Assets of The Witan Trust PLC

Witan is an investment trust which aims to grow shareholders’ wealth and outperform through active investment primarily in listed individual companies across a broad spread of global equity markets.

https://www.witan.com/

Witan employs an active multi-manager approach, allocating funds for investment by selected managers with different styles and specialisations

Lansdowne Partners Global 19% of portfolio
Veritas Global 19% of portfolio
Lindsell Train Global 15% of portfolio
WCM Global 12% of portfolio
Jennison Global 6% of portfolio
Artemis UK 6% of portfolio

TOP 20 HOLDINGS

Top 20 holdings (%)
GMO Climate Change Fund 5.0% of the trust
Apax Global Alpha 2.9% of the trust
Princess Private Equity 2.1% of the trust
Alphabet 1.8% of the trust
Unilever 1.7% of the trust
Taiwan Semiconductor Manufacturing 1.5% of the trust
Intuit 1.5% of the trust
BlackRock World Mining 1.4% of the trust
Charter Communications 1.3% of the trust
Diageo 1.3% of the trust
Syncona 1.3% of the trust
Schroder Real Estate Investment Trust 1.1% of the trust
Amazon 1.0% of the trust
BT 1.0% of the trust
Microsoft 1.0% of the trust
Relx 1.0% of the trust
Nintendo 1.0% of the trust
CVS Health 1.0% of the trust
Natwest 0.9% of the trust
Heineken 0.9% of the trust

Top 10 Holdings 20.5% of the trust
Top 20 Holdings 30.7% of the trust

https://www.londonstockexchange.com/stock/WTAN/witan-investment-trust-plc/company-page

The Capital Gearing Trust PLC

The Capital Gearing Trust PLC is a London Listed Investment Trust.

https://www.capitalgearingtrust.com/homepage

The investment objective, is to preserve, and over time to grow shareholder’s real wealth.

Largest Equity / Fund holdings:-
ishares MSCI JP ESG Screened ETF 4.3%
Grainger 2.1%
Ishares FTSE 100 ETF 2.0%
North Atlantic Smaller Co 1.9%
Secure Income 1.9%

Largest Bond Holdings:-
UK I/L 0.125% 22/03/24 4.7%
US I/L 1.375% 15/02/44 1.7%
US I/L 0.125% 15/04/26 1.3%
US I/L 0.75% 15/02/45 1.2%
JP I/L 0.10% 10/03/29 1.2%

Fund/equity breakdown
Equities 18%
Property 17%
Loans 4%
Infrastructure 6%
Private Equity / Hedge 1%

Fund Size £921m
No. of holdings 219

The Company has delivered amongst the best returns of any London listed investment trust, achieving annual 15.2% share price total returns since 1982 and with 38 out of 39 years producing positive returns. Total shareholder returns are 277x over that period. YTD performance is 9.1% and10.1% over the past 12 months (net of fees).

https://www.londonstockexchange.com/stock/CGT/capital-gearing-trust-plc/company-page

3i Infrastructure Jan 2022 Dividend.

Yesterday 3i Infrastructure PLC paid out its January dividend.

5.225p a share

https://www.3i-infrastructure.com/

Company’s issued share capital as at 8.00 a.m. on 15 March 2018 consisted of 810,434,010 ordinary shares with voting rights.

https://www.3i-infrastructure.com/newsroom/press-releases/2018/3i-infrastructure-plc-share-consolidation-and-total-voting-rights/

Thus:-

810,434,010 x £0.05225 = £42,345,177.0225

That is £42 million

https://www.londonstockexchange.com/stock/3IN/3i-infrastructure-plc/company-page

Assets of The Alliance Trust PLC

ALLIANCE TRUST PLC ATST Stock | London Stock Exchange

Alliance Trust aims to be a core equity holding for investors that delivers a real return over the long term through a combination of capital growth and a rising dividend. The Company invests primarily in global equities across a wide range of industries and sectors

https://www.alliancetrust.co.uk/

TOP 20 HOLDINGS

Alphabet £195.0m 5.3% of the trust
Microsoft £123.7m 3.3% of the trust
Visa £101.4m 2.7% of the trust
Amazon £95.3m 2.6% of the trust
salesforce.com £82.1m 2.2% of the trust
Facebook £67.7m 1.8% of the trust
Charter Communications £63.3m 1.7% of the trust
KKR £58.7m 1.6% of the trust
Nvidia £57.1m 1.5% of the trust
Taiwan Semiconductor Manufacturing £56.7m 1.5% of the trust
Mastercard £55.6m 1.5% of the trust
UnitedHealth Group £52.8m 1.4% of the trust
GlaxoSmithKline £44.3m 1.2% of the trust
Petrol Brasileiros £41.9m 1.1% of the trust
Baidu £40.3m 1.1% of the trust
Transdigm £36.3m 1.0% of the trust
Booz Allen Hamilton £35.5m 1.0% of the trust
CVS Health £34.5m 0.9% of the trust
Walt Disney £34.0m 0.9% of the trust
Booking Holdings £33.1m 0.9% of the trust

Top 10 holdings 24.2%
Top 20 holdings 35.2%

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

The L&G Clean Water UCITS ETF

The L&G Clean Water UCITS ETF aims to track the performance of the Solactive Clean Water Index. The Fund has a sustainable investment objective as it invests in companies which (i) contribute to environmental objectives, (ii) do not significantly harm any environmental or social objectives, and (iii) follow good governance practices.

The top ten holdings are:-

Gorman-Rupp Company 2.3% of the fund
Tetra Tech 2.3% of the fund
Watts Water Technologies 2.2% of the fund
Evoqua Water Technologies 2.1% of the fund
Alfa Laval 2.0% of the fund
Kadant 2.0% of the fund
Rotork 2.0% of the fund
Mueller Water Products 2.0% of the fund
Franklin Electric 2.0% of the fund
Forterra 2.0% of the fund

https://fundcentres.lgim.com/srp/documents-id/09b67b13-b01f-4fe5-b974-5ad2d640a3ae/Fact-sheet_LG-Clean-Water-UCITS-ETF-Clean-Water-USD-Acc.pdf

The Personal Assets Trust

The Personal Assets Trust

Personal Assets Trust is an investment trust with the ability to invest globally. Its investment policy is to protect and increase (in that order) the value of shareholders’ funds per share over the long term

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

The assets it holds are:-

Microsoft £108,237,288 6.3% of the trust
Alphabet £99,920,601 5.8% of the trust
Visa £64,350,410 3.7% of the trust
Nestlé £61,391,304 3.6% of the trust
Unilever £60,267,547 3.5% of the trust
Diageo £56,826,054 3.3% of the trust
American Express £44,871,263 2.6% of the trust
Medtronic £42,968,921 2.5% of the trust
Franco-Nevada £36,714,535 2.1% of the trust
Agilent Technology £33,282,318 1.9% of the trust
Other Equities £31,932,260 1.9% of the trust
Becton Dickinson £27,911,066 1.6% of the trust
Procter & Gamble £22,447,067 1.3% of the trust
TOTAL EQUITIES £691,120,634 40.1% of the trust
Gold Bullion (Bars) £141,103,707 8.2% of the trust
US Index Linked Bonds £514,425,853 29.9% of the trust
Cash and UK T-Bills £372,617,824 21.6% of the trust
Direct Property £2,143,985 0.1% of the trust

SHAREHOLDERS’ FUNDS £1,721,412,003 100.0

https://www.londonstockexchange.com/stock/PNL/personal-assets-trust-plc/company-page

The Renewables Infrastructure Group December 2021 Quarterly Dividend.

The Renewables Infrastructure Group (TRIG PLC) pays out its quarterly dividend.

Home – TRIG (trig-ltd.com)

£0.0169 a share.

https://www.londonstockexchange.com/news-article/TRIG/issue-of-equity/15246478

The total number of Ordinary Shares in issue on Admission will be 2,267,246,415

Thus:

2,267,246,415 x £0.0169 = £38,316,464.4135

£38million of cash paid to shareholders.

https://www.londonstockexchange.com/stock/TRIG/the-renewables-infrastructure-group-limited/company-page

HM Government Borrowings: November 2021

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.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://www.dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In November 2021, 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:-

16-Nov-2021 0 7/8% Treasury Gilt 2046 £2,170.3750 Million
10-Nov-2021 0 1/8% Index-linked Treasury Gilt 2031 3 months £900.0000 Million
03-Nov-2021 0½% Treasury Gilt 2029 £2,500.0000 Million
02-Nov-2021 0¼% Treasury Gilt 2025 £3,000.0000 Million
02-Nov-2021 1 5/8% Treasury Gilt 2071 £1,533.7500 Million

Thus:-

£2,170.3750 Million + £900.0000 Million + £2,500.0000 Million + £3,000.0000 Million + £1,533.7500 Million = £10,104.125 Million

£10,104.125 Million = 10.104125 Billion


Another way of looking at it, is in the 30 days in November 2021, HM Government borrowed: £336.8041666666667 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 from 2029 through to 2071. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together…”

John Midwinter obituary

Courtest of The Guardian

https://www.theguardian.com/technology/2021/dec/12/john-midwinter-obituary

Engineer who shaped the development of the first optical fibre communications systems, making the UK a leader in the field

ohn Midwinter, who has died aged 83, did much to transform telecommunications from a simple phone-based service in the 1970s to the full broadband and internet network that we have today. Before such services came from the privatised British Telecom, the state provider was the General Post Office: during John’s time at the GPO research laboratory (1971-84), he shaped the understanding, design and development of the first optical fibre communications systems and their introduction into the UK network.

In the process he helped Britain lead the world in establishing optical communications as a fast-moving and competitive research area.

When, in 1966, Charles Kao of Standard Telecommunication Laboratories proposed the idea of optical fibres – strands of glass as thin as a hair carrying communications traffic – the challenges were huge, and struck many as insurmountable. A full system called for the design of optical transmitters and receivers, reliable lasers to generate pulses of light, techniques to modulate and demodulate data, and a better understanding of the physics of data-carrying optical pulses propagating in glass.

However, John, as head of what became the GPO’s optical communications division, set about developing a complete system carrying live traffic. In 1977 the world’s first optical fibre system was installed between Martlesham and Kesgrave, in Suffolk, with members of his research team splicing fibres in the snow, sleet and rain, to successfully demonstrate the transmission of data over approximately 8km of fibre.

The next problem was to significantly extend the length of these systems. This involved the use of mono-mode fibres of a much smaller diameter core, supporting a single path for the light to follow. Data-carrying pulses of light could be prevented from spreading, so allowing much higher data rates over longer distances.

This went against conventional wisdom, which held that it would be impossible to join such thin, fragile fibres. However, by the early 80s, John’s group achieved this feat, sending data at four times the rate over a distance of 60km.

British Telecom, as it was from 1980, stopped all work on competing technologies and in 1984 became the first telecommunication operator to switch entirely to single-mode fibre systems. The rest of the world soon followed, with the help of John’s textbook, Optical Fibres for Transmission (1979). As a result of his work, today more than 95% of all data is transmitted over optical fibres and more than 500m kilometres of fibre are installed each year on land or under the sea.

In 1984 Eric Ash, head of the department of electronic and electrical engineering at University College London, recruited John as BT professor of optoelectronics. At UCL John focused his research on exploring whether photons could be used to carry out processing functions in order to design, for example, an optical computer. But while photons were excellent for transmission, electrons proved better for switching and other digital functions.

By the early 90s, John returned to research on optical communications, exploring the use of multiple wavelengths or colours for the routing of optical information. He was elected to the fellowship of Engineering (now RAEng) and appointed OBE (both 1984), and became fellow of the Royal Society (1985).

He succeeded Ash as head of the department in 1988 and a year later became Pender professor of electrical engineering (the Victorian cable pioneer Sir John Pender endowed the chair in UCL in 1885). John also served as vice-provost of UCL (1994-99) and president of the Institution of Electrical Engineers (2000-01), and retired as emeritus professor in 2004.

John was calm, logical, efficient in all ways, encouraging and respectful of well-reasoned opinions. The concept of procrastination was alien to him, and he was always supportive and generous with advice.

Born in Newbury, Berkshire, he was the son of Vera (nee Rawlinson) and Harry (Henry) Midwinter. As Harry belonged to the fourth generation of Midwinters to run a corn merchant’s business, it was expected that John would follow this path. At St Bartholomew’s grammar school, John was a bookish child who hated team sports, and showed early aptitude for engineering, building model aircraft and cars in his spare time.

Following school, John volunteered for national service with the RAF. There he became a radar instructor and broke with family tradition by going on to study physics at King’s College London, where he gained a first-class degree (1961).

His first job was with the Royal Radar Establishment, Malvern, Worcestershire, carrying out research in nonlinear optics, which led him to work on the first ruby laser in the UK. He continued this research with the Perkin-Elmer corporation in the US, and in 1971 returned to the UK to take up his GPO post.

John met Maureen Holt through ballroom dancing as a teenager, and they married in 1961. Together they enjoyed travelling, hiking, planting their meadow, sharing a love of classical music and looking after several generations of Labrador dogs. In retirement, John became a passionate advocate for mitigating climate change, lecturing widely for the University of the Third Age (U3A).

Maureen survives him, along with their four children, Timothy, Philippa, Kim and Piers, and five grandchildren.

John Edwin Midwinter, optical fibre communications engineer, born 8 March 1938; died 13 November 2021

Royal Dutch Shell PLC December 2021 Quarterly Dividend

Today the Oil Major Royal Dutch Shell pays out it’s quarterly dividend to shareholders.

https://www.shell.com

Dividends on A Shares will be paid, by default, in euros at the rate of €0.2121per A Share. Holders of A Shares who have validly submitted US dollars or pounds sterling currency elections by November 26, 2021 will be entitled to a dividend of US$0.24 or 18.06p per A Share, respectively.

Dividends on B Shares will be paid, by default, in pounds sterling at the rate of 18.06p per B Share. Holders of B Shares who have validly submitted US dollars or euros currency elections by November 26, 2021 will be entitled to a dividend of US$0.24 or €0.2121per B Share, respectively.

https://www.londonstockexchange.com/news-article/RDSA/voting-rights-and-capital/15231201

Royal Dutch Shell plc’s capital as at November 30, 2021, consists of 4,101,239,499 A shares and 3,613,350,274 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 November 30, 2021 is 7,714,589,773

Thus:-

7,714,589,773 x £0.18065 = £1,393,640,642.49245

That is £1,393 million = £1.393 Billion cash paid to shareholders of Royal Dutch Shell A, and Royal Dutch Shell B

https://www.londonstockexchange.com/stock/RDSB/royal-dutch-shell-plc/analysis

https://www.londonstockexchange.com/stock/RDSA/royal-dutch-shell-plc/analysis

BP PLC December 2021 Quarterly Dividend

Today the Oil Major BP pays out it’s quarterly dividend to shareholders.

https://www.bp.com

4.1045p a a share = $0.0546

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15233386

The total number of voting rights in BP p.l.c. is 19,763,848,008

Thus:-

19,763,848,008 x £0.041045 = £811,207,141.48836

That is £811 million cash paid to shareholders of BP PLC

https://www.londonstockexchange.com/stock/BP./bp-plc/company-page

VH Global Sustainable Energy Opportunities

The VH Global Sustainable Energy Opportunities invests directly in energy infrastructure that have a high impact value and align with the United Nations Sustainable Development Goals

https://www.vh-gseo.com/

The Company’s investment policy states that it aims to achieve diversification principally
by making a range of sustainable energy infrastructure investments across a number of distinct geographies and a mix of proven technologies that align with the UN Sustainable Development Goals (‘SDGs’) where the investments are a direct contributor to the acceleration of the energy transition towards a net-zero carbon world.
The Company’s investment in proven technologies will include exposure to power generation (renewable and conventional), biomass, transmission, distribution, storage and waste to-energy. These investments will be operational, in construction or ‘ready-to-build’ but will not include assets that are under development or are in pre-consent stage. Successful IPO raising £242.6m in February 2021

https://www.londonstockexchange.com/stock/GSEO/vh-global-sustainable-energy-opportunities-plc/company-page

The M&G Climate Solutions Fund.

The fund has two aims: to provide combined capital growth and income that is higher than that of the MSCI World Index
over any five-year period; and to invest in companies that aim to deliver solutions to the challenge of climate change. At
least 80% of the fund is invested in the shares of companies from any developed market. The fund usually holds shares in
fewer than 40 companies

Fund size: £19.97 million

The largest holdings are:-

Linde 4.5% of the fund
Johnson Controls International 4.4% of the fund
Republic Services 4.3% of the fund
Ball 4.1% of the fund
EDP Renovaveis 3.9% of the fund
Darling Ingredients 3.9% of the fund
Autodesk 3.7% of the fund
Westinghouse Air Brake Technologies 3.6% of the fund
Schneider Electric 3.5% of the fund
Equinix 3.5% of the fund

The fund is split across these asset classes:-

Green technology 43.1% of the fund
Clean energy 26.9% of the fund
Circular economy 26.0% of the fund
Cash 4.0 % of the fund

M&G Climate Solutions Fund | M&G Investments (mymandg.co.uk)

The Closure of P2P Lending on Zopa.

Zopa

Stopping P2P consumer investments at Zopa

After 16 years of peer-to-peer (P2P) consumer investments at Zopa, we’ve taken the difficult decision to close this part of our business. We’re committed to making the process as easy as possible for you. To support this, Zopa Bank will be buying your entire loan portfolio at current face value without any of the fees you’d normally pay for a loan sale. You’ll receive your investment balance back by 31 January 2022.

We’ve informed our regulators, the FCA, of our decision.

What this means for you  

We deliberated over a number of options for how to close the P2P side of our business and we believe the sale of your portfolio in full represents the best outcome for our customers. Crucially, this will lock in the returns you’ve already earned and ensure your funds are available to withdraw from your holding account in a timely manner.    

Zopa’s purchase of your portfolio will happen in stages, starting in December with your newest loans and completing no later than 31 January 2022 with the oldest loans.  

We’ll purchase your loans at face value, so you’ll receive the balance you have invested in loans back in full plus of course any interest that borrowers have already paid up to the date of sale. The money will be directed to your Zopa holding account and we’ll send you a confirmation email at each stage of the sale, so you can withdraw your money as it comes in. Once the loan sale has been completed, our Innovative Finance ISA (IFISA) customers will need to request an ISA transfer to a new provider to retain their tax-free wrapper

Why we’re doing this     

We’re proud that our prudent, data-led model has achieved consistent positive returns for investors. Throughout our history we’ve delivered returns in line with target, including during the last two years, where we’ve delivered an average return of 3.9%.  

Sadly, over the last few years, customer trust in P2P investing has been damaged by a small number of businesses whose approach led to material losses for customers investing in those platforms. Linked to this, the changing regulation in the sector has made it challenging to grow and remain commercially viable. We’ve therefore decided to fully focus on Zopa bank and we will be closing the P2P business with effect from 7 December.   

Since the Bank launch in June of last year, we’ve already seen strong — and growing — demand for our new products. That early success shows that we’re able to help more people by providing a wider range of innovative financial products like our award-winning credit card and fixed term savings accounts, which many investors have already opened. Once the sale of loans is complete, investors will have access to an exclusive savings option from Zopa Bank. 

How will my investments work in the meantime?       

From today, we’re going to stop matching investor funds with loans, so all repayments will be directed to your holding account until the purchase goes through. Any money that’s currently in the queue will be automatically returned to your holding account. 

We’re also going to be stopping loan sales. We’ve decided to do this as we don’t think it’s in customers’ best interests to do a loan sale now. If you were to perform a loan sale today, you’d be paying a 1% fee as well as any market rate adjustments to access part of your investment that you’ll be receiving back within weeks, with no fees to pay. For more on how investments will be impacted, check out our FAQs. 

Updated FAQs and information centre        

We expect our customer service agents to be very busy, so it may take them longer than normal to get back to you. To help you during this time, we’ve made lots of additional information available at the bottom of this email, through our FAQs and in the  information centre, so please check these out if you have any immediate questions. The  Zopa Principles (Section 14 – Contingency planning) includes information on our right to sell your loan portfolio.

Finally, thank you      

As the world’s first peer-to-peer platform, this has been an incredibly difficult decision, and one only taken after lots of deliberation. At Zopa, we’re very proud of our peer-to-peer DNA and are honoured that over 90,000 of you joined us on this journey over the last 16 years. We hope that you’ll stay with us beyond your investment’s draw down and into the next chapter at Zopa.

The L&G ESG Green Bond UCITS ETF

The L&G ESG Green Bond UCITS ETF is a London Listed ETF that holds green bonds. The L&G ESG Green Bond UCITS
ETF aims to provide exposure to green bonds across developed and emerging markets. Green bonds are issued in order to fund projects
that have positive environmental outcomes and/or climate benefits.

https://fundcentres.lgim.com/srp/documents-id/563173cf-fdbf-40af-b32b-74dc4b38cb6f/Fact-sheet_LG-ESG-Green-Bond-UCITS-ETF-ESG-Green-Bond-UCITS-ETF-EUR-Dist.pdf

https://www.londonstockexchange.com/stock/GBNG/legal-and-general-asset-management/company-page

L&G Digital Payments ETF.

The L&G Digital Payments is an ETF that invests in companies in the digital payments sector.

https://fundcentres.lgim.com/srp/documents-id/49cabca5-59a2-4c9b-8fec-8bd3c227f81b/Fact-sheet_LG-Digital-Payments-UCITS-ETF-Digital-Payments-UCITS-ETF-USD-Acc.pdf

Its top ten holdings are:-

GreenSky 4.6% of the fund
Nuvei 3.7% of the fund
Lightspeed 3.2% of the fund
Green Dot 3.0% of the fund
Adyen 2.9% of the fund
Afterpay 2.9% of the fund
Zuora 2.7% of the fund
International Money Express 2.6% of the fund
Shopify 2.6% of the fund
Square, Inc. 2.6% of the fund

The L&G Digital Payments UCITS ETF (the “ETF”) aims to track the performance of the Solactive Digital Payments Index NTR

The Index is designed to provide exposure to equity securities of global companies that are actively engaged in the digital payments ecosystem. The digital payments ecosystem consists of the card payment and the cardless open-banking payment ecosystems. The index universe encompasses companies that are actively engaged in the value-chain of digital payments, which includes payment acquirer, card issuers, payment gateways, payment processors, payment technology providers, and cardless payment service providers.

The JP Morgan Natural Resources Fund

The JP Morgan Natural Resources Fund aims to provide capital growth over the long-term (5-10 years) by investing at least 80% of the Fund’s assets in the shares of companies throughout the world engaged in the production and marketing of commodities.

Th underlying fund launch date: June 1965. Underlying Fund Size (30/06/2021) £671.2m

Top Ten holdings:-

RIO TINTO 6.3% of the fund
CHEVRON 5.2% of the fund
FREEPORT-MCMORAN 5.1% of the fund
BHP 4.8% of the fund
TOTALENERGIES 4.5% of the fund
ROYAL DUTCH SHELL 4.1% of the fund
ANGLO AMERICAN 3.9% of the fund
NEWMONT 3.7% of the fund
HESS 3.4% of the fund
EXXON MOBIL 3.0% of the fund

Assets in top holdings 44% of the fund

http://factsheets.financialexpress.net/SLEFL/EQB4_Z1.pdf

M&G Global Sustain Paris Aligned Fund

The M&G Global Sustain Paris Aligned Fund is fund from M&G Investments. The fund aims to provide a combination of capital growth and income, net of the Ongoing Charge Figure, that is higher than the MSCI World Index over any five-year period and to invest in companies that contribute towards the Paris Agreement climate change goal of keeping a global temperature rise this century well below two degrees Celsius above re-industrial levels. At least 80% of the fund is invested in the shares of sustainable companies from across the world

Fund size £ 641.08 Million

https://www.mandg.com/investments/private-investor/en-ch/funds/mg-global-sustain-paris-aligned-fund/gb00b556q879#fund-facts

Top Holdings:-

Microsoft 7.3% of the fund
Alphabet 5.8% of the fund
Manhattan Associates 5.7% of the fund
WH Smith 5.2% of the fund
Unitedhealth Group 5.2% of the fund
Schneider Electric 4.8% of the fund
Novo Nordisk 4.6% of the fund
Visa 3.7% of the fund
Kuehne UND Nagel International 3.6% of the fund
Johnson Controls International 3.5% of the fund

The fund is concentrated and usually holds fewer than 40 companies

The Debt of Deutsche Telekom

The national incumbent telecoms operator of Germany, is Deutsche Telekom

https://www.telekom.com/

The annual report has some interesting figures.

https://www.telekom.com/en/investor-relations/publications/financial-results#620432

Net Debt stands at €127,972 Million = €127 Billion

That is a lot of debt, but holds liquidty of cash reserves of €15 Billion.

However, its revenue tops €100bn for first time.

Deutsche Telekom had liabilities of €37.1b due within a year, so debt that has to repaid in the next 12months.

€18.9b in receivables that were due within 12 months, so it is due that cash in the next year.

HM Government Borrowings: October 2021

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.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://www.dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In October 2021, 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” 7 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

6-Oct-2021 0 3/8% Treasury Gilt 2026 £2,750.0000 Million
20-Oct-2021 0¼% Treasury Gilt 2031 £2,812.5000 Million
13-Oct-2021 0 1/8% Index-linked Treasury Gilt 2051 3 months £567.4000 Million
12-Oct-2021 0½% Treasury Gilt 2061 £1,562.5000 Million
06-Oct-2021 0½% Treasury Gilt 2029 £3,125.0000 Million
05-Oct-2021 0¼% Treasury Gilt 2025 £3,000.0000 Million
05-Oct-2021 1 1/8% Treasury Gilt 2039 £2,288.1250 Million

Thus:-

£2,750.0000 Million + £2,812.5000 Million + £567.4000 Million + £1,562.5000 Million + £3,125.0000 Million + £3,000.0000 Million + £2,288.1250 Million = £16,105.525 Million

£16,105.525 Million = £16.105525 Billion

On another way of looking at it, is in the 31 days in October2021, HM Government borrowed:- £519.53306451612903225806451612903 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 from 2026 through to 2061. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

L&G Cash Pension Fund

The L&G Cash Pension Fund with £1,596.8m of assets.

http://factsheets.financialexpress.net/SLEFL/EUY4_RX.pdf

Top Ten holdings:-

UK TREASURY 33.9% of the fund.
BANK OF TOKYO-MITSUB LONDON 8.8% of the fund.
NATIONAL BANK OF CANADA 8.8% of the fund.
PMC LOAN 8.7% of the fund.
BANK OF MONTREAL 8.1% of the fund.
BRED – BANQUE POPULAIRE 8.1% of the fund.
DZ BANK AG 8.1% of the fund.
NATIONWIDE BUILDING SOCIETY 6.3% of the fund.
SUMITOMO MITSUI BANKING 4.8% of the fund.
BNP PARIBAS LONDON 4.4% of the fund.

Assets in top holdings 100.0% of the fund.

Intersting to see the graph below, and the reality of holding cash.
This fund is loosing value.

The Vanguard Target Retirement 2035 Fund

The Vanguard Target Retirement 2035 Fund is a unit trust from Vanguard. The Fund’s investment objective is to achieve an increase in value and, consistent with a gradually changing asset allocation, hold investments that will pay out money for investors planning to retire in or within approximately five years after 2035. The Fund’s asset allocation will become more conservative as 2035 is approached and passed, moving from higher risk (such as shares) to mainly lower risk (such as bonds) investments.

£142.2 Million is the fund size, it is a fund of funds.

RIT Capital Partners PLC

RIT Capital Partners PLC is also known as the Rothschild Investment Trust.

It is the same family, the Rothschild banking dynasty.

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

The trust, is a London listed fund, whose aim is to deliver long-term capital growth, while preserving shareholders’ capital; to invest without the constraints of a formal benchmark, but to deliver for shareholders increases in capital value in excess of
the relevant indices over time.

https://www.ritcap.com/

Net assets £4,299m
Total dividend for the year 35.25p per share

Quoted Equity – Long 36% of assets
Quoted Equity – Hedge 11% of assets
Absolute Return & Credit 18% of assets
Private Investments – Funds 23% of assets
Private Investments – Direct 9% of assets
Real Assets 2% of assets
Net Liquidity / Borrowings / Other Assets 1% of assets

https://www.ritcap.com/sites/default/files/RIT%20Capital%20Partners%20-%20August%202021%20Factsheet%20-%20Final.pdf

Assets:-

Equities

Coupang South Korea
Acorn Global
Helios Towers Africa
IQVIA Holdings
Visa
T-Mobile
Coca-Cola
Astra Space
Walt Disney Company
CME Group
Kraft Heinz
Unilever U
Reckitt Benckiser
Alphabet
Facebook

Long-only funds:

HCIF Offshore
Springs Opportunities China
Morant Wright
Discerene Global
Ward Ferry Smaller Asian Companies Asia Small/mid-cap
BlackRock Emerging Markets Emerging Markets
Lansdowne New Energy Global
Sand Grove UK
Emerging India Focus India All-cap
Sumi Trust Japan Japan Small-cap

Hedge funds:

BlackRock Strategic Equity Global All-cap,
Gaoling China All-cap,
Springs Global Strategic Partners China
EcoR1 Capital United States All-cap, biotechnology
Tribeca Global All-cap,
Coreview China All-cap

Derivatives:

Nikkei 225 futures Japan Long
MS ESG basket Global Long
MS Tech basket Global Short
NASDAQ 100 futures United States Short
Vaneck Oil Services ETF United States Short

https://www.londonstockexchange.com/stock/RCP/rit-capital-partners-plc

Gresham House Energy Storage Fund PLC

The Gresham House Energy Storage Fund PLC, is the London listed energy storage company. Gresham House Energy Storage Fund plc (GRID or the Fund) seeks to capitalise on the growing intraday supply and demand imbalances caused by Great Britain’s ever increasing reliance on renewable energy. The Fund aims to provide investors with an attractive and sustainable dividend by investing in a portfolio of utility-scale Energy Storage Systems (ESS) located in Great Britain, which primarily use batteries to import and export power, accessing multiple revenue sources available in the power market

The graph speak volumes:

The 52 week range is from 106.48 to 132.50
Year To Date return 16.71%
1 year return 18.68%

https://www.londonstockexchange.com/stock/GRID/gresham-house-energy-storage-fund-plc/company-page

BT Half Year figures.

BT Half Year figures.

The UK’s premier telecommunications giant is British Telecommunications PLC, and yesterday announced it’s half year results.

https://www.bt.com

BT, it connects for good.

https://www.bt.com/about/

The dividend as promised has been reinstated, at 2.31p a share.

https://www.londonstockexchange.com/news-article/BT.A/half-year-report/15199249

The dividend will be paid in Feb 2022

the total number of voting rights in BT Group plc currently on Fri 5th Nov 2021 is 9,919,143,412.

https://www.londonstockexchange.com/news-article/BT.A/total-voting-rights/15192929

Thus:

9,919,143,412 x £0.0231 = £229,132,212.8172

That is £229 million to be paid to shareholders in Feb 2022.

https://www.londonstockexchange.com/stock/BT.A/bt-group-plc/company-page

BP’s 3rd Quarter Results.

The Oil Major BP PLC yesterday announced its Q3 results.

https://www.bp.com

The giant is transforming itself into a new Green energy company.
The numbers make interesting reading

https://www.bp.com/en/global/corporate/news-and-insights/reimagining-energy/3q-2021-results-highlights.html

Total debt stands at £31,971 Million.

Underlying replacement cost profit was $3.3 billion, compared with $2.8 billion for the previous quarter. This result was driven by higher oil and gas realizations, higher refining availability and throughput enabling the capture of a stronger environment and a stronger gas marketing and trading result. Meaning higher prices in gas.

In low carbon, confidence in bp’s 2025 target of 20GW developed renewables.

BP’s current forecasts, at around $60 per barrel Brent

http://www.rns-pdf.londonstockexchange.com/rns/9904Q_1-2021-11-1.pdf

FTSE All-World High Dividend Yield UCITS ETF

The FTSE All-World High Dividend Yield UCITS ETF employs a passive management – or indexing – investment approach, through physical acquisition of securities, and seeks to track the performance of the FTSE All-World High Dividend Yield Index (the “Index”). The Index is comprised of large and mid-sized company stocks, excluding real estate trusts, in developed and emerging markets that pay dividends that are generally higher than average.

Number of stocks held: 1580 securities.

The BMO Managed Portfolio Trust PLC

The BMO Managed Portfolio Trust PLC is a ‘multi-manager’ investment trust, investing in a range of investment companies giving you exposure to different investment providers and markets within a single investment trust managed by BMO. : The objective for the Growth Portfolio is to provide growth shareholders with capital growth from a diversified portfolio of investment companies. The Growth Portfolio invests in a diversified portfolio of at least 25 investment companies that have underlying investment exposures across a range of geographic regions and sectors and the focus of which is to maximise total returns, principally through capital growth

https://www.londonstockexchange.com/stock/BMPG/bmo-managed-portfolio-trust-plc/company-page

Top Ten Equity Holdings

Monks Investment Trust 4.6% of the fund
Allianz Technology Trust 4.5% of the fund
Scottish Mortgage Investment Trust 4.3% of the fund
Polar Capital Technology Trust 3.7% of the fund
HgCapital Trust 3.6% of the fund
Chrysalis Investments 3.5% of the fund
Impax Environmental Markets 3.1% of the fund
Herald Investment Trust 3.0% of the fund
Mid Wynd International Investment Trust 2.8% of the fund
Fidelity Special Values 2.8% of the fund

Total 35.9% of the fund

HM Government Borrowings: September 2021

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.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://www.dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In September 2021, 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” 8 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

28-Sep-2021 1¼% Treasury Gilt 2051 £2,000.0000 Million
22-Sep-2021 0 1/8% Index-Linked Treasury Gilt 2056 3 months £350.0000 Million
15-Sep-2021 0¼% Treasury Gilt 2031 £2,857.9160 Million
14-Sep-2021 0 3/8% Treasury Gilt 2026 £3,000.0000 Million
08-Sep-2021 0 1/8% Index-linked Treasury Gilt 2031 3 months £1,010.7250 Million
07-Sep-2021 0¼% Treasury Gilt 2025 £3,250.0000 Million
07-Sep-2021 1 5/8% Treasury Gilt 2071 £1,250.0000 Million
01-Sep-2021 0½% Treasury Gilt 2029 £2,859.0000 Million

Thus:-

£2,000.0000 Million+ £350.0000 Million + £2,857.9160 Million + £3,000.0000 Million + £3,250.0000 Million + £1,250.0000 Million + £2,859.0000 Million= £16,577.641 Million

£16,577.641 Million = £16.577641 Billion

On another way of looking at it, is in the 30 days in Sept 2021, HM Government borrowed:- £552.58803333333333333333333333333 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 from 2025 through to 2071. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

L&G Cyber Security ETF

The L&G Cyber Security ETF investing in companies that are working in the in field of network and IT security.

The Legal and General Cyber Security ETF is rocketing in value.

Now trading at over £19 a share.

https://fundcentres.lgim.com/srp/lit/mW8V4k/Fact-sheet_LG-Cyber-Security-UCITS-ETF-Cyber-Security-USD-Acc_30-09-2021_Multi-Audience.pdf

Top Ten holdings:-

Palo Alto Networks 3.6% of the fund
Fortinet 3.5% of the fund
Cyberark 3.4% of the fund
Avast 3.2% of the fund
Qualys 3.1% of the fund
Radware 3.1% of the fund
Cloudflare 3.0% of the fund
Trend Micro 3.0% of the fund
Cisco Systems 2.9% of the fund
Juniper Networks 2.8% of the fund

The Debt of AT&T and its Balance Sheet

AT&T, the US US phone and telecoms giant carries a lot of debt.

https://www.att.com

These are large debt numbers:

https://investors.att.com/~/media/Files/A/ATT-IR-V2/financial-reports/quarterly-earnings/2021/debt-list-2q21.pdf

$179,783,248,238

That is $179 Billion of debt.

How we need to understand this figure.

It needs to repay $82.1bn in the next 12months (liabilities due in the next year).
It has cash reserves of $11.9bn (immediate liquidity)
It also has receivables of $20.1bn in the next 12months (money owed to AT&T).

It still carries a large level of debt.

https://investors.att.com/financial-reports/debt/debt-information

The cost of interest on this debt is about $8,048 million = $8.048 Billion
So while interest rates are low, paying $8bn on interest is quite manageable, when its turnover is $171,760 million = $171 Billion.
So the Debt to Revenue is at 4%.

https://investors.att.com/~/media/Files/A/ATT-IR/financial-reports/annual-reports/2020/complete-2020-annual-report.pdf

Big numbers from American Telephone and Telegraph

https://www.stock-analysis-on.net/NYSE/Company/ATT-Inc/Analysis/Debt

The AXA ACT Framlington Clean Economy

The AXA ACT Framlington Clean Economy is a UK Unit Trust. The aim of this Fund is to: (i) provide long-term capital growth over a period of 5 years or more; and (ii) seek to achieve sustainable investment objective, in line with a responsible investment approach.

The Fund invests at least 80% of its assets in shares of listed companies of any size which are based anywhere in the world and which the fund manager believes will generate both above-average returns and a positive and measurable impact on environmental, social and governance (ESG) factors.In selecting shares, the fund manager applies AXA IM Group’s sector specific investment guidelines relating to responsible investment to the Fund.

Portfolio Analysis: Top 10 Holdings

Ameresco Inc 3.78% of the fund
NextEra Energy Inc 3.38% of the fund
Schneider Electric SE 3.24% of the fund
Darling Ingredients Inc 2.99% of the fund
TE Connectivity Ltd 2.98% of the fund
Trimble Inc 2.92% of the fund
Taiwan Semiconductor Manufacuting 2.86% of the fund
Infineon Technologies AG 2.76% of the fund
Hannon Armstrong Sustainable 2.73% of the fund
Aptiv PLC 2.56% of the fund

Total 30.16% of the fund.

https://adviser.axa-im.co.uk/fund-centre/-/funds-center/axa-act-framlington-clean-economy-z-gbp-acc-44754#/

The Ashoka India Equity Investment Trust PLC

The Ashoka India Equity Investment Trust PLC is an London listed investment trust, that has the strategy to achieve long-term capital appreciation, mainly through investment in securities listed in India and listed securities of companies with a significant presence in India.

It’s top ten holdings are:-

  1. Laxmi Organic Industries Materials 6.8% of the fund
  2. ICICI Bank Financials 6.1% of the fund
  3. Infosys Information Technology 4.9% of the fund
  4. Axis Bank Financials 4.7% of the fund
  5. Coforge Information Technology 4.6% of the fund
  6. Asian Paints Materials 3.5% of the fund
  7. Nestle India Consumer Staples 3.0% of the fund
  8. Crompton Greaves Consumer Electricals Consumer Discretionary 2.9% of the fund
  9. Cartrade Tech Consumer Discretionary 2.9% of the fund
  10. Bajaj Finserv Financials 2.8% of the fund

Total 42.3% of the fund

https://www.londonstockexchange.com/stock/AIE/ashoka-india-equity-investment-trust-plc/company-page

Oxford Nanopore PLC

Oxford Nanopore Technologies plc was founded in 2005 as a spin-out from the University of Oxford. The company now employs about 600 employees from multiple disciplines including nanopore science, molecular biology and applications, informatics, engineering, electronics, manufacturing and commercialisation

It has just floated on the London Stock Exchange.

Floatation price of 425p a share.

https://www.londonstockexchange.com/news-article/ONT/announcement-of-offer-price/15154688

it is flying high.

https://www.londonstockexchange.com/stock/ONT/oxford-nanopore-technologies-plc/company-page

HSBC Holdings PLC September Dividend.

Yesterday, 30th Sept 2021, HSBC Holdings, paid out is Sept 2021 dividend.

$0.07 a share = £0.051203 a share

https://www.hsbc.com

£0.051203 a share pence per share it the dividend that it to be paid.

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/15117630

The total number of voting rights in HSBC Holdings plc is 20,426,332,840

Thus:

20,426,332,840 x £0.051203 = £1,045,889,520.40652

That is £1,045 Million = £1.045 Billion paid to shareholders, yesterday.

https://www.londonstockexchange.com/stock/HSBA/hsbc-holdings-plc/company-page

BT Pension Fund

BT is the UK’s premier telecommunications company.

https://www.bt.com

The BT pension fund is huge pension fund that looks after the assets and pays the pensions to BT’s retired workforce. The BT Pension Scheme (BTPS) is the UK’s largest corporate defined benefit pension scheme with assets of about £58 billion ($80 billion), paying more than £2 billion in pension payments per year. The scheme closed to new members in 2001, but remains responsible for securing the long-term financial wellbeing of approximately 320,000 current and future pensioners

The Scheme’s net assets were invested 37.5% in growth assets and 62.5% in liability hedging assets as at 30 June 2020

Total benefits paid were £2.5bn, in the year to 30 June 2020. That is about £208.33333 Million a month paid out in pensions to BT’s amazing retired workforce.

https://newsroom.bt.com/bt-announces-triennial-pension-valuation/

Distribution of investments:

Equities 18.3% of the fund
Government bonds and cash 33.2% of the fund
Secure income 1.4% of the fund
Investment grade credit 27.9% of the fund
Other growth assets 12.4% of the fund
Property 6.8% of the fund

Total Assets £57,493 Million

With such a large portfolio, it makes substatial investment income

Dividends from equities £202 million
Income from bonds £562 million
Net rental income from properties £61 million
Income from pooled investment vehicles £55 million
Derivatives £125 million
Longevity insurance contract £-(30) million
Interest on deposits and short-term investments £23 million

Total of £998 Million income.

https://www.btps.co.uk/MediaArchive/SchemeSite/BTPS_Report_Accounts_30_Sept_2020.pdf

Abrdn PLC September Dividend.

Tomorrow, Abrbn PLC pays out its quarterly dividend, on Tue 28th September.

Abrdn is the new name for StandardLifeAberdeen, the merged business of Standard Life PLC and Aberdeen Asset Management PLC.

https://www.abrbn.com

7.3 pence per share it the dividend that it to be paid.

https://www.londonstockexchange.com/news-article/ABDN/total-voting-rights/15118757

The Company’s issued share capital consists of 2,180,724,034 ordinary shares

Thus:

2,180,724,034 x £0.073 = £159,192,854.482

That is £159 Million = £0.159 Billion paid to shareholders, yesterday.

https://www.londonstockexchange.com/stock/ABDN/abrdn-plc/company-page

BP PLC September Dividend.

Yesterday BP PLC paid out its quarterly dividend, on Friday 24th September.

https://www.bp.com

3.9529 pence per share it the dividend that was paid.

https://www.londonstockexchange.com/news-article/BP./q2-2021-payments-of-dividends-in-sterling/15134476

The total number of voting rights in BP p.l.c. is 20,133,847,476

Thus:

20,133,847,476 x £0.039529 = £795,870,856.878804

That is £795 Million = £0.795 Billion paid to shareholders, yesterday.

https://www.londonstockexchange.com/stock/BP./bp-plc/company-page

Royal Dutch Shell (Shell PLC) September Dividend.

Yesterday Shell paid out its quarterly dividend, on Monday 20th September.

https://www.shell.com

Shell is a dual listed company.

https://www.londonstockexchange.com/news-article/RDSA/royal-dutch-shell-plc-second-quarter-2021-euro-and-gbp-equivalent-dividend-payments/15123355

Dividends on A Shares will be paid, by default, in euros at the rate of €0.2024 per A Share. Holders of A Shares who have validly submitted US dollars or pounds sterling currency elections by August 27, 2021 will be entitled to a dividend of US$0.24 or 17.38p per A Share, respectively. Dividends on B Shares will be paid, by default, in pounds sterling at the rate of 17.38p per B Share

https://www.londonstockexchange.com/news-article/RDSA/total-voting-rights/15083032

Royal Dutch Shell plc’s capital as at July 30, 2021, consists of 4,101,239,499 A shares and 3,704,709,414 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 July 30, 2021 is 7,805,948,913

Thus:

7,805,948,913 x £0.1738 = £1,356,673,921.0794

That is £1,356 Million = £1.356 Billion paid to shareholders, yesterday.

https://www.londonstockexchange.com/stock/RDSB/royal-dutch-shell-plc/company-page

HM Government Borrowings: August 2021

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.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://www.dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In August 2021, 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:-

24-Aug-2021 0 3/8% Treasury Gilt 2026 £3,000.0000 Million
17-Aug-2021 0 7/8% Treasury Gilt 2046 £2,274.2500 Million
11-Aug-2021 0 1/8% Index-linked Treasury Gilt 2039 3 months £705.0000 Million
10-Aug-2021 0¼% Treasury Gilt 2031 £3,437.4990 Million
03-Aug-2021 1¼% Treasury Gilt 2051 £2,000.0000 Million

Thus:-

£3,000.0000 Million + £2,274.2500 Million + £705.0000 Million + £3,437.4990 Million + £2,000.0000 Million = £11,416.749 Million

£11,416.749 Million = £11.416749 Billion

On another way of looking at it, is in the 31 days in August 2021, HM Government borrowed:- £368.28222580645161290322580645161 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 from 2026 through to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

NatWest Group September 2021 Dividend.

Today, Friday 17th September, NatWest Group (formerly the Royal Bank of Scotland) pays out its September dividend.

3p a share

https://www.natwestgroup.com/

Total voting rights in NatWest Group is 46,121,249,780

https://www.londonstockexchange.com/news-article/NWG/total-voting-rights/15117681

Thus:-

46,121,249,780 x £0.03 = £1,383,637,493.4

That is £1,383 Million = £1.383 Billion paid out to shareholders

https://www.londonstockexchange.com/stock/NWG/natwest-group-plc/company-page

Lloyds Banking Group: September 2021 Dividend.

Today, 13th Sept 2021, Lloyds Banking Group pays out its Sept dividend.

http://www.lloydsbankinggroup.com

0.67p a share.

https://www.londonstockexchange.com/news-article/LLOY/total-voting-rights/15117362

Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 70,986,783,092 ordinary shares of 10p each.

Thus:-

70,986,783,092 x £0.0067 = £475,611,446.7164

That is £475 Million

https://www.londonstockexchange.com/stock/LLOY/lloyds-banking-group-plc/company-page

New York. The Greatest City.

Today is a date in history, we can never forget. The most generous people in the world are the Americans, always helping in famine, flood, and natural disaster, helping the ones who need help, liberating people from oppression, and the most technologically advanced nation, home to Apple, Google, IBM, Cisco, Intel, BNC Holdings, Ford Motor Company, Applied Materials, Air Products, S-One Communications, Verizon, AT&T.

Today is a day to remember our fallen New Yorkers, the Heroes of Flight 93 and the brave people at The Pentagon.

The Investment in Brexit

https://www.theguardian.com/commentisfree/2021/sep/06/boris-johnsons-biggest-lie-europe-coming-home-single-market

It was the big Brexit lie. No, not the £350m a week to spend on the NHS or the “bonfire” of red tape. The lie was that the shambles now enveloping British trade with Europe was an unavoidable price worth paying to leave the EU. That was rubbish.

In order to further his chances of becoming Tory leader Boris Johnson made two commitments. One was to resign from the EU, the other was to depart Europe’s customs union and single market, aspects of which embrace other non-EU states such as Norway. The second decision was an almost casual gesture to make him look macho to the party’s hardline Brexiters. It was not put to referendum and was beyond stupid.

No news item today is free of the consequences. Earlier this year, the effects of leaving the single market could be seen in plummeting trade with the continent, even accounting for the pandemic. Additional red tape is awesome. HMRC estimates traders will be handling 215m more import/export documents a year, at an estimated bureaucratic cost of £7.5bn a year. Tariffs may not apply but rules of origin and health standards do. Every truck, every cargo requires inspection.

As for migration, the overall shortage of seasonal farm labour, according to BBC Radio 4’s Farming Today, is 20% and often more. Fruit will rot in fields, pigs cannot get to abattoirs and Christmas turkeys will be a “nightmare”. Meanwhile, care homes in England are short of 170,000 staff, and delivery firms short of 100,000 drivers. Hotels have abandoned rooms and restaurant tables. Creative industries – worth £110bn to the UK economy – were forgotten by the Brexit negotiators and are now virtually isolated from Europe.

Wagamama. Wagamama struggling to find chefs at a fifth of its UK sites

This is not Brexit. Britain could have left Brussels and freed itself from a mass of rules and regulations. It is the result of leaving the single market, of Johnson’s xenophobic belief that European trade standards were somehow not British”. He was wildly in favour of EU workers when mayor of London but no longer as prime minister.

I am sure some of the current disruption will settle down but the idea that trade with Britain’s biggest partner by far, the EU, will ever recover outside some form of economic union is absurd. So is the theory that any losses from the present chaos will be met by gains elsewhere. It seems bizarre to have to explain to a Tory that prosperity lies in open markets not closed ones.

Johnson has significantly not set up a permanent trade and agriculture commission to guard British interests in new deals. He is clearly desperate for deals, however bad. In addition, the National Audit Office has yet to do the normal impact assessment of Lord Frost’s post-Brexit deal with the EU. It has not bothered. I imagine the assessment would be the colour of blood.

Brexit need never have so devastated the British economy. The damage has come from one decision, to depart the single market. The sensible path now would be for Johnson to eat humble pie and seek, as far and as fast as possible, readmission to that market. Britain would imitate the protocol it has agreed for Northern Ireland. This would not mean rejoining the EU, just rejoining Ireland – the most delicious of historical ironies.

Negotiating the single market in 1987 was Margaret Thatcher’s proudest free-trade achievement. It was in Britain’s and Europe’s interest and proved a success. Johnson reversed that achievement in an act of naked political ambition. He pretended it was necessary for Brexit. It was his biggest lie.

Simon Jenkins is a Guardian columnist

The Debt of Verizon.

Verizon Communications, is one of the world’s largest voice and data telecommunications companies.

https://www.verizon.com/

Created from the merger of the two baby bells, Bell Atlantic and NYNEX and the acquistion of GTE.

The company, Verizon Communications carries a lot of debt:-

https://www.verizon.com/about/investors/schedule-outstanding-debt

To be precise, total debt as of June 30, 2021 is at $155,294 Million.

That is $155bn.

The Global Scale of Quantative Easing.

The Global Scale of Quantative Easing.

Leading central banks now own more than £18 trillion in government bonds and other assets, an increase of more than 50% on pre-pandemic levels. This is an eye-watering expansion from the financial crash more than a decade ago. Since the start of the pandemic, the US Federal Reserve’s (the Fed) balance sheet has more than doubled to $8tn (£5.9tn). The European Central bank has total assets worth more than €8tn (£6.8tn), the Bank of Japan has about 722tn yen (£4.8tn), while the UK has doubled its QE programme to £895bn.

Despite the flood of cheap money, more than a decade of meagre growth has followed the 2008 crisis, as Quantative Easing only succeeded in pumping up asset prices – benefiting owners of shares and property most. However, the post-2008 recovery was sapped by governments launching damaging austerity policies, while central bankers argue Quantative Easing helped avoid worse job losses.

HM Government Borrowings: July 2021

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.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://www.dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In July 2021, 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” 6 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

27-Jul-2021 0 3/8% Treasury Gilt 2026 3,000.0000 Million
20-Jul-2021 1 5/8% Treasury Gilt 2071 1,562.5000 Million
07-Jul-2021 0 1/8% Index-linked Treasury Gilt 2051 3 months 701.0500 Million
06-Jul-2021 0¼% Treasury Gilt 2031 3,437.4990 Million
06-Jul-2021 0½% Treasury Gilt 2061 1,866.2500 Million
01-Jul-2021 0¼% Treasury Gilt 2025 4,232.4970 Million
Thus:-

£3,000.0000 Million + £1,562.5000 Million + £701.0500 Million + £3,437.4990 Million + £1,866.2500 Million + £4,232.4970 Million = £14,799.796 Million

£14,799.796 Million = £14.799796 Billion

On another way of looking at it, is in the 31 days in July 2021, HM Government borrowed:- £477.41277419354838709677419354839 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 from 2025 through to 2071. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….”

The Debt of National Grid.

National Grid is one of the world’s largest publicly listed utilities focused on transmission and distribution of electricity and gas in the United Kingdom and the United States. It plays a vital role in connecting millions of people to the energy
they use safely, reliably and efficiently.

It finances its operations from trading and debt. It currently has Net debt of £28.6bn as of March 31st 2021. It has to pay back this debt from now to the end of 2057.

The graph below shows that maturity profile.

https://www.nationalgrid.com/investors/debt-investors/debt-information

FOMC (Federal Open Market Committee) Chair Powell’s Press Conference July 28, 2021

A very interesting meeting, and the press conference identified some salient points:

https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20210728.pdf

  • worldwide shortage of semiconductors has sharply curtailed production so far this year.
  • in addition, The US Fed are continuing to increase their holdings of Treasury securities by at least $80 billion per month and of agency MBS by at least $40 billion per month

Vodafone August 2021 Dividend

On Friday 6th August, Vodafone PLC paid out its August 2021 dividend.

www.vodafone.com

€0.045 or 3.83432p a share.

The total number of voting rights in Vodafone is 27,786,049,932

https://www.londonstockexchange.com/news-article/VOD/total-voting-rights/15081941

Thus:-

27,786,049,932 x £0.0383432 = £1,065,406,069.7526624

That is £1065 Million = £1.065 Billion

https://www.londonstockexchange.com/stock/VOD/vodafone-group-plc/analysis

UK National Debt.

The UK Debt Management Office, that issues Gilts (UK Government Bonds) to help finance the HM Government’s spending commitments, has a website that is full of data.

https://www.dmo.gov.uk/

Currently, Total Amount Outstanding (including inflation uplift for index-linked gilts) = £2,054.14 billion nominal.

That £2,054.14 billion is £2.05414 Trillion.

https://www.dmo.gov.uk/data/pdfdatareport?reportCode=D1A

UK Wealth Gap

https://www.theguardian.com/business/2021/jul/12/uk-wealth-gap-widens-in-pandemic-as-richest-get-50000-windfall

UK wealth gap widens in pandemic as richest get £50,000 windfall
Resolution Foundation finds rising house and asset prices have ‘turbo-charged’ gap between richest and poorest

Britain’s wealth gap has ballooned during the pandemic with the richest 10% gaining £50,000 on average, dwarfing increases for the poorest third of the population, according to a thinktank report.

The Resolution Foundation said wealth had increased during lockdown as a result of a lack of spending opportunities and rising house prices, but the benefits had been skewed to the richest by a ratio of more than 500 to 1.

Jack Leslie, a senior economist at the thinktank, said it was rare for wealth to increase during a recession but the impact of events during 2020 and 2021 had been to “turbo-charge” the gap between rich and poor.

The Resolution Foundation – which focuses on improving living standards for those on low and middle incomes – said the findings of the report should cause the government to rethink its decision to scrap the £20 a week increase to universal credit in September.

The report, produced in partnership with the Standard Life Foundation, found that the average household had enjoyed a windfall of £7,800 per adult during the crisis – the first time wealth has increased during a recession since the mid-1940s

“The Covid-19 crisis has seen a highly unusual combination of a sharp reduction in economic activity, and a sharp increase in household wealth. Many families have been forced to save rather than spend during lockdowns, while house prices have continued to soar even while working hours have plummeted,” Leslie said.

Britain suffered its biggest-one year fall in output in more than 300 years in 2020 but since the start of the crisis in February 2020 total household savings had risen by £200bn, household debts (excluding credit cards) decreased by about £10bn, and house prices – which fell by an average of 22% over the previous four recessions – rose by 8%.

The thinktank report said total UK wealth had increased by £900bn to £16.5tn during the course of the pandemic, but the poorest households were more likely to have run down rather than increase their savings, and had not shared in the house price boom because they were less likely to own a home in the first place.

“As a result, the rising wealth gaps that marked pre-pandemic Britain have been turbo-charged by the crisis,” Leslie said. “With policymakers facing many tough decisions in the autumn – from protecting households as unemployment rises to paying for a decent system of social care – they can no longer afford to ignore the dominant role wealth is playing in 21st-century Britain.”

The richest fifth of households were four times as likely to have increased their savings during the crisis as the poorest fifth of households (47% versus 12%), and 2.5 times as likely to have reduced their debts. The thinktank said this reflected pandemic-induced spending reductions being concentrated among those on higher incomes.

According to the report, adults in the richest 10% of households now have wealth of £1.4m each following the £50,000 increase during the crisis, while the poorest 30% gained an average of just £86 per adult in additional wealth.

The wealth gap between the average and the wealthiest 10% of households had increased by £44,000 during the crisis (after a £350,000 increase between 2006-08 and 2016-18), the Resolution Foundation said. During the same period, the gap between the average and the poorest 10th of households had also grown, by £7,000 (a bigger increase than seen during the whole 2006-08 and 2016-18 decade).

Mubin Haq, the chief executive of Standard Life Foundation, said: “The rise in wealth for those at the bottom has been paltry even taking into account the £20 a week increase in universal credit payments to those on the lowest incomes. Wednesday’s announcement of the cut to UC risks further widening the wealth divide which ballooned during the pandemic.”

The Vanguard ESG Developed World All Cap Equity Index

The Fund aims to provide long-term growth of capital by seeking to achieve the performance of the FTSE
Developed All Cap Choice Index.

A £1,413.5m = £1.4 Billion fund.

Top Ten Holdings are:

APPLE INC. 4.4% of the fund
MICROSOFT CORP. 3.6% of the fund
AMAZON.COM INC. 2.8% of the fund
ALPHABET INC. 2.2% of the fund
FACEBOOK INC. 1.3% of the fund
TESLA INC. 1.2% of the fund
JPMORGAN CHASE & CO. 0.8% of the fund
SAMSUNG ELECTRONICS CO. LTD. 0.8% of the fund
VISA INC. 0.7% of the fund
UNITEDHEALTH GROUP INC. 0.6% of the fund

The assets in top holdings 18.4% of the fund

Nordea Global Climate and Environment Fund

This fund aims to achieve long-term capital growth through a diversified portfolio of equity or equity related investments in companies, which are expected to benefit either directly or indirectly from developments related to environmental challenges such as climate change. The fund shall invest globally and shall invest a minimum
of two thirds of its total assets in equities, other equity shares such as co-operative shares and participation certificates, dividend right certificates, warrants on equities and equity rights.

A £6,403.7m fund = £6.4 Billion

Top Ten holdings are:

LINDE 3.6% of the fund
REPUBLIC SERVICES 3.6% of the fund
AIR LIQUIDE 3.3% of the fund
ASML HOLDING 3.3% of the fund
WASTE MANAGEMENT 3.3% of the fund
SYNOPSYS 2.8% of the fund
INFINEON TECHNOLOGIES 2.6% of the fund
PARKER-HANNIFIN 2.5% of the fund
TRIMBLE 2.5% of the fund
INTERNATIONAL FLAVORS & FRAGRANCES 2.4% of the fund

The assets in top holdings 29.9% of the fund

Conditions are ripe for repeat of 1970s stagflation and 2008 debt crisis:-Nouriel Roubini

The conditions are ripe for repeat of 1970s stagflation and 2008 debt crisis

https://www.theguardian.com/business/2021/jul/02/1970s-stagflation-2008-debt-crisis-global-economy

Warning signs are there for global economy, and central banks will be left in impossible position

In April, I warned that today’s extremely loose monetary and fiscal policies, when combined with a number of negative supply shocks, could result in 1970s-style stagflation (high inflation alongside a recession). In fact, the risk today is even bigger than it was then.

After all, debt ratios in advanced economies and most emerging markets were much lower in the 1970s, which is why stagflation has not been associated with debt crises historically. If anything, unexpected inflation in the 1970s wiped out the real value of nominal debts at fixed rates, thus reducing many advanced economies’ public-debt burdens.

Conversely, during the 2007-08 financial crisis, high debt ratios (private and public) caused a severe debt crisis – as housing bubbles burst – but the ensuing recession led to low inflation, if not outright deflation. Owing to the credit crunch, there was a macro shock to aggregate demand, whereas the risks today are on the supply side.

We are thus left with the worst of both the stagflationary 1970s and the 2007-10 period. Debt ratios are much higher than in the 1970s, and a mix of loose economic policies and negative supply shocks threatens to fuel inflation rather than deflation, setting the stage for the mother of stagflationary debt crises over the next few years.

The same loose policies that are feeding asset bubbles will continue to drive consumer price inflation
For now, loose monetary and fiscal policies will continue to fuel asset and credit bubbles, propelling a slow-motion train wreck. The warning signs are already apparent in today’s high price-to-earnings ratios, low equity risk premia, inflated housing and tech assets, and the irrational exuberance surrounding special purpose acquisition companies, the crypto sector, high-yield corporate debt, collateralised loan obligations, private equity, meme stocks, and runaway retail day trading. At some point, this boom will culminate in a Minsky moment (a sudden loss of confidence), and tighter monetary policies will trigger a bust and crash.

But in the meantime, the same loose policies that are feeding asset bubbles will continue to drive consumer price inflation, creating the conditions for stagflation whenever the next negative supply shocks arrive. Such shocks could follow from renewed protectionism; demographic ageing in advanced and emerging economies; immigration restrictions in advanced economies; the reshoring of manufacturing to high-cost regions; or the Balkanisation of global supply chains.

More broadly, the Sino-American decoupling threatens to fragment the global economy at a time when climate change and the Covid-19 pandemic are pushing national governments toward deeper self-reliance. Add to this the impact on production of increasingly frequent cyber-attacks on critical infrastructure, and the social and political backlash against inequality, and the recipe for macroeconomic disruption is complete.

Making matters worse, central banks have effectively lost their independence because they have been given little choice but to monetise massive fiscal deficits to forestall a debt crisis. With both public and private debts having soared, they are in a debt trap. As inflation rises over the next few years, central banks will face a dilemma. If they start phasing out unconventional policies and raising policy rates to fight inflation, they will risk triggering a massive debt crisis and severe recession; but if they maintain a loose monetary policy, they will risk double-digit inflation – and deep stagflation when the next negative supply shocks emerge.

But even in the second scenario, policymakers would not be able to prevent a debt crisis. While nominal government fixed-rate debt in advanced economies can be partly wiped out by unexpected inflation (as happened in the 1970s), emerging-market debts denominated in foreign currency would not be. Many of these governments would need to default and restructure their debts.

At the same time, private debts in advanced economies would become unsustainable (as they did after the global financial crisis), and their spreads relative to safer government bonds would spike, triggering a chain reaction of defaults. Highly leveraged corporations and their reckless shadow-bank creditors would be the first to fall, soon followed by indebted households and the banks that financed them.

To be sure, real long-term borrowing costs may initially fall if inflation rises unexpectedly and central banks are still behind the curve. But, over time, these costs will be pushed up by three factors. First, higher public and private debts will widen sovereign and private interest-rate spreads. Second, rising inflation and deepening uncertainty will drive up inflation risk premia. And, third, a rising misery index – the sum of the inflation and unemployment rate – eventually will demand a “Volcker moment.”

When former Fed chair Paul Volcker increased rates to tackle inflation in 1980-82, the result was a severe double-dip recession in the US and a debt crisis and lost decade for Latin America. But now that global debt ratios are almost three times higher than in the early 1970s, any anti-inflationary policy would lead to a depression rather than a severe recession.

Under these conditions, central banks will be damned if they do and damned if they don’t, and many governments will be semi-insolvent and thus unable to bail out banks, corporations and households. The doom loop of sovereigns and banks in the eurozone after the global financial crisis will be repeated worldwide, sucking in households, corporations and shadow banks as well.

As matters stand, this slow-motion train wreck looks unavoidable. The Fed’s recent pivot from an ultra-dovish to a mostly dovish stance changes nothing. The Fed has been in a debt trap at least since December 2018, when a stock- and credit-market crash forced it to reverse its policy tightening a full year before Covid-19 struck. With inflation rising and stagflationary shocks looming, it is now even more ensnared.

So, too, are the European Central Bank, the Bank of Japan and the Bank of England. The stagflation of the 1970s will soon meet the debt crises of the post-2008 period. The question is not if but when.

Nouriel Roubini was professor of economics at New York University’s Stern School of Business. He has worked for the IMF, the US Federal Reserve and the World Bank.

HM Government Borrowings: June 2021

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.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://www.dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In June 2021, 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” 9 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

23-Jun-2021 0 1/8% Index-linked Treasury Gilt 2065 3 months £500.0000 Million
16-Jun-2021 0 5/8% Treasury Gilt 2035 £3,118.7500 Million
15-Jun-2021 0 1/8% Treasury Gilt 2028 £3,055.2810 Million
15-Jun-2021 1¼% Treasury Gilt 2051 £2,000.0000 Million
09-Jun-2021 0 1/8% Index-linked Treasury Gilt 2031 3 months £1,172.4380 Million
08-Jun-2021 0 3/8% Treasury Gilt 2026 £3,742.4970 Million
08-Jun-2021 1 5/8% Treasury Gilt 2071 £1,562.5000 Million
02-Jun-2021 0¼% Treasury Gilt 2031 £3,437.4990 Million
02-Jun-2021 0 7/8% Treasury Gilt 2046 £2,500.0000 Million

Thus:-

£500.0000 Million + £3,118.7500 Million + £3,055.2810 Million + £2,000.0000 Million + £1,172.4380 Million + £3,742.4970 Million + £1,562.5000 Million + £3,437.4990 Million + £2,500.0000 Million= £21,088.965 Million

£21,088.965 Million = £21.088965 Billion

On another way of looking at it, is in the 30 days in Jun 2021, HM Government borrowed:- £702.9655 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 from 2028 through to 2071. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….”

Climate Change: It is here.

New verified temperature record for Antarctic continent – British Antarctic Survey (bas.ac.uk)

We see the terrible consequences of changing weather:-

China floods: 12 dead in Zhengzhou train and thousands evacuated in Henan – BBC News

Europe floods: Victims face massive clean-up as waters recede – BBC News

However, to read this, is very concering:-

The World Meteorological Organization (WMO) has today (1 July 2021) recognised a new record high temperature for the Antarctic continent of 18.3° Celsius on 6 February 2020 at the Esperanza station (Argentina). It also rejected an even higher temperature, of 20.75°C, which was reported on 9 February 2020 at an automated permafrost monitoring station (Brazil) on Seymour Island.

The previous record for the Antarctic region (continental, including mainland and surrounding islands] was 17.5°C (63.5°F) recorded on 24 March 2015 at Esperanza Research Station. The record for the Antarctic region (all ice/land south of 60 degrees latitude) is 19.8C, taken on Signy Island in January 1982.

BT invests in unique Silicon Valley technology to measure and fight cyber risk

BT invests in unique Silicon Valley technology to measure and fight cyber risk

With the number and impact of cyber attacks continuing to increase rapidly, BT has today announced a multi-million pound investment in Safe Security, an industry-leading cyber risk management firm. Headquartered in Silicon Valley, their SAFE (‘Security Assessment Framework for Enterprises’) platform allows organisations to take a health check of their existing defences and understand their likelihood of suffering a major cyber attack

The investment will allow BT to combine the SAFE platform with its world-leading managed security services to provide customers with a real time view of how safe they are against an incredibly fast-moving cyber threat landscape. SAFE is unique in calculating a financial cost to customers’ risks and giving actionable insight on the steps that can be taken to address them. The platform ultimately enables organisations to surgically target gaps in their defences, and already protects multiple Fortune 500 companies and governments around the world.

Philip Jansen, Chief Executive of BT, said: “Cyber security is now at the top of the agenda for businesses and governments, who need to be able to trust that they’re protected against increasing levels of attack. Adding SAFE to BT’s proactive, predictive security services will give customers an enhanced view of their threat level, and rapidly pinpoint specific actions needed to strengthen their defences. Already one of the world’s leading providers in a highly fragmented security market, this investment is a clear sign of BT’s ambition to grow further.”

Saket Modi, Co-founder and CEO of Safe Security, said: “We’re delighted to be working with a proven global security leader in BT. Their investment and strategic partnership with Safe Security will further accelerate our vision of making SAFE scores the industry standard for measuring and mitigating cyber risks. By aligning BT’s global reach and capabilities with SAFE’s ability to provide real-time visibility on cyber risk posture, we are going to fundamentally change how cyber security is measured and managed across the globe.”

As part of this investment, BT will be granted exclusive rights to use and sell SAFE to businesses and public sector bodies in the UK, and will incorporate the platform within its wider global portfolio. In recognition of its experience in providing security solutions to organisations across the world, BT will be designated as the recommended global partner for improving a customer’s SAFE score. BT will also work collaboratively with Safe Security to develop future products.

About BT
BT Group is the UK’s leading telecommunications and network provider and a leading provider of global communications services and solutions, serving customers in 180 countries. Its principal activities in the UK include the provision of fixed voice, mobile, broadband and TV (including Sport) and a range of products and services over converged fixed and mobile networks to consumer, business and public sector customers. For its global customers, BT provides managed services, security and network and IT infrastructure services to support their operations all over the world. BT consists of four customer-facing units: Consumer, Enterprise, Global and its wholly-owned subsidiary, Openreach, which provides access network services to over 650 communications provider customers who sell phone, broadband and Ethernet services to homes and businesses across the UK.

For the year ended 31 March 2021, BT Group’s reported revenue was £21,331m with reported profit before taxation of £1,804m.

British Telecommunications plc is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on the London Stock Exchange.

For more information, visit www.bt.com/about

About Safe Security
Headquartered in Palo Alto, California, Safe Security is a pioneer and leader in the “Cyber security and Digital Business Risk Quantification” (CRQ) space. It helps organizations measure and mitigate enterprise-wide cyber risk in real-time using its ML Enabled API-First SAFE Platform by aggregating automated signals across people, process, and technology, both for first & third party to dynamically predict the breach likelihood (SAFE Score) & dollar risk of an organization.

The SAFE scoring model is built as joint research at MIT that incorporates cyber security sensors data, external threat intelligence, and business context and places it together in a Bayesian Network of a Supervised Machine Learning scoring engine to give out scores and dollar value risk that the organization faces. The scores are calculated both at a macro and micro level and can also be measured for particular Lines of Business / Crown Jewels / Departments.

The SAFE Scores will enable the organization to have a “common language” across teams, from the board all the way down to an analyst to be aligned with a consistent risk metric along with justifying investments in cyber security and purchase of cyber insurance for the organization.

For more information, visit https://www.safe.security/

BT Contact:
media@bt.com

Mining in the Pacific Ocean.

https://www.theguardian.com/world/2021/jun/23/minings-new-frontier-pacific-nations-caught-in-the-rush-for-deep-sea-riches

Mining in the Pacific Ocean.

Miners are pushing hard to extract metals from the ocean floor, but there is mounting concern about what it might do to the marine environment. Travel thousands of metres below the surface of the ocean, and you reach the seabed. Pitch black and quiet, it is largely unexplored, untouched, unknown.

What is known is extraordinary. The landscape at the bottom of the sea is as varied as the earth surface: 4,000m (13,000ft) down, abyssal plains stretch for miles like deserts; there are trenches large enough to swallow the Earth’s largest mountains; venting chimneys rise in towers like underwater cities; seamounts climb thousands of metres. Hot thermal vents – believed by some to be the places where all life on Earth started – gush highly acidic water at temperatures of up to 400C, drawing in an array of creatures.

So little is known about what happens this far under the sea that in the 25 years following the discovery of the hydrothermal vents, an average of two new vent species are discovered every month. They include the yeti crab, a ghostly white crustacean with silky-blonde bristles on its claws that give it a resemblance to the Abominable snowman. Others discovered in the last 20 years include the beaked whale and the Greenland shark, which dives to around 1,200m and has a lifespan of close to 400 years, making it one of the world’s longest-living organisms.

“Every time you go down into the deep, you see something incredible and often new,” says Diva Amon, a deep sea biologist and fellow at the Natural History Museum in London who has undertaken 15 deep sea expeditions.“There’s a bone-eating worm called Osedax, which lives on the bones of dead whales in the deep … Another special one was … an anemone whose tentacles were 8ft long.”

Anna Metaxas, professor of oceanography at Dalhousie University in Nova Scotia, Canada, recalls the first time she travelled to the deep sea, in waters near the Bahamas. “The most spectacular part of that dive was the bioluminescence. Because it gets dark at 1,000m they all light up, they all flash. I was in a submersible that had a plexiglass sphere, it was like flying through space.”

Mining’s new frontier


Ninety percent of the ocean – and 50% of the Earth’s surface – is considered the deep sea (areas deeper than 200m). Only 0.0001% of the deep seafloor has been investigated. Doing so is perilous, technically challenging and expensive. But despite these obstacles, companies have set their sights on the seabed as the new frontier for mining.

Since 1982, the International Seabed Authority (ISA), which is charged with regulating human activities on the deep sea floor, has issued 30 contracts for mineral exploration, taking in an area of more than 1.4m sq km. Most of these sites are in the Pacific Ocean, in the Clarion-Clipperton fracture zone (CCZ)

In particular, companies have their eyes on polymetallic nodules – bundles of ore that resemble potatoes, which litter the surface of the deep sea and are rich in manganese, nickel, cobalt and rare earth metals. The nodules are up to 10cm in diameter and are thought to form at the staggeringly slow rate of just a few centimetres every one million years.

A battery in a rock,” is how DeepGreen, one of the big players in the nascent industry describes the polymetallic nodules. It touts deep-sea mining as a less environmentally and socially damaging alternative to terrestrial mining, and says it is crucial for affecting a transition to a greener economy, with the nodules containing the minerals needed for the batteries used in electric vehicles.

“Society has an urgent, growing need for battery metals to enable a full transition to clean energy and electric vehicles. We believe that polymetallic nodules are the cleanest source of these metals, with by far the lightest planetary touch,” says the company on its website.

Its proposal is to dispatch ships to the CCZ and suck up the nodules through long pipes that stretch to the seabed. The nodules would be processed on the ship, with excess sediment pumped back into the sea.

So far, licenses in international waters have only been issued for exploration and not mining, but the ISA is working on a regulatory framework for mining of the deep sea, with DeepGreen saying it will be ready to begin the work by 2024.

Our largest ecosystem

There are concerns about the environmental impact deep sea mining could have on marine ecosystems, particularly given how little is known about them and the very slow pace of reproduction and growth at those depths.

Osedax mucofloris, which feeds on the bones of dead whales.
Osedax mucofloris, which feeds on the bones of dead whales. Photograph: The Natural History Museum/Alamy
An experiment in 1978, which involved the extraction of nodules from the seabed in the CCZ, pointed to how long-lasting the damage can be. The area was revisited in 2004, and researchers found the tracks made by mining vehicles 26 years earlier were still clearly visible on the seabed. There was also a reduced diversity of organisms in the disturbed area.

“You are talking about the destruction of the habitat on the seafloor. Any area you are mining will be destroyed,” says Duncan Currie, an international lawyer who has worked in oceans law for 30 years. He represents the Deep Sea Conservation Coalition which is calling for a moratorium on deep sea mining.

Amon was part of a project that conducted baseline surveys in the area of the CCZ that the UK has a licence to explore for potential mining.

“As part of the work we were doing out there, we found that of the megafauna, the larger animals, more than half of them were completely new to science, and more than half of them relied on the nodules as a surface to attach to. Things like corals, sponges, anemones – they actually need the nodules. So potentially mining in that area could have quite a drastic impact.”

“It’s also our largest ecosystem so it provides about 96% of all habitable space on earth,” says Amon. “I think most people still assume that that space is just sort of empty or there’s not a lot happening. But actually, it couldn’t be further from the truth, the deep ocean is a vast reservoir of biodiversity.”

“The deep sea has a PR problem,” says Amon. “It’s not something that people think about. There are some cute things, but there aren’t adorable pandas, but that doesn’t mean that those species aren’t important.”

Other environmental concerns range from worries that noise pollution will interfere with deep sea species’ ability to communicate and detect food falls, increased temperature from drilling and vehicle operation, materials being discarded and heavy vehicles crushing seabed organisms and compacting the seabed.

Most concerning, Currie says, is the potential impact of sediment plumes. After the minerals are processed on ships, the proposal is to return the non-useful sediment into the ocean via long pipes, or risers, depositing them at a depth of 1,500m.

“The return sediment plume will be almost 24/7 – a continuous plume pumped into the ocean. No one has any idea what it will do: will it go up, go down? Will it interfere with the breeding of squid? We know fish migrate up and down, will it affect that? It’s incredibly important and we know almost nothing about it,” he says.

DeepGreen disputes this saying its modelling and experiments show that the spread of the plumes is far smaller and the amount of sediment injected into the mid-water column is far less than is often cited by campaigners.

“The anti-DSM [deep-sea mining] community consistently catastrophises and misrepresents the impact assessments that don’t support their narrative,” said a spokesperson for DeepGreen, who added “we welcome and share many of the environmental concerns about the impact of nodule collection on the marine environment”.

“Our goal is to make sure that our activity does not cause any large-scale disruptions to ecosystem services and that we minimize the risk of biodiversity loss. That’s why we have partnered with the world’s leading academic and research institutions to baseline and better understand the entire water column, from seabed to surface.”

Concerns in the Pacific

Caught up at the centre of this huge push for a new extractive industry are Pacific island nations. Nations must sponsor companies that want to explore for minerals and among the countries that have issued licences are the tiny Pacific Island countries of Tonga, Cook Islands, Nauru and Kiribati.

DeepGreen holds rights to the exploration contracts sponsored by the Pacific countries of Nauru, Tonga and Kiribati and is one of the operators making the most noise about starting commercial mining in the near future. DeepGreen, a Canadian firm with an Australian chief executive, is in the process of being acquired by the Sustainable Opportunities Acquisition Corp. Once merged the company will be known as The Metals Company.

The relationship between DeepGreen and Nauru is of particular concern to observers of deep-sea mining. Observers have warned about an imbalance of power between the company and the tiny nation, which has a population of around 12,000.

Currie recalls an incident at the 2019 International Seabed Authority meeting in Kingston, Jamaica, when Gerard Barron, the Australian chief executive of DeepGreen (and now boss of The Metals Company) spoke for Nauru. “[There was] surprise, some shock among some of the seasoned NGO delegates. It’s just not done,” he said.

“Everybody was taken aback,” says Metaxas of the incident. “That doesn’t happen that a contractor takes the chair of a member state.”

A spokesperson for DeepGreen said that “Mr Barron was attending the ISA meeting as a member of the Nauruan delegation and Nauru chose to offer him the opportunity to address the Council…. There is nothing uncommon about this practice.” It said that on the same day, Belgium allowed the chairman of a company that holds two exploration contracts the opportunity to address the council.

“The Pacific nations I think are particularly vulnerable,” says Metaxas. “They have vulnerable economies, this is an opportunity for an economic boom in a country if it’s done right, if it’s successful. I’m sure it’s quite tempting, but I sure hope that there’s also some advice about how much to risk and how to manage it all.”

There are still questions to be resolved about whether the company or sponsoring state would be liable in the event of environmental damage or other harm.

DeepGreen says that its subsidiary NORI has indemnified Nauru for liability under both the sponsorship agreement and its Nauru’s International Seabed Minerals Act.

However, according to an advisory opinion issued by the International Tribunal for the Law in 2011, states can still be liable if there is a “causal link between the failure of that state to meet its responsibilities and the damage caused by the sponsored contractor.”

Some have voiced concerns about the capacity of small developing nations to monitor the work done by their partner companies, which could lead to liability.

“If Nauru is the sponsoring state, they have obligations under the law of the sea convention to exercise due diligence, they have to make sure that their contractors operate appropriately and if they don’t do that work properly, international law says they are liable,” says Currie.

But Ralph Regenvanu, the opposition leader of Vanuatu, says “there’s absolutely no capacity” of states like Nauru to do this monitoring. “We’d be interested to know what are the measures they’re taking, what are the safeguards they’re taking.”

In 2014, when he was minister for lands and natural resources, Regenvanu led a months-long consultation on the subject of deep sea mining in Vanuatu. “People thought basically it was too early to do anything, we shouldn’t do anything. There were calls even then for a moratorium,” he said.

Vanuatu’s government, along with the prime ministers of Fiji and Papua New Guinea, have called for a regional moratorium on deep-sea mining while more can be learnt about potential environmental harms and how to protect against them. “Pacific peoples are indigenous peoples. All countries of the Pacific have some of the highest rates of indigenous people as part of population in the whole world. Pacific peoples’ views towards our Earth, our resources, are very special ones,” says Regenvanu.

What next?
Before mining can commence, the ISA needs to release a code for the exploitation of the deep sea. This was due to be released and adopted in July 2020, but was delayed due to Covid. The ISA announced this week that it aimed to resume face-to-face meetings this year.


“It is not implausible to expect that the ISA will be in position to finalise the code by 2023,” said the DeepGreen spokesperson, who added the company expects submit their environmental impact statement in 2023 for review in the hope of beginning commercial mining in 2024.

Meanwhile, others are urging caution. This month the EU parliament advised the European Union to promote a moratorium on deep seabed mining until its environmental impacts could be better understood and managed. But DeepGreen’s boss, Gerard Barron, has suggested that if the ISA moves slowly on developing a regulatory framework, the company might invoke the so-called two-year rule, which allows a country sponsoring a mining contractor to notify the ISA that the company intends to begin mining. The ISA then has two years to finalise the regulations for deep sea mining. If it is unable to do so, the ISA is required to allow the contractor to begin work under whatever regulations are in place at the time.

“It’s something that’s consistently under review – it’s not off the table, that’s for sure,” Barron told China Dialogue Ocean about triggering the two-year rule.

In response to the Guardian’s questions on the subject, DeepGreen said the two-year rule is “only available to sponsoring states to use, not contractors like DG, which cannot invoke it” but that it was a “a valid option available to all member states of the International Seabed Authority.”

40 Years of the S&P 500 Index

A good bench mark to follow is the the S&P 500 Index. This is the index by Standard and Poors’, of America’s 500 largest corporations.

In July 1981 (Just 40 years ago) the index as show below….

was at 130 points.

Fast forward 40 years from then, to now.

The index is at 4297 points.
Imagine buying an S&P Index fund in 1981, when it was at 130 points……

Vodafone PLC Debt.

Today Vodafone PLC, owes over $40bn.

https://investors.vodafone.com/debt-investors/financing-strategy

The chart below shows that debt pile grow.

However, some interesting things to note.

https://investors.vodafone.com/sites/vodafone-ir/files/vodafone/debt-investors/bond-outstanding/pdf/t-30.pdf

In 2008, during the height of the financial crisis, when stability and solvency of banks was questioned, Vodafone was able to borrow €186,350,000, (€186 Million) for 20 years, via this bond issue at ZERO percent interest.
In o

100 Years of the Dow Jones 30 Index

The graphs below explain the logic behind index funds.

In June 1921, the Dow Jones Industrial Index which is made up of America’s 30 largest companies, was at 68 points.

In June 2021, 100 years later, the Dow Jones Industrial Index which is made up of America’s 30 largest companies, was at 34,502 points……

So, 68.45 points in June 1921…..

Fast forward 100 years…..

it is at 34,502.51 points. Imagine buying an index fund 100 years ago in the Dow 30….

M&G Better Health Solutions Fund

M&G Investments PLC, have launched a new investment fund, the M&G Better Health Solutions Fund.

https://www.mymandg.co.uk/better-health-solutions-fund

The Fund will invest in impactful companies whose solutions help to save lives or encourage better health, offering a powerful dual proposition for investors:

The potential for competitive, long-term financial returns. The opportunity to make a positive impact on people and communities around the world.
The fund stands apart from other health-focused global equities funds as it looks beyond the healthcare sector, to invest in companies that deliver better well-being too.

The fund embraces the UN Sustainable Development Goals (SDGs) framework and invests in companies that generally contribute most clearly to SDG 3: good health and well-being, but also;

SDG 2: zero hunger
SDG 6: clean water and sanitation
SDG 8: decent work and economic growth
SDG 11: sustainable cities and communities
SDG 12: responsible consumption and production

https://sdgs.un.org/goals

Tesco PLC July 2021 Dividend

Yesterday, Tesco PLC the UK’s largest supermarket group paid out its July 2021 dividend.

5.95p a share.

www.tescoplc.com

total number of voting rights in the Company as at 15 February 2021 is 7,731,707,820.

https://www.londonstockexchange.com/news-article/TSCO/share-consolidation-total-voting-rights/14864789

Thus:-

7,731,707,820 x £0.0595 = £460,036,615.29

That is £460 Million

https://www.londonstockexchange.com/stock/TSCO/tesco-plc/company-page

HICL Infrastructure Dividend: June Dividend.

Yesterday, Wed 30th June, HICL Infrastructure (HICL) paid out its quarterly dividend

https://www.londonstockexchange.com/stock/HICL/hicl-infrastructure-plc/company-page

2.07p a share.

The total issued share capital with voting rights is 1,936,813,501.

the total voting rights in HICL is 1,936,813,501

Total Voting Rights – 07:00:05 31 Jul 2020 – HICL News article | London Stock Exchange

Thus:-

601,392,027 x £0.0207 = £40,092,039.4707

That is £40 million

John Laing Environmental Assets Group: June Dividend.

On Friday 25th June, John Laing Environmental Assets Group (JLEN) paid out its quarterly dividend

1.69p a share.

https://www.londonstockexchange.com/news-article/JLEN/total-voting-rights/14982129

the total voting rights in JLEN is 601,392,027

Thus:-

601,392,027 x £0.0169 = £10,163,525.2563

That is £10million

https://www.londonstockexchange.com/stock/JLEN/jlen-environmental-assets-group-limited/company-page

Inflation: examples of rising commodity prices.

There is huge demand for wood. (Lumber). This video shows that inflation is here.

The reason for price rises in wood is that people changed their homes due to the pandemic. As people moved out of cities, and that has resulted in a new construction boom. Also has restaurants and cafes are building out door areas for eating, this needs new construction. All a result of Covid19.

HM Government Borrowings: May 2021

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.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In April 2021 , 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” 7 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

19-May-2021 0 5/8% Treasury Gilt 2035 £3,093.7490 Million
18-May-2021 0 1/8% Treasury Gilt 2024 £4,062.4950 Million
18-May-2021 1¼ % Treasury Gilt 2041 £2,812.4990 Million
11-May-2021 0 3/8% Treasury Gilt 2026 £3,283.7500 Million
11-May-2021 0½% Treasury Gilt 2061 £1,500.0000 Million
05-May-2021 0¼% Treasury Gilt 2031 £2,750.0000 Million
05-May-2021 0 7/8% Treasury Gilt 2046 £2,000.0000 Million

Thus:-

3,093.7490 Million + 4,062.4950 Million + 2,812.4990 Million + 3,283.7500 Million + 1,500.0000 Million + 2,750.0000 Million + 2,000.0000 Million = £19,502.493 Million

Another way of looking at it, is in the 31 days in May 2021, HM Government borrowed:£629.11267741935483870967741935484 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 from 2026 through to 2061. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together…

Royal Dutch Shell June Dividend.

Today, one of the world’s energy companies, pays out its quarterly dividend.

http://www.shell.com

Shell PLC is a dual listed company, it has two share classes, Shell A and Shell B.

It is paying out $0.1735 or 12.26p per share on Shell A and Shell B shares.

https://www.londonstockexchange.com/news-article/RDSA/total-voting-rights/14997114

Royal Dutch Shell plc’s capital as at May 28, 2021, consists of 4,101,239,499 A shares and 3,706,183,836 B shares, each with equal voting rights. The total number of A shares and B shares in issue as at May 28, 2021 is 7,807,423,335

Thus:-

7,807,423,335 x £0.1226 = £957,190,100.871

That is £957million paid to shareholders.

https://www.londonstockexchange.com/stock/RDSA/royal-dutch-shell-plc/company-page

https://www.londonstockexchange.com/stock/RDSB/royal-dutch-shell-plc/company-page

BP June 2021 Dividend.

Tomorrow BP PLC, one of the world’s largest energy companies, pays out its June quarterly dividend.

http://www.bp.com

$0.0525 a share = 3.7118p

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/14997281

The total number of voting rights in BP p.l.c. is 20,242,824,246

Thus:-

20,242,824,246 x £0.037118 = £751,373,150.363028

That is £751 million

https://www.londonstockexchange.com/stock/BP./bp-plc/company-page

Vanguard: LifeStrategy® 100% Equity Fund

The Vanguard LifeStrategy® 100% Equity Fund is a fund of funds from Vanguard, on the largest money managers.

The Fund seeks to hold investments that will pay out money and increase in value through a portfolio comprising approximately 100% shares. The Fund gains exposure to shares by investing more than 90% of its assets in Vanguard passive funds that track an index

The Vanguard U.S. Equity Index Fund

The Vanguard U.S. Equity Index Fund is a passive investment fund. The Fund seeks to track the performance of the Standard and Poor’s Total Market Index (the “Index”).
The Index is comprised of large, mid, small and micro-sized company shares in the US. It holds 3746 stocks in the fund.

Legal and General May 2021 Dividend.

On Thursday 27th May, Legal and General paid out its May dividend.

www.legalandgeneralgroup.com

12.64p a share.

https://www.londonstockexchange.com/news-article/LGEN/total-voting-rights/14963236

The total number of voting rights in the Company is 5,967,612,282

Thus:-

5,967,612,282 x £0.1264 = £754,306,192.4448

£754million

https://www.londonstockexchange.com/stock/LGEN/legal-general-group-plc/analysis

Standard Life Aberdeen PLC May 2021 Dividend.

Standard Life Abderdeen, the Edinburgh asset manager paid out its May 2021 dividend.

https://www.standardlifeaberdeen.com/

it is 7.3p a share.

https://www.londonstockexchange.com/news-article/SLA/total-voting-rights/14962648

The total number of voting rights in the Company, as at 30 April 2021, is therefore 2,180,723,378.

Thus:-

2,180,723,378 x £0.073 = £159,192,806.594

That is £159 million

https://www.londonstockexchange.com/stock/SLA/standard-life-aberdeen-plc/company-page

JPMorgan Asia Growth & Income Trust.

The JPMorgan Asia Growth & Income Trust is a London listed investment trust.

https://www.londonstockexchange.com/stock/JAGI/jpmorgan-asia-growth-income-plc/company-page

Top Ten holdings:-

Taiwan Semiconductor Information Technology 8.7% of the fund
Tencent Communication Services 8.0% of the fund
Samsung Electronics Information Technology 7.8% of the fund
Alibaba ADR Consumer Discretionary 6.7% of the fund
AIA Financials 4.3% of the fund
Ping An Insurance H Financials 3.1% of the fund
China Resources Land Real Estate 2.8% of the fund
HDFC Bank Financials 2.5% of the fund
SK Hynix Information Technology 2.4% of the fund
Yum China Consumer Discretionary 2.2% of the fund

Gross assets of £463.49 Mn

Commodities.

Their could be a commodity boom. The need for raw materials for electric cars or to build out power lines to the new off shore power station such as windfarms. We are going to need more Lithium, Copper, Coltan etc.

Stock | London Stock Exchange

BCOG is something to look at, the L&G ALL COMMODITIES GO UCITS ETF. The graph below shows a trend.

HM Government Borrowings: April 2021

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.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In April 2021 , 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” 8 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

28-Apr-2021 0 1/8% Index-linked Treasury Gilt 2031 3 months £1,113.6500 Million
21-Apr-2021 0 5/8% Treasury Gilt 2035 £3,124.9990 Million
20-Apr-2021 0 1/8% Treasury Gilt 2024 £4,062.4980 Million
14-Apr-2021 0 1/8% Index-linked Treasury Gilt 2051 3 months £713.8250 Million
13-Apr-2021 1 5/8% Treasury Gilt 2071 £1,000.0000 Million
08-Apr-2021 0¼% Treasury Gilt 2031 £3,437.5000 Million
07-Apr-2021 0 3/8% Treasury Gilt 2026 £3,394.0000 Million
07-Apr-2021 0 7/8% Treasury Gilt 2046 £2,000.0000 Million

Thus:-

£1,113.6500 Million + £3,124.9990 Million + £4,062.4980 Million + £713.8250 Million + £1,000.0000 Million + £3,437.5000 Million + £3,394.0000 Million + £2,000.0000 Million = £18,846.472 Million.

£18,846.472 Million = £18.846 Billion

Another way of looking at it, is in the 30 days in April 2021, HM Government borrowed:£628.21573333333333333333333333333 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 from 2024 through to 2071. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together…

NatWest Dividend May 2021

Yesterday, NatWest Group (formerly Royal Bank of Scotland) paid out its May 2021 dividend.

3p a share.

https://www.londonstockexchange.com/news-article/NWG/total-voting-rights/14959882

46,307,677,708 are the total voting rights in NatWest Group PLC.

Thus:-

£0.03 x 46,307,677,708 = £1,389,230,331.24

Was paid to shareholders yesterday.

£1.389 Billion.

https://www.londonstockexchange.com/stock/NWG/natwest-group-plc/company-page

HSBC Holdings April 2021 Dividend.

Today HSBC, plays out its first dividend, since the dividend was suspended due to Covid19 in April 2020.

https://www.hsbc.com/

It is paying out $0.15 or 10.7923p a share.

https://www.hsbc.com/-/files/hsbc/investors/results-and-announcements/stock-exchange-announcements/2021/april/210401-b-obyrne-n-matos-and-s-moss-sip.pdf

The total number of voting rights in HSBC Holdings plc is 20,423,842,747

Thus:-

20,423,842,747 x £0.107923 = £2,204,202,380.784481

That is £2.204 Billion.

Warren Buffet: Why Index Funds are Amazing

In the 20th century, the United States of America endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.

Just over 20 years later, today the Dow is now at over 31,000 points.

HM Government, March 2021 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.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In March 2021 , 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” 10 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

24-Mar-2021 0 1/8% Index-Linked Treasury Gilt 2056 3 months 357.2500 Million
23-Mar-2021 1¾% Treasury Gilt 2049 2,250.0000 Million
17-Mar-2021 0 5/8% Treasury Gilt 2035 2,500.0000 Million
16-Mar-2021 0 1/8% Treasury Gilt 2024 4,375.0000 Million
16-Mar-2021 1 5/8% Treasury Gilt 2054 1,633.0000 Million
10-Mar-2021 0 1/8% Index-linked Treasury Gilt 2031 3 months 878.9750 Million
09-Mar-2021 1¼ % Treasury Gilt 2041 2,812.5000 Million
04-Mar-2021 0¼% Treasury Gilt 2031 3,437.5000 Million
02-Mar-2021 0 3/8% Treasury Gilt 2026 3,147.3510 Million
02-Mar-2021 0½% Treasury Gilt 2061 1,562.4990 Million

Thus:-

357.2500 Million + 2,250.0000 Million + 2,500.0000 Million + 4,375.0000 Million + 1,633.0000 Million + 878.9750 Million + 2,812.5000 Million + 3,437.5000 Million + 3,147.3510 Million + 1,562.4990 Million = 22,954.075 Million

22,954.075 Million = £22.954 Billion

On another way of looking at it, is in the 31 days in March 2021, HM Government borrowed:£740.45403225806451612903225806452 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 from 2024 through to 2061. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together…

Legal & General Future World Multi-Index 5

The Legal & General Future World Multi-Index 5 is a multi-asset index fund from Legal and General Investment Management (LGIM)

The fund provides exposure to a welldiversified range of index tracker funds and individual investments,
within a pre-determined risk profile, while integrating environmental, social and corporate governance factors.

https://fundcentres.lgim.com/srp/lit/Xb9OZG/Fact-sheet_Legal-General-Future-World-Multi-Index-5-Fund_28-02-2021_UK-INST_UK-ADV_UK-PRIV.pdf

The TOP 10 HOLDINGS (%)
L&G Future World ESG Developed Index Fund 27.3% of the fund
L&G FW ESG UK Equity Index Fund 12.0% of the fund
L&G UK ESG Corporate Bonds ETF 9.0% of the fund
L&G Global Emerging Markets Index Fund 5.0% of the fund
L&G Japan Index Trust 4.3% of the fund
L&G European Index Trust 4.0% of the fund
L&G Global Infrastructure Index Fund 4.0% of the fund
L&G Future World Global Credit Fund 3.5% of the fund
L&G ESG Eemerging Markets Government Bond (USD) Index Fund 3.5% of the fund
L&G Pacific Index Trust 3.0% of the fund

The Legal & General Future World Multi-Index 4 Fund

The Legal & General Future World Multi-Index 4 Fund is a multi-asset index fund from Legal and General Investment Management (LGIM).

The fund invests in a risk-profile targeted range of index tracker funds and individual investments including property. Typically has higher exposure to bonds than to shares in companies, relative to other funds in the Multi-Index Fund range.

https://fundcentres.lgim.com/srp/lit/m2RLPP/Fact-sheet_Legal-General-Future-World-Multi-Index-4-Fund_28-02-2021_UK-INST_UK-ADV_UK-PRIV.pdf

The TOP 10 HOLDINGS (%)

L&G Future World ESG Developed Index Fund 17.8% of the fund
L&G UK ESG Corporate Bonds ETF 11.0% of the fund
L&G FW ESG UK Equity Index Fund 9.3% of the fund
L&G Future World Global Credit Fund 5.0% of the fund
Cash 4.5% of the fund
L&G Japan Index Trust 4.0% of the fund
L&G Global Infrastructure Index Fund 4.0% of the fund
L&G ESG Emerging Markets Government Bond (USD) Index Fund 4.0% of the fund
L&G Global Inflation Linked Bond Index Fund 3.5% of the fund
L&G Short Dated Sterling Corporate Bond Index Fund 3.0% of the fund

The Legal & General Future World Multi-Index 3 Fund

The Legal & General Future World Multi-Index 3 Fund is a multi-asset index fund from Legal and General Investment Management (LGIM)

The Future World philosophy encapsulates how we identify long term themes and opportunities, while managing the risks of a changing world. LGIM use our scale and influence within the market to propel positive change on environmental, social and governance (ESG) issues, at the same time as seeking to achieve financial success

https://fundcentres.lgim.com/uk/en/fund-centre/Unit-Trust/Future-World-Multi-Index-3-Fund/

The find provides exposure to a well diversified range of index tracker
funds and individual investments, within a pre-determined risk profile,
while integrating environmental, social and corporate governance factors

TOP 10 HOLDINGS (%) are:-

L&G UK ESG Corporate Bonds ETF 14.0% of the fund
Cash 11.8% of the fund
L&G Future World ESG Developed Index Fund 11.3% of the fund
L&G Global Inflation Linked Bond Index Fund 9.3% of the fund
L&G Future World Global Credit Fund 7.0% of the fund
L&G High Income Trust 5.0% of the fund
L&G FW ESG UK Equity Index Fund 5.0% of the fund
L&G All Stocks Gilt Index Trust 4.8% of the fund
LEGAL & GENERAL UT GLOBAL REAL ESTATE DIVIDEND 3.5% of the fund
L&G Global Infrastructure Index Fu

Digital 9 Infrastructure plc

Digital 9 Infrastructure plc is a newly established, externally managed investment trust which will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet.
“Digital infrastructure” refers to the critical infrastructure required for the internet to operate and, essentially, refers to everything from fibre networks that connect continents, businesses and homes (the very “backbone” of the internet), to the data centres that organisations use to house their critical networks of computer and storage resources, and to the towers and small cells that carry data traffic wirelessly to the end user

Digital 9 Infrastructure plc (DGI9) is a newly established, externally managed investment trust. It will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The portfolio will comprise future proofed, non-legacy, scalable platforms and technologies including (but not limited to) subsea fibre, data centres, terrestrial fibre, tower infrastructure and small cell networks (including 5G). DGI9 will focus, primarily, on digital infrastructure investments which are operational and with an existing customer base.

Following the completion of the offer, DGI9 will acquire Aqua Comms, a platform owning and operating some 14,300km of the most reliable and resilient trans-Atlantic sub-sea fibre systems – the very “backbone” of the internet.

DGI9’s investment manager is Triple Point Investment Management LLP, an experienced manager with over £1.8 billion of private, institutional, and public capital and has extensive experience in asset and project finance, portfolio management and structured investments

https://www.londonstockexchange.com/stock/DGI9/digital-9-infrastructure-plc/company-page

DGI9’s shares started trading on the London Stock Exchange on Wed 31st March 2021, after which it will complete the acquisition of Aqua Comms, which owns and operates America Europe Connect-1 (AEC-1), America Europe Connect-2 (AEC-2), and CeltixConnect-1 (CC-1), which run between key hubs in the US and Europe (UK, Ireland, Scandinavia). DGI9 aims to build a portfolio of companies primarily related (but not limited) to subsea fibre, data centres, terrestrial fibre, tower infrastructure and small cell networks (including 5G). Its primary focus will be digital infrastructure investments that are already operational and with an existing customer base.

Investment in “reaching out and touching the flame”

U2 – Where The Streets Have No Name (Official Music Video) – YouTube

I want to run, I want to hide
I wanna tear down the walls that hold me inside
I wanna reach out and touch the flame
Where the streets have no name, ha, ha, ha
I wanna feel sunlight on my face
I see that dust cloud disappear without a trace
I wanna take shelter from the poison rain
Where the streets have no name, oh, oh
Where the streets have no name
Where the streets have no name
We’re still building then burning down love
Burning down love
And when I go there, I go there with you
It’s all I can do
The city’s a flood
And our love turns to rust
We’re beaten and blown by the wind
Trampled in dust
I’ll show you a place
High on the desert plain, yeah
Where the streets have no name, oh, oh
Where the streets have no name
Where the streets have no name
We’re still building then burning down love
Burning down love
And when I go there, I go there with you
It’s all I can do
Our love turns to rust
We’re beaten and blown by the wind
Blown by the wind
Oh, and I see love
See our love turn to rust
Oh, we’re beaten and blown by the wind
Blown by the wind
Oh, when I go there
I go there with you
It’s all I can do

HICL Infrastructure Quarterly Dividend.

On Wednesday 31st March, HICL Infrastructure paid out is latest quarterly dividend.

2.06p a share

https://www.londonstockexchange.com/news-article/HICL/total-voting-rights/14635932

The total issued share capital with voting rights is 1,936,813,501.

Thus:-

1,936,813,501 x £0.0206 = £39,898,358.1206

That is £39m

https://www.londonstockexchange.com/stock/HICL/hicl-infrastructure-plc/company-page

Legal and General Annual Results

The UK’s largest money manager, Legal and General announced its annual results earlier in the week

www.legalandgeneralgroup.com

Some salient points from the results:-

-Full year dividend of 17.57p per share (2019: 17.57p) (maintaining the dividend year on year)
-Assets Under Management up 7% at £1,279bn (2019: £86.4bn; £1,196bn)- -That is £1.279 Trillion. (yes TRILLION)
-Our traded credit portfolio (excluding gilts), which is actively managed, has had no defaults
-That means all the debt it owns (bonds) have not defaulted, thus Legal and General as a creditor to large companies, those large companies have paid all debt repayments to Legal and General.