HM Government January 2024 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 post Covid 19 world. UK’s HM Government needs to fund many new demands. https://www.dmo.gov.uk

https://dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in January 2024, 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:-

30-Jan-2024 0 1/8% Index-linked Treasury Gilt 2051 3 months £961.7000 Million
24-Jan-2024 4½% Treasury Gilt 2028 £4,026.0000 Million
17-Jan-2024 4 5/8% Treasury Gilt 2034 £3,750.0000 Million
16-Jan-2024 0¾% Index-linked Treasury Gilt 2033 3 months £1,518.7750 Million
10-Jan-2024 3¾% Treasury Gilt 2027 £5,000.0000 Million
09-Jan-2024 4¾% Treasury Gilt 2043 £2,812.4990 Million
04-Jan-2024 3¾% Treasury Gilt 2038 £3,423.7490 Million

£961.7000 Million + £4,026.0000 Million + £3,750.0000 Million + £1,518.7750 Million + £5,000.0000 Million + £2,812.4990 + £3,423.7490 = £21,492.723 Million

£21,492.723 Million = £21.492723 Billion

On another way of looking at it, is in the 31 days in Jan 2024, HM Government borrowed:- £693.31364516129032258064516129032 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 bonds maturing from 2028 to 2051. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Artificial Intelligence ETF

The Legal and General Artificial Intelligence ETF is today valued at $608.5m

https://fundcentres.lgim.com/en/uk/institutional/fund-centre/ETF/Artificial-Intelligence/

Top 10 constituents (%)
Advanced Micro Devices 2.5% of the fund
NVIDIA 2.2% of the fund
Analog Devices 2.2% of the fund
Microsoft 2.1% of the fund
ASML 2.1% of the fund
Ambarella 2.0% of the fund
Cloudflare 2.0% of the fund
Autodesk 2.0% of the fund
Cognex Corporation 2.0% of the fund
Palo Alto Networks 2.0% of the fund

Courtesy if Legal and General Investment Management
Courtesy of The London Stock Exchange.

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

The Robotics and Automation ETF from Legal and General Investment Management

The Legal and General Robotics and Automation ETF is today valued at $915.8m.

https://fundcentres.lgim.com/en/uk/institutional/fund-centre/ETF/ROBO-Global-Robotics-and-Automation/

Courtesy of Legal and General Investment Management

Top 10 constituents (%)
Azenta 2.1% of the fund
Illumina 1.8% of the fund
Zebra Technologies 1.8% of the fund
Intuitive Surgical 1.8% of the fund
Teradyne 1.8% of the fund
Rockwell Automation 1.7% of the fund
Hexagon 1.7% of the fund
Kardex Group 1.7% of the fund
Novanta 1.7% of the fund
Cognex Corporation 1.7% of the fund

Courtesy of The London Stock Exchange

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

Invesco Bond Income Plus

The Invesco Bond Income Plus is a London listed investment trust.

Its objective is to provide a high level of dividend income relative to prevailing interest rates mainly through investment in bonds and other fixed-interest securities. The Company also invests in equities and other equity-like instruments consistent with the Investment Objective.

https://www.invesco.com/uk/en/investment-trusts/invesco-bond-income-plus-limited.html

Top Ten Holdings:-

Barclays PLC 9.25% 1.83% of the fund
Lloyds Banking Group 7.875% Perpetual PNC15 1.79% of the fund
Vodafone Group PLC 8% 1.48% of the fund
Aviva PLC 6.875% 1.42% of the fund
Clarios Global LP 8.5% 1.34% of the fund
Codere Finance 2 (Luxembourg) S.A 11% 1.21% of the fund
Sainsburys Bank Plc 10.5% 1.14% of the fund
Ziggo Bond Company B.V. 6% 1.12% of the fund
Petra Diamonds US$ Treasury plc 10.5% 1.11% of the fund
Legal & General Group PLC 5.625% 1.06% of the fund

https://www.londonstockexchange.com/stock/BIPS/invesco-bond-income-plus-limited/company-page

The Gresham House Energy Storage Fund

The Gresham House Energy Storage Fund plc (GRID) invests in a portfolio of utility-scale operational battery energy storage systems in Great Britain.
GRID seeks to provide shareholders with an attractive and sustainable dividend over the long term, alongside the prospect of capital growth.

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

The Gresham House Energy Storage Fund has had a turbulent time on the stock market with rising interest rates and the cost of capital rising.

Courtesy of The London Stock Exchange

Vodafone Feb 2024 Dividend

Last week on Friday 2nd Feb, Vodafone, the the UK’s seconding telecoms giant (BT plc being the primary telecoms group) paid out its Feb 2024 dividend

https://www.vodafone.com/

€0.045 = 3.84525p a share

https://www.londonstockexchange.com/news-article/VOD/total-voting-rights/16270840

the total number of voting rights in Vodafone is 27,078,739,427

Thus:-

27,078,739,427 x £0.0384525 = £1,041,245,227.8167175

That is £1041 millions paid to shareholders = £1.041 Billion

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

BT PLC Feb 2024 Dividend

Yesterday, BT PLC the UK’s premier telecoms group, paid out its Feb 2024 dividend

https://www.bt.com/

2.31p a share

https://www.londonstockexchange.com/news-article/BT.A/total-voting-rights/16270096

The total number of voting rights in BT Group plc on that date was 9,947,547,776

Thus:-

9,947,547,776 x £0.0231 = £229,788,353.6256

That is £229millions paid to shareholders.

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

Henderson High Income Trust

The Henderson High Income Trust is a London listed investment trust providing investors with a high dividend income stream while also maintaining the prospect of capital growth.

https://www.janushenderson.com/en-gb/investor/product/henderson-high-income-trust-plc/

TOP HOLDINGS

British American Tobacco 3.53% of Fund
Unilever 3.23% of Fund
RELX 3.04% of Fund
Rio Tinto 2.97% of Fund
HSBC 2.86% of Fund
BP 2.37% of Fund
Shell 2.33% of Fund
Imperial Brands 2.19% of Fund
3i Group 2.07% of Fund
National Grid 2.00% of Fund

https://www.londonstockexchange.com/stock/HHI/henderson-high-income-trust-plc/company-page

Courtesy of The London Stock Exchange

Manchester and London Investment Trust plc

The Manchester and London Investment Trust plc is a London listed investment trust, whose principal objective of the Manchester and London Investment Trust plc is to achieve capital appreciation.

https://mlcapman.com/manchester-london-investment-trust-plc/

Top 20 Equity & Bond holdings:-

MICROSOFT CORP 30.9% of the fund
NVIDIA CORP 19.7% of the fund
ADVANCED MICRO DEVICES INC 9.1% of the fund
ASML HOLDING NV 7.9% of the fund
CADENCE DESIGN SYS INC 7.3% of the fund
SYNOPSYS INC 6.8% of the fund
ARISTA NETWORKS INC 5.9% of the fund
ANSYS INC 4.4% of the fund
ALPHABET INC 4.1% of the fund
ORACLE CORP 3.2% of the fund
0-3 MONTH TREASURY BOND ETF 2.4% of the fund
INVESCO QQQ NASDAQ 100 ETF (2.4)% of the fund
INTUITIVE SURGICAL INC 1.9% of the fund
MOTOROLA SOLUTIONS INC 1.4% of the fund
BROADCOM INC 1.3% of the fund
APPLIED MATERIALS INC 1.0% of the fund
CISCO SYSTEMS INC 1.0% of the fund
POLAR CAPITAL TECHNOLOGY 0.7% of the fund
RAMBUS INC 0.5% of the fund
MICRON TECHNOLOGY INC 0.3% of the fund

Courtesy of M&L Capital Management Ltd

https://www.londonstockexchange.com/stock/MNL/manchester-london-investment-trust-plc/company-page

CT Private Equity Trust

The CT Private Equity Trust is a London listed investment trust. It invest in a diverse spread of private equity investments principally through exposure to specialist private equity funds and co-investments in individual companies

Courtesy of Columbia Threadneedle
Courtesy of Columbia Threadneedle

https://www.londonstockexchange.com/stock/CTPE/ct-private-equity-trust-plc/company-page

Courtesy of The London Stock Exchange

Royal London Short Term Money Market Fund

The Fund’s investment objective is to preserve capital and provide an income over rolling 12-month periods by predominantly investing in cash and cash equivalents. At least 80% of the Fund will be invested in eligible instruments as permitted by the UK Money Market Funds Regulation. These will include cash, time deposits, certificates of deposit, commercial paper, floating-rate notes, and short-dated government bonds.

Total fund size £6.54 Billion

Courtesy of Royal London Asset Management

Courtesy of Royal London Asset Management

Legal & General Cash Trust

The Legal & General Cash Trust is a fund whose objective of this Fund is to maintain capital and to provide a return in line with money market rates, before charges

Fund size £3,063.9m

Distribution yield 5.3%

Courtesy of Legal and General Investment Management
Courtesy of Legal and General Investment Management

Courtesy of Legal and General Investment Management

Marks and Spencer Group January 2024 Dividend

Yesterday Marks and Spencer Group PLC paid out its January dividend.

1p a share.

https://www.marksandspencer.com

https://www.londonstockexchange.com/news-article/MKS/total-voting-rights/16271807

The Company’s capital consists of 1,973,035,880 ordinary shares with voting rights

Thus:-

1,973,035,880 x £0.01 = £19,730,358.8

That is £19.73 Million paid to shareholders

https://www.londonstockexchange.com/stock/MKS/marks-and-spencer-group-plc

3i Infrastructure PLC

Today 3i Infrastructure PLC pays out its January 2024 dividend.

www.3i-infrastructure.com

5.95p a share

https://www.londonstockexchange.com/news-article/3IN/total-voting-rights/15838524

3i Infrastructure plc (the “Company”) has 922,350,000 issued ordinary shares.

922,350,000 x £0.0595 = £54,879,825

That is £54 million paid to shareholders.

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

HM Government December 2023 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 post Covid 19 world. UK’s HM Government needs to fund many new demands. https://www.dmo.gov.uk

https://dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in December 2023, 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:-

19-Dec-2023 4 5/8% Treasury Gilt 2034 £3,000.0000 Million
13-Dec-2023 3¾% Treasury Gilt 2053 £2,500.0000 Million
12-Dec-2023 4½% Treasury Gilt 2028 £4,687.4980 Million
06-Dec-2023 0 7/8% Green Gilt 2033 £3,000.0000 Million
05-Dec-2023 0¾% Index-linked Treasury Gilt 2033 3 months £1,567.4500 Million

£3,000.0000 Million + £2,500.0000 Million + £4,687.4980 Million + £3,000.0000 Million + £1,567.4500 Million = £14,754.948 Million

£14,754.948 Million = £14.754948 Billion

On another way of looking at it, is in the 31 days in Dec 2023, HM Government borrowed:- £475.96606451612903225806451612903 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 bonds maturing from 2028 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

CT GLOBAL MANAGED PORTFOLIO TRUST PLC

The CT GLOBAL MANAGED PORTFOLIO TRUST PLC is a “fund of funds” that buys London listed investment trusts, it is a multi-manager investment trusts.

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.columbiathreadneedle.co.uk/global-managed-portfolio-trust-plc/

Top 10 holdings (%) % of net assets Sector


HgCapital Trust 4.8%of the fund Private Equity
Fidelity Special Values 3.8%of the fund UK All Companies
Finsbury Growth & Income Trust 3.6%of the fund UK Equity Income
Law Debenture Corporation 3.5%of the fund UK Equity Income
Polar Capital Technology Trust 3.3%of the fund Technology & Technology Innovation
Allianz Technology Trust 3.0%of the fund Technology & Technology Innovation
Aurora Investment Trust 3.0%of the fund UK All Companies
Worldwide Healthcare Trust 3.0%of the fund Biotechnology & Healthcare
Monks Investment Trust 2.9%of the fund Global
Oakley Capital Investments 2.9%of the fund Private Equity

https://www.londonstockexchange.com/stock/CMPG/ct-global-managed-portfolio-trust-plc/company-page

UK Debt.

UK government borrowing: –

https://www.bbc.co.uk/news/business-50504151

According to this data, two months in 2022 saw record levels of money set aside for debt interest: £20bn in June and £18bn in December.

June 2023 saw the third largest monthly amount – £12.8bn.

The most recent November figure revealed interest on government debt was £7.7bn.

During the 2022-23 financial year, the government spent £108bn on debt interest – more than it spent on education.

JLEN Environmental Assets Group

The JLEN Environmental Assets Group is a London listed investment trust.
JLEN is an environmental infrastructure investment fund which aims to provide shareholders with a sustainable, progressive dividend, paid quarterly and to preserve the capital value of its portfolio on a real basis over the long term through the reinvestment of cash flows not required for the payment of dividends.

On Friday 29th Dec 2023, it paid out its quarterly dividend.

1.89p a share

661,500,000 shares in circulation:-

661,500,000 x £0.0189 = £12,502,350

£12 million paid to shareholders

Courtesy of the London Stock Exchange

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

Gresham House Energy Storage Fund

Gresham House Energy Storage Fund plc (GRID or the Fund) seeks to capitalise on the growing intraday supply and demand imbalances caused by our 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 Battery Energy Storage Systems (BESS) located in Great Britain and internationally, which primarily
use batteries to import and export power, accessing the multiple revenue sources available in the power market

The Gresham House Energy Storage Fund paid out its December dividend.

1.8375p a share

Ordinary Shares in issue 573,444,694

Thus:-

573,444,694 x £0.018375 = £10,537,046.25225

That is £10 million

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

The Murray Income Trust

Founded in Glasgow on 8 June 1923, Murray Income Trust celebrates its centenary this year and today invests for a high and growing income from a portfolio predominantly of UK equities.

https://www.murray-income.co.uk

For most investors, one hundred years may be beyond their time horizon, but Murray Income’s growth over this period shows what is possible. The original Trust maintained an extremely broad mandate, allowing it to invest in securities of any kind, issued by any company or corporation in the United Kingdom or in any other foreign country. The Second Scottish Western Investment Company, as it was then known, started with initial share capital of £500,000. Fast forward to 30 June 2023 and its net asset value was £1bn. That is quite some appreciation.

This year’s centenary has been an important milestone, particularly as the portfolio has weathered a range of market environments over that period – from the oil price shocks of the 1970s, to the international debt crisis of the 1980s, the collapse of the Eastern bloc, to the technology boom and bust of the 2000s and the Global Financial Crisis and its aftermath in the 2010s.

In addition to the centenary celebrations, 2023 also marked the 50th consecutive year that Murray Income Trust has grown its dividend. It is incredible to think back on the economic context across that time and to reflect on the continual growth of the last 50 years.

The Association of Investment Companies (AIC) accords ‘dividend hero’ status to those select investment trusts which have raised their annual dividend consecutively for twenty years or more. Maintaining that ‘dividend hero’ status is both a source of pride for the Board and a priority for the future.

Representing a yield of 4.56%*, the Company’s dividend per share has grown from 0.47p in 1973 to 37.5p in 2023, representing a compound annual growth rate of 9.2%.

https://www.londonstockexchange.com/stock/MUT/murray-income-trust-plc/company-page

HSBC December 2023 Dividend

HSBC, one of the world’s largest banking groups, pays put its December 2023 dividend

https://www.hsbc.com

US$0.10 per share
approximately HK$0.780278 per share; or
approximately £0.079529 per share.

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/16232979

the issued share capital of HSBC Holdings plc was 19,358,281,736 ordinary shares of US$0.50

Thus:-

19,358,281,736 x £0.079529 = £1,539,544,788.182344

That is £1539 Million = £1.539 Billion paid to shareholders

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

Shell PLC, quarterly December 2023 dividend.

Yesterday, the oil major, Shell PLC, paid out its quarterly dividend.

https://www.shell.com

$0.331 = 26.31p a share

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/16233056

Thus:-

Shell plc’s capital as at November 30, 2023, consists of 6,566,944,926 ordinary shares of €0.07 each

6,566,944,926 x £0.2631 = £1,727,763,210.0306

£1,727,763,210.0306 = £1727 Million = £1.727 Billion paid to shareholders

https://www.londonstockexchange.com/stock/SHEL/shell-plc/company-page

BP December 2023 dividend.

Today, the Oil Major BP PLC pays out its quarterly dividend.

https://www.bp.com

5.7367p a share

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/16234397

The total number of voting rights in BP p.l.c. is 16,942,596,877

Thus:-

16,942,596,877 x £0.057367 = 971,945,955.042859

That is £971million, paid to shareholders

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

HM Government November 2023 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 post Covid 19 world. UK’s HM Government needs to fund many new demands. https://www.dmo.gov.uk

https://dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in November 2023, 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:-

29-Nov-2023 3½% Treasury Gilt 2025 £4,678.8750 million
28-Nov-2023 3¾% Treasury Gilt 2053 £2,750.0000 million
08-Nov-2023 0 1/8% Index-linked Treasury Gilt 2051 3 months £1,042.4500 million
07-Nov-2023 4 5/8% Treasury Gilt 2034 £4,392.3310 million
01-Nov-2023 4½% Treasury Gilt 2028 £4,598.5680 million

£4,678.8750 million+ £2,750.0000 million + £1,042.4500 million + £4,392.3310 million + £4,598.5680 million = £17,462.224 Million

£17,462.224Million = £17.462224 Billion

On another way of looking at it, is in the 30 days in Nov 2023, HM Government borrowed:- £582.07413333333333333333333333333 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 bonds maturing from 2025 to 2051. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Fidelity Emerging Markets PLC

The Fidelity Emerging Markets is London listed investment trust, its objective to achieve long term growth by primarily investing in companies whose head office, listing, assets, operations, income, or revenues are predominantly in or derived from emerging markets.

Share price 590p
Net Asset Value 675p

Discount -11.88%

in other words, you are buying 675p for 590p.

Top Net Long Positions

TAIWAN SEMICONDUCTOR MFG CO. Taiwan
KASPI/KZ JSC. Kazakhstan
HDFC BANK LTD. India
SAMSUNG ELECTRONICS CO LTD, South Korea
ICICI BANK LTD. India.
AXIS BANK LTD.India.
NU HOLDINGS LTD/CAYMAN. Brazil
ISLANDS AIA GROUP LTD. Hong Kong
CHINA MENGNIU DAIRY CO. China.
BANK CENTRAL ASIA TBK PT. Indonesia

Henderson Opportunities Trust plc

The Henderson Opportunities Trust plc is a London listed investment trust.

https://www.janushenderson.com/en-gb/investor/product/henderson-opportunities-trust-plc/

Share price = 964.00p
Estimated NAV = 1,124.19p

Thus buying assets of £11.24 for £9.64

TOP HOLDINGS (As of 31/10/2023)

Barclays 3.60% of Fund
Vertu Motors 3.49% of Fund
Boku 3.19% of Fund
Serica Energy 2.99% of Fund
Rio Tinto 2.94% of Fund
HSBC 2.85% of Fund
Standard Chartered 2.71% of Fund
Jersey Oil & Gas 2.65% of Fund
Rolls-Royce 2.60% of Fund
Next 15 Group 2.47% of Fund

The total assets are:-

4D PHARMA NPV
ACCSYS TECHNOLOGIES EUR0.05
AFC ENERGY GBP0.001
ANGLO AMER USD0.54945
AVIVA ORD GBP0.25
BABCOCK INTL GRP GBP0.6
BARCLAYS GBP0.25
BOKU USD0.0001
BT GRP ORD GBP0.05
CERES POWER HLDGS ORD GBP0.10
CHAMBERLIN GBP0.25
CML MICROSYSTEMS ORD GBP0.05
COHORT ORD GBP0.1
CREO MEDICAL GRP GBP0.1
DELTEX MEDICAL GRP GBP0.01
DELTIC ENERGY NPV
DEUTSCHE GBL LIQUIDITY SER MANAGED PLATINUM INCOME
DIANOMI NPV
DIRECT LINE INSURANCE GBP 0.109090909
FASTJET ORD GBP1
FLOWTECH FLUIDPOWER NPV
FLUTTER ENT GBP0.09
GB GRP GBP 2.5
GRC INTL NPV
GSK GBP0.3125
GYM GRP THE WI NPV
HALFORDS GRP GBP0.01
HOLLYWOOD BOWL GRP NPV
HSBC HLDGS USD0.5
HVIVO NPV
I3 ENERGY GBP0.0001
ILIKA NPV
INDUS GAS ORD GBP0.01
INTEGRAFIN HLDGS -WI GBP0.01
INTL CONSOLIDATED AIRLINE EUR0.5
INTL PERSONAL FINANCE GBP0.1
IP GRP GBP0.02
IQE GBP0.01
IQGEO GRP GBP0.02
ITM POWER GBP0.05
JADESTONE ENERGY ORD GBP 0.5
JERSEY OIL & GAS GBP0.01
JOHNSON MATTHEY GBP1.101698
JUBILEE METALS GRP GBP0.01
KIER GRP ORD GBP0.01
KRM22 ORD GBP0.10
LEGAL & GENERAL GRP GBP0.025
M&G GBP0.05
MARKS & SPENCER GRP GBP0.25
MARKS ELECTRICAL GRP NPV
MARSHALLS GBP0.25
MORGAN ADVANCED MATERIALS GBP0.25
NATWEST GRP GBP1.0769
NEXT 15 GRP GBP0.025
OXFORD BIODYNAMICS ORD GBP0.01
OXFORD INSTRUMENTS ORD GBP0.05
OXFORD NANOPORE TECHNOLO-W/I GBP0.0001
OXFORD SCIENCES INNOVATION P GBP (STRIUE HLDGS)
PREMIER MITON GRP NPV
PRUDENTIAL GBP0.05
REABOLD RESOURCES GBP0.001
REACH GBP0.1
REDCENTRIC GBP0.001
REDDE NORTHGATE GBP0.5
RENOLD ORD GBP0.05
REVOLUTION BARS GRP GBP0.1
RICARDO ORD GBP0.25
RIO TINTO ORD GBP0.1
ROLLS ROYCE HLDGS GBP0.2
RWS HLGDS GBP0.01
SENIOR GBP0.1
SERICA ENERGY ORD USD0.10
SIGMAROC GBP0.01
SIMEC ATLANTIS ENERGY LTD NPV
SPRINGFIELD PROPER ORD GBP0.00125
STANDARD CHARTERED USD0.5
STUDIO RETAIL GRP GBP0.1
STV GRP ORD GBP0.5
SURFACE TRANSFORMS GBP0.01
TESCO GBP0.0633333
TRACSIS GBP0.004
TRIBAL GRP ORD GBP0.05
VAN ELLE HLDGS NPV
VANQUIS BANKING GRP GBP0.2072727
VELOCYS GBP0.1
VERTU MOTORS ORD GBP0.1
WESTMINSTER GRP GBP0.1
WORKSPACE GRP ORD GBP1
XP POWER GBP0.01
ZOO DIGITAL GRP ORD GBP0.01

https://www.londonstockexchange.com/stock/HOT/henderson-opportunities-trust-plc/company-page

iShares £ Ultrashort Bond UCITS ETF GBP

The Fund seeks to track the performance of an index composed of Sterling denominated investment grade corporate bonds and quasi-government bonds.

TOP HOLDINGS (%)

KFW MTN RegS 2.85% of the ETF
BLK ICS STER LEAF AGENCY DIST 2.51% of the ETF
INTER-AMERICAN DEVELOPMENT BANK 2.15% of the ETF
SANTANDER UK PLC RegS 1.99% of the ETF
NATIONAL AUSTRALIA BANK LTD RegS 1.65% of the ETF
BANK OF NOVA SCOTIA RegS 1.61% of the ETF
KFW MTN RegS 1.58% of the ETF
EUROPEAN INVESTMENT BANK MTN RegS 1.57% of the ETF
ROYAL BANK OF CANADA RegS 1.43% of the ETF
LANDWIRTSCHAFTLICHE RENTENBANK MTN RegS 1.43% of the ETF

Total of 18.77% of the ETF

Courtesy of iShares

HM Government October 2023 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 post Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7


Another deficit month, thus to bridge the gap, needs to borrow on the bond market in October 2023, 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:-


25-Oct-2023 3¾% Treasury Gilt 2038 £3,220.3120 Million
24-Oct-2023 0¾% Index-linked Treasury Gilt 2033 3 months £1,500 Million
17-Oct-2023 3¾% Treasury Gilt 2053 £2,750.0000 Million
11-Oct-2023 4 5/8% Treasury Gilt 2034 £4,687.4990 Million
10-Oct-2023 0 1/8% Index-linked Treasury Gilt 2039 3 months £900.0000 Million
04-Oct-2023 3½% Treasury Gilt 2025 £5,312.5000 Million


£3,220.3120 Million + £1,500 Million + £2,750.0000 Million + £4,687.4990 Million + £900.0000 Million + £5,312.5000 Million = £18,369.811 Million

£18,369.811 Million = £18.369811 Billion

On another way of looking at it, is in the 31 days in Oct 2023, HM Government borrowed:- £592.57454838709677419354838709677 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 bonds maturing from 2025 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Dunedin Income Growth Investment Trust

The Dunedin Income Growth Investment Trust, was formed in 1873 in Dundee, targeting growth of income and capital from a portfolio invested mainly in UK companies that meet the Company’s Sustainable and Responsible investing criteria.

Twenty largest equity holdings (%)

AstraZeneca 8.9% of the fund
Unilever 7.2% of the fund
TotalEnergies 5.7% of the fund
RELX 5.2% of the fund
Diageo 4.5% of the fund
London Stock Exchange 4.5% of the fund
Chesnara 3.4% of the fund
SSE 2.8% of the fund
Games Workshop 2.7% of the fund
Sage 2.7% of the fund
Weir 2.6% of the fund
Intermediate Capital 2.6% of the fund
Taylor Wimpey 2.5% of the fund
Prudential 2.5% of the fund
M&G 2.3% of the fund
Edenred 2.3% of the fund
Coca-Cola HBC 2.2% of the fund
Volvo 2.1% of the fund
Nordea Bank 2.1% of the fund
Morgan Sindall 2.1% of the fund

Total 70.9 % of the fund
Total number of investments 36

https://www.londonstockexchange.com/stock/DIG/dunedin-income-growth-investment-trust-plc/company-page

Tesco PLC November 2023 Dividend

Tomorrow, Tesco PLC pays out its November 2023 dividend.

https://www.tescoplc.com/

3.85p a share

https://www.londonstockexchange.com/news-article/TSCO/total-voting-rights/16191782

The Company’s share capital as at 31 October 2023 consisted of 7,095,089,662 ordinary shares of 6 1/3 pence each. Each ordinary share carries the right to one vote in relation to all circumstances at general meetings of the Company. The Company does not hold any shares in Treasury.

Thus:-

7,095,089,662 x £0.0385 = £273,160,951.987

£273.16 Million paid to shareholders

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

Mid Wynd International Investment Trust

The Company aims to achieve capital and income growth by investing on a worldwide basis. Although the Company aims to provide dividend growth over time, its primary aim is to maximise total returns to shareholders.

https://www.lazardassetmanagement.com/uk/en_uk/funds/investment-trusts/mid-wynd-investment-trust/f5461/s36/?shareClass=14121

NET ASSET VALUE (p)
688.89

SHARE PRICE (p)
675.00

PREMIUM / DISCOUNT (%)
-2.02

YIELD (%)
1.16

MARKET CAP (£)
378.7 million

The investments:-

Equities

Amazon North America Consumer Discretionary Online Services £16.969m 3.8% of the fund
Alphabet North America Communication Services Online Services £15,682m 3.5% of the fund
LVMH Moet Hennessy Louis Vuitton Europe Consumer Discretionary Sustainable Consumer £14.052m 3.1% of the fund
Microsoft North America Information Technology Online Services £13.658m 3.0% of the fund
Taiwan Semiconductor Manufacturing Emerging Markets Information Technology Automation £13.100m 2.9% of the fund
UnitedHealth Group North America Health Care Healthcare Costs £12.917m 2.9% of the fund
Mastercard North America Financials Digital Finance £12,326m 2.7% of the fund
Rockwell Automation North America Industrials Automation £11.363m 2.5% of the fund
Merck North America Health Care Healthcare Costs £11,091m 2.5% of the fund
Singapore Telecommunications Developed Asia Communication Services Screen Time £11.063m 2.5% of the fund
Top 10 investments £132.221m 29.4% of the fund

Thermo Fisher Scientific North America Health Care Scientific Equipment £11.046m 2.5% of the fund
Mitsubishi UFJ Financial Group Japan Financials Digital Finance £10.475m 2.3% of the fund
Humana North America Health Care Healthcare Costs £10.353m 2.3% of the fund
Essilorluxottica Europe Health Care Sustainable Consumer £9.671m 2.2% of the fund
Cie Financiere Richemont Europe Consumer Discretionary Sustainable Consumer £9.497m 2.1% of the fund
Sumitomo Mitsui Financial Group Japan Financials Digital Finance £9.350m 2.1% of the fund
ANSYS North America Information Technology Automation £9.317m 2.1% of the fund
Union Pacific North America Industrials Lower Carbon World £9.,159m 2.0% of the fund
Schneider Electric Europe Industrials Lower Carbon World £9.118m 2.0% of the fund
Synopsys North America Information Technology Automation £8.652m 1.9% of the fund
Top 20 investments 228.859m 50.9% of the fund

Novo Nordisk Europe Health Care Healthcare Costs £8.602m 1.9% of the fund
Keyence Japan Information Technology Automation £8.563m 1.9% of the fund
Omnicom North America Communication Services Screen Time £8.442m 1.9% of the fund
Panasonic Holdings Japan Consumer Discretionary Lower Carbon World £8.393m 1.9% of the fund
Estee Lauder North America Consumer Staples Sustainable Consumer £8.358m 1.9% of the fund
Accenture North America Information Technology Online Services £8.208m 1.8% of the fund
Mettler-Toledo International North America Health Care Scientific Equipment £7.661m 1.7% of the fund
Adobe North America Information Technology Online Services £7.550m 1.7% of the fund
Revvity (formerly PerkinElmer) North America Health Care Scientific Equipment £7.520m 1.7% of the fund
SMC Japan Industrials Automation £7.480m 1.7% of the fund
Top 30 investments £309.636m 69.0% of the fund

Siemens AG Europe Industrials Lower Carbon World £7.401m 1.6% of the fund
Halliburton North America Energy Lower Carbon World £7.220m 1.6% of the fund
Samsung Developed Asia Information Technology Screen Time £7.155m 1.6% of the fund
Avery Dennison North America Materials Sustainable Consumer £7.088m 1.6% of the fund
Proctor & Gamble North America Consumer Staples Sustainable Consumer £7.026m 1.6% of the fund
Rio Tinto UK Materials Lower Carbon World £6.980m 1.6% of the fund
Diageo UK Consumer Staples Sustainable Consumer £6.761m 1.5% of the fund
EQT North America Energy Lower Carbon World £6.643m 1.5% of the fund
Salesforce North America Information Technology Online Services £6.637m 1.5% of the fund
Hexagon Europe Information Technology Automation £6.636m 1.5% of the fund
Top 40 investments £379.183m 84.6% of the fund

Toyota Industries Japan Industrials Automation £6.397m 1.4% of the fund
Prologis (REIT)^ North America Real Estate Automation £6.335m 1.4% of the fund
Agilent Technologies North America Health Care Scientific Equipment £5.879m 1.3% of the fund
First Solar North America Information Technology Lower Carbon World £5.719m 1.3% of the fund
Uber Technologies North America Industrials Online Services £5.688m 1.3% of the fund
Unilever UK Consumer Staples Sustainable Consumer £5.566m 1.2% of the fund
Intel Corp North America Information Technology Automation £4.990m 1.1% of the fund
Toppan Japan Industrials Screen Time £4.456m 1.0% of the fund
Thai Beverage Developed Asia Consumer Staples Sustainable Consumer £4.146m 0.9% of the fund
Lam Research North America Information Technology Automation £3.193m 0.7% of the fund
Top 50 investments £431.,552m 96.2% of the fund

Gore Street Energy Storage Fund UK Financials Lower Carbon World £3.129m 0.7% of the fund
Siemens Energy AG Europe Industrials Lower Carbon World £3.041m 0.7% of the fund
Aker Carbon Capture Europe Industrials Lower Carbon World £1.216m 0.2% of the fund
Total equity investments (53) £438.938m 97.8% of the fund
Net current assets £10.088m 2.2% of the fund

Total net assets £449.026m 100.0% of the fund

https://www.londonstockexchange.com/stock/MWY/mid-wynd-international-investment-trust-plc/company-page

The abrdn Smaller Companies Income Trust

The abrdn Smaller Companies Income Trust is a London listed investment trust.

The investment objective To provide a high and growing dividend and capital growth from a portfolio invested principally in the ordinary shares of smaller UK companies and UK fixed income securities

Ten largest equity holdings (%)
4imprint 3.9% of the trust
Morgan Sindall 3.9% of the trust
Games Workshop 3.7% of the trust
Hollywood Bowl 3.5% of the trust
Bytes Technology 3.4% of the trust
Tatton Asset Management 2.9% of the trust
Alpha FMC 2.9% of the trust
discoverIE 2.8% of the trust
Greggs 2.8% of the trust
Softcat 2.7% of the trust


Total 32.5% of the trust

Total investments £54,747,000 92.1%
Cash & cash equivalents £5,120,000 8.7%09
Other net assets (£450,000) (0.8%)
Debt – 0.0

https://www.londonstockexchange.com/stock/ASCI/abrdn-smaller-companies-income-trust-plc/company-page

US Government Debt:

Some interesting statistics we published last week from the US Treasury:-

Treasury to borrow $776 billion in final three months of year (cnbc.com)

The US Treasury said it expects to borrow $816 billion between January and March. The announcement comes 10 days after the government said the fiscal 2023 budget deficit would be about $1.7 trillion.

So in 2023 the US Government spends £1.7 Trillion MORE that the US Government receives in tax revenue and thus bridges the gap by borrowings.

Lets give some context to the level of the US Government spending:-

The United States led the ranking of countries with highest military spending in 2022, with 877 billion U.S. dollars dedicated to the military

America’s debt—now $26 Trillion and growing—also goes up. In the fiscal year ending on September 30th 2023, interest payments on America’s debt totalled some $660bn

What Are Interest Costs on the National Debt? (pgpf.org)

Hg Capital Trust

The Hg Capital Trust is a London listed investment trust.

https://www.hgcapitaltrust.com/portfolio

Shareprice = 390p
Net Asset Value = 473p

Thus, buying 473p for 390p.

The objective of HgCapital Trust (‘HGT’) is to provide shareholders with consistent long-term returns in excess of the FTSE All-Share Index by investing predominantly in unquoted companies where value can be created through strategic and operational change.

The investment opportunity

Exposure to a portfolio of 48 companies diversified by end market and geography – with enterprise values of £100 million to over £10 billion

The top 20 investments, representing 76% of portfolio value

https://www.londonstockexchange.com/stock/HGT/hg-capital-trust-plc/company-page

Ruffer Investment Company

The Ruffer Investment Company is a London listed investment trust

https://www.ruffer.co.uk/en/funds/ruffer-investment-company

Investment objective:

The principal objective of the Company is to achieve a positive total annual return, after all expenses, of at least twice the Bank of England base rate. The Company predominantly invests in internationally listed or quoted equities or equity-related securities (including convertibles) or bonds which are issued by corporate issuers, supra-nationals or government organisations. Where appropriate, collective
investment schemes will also be used to gain exposure to these assets.

10 largest equity holdings*

Alibaba Group ADR 1.0% of fund
Taiwan Semiconductor Manufacturing Co 0.5% of fund
Ambev SA 0.5% of fund
BP 0.4% of fund
Bayer AG 0.4% of fund
Swire Pacific 0.4% of fund
Hipgnosis Songs Fund 0.4% of fund
Pioneer Natural Resources Company 0.3% of fund
Amazon 0.3% of fund
Taylor Maritime 0.3% of fund

5 largest bond holdings

US Treasury FRN 31 Oct 2024 4.1% of fund
US Treasury FRN 31 Jul 2024 3.7% of fund
Japan government 0.005% Aug 2024 3.3% of fund
Japanese govt bonds 0.005% 1 Jul 2024 3.2% of fund
Japanese govt bonds 0.005% 1 Jun 2024 3.2% of fund

RUFFER INVESTMENT COMPANY LTD RICA Stock | London Stock Exchange

Phoenix Group Holdings

Phoenix Group Holdings PLC, today, the life insurer Phoenix Group Holdings pays out its October dividend.

https://www.thephoenixgroup.com/

26p a share.

https://otp.tools.investis.com/clients/uk/phoenix_group4/rns/regulatory-story.aspx?cid=100&newsid=1719085

Therefore, the total number of voting rights in the Company is 1,001,523,268

Thus:-

1,001,523,268 x £0.26 = £260,396,049.68

That is £260 million, paid to shareholders.

https://www.londonstockexchange.com/stock/PHNX/phoenix-group-holdings-plc/company-page

Personal Assets Trust plc

Personal Assets Trust is what its name implies. It is an investment trust run for private investors, who may often have committed to it a substantial proportion of their personal wealth. Established in Edinburgh in 1983, the Trust’s logo bears the image of its first address. From its inception, Personal Assets Trust has sought to emphasise capital preservation and absolute returns. The Trust is conservatively managed, with concentrated equity holdings and low turnover. It takes a long-term, long-only approach, and has the flexibility to invest in a broad range of asset classes – primarily developed market equities and bonds, gold-related investments, and also cash and short-dated Treasury bills.

Today, Personal Assets Trust has grown to be a constituent of the FTSE 250 index. The Trust is still based in Edinburgh, while our manager, Troy Asset Management Limited, is based in London

It top 10 holdings:-

Gold Bullion (Bars) 9.8% of the fund
Unilever 3.6% of the fund
Nestlé 2.9% of the fund
Visa 2.6% of the fund
Diageo 2.3% of the fund
Becton Dickinson 1.9% of the fund
Microsoft 1.7% of the fund
Alphabet 1.7% of the fund
Franco-Nevada 1.5% of the fund
Procter & Gamble 1.4% of the fund

Total Top 10 29.5%

6 other equity holdings 5.7%
US TIPS 34.8% of the fund
Short-dated Gilts 15.2% of the fund
Short-dated US Treasuries 11.0% of the fund
UK Index-Linked 3.0% of the fund
Cash 0.8% of the fund

TOTAL 100.0%

Capital Structure:-

Shares with voting rights 376,973,429
Shares held in treasury 15,831,771
Net Assets £1,772,914,612

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

The CT Private Equity Trust PLC

The CT Private Equity Trust PLC is a London listed investment trust.

The Company’s objective is to achieve long-term capital growth through investment in private equity assets, whilst providing shareholders with a predictable and above average level of dividend funded from a combination of the Company’s revenue and realised capital profits

Net Assets £511.7 million

Buyout Funds – Pan European* 10.7% of the fund
Buyout Funds – UK 16.6% of the fund
Buyout Funds – Continental Europe ~ 18.4% of the fund
Secondary Funds 0.1% of the fund
Private Equity Funds – USA 4.5% of the fund
Private Equity Funds – Global 1.1% of the fund
Venture Capital Funds 3.9% of the fund
Direct – Quoted 0.9% of the fund
Direct Investments/Co-investments 43.8% of the fund

100.0% of the fund

Ten Largest Individual Holdings Valuation Total :-

Sigma 3.3% of the fund
Inflexion Strategic Partners 2.8% of the fund
Coretrax 2.6% of the fund
Jollyes 2.1% of the fund
TWMA 2.0% of the fund
Aurora Payment Solutions 1.9% of the fund
F&C European Capital Partners 1.9% of the fund
Bencis V 1.8% of the fund
SEP V 1.7% of the fund
Apposite Healthcare II 1.6% of the fund

21.7% of the fund

CT PRIVATE EQUITY TRUST PLC CTPE Stock | London Stock Exchange

Wise Quote

“A 10% decline in the market is fairly common—it happens about once a year. Investors who realize this are less likely to sell in a panic, and more likely to remain invested, benefitting from the wealth building power of stocks.”

Christopher Davis

HM Government September 2023 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.09
Now we are in a post Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in Sept 2023, 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:-

26-Sep-2023 0 7/8% Green Gilt 2033 £3,000.0000 Million
19-Sep-2023 3¾% Treasury Gilt 2053 £2,750.0000 Million
13-Sep-2023 3¼% Treasury Gilt 2033 £4,002.1250 Million
12-Sep-2023 0 1/8% Index-linked Treasury Gilt 2051 3 months £910.0000 Million
06-Sep-2023 4½% Treasury Gilt 2028 £4,660.4250 Million

£3,000.0000 Million + £2,750.0000 Million + £4,002.1250 Million + £910.0000 Million + £4,660.4250 Million = £15,322.55 Million

£15,322.55 Million = £15.32255 Billion

On another way of looking at it, is in the 30 days in Sept 2023, HM Government borrowed:- £510.75166666666666666666666666667 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 bonds maturing from 2028 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Aviva. November 2023 dividend

Aviva plc today pays out its November 2023 dividend.

https://www.aviva.com

11.1p a share

https://www.londonstockexchange.com/news-article/AV./total-voting-rights/16146564

the total number of voting rights in Aviva plc was 2,738,473,851.

Thus:-

2,738,473,851 x £0.111 = £303,970,597.461

That is £303 million paid out to shareholders.

https://www.londonstockexchange.com/stock/AV./aviva-plc/company-page

Legal and General September Dividend

Last week, the UK’s largest money manager, paid out is September dividend.

https://www.legalandgeneralgroup.com

5.71p

https://www.londonstockexchange.com/news-article/LGEN/total-voting-rights/16108182

The total number of voting rights in the Company is 5,978,425,946

Thus:-

5,978,425,946 x £0.0571 = £341,368,121.5166

That is £341 million

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

Legal & General International Index Trust

The objective of the Fund is to track the performance of the FTSE World (ex UK) Index

Fund size is £3,795.7m

Courtesy of Legal and General Investment Management
Courtesy of Legal and General Investment Management

This fund may be suitable for investors looking for growth by tracking the shares in
middle and large capitalisation companies across all economic sectors that are in the
developed and advanced emerging markets globally (excluding the United Kingdom) as
represented by the index

HM Government Borrowings: August 2023

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 post Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in Sept 2023, 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:-

22-Aug-2023 0¾% Index-linked Treasury Gilt 2033 3 months £1,840.0250 Million
15-Aug-2023 1 1/8% Treasury Gilt 2039 £2,500.0000 Million
09-Aug-2023 3¼% Treasury Gilt 2033 £3,500.0000 Million
08-Aug-2023 0 1/8% Index-linked Treasury Gilt 2039 3 months £1,104.5000 Million
01-Aug-2023 3½% Treasury Gilt 2025 £4,000.0000 Million

£1,840.0250 Million + £2,500.0000 Million + £3,500.0000 Million + £1,104.5000 Million + £4,000.0000 Million = £12,944.525 Million

£12,944.525 Million = £12.944525 Billion

On another way of looking at it, is in the 31 days in August 2023, HM Government borrowed:- £417.56532258064516129032258064516 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 bonds maturing from 2025 to 2039. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Assets of the Witan Investment 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/about-witan/our-strategy

Courtesy of The Witan Investment Trust plc
Courtesy of The Witan Investment Trust plc
Courtesy of The Witan Investment Trust plc

SECURITY % OF TOTAL INVESTMENT

GMO INVSTS ICAV CLIMATE CHANGE INVST A GBP ACC 6.24 % of the fund
APAX GBL ALPHA NPV 2.62 % of the fund
VH GBL SUSTAINABLE ENERGY NPV 2.53 % of the fund
PRINCESS PRIVATE EQTY HLDGS ORD EUR0.001 2.02 % of the fund
MICROSOFT CORP USD0.00000625 1.61 % of the fund
DIAGEO GBP28.93518 1.60 % of the fund
NATWEST GRP GBP1.0769 1.53 % of the fund
BP USD0.25 1.51% of the fund % of the fund
AMAZON.COM USD0.01 1.45 % of the fund
ALPHABET A USD0.001 1.35% of the fund
AIB GRP NPV 1.35% of the fund
CANADIAN PACIFIC KANSAS CITY NPV 1.25 % of the fund
MASTERCARD A USD0.0001 1.24 % of the fund
RELX GBP0.144397 1.22% of the fund
LONDON STK EXCHANGE GRP GBP0.06918605 1.21% of the fund
WRLD WRESTLING ENTERTAIN A USD0.01 1.18% of the fund
NVIDIA CORP USD0.001 1.18% of the fund
NINTENDO CO NPV 1.15% of the fund
UNITEDHEALTH GRP USD0.01 1.12% of the fund
BLACKROCK WORLD MINING TST ORD GBP0.05 1.12% of the fund
SYNCONA ORD NPV 1.09% of the fund
MONDELEZ INTL USD0.01 1.08% of the fund
VANG FTSE250 GBPD 1.04% of the fund
PEPSICO USD0.017 1.01% of the fund
SCHRODER REAL ESTATE INV TST ORD NPV 0.99% of the fund
INTUIT USD0.01 0.99% of the fund
HEINEKEN HLDGS EUR1.6 0.96% of the fund
LLOYDS BANKING GRP GBP0.1 0.95% of the fund
UNILEVER GBP0.031111 0.94% of the fund
AIRBUS SE EUR1 0.93% of the fund
FAIR ISAAC CORP USD0.01 0.90% of the fund
THERMO FISHER SCIENTIFIC USD1 0.89% of the fund
ARCELORMITTAL NPV 0.87% of the fund
COMPAGNIE DE ST GOBAIN EUR4 0.86% of the fund
VINCI EUR2.5 0.85% of the fund
HARBOURVEST GBL PRIVA NPV 0.83% of the fund
LANSD DEVL MKT OPP SUB-AGBPA 0.82% of the fund
CHARTER COMMUNICATIONS -A USD0.001 0.80% of the fund
BANK OF IRELAND GRP NPV 0.80% of the fund
LINDENWOOD USD 0.79% of the fund
CRH EUR0.32 0.76% of the fund
INTERCONTINENTAL EXCHANGE GRP USD0.01 0.75% of the fund
UNILEVER GBP0.0311 0.73% of the fund
MOODYS CORP USD0.01 0.72% of the fund
COOPER COS COM USD0.10 0.71% of the fund
TAIWAN SEMICONDUCTOR MANUFACTURING 1 ADS REP 5 ORD TWD10 0.71% of the fund
LVMH MOET HENNESSY LOUIS VUI EUR0.3 0.70% of the fund
PRYSMIAN EUR NPV 0.68% of the fund
SHISEIDO CO NPV 0.67% of the fund
AENA SME EUR10 0.66% of the fund
FISERV USD0.01 0.65% of the fund
BREEDON GRP ORD GBP1.40 0.64% of the fund
NOVO-NORDISK B DKK0.2 0.64% of the fund
SMURFIT KAPPA GRP EUR0.001 0.61% of the fund
SAFRAN EUR0.20 0.57% of the fund
SPDR SER TST SPDR S&P BIOTECH ETF NPV 0.57% of the fund
DEUTSCHE LUFTHANSA REG NPV 0.57% of the fund
FERRARI EUR0.01 0.55% of the fund
WALT DISNEY CO USD0.01 0.54% of the fund
BECTON DICKINSON & CO USD1 0.54% of the fund
RYANAIR HLDGS EUR0.006 0.53% of the fund
ELEVANCE HEALTH USD0.01 0.52% of the fund
BT GRP ORD GBP0.05 0.52% of the fund
BAE SYSTEMS ORD GBP0.025 0.50% of the fund
PAYPAL HLDGS USD0.0001 0.50% of the fund
HERMES INTL NPV 0.48% of the fund
DATADOG -A USD0.00001 0.46% of the fund
BIO RAD LABORATORIES A USD0.0001 0.46% of the fund
SONIC HEALTHCARE NPV 0.45% of the fund
PRADA EUR0.1 0.44% of the fund
APPLE NPV 0.43% of the fund
ITC INR1 0.42% of the fund
ADYEN NPV 0.41% of the fund
KAO CORP NPV 0.41% of the fund
REMY COINTREAU EUR1.6 0.41% of the fund
AUTOMATIC DATA PROCESSING USD0.1 0.40% of the fund
ASTRAZENECA ORD USD0.25 0.39% of the fund
VISA A SHS USD0.0001 0.39% of the fund
ARISTA NETWORKS USD0.0001 0.39% of the fund
NB DISTRESSED DEBT NPV 0.38% of the fund
EBAY USD0.001 0.38% of the fund
ASHTEAD GRP GBP0.1 0.37% of the fund
STRYKER CORP USD0.1 0.37% of the fund
ARTHUR J GALLAGHER & CO USD1 0.37% of the fund
ELI LILLY & CO NPV 0.36% of the fund
LPL FINANCIAL HLDGS NPV 0.36% of the fund
CAIRN HOMES GBP0.001 0.36% of the fund
ENTEGRIS USD0.01 0.36% of the fund
ASML HLDGS EUR0.09 (POST SPLIT) 0.35% of the fund
FLOOR & DECOR HLDGS -A USD0.001 0.34% of the fund
CATALENT USD0.01 0.34% of the fund
LINDE NPV 0.33% of the fund
HARGREAVES LANSDOWN GBP0.004 0.33% of the fund
BOOZ ALLEN HAMILTON HLDGS USD0.01 0.33% of the fund
ICICI BANK 1 ADR REP 2 ORD INR10 0.32% of the fund
WASTE CONNECTIONS NPV 0.32% of the fund
IBSTOCK GBP1 0.32% of the fund
PERNOD-RICARD EUR1.55 0.31% of the fund
RYANAIR ADR EACH REPR 5 ORD EUR0.01 0.31% of the fund
MITCHELLS & BUTLERS GBP0.0854167 0.31% of the fund
SANDVIK NPV 0.30% of the fund
ILLUMINA COM USD0.01 0.30% of the fund
FLUTTER ENT GBP0.09 0.30% of the fund
BROADCOM CORP NPV 0.30% of the fund
OLD DOMINION FREIGHT LINE USD0.1 0.29% of the fund
MCKESSON CORP USD0.01 0.29% of the fund% of the fund
SNOWFLAKE -CLASS A 1 NPV 0.29% of the fund
LAM RESEARCH CORP COM USD0.001 0.29% of the fund
L’OREAL EUR0.2 0.29% of the fund
ANALOG DEVICES USD0.167 0.29% of the fund
FREEPORT-MCMORAN USD0.1 0.28% of the fund
SAVILLS GBP0.025 0.28% of the fund
PURETECH HEALTH GBP0.01 0.27% of the fund
MERCADOLIBRE COM USD0.001 0.27% of the fund
TAIWAN SEMICONDUCTOR MANUFACTURING TWD10 0.27% of the fund
MANCHESTER UNITED A USD0.0005 0.27% of the fund
EATON CORP USD0.01 0.26% of the fund
PETROLEO BRASILEIRO 1 ADS REP 2 COM SHS NPV 0.26% of the fund
COSTCO WHOLESALE CORP USD0.005 0.26% of the fund
ASTELLAS PHARMA NPV 0.26% of the fund
ATLASSIAN CORP CLASS A USD0.1 0.25% of the fund
HEICO CORP A USD0.01 0.25% of the fund
METTLER TOLEDO COM USD0.01 0.25% of the fund
ATLAS COPCO -A SHS SEK0.639 0.24% of the fund
GENUIT GRP GBP0.001 0.24% of the fund
JAPAN EXCHANGE GRP NPV 0.23% of the fund
WIENERBERGER NPV 0.23% of the fund
EQUIFAX USD1.25 0.22% of the fund
TESLA USD0.001 0.22% of the fund
EVOLUTION NPV 0.20% of the fund
BARCLAYS GBP0.25 0.19% of the fund
ACUSHNET HLDGS CORP USD0.001 0.19% of the fund
FORTERRA NPV 0.19% of the fund
DR ING HC F PORSCHE NPV 0.19% of the fund
CADENCE DESIGN SYS USD0.01 0.18% of the fund
SERVICENOW USD0.001 0.18% of the fund
HOSTMORE GBP0.2 0.18% of the fund
TOTALENERGIES SE EUR2.5 0.17% of the fund
CORTEVA W/I USD0.01 0.17% of the fund
BIOTECH GROWTH TST GBP 0.25 0.17% of the fund
DELTA AIR LINES USD0.0001 0.17% of the fund
ITAU UNIBANCO HLDGS NPV 0.16% of the fund
INTERMED CAP GRP ORD GBP0.2625 0.16% of the fund
KEYENCE CORP JPY50 0.15% of the fund
PETROBRAS PETROLEO BRAS-PR NPV 0.15% of the fund
FIRSTGROUP GBP0.05 0.15% of the fund
SHELL NEW EUR0.07 0.14% of the fund
SAMSUNG ELECTRONICS CO KRW5000 0.14% of the fund
ENTAIN EUR0.01 0.14% of the fund
TENCENT HLDGS HKD0.00002 0.14% of the fund
ICICI BANK INR2 0.14% of the fund
ADANI ENTERPRISES INR1 0.14% of the fund
SMITHS GRP GBP0.375 0.14% of the fund
CENTRAIS ELETRICAS BRASILIER COM NPV 0.14% of the fund
3I GRP GBP0.738636 0.14% of the fund
GSK GBP0.3125 0.13% of the fund
INCHCAPE GBP0.1 0.13% of the fund
STANDARD CHARTERED USD0.5 0.12% of the fund
FULLER SMITH & TURNER-A GBP0.4 0.12% of the fund
PETROCHINA CO H CNY1 0.12% of the fund
PALO ALTO NETWORKS USD0.0001 0.12% of the fund
NEXT GBP0.01 0.12% of the fund
BILL COM HLDGS USD0.00001 0.12% of the fund
BURBERRY GRP ORD GBP0.0005 0.12% of the fund
IMPERIAL BRANDS GBP0.1 0.12% of the fund
STATE BANK OF INDIA INR1 0.12% of the fund
MONGODB USD0.001 0.12% of the fund
PEARSON GBP0.25 0.12% of the fund
SPECTRIS GRP ORD GBP0.05 0.12% of the fund
BANCO BTG PACTUAL UNIT NPV 0.11% of the fund
APPLIED MATERIALS USD0.01 0.11% of the fund
BANK CENTRAL ASIA IDR62.5 0.11% of the fund
BANK MANDIRI IDR500 0.11% of the fund
OXFORD INSTRUMENTS ORD GBP0.05 0.10% of the fund
VALE COM NPV 0.10% of the fund
ADANI GREEN ENERGY INR10 0.10% of the fund
GRAFTON GRP UTS EUR0.05 0.10% of the fund
JET2 GBP0.0125 0.10% of the fund
VERTEX PHARMACEUTICALS COM USD0.01 0.10% of the fund
BABCOCK INTL GRP GBP0.6 0.10% of the fund
ANGLO AMER USD0.54945 0.10% of the fund
HDFC BANK LIMITED INR1 0.10% of the fund
PATANJALI FOODS INR2 0.09% of the fund
MOBILEYE GBL USD0.01 0.09% of the fund
ADANI PORTS & SPECIAL ECONOMIC ZONE INR2 0.09% of the fund
GRUPO FINANCIERO BANORTE-O NPV 0.09% of the fund
IG GRP HLDGS GBP0.00005 0.09% of the fund
SUN PHARMACEUTICAL INR1 (DEMAT) 0.08% of the fund
REDDE NORTHGATE GBP0.5 0.08% of the fund
IP GRP GBP0.02 0.08% of the fund
JOHNSON SERVICE GRP ORD GBP0.10 0.08% of the fund
BODYCOTE GBP0.17273 0.08% of the fund
ARGENX SE SPON ADR EACH REP 1 ORD SHS NPV 0.08% of the fund
TESCO GBP0.0633333 0.08% of the fund
MEITUAN-CLASS B USD0.00001 0.07% of the fund
PRUDENTIAL GBP0.05 0.07% of the fund
AIRBNB INC-CLASS A USD0.0001 0.07% of the fund
WULIANGYE YIBIN CO -A CNY1 0.07% of the fund
MELROSE INDUST 0.22857142 0.07% of the fund
ADANI TRANSMISSION INR10 0.07% of the fund
CIE FINANCIERE RICHEMON-REG CHF1 0.07% of the fund
MEMBERSHIP COLLECTIVE GRP A USD0.01 0.07% of the fund
SPIRENT COMMUNICATIONS GBP0.03333 0.07% of the fund
ITV GBP0.1 0.07% of the fund
COMPUTACENTER ORD GBP0.075555 0.06% of the fund
WATCHES OF SWITZERLAND G-W/I GBP0.0125 0.06% of the fund
MAX HEALTHCARE INSTITUTE INR10 0.06% of the fund
NTPC INR10 0.06% of the fund
AMBUJA CEMENTS INR2 0.06% of the fund
IONQ USD0.0001 0.06% of the fund
CHINA SHENHUA ENERGY H CNY1 0.06% of the fund
BANCO DO BRASIL BRL NPV 0.06% of the fund
OXFORD BIOMEDICA GBP0.50 0.06% of the fund
SAMSUNG SDI KRW5000 0.06% of the fund
ADVANCEDADVT NPV 0.06% of the fund
PICC PROPERTY & CASUALTY SER H CNY1 0.06% of the fund
HOWDEN JOINERY GRP GBP0.1 0.06% of the fund
POSCO HLDGS KRW5000 0.05% of the fund
OXFORD NANOPORE TECHNOLO-W/I GBP0.0001 0.05% of the fund
ZIJIN MINING GRP CO -A CNY0.1 0.05% of the fund
JSW STEEL INR1 0.05% of the fund
KWEICHOW MOUTAI CO A CNY1 0.05% of the fund
LULEMON ATHLETICA USD0.01 0.05% of the fund
DEXCOM COM USD0.001 0.05% of the fund
NETEASE ADR REP 25 COM USD0.0001 0.04% of the fund
MOONPIG GRP GBP0.1 0.04% of the fund
LI AUTO – ADR NPV 0.04% of the fund
TURK HAVA YOLLARI AO TRY1 0.04% of the fund
TUPRAS-TURKIYE PETROL RAFINE TRY1 0.04% of the fund
CONDUIT HLDGS – W/I NPV 0.04% of the fund
BARRICK GOLD CORP NPV 0.04% of the fund
ANHEUSER-BUSCH INBEV NPV 0.04% of the fund
HILL & SMITH GBP0.25 0.03% of the fund
PINDUODUO SPON ADS EACH REP 4 ORD SHS 0.03% of the fund
BRITVIC GBP0.2 0.03% of the fund
RESTAURANT GRP GBP0.28125 0.03% of the fund
MACROTECH DEVELOPERS INR10 0.03% of the fund
SANDS CHINA COM USD0.01 0.03% of the fund
DOWLAIS GRP GBP0.01 0.03% of the fund
RIGETTI COMPUTING USD0.0001 0.03% of the fund
BHARTI AIRTEL INR5 0.02% of the fund
CHINA LIFE INSURANCE CO H CNY1 0.02% of the fund
BAJAJ FINANCE INR2 0.02% of the fund
NETEASE USD0.0001 0.01% of the fund
RIGETTI COMPUTING USD0.0001 0.01% of the fund
LI AUTO -CLASS A USD0.0001 0.00*% of the fund
BAJAJ FINSERV LTD INR 0.00*% of the fund
NU HLDGS LTD/CAYMAN ISL-A USD0.000006667 0.00*% of the fund
AMER MOVIL SAB DE NPV 0.00*% of the fund
ADANI TOTAL GAS INR1 0.00*% of the fund
BANK NEGARA INDONESIA IDR7500 0.00*% of the fund

SECURITY % OF TOTAL INVESTMENT TOTAL 100.00 %

HSBC September 2023 Dividend.

A few days ago, on the 21st Sept, HSBC Holdings PLC, the UK’s largest banking group, and one of the world’s banking groups, paid out its September dividend.

https://www.hsbc.com

$0.1 = 7.978p a share

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/16105944

the total number of voting rights in HSBC Holdings plc is 19,657,404,802

Thus:-

19,657,404,802 x £0.07978 = £1,568,267,755.10356

£1,568,267,755.10356= £1.568 Billion paid to shareholders

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

Courtesy of The London Stock Exchange

Rio Tinto September 2023 Dividend.

Today, Rio Tinto, one of the world’s largest mining companies, pays out its September dividend.

https://www.riotinto.com

137.67p a share

https://www.londonstockexchange.com/news-article/RIO/total-voting-rights/16107722

the total number of voting rights in Rio Tinto plc is 1,251,098,459

Thus:-

1,251,098,459 x £1.3767 = £1,722,387,248.5053

£1,722,387,248.5053 = £1.722 Billion paid to shareholders

https://www.londonstockexchange.com/stock/RIO/rio-tinto-plc/company-page

Courtesy of The London Stock Exchange

Shell September 2023 Dividend.

Tomorrow, the oil major Shell plc pays out its September dividend

https://www.shell.com

$0.331 a share = 26.12p a share.

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/16106009

Shell plc’s capital as at August 31, 2023, consists of 6,665,626,459 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury.

Thus:-

6,665,626,459 x £0.2612 = £1,741,061,631.0908

That is £1,741 million = £1.741 Billion paid to shareholders.

https://www.londonstockexchange.com/stock/SHEL/shell-plc/company-page

Courtesy of The London Stock Exchange

AstraZeneca PLC Sept 2023 Dividend

AstraZeneca PLC pays out its September 2023 dividend on the 11th Sept

https://www.astrazeneca.com/

71.8p a share.

https://www.londonstockexchange.com/news-article/AZN/total-voting-rights/16065824

the issued share capital of AstraZeneca PLC with voting rights is 1,549,886,092 ordinary shares

Thus:

1,549,886,092 x £0.718 = 1,112,818,214.056

That is £1,112 Million paid to shareholders. That is £1.112 Billion.

https://www.londonstockexchange.com/stock/AZN/astrazeneca-plc/company-page

Courtesy of The London Stock Exchange

BT Group PLC, September Dividend.

Today, BT Group PLC, the UK premier telecommunications carrier pays out its September dividend.

https://www.bt.com

5.39p

https://www.londonstockexchange.com/news-article/BT.A/total-voting-rights/16063502

the total number of voting rights in BT Group plc on that date was 9,934.675,932.

Thus:

9,934.675,932 x £0.0539 = £535.4790327348

£535 million is cash was paid today to shareholders in BT plc, the UK’s premier telecommunications carrier.

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

Lloyds Banking Group September Dividend

Next week, on The Lloyds Banking Group pays out its September dividend on Tuesday 12th Sept.

https://www.lloydsbankinggroup.com/

0.92p a share.

https://www.londonstockexchange.com/news-article/LLOY/total-voting-rights/16105660

the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 63,540,750,749

Thus:-

63,540,750,749 x £0.0092 = 584,574,906.8908

That is £584.5749068908 Million paid to shareholders.

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

The Octopus Renewables Infrastructure Trust

Today, the Octopus Renewables Infrastructure Trust pays out its September 2023 dividend.01

https://www.octopusrenewablesinfrastructure.com/

1.45p a share.

Company has a total of 564,927,536 Ordinary Shares in issue

Thus:

564,927,536 x £0.0145 = 8,191,449.272

That is £8.191 Million paid to shareholders.

https://www.londonstockexchange.com/stock/ORIT/octopus-renewables-infrastructure-trust-plc/fundamentals

Courtesy of The London Stock Exchange
Courtesy of The Octopus Renewables Infrastructure Trust

Unilever August 2023 Dividend

Unilever, the consumer goods giant today pays out its August dividend, 31st August.

https://www.unilever.com

37p a share.

https://www.londonstockexchange.com/news-article/ULVR/total-voting-rights/16065500

As at 31 July 2023, there were 2,515,127,965 shares with voting rights.

Thus:-

2,515,127,965 x £0.37 = £930,597,347.05

That is £930 million paid to shareholders.

https://www.londonstockexchange.com/stock/ULVR/unilever-plc/company-page

Courtesy of the London Stock Exchange.

Greencoat UK Wind August Dividend

Today, Greencoat UK Wind, pays out its August dividend.

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

2.19p a share.

It has 2,318,483,353 issued ordinary shares on issue

https://www.londonstockexchange.com/news-article/UKW/total-voting-rights/15979980

Thus:-

2,318,483,353 x £0.0219 = £50,774,785.4307

That is £50.774 Million paid to shareholders.

https://www.londonstockexchange.com/stock/UKW/greencoat-uk-wind-plc/company-page

Courtesy of The London Stock Exchange

Bellevue Healthcare Trust plc

The Bellevue Healthcare Trust plc is long-only investment trust invested in listed or quoted global healthcare equities.

Bellevue Healthcare Trust

Bellevue Healthcare Trust intends to invest in a concentrated portfolio of listed or quoted equities in the global healthcare industry. The investable universe for the fund is the global healthcare industry including companies within industries such as pharmaceuticals, biotechnology, medical devices and equipment, healthcare insurers and facility operators, information technology (where the product or service supports, supplies or services the delivery of healthcare), drug retail, consumer healthcare and distribution. There are no restrictions on the constituents of the funds portfolio by index benchmark, geography, market capitalisation or healthcare industry sub-sector. Bellevue Healthcare Trust will not seek to replicate the benchmark index in constructing its portfolio. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.

Top Ten Holdings: Courtesy of the Bellevue Healthcare Trust plc
Top Ten Holdings: Courtesy of the Bellevue Healthcare Trust plc

Henderson Far East Income

The Henderson Far East Income is a London listed investment trust.

https://www.janushenderson.com/en-gb/investor/product/henderson-far-east-income-limited/

The Company seeks to provide shareholders with a growing total annual dividend per share, as well as capital appreciation, from a diversified portfolio of investments from the Asia Pacific region.

Total Assets (As of 31/07/2023): 403.53M

Top 10 holdings:-

Bank of Communications 4.82% of the fund
Taiwan Semiconductor Manufacturing 3.85% of the fund
Hon Hai Precision Industry 3.83% of the fund
Samsung Electronics 3.71% of the fund
Macquarie Korea Infrastructure Fund 3.39% of the fund
Vinacapital Vietnam Opportunity Fund Ltd USD 2.97% of the fund
Ping An Insurance Group Co of China 2.93% of the fund
Midea Group 2.91% of the fund
Rio Tinto 2.76% of the fund
BHP Group 2.69% of the fund

Courtesy of JanusHenderson
Courtesy of The London Stock Exchange

HM Government Borrowings: July 2023

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 post Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in July 2023, 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:-

25-Jul-2023 3¾% Treasury Gilt 2038 £3,000.0000 Million
19-Jul-2023 4½% Treasury Gilt 2028 £3,750.0000 Million
18-Jul-2023 3¾% Treasury Gilt 2053 £2,500.0000 Million
12-Jul-2023 3¼% Treasury Gilt 2033 £3,500.0000 Million
05-Jul-2023 3½% Treasury Gilt 2025 £4,643.0590 Million
04-Jul-2023 1½% Green Gilt 2053 £2,000.0000 Million

£3,000.0000 Million + £3,750.0000 Million + £2,500.0000 Million + £3,500.0000 Million + £4,643.0590 Million + £2,000.0000 Million = £19,393.059 Million

£19,393.059 Million = £19.393059 Billion

On another way of looking at it, is in the 31 days in July 2023, HM Government borrowed:- £625.58254838709677419354838709677 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 bonds maturing from 2025 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Caledonia Investments

Caledonia Investments is a self-managed investment trust listed on the London Stock Exchange. Our experienced team manages assets of circa £2.8bn across an international, multi-asset portfolio, with a focus on companies that have the potential to generate exceptional long-term shareholder value.

Courtesy of The Caledonia Investment Trust PLC

https://www.londonstockexchange.com/stock/CLDN/caledonia-investments-plc/company-page

Courtesy of The London Stock Exchange
Courtesy of The Caledonia Investment Trust

Interest payments on the US Governments Debt (The Federal Government Debt)

The US Government spends more that it earns in income tax revenue, as the chart below shows.

Courtesy of Peter G. Peterson Foundation

In 2022, the federal government spent $476 billion on net interest costs on the national debt. That total, which grew by 35 percent from $352 billion in 2021, was the largest amount ever spent on interest in the budget, and equalled nearly 2 percent of gross domestic product (GDP). Interest costs are on track to become the largest category of spending in the federal budget. See the graph below on the project trends of US Government interest payments…..as a wise man once told me….”They are off the chart

Courtesy of Peter G. Peterson Foundation

Vodafone August 2023 dividend

Yesterday, Friday 4th August, Vodafone PLC paid out its August 2023 dividend.

https://www.vodafone.com

Final dividend (eurocents per ordinary share) 4.50
FX €:£ 0.85860
Pence per ordinary share 3.86370

https://investors.vodafone.com/individual-shareholders/dividends

The total number of voting rights in Vodafone is 27,063,609,610

https://www.londonstockexchange.com/news-article/VOD/total-voting-rights/16063929

Thus:

27,063,609,610 x £0.0386370 = £1,045,656,684.50157

That is £1.045 Billion paid to shareholders

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

United Utilities August 2023 Dividend.

On Tue 1st Aug, the FTSE100, United Utilities, (Formed from the merger of North West Water and Norweb), pays out its August 2023 dividend.

https://www.unitedutilities.com

30.34p a share

At 31 March 2023, the issued share capital of the company was £499,819,926 divided into 681,888,418 ordinary shares of 5 pence each and 273,956,180 deferred shares of 170 pence each. Details of our share capital and movements in our issued share capital are shown in note 22 to the financial statements on page 258. The ordinary shares represented 71.3 per cent and the deferred shares represented 28.7 per cent
respectively of the shares in issue as at 31 March 2023. All our ordinary shares have the same rights, including the rights to one vote at any of our general meetings, to an equal proportion of any dividends we declare and pay, and to an equal amount of any
surplus assets, which are distributed in the event of a winding-up. Our deferred shares convey no right to income, no right to vote and no appreciable right to participate
in any surplus capital in the event of a winding-up

Thus:-

681,888,418 x £0.3034 = £206,884,946.0212

That is £206 million

https://www.londonstockexchange.com/stock/UU./united-utilities-group-plc/company-page

Courtesy of The London Stock Exchange

The Aurora Investment Trust

The Aurora Investment Trust is a London listed investment trust.

https://www.aurorainvestmenttrust.com/

Holdings above 3%

Frasers Group 20.3% of the fund
Castelnau Group Ltd 15.7% of the fund
Barratt Developments 14.120.3% of the fund
Ryanair 8% of the fund
Netflix 6.8% of the fund
easyJet 6.5% of the fund
Lloyds Banking Group 5% of the fund
RHI Magnesita 4% of the fund
Bellway 3.6% of the fund
AO World 3% of the fund
Others <3% 12.8*
Cash & Cash Equivalents 0.2%

Courtesy of The London Stock Exchange

AURORA INVESTMENT TRUST PLC ARR Stock | London Stock Exchange

The Baillie Gifford China Growth Trust Trust

The Baillie Gifford China Growth Trust Trust aims to produce long term capital growth by investing in an actively managed portfolio of Chinese companies

Its top ten holdings:-

Bytedance Ltd Series E-1 Pref. 6.32%
Tencent Holdings Ltd 6.02%
Alibaba Group Holding Ltd Ordinary Shares 5.87%
Kweichow Moutai Co Ltd Class A 4.77%
Ping An Insurance (Group) Co. of China Ltd Class H 4.43%
Li Ning Co Ltd 3.51%
China Merchants Bank Co Ltd Class H 3.37%
Meituan Class B 3.28%
Zhejiang Sanhua Intelligent Controls Co Ltd Class 2.54%
Proya Cosmetics Co Ltd Class A 2.27%

https://www.londonstockexchange.com/stock/BGCG/baillie-gifford-china-growth-trust-plc/company-page

Courtesy of The London Stock Exchange

The Edinburgh Investment Trust Plc

The Edinburgh Investment Trust Plc is a famous London listed investment trust.

Top Ten holdings are:-

1 Shell PLC – United Kingdom 7.26% of the fund
2 BAE Systems PLC – United Kingdom 5.32% of the fund
3 Unilever PLC – United Kingdom 5.03% of the fund
4 Tesco PLC – United Kingdom 5.02% of the fund
5 AstraZeneca PLC – United Kingdom 4.45% of the fund
6 NatWest Group PLC- United Kingdom 4.32% of the fund
7 Centrica PLC – United Kingdom 3.97% of the fund
8 HSBC Holdings PLC- United Kingdom 3.16% of the fund
9 Ashtead Group PLC- United Kingdom 3.10% of the fund
10 Anglo American PLC- United Kingdom 2.93% of the fund

top 10 holdings make up 44.55% of the total fund.

Managed by Liontrust Fund Partners LLP.

https://www.liontrust.co.uk/

Courtesy of the London Stoc Exchange

https://www.londonstockexchange.com/stock/EDIN/edinburgh-investment-trust-plc/company-page

HM Government Borrowings: June 2023

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 post Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in June 2023, 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:-

28-Jun-2023 3¾% Treasury Gilt 2038 3,437.4990 Million
27-Jun-2023 0¾% Index-linked Treasury Gilt 2033 3 months 1,690.3500 Million
20-Jun-2023 4½% Treasury Gilt 2028 4,687.4990 Million
13-Jun-2023 3¼% Treasury Gilt 2033 3,500.0000 Million
07-Jun-2023 3½% Treasury Gilt 2025 4,076.1620 Million
06-Jun-2023 3¾% Treasury Gilt 2053 3,112.4990 Million

£3,437.4990 Million + £1,690.3500 Million + £4,687.4990 Million + £3,500.0000 Million + £4,076.1620 Million + £3,112.4990 Million = £20,504.009 Million

£20,504.009 Million = £20.504009 Billion

On another way of looking at it, is in the 30 days in June 2023, HM Government borrowed:- £683.46696666666666666666666666667 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 bonds maturing from 2025 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Severn Trent July Dividend.

A few days ago, Severn Trent PLC paid out its July dividend.

https://www.severntrent.com/

64.09p a share.

https://www.londonstockexchange.com/news-article/SVT/total-voting-rights/16025071

The total number of voting rights in Severn Trent Plc is 252,265,839

Thus:-

252,265,839 x £0.6409 = £161,677,176.2151

That is £161 million paid to shareholders

Courtesy of The London Stock Exchange.

https://www.londonstockexchange.com/stock/SVT/severn-trent-plc/company-page

HSBC Holdings PLC

On Monday 26th June, a few weeks ago, the news broke, that HSBC Holdings PLC, decided to move to a new London HQ.

https://www.hsbc.com

They are relocating to 81 Newgate Street, the former head office of the telecoms giant BT.

https://www.bt.com the premier telecommunications giant, connecting for good.

https://www.theguardian.com/business/2023/jun/26/hsbc-to-move-to-smaller-city-of-london-headquarters-due-to-hybrid-working

Last week, HSBC paid out its June 2023 dividend.

$0.1 = (7.9378p) a share.

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/15979736

The total number of voting rights in HSBC Holdings plc is 19,950,090,268

Thus:

19,950,090,268 x £0.079378 = 1,583,598,265.293304

That is £1.583 Billion paid to shareholders.

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

3i Infrastructure July 2023 dividend

Tomorrow, the UK Infrastructure investor, 3i Infrastructure pays out this July 2023 dividend.

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

5.575p

https://www.londonstockexchange.com/news-article/3IN/total-voting-rights/15838524

3i Infrastructure plc (the “Company”) had 922,350,000 issued ordinary shares

Thus:-

922,350,000 x £0.05575 = £51,421,012.5

That is £51.421 million paid to shareholders

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

Shell June 2023 Dividend.

Last week, Shell PLC paid out to its shareholders its latest quarterly dividend.

https://www.shell.com

$0.2875 = (22.99p)

https://www.londonstockexchange.com/news-article/SHEL/total-voting-rights/15979926

Shell plc’s capital as at May 31, 2023, consists of 6,792,047,866 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury.

Thus:-

6,792,047,866 x £0.2299 = £1,561,491,804.3934

That is £1561 Million = £1.561 Billion paid to shareholders

https://www.londonstockexchange.com/stock/SHEL/shell-plc/company-page

BP June 2023 Dividend.

Last week, BP PLC paid out to its shareholders its latest quarterly dividend.

https://www.bp.com

$0.0661 = (5.3089p)

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15981202

The total number of voting rights in BP p.l.c. is 17,550,941,554

Thus:-

17,550,941,554 x £0.053089 = £931,761,936.160306

That is £931 Million paid to shareholders

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

Direct Line Group.

One of the UK largest insurance companies, is the Direct Line Group.

https://www.directlinegroup.co.uk/

Its origins are the from the ownership of Direct Line by the Royal Bank of Scotland Group, then spun out from the RBS group after the UK Government bailout in 2008.

Today it is a standalone PLC.

Motor Insurance £1,432.7m in premiums received
Home, Commercial, Rescue and other personal lines – ongoing operations £1,537.1m in premiums received

Total premium income £2,969.8m

What is interesting to see is what Direct Line does with its insurance premiums that it collects, and what investments it holds:-

Courtesy of Direct Line PLC

Debt (credit) assets in total (such as high quality bonds = debt) = £3,247.3 million
Total assets it holds = 4,917.0 million

thus (£3,247.3 million) / (4,917.0 million) = 66% of its assets are in bonds.

Only £13m of its investments are in shares (equities) = 0.26% of its assets are in shares

Investment income £124.0m on its investment portfolio of 4,917.0 million
That is a yield of 2.52%

DIRECT LINE INSURANCE GROUP PLC DLG Stock | London Stock Exchange

Thames Water

There is a lot of media speculation about the future of the UK’s largest water company, Thames Water.

https://www.thameswater.co.uk

The media are reporting that HM Government may have to rescue the company due to its debt pile.

Thames Water in funding talks amid collapse fears – BBC News

What is the debt position ?

Courtesy of Thames Water

The firm carries £13.41bn of debt.

“We maintain relatively long-dated debt maturities (currently with an average tenor of approximately 13 years) to minimise refinancing risks. The average interest
rate we incurred during 2021/22 was 6.63%, and we paid net interest of £273.6 million on our debt (of which £115.3 million was capitalised) “

They paid out £273.6 Million on interest payments alone for the year 2021/22.

Who are the owners of the business ?

Courtesy of Thames Water

Note the 2 largest UK shareholders are The BT pension fund (Hermes) and The UK Universities Pension Fund (USS).

Components of the FTSE-100 Index

CompanyTickerFTSE Industry Classification Benchmark sector
3iIIIFinancial Services
AbrdnABDNFinancial Services
Admiral GroupADMNon-life Insurance
Airtel AfricaAAFTelecommunications
Anglo American plcAALMining
Antofagasta plcANTOMining
Ashtead GroupAHTSupport Services
Associated British FoodsABFFood Producers
AstraZenecaAZNPharmaceuticals & Biotechnology
Auto Trader GroupAUTOMedia
AvivaAVLife Insurance
B&MBMERetailers
BAE SystemsBAAerospace & Defence
BarclaysBARCBanks
Barratt DevelopmentsBDEVHousehold Goods & Home Construction
Beazley GroupBEZInsurance
Berkeley Group HoldingsBKGHousehold Goods & Home Construction
BPBPOil & Gas Producers
British American TobaccoBATSTobacco
British LandBLNDReal Estate Investment Trusts
BT GroupBT-AFixed Line Telecommunications
BunzlBNZLSupport Services
BurberryBRBYPersonal Goods
CentricaCNAUtilities
Coca-Cola HBCCCHBeverages
Compass GroupCPGSupport Services
ConvatecCTECHealth Care
CRH plcCRHConstruction & Materials
Croda InternationalCRDAChemicals
DCC plcDCCSupport Services
DiageoDGEBeverages
DS SmithSMDSGeneral Industrials
Endeavour MiningEDVMining
EntainENTTravel & Leisure
ExperianEXPNSupport Services
Flutter EntertainmentFLTRTravel & Leisure
Foreign & Colonial Investment TrustFCITFinancial Services
Frasers GroupFRASRetail
Fresnillo plcFRESMining
GlencoreGLENMining
GSK plcGSKPharmaceuticals & Biotechnology
HaleonHLNPharmaceuticals & Biotechnology
Halma plcHLMAElectronic & Electrical Equipment
Hargreaves LansdownHLFinancial Services
HiscoxHSXInsurance
HSBCHSBABanks
IHG Hotels & ResortsIHGTravel & Leisure
Imperial BrandsIMBTobacco
InformaINFMedia
International Airlines GroupIAGTravel & Leisure
IntertekITRKSupport Services
JD SportsJDGeneral Retailers
Johnson MattheyJMATChemicals
Kingfisher plcKGFRetailers
Land SecuritiesLANDReal Estate Investment Trusts
Legal & GeneralLGENLife Insurance
Lloyds Banking GroupLLOYBanks
London Stock Exchange GroupLSEGFinancial Services
M&GMNGAsset Managers
Melrose IndustriesMROAutomobiles & Parts
MondiMNDIForestry & Paper
National Grid plcNGGas, Water & Multi-utilities
NatWest GroupNWGBanks
Next plcNXTGeneral Retailers
Ocado GroupOCDOFood & Drug Retailers
Pearson plcPSONMedia
Pershing Square HoldingsPSHFinancial Services
Persimmon plcPSNHousehold Goods & Home Construction
Phoenix GroupPHNXLife Insurance
Prudential plcPRULife Insurance
ReckittRKTHousehold Goods & Home Construction
RELXRELMedia
Rentokil InitialRTOSupport Services
RightmoveRMVMedia
Rio TintoRIOMining
Rolls-Royce HoldingsRRAerospace & Defence
RS Group plcRS1Industrials
Sage GroupSGESoftware & Computer Services
Sainsbury’sSBRYFood & Drug Retailers
SchrodersSDRFinancial Services
Scottish Mortgage Investment TrustSMTEquity Investment Instruments
SegroSGROReal Estate Investment Trusts
Severn TrentSVTGas, Water & Multi-utilities
Shell plcSHELOil & Gas Producers
Smith & NephewSNHealth Care Equipment & Services
Smiths GroupSMINGeneral Industrials
Smurfit KappaSKGGeneral Industrials
Spirax-Sarco EngineeringSPXIndustrial Engineering
SSE plcSSEElectricity
St. James’s Place plcSTJFinancial Services
Standard CharteredSTANBanks
Taylor WimpeyTWHousehold Goods & Home Construction
TescoTSCOFood & Drug Retailers
UnileverULVRPersonal Goods
Unite GroupUTGReal Estate
United UtilitiesUUGas, Water & Multi-utilities
Vodafone GroupVODMobile Telecommunications
Weir GroupWEIRIndustrial Goods and Services
WhitbreadWTBRetail hospitality
WPP plcWPPMedia

Legal & General Multi-Index Income 6 Fund

The Legal & General Multi-Index Income 6 Fund is a fund for income seeking investors, such as pension funds or income investors.

The Fund’s objective is to provide a combination of income and growth and to keep the Fund within a pre-determined risk profile. While this will be the Fund’s focus, the Fund will invest in assets that generate income over assets that grow in value so as to pay income to investors

Courtesy of Legal & General Investment Management.

TOP 10 HOLDINGS (%)

L&G Quality Equity Dividends ESG Exclusions UK ETF 17.5% of the fund
L&G US Index Trust 9.8% of the fund
L&G Quality Equity Dividends ESG Exclusions Emerging Markets ETF 7.5% of the fund
L&G Quality Equity Dividends ESG Exclusions Europe ex UK ETF 7.5% of the fund
L&G Quality Equity Dividends ESG Exclusions Asia Pacific ex Japan ETF 6.8% of the fund
L&G Active Global High Yield Bond Fund 6.5% of the fund
L&G UK Index Trust 5.5% of the fund
L&G Global Real Estate Dividend Index Fund 4.5% of the fund
L&G Emerging Markets Government Bond USD Index Fund 4.0% of the fund
L&G Emerging Markets Government Bond Local Currency Index Fund 3.5% of the fund

https://fundcentres.lgim.com/srp/documents-id/e21f94a9-1ad7-4363-abad-d8583cec87bd/Fact-sheet_Legal-General-Multi-Index-Income-6-Fund.pdf

L&G Artificial Intelligence UCITS ETF

The L&G Artificial Intelligence UCITS ETF is an ETF that aims to track the
performance of the ROBO Global® Artificial Intelligence Index TR (the
“Index”)

The index is comprised of companies which are publicly traded on various stock exchanges around the world that are exposed to the “Artificial Intelligence” theme as defined by ROBO Global®. ROBO Global® created and maintains a unique database of companies across the globe that have a portion of their business and revenue associated with Artificial Intelligence and enabling technologies. The ROBO Global® Industry Classification currently identifies 11 subsectors of the Artificial Intelligence theme that present a suitable level of product and technology maturity to carry high growth and returns potential

LEGAL AND GENERAL ASSET MANAGEMENT AIAG Stock | London Stock Exchange

Courtesy of Legal and General Investment Management
Courtesy of The London Stock Exchange.

US Federal Reserve Balance Sheet Trends

The US Central Bank, the US Federal Reserve has a huge balance sheet. Over $8 Trillion Dollars.

Courtesy of the US Federal Reserve

The balance sheet as shown above stands at $8.388323 Trillion.

However, as the graph shows the US Fed was shrinking its balance sheet up to the 6th March 2023:-

Courtesy of the US Federal Reserve.

Then came the liquidity crisis from the collapse of Silicon Valley Bank. The US Federal Reserve came into help the smaller US Banks by offering liquidity. Thus the US Federal Reserve started to help fund them by buying assets of these banks and increase the size of the US Federal Reserve balance sheet.

Courtesy of the US Federal Reserve.

In those 2 critical weeks, the balance sheet rose from $8,342,283 Million ($8.342283 Trillion) to $8,733787 Million ($8,733787 Trillion). That delta in 2 weeks was:-

(8,733787 – 8,342,283) Million = $391,504 Millon.

The scale of the intervention was $391,504 Million ($391 Billion) during the Silicon Valley Banking Crisis of March 2023

Federal Reserve Board – Recent balance sheet trends

John Laing Environmental Assets Group Ltd: Battery Asset Electricity Storage

The John Laing Environmental Assets Group has commenced with its first electricity storage solution.

JLEN is an environmental infrastructure investment fund which aims to provide shareholders with a sustainable, progressive dividend, paid quarterly and to preserve the capital value of its portfolio on a real basis over the long term through the reinvestment of cash flows not required for the payment of dividends.

the listed environmental infrastructure fund, is pleased to announce the successful launch of its first grid-scale battery project, with the West Gourdie 50MW lithium-ion plant having started commercial operations.

https://www.londonstockexchange.com/news-article/JLEN/first-battery-energy-storage-investment-now-online/15980163

Legal & General Global Robotics and Automation Index Fund

The Legal & General Global Robotics and Automation Index Fund is a relatively new index fund, that defined by the index provider, ROBO Global LLC. The companies in whose shares the fund invests are involved in the fields of robotics and automation

https://fundcentres.lgim.com/en/uk/institutional/fund-centre/Unit-Trust/Global-Robotics-and-Automation-Index-Fund/

Courtesy of Legal & General Investment Management.

BAE Systems

BAE Systems, one of the worlds largest defence contractors, paid out on the 1st June, its dividend.

https://www.baesystems.com

16.6p a share.

https://www.londonstockexchange.com/news-article/BA./total-voting-rights/15979583

The total voting rights are 3,052,486,887:-

3,052,486,887 x £0.166 = £506,712,823.242

That is £506 million paid to shareholders.

https://www.londonstockexchange.com/stock/BA./bae-systems-plc/company-page

Gresham House Energy Storage Fund June Dividend

Yesterday, Thursday 8th March, the Gresham House Energy Storage Fund paid out its June dividend.

1.8375p a share.

https://www.londonstockexchange.com/news-article/GRID/total-voting-rights/15979696

The total number of voting rights of the Company is 573,444,694

Thus:

573,444,694 x £0.18375 = £105,370,462.5225

That is £105 million.

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

Courtesy of the London Stock Exchange

Legal and General June 2023 Dividend

Legal and General June 2023 Dividend

On Monday 5th June, this week, Legal and General PLC, the UK’s largest asset manager, paid out its June 2023 dividend

https://www.legalandgeneralgroup.com

13.93p a share.

https://www.londonstockexchange.com/news-article/LGEN/total-voting-rights/15982063

Company’s capital consisted of 5,973,401,457 Ordinary shares

Thus:

5,973,401,457 x £0.1393 = £832,094,822.9601

£832 Million paid to its shareholders.

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

Premier Miton Global Renewables Investment Trust.

The Premier Miton Global Renewables Investment Trust is a collective fund that holds investments in green energy assets

Overview – Premier Miton Global Renewables Trust plc

It holds:-

Greencoat UK Wind 6.7% of the fund
NextEnergy Solar Fund 6.4% of the fund
RWE 6.4% of the fund
Drax Group 6.3% of the fund
Octopus Renewables Infrastructure Trust 5.7% of the fund
Aquila European Renewables Income Fund 5.3% of the fund
Atlantica Sustainable Infrastructure 5.0% of the fund
Iberdrola 4.4% of the fund
Grenergy Renovables 3.7% of the fund
Harmony Energy Income Trust 3.7% of the fund
Clearway Energy A Class 3.7% of the fund
Foresight Solar Fund 3.6% of the fund
SSE 3.5% of the fund
Corporacion Acciona Energias Renovables 3.0% of the fund
Bonheur 3.0% of the fund
National Grid 2.7% of the fund
Gresham House Energy Storage Fund plc 2.5% of the fund
Algonquin Power & Utilities 2.2% of the fund
Northland Power 2.1% of the fund
Enefit Green 1.8% of the fund
Gore Street Energy Storage Fund 1.6% of the fund
China Suntien Green Energy 1.5% of the fund
US Solar Fund 1.3% of the fund
Cloudberry Clean Energy 1.2% of the fund
Greencoat Renewable 1.2% of the fund
7C Solarparken 1.2% of the fund
Eneti 1.1% of the fund
Opdenergy 1.1% of the fund
MPC Energy Solutions 1.0% of the fund
Cadeler 0.9% of the fund
China Everbright Environment 0.9% of the fund
Omega Energia 0.8% of the fund
Solaria Energia y Medio Ambiente 0.5% of the fund
Boralex 0.5% of the fund
Atrato Onsite Energy 0.5% of the fund
Subsea 7 0.4% of the fund
Fusion Fuel Green 0.4% of the fund
SDCL Energy Efficiency Income Trust 0.3% of the fund
Greenvolt Energias Renovaveis 0.3% of the fund
Innergex Renewable 0.3% of the fund
Clearvise 0.2% of the fund
GCP Infrastructure Investments 0.2% of the fund
Fusion Fuel Green Warrants 0.0% of the fund
Cash/Net Current Assets 1.0% of the fund

Total net assets of Premier Miton Global Renewables Trust PLC amounted to £46.9 million. The sector breakdown and geographical allocation were as follows:

Sector Breakdown % of total net assets:-

Yieldcos & funds 38.9% of the fund
Renewable energy developers 29.1% of the fund
Renewable focused utilities 10.1% of the fund
Energy storage 7.8% of the fund
Biomass generation and production 6.3% of the fund
Renewable technology and service 2.3% of the fund
Electricity networks 2.7% of the fund
Waste to energy 0.9% of the fund
Renewable financing and energy efficiency 0.5% of the fund
Liquidation portfolio 0.4% of the fund
Cash/Net Current Assets 1.0% of the fund

Geographical Allocation % of total net assets

United Kingdom 35.1% of the fund
Europe (ex UK) 31.1% of the fund
Global 21.2% of the fund
North America 7.4% of the fund
China 2.3% of the fund
Latin America 1.8% of the fund
Cash/Net Current Assets 1.0% of the fund

https://www.londonstockexchange.com/stock/PMGR/premier-miton-global-renewables-trust-plc/company-page

The Blackrock World Mining Trust.

The Blackrock World Mining Trust, is a London listed investment trust, specialising in mining companies, globally. It was established in 1993.

https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-world-mining-investment-trust/performance-holdings#holdings-breakdown

The investment company aims to provide a diversified investment in mining and metal assets worldwide, actively managed with the objective of maximising total returns. While the policy is to invest principally in quoted securities, the Company’s investment policy includes investing in royalties derived from the production of metals and minerals as well as physical metals. Up to 10% of gross assets may be held in physical metals and up to 20% may be invested in unquoted investments.

Courtesy of Blackrock
Courtesy of Blackrock
Courtesy of Blackrock
Courtesy of The London Stock Exchange

BLACKROCK WORLD MINING TRUST PLC BRWM Stock | London Stock Exchange

Lloyds Banking Group May 2023 Dividend

Today, the UK banking giant, pays out its May 2023 dividend.

https://www.lloydsbankinggroup.com/

1.6p a share.

https://www.londonstockexchange.com/news-article/LLOY/total-voting-rights/15937648

As at 28 April 2023, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 66,006,787,187

Thus:-

66,006,787,187 x £0.016 = £1,056,108,594.992

£1,056,108,594.992 Million = £1.056 Billion paid to shareholders.

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

HM UK Government Borrowings: April 2023

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 post Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in April 2023, 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:-

19-Apr-2023 4 1/8% Treasury Gilt 2027 £4,241.5650 Million
18-Apr-2023 3¾% Treasury Gilt 2053 £2,812.4990 Million
13-Apr-2023 3¼% Treasury Gilt 2033 £4,062.4970 Million
12-Apr-2023 0 1/8% Index-linked Treasury Gilt 2039 3 months £1,124.0240 Million
05-Apr-2023 0½% Treasury Gilt 2029 £4,374.9970 Million
04-Apr-2023 1 1/8% Treasury Gilt 2039 £2,250.0000 Million

£4,241.5650 Million + £2,812.4990 Million + £4,062.4970 Million + £1,124.0240 Million + £4,374.9970 Million + £2,250.0000 Million = £18,865.582 Million

£18,865.5 Million = £18.8655 Billion

On another way of looking at it, is in the 30 days in April 2023, HM Government borrowed:- £628.85273333333333333333333333333 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 bonds maturing from 2027 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

L&G Optical Technology & Photonics ESG Exclusions UCITS ETF

The L&G Optical Technology & Photonics ESG Exclusions UCITS ETF is a London listed ETF that is investing in Optical & Photonics technology companies

Top 10 constituents 32.4% of the fund
Rest of Index 67.6% of the fund
No. of constituents in Index 36

Top 10 investments:-

Horiba 3.8% of the fund
Aixtron 3.3% of the fund
Stratasys 3.3% of the fund
Topcon 3.2% of the fund
Desktop Metal 3.2% of the fund
IPG Photonics 3.2% of the fund
Nikon 3.1% of the fund
Jenoptik AG 3.1% of the fund
Renishaw 3.1% of the fund
Keyence 3.1% of the fund

Courtesy of Legal and General Investment Management

LEGAL AND GENERAL ASSET MANAGEMENT LAZG Stock | London Stock Exchange

UK government borrowing 2022/23

The UK Government spends more money than it earns from the taxes it collects.
It runs a budget deficit.

That deficit (the difference between tax revenues and government expenditure is £139bn.

https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/bulletins/publicsectorfinances/march2023

This deficit of £139bn equates to 5.5% of gross domestic product (GDP).

The key message is the Public sector net debt (PSND ex) at the end of March 2023 was £2,530.4 billion.

That is 99.6% of GDP.

…..we are in it together…..

The abrdn Private Equity Opportunities Trust plc

The abrdn Private Equity Opportunities Trust plc is a London listed investment trust, providing access to a diversified portfolio of private equity investments to investors.

https://www.abrdnpeot.co.uk/en-gb

This is delivered through the investment objective, which is to achieve long-term total returns through holding a diversified portfolio of private equity funds and co-investments, a majority of which will have a European focus.

Largest 10 Funds (% of net asset value)

3i2020 Co-investment €2.5bn fund 5.1% of net asset value
Advent International Global Private Equity VIII €13.0bn fund 4.5% of net asset value
CVC Capital Partners VII €16.4bn fund 3.8% of net asset value
HgCapital8 €2.5bn fund 3.6% of net asset value
IK Fund VIII €1.9bn fund 3.3% of net asset value
Altor Fund IV €2.1bn fund 3.2% of net asset value
Structured Solutions IV Primary Holdings €125mn fund 3.2% of net asset value
Nordic Capital Fund IX €4.3bn fund 3.1% of net asset value
Exponent Private Equity Partners III, LP.£1.0bn fund 3.0% of net asset value
TowerBrook Investors IV $3.6bn fund 2.8% of net asset value

Total 37.5 % of net asset value

Courtesy of The London Stock Exchange

Net assets £1,146.8 million
Net Asset Value 745.9p per ordinary share
Yield 3.0%
Market cap £731.8 million
Share price 476.0p
Distributions £1.5 million
Drawdowns £10.8 million
Discount to Net Asset Value (36.2)%

ABRDN PRIVATE EQUITY OPPORTUNITIES TRUST PLC APEO Stock | London Stock Exchange

Investment in “The The @ Heartland”

Beneath the old iron bridges, across the Victorian parks
And all the frightened people running home before dark
Past the Saturday morning cinema that lies crumbling to the ground
And the piss stinking shopping center in the new side of town
I’ve come to smell the seasons change and watch the city
As the sun goes down againHere comes another winter of long shadows and high hopes
Here comes another winter waitin’ for utopia
Waitin’ for hell to freeze overThis is the land where nothing changes
The land of red buses and blue blooded babies
This is the place, where pensioners are raped
And the hearts are being cut from the welfare state
Let the poor drink the milk while the rich eat the honey
Let the bums count their blessings while they count the moneySo many people can’t express what’s on their minds
Nobody knows them and nobody ever will
Until their backs are broken and their dreams are stolen
And they can’t get what they want then they’re gonna get angryWell it ain’t written in the papers, but it’s written on the walls
The way this country is divided to fall
So the cranes are moving on the skyline
Trying to knock down this townBut the stains on the heartland, can never be removed
From this country that’s sick, sad, and confusedHere comes another winter of long shadows and high hopes
Here comes another winter waitin’ for utopia
Waitin’ for hell to freeze overThe ammunition’s being passed and the lords been praised
But the wars on the televisions will never be explained
All the bankers gettin’ sweaty beneath their white collars
As the pound in our pocket turns into a dollar

This is the 51st state of the U.S.A.
This is the 51st state of the U.S.A.
This is the 51st state of the U.S.A.

Gresham House Energy Storage Fund PLC

The Gresham House Energy Storage Fund PLC is a London listed investment company, building Battery Energy Storage Systems.

The company seeks to provide investors with an attractive and sustainable dividend over the long term by investing in a diversified portfolio of utility scale operational energy storage systems, which utilise batteries and may also utilise generators, located in Great Britain, Northern Ireland, and the Republic of Ireland

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

Courtesy of The London Stock Exchange