019 1% Treasury Gilt 2024 £3,000.0000 Million

When you add the cash raised:- (£1,437.4960 Million + £3,000.0000 Million) = £4437.496 Million

£4437.496 Million = £4.437496 Billion

On another way of looking at it, is in the 31 days in May, HM Government borrowed:- £143.1450322580645 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….

Legal & General June 2019 Dividend

Yesterday, Legal & General PLC paid out it’s June 2019 Dividend.

www.legalandgeneralgroup.com

11.82p a share

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/LGEN/14096819.html

The total number of voting rights in the Company is 5,960,956,850

Thus:- 5,960,956,850 x £0.1182 = £704,585,099.67

That is £704 Million

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

6.4% yield

CQS New City High Yield Fund

The CQS New City High Yield Fund is a London listed investment trust.

https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd-factsheet-archive/

The objective of the CQS New City High Yield Fund is to To provide investors with a high dividend yield and the potential for capital growth by investing mainly in high yielding fixed interest securities

Top 10 Holdings (%) are:-

Punch Taverns 7.75% 30/12/2025 3.74% of the fund

Perform Group Financing 8.5% 15/11/2020 3.68 % of the fund

CYBG 8% Variable Perpetual 3.38% of the fund

Shawbrook Group 7.875% Variable Perpetual 3.19% of the fund

Galaxy Finco Ltd 7.875% 15/11/2021 2.95% of the fund

Rea Finance 8.75% 31/08/2020 2.63% of the fund

Matalan Finance 9.5% 31/01/2024 2.35% of the fund

Barclays Bank 7% Variable Perpetual 2.34% of the fund

Onesavings Bank Plc 9.125% Variable Perpertual 2.32% of the fund

Wittur Intl 8.5% 15/02/2023 2.29 % of the fund

https://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=217829&action=

7.4% yield

The Standard Life Aberdeen May 2019 Dividend.

On Tue 21st May, Standard Life Aberdeen PLC paid out its May 2019 dividend.

https://www.standardlifeaberdeen.com/

It was 14.3p a share.

The total number of voting rights in the Company as at 29 March 2019 is 2,473,736,726.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/SLA/14023789.html

Thus:- 2,473,736,726 x £0.143 = £353,744,351.818

That is £353m of cash.

https://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=186960

8.3% yield.

The Murray International Trust.

The Murray International Trust is a London Listed FTSE-250 Investment Trust.

http://www.murray-intl.co.uk/itmurrayinternational/

Its remit is investing predominantly in equities worldwide, managed by Standard Life Aberdeen Twenty largest equity holdings (%)

Taiwan Semiconductor 4.4% of the fund

Grupo Aeroportuario 4.1% of the fund

Taiwan Mobile 3.3% of the fund

Sociedad Quimica Y Minera De Chile 3.1% of the fund

British American TobaccoC 3.1% of the fund

Philip Morris 2.9% of the fund

Unilever Indonesia 2.8% of the fund

Verizon Communications 2.7% of the fund

Daito 2.6% of the fund

Total 2.6% of the fund

Roche 2.5% of the fund

CME 2.3% of the fund

Banco Bradesco 2.3% of the fund

Royal Dutch Shell ‘B’ 2.0% of the fund

SingTel 1.9% of the fund

Public Bank 1.8% of the fund

Intel 1.7% of the fund

TELUS 1.7% of the fund

Vale 1.6% of the fund

Kimberly-Clark de Mexico 1.6% of the fund

Total 51.0% of the fund

Ten largest fixed income holdings (%)

Vale Overseas Limited 6.875% 21/11/36 1.2% of the fund

South Africa (Rep of) 7% 28/02/31 1.1% of the fund

Indonesia (Rep of) 6.125% 15/05/28 0.9% of the fund

Petroleos Mexicanos 6.75% 21/09/47 0.8% of the fund

Indonesia (Rep of) 7% 15/05/22 0.8% of the fund

Mexico (United Mexican States) 5.75% 05/03/26 0.8% of the fund

Uruguay (Rep of) 5.1% 18/06/50 0.8% of the fund

Brazil (Fed Rep of) 10% 01/01/23 0.7% of the fund

Dominican (Rep of) 6.85% 27/01/45 0.7% of the fund

Alfa 6.875% 25/03/44 0.7% of the fund

Total 8.5% of the fund

https://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10252

4.5% yield.

Lloyds Banking Group May 2019 Dividend

On Tuesday 21st May, Lloyds Banking Group, paid out is May 2019 dividend

www.lloydsbankinggroop.com

2.14p a share

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/LLOY/14057769.html

The total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 70,864,314,036 ordinary shares

Thus:- 70,864,314,036 x £0.0214 = £1,516,496,320.3704

That is £1516 Million = £1.516 Billion

https://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10056&action=

5.4% yield

Fundsmith Emerging Equities Trust

The Fundsmith Emerging Equities Trust is a London listed investment trust.

https://www.feetplc.co.uk/

Terry Smith – CEO & CIO Fundsmith LLP. Fundsmith was established in 2010 by Terry Smith. The business is owned and controlled by its partners, Fund Aim The Company’s investment policy is to invest in companies which, in the opinion of the Investment Manager, have the majority of their operations in, or revenue derived from, Developing Economies and which provide direct exposure to the rise of the consumer classes in those countries.The Investment Manager intends to find companies which make their money by a large number of everyday, repeat, relatively predictable transactions. Its strategy is to not overpay when buying the shares of such companies and then do as little dealing as possible in order to minimise the expenses of the Company, allowing the investee companies’ returns to compound for Shareholders with minimum interference. The Investment Manager will avoid the financial sector and heavily cyclical sectors such as construction and manufacturing, utilities, resources and transport, and will instead focus almost exclusively on consumer stocks and in any event only on stocks in companies which will benefit from the rise of the consuming class in the Developing Economies

Top 7 Holdings

 Vitasoy

Foshan Haitian

Eastern Tobacco

Britannia

Marico

Godrej

Travelsky

https://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=32594589&action=

JPMorgan American Investment Trust

The JPMorgan American Investment Trust is a London Listed Investment investment trust.

It aims to achieve capital growth from North American investments by outperformance of the S&P 500 index. The Company will predominantly invest in quoted companies including, when appropriate, exposure to smaller capitalisation companies, and emphasise capital growth rather than income. The Company has the ability to use borrowing to gear the portfolio within the range of 5% net cash to 20% geared in normal market conditions :-

https://am.jpmorgan.com/gb/en/asset-management/gim/per/products/d/jpmorgan-american-investment-trust-plc-ordinary-shares-gb00bkzgvh64?c3apidt=p40876157816&gclid=EAIaIQobChMIlNH6vtyQ4gIVFODtCh1EkQSREAAYASAAEgIL5PD_BwE#/portfolio

It holds:-

Apple Information Technology 5.7% of the fund

Microsoft Information Technology 5.3% of the fund

Wal-Mart Stores Consumer Staples 2.8% of the fund

Cisco Systems Information Technology 2.7% of the fund

Citigroup Financials 2.6% of the fund

AT&T Communication Services 2.6% of the fund

AIG Financials 2.3% of the fund

Comcast Communication Services 2.3% of the fund

United Health Group Health Care 2.3% of the fund

Lowes Consumer Discretionary 2.3% of the fund https://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10181&record_search=1&search_phrase=JAM

UK National Debt: GILTS outstanding

The UK Government borrows money to fund its operations by issuing bonds, known as Gilts.

Today, the Number of Gilts issued add up to:-

Total Amount Outstanding (including inflation uplift for index-linked gilts) = £1,604.38 billion nominal. That is £1.606 TRILLION.

The data below:-

GILTS IN ISSUE ON 30 APRIL 2019 Total Amount Outstanding (including inflation uplift for index-linked gilts) = £1,604.38 billion nominal Conventional Gilts Redemption Date “Total Amount in Issue (£ million nominal)” Ultra-Short 1¾% Treasury Gilt 2019 22-Jul-2019 36,505 3¾% Treasury Gilt 2019 07-Sep-2019 28,740 4¾% Treasury Stock 2020 07-Mar-2020 33,699 2% Treasury Gilt 2020 22-Jul-2020 32,531 3¾% Treasury Gilt 2020 07-Sep-2020 24,870 1½% Treasury Gilt 2021 22-Jan-2021 32,836 8% Treasury Stock 2021 07-Jun-2021 24,354 3¾% Treasury Gilt 2021 07-Sep-2021 28,718 4% Treasury Gilt 2022 07-Mar-2022 38,393 Short 0½% Treasury Gilt 2022 22-Jul-2022 28,974 1¾% Treasury Gilt 2022 07-Sep-2022 29,392 0¾% Treasury Gilt 2023 22-Jul-2023 29,569 2¼% Treasury Gilt 2023 07-Sep-2023 27,799 1% Treasury Gilt 2024 22-Apr-2024 21,017 2¾% Treasury Gilt 2024 07-Sep-2024 27,231 5% Treasury Stock 2025 07-Mar-2025 35,487 2% Treasury Gilt 2025 07-Sep-2025 28,018 Medium 1½% Treasury Gilt 2026 22-Jul-2026 27,181 1¼% Treasury Gilt 2027 22-Jul-2027 23,728 4¼% Treasury Gilt 2027 07-Dec-2027 31,367 1 5/8% Treasury Gilt 2028 22-Oct-2028 27,027 6% Treasury Stock 2028 07-Dec-2028 19,251 4¾% Treasury Gilt 2030 07-Dec-2030 34,035 4¼% Treasury Stock 2032 07-Jun-2032 35,855 Long 4½% Treasury Gilt 2034 07-Sep-2034 32,157 4¼% Treasury Stock 2036 07-Mar-2036 30,111 1¾% Treasury Gilt 2037 07-Sep-2037 21,407 4¾% Treasury Stock 2038 07-Dec-2038 25,496 4¼% Treasury Gilt 2039 07-Sep-2039 23,033 4¼% Treasury Gilt 2040 07-Dec-2040 25,137 4½% Treasury Gilt 2042 07-Dec-2042 26,947 3¼% Treasury Gilt 2044 22-Jan-2044 27,665 3½% Treasury Gilt 2045 22-Jan-2045 27,947 4¼% Treasury Gilt 2046 07-Dec-2046 23,379 1½% Treasury Gilt 2047 22-Jul-2047 24,446 1¾% Treasury Gilt 2049 22-Jan-2049 6,266 4¼% Treasury Gilt 2049 07-Dec-2049 20,004 3¾% Treasury Gilt 2052 22-Jul-2052 23,869 4¼% Treasury Gilt 2055 07-Dec-2055 26,300 1¾% Treasury Gilt 2057 22-Jul-2057 18,430 4% Treasury Gilt 2060 22-Jan-2060 23,886 2½% Treasury Gilt 2065 22-Jul-2065 19,554 3½% Treasury Gilt 2068 22-Jul-2068 19,714 1 5/8% Treasury Gilt 2071 22-Oct-2071 11,320 “Index-linked Gilts (3-month Indexation Lag)” “Redemption Date” “Total Amount in Issue (£ million nominal)” Base RPI for Jan 1987 RPI=100 “Total Amount Including Index-linked Uplift (£ million nominal)” 0 1/8% Index-linked Treasury Gilt 2019 22-Nov-2019 8,183 249.806450000000 9,336 1 7/8% Index-linked Treasury Gilt 2022 22-Nov-2022 15,743 205.658060000000 21,817 0 1/8% Index-linked Treasury Gilt 2024 22-Mar-2024 15,244 242.419350000000 17,921 0 1/8% Index-linked Treasury Gilt 2026 22-Mar-2026 13,455 258.241940000000 14,849 1¼% Index-linked Treasury Gilt 2027 22-Nov-2027 14,170 194.066670000000 20,810 0 1/8% Index-linked Treasury Gilt 2028 10-Aug-2028 4,836 279.233330000000 4,936 0 1/8% Index-linked Treasury Gilt 2029 22-Mar-2029 14,229 237.420000000000 17,081 1¼% Index-linked Treasury Gilt 2032 22-Nov-2032 13,460 217.132260000000 17,667 0¾% Index-linked Treasury Gilt 2034 22-Mar-2034 14,570 232.229030000000 17,881 0 1/8% Index-linked Treasury Gilt 2036 22-Nov-2036 10,423 260.019350000000 11,425 1 1/8% Index-linked Treasury Gilt 2037 22-Nov-2037 13,066 202.242860000000 18,412 0 5/8% Index-linked Treasury Gilt 2040 22-Mar-2040 14,090 216.522580000000 18,546 0 1/8% Index-linked Treasury Gilt 2041 10-Aug-2041 5,750 280.054840000000 5,852 0 5/8% Index-linked Treasury Gilt 2042 22-Nov-2042 12,559 212.464520000000 16,847 0 1/8% Index-linked Treasury Gilt 2044 22-Mar-2044 15,726 242.422580000000 18,487 0 1/8% Index-linked Treasury Gilt 2046 22-Mar-2046 13,486 257.790000000000 14,909 0¾% Index-linked Treasury Gilt 2047 22-Nov-2047 11,687 207.766670000000 16,031 0 1/8% Index-linked Treasury Gilt 2048 10-Aug-2048 8,198 274.793330000000 8,502 0½% Index-linked Treasury Gilt 2050 22-Mar-2050 12,221 213.400000000000 16,322 0¼% Index-linked Treasury Gilt 2052 22-Mar-2052 12,366 242.050000000000 14,560 1¼% Index-linked Treasury Gilt 2055 22-Nov-2055 10,169 192.200000000000 15,079 0 1/8% Index-Linked Treasury Gilt 2056 22-Nov-2056 5,980 264.883330000000 6,435 0 1/8% Index-linked Treasury Gilt 2058 22-Mar-2058 10,953 255.887100000000 12,199 0 3/8% Index-linked Treasury Gilt 2062 22-Mar-2062 12,480 235.829030000000 15,082 0 1/8% Index-linked Treasury Gilt 2065 22-Nov-2065 7,250 260.434480000000 7,934 0 1/8% Index-linked Treasury Gilt 2068 22-Mar-2068 12,600 249.700000000000 14,381 “Index-linked Gilts (8-month Indexation Lag)” “Redemption Date” “Total Amount in Issue (£ million nominal)” Base RPI for Jan 1987 RPI=100 “Total Amount Including Index-linked Uplift (£ million nominal)” 2½% Index-linked Treasury Stock 2020 16-Apr-2020 6,579 82.965779467681 22,536 2½% Index-linked Treasury Stock 2024 17-Jul-2024 6,821 97.667934093790 19,849 4 1/8% Index-linked Treasury Stock 2030 22-Jul-2030 4,841 135.100000000000 10,184 2% Index-linked Treasury Stock 2035 26-Jan-2035 9,084 173.600000000000 14,871

HM Government April 2019 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 April 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:-

16-Apr-2019 1¾% Treasury Gilt 2037 £2,250.00 Million

09-Apr-2019 1 5/8% Treasury Gilt 2028 £3,135.10 Million

02-Apr-2019 1% Treasury Gilt 2024 £3,450.00 Million

When you add the cash raised:-

(£2,250.00 Million + £3,135.10 Million + £3,450.00 Million) = £8835.1 Million

£8835.1 Million = £8.8351 Billion

On another way of looking at it, is in the 30 days in April, HM Government borrowed:- £294.5033333333333 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 2024, 2028 and 2037. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

Mercantile Investment Trust

The Mercantile Investment Trust, is a FTSE-250 London Listed Investment Trust, managed by JP Morgan.

https://am.jpmorgan.com/gb/en/asset-management/gim/per/products/d/the-mercantile-investment-trust-plc-ordinary-shares-gb00bf4jdh58#/portfolio

It aims to achieve capital growth through investing in a diversified portfolio of UK medium and smaller companies. It pays quarterly dividends and aims to grow its dividend at least in line with inflation. The Company can hold up to 10% cash or utilise gearing of up to 20% of net assets where appropriate

TOP 10 assets, Sector, % of assets:-

Bellway Consumer Goods 3.2% of the fund

Intermediate Capital Financials 3.0% of the fund

Spirax Sarco Industrials 2.3% of the fund

SSP Consumer Services 2.1% of the fund

Grafton Industrials 2.1% of the fund

AVEVA Technology 2.0% of the fund

Beazley Financials 1.8% of the fund

B&M Consumer Services 1.8% of the fund

Bodycote Industrials 1.8% of the fund

Close Brothers Financials 1.8% of the fund

https://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10190&record_search=1&search_phrase=mrc

A yield of 3%

HM Government March 2019 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 March 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:-

26-Mar-2019 0 1/8% Index-linked Treasury Gilt 2048 3 months £325.0000 Million
14-Mar-2019 1¾% Treasury Gilt 2049 1,724.9980
06-Mar-2019 1% Treasury Gilt 2024 3,414.7490

When you add the cash raised:-

(£325.0000 Million + £1,724.9980 Million + 3,414.7490 Million) =  £5,464.747 Million

£5,464.747 Million = £5.464747  Billion

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

£176.2821612903226 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, 2047 and 2048. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

HSBC April Dividend.

On Monday 8th April, HSBC Holdings (The World’s Local Bank) paid its quarterly dividend.

www.hsbc.com

It paid, $0.21 a share, which is 15.9271p.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/HSBA/14022103.html

The total number of voting rights in HSBC Holdings plc is 20,094,409,314

Thus:

20,094,409,314 x £0.15.9271 = £3,200,456,665.850094

That is £3.200456665 Billion.

https://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10048&record_search=1&search_phrase=HSBC

6% Yield

Assets of the Witan Investment Trust.

The Witan Investment Trust is a London listed investmen trust.

www.witan.com

£2.0bn fund.

Top 20 holdings (%):-

Syncona 2.3% of the fund
Apax Global Alpha 2.1% of the fund
Vonovia 2.0% of the fund
Unilever 1.7% of the fund
BlackRock World Mining Trust 1.5% of the fund
BP 1.2% of the fund
Diageo 1.2% of the fund
Delta Air Lines 1.1% of the fund
Charter Communications 1.1% of the fund
Lloyds Banking 1.0% of the fund
London Stock Exchange 1.0% of the fund
RELX 0.9% of the fund
Taiwan Semiconductor 0.9% of the fund
Rio Tinto 0.9% of the fund
Schroders 0.9% of the fund
Deutsche Lufthansa 0.9% of the fund
Citigroup 0.8% of the fund
UnitedHealth 0.8% of the fund
Tesco 0.8% of the fund
Princess Private Equity 0.8% of the fund

Top 20 Holdings 23.9% of the fund

Sector breakdown (%):-

-Financials 17.6
-Consumer Services 15.6
-Industrials 15.0
-Consumer Goods 13.7
-Technology 9.6
-Other 17.3
-Investment Companies 9.3
-Equity Index Futures 0.3
-Cash / Bonds 1.6

Witan use inhouse and externam fund managers:-

Lansdowne Partners Global 15% of the fund
Pzena Global 14% of the fund
Veritas Global 15% of the fund
Artemis UK 8% of the fund
Heronbridge UK 6% of the fund
Lindsell Train UK 9% of the fund
Crux Europe ex-UK 4% of the fund
SW Mitchell Europe ex-UK 4% of the fund
Matthews Asia Pacific 11% of the fund
GQG Emerging 5% of the fund
Direct holdings – 10% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10348&record_search=1&search_phrase=witan

GlaxoSmithKline April Dividend.

Today, the UK’s largest pharma company pays out its April dividend.

www.gsk.com

23p a share is the dividend.

Total number of voting rights in the Company is 4,987,643,129

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GSK/14024193.html

Thus:

4,987,643,129 x £0.23 = £1,147,157,919.67

That is £1.147 Billion.

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

That is 5% yield.

Merian UK Smaller Companies

The Merian UK Smaller Companies fund is a £1266.60m fund. Its aim is to provide capital growth from investing primarily in a portfolio of UK smaller companies.

Top ten holdings are:-

1 Ascential 3.16% of the fund
2 boohoo group 2.96% of the fund
3 Blue Prism Group 2.77% of the fund
4 Smart Metering Systems 2.70% of the fund
5 Clinigen Group 2.59% of the fund
6 Burford Capital 2.57% of the fund
7 Fevertree Drinks 2.52% of the fund
8 Johnson Service Group 2.23% of the fund
9 Onesavings Bank 2.02% of the fund
10 Workspace Group 1.91% of the fund
Launched on the 01/07/2011 at 50p a unit and now is worth 261.30p per unit.

Massive growth

Clever Quote: Stick to the fundamentals:

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.

Warren Buffet

BP’s March 2019 Dividend.

Today BP PLC pays out its quarterly dividend.

www.bp.com

$0.1025 = 7.7382p a share

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BP./13954280.html

The total number of voting rights in BP p.l.c. is 20,266,326,335

Thus:-

20,266,326,335 x £0.077382 = £1,568,248,864.45497

That is £1,568,248,864, that is £1,568 Million.

£1.568 Billion in cash.

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

5.5% yield

Feb 2019 HM UK Government 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 Feb 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:-

26-Feb-2019 0 1/8% Index-linked Treasury Gilt 2028 3 months £1,254.5710 Million
21-Feb-2019 1¾% Treasury Gilt 2057 £1,688.5000 Million
14-Feb-2019 1 5/8% Treasury Gilt 2028 £2,587.4970 Million

When you add the cash raised:-

(£1,254.5710 Million + £1,688.5000 Million + £2,587.4970 Million) =  £5,530.568 Million

£5,530.568 Million = £5.530568 Billion

On another way of looking at it, is in the 28 days in Feb, HM Government borrowed:-

£197.5202857 Million  each day for the 28 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 and 2057. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

Royal Dutch Shell’s March 2019 Dividend.

Today, Royal Dutch Shell pays out is quarterly dividend.

www.shell.com

RDSA Royal Dutch Shell A FTSE 100 $0.47 (35.94p)
RDSB Royal Dutch Shell B FTSE 100 $0.47 (35.94p)

Royal Dutch Shell-A
http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133655

Royal Dutch Shell-B
http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133755

35.94p a share

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/RDSA/13997908.html

Royal Dutch Shell plc’s capital as at 28 February 2019, consists of 4,427,151,090 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 as at 28 February 2019 is 8,172,637,821.

Thus:-

8,172,637,821 x £0.3594 = £2,937,246,032.87

That is £2,937 Million = £2.937 Billion.

6.1% yield.

The HICL Infrastructure Company March Dividend.

Tomorrow The HICL Infrastructure Company pays out is March dividend.

www.hicl.com

2.01p a share.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/HICL/13919955.html

Company’s issued share capital consists of 1,790,679,605 ordinary shares of 0.01p each.  The total issued share capital with voting rights is 1,790,679,605.

Thus:-

1,790,679,605 x £0.0201 = £35,992,660.0605

That is £35m

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=185903&action=

4.8% yield.

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%