HSBC Annual Report.

The HSBC annual report makes interesting reading. HSBC is one of the largest banking groups in the world.

https://www.hsbc.com/

The annual report and financial statements give a scale of the business.

https://www.hsbc.com/investors/results-and-announcements/annual-report

Revenues of $49.552 bn = £41.403 Bn

Courtesy of HSBC Holdings PLC

The scale and strength of the Balance Sheet:-

Courtesy of HSBC Holdings PLC

They held high-quality liquid assets of $717 Bn = £599.086 Bn = £0.599 Trillion

How the bank funds itself, mainly from customer deposits.

Courtesy of HSBC Holdings PLC

The largest shareholders are BlackRock and Ping Insurance.

Courtesy of HSBC Holdings PLC

The balance sheet:

Courtesy of HSBC Holdings PLC

$403,018 million = £336,740 million HSBC Deposits with central banks
$1,045,814 million = £873,826 million Loans to customers
$1,710,574 million = £1,429,263 million Customers deposits with HSBC
$78,557 million = £65,638 million of debt (securities issues, bonds)

HSBC HOLDINGS PLC HSBA Stock | London Stock Exchange

The CT Global Managed Portfolio Trust

The CT Global Managed Portfolio Trust is a ‘multi-manager’ investment trust, investing in a range of investment companies giving you exposure to different investment providers and markets within a single investment trust managed by Columbia Threadneedle

https://www.ctglobalmanagedportfolio.co.uk

Top Ten Holdings:-

HgCapital Trust 3.7% of the trust, Private Equity
Fidelity Special Values 3.5% of the trust, UK All Companies
Law Debenture Corporation 3.3% of the trust, UK Equity Income
Mid Wynd International Investment Trust 3.0% of the trust, Global
BH Macro 2.9% of the trust, Hedge Funds
Ruffer Investment Company 2.8% of the trust, Flexible Investment
RIT Capital Partners 2.8% of the trust, Flexible Investment
Personal Assets Trust 2.7% of the trust, Flexible Investment
Capital Gearing Trust 2.6% of the trust, Flexible Investment
Worldwide Healthcare Trust 2.5% of the trust, Biotechnology & Healthcare

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

Vodafone August 2022 Dividend.

Last week, on Friday 5th August 2022, Vodafone PLC paid out its August dividend.

https://www.vodafone.com

Vodafone is the UK’s 2nd largest telecoms group, with BT Group PLC, being the Premier telecoms operator.

It paid out €0.045 Cents a share = £0.03785130 a share.

Courtesy of Vodafone PLC

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

The total number of voting rights in Vodafone is 27,945,252,322

https://www.londonstockexchange.com/news-article/VOD/total-voting-rights/15564873

Thus:-

27,945,252,322 x £0.03785130 = £1,057,764,129.2157186

£1057 Million = £1.057 Billion paid to shareholders

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

Exxon Mobil Revenues

Exxon Mobil is the US Oil and Gas energy giant. It is American’s largest energy company.

https://www.exxonmobil.com/

Last week it announced some amazing revenues

https://corporate.exxonmobil.com/News/Newsroom/News-releases/2022/0729_ExxonMobil-announces-second-quarter-2022-results

Salient Points:-

Second-quarter earnings of $17.9 billion compared with $5.5 billion in the first quarter of 2022. Cash increased by $7.8 billion in the second quarter, as strong cash flow from operating activities more than covered capital investments and shareholder distributions.

The annual report for 2021 carries some very interesting figure.

https://corporate.exxonmobil.com/-/media/Global/Files/annual-report/2021-Financial-and-Operating-Data.PDF

Courtesy of Exxon Mobil

Total debt of $ = $47,704 million = £39,248 million

Courtesy of Exxon Mobil

Cost of financing (interest payments) the debt = $1,355 million = £1,114 million

Vodafone 2022 full year preliminary results.

The 2nd largest UK telecoms operator is Vodafone PLC.

https://www.vodafone.com

The largest and most dynamic telecoms operator is British Telecommunications PLC

https://www.bt.com

Some interesting points can be found in the results of Vodafone

https://investors.vodafone.com/sites/vodafone-ir/files/2022-05/FY22-Press-release-Final.pdf

Courtesy of Vodafone PLC

The revenues are huge. Cash in the door from the business operations.
€45,580 Million = £38,794.80 Million = £38.794 Billion

Total Debt of €41,578 Million = £35,388.60 Million = £35.3886 Billion

Courtesy of Vodafone PLC

One can see total debt of €41,578 Million, but the total debt is €53,257 Million = £45,329 Million = £45.329 Billion.

Vodafone holds liquidity of cash and near term cash assets of €7,496 Million + €4,795 Million + €1,604) = €13,895 Million = £11.8265 Billion.

Courtesy of Vodafone PLC

Now Total debt is €53,257 Million = £45,329 Million = £45.329 Billion.

Financing costs = interest payment costs are €1,964 Million = £1,671.63 Million = £1.67163 Billion.

So a rough calculation on Vodafone’s interest payment of £1,671.63 Million on the total debt of £45.329 Billion, (£1.67163 Billion / £45.329 Billion) tells us that Vodafone on average is paying approximately an interest rate of 3.68% a year on its debt. That is cheap borrowing.

Consider the facts, revenues of £38.794 Billion, interest payments of £1.67163 Billion and holding cash and near cash assets of £11.8265 Billion

VODAFONE GROUP PLC VOD Stock | London Stock Exchange

BP’s 2nd Quarter Results 2022

Yesterday, with much media excitement, BP announced its Q2 results

https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-second-quarter-2022-results.pdf

The media were in a frenzy anout the size of the figures

https://news.sky.com/story/bp-reports-second-quarter-profit-of-8-45bn-highest-in-14-years-12663939

When one looks at the figures it is important to get past the “feeding frenzy” and look at the results in detail.

Courtesy of BP PLC

$9.2 Bn Profit = £7.52192 Bn
Current Debt of $22.8 Bn = £18.6413 Bn

Courtesy of BP PLC

Finance Costs, (interest payments) in the quarter = $556m = £454.586m

So by doing some simple forecasting, if total debt is £18.6413 Bn and BP is paying £454.586m a quarter, in a year, it is paying (£454.586m x 4 = £1,818.344 a year on its debt).
That means, (£18.6413 Bn / £1.818.344 bn) its rough annual interest rate on its debt is 10.25%.

Courtesy of BP PLC

The balance sheet is large. $299bn

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

The Natwest Balance Sheet.

Nat West is the National Westminster Bank plc. NatWest Bank is the new name for the Royal Bank of Scotland.

https://investors.natwestgroup.com/

The annual report makes interesting reading.

https://investors.natwestgroup.com/~/media/Files/R/RBS-IR-V2/annual-reports/full-annual-report.pdf

Some simple highlights:-

Customer Deposits are £479 Bn (£479,810 million)
Cash deposited with Central Banks £177 Bn (£177,757 million)
Loans to customer £358 Bn (£358,990 million)

Total Assets £781 Billion (£781,992 Million)

As at 11 February 2022, the UK Government held 50.94% of the issued share capital with voting rights of NatWest Group plc

GSK: GlaxoSmithKline’s July 2022 Dividend.

On the 1st July 2022, GSK one of the largest pharmaceutical company’s in the world pays out its July 2022 dividend, ahead of its demerger where it is spinning out its consumer arm to create Haleon

https://www.theguardian.com/business/2022/jul/06/largest-lse-listing-45bn-looms-gsk-investors-demerger-vote-sensodyne-panadol-haleon-voltaren

https://www.gsk.com/en-gb/investors/a-new-consumer-healthcare-company/

The dividend is 14p a share.

https://www.londonstockexchange.com/news-article/GSK/total-voting-rights/15522948

The total number of voting rights in the Company is 5,084,151,821

Thus:-

5,084,151,821 x £0.14 = £711,781,254.94

That is £711 million.

https://www.londonstockexchange.com/stock/GSK/gsk-plc/company-page

The abrdn Private Equity Opportunities Trust

The abrdn Private Equity Opportunities Trust is a London listed investment trust.

https://www.abrdnpeot.co.uk/

It is dedicated to investments in private equity funds and direct investments into private companies with European focus.[2] Established in 2001, the company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. Formerly Standard Life Private Equity Trust plc.

Net assets £1,099.6 million

Largest 10 Funds (% of NAV)

Advent International Global Private Equity VIII €13.0bn 5.4% of fund
Altor Fund IV €2.1bn 4.9% of fund
Nordic Capital Fund IX €4.3bn 4.2% of fund
Permira V €5.0bn 4.0% of fund
3i Venice SCSp (Action)B €2.5bn 4.0% of fund
Investindustrial Growth €375mn 3.6% of fund
Exponent Private Equity Partners III, LP.£1.0bn 3.6% of fund
Nordic Capital VIII €3.6bn 3.5% of fund
Sixth Cinven Fund €7.0bn 3.5% of fund
PAI Europe VI €3.6bn 3.5% of fund

Total 40.2% of fund

https://www.londonstockexchange.com/stock/APEO/abrdn-private-equity-opportunities-trust-plc/company-page

The SDCL Energy Efficiency Income Trust plc

Share price & latest news | SEEIT (seeitplc.com)

The SDCL Energy Efficiency Income Trust plc invests exclusively in the energy efficiency sector.

The fund has achieved a £1 billion market capitalisation and is included as a constituent of the FTSE 250 index

The Company’s objective is to generate an attractive total return for investors comprising stable dividend income and capital preservation, with the opportunity for capital growth. It does so through its investment in a diversified portfolio of energy efficiency projects that deliver lower cost, cleaner and more reliable energy solutions to end users of energy.

https://www.londonstockexchange.com/stock/SEIT/sdcl-energy-efficiency-income-trust-plc/company-page

Lyrics that are relevant today…as they were in 1989

Pet Shop Boys – It’s Alright – YouTube

Dictation being forced in Afghanistan Revolution in South Africa taking a stand People in Eurasia on the brink of oppression I hope it’s going to be alright I hope the music plays forever Forests falling at a desperate pace The earth is dying, and desert taking its place People under pressure on the brink of starvation I hope it’s gonna be alright (Alright alright alright) Cause the music plays forever (Cause it goes on and on and on and on and on) I hope it’s gonna be alright (On and on and on and on, forever) And the music plays forever (Alright alright) Generations will come and go (will come and go) But there’s one thing for sure Music is our life’s foundation And shall succeed all the nations to come Cause the music plays forever (Cause it goes on and on and on and on and on) I hope it’s gonna be alright (On and on and on and on and on) (On and on and on and on) And the music plays forever The year three thousand may still come to pass But the music shall last I can hear it on a timeless wavelength Never dissipating but giving us strength I think it’s gonna be alright (It’s gonna be alright) (Alright alright alright alright) Cause the music plays forever (Eeh-oh-oh-eeh) (Gonna be alright) If the music plays forever (It will be alright) If the music plays forever (I think it’s gonna be alright) It’s gonna be alright (If the music plays) It’s all – alright It’s alright (For it goes on and on and on and on) (On and on and on and on)

UK National Debt

There is a lot of talk in the UK of tax cuts, being proposed by the majority of candidates trying to becoming PM.

However the UK national debt is huge. Cutting taxes when the debt is so huge seems odd if not reckless.

UK general government gross debt was £2,382.8 billion at the end of 2021, equivalent to 102.8% of gross domestic product (GDP)

https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicspending/bulletins/ukgovernmentdebtanddeficitforeurostatmaast/december2021#government-debt

Courtesy of the UK Office for National Statistics

The reason for the huge debt is that the UK government runs at a deficit, in other words it spends more than it earns in taxation.

Courtesy of the UK Office for National Statistics

The debt is unstainable.

https://www.bbc.co.uk/news/business-62079052

Sainsbury’s PLC July 2022 Dividend.

Today, the supermarket group Sainsburys pays out its July dividend.

https://www.about.sainsburys.co.uk/

9.9p a share.

https://www.londonstockexchange.com/news-article/SBRY/total-voting-rights/15522684

The total number of voting rights in J Sainsbury plc is 2,343,734,901

Thus:-

2,343,734,901 x £0.099 = £232,029,755.199

That is £232 million paid to shareholders.

https://www.londonstockexchange.com/stock/SBRY/sainsbury-j-plc/company-page

HM Government Borrowings: June 2022

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/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In June 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were only 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

28-Jun-2022 0 1/8% Index-linked Treasury Gilt 2031 3 months £1,011.9750 Million
08-Jun-2022 1% Treasury Gilt 2032 £3,125.0000 Million
07-Jun-2022 0¼% Treasury Gilt 2025 £3,075.0000 Million

£1,011.9750 Million + £3,125.0000 Million + £3,075.0000 Million = £7,211.975 Million

£7,211.975 Million = £7.211.975 Billion

On another way of looking at it, is in the 30 days in June 2022, HM Government borrowed:- £240.39916666666666666666666666667 Million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature in 2032. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

3i Infrastructure PLC, July 2022 Dividend

3i Infrastructure is a London listed investment company investing in hard infrastructure assets.

Today, 3i Infrastructure PLC pays out its July 2022 dividend.

5.225p a share.

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

The total voting rights in the Company as at that date were 891,434,010

Thus:

891,434,010 x £0.05225 = £46,577,427.0225

That is £46m.

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

US Federal Reserve Balance Sheet Trends July 2022

The US, the world’s largest economy home to giants, like Exxon Mobile, Google, Intel, IBM, Cisco, Juniper, S-One Communications Corporation.

The US Central Bank, is the US Federal Reserve.

https://www.federalreserve.gov/

They are in a process of reducing the size of the balance sheet, that since 2008 has grown to deal with the Global Financial Crisis and then the 2020 Covid 19 Pandemic.

The 2 diagrams below show the size, now sitting at $8,934,346 Billion. (That is $8.9 Trillion)

The press release below shows the plan to reduce the size of the balance sheet with a reduction in the bond buying programme of QE.

https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20220615.pdf

“In their consideration of the appropriate stance of monetary policy, participants concurred that the labor market was very tight, inflation was well above the Committee’s 2 percent inflation objective, and the near-term inflation outlook had deteriorated since the time of the May meeting. Against this backdrop, almost all participants agreed that it was appropriate to raise the target range for the federal funds rate 75 basis points at this meeting. One participant favored a 50 basis point increase in the target range at this meeting instead of 75 basis points. All participants judged that it was appropriate to continue the process of reducing the size of the federal Reserve’s balance sheet, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that the Committee issued in May. In light of elevated inflation pressures and signs of deterioration in some measures of inflation expectations, all participants reaffirmed their strong commitment to returning inflation to the Committee’s 2 percent objective. Participants observed that a return of inflation to the 2 percent objective was necessary for creating conditions conducive to a sustainably strong labor market over time. “

The Yield of the European Assets Trust.

The European Assets Trust is a London Listed Investmen Trust.

https://www.bmogam.com/european-assets-trust/

The trust aims are to achieve growth of capital through
investment in quoted small and medium-sized
companies in Europe, excluding the United
Kingdom. A high distribution policy has been
adopted and dividends are paid from a mix of
income and capital reserves

Top Ten holdings are:-

Lectra 3.3% of the fund, Technology
Ringkjoebing Landbobank 3.3% of the fund, Financials
SIG Group 3.2% of the fund, Industrials
Stratec 3.0% of the fund, Health Care
Sparebank 3.0% of the fund, Financials
Sligro Food Group 3.0% of the fund, Consumer Staples
flatexDEGIRO 2.9% of the fund, Financials
IMCD 2.8% of the fund, Basic Materials
Cancom 2.8% of the fund, Technology
Alten 2.8% of the fund,Technology

Pays quarterly dividends. 6.91% yield !!

https://www.londonstockexchange.com/stock/EAT/european-assets-trust-plc/company-page

The Ultimate Investment: Kate Bush and Dave Gilmour

It doesn’t hurt me
Do you want to feel how it feels?
Do you want to know that it doesn’t hurt me?
Do you want to hear about the deal that I’m making?
You, it’s you and me

And if I only could
I’d make a deal with God
And I’d get him to swap our places
Be running up that road
Be running up that hill
Be running up that building
See if I only could, oh

You don’t want to hurt me
But see how deep the bullet lies
Unaware I’m tearing you asunder
Ooh, there is thunder in our hearts

Is there so much hate for the ones we love?
Tell me, we both matter, don’t we?
You, it’s you and me
It’s you and me won’t be unhappy

And if I only could
I’d make a deal with God
And I’d get him to swap our places
Be running up that road
Be running up that hill
Be running up that building
Say, if I only could, oh

You
It’s you and me
It’s you and me won’t be unhappy

C’mon, baby, c’mon darling
Let me steal this moment from you now
C’mon, angel, c’mon, c’mon, darling
Let’s exchange the experience, oh

And if I only could
I’d make a deal with God
And I’d get him to swap our places
Be running up that road
Be running up that hill
With no problems

So if I only could
I’d make a deal with God
And I’d get him to swap our places
Be running up that road
Be running up that hill
With no problems

So if I only could
I’d make a deal with God
And I’d get him to swap our places
Be running up that road
Be running up that hill
With no problems

So if I only could
Be running up that hill
With no problems

(If I only could, I’d be running up that hill)
(If I only could, I’d be running up that hill)

Tesco PLC June 2022 Dividend.

On the 24th June, a few days ago, Tesco PLC paid out its quarterly dividend.

https://www.tescoplc.com

The dividend was 7.7p a share.

https://www.londonstockexchange.com/news-article/TSCO/total-voting-rights/15478378

The Company’s share capital as at 31 May 2022 consisted of 7,544,228,607 ordinary shares

Thus:-

7,544,228,607 x £0.077 = £580,905,602.739

That is £580 million paid to shareholders.

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

BP June 2022 Dividend.

On the 24th June, a few days ago, BP PLC paid out its quarterly dividend.

https://www.bp.com

The dividend was $0.0546 or 4.3556p a share.

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15478107

The total number of voting rights in BP p.l.c. is 19,343,319,865

Thus:-

19,343,319,865 x £0.043556 = £842,517,640.03994.

That is £842million paid to shareholders.

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

JPMorgan Global Core Real Assets Limited

The JPMorgan Global Core Real Assets Limited is a London listed investment trust. The fund invests in global real estate, global infrastructure, global transportation and listed real assets.

https://www.londonstockexchange.com/news-article/JARA/net-asset-value-and-portfolio-update-quarterly/15249136

Sector % Allocation
Industrial / Logistics 18%
Office 15%
Residential 10%
Retail 7%
Other Real Estate 6%

Total Real Estate
Utilities 11%
Renewable Energy 5%
Liquid Bulk Storage 2%
Fixed transportation Assets 2%
Conventional Energy 1%

Total Infrastructure (private % / public %) 22% (17% / 5%)
Maritime 11%
Energy Logistics 5%
Aviation 3%
Rolling Stock 2%

Total Transportation (private % / public %) 22% (18% / 4%)
Total Invested Portfolio 98%

https://www.londonstockexchange.com/stock/JARA/jpmorgan-global-core-real-assets-limited/company-page

Greencoat UK Wind

A beautiful graph. We can see the “Covid Dip of April 2020.

The tread of renewables is clear.

Greencoat – UKWind (greencoat-ukwind.com)

Huge investment in Green energy, and Greencoat UK Wind, is a FTSE-250 energy power company.

GREENCOAT UK WIND PLC UKW Stock | London Stock Exchange

Some large institutional investors hold this stock, such as Investec Wealth, Ballie Gifford, and some very positive commentary, Kepler Trust Intelligence: Flash Update – 11:42:14 29 Apr 2022 – UKW News article | London Stock Exchange

HM Government Borrowings: May 2022

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In May 2022, 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 4 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

24-May-2022 0 1/8% Index-linked Treasury Gilt 2039 3 months £847.7000 Million
17-May-2022 1¼% Treasury Gilt 2051 £2,187.4990 Million
11-May-2022 0½% Treasury Gilt 2029 £2,500.0000 Million
10-May-2022 0 7/8% Green Gilt 2033 £2,250.0000 Million

£847.7000 Million + £2,187.4990 Million + £2,500.0000 Million + £2,250.0000 Million = £7,785.199 Million

£7,785.199 Million = £7.785199 Billion


On another way of looking at it, is in the 31 days in May 2022, HM Government borrowed:- £251.13545161290322580645161290323 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature, from 2020 to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Legal and General June 2022 Dividend

Legal and General is the UK’s largest money manager

On the 1st June, Legal and General paid out its June dividend.

www.legalandgeneral.com

13.27p a share.

https://www.londonstockexchange.com/news-article/LGEN/total-voting-rights/15435885

The total number of voting rights in the Company is 5,970,486,700.

Thus:-

5,970,486,700 x £0.1327 = £792,283,585.09

That is £792 Million paid to shareholders.

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

Cost of UK Petrol and Diesel

There is wide spread media stories of the cost of fuel.

Fuel prices: Petrol stations face urgent review of fuel duty cut – BBC News

£100 is now the average cost to fuel a car with petrol. Take a step back, and consider this:-

You have to earn about £150 “before tax” to take home £100 in your bank account. Thus you have already paid £50 in tax.

Now you fuel up and pay £100 on fuel, now that £100 is comprised of:-

£16.67 VAT (Valued Added Tax)

£32.74 is Fuel Duty (Fuel Tax)

£35.84 is the fuel supplier (the wholesale cost)

£9.71 is biofuel (additives)

£3.92 is the retailers margin

£1.12 is delivery costs.

So the £16.67 + £32.74 = £49.41.

Thus 49% of the £100 is tax, but you had to pay £50 on the £150 earned to take home £100, and then you have to pay £49.41 on tax……

The wise American, Mark Twain was right, only 2 things in life are certain, you pay taxes and you die.

Gresham House Energy Storage: The Ascent

A picture paints a thousand words.

Gresham House Energy Storage Fund plc | Gresham House

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.

GRESHAM HOUSE ENERGY STORAGE FUND PLC GRID Stock | London Stock Exchange

The abrdn Asian Income Fund Limited

The abrdn Asian Income Fund is targeting the income and growth potential of Asia’s most compelling and sustainable companies

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

Ten largest holdings (%)
TSMC Taiwan 7.3% of the fund
Samsung Electronics Korea 6.5% of the fund
BHP Australia 4.0% of the fund
DBS Group Singapore 3.8% of the fund
Oversea-Chinese Banking Corp. Singapore 3.2% of the fund
Venture Corporation Singapore 3.0% of the fund
Infosys India 2.6% of the fund
United Overseas Bank Singapore 2.6% of the fund
Rio Tinto Australia 2.4% of the fund
Tisco Financial Thailand 2.2% of the fund

Total 37.6 % of the fund

The total number of investments 60

https://www.londonstockexchange.com/stock/AAIF/abrdn-asian-income-fund-limited/company-page

Gresham House Energy Storage Fund May 2022 Dividend.

Today Gresham House Energy Storage Fund pays out its May 2022 dividend.

1.75p a share.

https://www.londonstockexchange.com/news-article/GRID/total-voting-rights/15080709

Now he total number of voting rights of the Company is 437,842,078, thus:-

437,842,078 x £0.0175 = 7,662,236.365

That is £7,662,236.365 = £7.662 Millon paid to shareholder

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

HSBC Asset Management: Common Sense Prevailed.

HSBC suspends banker over ‘nut job’ climate comments, say reports – BBC News

A good news story after some dreadful comments from Stuart Kirk of HSBC Asset Management.

Last week, Stuart Kirk, a leader in the bank’s responsible investing team, said: “There’s always some nut job telling me about the end of the world.”

In the address he made light of the risks of major floods and said that he had to spend his time “looking at something that’s going to happen in 20 or 30 years”.

During the 15-minute address at the FT Moral Money Summit, Mr Kirk said “Climate change is not a financial risk that we need to worry about.”

“Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong,” a slide shown as part of the presentation said.

Courtesy of The FT

Invesco Bond Income Plus Limited

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

The objective of the Fund is to achieve long-term capital growth. The Fund invests primarily in shares of companies engaged in the discretionary consumer needs worldwide, including companies engaged in meeting the demands of consumers. The Fund is actively managed and is not constrained by its benchmark, MSCI World Consumer Discretionary Index (Net Total Return), which is used for comparison purposes

£357.0m Total Assets

6.5% Dividend Yield

Invesco Bond Income Plus Limited was previously City Merchants High Yield Trust Limited

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

Top 10 issuers % portfolio

Codere New Topco 13.625% PIK 30 Nov 2027, 12.75% PIK 30 Nov 2027,
11% PIK 30 Sep 2026, 7.5% PIK 30 Nov 2027 (SUB),
Common Stock
2.5% portfolio

Lloyds Banking Group 7.625% FRN Perpetual, 7.5% FRN Perpetual, 7.875%
FRN Perpetual, 6.375% FRN Perpetual, 3.5% FRN 01
Apr 2026 (SNR)
2.4% portfolio

Teva Pharmaceutical Finance 6% 31 Jan 2025 (SNR), 4.375% 09 May 2030 (SNR),
7.125% 31 Jan 2025 (SNR), 6.75% 01 Mar 2028
(SNR), 5.125% 09 May 2029 (SNR)
2.2% portfolio

Barclays 2.75% FRN Perpetual, 4.375% FRN Perpetual, 6.375%
FRN Perpetual, 7.25% FRN Perpetual, 7.875% FRN
Perpetual, 8% FRN Perpetual
2.1% portfolio

Aviva 6.125% FRN 05 Jul 2043, 6.125% FRN Perpetual,
8.875% Preference
2.0% portfolio
C
o-Operative Bank 9.5% FRN 25 Apr 2029, 5.125% 17 May 2024 (SNR),
6% FRN 06 Apr 2027 (SNR), 7.5% FRN 08 Jul 2026
1.8% portfolio

Petra Diamonds 10.5% PIK 08 Mar 2026, Common Stock 1.8
Virgin Media O2 5% 15 Apr 2027 (SNR), 4.25% 15 Jan 2030 (SNR),
4% 31 Jan 2029 (SNR)
1.7% portfolio

Ziggo Bond Finance 6% 15 Jan 2027 (SNR), 4.875% 15 Jan 2030 (SNR),
3.375% 28 Feb 2030 (SNR)
1.6% portfolio

Vodafone Group 4.875% 03 Oct 2078, 7% FRN 04 Apr 2079, 6.25%
03 Oct 2078
1.5% portfolio

Total 19.6 of the portfolio

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

Lloyds Banking Group May 2022 Dividend.

Today, the Lloyds Banking Group pays out its May 2022 dividend.

1.33p a share.

https://www.lloydsbankinggroup.com

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 69,666,692,662 ordinary shares.

https://www.londonstockexchange.com/news-article/LLOY/total-voting-rights/15432921

Thus:

69,666,692,662 x £0.0133 = £926,567,012.4046

That is £926 million paid to shareholders.

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

Investment in the Dunning-Kruger Effect

An Overview of the Dunning-Kruger Effect (verywellmind.com)

“People who consider themselves “the clever ones” are not clever at all

The Dunning-Kruger effect is a type of cognitive bias in which people believe that they are smarter and more capable than they really are. Essentially, low ability people do not possess the skills needed to recognize their own incompetence. The combination of poor self-awareness and low cognitive ability leads them to overestimate their own capabilities.

The term lends a scientific name and explanation to a problem that many people immediately recognize—that fools are blind to their own foolishness. As Charles Darwin wrote in his book The Descent of Man, “Ignorance more frequently begets confidence than does knowledge.”

An Overview of the Dunning-Kruger Effect


This phenomenon is something you have likely experienced in real life, perhaps around the dinner table at a holiday family gathering. Throughout the course of the meal, a member of your extended family begins spouting off on a topic at length, boldly proclaiming that he is correct and that everyone else’s opinion is stupid, uninformed, and just plain wrong. It may be plainly evident to everyone in the room that this person has no idea what they are talking about, yet they prattle on, blithely oblivious to their own ignorance.

The effect is named after researchers David Dunning and Justin Kruger, the two social psychologists who first described it. In their original study on this psychological phenomenon, they performed a series of four investigations.

NatWest May 2022 Dividend

On the 4th May 2022, NatWest Group, (formerly The Royal Bank of Scotland) paid out it May 2022 dividend.

https://www.natwestgroup.com/

It was £0.075p a share.

https://www.londonstockexchange.com/news-article/NWG/total-voting-rights/15432867

42,250,741,324 are the total voting rights thus:-

42,250,741,324 x £0.075 = £3,168,805,599.30

That is £3,168 Million = £3.168 Billion paid to shareholders

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

HM Government Borrowings: April 2022

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In April 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were only 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

20-Apr-2022 1 1/8% Treasury Gilt 2039 £2,499.9980 Million
12-Apr-2022 1% Treasury Gilt 2032 £3,124.9980 Million
05-Apr-2022 0 3/8% Treasury Gilt 2026 £3,250.0000 Million

£2,499.9980 Million + £3,124.9980 Million + £3,250.0000 Million = £8,874.996 Million

£8,874.996 Million = £8.874996 Billion

On another way of looking at it, is in the 30 days in April 2022, HM Government borrowed:- £295.8332 Million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature in 2039. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

F&C Investment Trust, May 2022 Dividend

The Foreign and Colonial Investment Trust is the founding father if investments for the masses. Tomorrow it pays out its dividend to shareholders

https://www.bmogam.com/fandc-investment-trust/

3.8p a share.

F&C Investment Trust PLC holds stock in over 450 companies. These are the twenty companies that is holds the most stock in:


Microsoft 2.5% of the portfolio
Alphabet 2.2% of the portfolio
Apple 1.9% of the portfolio
Amazon 1.8% of the portfolio
UnitedHealth 1.4% of the portfolio
Anthem 0.9% of the portfolio
Meta 0.9% of the portfolio
Taiwan Semiconductor Manufacturing Company 0.9% of the portfolio
Comcast 0.8% of the portfolio
Broadcom 0.8% of the portfolio
Tesla 0.8% of the portfolio
International Flavors & Fragrances 0.8% of the portfolio
Hess 0.7% of the portfolio
CVS Health 0.7% of the portfolio
Merck & Co 0.7% of the portfolio
Dollar General 0.7% of the portfolio
AstraZeneca 0.7% of the portfolio
JB Hunt 0.6% of the portfolio
Mastercard 0.6% of the portfolio
Wells Fargo 0.6% of the portfolio

https://www.londonstockexchange.com/news-article/FCIT/total-voting-rights/15433300

The total number of voting rights 522,500,492

Thus:-

522,500,492 x £0.038 = £19,855,018.696

That is £19million paid to shareholders.

https://www.londonstockexchange.com/stock/FCIT/f-c-investment-trust-plc/company-page

Invesco Asia Trust

The Invesco Asia Trust is a London listed investment trust.

https://www.invesco.com/uk/en/investment-trusts/invesco-asia-trust-plc.html

The Company’s objective is to provide long-term capital growth by investing in a
diversified portfolio of Asian and Australasian companies.

Top 10 holdings % portfolio
Taiwan Semiconductor Manufacturing Taiwan 7.3% portfolio
Samsung Electronics South Korea 6.3% portfolio
Tencent – R China 6.0% portfolio
Alibaba China 3.7% portfolio
ICICI Bank – ADR India 3.5% portfolio
Housing Development Finance Corporation India 3.5% portfolio
JD.com China 3.1% portfolio
AIA Hong Kong 3.0% portfolio
MingYang Smart Energy – A China 2.7% portfolio
NetEase China 2.5% portfolio

Total 41.6% portfolio

https://www.londonstockexchange.com/stock/IAT/invesco-asia-trust-plc/company-page

M&G Positive Impact Fund

The M&G Positive Impact Fund is a relatively new fund from M&G Investments.

The fund has two aims: to provide combined capital growth and income, net of the Ongoing Charge Figure, that is higher than the MSCI ACWI Index over any five-year period; and to invest in companies having a positive social impact. The fund usually holds shares in fewer than 40 companies. The fund invests over the long term in companies that make a positive social and/or environmental impact alongside a financial return. Sustainability and impact considerations are fundamental in the stock selection process.

Largest holdings
ON Semiconductor 6.6(%) Fund
Novo Nordisk 5.6(%) Fund
Johnson Controls International 5.0(%) Fund
Unitedhealth Group 4.8(%) Fund
Thermo Fisher Scientific 4.7(%) Fund
Solaredge Technologies 4.7(%) Fund
Schneider Electric 4.4(%) Fund
HDFC Bank 4.1(%) Fund
Orsted 3.9(%) Fund
ALK Abello 3.7(%) Fund

Fund size (millions) £ 209.60

https://www.mymandg.co.uk/posi-hub

The BlackRock Energy and Resources Inc Trust

The BlackRock Energy and Resources Inc Trust is a London listed investment trust whose objective is to achieve an annual dividend target and, over the long term, capital growth by investing primarily in securities of companies operating in the mining and energy sectors.

https://www.blackrock.com/uk/products/investment-trusts/our-range/blackrock-energy-and-resources-income-trust/trust-information

The Largest Holdings
1 Vale 7.50% of the trust
2 Glencore 6.90% of the trust
3 Chevron 5.10% of the trust
4 BHP 4.00% of the trust
5 First Quantum Minerals 3.60% of the trust
6 Anglo American 3.40% of the trust
7 ConocoPhillips 3.20% of the trust
8 Canadian Natural Resources 2.70% of the trust
9 TotalEnergies 2.60% of the trust
10 EOG Resources 2.40% of the trust

https://dwu7l6as21h3p.cloudfront.net/Income_Trust_Retail-256.720p.wide.mp4

https://www.londonstockexchange.com/stock/BERI/blackrock-energy-and-resources-income-trust-plc/company-page

HSBC April 2022 Dividend.

Tomorrow, HSBC Holdings, the UK Banking giant pays out its April 222 dividend.

https://www.hsbc.com

$0.18 or 13.8188p a share.

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/15393602

The total number of voting rights in HSBC Holdings plc is 20,201,524,282

Thus:-

20,201,524,282 x £0.138188 = £2,791,608,237.481016

That is £2,791 Million = £2.791608237481016 Billion paid to shareholders.

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

HM Government Borrowings: March 2022

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In March 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were only 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

15-Mar-2022 0 1/8% Index-linked Treasury Gilt 2031 3 months £1,239.4000 Million
08-Mar-2022 1¼% Treasury Gilt 2051 £1,874.9990 Million
02-Mar-2022 0¼% Treasury Gilt 2025 £3,250.0000 Million

£1,239.4000 Million + £1,874.9990 Million + £3,250.0000 Million = £6,364.399 Million

£6,364.399 Million = £6.364399 Billion

On another way of looking at it, is in the 31 days in March 2022, HM Government borrowed:- £205.3031935483870967741935483871 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature in 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Personal Assets Trust April dividend

Today, the Personal Assets Trust pays out its April dividend.

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

140p a share.

https://www.londonstockexchange.com/news-article/PNL/total-voting-rights/15394999

the total number of Ordinary shares of £12.50 of the Company in issue is 3,629,989.

Thus:-

3,629,989 x £1.40 = 5,081,984.6

That is £5.081 Million paid to shareholders.

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

In The Wake Of Your Leave

So as you canyoneered from our world upwards
And the angels took their place
I was the loser at your funeral
No emotion conveyed
It was drawn out in vain
And the idiot I am just figured
In the wake of your leave
That I’d never hear from you again
And then I’d sing
With all this feeling
That your spirit would afford me
My hand
On heart
It’s not a thing that I’ve been dreaming of
And it goes without my blessing
And leaves me in a rut
But it comes and goes
And shows me all I’m missing
And it comes and goes
I was there at the backstage trying
But the words they never came
And I was available for a statement but I just
Hung my head in shame
It felt nothing to me
All the ceremony I’d wasted
And then I’d thank them leave
And say “God bless you all, goodnight”
Then I’d think
The grave was turning
And that nothing could absolve me
My hand
On heart
It’s not a thing that I’ve been dreaming of
And it throws me without warning
And leaves me in the dust
But it comes and goes
And fills me when I’m empty
Then it comes and goes
And I will need it when it’s gone
It quakes
And moves
Then breaks
Then shatters over me
In shapes of all these
Quiet sacred things I need
My hand
On heart
If there’s a line or something in these songs
That are worthy of some mention
You’re free to let me know
But it comes and grows
And leaves me in my weakness
And it comes and goes
My hand
On heart
It’s not a thing that I’ve been dreaming of
And it goes without my blessing
And leaves me in a rut
But it comes and goes
And holds me when I’m sleepless
Then it comes and shows
How I need you when you’re gone

Digital 9 Infrastructure PLC dividend

Yesterday, Digital 9 Infrastructure the investor in digital assets paid out a dividend.

1.5p a share.

https://www.d9infrastructure.com/

Since inception and floatation, it has been buying assets.

the total number of voting rights in the Company is 810,629,500

https://www.londonstockexchange.com/news-article/DGI9/total-voting-rights/15311626

Thus:

810,629,500 x £0.015 = £12,159,442.5

That is £12million paid to shareholders.

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

The US Dollar / Russian Rouble

The graph below show the US Dollar vs The Russian Rouble over 6 months

The Russian Ruble (or Rouble) is the official currency of the Russian Federation, as well as South Ossetia and Abkhazia. The ruble is subdivided into 100 kopeks (or kopecks, copecks). There is currently no official symbol for the Ruble, though the abbreviation руб. is widely in use, and the country is considering several other possibilities.

The Russian Federation is one of the world’s largest market economies. By nominal GDP, Russia is ranked as the 10th largest economy in the world (6th largest by Purchasing Power Parity). Political stability and increased domestic consumption have driven significant growth since the early 2000s. The average salary increased from $80/month in 2000 to ~$640/month in 2008. Roughly 14% of Russians lived in poverty in 2010 vs. nearly 40% in 1999.
Oil, natural gasoline, timber, and precious metals represent ~80% of exported goods. Agricultural products is also a major export &mdash Russia is the third largest grain exporter globally, behind only the United States and European Union.

The Ruble has been the official currency of Russia for nearly 500 years. The kopek was first introduced in 1710, with a value of 1/100th of a Ruble.
In December, 1885, the Russian Ruble was revalued to a gold standard, pegged to the French Franc at 1 Ruble = 4 Francs. This value was revised in 1897 to 1 Ruble = 2 2/3 Francs.
During World War I, the gold standard was dropped leading to devaluation of the Ruble and hyperinflation.
The “second Ruble” was introduced on January 1, 1922, followed by the “third Ruble” in January 1923.
The “fourth Ruble” (or “Gold Ruble”) was issued in March, 1924.
Following World War II, the “fifth Ruble” was introduced in 1947, in order to revalue the currency and reduce the amount of paper tender in circulation.
The introduction of the “sixth Ruble” occurred in 1967, under a similar process to the “fifth Ruble” issue.
The “sixth Ruble” remained the official currency of Russia during the transition from the Soviet Union to the modern Russian Federation, though new notes were issued in 1993 to reflect the change.
The “seventh Ruble” was issued on January 1, 1998, essentially devaluing the Russian Ruble at a rate of 1 new Ruble = 1,000 old Rubles.

Momentum Multi-Asset Value Trust plc

The Momentum Multi-Asset Value Trust plc was previously known as the Seneca Global Income & Growth Trust plc

https://momentum.co.uk/channels/individual-investor/uk-investor/investment-trust

The Momentum Multi-Asset Value Trust is for investors who wish to combine the benefits of a quarterly income with long term capital growth.

HOLDINGS BY ASSET CLASS

UK EQUITIES

Babcock International Group 2.2%

Diversified Energy 2.2%

BT Group 2.0% %

OSB Group 1.8%

Kier Group 1.8%


OVERSEAS EQUITIES

Morant Wright Fuji Yield 4.5%

CIM Dividend Income 3.2%

Samarang Asian Prosperity 3.1%

JP Morgan European Investment Trust 2.5%

Prusik Asian Equity Income 2.3%

CREDIT

Absalon Emerging Markets Corporate Debt 2.4%

TwentyFour Select Monthly Income 2.4%

Royal London Short Duration Global High Yield 1.1%

Royal London Sterling Extra Yield Bond 0.9%


SPECIALIST ASSETS

Fair Oaks Income 2.5%

Ediston Property Investment Company 2.4%

RM Infrastructure Income 2.2%

UK Mortgages 2.2%

Schroder UK Public Private Trust 2.0%

https://www.londonstockexchange.com/stock/MAVT/momentum-multi-asset-value-trust-plc/company-page

Shell PLC’s March 2022 Quarterly Dividend.

Shell PLC, one of the oil majors, tomorrow pays out its quarterly dividend.

https://www.shell.com

A dividend of US$0.24, €0.2181 or 18.28p per ordinary share, respectively.

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/15346728

Shell plc’s capital as at February 28, 2022, consists of 7,608,484,466 ordinary shares of €0.07 each.

Thus:

7,608,484,466 x £0.1828 = £1,390,830,960.3848

That is £1,390 Million = £1.390 Billion

Tomorrow, Shell PLC pays out £1.390 Billion to shareholders.

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

BP Quarterly 2022 Dividend: March 2022

Today, BP one of the oil majors pay out its quarterly divident.

https://www.bp.com

$0.0546 or 4.1595p a share.

https://www.londonstockexchange.com/news-article/BP./q4-2021-payment-of-dividends-in-sterling/15368795

The total number of voting rights in BP p.l.c. is 19,489,158,624

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15348781

Thus:-

19,489,158,624 * £0.041595 = £810,651,552.96528

That is £810 Million paid to shareholders.

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

HM Government Borrowings: February 2022

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In February 2022, 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 1 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

15-Feb-2022 1% Treasury Gilt 2032 2,250.0000 Million

£2,250.0000 Million = £2.2500000 Billion

On another way of looking at it, is in the 28 days in February 2022, HM Government borrowed:- £80.357142857142857142857142857143 Million each day for the 28 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature in 2032. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

NB Global Monthly Income Fund Limited

The NB Global Monthly Income Fund Limited is a London Listed Investment Trust.

https://www.nbgmif.com/

£220 Market Capitalisation.

The NB Global Monthly Income Fund Limited aims to provide its shareholders with consistent levels of monthly income, while maintaining or increasing the Net Asset Value per Share over time. The Fund’s managers seek to achieve this strategy by investing in a broad range of credit assets, including but not limited to high
yield and investment grade bonds and alternative credit comprising of private debt, special situations and CLO debt tranches.

ASSET ALLOCATION %
Private Debt, 22.15%
Special Situations, 4.60%
CLO Debt Tranches, 11.43%
Global High Yield, 26.14%
Global Floating Rate Loans, 35.68%

https://www.londonstockexchange.com/stock/NBMI/nb-global-monthly-income-fund-limited/company-page

US Federal Reserve: Balance Sheet and Interest Rates.

Two days ago, the most influential and respect central bank, the US Federal Reserve increased interest rates.

https://www.federalreserve.gov/

“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at a coming meeting.”

Federal Reserve Board – Federal Reserve issues FOMC statement

The balance sheet is now at US$ 8, 910,748 Million = $8,910 Billion = $ 8.9 Trillion of assets now owned by the US Fed.

JPMorgan Russian Securities plc

The JPMorgan Russian Securities plc is a London listed investment trust, investing in Russian equities.

https://am.jpmorgan.com/gb/en/asset-management/per/products/jpmorgan-russian-securities-plc-ordinary-shares-gb0032164732

The company aims to maximise total return to shareholders from a diversified portfolio of investments primarily in quoted Russian securities or other companies which operate principally in Russia. The company may also invest up to 10% of its gross assets in companies that operate or are located in former Soviet Union Republics.

TOP 10 Sector % of assets of the fund.

Gazprom ADR Energy 20.5% of fund
Lukoil Energy 13.1% of fund
Sberbank of Russia Financials 13.1% of fund
Novatek GDR Energy 6.8% of fund
Rosneft GDR Energy 6.5% of fund
Norilsk Nickel Materials 4.7% of fund
VTB Bank Financials 2.8% of fund
Magnit Consumer Staples 2.8% of fund
Halyk Bank Financials 2.6% of fund
Severstal Materials 2.5% of fund

https://www.londonstockexchange.com/stock/JRS/jpmorgan-russian-securities-plc/company-page

IGas PLC

UK shale gas stocks IGas Energy Plc (AIM:IGAS) have seen their shareprices rise in recent days as the UK government rethinks its position on fracking, which could unlock domestic gas resources unlocked to ease dependence on Russian imports.

IGas has a portfolio of six licences across the east midlands, in a geological area known as the Gainsborough Trough.

A revival amidst the energy crisis and 2022’s geopolitical crises could spark a turnaround for these practically dismissed projects.

IGas | Home (igasplc.com)

https://www.londonstockexchange.com/search?searchtype=all&q=igas

Gold Price: The ascent

It is now US$ 1990 an ounce.

One can see the price in the past 3 years, has climbed from $1200 to $1990.

One non-metallic property of gold (Au) is that it can be used as a hedge against rising prices, thus inflation.

And in these politically uncertain times, and when there is huge inflation in the economy, labour shortages, and potential labour shortages, commodity shortages, such as crude oil, Gold holds its value and rises again a back drop of rising inflation

The Syncona Investment Trust

The investment objective is to deliver superior long-term capital appreciation from investments in life science businesses, leading long-only and alternative investment funds and managed accounts across multiple asset classes. The Company will target an IRR per share across its investment portfolio of 15% p.a. over the long term. Over time, it is intended that the Company should invest the significant majority of its assets in Life Science Investments.

https://www.synconaltd.com/

Syncona Ltd, a leading healthcare company focused on founding, building and funding global leaders in life science

https://www.londonstockexchange.com/stock/SYNC/syncona-limited/company-page

Decline in value of Russian assets: Sberbank

Sberbank – Wikipedia

The graph below paints the story.

SBERBANK OF RUSSIA SBER Stock | London Stock Exchange

Russia’s largest lender Sberbank is quitting almost all European markets, blaming big cash outflows and threats to its staff and property following Russia’s invasion of Ukraine and Western sanctions. The move seemed inevitable after the European Central Bank (ECB) ordered the closure of the bank’s European arm, having warned it faced failure because of a run on deposits sparked by the invasion, which Moscow calls a “special operation.”

The bank said it was no longer able to supply liquidity to European subsidiaries following an order from Russia’s central bank, which is seeking to preserve foreign currency. But it said capital and assets were sufficient to pay all depositors. The move highlights the pressure some Russian businesses are facing from unprecedented steps by the West to isolate Moscow, including sanctions on its central bank and the exclusion of some of its banks from global payments system SWIFT.

HM Government Borrowings: January 2022

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In January 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were “only” 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

26-Jan-2022 0 1/8% Index-linked Treasury Gilt 2051 3 months 600.0000 Million
18-Jan-2022 0½% Treasury Gilt 2029 3,124.9980 Million
11-Jan-2022 0 3/8% Treasury Gilt 2026 3,000.0000 Million

£600.0000 Million + £3,124.9980 Million + £3,000.0000 = £6,724.998 Million

£6,724.998 Million = £6.724998 Billion

On another way of looking at it, is in the 31 days in January 2022, HM Government borrowed:- £ 216.93541935483870967741935483871 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature from 2026 through to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

The Mercantile Investment Trust

The Mercantile Investment Trust plc is a FTSE-250 London listed investment trust.

https://am.jpmorgan.com/gb/en/asset-management/per/products/the-mercantile-investment-trust-plc-gb00bf4jdh58

The Mercantile Investment Trust plc seeks out quality UK medium and smaller sized companies outside the FTSE 100 to build a portfolio of stocks that offer clear and compelling opportunities for future growth.
One of the largest UK equity investment trusts and a history stretching back more than 130 years

Top holdings as of 31/12/2021

Watches of Switzerland Consumer Discretionary 4.4% of the fund
Future Consumer Discretionary 3.7% of the fund
Intermediate Capital Financials 3.3% of the fund
Bellway Consumer Discretionary 3.0% of the fund
IMI Industrials 2.6% of the fund
Softcat Technology 2.6% of the fund
Computacenter Technology 2.5% of the fund
Dunelm Group Consumer Discretionary 2.5% of the fund
Electrocomponents Industrials 2.4% of the fund
Spirax Sarco Industrials 2.3% of the fund

https://www.londonstockexchange.com/stock/MRC/mercantile-investment-trust-the-plc/company-page

BT plc Feb 2022 Dividend

Today, British Telecommunications PLC, the UK’s premier telecommunications giant, pays out its Feb dividend.

https://www.bt.com

2.31p a share.

https://www.londonstockexchange.com/news-article/BT.A/total-voting-rights/15271687

The total number of voting rights in BT Group plc on that date was 9,919,692,092.

Thus:-

9,919,692,092 x £0.0231 = £229,144,887.3252

That is £229 million.

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

Vodafone Feb 2022 Dividend.

Tomorrow, Vodafone PLC pays out its Feb 2022 dividend.

https://www.vodafone.com

€0.045 = 3.75826p a share.

https://www.londonstockexchange.com/news-article/VOD/total-voting-rights/15310605

The total number of voting rights in Vodafone is 27,064,398,704

Thus:

27,064,398,704 x £0.0375826 = £1,017,150,470.73295

That is £1,017,150,470 = £1017 Million = £1.017 Billion

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

United Utilities Feb 2022 dividend

Today, the UK Water Utility, United Utilities pays out its Feb 2022 dividend.

14.5p a share.

https://www.unitedutilities.com/

The total number of voting rights in the company stood at 681,888,418 and the total
ordinary shares in issue were 681,888,418.

https://www.unitedutilities.com/globalassets/documents/pdf/23-july-2021-agm-poll-result-.pdf

Thus:-

681,888,418 x £0.145 = £98,873,820.61

That is £98million

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

Law Debenture Corporation

The Law Debenture Corporation is a London listed investment trust.

https://www.lawdebenture.com/

The Law Debenture Corporation is founded as a limited company to facilitate the issue of corporate debentures.

The Corporation was established by a group of prominent businessmen, politicians and lawyers, with many of the founders of leading professional firms appearing on the list of original shareholders. This list includes Edwin Waterhouse of Price Waterhouse, now PwC.

The investment objective is to achieve long term capital growth in real terms and steadily increasing income. The aim is to achieve a higher rate of total return than the FTSE Actuaries All Share Index through investing in a diversified portfolio of stocks.

It has grown or maintained for each of the last 40 years consecutively.

The portfolio is typically diversified across approximately 140 stocks, mainly UK focused (typically 66% FTSE, 33% small and mid-cap) with the remaining holdings distributed across North America, Europe, Asia and rest of world where opportunities arise to build positions in organisations with an attractive profile. It holds no sector allocation constraints facilitating rotation into sectors which offer best long term value.

The portfolio turnover is low. Our patient approach, allowing for the realisation of fair value, has enabled it to outperform our benchmark significantly.

Top Ten Equity Holdings:-

GlaxoSmithKline 2.7% of the fund
Barclays 2.1% of the fund
Royal Dutch Shell 2.1% of the fund
BP 2.0% of the fund
HSBC 1.9% of the fund
Rio Tinto 1.8% of the fund
Accsys Technologies 1.6% of the fund
Ceres Power 1.6% of the fund
Severn Trent 1.5% of the fund
Marks & Spencer 1.5% of the fund

https://www.londonstockexchange.com/stock/LWDB/law-debenture-corporation-plc/company-page

HM Government Borrowings: December 2021

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In December 2021, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were “only” 2 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

07-Dec-2021 1¼% Treasury Gilt 2051 £1,875.0000 Million
01-Dec-2021 1% Treasury Gilt 2032 £2,250.0000 Million

Thus:-

£1,875.0000 Million + £2,250.0000 Million = £4,125 Million

£4,125 Million = £4.125 Billion

On another way of looking at it, is in the 31 days in December 2021, HM Government borrowed:- £133.0645161290323 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature from 2032 through to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Assets of The Witan Trust PLC

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

https://www.witan.com/

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

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

TOP 20 HOLDINGS

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

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

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

The Capital Gearing Trust PLC

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

https://www.capitalgearingtrust.com/homepage

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

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

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

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

Fund Size £921m
No. of holdings 219

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

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

3i Infrastructure Jan 2022 Dividend.

Yesterday 3i Infrastructure PLC paid out its January dividend.

5.225p a share

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

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

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

Thus:-

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

That is £42 million

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

Assets of The Alliance Trust PLC

ALLIANCE TRUST PLC ATST Stock | London Stock Exchange

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

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

TOP 20 HOLDINGS

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

Top 10 holdings 24.2%
Top 20 holdings 35.2%

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

The L&G Clean Water UCITS ETF

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

The top ten holdings are:-

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

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

The Personal Assets Trust

The Personal Assets Trust

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

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

The assets it holds are:-

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

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

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

The Renewables Infrastructure Group December 2021 Quarterly Dividend.

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

Home – TRIG (trig-ltd.com)

£0.0169 a share.

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

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

Thus:

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

£38million of cash paid to shareholders.

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

HM Government Borrowings: November 2021

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In November 2021, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were “only” 5 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

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

Thus:-

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

£10,104.125 Million = 10.104125 Billion


Another way of looking at it, is in the 30 days in November 2021, HM Government borrowed: £336.8041666666667 Million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature from 2029 through to 2071. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together…”

John Midwinter obituary

Courtest of The Guardian

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Royal Dutch Shell PLC December 2021 Quarterly Dividend

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

https://www.shell.com

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

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

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

Royal Dutch Shell plc’s capital as at November 30, 2021, consists of 4,101,239,499 A shares and 3,613,350,274 B shares, each with equal voting rights. Royal Dutch Shell plc holds no ordinary shares in Treasury.

The total number of A shares and B shares in issue as at November 30, 2021 is 7,714,589,773

Thus:-

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

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

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

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

BP PLC December 2021 Quarterly Dividend

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

https://www.bp.com

4.1045p a a share = $0.0546

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

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

Thus:-

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

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

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

VH Global Sustainable Energy Opportunities

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

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

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

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

The M&G Climate Solutions Fund.

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

Fund size: £19.97 million

The largest holdings are:-

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

The fund is split across these asset classes:-

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

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

The Closure of P2P Lending on Zopa.

Zopa

Stopping P2P consumer investments at Zopa

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

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

What this means for you  

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

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

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

Why we’re doing this     

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

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

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

How will my investments work in the meantime?       

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

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

Updated FAQs and information centre        

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

Finally, thank you      

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

The L&G ESG Green Bond UCITS ETF

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

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

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

L&G Digital Payments ETF.

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

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

Its top ten holdings are:-

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

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

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

The JP Morgan Natural Resources Fund

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

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

Top Ten holdings:-

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

Assets in top holdings 44% of the fund

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

M&G Global Sustain Paris Aligned Fund

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

Fund size £ 641.08 Million

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

Top Holdings:-

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

The fund is concentrated and usually holds fewer than 40 companies

The Debt of Deutsche Telekom

The national incumbent telecoms operator of Germany, is Deutsche Telekom

https://www.telekom.com/

The annual report has some interesting figures.

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

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

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

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

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

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

HM Government Borrowings: October 2021

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In October 2021, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were “only” 7 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

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

Thus:-

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

£16,105.525 Million = £16.105525 Billion

On another way of looking at it, is in the 31 days in October2021, HM Government borrowed:- £519.53306451612903225806451612903 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature from 2026 through to 2061. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

L&G Cash Pension Fund

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

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

Top Ten holdings:-

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

Assets in top holdings 100.0% of the fund.

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

The Vanguard Target Retirement 2035 Fund

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

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

RIT Capital Partners PLC

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

It is the same family, the Rothschild banking dynasty.

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

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

https://www.ritcap.com/

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

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

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

Assets:-

Equities

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

Long-only funds:

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

Hedge funds:

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

Derivatives:

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

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

Gresham House Energy Storage Fund PLC

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

The graph speak volumes:

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

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

BT Half Year figures.

BT Half Year figures.

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

https://www.bt.com

BT, it connects for good.

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

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

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

The dividend will be paid in Feb 2022

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

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

Thus:

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

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

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

BP’s 3rd Quarter Results.

The Oil Major BP PLC yesterday announced its Q3 results.

https://www.bp.com

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

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

Total debt stands at £31,971 Million.

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

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

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

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

FTSE All-World High Dividend Yield UCITS ETF

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

Number of stocks held: 1580 securities.