Eli Lilly is prospering

Courtesy of Google Finance.

The drive in the ascent of the share price in Eli Lilly is its development of anti-obesity medicines.

https://www.lilly.com

Mounjaro is the product that is receiving huge press coverage for weight loss

Courtesy of Leonhard Euler

The FTSE All-World High Dividend Yield UCITS ETF (VHYG) is a Vanguard ETF owning shares in high dividend companies.

Number of stocks 2,135
Total assets $815.1 Million

This ETF tracks the FTSE All-World High Dividend Yield Index

Top ten holdings:-

JPMorgan Chase & Co 2.28% of the fund
Exxon Mobil Corp 1.68% of the fund
Home Depot Inc/The 1.35% of the fund
Procter & Gamble Co/The 1.35% of the fund
Johnson & Johnson 1.19% of the fund
AbbVie Inc 1.03% of the fund
Bank of America Corp 1.02% of the fund
Chevron Corp 0.89% of the fund
Wells Fargo & Co 0.85% of the fund
Merck & Co Inc 0.82% of the fund

https://www.londonstockexchange.com/stock/VHYL/vanguard/company-page

Courtesy of Vanguard / The London Stock Exchange

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

Courtesy of The London Stock Exchange

Courtesy of Leonard Euler

The M&G Managed Growth Fund is a fund of funds, that invests in other M&G Funds.

At least 70% of the fund is invested in other funds to give exposure to a range of assets from anywhere in the world. The fund may also invest directly in these assets and use derivatives. In aggregate, at least 70% of the fund’s assets will be invested in company shares, either directly or via other funds.

Courtesy of M&G

Tomorrow, the mighty high street retailer, Marks and Spencer pays out its January 2025 dividend.

https://www.marksandspencer.com

1p per share.

https://www.londonstockexchange.com/news-article/MKS/total-voting-rights/16790521

The Company’s capital consists of 2,051,278,567 ordinary shares with voting rights

Thus:-

2,051,278,567 x £0.01 = £20,512,785.67

£20million paid to shareholders

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

The M&G Global AI Themes Fund is a relatively new fund that seeks to identify opportunities where artificial intelligence (AI) is emerging as a potential driver to long-term revenue growth or profit margin expansion. They look for innovations through provision or adoption of Al, which they expect will cause changes in the way existing markets or businesses operate. At least 80% of the fund is invested in the shares of companies in the following three categories: AI Enablers (providing key underlying AI technology), AI Providers (supplying AI services to end users) and AI Beneficiaries (companies that meaningfully benefit from using AI).

Fund size (millions) £29.29

Courtesy of M&G

Today, 31st December, the UK’s premier renewables energy company, The Renewables Infrastructure Group paid out its December 2024 Dividend.

https://www.trig-ltd.com/

1.8675p a share.

https://www.londonstockexchange.com/news-article/TRIG/total-voting-rights/16691238

The total issued share capital with voting rights is 2,478,868,326

Thus:-

2,478,868,326 x £0.018675 = £46,292,865.98805

That is £46.292 Million paid to shareholders of TRIG plc.

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

On Friday 20th Dec, BP plc paid out its December 2024 Dividend.

https://www.bp.com

$0.08 a share which is 6.2959p a share.

https://www.londonstockexchange.com/news-article/BP./total-voting-rights-and-share-capital/16821041

The total number of voting rights in BP p.l.c. is 16,188,970,873

Thus:-

16,188,970,873 x £0.062959 = £1,019,241,417.193207

That is £1,019241417193207 Million paid to shareholders of BP, £1.019 Billion

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

On Thursday 19th Dec, Shell plc paid out its December 2024 Dividend.

https://www.shell.com

$0.344 which is 27.03p a share.

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/16789162

Shell plc’s capital as at November 29, 2024, consists of 6,154,483,817 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury.

Thus:-

6,154,483,817 x £0.2703 = £1,663,556,975.7351

That is £1.663556 Million paid to shareholders of Hello, £1.663 Billion

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

On Thursday 19th Dec, HSBC Holdings plc paid out its December 2024 Dividend.

https://www.hsbc.com

$0.1 a share which is 7.8285p a share.

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/16789140

The total number of voting rights in HSBC Holdings plc is 18,014,625,163

Thus:-

18,014,625,163 x £0.078285 = £1,410,274,930.885455

That is £1410.274 Million paid to shareholders of HSBC, £1.41 Billion

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

The US needs more mines for crucial transition metals | FT Energy Source

Courtesy of The FT

On the 6th December, Unilever PLC paid out its December 2024 dividend.

https://www.unilever.com

36.63p a share

https://www.londonstockexchange.com/news-article/ULVR/total-voting-rights/16791512

The voting rights attaching to the Unilever Group Shares are not exercisable. Accordingly, as at 29 November 2024, there were 2,475,572,871 shares with voting rights.

Thus:-

2,475,572,871 x £0.3663 = £906,802,342.6473

That is £906 million paid to shareholders in Unilever PLC.

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

Broadcom, the technology vendor, is now also in the $1 Trillion dollar valuation club.

Courtesy of Google Finance.

Now trading at $250 a share, it has broken the $Trillion dollar valuation, and has a market capitalisation fo $1.17 Trillion US dollars.

Broadcom – Wikipedia

Seat of the Karim family

Suddenly, something has happened to me
As I was having my cup of tea
Suddenly, I was feeling depressed
I was utterly and totally stressed
Do you know you made me cry? (Woah-oh)
Do you know you made me die?

And the thing that gets to me (thing that gets to me)
Is you’ll never really see (never really see)
And the thing that freaks me out (thing that freaks me out)
Is I’ll always be in doubt (always be in)

It is the lovely thing that we have
It is the lovely thing that we
It is the lovely thing
The animal, the animal instinct

So take my hands and come with me
We will change reality
So take my hands and we will pray
They won’t take you away
They will never make me cry, no-oh
They will never make me die

And the thing that gets to me (thing that gets to me)
Is you’ll never really see (never really see)
And the thing that freaks me out (thing that freaks me out)
Is I’ll always be in doubt (always be in)

The animal, the animal
The animal instinct in me
It’s the animal, the animal
The animal instinct in me
It’s the animal, it’s the animal
It’s the animal instinct in me
It’s the animal, it’s the animal
It’s the animal instinct in me

F&C INVESTMENT TRUST PLC FCIT Stock | London Stock Exchange

Courtesy of The London Stock Exchange

Courtesy of YouTube

“That Terminator is out there. It can’t be bargained with. It can’t be reasoned with. It doesn’t feel pity, or remorse, or fear. And it absolutely will not stop, EVER, until you are DEAD.” ~ Sergeant Kyle Reese, 1984

Yesterday, Monday 2nd Dec the UK defence contractor giant, paid out its December dividend.

www.baesystems.com

12.4p a share

https://www.londonstockexchange.com/news-article/BA./total-voting-rights/16788820

BAE Systems has total voting rights of 3,018,852,441

Thus:-

3,018,852,441 x £0.124 = £374,337,702.684

That is £374 million paid to shareholders

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

Today, Friday 29th November, the FTSE-250 green energy producer, UK Greencoat Wind pays out its November 2024 dividend

https://www.greencoat-ukwind.com

2.5p a share.

https://www.londonstockexchange.com/news-article/UKW/total-voting-rights/16743491

the total voting rights figure in Greencoat UK wind is 2,264,106,755

Thus:-

2,264,106,755 x £0.025 = £56,602,668.875

That is £56.6 Million paid to shareholders

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

The Sprott Uranium Miners UCITS ETF is an ETF investing in uranium miners.

The Uranium Miners ETF (URNM) seeks to provide investors with a way to invest in the growth of nuclear power through exposure to uranium miners. This comprises companies involved in the uranium industry, spanning the mining, exploration, development and production of uranium. The uranium miners ETF is also permitted to invest in entities that hold physical uranium, uranium royalties or other non-mining assets.

Top Ten holdings:-

CAMECO CORP COMMON STOCK 17.57% of the fund
NAC KAZATOMPROM JSC GDR 15.15% of the fund
SPROTT PHYSICAL URANIUM 11.82% of the fund
URANIUM ENERGY CORP 6.05% of the fund
DENISON MINES CORP COMMON 5.62% of the fund
NEXGEN ENERGY LTD COMMON 5.35% of the fund
CGN MINING CO LTD COMMON 5.33% of the fund
ENERGY FUELS INC/CANADA 4.33% of the fund
YELLOW CAKE PLC COMMON 3.88% of the fund
PALADIN ENERGY LTD COMMON 3.36% of the fund

https://www.londonstockexchange.com/stock/URNP/hanetf/company-page

Courtesy of The London Stock Exchange

The Pacific Horizon Investment Trust is a London listed investment trust managed by Baille Gifford of Scotland.

https://www.bailliegifford.com/en/uk/individual-investors/funds/pacific-horizon-investment-trust

Share Price = 567.00p
NAV at Fair = 660.60p
Premium / Discount (+/-) at Fair -14.2%

Thus buying 660p for 567p

Top Ten assets:-

1 TSMC 9.6% of the fund
2 Samsung Electronics 6.5% of the fund
3 Tencent 4.8% of the fund
4 Bytedance Ltd. 3.2% of the fund
5 Zijin Mining 3.1% of the fund
6 Daily Hunt 3.0% of the fund
7 PDD Holdings 2.6% of the fund
8 Sea Limited 2.6% of the fund
9 Delhivery 2.6% of the fund
10 Equinox India Developments Ltd 2.6% of the fund

Top 10 assets make up 40.5% of the fund

Courtesy of The London Stock Exchange

Tomorrow, Tesco PLC, the UK’s largest supermarket group pays out its November dividend.

www.tescoplc.com

4.25p a share

https://www.londonstockexchange.com/news-article/TSCO/total-voting-rights/16745211

The Company’s share capital as at 31 October 2024 consisted of 6,800,930,757 ordinary shares

Thus:-

6,800,930,757 x £0.045 = £289,039,557.1725

That is £289 Million paid to shareholders of Tesco PLC.

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

Courtesy of www.comicagile.net

Courtesy of the US Federal Government

Courtesy of the US Federal Government

Total UK Government Debt is over £2.7 Trillion

Courtesy of Statistica

UK Government Debt Interest on the cumulative national debt for 2024-25 will be £89 Billion, money that can NOT be used for public services such as the NHS, our brave armed forces, our brave police, fire services, ambulance crews, teachers, courts, etc etc

Courtesy of The Treasury and The Office of Budget Responsibility

In 2024-25, HM Government faces a short fall of £127 billion so will borrow it.

Courtesy of The Treasury and The Office of Budget Responsibility

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in October 2024, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 10 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

31-Oct-2024 1½% Green Gilt 2053 £2,250.0000 Million
29-Oct-2024 4 1/8% Treasury Gilt 2029 £4,000.0000 Million
23-Oct-2024 3¾% Treasury Gilt 2027 £4,787.2730 Million
22-Oct-2024 0 5/8% Index-linked Treasury Gilt 2045 £1,084.8490 Million
16-Oct-2024 4% Treasury Gilt 2031 £4,374.9990 Million
15-Oct-2024 4 3/8% Treasury Gilt 2054 £2,812.4990 Million
09-Oct-2024 4¼% Treasury Gilt 2034 £3,768.7500 Million
08-Oct-2024 0 1/8% Index-linked Treasury Gilt 2039 £1,151.6210 Million
02-Oct-2024 4 1/8% Treasury Gilt 2029 £4,020.0000 Million
01-Oct-2024 4¾% Treasury Gilt 2043 £2,812.4980 Million

£2,250.0000 Million + £4,000.0000 Million + £4,787.2730 Million + £1,084.8490 Million + £4,374.9990 Million + £2,812.4990 Million + £3,768.7500 Million + £1,151.6210 Million + £4,020.0000 Million + £2,812.4980 Million = £31,062.49 Million

£31,062.49 Million = £31.062 Billion

On another way of looking at it, is in the 31 days October 2024, HM Government borrowed:- £1002.015774 Million (£1.002 Billion) each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2027 to 2054. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

Earlier in the month, The Foreign & Colonial Investment Trust paid out its November 2024 dividend.

https://www.fandc.com

3.6p a share

https://www.londonstockexchange.com/news-article/FCIT/total-voting-rights/16743097

The total number of voting rights in the Company is 484,863,066

Thus:-

484,863,066 x £0.036 = £17,455,070.376

That is £17 million paid to shareholders.

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

March 2020:- Shell PLC trading at 1062p a share

Courtesy of the London Stock Exchange

November 2024:- Shell PLC trading at 2599p a share

Courtesy of the London Stock Exchange

The numbers are vast:-

Courtesy of the US Federal Government

U.S. debt could drive the next financial crisis, says former FDIC Chair Sheila Bair

Courtesy of CNBC

Michael Gitlin is President and CEO of Capital Group, the investment behemoth that manages $2.7 trillion and is one of the oldest and largest money managers in the USA.

HSBC is one of the largest global banking groups

https://www.hsbc.com

Courtesy of The London Stock Exchange

HSBC HOLDINGS PLC HSBA Stock | London Stock Exchange

“The idea that a bell rings to signal when to get into or out of the stock market is simply not credible. After nearly fifty years in this business, I don’t know anybody who has done it successfully and consistently. I don’t even know anybody who knows anybody who has.“

Vanguard Founder Jack Bogle dies at 89

‘Twas in another lifetime, one of toil and blood
When blackness was a virtue the road was full of mud
I came in from the wilderness, a creature void of form
Come in, she said
I’ll give ya shelter from the storm

And if I pass this way again, you can rest assured
I’ll always do my best for her, on that I give my word
In a world of steel-eyed death, and men who are fighting to be warm
Come in, she said
I’ll give ya shelter from the storm

Not a word was spoke between us, there was little risk involved
Everything up to that point had been left unresolved
Try imagining a place where it’s always safe and warm
Come in, she said
I’ll give ya shelter from the storm

I was burned out from exhaustion, buried in the hail
Poisoned in the bushes an’ blown out on the trail
Hunted like a crocodile, ravaged in the corn
Come in, she said
I’ll give ya shelter from the storm

Suddenly I turned around and she was standin’ there
With silver bracelets on her wrists and flowers in her hair
She walked up to me so gracefully and took my crown of thorns
Come in, she said
I’ll give ya shelter from the storm

Now there’s a wall between us, somethin’ there’s been lost
I took too much for granted, I got my signals crossed
Just to think that it all began on an uneventful morn
Come in, she said
I’ll give ya shelter from the storm

Well, the deputy walks on hard nails and the preacher rides a mount
But nothing really matters much, it’s doom alone that counts
And the one-eyed undertaker, he blows a futile horn
Come in, she said
I’ll give ya shelter from the storm

I’ve heard newborn babies wailin’ like a mournin’ dove
And old men with broken teeth stranded without love
Do I understand your question, man, is it hopeless and forlorn
Come in, she said
I’ll give ya shelter from the storm

In a little hilltop village, they gambled for my clothes
I bargained for salvation and she gave me a lethal dose
I offered up my innocence I got repaid with scorn
Come in, she said
I’ll give ya shelter from the storm

Well, I’m livin’ in a foreign country but I’m bound to cross the line
Beauty walks a razor’s edge, someday I’ll make it mine
If I could only turn back the clock to when God and her were born
Come in, she said
I’ll give ya shelter from the storm

iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc) is a fund that invests equally in the S&P500 Index.

The fund aims to achieve a return on investment, through capital and income returns on its assets, which reflects the return of the S&P 500 Equal Weight Index

It gives investors:-

Provides exposure to 500 stocks from top US companies in leading industries of the US economy
The Index measures the performance of securities within the S&P 500 Index (Parent Index) with each security being equally weighted within the Index at the rebalance date
Exposure to companies in the S&P 500 with a greater weighting in the smaller market capitalization companies

Courtesy of Investors Chronicle

Courtesy of The London Stock Exchange

The “Magnificent Seven” is a term coined by Bank of America analyst Michael Hartnett to describe seven industry-leading tech-focused companies: Microsoft (NASDAQ: MSFT), Apple (NASDAQ: AAPL), Nvidia (NASDAQ: NVDA), Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG), Amazon (NASDAQ: AMZN), Meta Platforms (NASDAQ: META), and Tesla (NASDAQ: TSLA).

What this actually means is that these seven companies are now so valuable that they make up a combined 35.5% of the S&P 500.

Thus the index of 500 companies is 35.5% dominated by the 7 technology titans.

Thus, the risk is that The Magnificent Seven are so valuable that they can single-handedly spark a so-called correction in the S&P 500. A correction is a fall of 10% to 20% in a major market index, so an average decline of 28% in the Magnificent Seven could put the S&P 500 in correction territory

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in August 2024, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 7 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

25-Sep-2024 4% Treasury Gilt 2031 3,750.00 £3,750.0000 Million
24-Sep-2024 0¾% Index-linked Treasury Gilt 2033 £1,500.00 Million
18-Sep-2024 0 7/8% Green Gilt 2033 £2,750.00 Million
17-Sep-2024 4 3/8% Treasury Gilt 2054 £2,250.00 Million
11-Sep-2024 4¼% Treasury Gilt 2034 £3,750.00 Million
10-Sep-2024 0 5/8% Index-linked Treasury Gilt 2045 £900.00 Million
05-Sep-2024 4 1/8% Treasury Gilt 2029 £4,000.00 Million

3,750.0000 Million + 1,500.00 Million + 2,750.0000 Million + 3,750.00 Million + 900.00 Million + 4,000 Million = £18,900 Million

£18,900 Million = £18.9 Billion

On another way of looking at it, is in the 30 days Sept 2024, HM Government borrowed:- £630 Million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2029 to 2054. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

Courtesy of Bloomberg

Today, Thursday 17th Oct 2024, Aviva PLC one of the UK largest casualty and life insurers and money managers (Aviva Investors) pays out its October 2024 dividend.

https://www.aviva.com

11.9p a share.

https://www.londonstockexchange.com/news-article/AV./total-voting-rights/16693420

The total number of voting rights in Aviva plc was 2,677,089,316.

Thus:-

2,677,089,316 x £0.119 = £318,573,628.604

That is £318.573 Million paid to shareholders in Aviva plc

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

The L&G Energy Transition Commodities UCITS ETF aims to track the performance of the Solactive Energy Transition Commodity TR Index

Its objective is to give investors:-

Transition metals exposure
Futures on transition metals, which are used in clean energy generation, storage and distribution equipment.

Transition energy exposure
Futures on transition energy, which emits less carbon than most other fossil fuels and can help overcome peak energy demand and the challenge of ‘hard to abate’ sectors.

Carbon exposure
Allocation to an exchange listed certificate (the “Certificate”) which provides exposure to an index of global carbon futures. Carbon pricing makes polluting less profitable and incentivises the switch to low- and no-carbon activities.

Courtesy of Legal and General Investment Management

Courtesy of The London Stock Exchange

The aim of the abrdn Sustainable Index World Equity Fund is to generate growth over the long term (5 years or more) by tracking the return of the MSCI World Select ESG Climate Solutions Target Index.

Underlying Fund Launch Date 12/11/2020
Underlying Fund Size (28/06/2024) £2,667.6m

Top 10 Holdings

MICROSOFT CORP 5.5% of the fund
NVIDIA CORP 5.3% of the fund
APPLE INC 4.2% of the fund
ALPHABET INC 2.8% of the fund
AMAZON.COM INC 2.5% of the fund
ELI LILLY & CO 1.3% of the fund
COCA-COLA CO/THE 1.2% of the fund
META PLATFORMS INC 1.0% of the fund
TRANE TECHNOLOGIES PLC 1.0% of the fund
NOVO NORDISK A/S 0.9% of the fund

Total 25.7% of the fund

Courtesy of Standard Life

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

Top ETF holdings, as of 31 July 2024

1 SAMSARA INC ORD 2.57% of the fund
2 PALO ALTO NETWORKS INC ORD 2.41% of the fund
3 CLOUDFLARE INC ORD 2.35% of the fund
4 SERVICENOW INC ORD 2.34% of the fund
5 AUTODESK INC ORD 2.33% of the fund
6 MICROSOFT CORP ORD 2.25% of the fund
7 ARISTA NETWORKS INC ORD 2.24% of the fund
8 NVIDIA CORP ORD 2.21% of the fund
9 RAPID7 INC ORD 2.15% of the fund
10 COGNEX CORP ORD 2.14% of the fund

Courtesy of The London Stock Exchange

The Vanguard Target Retirement 2035 Fund 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. The Fund seeks to achieve its investment objective by investing more than 90% of its assets in passive funds that track an index

It is a fund of funds:-

Vanguard Global Bond Index Fund GBP Hedged Acc 19.3% of the fund
Vanguard FTSE Developed World ex-U.K. Equity Index Fund GBP Acc 19.0% of the fund
Vanguard U.S. Equity Index Fund GBP Acc 14.9% of the fund
Vanguard FTSE U.K. All Share Index Unit Trust GBP Acc 12.8% of the fund
Vanguard U.K. Government Bond Index Fund GBP Acc 6.6% of the fund
Vanguard Emerging Markets Stock Index Fund GBP Acc 4.9% of the fund
Vanguard FTSE North America UCITS ETF (USD) Accumulating 4.4% of the fund
Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating 4.4% of the fund
Vanguard FTSE 100 UCITS ETF (GBP) Accumulating 3.8% of the fund
Vanguard U.K. Investment Grade Bond Index Fund GBP Acc 3.6% of the fund
Vanguard FTSE Developed Europe ex-U.K. Equity Index Fund GBP Acc 3.5% of the fund
Vanguard Japan Stock Index Fund GBP Acc 1.8% of the fund
Vanguard Pacific ex-Japan Stock Index Fund GBP Acc 0.8% of the fund

Total 100%

https://www.vanguardinvestor.co.uk/investments/vanguard-target-retirement-2035-fund-accumulation-shares/price-performance

Courtesy of Vanguard

One of the USA’s largest telecommunications group is Verizon.

Created from the merger of Bell Atlantic and NYNEX.

https://www.verizon.com

It carries a large level of debt:-

https://www.verizon.com/about/sites/default/files/Debt-Schedule-063024.pdf

COUPON MATURITY COMPANY: RATE DATE TOTAL TOTALS ($billion)
DEBT MATURING WITHIN ONE YEAR:-

Commercial Paper $605 $605
Verizon Communications Inc. $1,161 3.500% 1-Nov-2024
Verizon Communications Inc. $1,340 3.376% 15-Feb-2025
Verizon Communications Inc. $889 LIBOR+1.10% 15-May-2025
Verizon Communications Inc. € 747 0.875% 2-Apr-2025 $4,207
Private Placements $17,697 $17,697

TOTAL DEBT MATURING WITHIN ONE YEAR: $ 22,509bn

LONG TERM DEBT:
Verizon Pennsylvania LLC $44 6.000% 1-Dec-2028
Verizon Pennsylvania LLC $31 8.350% 15-Dec-2030
Verizon Pennsylvania LLC $35 8.750% 15-Aug-2031 $110
Verizon Maryland LLC $20 8.000% 15-Oct-2029
Verizon Maryland LLC $21 8.300% 1-Aug-2031
Verizon Maryland LLC $139 5.125% 15-Jun-2033 $180
Verizon Virginia LLC $9 8.375% 1-Oct-2029 $9
Verizon Delaware LLC $2 8.625% 15-Oct-2031 $2
Verizon New Jersey Inc. $45 7.850% 15-Nov-2029 $45
Verizon New England Inc. $133 7.875% 15-Nov-2029 $133
Verizon New York Inc. $35 6.500% 15-Apr-2028
Verizon New York Inc. $99 7.375% 1-Apr-2032 $134
Alltel Corporation $38 6.800% 1-May-2029
Alltel Corporation $56 7.875% 1-Jul-2032 $94
Verizon Communications Inc. $1,404 0.850% 20-Nov-2025
Verizon Communications Inc. € 843 3.250% 17-Feb-2026
Verizon Communications Inc. $1,916 1.450% 20-Mar-2026
Verizon Communications Inc. $526 SOFR + 0.79% 20-Mar-2026
Verizon Communications Inc. $4 1.100% 15-Jun-2026
Verizon Communications Inc. $2 1.050% 15-Jun-2026
Verizon Communications Inc. $1,869 2.625% 15-Aug-2026
Verizon Communications Inc. € 746 1.375% 27-Oct-2026
Verizon Communications Inc. $3,250 4.125% 16-Mar-2027
Verizon Communications Inc. $750 3.000% 22-Mar-2027
Verizon Communications Inc. € 623 0.875% 8-Apr-2027
Verizon Communications Inc. CHF 400 1.000% 30-Nov-2027
Verizon Communications Inc. $2,830 2.100% 22-Mar-2028
Verizon Communications Inc. CAD 1,000 2.375% 22-Mar-2028
Verizon Communications Inc. CHF 375 0.193% 24-Mar-2028
Verizon Communications Inc. $250 6.940% 15-Apr-2028
Verizon Communications Inc. $4,200 4.329% 21-Sep-2028
Verizon Communications Inc. € 750 1.375% 2-Nov-2028
Verizon Communications Inc. € 60 1.375% 2-Nov-2028
Verizon Communications Inc. € 250 1.375% 2-Nov-2028
Verizon Communications Inc. € 600 1.125% 3-Nov-2028
Verizon Communications Inc. $1,000 3.875% 8-Feb-2029
Verizon Communications Inc. € 1,000 0.375% 22-Mar-2029
Verizon Communications Inc. $2 3.500% 15-Apr-2029
Verizon Communications Inc. $105 6.800% 1-May-2029
Verizon Communications Inc. $1 4.000% 15-May-2029
Verizon Communications Inc. $3 4.150% 15-May-2029
Verizon Communications Inc. $0 3.900% 15-May-2029
Verizon Communications Inc. $1 5.100% 15-May-2029
Verizon Communications Inc. $1 5.000% 15-May-2029
Verizon Communications Inc. $1 5.000% 15-May-2029
Verizon Communications Inc. $2 3.950% 15-Jun-2029
Verizon Communications Inc. $1 3.800% 15-Jun-2029
Verizon Communications Inc. $0 3.850% 15-Jun-2029
Verizon Communications Inc. $0 4.300% 15-Jun-2029
Verizon Communications Inc. $0 5.000% 15-Jun-2029
Verizon Communications Inc. $2 5.000% 15-Jun-2029
Verizon Communications Inc. $1 5.000% 15-Jun-2029
Verizon Communications Inc. $0 3.800% 15-Aug-2029
Verizon Communications Inc. $1 4.000% 15-Aug-2029
Verizon Communications Inc. $0 3.900% 15-Aug-2029
Verizon Communications Inc. $1 4.100% 15-Sep-2029
Verizon Communications Inc. $0 4.500% 15-Sep-2029
Verizon Communications Inc. $1 4.500% 15-Sep-2029
Verizon Communications Inc. $1 4.800% 15-Sep-2029
Verizon Communications Inc. € 750 1.875% 26-Oct-2029
Verizon Communications Inc. $1 5.550% 15-Nov-2029
Verizon Communications Inc. $3 5.600% 15-Nov-2029
Verizon Communications Inc. $3 5.150% 15-Nov-2029
Verizon Communications Inc. $4,000 4.016% 3-Dec-2029
Verizon Communications Inc. $3 5.000% 15-Dec-2029
Verizon Communications Inc. $0 4.700% 15-Dec-2029
Verizon Communications Inc. $1 4.700% 15-Dec-2029
Verizon Communications Inc. $1 4.800% 15-Feb-2030
Verizon Communications Inc. $1 5.050% 15-Mar-2030
Verizon Communications Inc. $1 5.150% 15-Mar-2030
Verizon Communications Inc. $1 5.150% 15-Mar-2030
Verizon Communications Inc. $1,500 3.150% 22-Mar-2030
Verizon Communications Inc. € 1,250 1.250% 8-Apr-2030
Verizon Communications Inc. $1 1.900% 15-May-2030
Verizon Communications Inc. $1 2.050% 15-May-2030
Verizon Communications Inc. $1 4.650% 15-May-2030
Verizon Communications Inc. $0 4.700% 15-May-2030
Verizon Communications Inc. $1 4.700% 15-May-2030
Verizon Communications Inc. CAD 1,000 2.500% 16-May-2030
Verizon Communications Inc. $0 1.850% 15-Jun-2030
Verizon Communications Inc. $1 5.000% 15-Jun-2030
Verizon Communications Inc. $1 5.050% 15-Jun-2030
Verizon Communications Inc. $1 5.000% 15-Jul-2030
Verizon Communications Inc. $1 5.250% 15-Aug-2030
Verizon Communications Inc. $0 5.300% 15-Aug-2030
Verizon Communications Inc. $0 5.150% 15-Aug-2030
Verizon Communications Inc. $0 5.400% 15-Aug-2030
Verizon Communications Inc. $1 5.400% 15-Sep-2030
Verizon Communications Inc. $1 5.450% 15-Sep-2030
Verizon Communications Inc. $1 5.500% 15-Sep-2030
Verizon Communications Inc. $1,000 1.500% 18-Sep-2030
Verizon Communications Inc. £550 1.875% 19-Sep-2030
Verizon Communications Inc. $2 5.600% 15-Oct-2030
Verizon Communications Inc. $1,147 1.680% 30-Oct-2030
Verizon Communications Inc. € 1,250 4.250% 31-Oct-2030
Verizon Communications Inc. $2 1.650% 15-Nov-2030
Verizon Communications Inc. $2 5.900% 15-Nov-2030
Verizon Communications Inc. $1 5.550% 15-Nov-2030
Verizon Communications Inc. $2 5.650% 15-Nov-2030
Verizon Communications Inc. $563 7.750% 1-Dec-2030
Verizon Communications Inc. $0 1.600% 15-Dec-2030
Verizon Communications Inc. $2 5.300% 15-Dec-2030
Verizon Communications Inc. $1 5.000% 15-Dec-2030
Verizon Communications Inc. $4 5.100% 15-Dec-2030
Verizon Communications Inc. $2,243 1.750% 20-Jan-2031
Verizon Communications Inc. $0 4.900% 15-Mar-2031
Verizon Communications Inc. $0 4.900% 15-Mar-2031
Verizon Communications Inc. $0 4.800% 15-Mar-2031
Verizon Communications Inc. $3,707 2.550% 21-Mar-2031
Verizon Communications Inc. CHF 325 0.555% 24-Mar-2031
Verizon Communications Inc. $5 2.350% 15-May-2031
Verizon Communications Inc. £500 2.500% 8-Apr-2031
Verizon Communications Inc. $4 2.350% 15-Jun-2031
Verizon Communications Inc. $3 2.200% 15-Jun-2031
Verizon Communications Inc. $1 2.650% 15-Aug-2031
Verizon Communications Inc. $2 2.000% 15-Aug-2031
Verizon Communications Inc. $2 2.150% 15-Sep-2031
Verizon Communications Inc. € 1,000 2.625% 1-Dec-2031
Verizon Communications Inc. $4,639 2.355% 15-Mar-2032
Verizon Communications Inc. € 800 0.875% 19-Mar-2032
Verizon Communications Inc. € 1,000 0.750% 22-Mar-2032
Verizon Communications Inc. $107 7.750% 15-Jun-2032
Verizon Communications Inc. € 1,000 3.500% 28-Jun-2032
Verizon Communications Inc. $101 7.875% 1-Jul-2032
Verizon Communications Inc. $1,000 5.050% 9-May-2033
Verizon Communications Inc. $7 2.550% 15-May-2033
Verizon Communications Inc. € 1,350 1.300% 18-May-2033
Verizon Communications Inc. $2 2.550% 15-Jun-2033
Verizon Communications Inc. $2 2.550% 15-Jun-2033
Verizon Communications Inc. $2 2.300% 15-Jul-2033
Verizon Communications Inc. $0 5.100% 15-Jun-2033
Verizon Communications Inc. $2,137 4.500% 10-Aug-2033
Verizon Communications Inc. $4 2.200% 15-Aug-2033
Verizon Communications Inc. $1 2.200% 15-Aug-2033
Verizon Communications Inc. $354 6.400% 15-Sep-2033
Verizon Communications Inc. $1 2.200% 15-Sep-2033
Verizon Communications Inc. $3 2.250% 15-Sep-2033
Verizon Communications Inc. $2 2.450% 15-Nov-2033
Verizon Communications Inc. $1 2.350% 15-Nov-2033
Verizon Communications Inc. $1 2.450% 15-Nov-2033
Verizon Communications Inc. $2 2.550% 15-Dec-2033
Verizon Communications Inc. $1 2.400% 15-Dec-2033
Verizon Communications Inc. £457 4.750% 17-Feb-2034
Verizon Communications Inc. $151 5.050% 15-Mar-2034
Verizon Communications Inc. $1 5.000% 15-Mar-2034
Verizon Communications Inc. $1 4.950% 15-Apr-2034
Verizon Communications Inc. $0 4.300% 15-May-2034
Verizon Communications Inc. $1 4.550% 15-May-2034
Verizon Communications Inc. $1 5.300% 15-May-2034
Verizon Communications Inc. $1 5.150% 15-May-2034
Verizon Communications Inc. $2 5.150% 15-May-2034
Verizon Communications Inc. $0 5.100% 15-Jun-2034
Verizon Communications Inc. $0 5.150% 15-Jun-2034
Verizon Communications Inc. $1 5.150% 15-Jun-2034
Verizon Communications Inc. € 1,250 4.750% 31-Oct-2034
Verizon Communications Inc. $1,888 4.400% 1-Nov-2034
Verizon Communications Inc. $278 5.850% 15-Sep-2035
Verizon Communications Inc. $142 5.850% 15-Sep-2035
Verizon Communications Inc. € 750 1.125% 19-Sep-2035
Verizon Communications Inc. £450 3.125% 2-Nov-2035
Verizon Communications Inc. $1,290 4.272% 15-Jan-2036
Verizon Communications Inc. € 1,000 3.750% 28-Feb-2036
Verizon Communications Inc. £1,000 3.375% 27-Oct-2036
Verizon Communications Inc. $1,095 5.250% 16-Mar-2037
Verizon Communications Inc. $241 6.250% 1-Apr-2037
Verizon Communications Inc. € 1,500 2.875% 15-Jan-2038
Verizon Communications Inc. $172 6.400% 15-Feb-2038
Verizon Communications Inc. $152 6.900% 15-Apr-2038
Verizon Communications Inc. £600 1.875% 3-Nov-2038
Verizon Communications Inc. $107 8.950% 1-Mar-2039
Verizon Communications Inc. $1,136 4.812% 15-Mar-2039
Verizon Communications Inc. $6 4.250% 15-Mar-2039
Verizon Communications Inc. $112 7.350% 1-Apr-2039
Verizon Communications Inc. $2 4.050% 15-Apr-2039
Verizon Communications Inc. $6 4.000% 15-May-2039
Verizon Communications Inc. $5 4.000% 15-May-2039
Verizon Communications Inc. $5 4.000% 15-May-2039
Verizon Communications Inc. € 500 1.500% 19-Sep-2039
Verizon Communications Inc. € 800 1.850% 18-May-2040
Verizon Communications Inc. $2,847 2.650% 20-Nov-2040
Verizon Communications Inc. $3,442 3.400% 22-Mar-2041
Verizon Communications Inc. $122 6.000% 1-Apr-2041
Verizon Communications Inc. $1,000 2.850% 3-Sep-2041
Verizon Communications Inc. $488 4.750% 1-Nov-2041
Verizon Communications Inc. $708 3.850% 1-Nov-2042
Verizon Communications Inc. $803 6.550% 15-Sep-2043
Verizon Communications Inc. $920 4.125% 15-Aug-2046
Verizon Communications Inc. $2,360 4.862% 21-Aug-2046
Verizon Communications Inc. $457 5.500% 16-Mar-2047
Verizon Communications Inc. $179 4.900% 15-May-2047
Verizon Communications Inc. $26 4.750% 15-Jun-2047
Verizon Communications Inc. $27 4.700% 15-Jun-2047
Verizon Communications Inc. $13 4.550% 15-Jul-2047
Verizon Communications Inc. $43 4.800% 15-Aug-2047
Verizon Communications Inc. $20 4.800% 15-Aug-2047
Verizon Communications Inc. $34 4.900% 15-Aug-2047
Verizon Communications Inc. $26 4.850% 15-Aug-2047
Verizon Communications Inc. $15 4.750% 15-Sep-2047
Verizon Communications Inc. $14 4.750% 15-Sep-2047
Verizon Communications Inc. $28 4.700% 15-Sep-2047
Verizon Communications Inc. $37 4.700% 15-Nov-2047
Verizon Communications Inc. $33 4.700% 15-Nov-2047
Verizon Communications Inc. $14 4.650% 15-Nov-2047
Verizon Communications Inc. $19 4.650% 15-Nov-2047
Verizon Communications Inc. $16 4.550% 15-Dec-2047
Verizon Communications Inc. $13 4.500% 15-Dec-2047
Verizon Communications Inc. $21 4.500% 15-Dec-2047
Verizon Communications Inc. $12 4.550% 15-Feb-2048
Verizon Communications Inc. $5 4.450% 15-Feb-2048
Verizon Communications Inc. $4 4.550% 15-Feb-2048
Verizon Communications Inc. $12 4.750% 15-Feb-2048
Verizon Communications Inc. $8 4.750% 15-Mar-2048
Verizon Communications Inc. $7 4.750% 15-Mar-2048
Verizon Communications Inc. $7 4.750% 15-Mar-2048
Verizon Communications Inc. $8 4.800% 15-Mar-2048
Verizon Communications Inc. $15 4.850% 15-Apr-2048
Verizon Communications Inc. $4 4.850% 15-May-2048
Verizon Communications Inc. $7 4.850% 15-May-2048
Verizon Communications Inc. $9 4.900% 15-May-2048
Verizon Communications Inc. $4 4.850% 15-May-2048
Verizon Communications Inc. $48 5.000% 15-Jun-2048
Verizon Communications Inc. $9 4.950% 15-Jun-2048
Verizon Communications Inc. $10 4.900% 15-Jun-2048
Verizon Communications Inc. $36 5.050% 15-Jul-2048
Verizon Communications Inc. $5 4.800% 15-Aug-2048
Verizon Communications Inc. $2 4.700% 15-Aug-2048
Verizon Communications Inc. $3 4.650% 15-Aug-2048
Verizon Communications Inc. $5 4.800% 15-Aug-2048
Verizon Communications Inc. $3 4.650% 15-Aug-2048
Verizon Communications Inc. $1,247 4.522% 15-Sep-2048
Verizon Communications Inc. $4 4.850% 15-Sep-2048
Verizon Communications Inc. $3 4.700% 15-Sep-2048
Verizon Communications Inc. $2 4.700% 15-Sep-2048
Verizon Communications Inc. $3 4.750% 15-Oct-2048
Verizon Communications Inc. $7 5.000% 15-Nov-2048
Verizon Communications Inc. $6 5.000% 15-Nov-2048
Verizon Communications Inc. $1 4.900% 15-Nov-2048
Verizon Communications Inc. $6 5.000% 15-Dec-2048
Verizon Communications Inc. $1 4.900% 15-Dec-2048
Verizon Communications Inc. $2 4.850% 15-Jan-2049
Verizon Communications Inc. $5 4.550% 15-Feb-2049
Verizon Communications Inc. $3 4.500% 15-Mar-2049
Verizon Communications Inc. $1 4.550% 15-Mar-2049
Verizon Communications Inc. $3 4.500% 15-Mar-2049
Verizon Communications Inc. $697 5.012% 15-Apr-2049
Verizon Communications Inc. $2 4.050% 15-May-2049
Verizon Communications Inc. $3 4.100% 15-Jun-2049
Verizon Communications Inc. $4 4.050% 15-Jun-2049
Verizon Communications Inc. $4 3.500% 15-Aug-2049
Verizon Communications Inc. $4 3.500% 15-Aug-2049
Verizon Communications Inc. $2 3.300% 15-Sep-2049
Verizon Communications Inc. $6 3.550% 15-Sep-2049
Verizon Communications Inc. $7 3.550% 15-Oct-2049
Verizon Communications Inc. $8 3.550% 15-Oct-2049
Verizon Communications Inc. $2 3.500% 15-Nov-2049
Verizon Communications Inc. $2 3.550% 15-Nov-2049
Verizon Communications Inc. $3 3.500% 15-Nov-2049
Verizon Communications Inc. $2 3.450% 15-Dec-2049
Verizon Communications Inc. $3 3.450% 15-Dec-2049
Verizon Communications Inc. $2 3.400% 15-Dec-2049
Verizon Communications Inc. $3 3.000% 15-Mar-2050
Verizon Communications Inc. $1,175 4.000% 22-Mar-2050
Verizon Communications Inc. $0 2.750% 15-May-2050
Verizon Communications Inc. $1 2.950% 15-May-2050
Verizon Communications Inc. $1 2.950% 15-May-2050
Verizon Communications Inc. CAD 300 3.625% 16-May-2050
Verizon Communications Inc. $3 2.800% 15-Jun-2050
Verizon Communications Inc. $950 5.150% 15-Sep-2050
Verizon Communications Inc. $4 2.750% 15-Nov-2050
Verizon Communications Inc. $2,365 2.875% 20-Nov-2050
Verizon Communications Inc. $1 2.650% 15-Dec-2050
Verizon Communications Inc. $510 5.000% 15-Mar-2051
Verizon Communications Inc. $4,022 3.550% 22-Mar-2051
Verizon Communications Inc. CAD 500 4.050% 22-Mar-2051
Verizon Communications Inc. $4 3.350% 15-May-2051
Verizon Communications Inc. $4 3.400% 15-May-2051
Verizon Communications Inc. $3 3.350% 15-Jun-2051
Verizon Communications Inc. $3 3.400% 15-Jun-2051
Verizon Communications Inc. $5 3.350% 15-Jun-2051
Verizon Communications Inc. $4 3.250% 15-Jun-2051
Verizon Communications Inc. $3 3.050% 15-Jul-2051
Verizon Communications Inc. $1 2.950% 15-Aug-2051
Verizon Communications Inc. $4 3.000% 15-Aug-2051
Verizon Communications Inc. $5 3.000% 15-Aug-2051
Verizon Communications Inc. $4 3.000% 15-Sep-2051
Verizon Communications Inc. $4 3.050% 15-Sep-2051
Verizon Communications Inc. $2 2.950% 15-Sep-2051
Verizon Communications Inc. $2 2.900% 15-Sep-2051
Verizon Communications $4 3.100% 15-Nov-2051
Verizon Communications $2 3.000% 15-Nov-2051
Verizon Communications $2 3.050% 15-Nov-2051
Verizon Communications $1 3.050% 15-Dec-2051
Verizon Communications $2 3.050% 15-Dec-2051
Verizon Communications $0 2.900% 15-Dec-2051
Verizon Communications $1 3.050% 15-Dec-2051
Verizon Communications $1,000 3.875% 1-Mar-2052
Verizon Communications $1 4.000% 15-Apr-2052
Verizon Communications $0 4.550% 15-May-2052
Verizon Communications $1 4.800% 15-May-2052
Verizon Communications $0 4.650% 15-May-2052
Verizon Communications $0 4.650% 15-Jun-2052
Verizon Communications $0 4.450% 15-Jun-2052
Verizon Communications $0 4.450% 15-Jun-2052
Verizon Communications $1 4.600% 15-Aug-2052
Verizon Communications $0 4.650% 15-Aug-2052
Verizon Communications $0 4.650% 15-Aug-2052
Verizon Communications $0 4.850% 15-Sep-2052
Verizon Communications Inc. $730 5.320% 2-May-2053
Verizon Communications Inc. $1 5.450% 15-Jun-2053
Verizon Communications Inc. $2 5.400% 15-Jul-2053
Verizon Communications Inc. $1 5.500% 15-Aug-2053
Verizon Communications Inc. $1 5.800% 15-Aug-2053
Verizon Communications Inc. $1 5.800% 15-Aug-2053
Verizon Communications Inc. $0 5.900% 15-Aug-2053
Verizon Communications Inc. $0 5.750% 15-Sep-2053
Verizon Communications Inc. $1 5.800% 15-Sep-2053
Verizon Communications Inc. $1 5.900% 15-Sep-2053
Verizon Communications Inc. $0 5.950% 15-Oct-2053
Verizon Communications Inc. $3 6.400% 15-Nov-2053
Verizon Communications Inc. $0 6.100% 15-Nov-2053
Verizon Communications Inc. $1 6.050% 15-Nov-2053
Verizon Communications Inc. $1 5.750% 15-Dec-2053
Verizon Communications Inc. $1 5.450% 15-Dec-2053
Verizon Communications Inc. $1 5.400% 15-Dec-2053
Verizon Communications Inc. $1,000 5.500% 23-Feb-2054
Verizon Communications Inc. $0 5.300% 15-Mar-2054
Verizon Communications Inc. $5 5.400% 15-Mar-2054
Verizon Communications Inc. $1 5.300% 15-Mar-2054
Verizon Communications Inc. $1 5.300% 15-Mar-2054
Verizon Communications Inc. $0 5.250% 15-Apr-2054
Verizon Communications Inc. $794 5.012% 21-Aug-2054
Verizon Communications Inc. $655 4.100% 4-Mar-2055
Verizon Communications Inc. $723 4.672% 15-Mar-2055
Verizon Communications Inc. $3,651 2.987% 30-Oct-2056
Verizon Communications Inc. $2,385 3.600% 24-Feb-2060
Verizon Communications Inc. $1,123 3.000% 29-Sep-2060
Verizon Communications Inc. $1,939 3.000% 20-Nov-2060
Verizon Communications Inc. $3,086 3.700% 22-Mar-2061 $119,022
Private Placements $15,277 $15,277

TOTAL LONG TERM DEBT: $ 135,007bnb

TOTAL DEBT AS OF June 30, 2024 $ 157.515bn

From the 2023 annual report:-

Courtesy of the Verizon 2023 Annual Report

Interest payments on the $151bn (as reported in 2023) were costing $7.342 Billion a year

The US phone and telecommunications giant, AT&T carries debt.

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

TOTAL DEBT: $130,603,734,134

That is $130Bn dollars.

Now, the stock info is interesting:-

https://investors.att.com/stock-information/stock-quote-and-chart

Market Capitalisation (value of the company) $147.53 Billion

So interesting to see, the debt burden on AT&T’s shoulders, $130bn

https://investors.att.com/~/media/Files/A/ATT-IR-V2/financial-reports/annual-reports/2023/2023-complete-annual-report.pdf

The annual reports that:

Cash Provided by or Used in Financing Activities from Continuing Operations
In 2023, cash used in financing activities totaled $15,614 Million and was comprised of debt issuances and repayments, payments of
dividends, issuances and repurchase of preferred interests in subsidiaries and vendor financing payments….

Yes that is $15.614 billion used as interest payments, dividends and other financings costs….

These are huge numbers.

The UK Office of National Statistics, has some sobering numbers:-

https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicspending/bulletins/ukgovernmentdebtanddeficitforeurostatmaast/december2023

UK general government gross debt was £2,720.8 billion at the end of Quarter 4 (Oct to Dec) 2023, equivalent to 101.3% of gross domestic product (GDP). UK general government gross debt is mainly made up of medium and long-term bonds (Gilts), issued by HM Treasury.

Courtesy of the UK Office for National Statistics

The £2720.8 Billion is made up of Bills & Short Term loads, Loans, Currency & Deposits and then the bulk is Medium and Long Term Bonds (Gilts)

in 2023-24, the UK Government paid out £104.7 Billion in Interest Payments on the national debt. Money that is simply paid to the UK Government lenders (creditors), cash that can not be used for public services such as Schools, Universities, Armed Forces, Police, Fire Service, The National Health Service, it is pure financing costs.

Courtesy of HM Treasury & The Office of Budget Responsibility.

In 2024-25 UK Government is forecast to pay out £89 Billion in interest payments to the lenders to the UK Government debt. This is purely the interest on the £2000 Billion of national debt, again cash that can not be used for public services such as Schools, Universities, Armed Forces, Police, Fire Service, The National Health Service, it is pure financing costs.

Courtesy of HM Treasury & The Office of Budget Responsibility.

Today, Mon 23rd Sept, Shell, the Anglo-Dutch Oil Major, pays out its quarterly dividend

https://www.bp.com

Shell announced that the interim dividend for the second quarter of 2024 would be $0.344 per ordinary share

$0.344 (26.15p)

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/16643376

Shell plc’s capital as at August 30, 2024, consists of 6,261,518,191 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury.

Thus:-

6,261,518,191 x £0.2615= £1,637,387,006.9465

That is £1637 million paid to shareholders

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

Tomorrow, Friday 20th Sept, BP the UK Oil Major, pays out its quarterly dividend

https://www.bp.com

BP p.l.c. announced that the interim dividend for the second quarter of 2024 would be US$0.08 per ordinary share

That is 6.0498 pence per share

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/16645446

The total number of voting rights in BP p.l.c. is 16,388,509,553

Thus:-

16,388,509,553 x £0.060498 = £991,472,050.937394

That is £991 million paid to shareholders

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

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in August 2024, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 5 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

28-Aug-2024 0¾% Index-linked Treasury Gilt 2033 3 months 1,547.3750 Million
21-Aug-2024 3¾% Treasury Gilt 2027 4,000.9820 Million
13-Aug-2024 3¾% Treasury Gilt 2038 3,749.9970 Million
07-Aug-2024 4 1/8% Treasury Gilt 2029 4,020.2500 Million
06-Aug-2024 4¾% Treasury Gilt 2043 2,499.9990 Million

£1,547.3750 Million + £4,000.9820 Million + £3,749.9970 Million + £4,020.2500 Million + £2,499.9990 Million = £15,818.603 Million

£15,818.603 Million = £15.818603 Billion

On another way of looking at it, is in the 31 days in August 2024, HM Government borrowed:- £510.27751612903225806451612903226 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2027 to 2043. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

On Wed 11th Sept, this week, the UK’s premier telecommunications group, British Telecommunications PLC will pay out its September 2024 dividend.

https://www.bt.com

5.69p a share

https://www.londonstockexchange.com/news-article/BT.A/total-voting-rights/16643066

The total number of voting rights in BT Group plc on the 30th August 2024 was 9,954,313,741, thus:-

9,954,313,741 x £0.0569 = £566,400,451.8629

That is £566 million paid to shareholders in BT Group PLC.

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

The objective of the Fund is to track the performance of high dividend yielding equities from the Asia Pacific region.

https://www.ssga.com/uk/en_gb/institutional/etfs/spdr-sp-pan-asia-dividend-aristocrats-ucits-etf-dist-zpra-gy

Top ETF holdings as of 31 July 2024

1 PETROCHINA CO LTD ORD 6.36% of the fund
2 CHINA MERCHANTS BANK CO LTD ORD 4.46% of the fund
3 PING AN INSURANCE GROUP CO OF CHINA LTD ORD 4.40% of the fund
4 CK INFRASTRUCTURE HOLDINGS LTD ORD 3.53% of the fund
5 HONG KONG AND CHINA GAS CO LTD ORD 3.38% of the fund
6 CHINA RESOURCES LAND LTD ORD 3.28% of the fund
7 BOSIDENG INTERNATIONAL HOLDINGS LTD ORD 3.16% of the fund
8 APA GROUP 3.02% of the fund
9 SWIRE PROPERTIES LTD ORD 2.79% of the fund
10 ENN ENERGY HOLDINGS LTD ORD 2.76% of the fund

https://www.londonstockexchange.com/stock/PADV/street-global-advisors/company-page

The SL abrdn Sustainable Index World Equity Pension Fund id a £2667m fund.

Its investment strategy is to generate growth over the long term (5 years or more) by tracking the return of the MSCI World Select ESG Climate Solutions Target Index

Top Holdings of the fund (%)
MICROSOFT CORP 5.5% of the fund
NVIDIA CORP 5.3% of the fund
APPLE INC 4.2% of the fund
ALPHABET INC 2.8% of the fund
AMAZON.COM INC 2.5% of the fund
ELI LILLY & CO 1.3% of the fund
COCA-COLA CO/THE 1.2% of the fund
META PLATFORMS INC 1.0% of the fund
TRANE TECHNOLOGIES PLC 1.0% of the fund
NOVO NORDISK A/S 0.9% of the fund

Total 25.7% of the fund

Courtesy of Standard Life

The JPM Natural Resources Fund is a fund that invests primarily in the shares of, companies throughout the world engaged in the production and marketing of commodities. The Fund aims to provide capital growth over the long term.

Underlying Fund Launch Date 01/06/1965
Underlying Fund Size (28/03/2024) £901.9m

Top Ten Holdings:-

EXXON MOBIL 8.7% of the fund
RIO TINTO 7.1% of the fund
SHELL 6.0% of the fund
FREEPORT-MCMORAN 5.6% of the fund
BHP 5.3% of the fund
TOTALENERGIES 4.7% of the fund
EOG RESOURCES 3.2% of the fund
MARATHON PETROLEUM 3.0% of the fund
CANADIAN NATURAL RESOURCES 2.8% of the fund
VALERO ENERGY 2.6% of the fund

Total 49.0% of the fund

Courtesy of Standard Life

Courtesy of Standard Life

Asad & Ayana at The Institute of Technology, Savoy Place, London (youtube.com)

Berkshire Hathaway has surpassed $1 Trillion stock valuation, on Wed 28th August 2024, the investment company of Warren Buffett broke the $1 Trillion mark.

https://www.berkshirehathaway.com

Berkshire Hathaway has now joined six other companies, mainly from the technology sector, above $1trn: Apple, Nvidia, Microsoft, Google’s parent Alphabet, Amazon.com & Facebook’s parent Meta

https://www.nyse.com/quote/XNYS:BRK.A

https://www.cnbc.com/2024/08/28/buffetts-berkshire-hathaway-hits-1-trillion-market-value-first-us-company-outside-of-tech-to-do-so.html

Courtesy of The London Stock Exchange

ASHOKA INDIA EQUITY INVESTMENT TRUST PLC AIE Stock | London Stock Exchange

Courtesy of The Royal Society

ROLLS-ROYCE HOLDINGS PLC RR. Stock | London Stock Exchange

Courtesy of The London Stock Exchange

Courtesy of The London Stock Exchange

Courtesy of The Royal Society

The Vanguard Global Small-Cap Index Fund is an index fund from Vanguard.

www.vanguardinvestor.co.uk

https://www.vanguardinvestor.co.uk/investments/vanguard-global-small-cap-index-fund-gbp-acc/overview

Key facts:-

Number of assets: 4,265 holdings

Courtesy of Vanguard

Courtesy of Vanguard

Courtesy of Vanguard

The David Rubenstein Show: Jerome Powell (youtube.com)

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

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in July 2024, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 7 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

30-Jul-2024 4¼% Treasury Gilt 2034 £4,254.8850 Million
24-Jul-2024 4 3/8% Treasury Gilt 2054 £2,575.2490 Million
23-Jul-2024 0 1/8% Index-linked Treasury Gilt 2039 3 months £1,239.3250 Million
17-Jul-2024 4 1/8% Treasury Gilt 2029 £4,000.0000 Million
16-Jul-2024 4¾% Treasury Gilt 2043 £2,812.4990 Million
11-Jul-2024 4% Treasury Gilt 2031 £3,750.0000 Million
02-Jul-2024 3¾% Treasury Gilt 2027 £4,110.0000 Million

£4,254.8850 Million + £2,575.2490 Million + £1,239.3250 Million + £4,000.0000 Million + £2,812.4990 Million + £3,750.0000 Million + £4,110.0000 Million = £22,741.958 Million

£22,741.958 Million = £22.741958 Billion

On another way of looking at it, is in the 31 days in July 2024, HM Government borrowed:- £733.61154838709677419354838709677 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2027 to 2054. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

The SL abrdn MyFolio Market V Pension Fund is a £618.6m investment fund, that is a fund of funds.

The fund invests at least 60% in passively managed funds, including those managed by abrdn, to obtain broad exposure to a range of diversified investments. Typically at least 80% is invested in assets traditionally viewed as being higher risk such as company shares, emerging market bonds (loans to an emerging market government) and commercial property. The rest of the fund is invested in a selection of other assets
such as money market instruments including cash, government bonds (loans to a government) and investment grade corporate bonds (loans to a company).

The Standard Life Sustainable Multi Asset (PP) Pension Fund is a large investment fund for pension savings.

https://library.standardlife.com/CCHD.pdf

It is a fund of funds, the current fund size is £7.6 billion

Yesterday, Friday 2nd August, Vodafone PLC paid out its August 2024 dividend.

https://www.vodafone.com

3.78989p a share.

https://www.londonstockexchange.com/news-article/VOD/total-voting-rights/16546271

The total number of voting rights in Vodafone is 26,720,016,290,

Thus:-

26,720,016,290 x £0.0378989 = £1,012,659,225.373081

That is £1.012 Billion paid to shareholders in Vodafone

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

Today, the FTSE100 water utilities giant, United Utilities pays out its August 2024 dividend.

https://www.unitedutilities.com

33.19p

https://www.londonstockexchange.com/news-article/UU./result-of-agm/16577641

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

Thus:-

681,888,418 x £0.3319 = £226,318,765.9342

That is £226 million paid to shareholders.

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

The Standard Life Overseas Tracker Pension Fund is a £831.4m pension fund.

https://documents.financialexpress.net/Literature/98FF382CEC3E4D1FB5AC1E4D3298AA4C/213200526.pdf

It is a fund of funds:-

SL US Equity Tracker Pension Fund 73.9% of the fund
SL European Equity Tracker Pension Fund 13.8% of the fund
SL Japanese Equity Tracker Pension Fund 6.4% of the fund
SL Canadian Tracker Pension Fund 3.1% of the fund
SL Pacific Basin Equity Tracker Pension Fund 2.8% of the fund

Total 100.0%

ISPY is the Legal and General Cyber Security ETF, investing in Cyber Security companies

https://fundcentres.lgim.com/en/uk/institutional/fund-centre/ETF/Cyber-Security/

Top Ten Holdings:-

1 DARKTRACE PLC ORD 6.78 % if the fund
2 BROADCOM INC ORD 6.44 % if the fund
3 CROWDSTRIKE HOLDINGS INC ORD 6.35 % if the fund
4 PALO ALTO NETWORKS INC ORD 6.34 % if the fund
5 GEN DIGITAL INC ORD 5.73 % if the fund
6 CYBERARK SOFTWARE LTD ORD 5.29 % if the fund
7 CHECK POINT SOFTWARE TECHNOLOGIES LTD ORD 5.17 % if the fund
8 CISCO SYSTEMS INC ORD 5.06 % if the fund
9 FORTINET INC ORD 4.69 % if the fund
10 SENTINELONE INC ORD 4.64 % if the fund

https://fundcentres.lgim.com/srp/lit/Ny6n9j/Fact-Sheet_LG-Cyber-Security-UCITS-ETF-Cyber-Security-USD-Acc_30-06-2024.pdf

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

Fixed income in focus: halfway there (youtube.com)

On Friday last week, Fri 19th July, the digital infrastructure investor, Cordiant, paid out its July 2024 dividend.

2.2p a share.

https://www.londonstockexchange.com/news-article/CORD/total-voting-rights/15653721

the total number of voting rights in the Company is 773,559,707.

Thus:

773,559,707 x £0.022 = £17,018,313.554

That is £17 million paid to shareholders

https://www.londonstockexchange.com/stock/CORD/cordiant-digital-infrastructure-limited/company-page

Cordiant Digital Infrastructure Limited (LSE: CORD) is a UK-listed investment company incorporated in Guernsey, that is the owner and operator of digital infrastructure assets in the UK, the EEA and North America.

CORD creates value from investing in the critical infrastructure of the modern internet, including cloud and data centres, mobile & broadcast towers and fibre-optic networks.

https://www.cordiantdigitaltrust.com/

https://www.londonstockexchange.com/stock/CORD/cordiant-digital-infrastructure-limited/company-page

The Legal & General Future World Sustainable Global Equity Focus Fund is a relatively new and small fund.

https://fundcentres.lgim.com/en/uk/adviser-wealth/fund-centre/Unit-Trust/Future-World-Sustainable-Global-Equity-Focus-Fund/

£21m is assets

The Fund invests predominantly in shares of companies globally, including emerging markets, across a variety of sectors.
The fund invests in companies capable of delivering long-term sustainable growth with high returns on capital.

In the financial year 2023/24, government revenue – from taxes and other receipts – was £1,095 billion (£1.1 trillion) while government spending was £1,216 billion (£1.2 trillion). The deficit was therefore £121 billion, equivalent to 4.4% of GDP.

Interest payments on government’s past borrowing are a relatively big cost for government. In 2023/24, government’s net debt interest spending was
£102 billion, which is equivalent to 3.8% of GDP or 8.4% of government spending.

Borrowing of £121 billion is equivalent to around £1,780 per head of the UK’s population.

The deficit reached a peacetime record in 2020/21 of 15% of GDP, largely for two reasons:

(1) Government provided support to public services, households and businesses during the pandemic, which cost around £229 billion;

(2) The virus and the lockdowns aimed at slowing its spread took the economy into a severe recession. Less economic activity meant smaller tax receipts and more government spending on areas such as unemployment benefits.

The budget deficit is financed by the sale of government bonds. These are essentially interest paying “IOUs” which the government sells to investors. Purchasers of government bonds include pension funds, insurance companies, households and overseas investors. The bonds make up most government debt. Once the bonds have been bought, they can be traded by investors on so-called secondary markets.

At the end of 2023/24 public sector net debt was £2,690 billion (i.e. £2.6 trillion), or 98% of GDP. This is equivalent to around £37,900 per person in the UK.

https://commonslibrary.parliament.uk/research-briefings/sn06167/

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

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in May 2024, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 6 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

26-Jun-2024 3¾% Treasury Gilt 2038 £3,000.0000 Million
25-Jun-2024 0¾% Index-linked Treasury Gilt 2033 3 months £1,802.6990 Million
18-Jun-2024 4 1/8% Treasury Gilt 2029 £4,999.9980 Million
12-Jun-2024 0 5/8% Index-linked Treasury Gilt 2045 3 months £1,071.0000 Million
05-Jun-2024 3¾% Treasury Gilt 2027 £4,999.9990 Million
04-Jun-2024 4% Treasury Gilt 2063 £2,000.0000 Million

£3,000.0000 Million + £1,802.6990 Million + £4,999.9980 Million + £1,071.0000 Million + £4,999.9990 Million + £2,000.0000 Million = £17,873.696 Million

£17,873.696 Million = £17.873696 Billion

On another way of looking at it, is in the 30 days in June 2024, HM Government borrowed:- £595.78986666666666666666666666667 million, each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2027 to 2063. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

The Legal and General GLOBAL ROBOTICS & AUTOMATION ETF invests in companies as the names states, involved in Automation and Robotics.

The top ten holdings are:-

1 TERADYNE INC ORD 2.28
2 NVIDIA CORP ORD 1.95
3 ZEBRA TECHNOLOGIES CORP ORD 1.91
4 INTUITIVE SURGICAL INC ORD 1.91
5 KARDEX HOLDING AG ORD 1.89
6 OMNICELL INC ORD 1.88
7 IPG PHOTONICS CORP ORD 1.70
8 KRONES AG ORD 1.69
9 FANUC CORP ORD 1.68
10 YOKOGAWA ELECTRIC CORP ORD 1.68

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

The Legal and General Worldwide Trust is a fund of funds, investing in index funds from Legal and General Investment Management.

https://fundcentres.lgim.com/en/uk/private-investors/fund-centre/Unit-Trust/Worldwide-Trust/

Tomorrow the UK’s oil major BP pays out its quarterly dividend.

https://www.bp.com

$0.0727 = 5.6825p a share.

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/16499900

The total number of voting rights in BP p.l.c. is 16,707,805,809

Thus:-

16,707,805,809 x £0.056825 = £949,421,065.096425

£949.421065096425 million paid to shareholders = £0.949 Billion

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

From villains to lovers – Donald Sutherland played them all – BBC News

Tomorrow Shell PLC pays our its June quarterly dividend for 2024

https://www.shell.com

$0.344 = 26.94p a share.

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/16448543

Shell plc’s capital as at April 30, 2024, consists of 6,390,616,745 ordinary shares

Thus:-

6,390,616,745 x £0.2694 = £1,721,632,151.103

£1721 million paid to shareholders = £1.721 Billion

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

Today, Friday 21st June, the UK’s largest bank and one of the world’s largest financial institutions, pays out its June 2024 dividend.

https://www.hsbc.com

$0.31 = 24.3432p a share.

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/16498353

The total number of voting rights in HSBC Holdings plc is 18,763,923,138

Thus:-

18,763,923,138 x £0.243432 = £4,567,739,337.329616

That is £4,567.739337329616 Million
That is £4.4567739337.329616 Billion paid to shareholders

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

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

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in May 2024, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 7 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

29-May-2024 0 1/8% Index-linked Treasury Gilt 2039 3 months £1,000.0000 Million
22-May-2024 4 1/8% Treasury Gilt 2029 £4,567.7500 Million
21-May-2024 4¾% Treasury Gilt 2043 £2,812.5000 Million
15-May-2024 0 7/8% Green Gilt 2033 £3,000.0000 Million
14-May-2024 0 1/8% Index-linked Treasury Gilt 2073 3 months £622.8500 Million
08-May-2024 1½% Green Gilt 2053 £2,500.0000 Million
01-May-2024 4 5/8% Treasury Gilt 2034 £3,750.0000 Million

£1,000.0000 Million + £4,567.7500 Million + £2,812.5000 Million + £3,000.0000 Million + £622.8500 Million + £2,500.0000 Million + £3,750.0000 Million = £18,253.10 Million

£18,253.10 Million = £18.25310 Billion

On another way of looking at it, is in the 31 days in May 2024, HM Government borrowed:- £588.80967741935483870967741935484 million, each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2029 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

This article was making the headlines, the value of the US Chip Maker Nvidia.

Nvidia value hits $3tn, overtaking Apple – BBC News

These two graphs explain everything:-

March 2020 (when Covid19 was hitting the world) $51 a share:-

Now roll forward just over 4 years to now, stock price of $1224 a share:-

Today, Unilever PLC, one of the largest food and consumer good companies, pays its June 2024 Dividend.

www.unilever.com

36.74p a share

https://www.londonstockexchange.com/news-article/ULVR/total-voting-rights/16500523

The voting rights attaching to the Unilever Group Shares are 2,500,574,352 shares with voting rights.

Thus:-

2,500,574,352 x £0.3474 = £868,699,529.8848

That is £868 Million paid to shareholders of Unilever

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

Tomorrow, Thursday 6th June, the UK’s largest money manager and investment management group pays out its June 2024 dividend.

https://group.legalandgeneral.com/en

14.63p a share

Assets under management (AUM) in 2023: £1,159bn = £1.159 Trillion.

https://www.londonstockexchange.com/news-article/LGEN/total-voting-rights/16450948

the total number of voting rights in the Company is 5,979,751,373

Thus:-

5,979,751,373 x £0.1463 = £874,837,625.8699

That is £874 Million paid to shareholders.

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

Today, one of the worlds largest defence and cyber security companies, BAE Systems, pays out its June 2024 dividend.

https://www.baesystems.com/en/home

18.5p a share.

https://www.londonstockexchange.com/news-article/BA./total-voting-rights/16498303

total voting rights of 3,033,812,079

Thus:-

3,033,812,079 x £0.185 = £561,255,234.615

That is £561 Million paid to shareholders

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

30th May 2023: – 33,042

24th May 2024: 39,069

The “ISHRS GLOBAL CLEAN ENERGY ETF” is a London list investment ETF that holds shares in energy companies committed to Clean Energy

Its top ten holdings are:-

1 FIRST SOLAR INC ORD 7.73% of the fund
2 ENPHASE ENERGY INC ORD 7.39% of the fund
3 CONSOLIDATED EDISON INC ORD 6.47% of the fund
4 IBERDROLA SA ORD 6.33% of the fund
5 VESTAS WIND SYSTEMS A/S ORD 6.12% of the fund
6 OERSTED A/S ORD 4.72% of the fund
7 CHINA YANGTZE POWER CO LTD ORD 3.62% of the fund
8 EDP ENERGIAS DE PORTUGAL SA ORD 3.45% of the fund
9 CHUBU ELECTRIC POWER CO INC ORD 3.43% of the fund
10 NEXTRACKER INC ORD 2.73% of the fund

https://www.londonstockexchange.com/stock/INRG/ishares/company-page

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

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in April 2024, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 6 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

30-Apr-2024 4 1/8% Treasury Gilt 2029 £4,000.0000 Million
17-Apr-2024 4% Treasury Gilt 2031 £3,750.0000 Million
16-Apr-2024 0¾% Index-linked Treasury Gilt 2033 3 months £1,622.0750 Million
10-Apr-2024 3¾% Treasury Gilt 2027 £5,000.0000 Million
09-Apr-2024 4¾% Treasury Gilt 2043 £2,783.6230 Million
04-Apr-2024 4 5/8% Treasury Gilt 2034 £3,750.0000 Million

£4,000.0000million+ £3,750.0000 million + £1,622.0750 million + £5,000.0000 million + £2,783.6230 million + £3,750.0000 million = £20,905.698 Million

£20,905.698 Million = £20.905698 Billion

On another way of looking at it, is in the 30 days in April 2024, HM Government borrowed:- £696.8566 Million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2027 to 2043. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

A Tribute to Euler – William Dunham (youtube.com)

Greencoat UK Wind 7.8% of the fund
Clearway Energy A Class 6.5% of the fund
NextEnergy Solar Fund 6.2% of the fund
Drax Group 6.1% of the fund
Octopus Renewables Infrastructure Trust 5.5% of the fund
Bonheur 4.8% of the fund
RWE 4.4% of the fund
SSE 4.4% of the fund
Grenergy Renovables 4.1% of the fund
Foresight Solar Fund 4.0% of the fund
Aquila European Renewables Income Fund 3.6% of the fund
Gore Street Energy Storage Fund 3.4% of the fund
Cadeler 3.2% of the fund
National Grid 3.1% of the fund
AES 2.9% of the fund
Northland Power 2.8% of the fund
Enefit Green 2.6% of the fund
US Solar Fund 1.9% of the fund
Greencoat Renewable 1.7% of the fund
Corporacion Acciona Energias Renovables 1.7% of the fund
Atlantica Sustainable Infrastructure 1.7% of the fund
GCP Infrastructure Investments 1.5% of the fund
7C Solarparken 1.4% of the fund
Cloudberry Clean Energy 1.4% of the fund
Harmony Energy Income Trust 1.4% of the fund
Polaris Renewable Energy 1.3% of the fund
Algonquin Power & Utilities 1.3% of the fund
MPC Energy Solutions 1.2% of the fund
SDCL Energy Efficiency Income Trust 1.1% of the fund
Solaria Energia y Medio Ambiente 1.0% of the fund
Gresham House Energy Storage Fund plc 0.9% of the fund
Serena Energia 0.8% of the fund
Atrato Onsite Energy 0.7% of the fund
VH Global Sustainable Energy Opportunities 0.6% of the fund
Boralex 0.5% of the fund
Innergex Renewable 0.4% of the fund
Fusion Fuel Green 0.2% of the fund
Fusion Fuel Green Warrants 0.0% of the fund
Cash/Net Current Assets 1.9% of the fund

The Legal & General European Index Trust, an an index fund that has the objective to track the performance of the FTSE World Europe ex UK Index, the “Benchmark Index”

Fund size £3,803.8m

The F&C Investment Trust PLC Portfolio has world class assets in its portfolio

https://www.fandc.com/

F&C-website-valuation.pdf (columbiathreadneedle.com)

Top 100 assets in the portfolio:-

The F&C Investment Trust PLC Portfolio
PE INVESTMENT HOLDINGS 2018 LP
MICROSOFT CORP
NVIDIA CORP
PANTHEON ACCESS SICAV
AMAZON.COM INC
BROADCOM INC
APPLE INC
META PLATFORMS INC CLASS A
ALPHABET INC CL A
MASTERCARD INC A
Total Top 10
ELI LILLY + CO
INFLEXION STRATEGIC PARTNERS
ALPHABET INC CL C
TAIWAN SEMICONDUCTOR MANUFAC
COMCAST CORP CLASS A
VISA INC CLASS A SHARES
LOWE S COS INC
PE INVESTMENT HOLDINGS 2018 PO
NOVO NORDISK A/S B
KLA CORP
Total Top 20
WELLS FARGO + CO
KEYENCE CORP
BOOKING HOLDINGS INC
MARATHON PETROLEUM CORP
ELEVANCE HEALTH INC
QUALCOMM INC
ABBVIE INC
MORGAN STANLEY
NETFLIX INC
EATON CORP PLC
Total Top 30
ORACLE CORP
COSTCO WHOLESALE CORP
HOME DEPOT INC
LINDE PLC
BRISTOL MYERS SQUIBB CO
AMERICAN INTERNATIONAL GROUP
AMERICAN TOWER CORP
MICROCHIP TECHNOLOGY INC
METLIFE INC
LENNAR CORP A
Total Top 40
LAM RESEARCH CORP
AUTOZONE INC
ADVANCED MICRO DEVICES
UNITEDHEALTH GROUP INC
PHILLIPS 66
MERCADOLIBRE INC
AIA GROUP LTD
ROCHE HOLDING AG GENUSSCHEIN
CROWN CASTLE INC
SAP SE
Total Top 50
VERTIV HOLDINGS CO A
ASML HOLDING NV
BANK CENTRAL ASIA TBK PT
APPLIED MATERIALS INC
MARRIOTT INTERNATIONAL CL A
SCHIEHALLION FUND LTD/THE
COMPASS GROUP PLC
ASTRAZENECA PLC
AUTOMATIC DATA PROCESSING
ELECTRONIC ARTS INC
Total Top 60
S+P GLOBAL INC
FIDELITY NATIONAL INFO SERV
AIR LIQUIDE SA
AMERICAN EXPRESS CO
AMPHENOL CORP CL A
UBER TECHNOLOGIES INC
UNITED KINGDOM GILT
INTUIT INC
SALESFORCE INC
KOMATSU LTD
Total Top 70
MITSUBISHI UFJ FINANCIAL GRO
MERCK + CO. INC.
BAYERISCHE MOTOREN WERKE AG
PUBLIC STORAGE
SYNOPSYS INC
MONOLITHIC POWER SYSTEMS INC
EXPEDITORS INTL WASH INC
TRANE TECHNOLOGIES PLC
COMPAGNIE DE SAINT GOBAIN
TENCENT HOLDINGS LTD
Total Top 80
STELLANTIS NV
ADOBE INC
CRH PLC
CHIPOTLE MEXICAN GRILL INC
FASTENAL CO
AIR PRODUCTS + CHEMICALS INC
P G + E CORP
VODAFONE GROUP PLC
MEDTRONIC PLC
VERIZON COMMUNICATIONS
Total Top 90
REGENERON PHARMACEUTICALS
TUPRAS TURKIYE PETROL RAFINE
EQUINOR ASA
ITOCHU CORP
SHELL PLC
SCHNEIDER ELECTRIC SE
INTUITIVE SURGICAL INC
TOYOTA MOTOR CORP
FIRSTENERGY CORP
NINTENDO CO LTD
Total Top 100

The India Capital Growth Fund is managed by Ocean Dial Asset Management

India has been one of the best performing major stock markets globally in the last 30 years, compounding returns at 9.9% in US dollars

Top 20 holdings as at 31 March 2024: Holding Sector % of Portfolio
Federal Bank Financials – Banks 5.3% of the fund
Dixon Technologies Consumer Discretionary 5.2% of the fund
Skipper Industrials 4.3% of the fund
Neuland Laboratories Health Care 4.2% of the fund
Sona BLW Precision Forgings Consumer Discretionary 4.0% of the fund
IDFC Bank Financials 3.8% of the fund
IndusInd Bank Financials – Banks 3.8% of the fund
PI Industries Materials 3.7% of the fund
Persistent Systems IT 3.7% of the fund
Ramkrishna Forgings Materials 3.7% of the fund
RBL Bank Financials – Banks 3.5% of the fund
Emami Consumer Staples 3.4% of the fund
JK Lakshmi Cement Materials 3.2% of the fund
VIP Industries Consumer Discretionary 3.0% of the fund
Ashok Leyland Industrials 2.9% of the fund
Welspun India Consumer Discretionary 2.7% of the fund
Affle India Communication Services 2.6% of the fund
Multi Commodity Exchange Financials 2.5% of the fund
CCL Products India Consumer Staples 2.5% of the fund
Kajaria Ceramics Industrials 2.4% of the fund

INDIA CAPITAL GROWTH FUND LIMITED IGC Stock | London Stock Exchange

The L&G Energy Transition Commodities UCITS ETF is an investment aiming to provide exposure to a diversified basket of commodities central to enabling the energy transition.

L&G Energy Transition Commodities UCITS ETF | LGIM Fund Centre

Transition metals exposure
Futures on transition metals, which are used in clean energy generation, storage and distribution equipment.

Transition energy exposure
Futures on transition energy, which emits less carbon than most other fossil fuels and can help overcome peak energy demand and the challenge of ‘hard to abate’ sectors.

Carbon exposure
Allocation to an exchange listed certificate (the “Certificate”) which provides exposure to an index of global carbon futures. Carbon pricing makes polluting less profitable and incentivises the switch to low- and no-carbon activities.

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

Antony Blinken plays guitar in basement bar on trip to Kyiv – BBC News

Rockin’ in the Free World (youtube.com)

Pascal’s wager – Wikipedia

Pascal’s wager is a philosophical argument advanced by Blaise Pascal (1623–1662), seventeenth-century French mathematician, philosopher, physicist, and theologian. This argument posits that individuals essentially engage in a life-defining gamble regarding the belief in the existence of God.

Eleven key stocks have been instrumental to this strong performance, affectionately known as The Granolas. The term was coined by Goldman Sachs in 2020 based on a loose acronym of the stocks’ names. It includes GlaxoSmithKline, Roche, ASML, Nestlé, Novartis, Novo Nordisk, L’Oréal, LVMH, AstraZeneca, SAP and Sanofi.

Today the highly regarding investment trust, the The Foreign and Colonial Investment Trust pays out its May 2024 dividend.

https://www.fandc.co.uk

4.5p a share.

https://www.londonstockexchange.com/news-article/FCIT/total-voting-rights/16448753

The total number of voting rights that can be exercised in the Company is, 502,305,436.

Thus:

502,305,436 x £0.045 = £22,603,744.62

That is £22 million paid to shareholders.

The David Rubenstein Show: Bill McDermott (youtube.com)

TheCT Global Managed Portfolio Trust is a ‘multi-manager’ or managed investment trust.

This means it invests in a range of investment companies. In turn, this can give an exposure to different investment providers and markets by using one investment trust.
Trust aims: The objective for the Growth Portfolio is to provide growth shareholders with capital growth from a diversified portfolio of investment companies. The Growth Portfolio invests in a diversified portfolio of at least 25 investment companies that have underlying investment exposures across a range of geographic regions and sectors and the focus of which is to maximise total returns, principally through capital growth

https://www.columbiathreadneedle.co.uk/global-managed-portfolio-trust-plc/

Top 10 Holdings:-

HgCapital Trust 4.5% of the fund Private Equity
Polar Capital Technology Trust 3.7% of the fund Technology & Technology Innovation
Fidelity Special Values 3.7% of the fund UK All Companies
Finsbury Growth & Income Trust 3.6% of the fund UK Equity Income
Allianz Technology Trust 3.5% of the fund Technology & Technology Innovation
Law Debenture Corporation 3.4% of the fund UK Equity Income
JPMorgan American Investment Trust 3.2% of the fund North America
Worldwide Healthcare Trust 3.1% of the fund Biotechnology & Healthcare
Monks Investment Trust 3.1% of the fund Global
Aurora Investment Trust 3.0% of the fund UK All Companies

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

Yeah Yeah Yeahs – Y Control (youtube.com)

Today, the National Westminster Bank Group (formerly known as the Royal Bank of Scotland) pays out its April 2024 dividend

https://www.natwestgroup.com/

11.5p a share.

https://www.londonstockexchange.com/news-article/NWG/total-voting-rights/16400884

8,739,749,542 shares issued.

Thus

8,739,749,542 x £0.115 = £1,005,071,197.33

That is £1.005 Billion paid to shareholders

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

Today, Thursday 25th April HSBC plc, one of the world’s largest banks pays out its April 2024 dividend

https://www.hsbc.com

$0.31 a share = £0.248286 per share

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/16401126

The total number of voting rights in HSBC Holdings plc is 18,963,596,721

Thus:

18,963,596,721 x £0.248286 per share = 4,708,395,575.470206

That is £4,708 Billion paid to shareholders

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

https://www.theguardian.com/science/2024/apr/09/peter-higgs-physicist-who-discovered-higgs-boson-dies-aged-94

Peter Higgs, physicist who proposed Higgs boson, dies aged 94. Nobel-prize winning physicist who showed how particle helped bind universe together died at home in Edinburgh. Peter Higgs, the Nobel prize-winning physicist who proposed a new particle known as the Higgs boson, has died.

Higgs, 94, who was awarded the Nobel prize for physics in 2013 for his work in 1964 showing how the boson helped bind the universe together by giving particles their mass, died at home in Edinburgh on Monday 8th April 2024

After a series of experiments, which began in earnest in 2008, his theory was proven by physicists working at the Large Hadron Collider at Cern in Switzerland in 2012; the Nobel prize was shared with François Englert, a Belgian theoretical physicist whose work in 1964 also contributed directly to the discovery.

A member of the Royal Society and a Companion of Honour, Higgs spent the bulk of his professional life at Edinburgh University, which set up the Higgs Centre for Theoretical Physics in his honour in 2012.

Prof Peter Mathieson, the university’s principal, said: “Peter Higgs was a remarkable individual – a truly gifted scientist whose vision and imagination have enriched our knowledge of the world that surrounds us.

“His pioneering work has motivated thousands of scientists, and his legacy will continue to inspire many more for generations to come.”

Prof Fabiola Gianotti, the director general at Cern and former leader of the Atlas experiment, which helped discover the Higgs particle in 2012, said: “Besides his outstanding contributions to particle physics, Peter was a very special person, a man of rare modesty, a great teacher and someone who explained physics in a very simple and profound way.

“An important piece of Cern’s history and accomplishments is linked to him. I am very saddened, and I will miss him sorely.”

The evening before the discovery of the particle was announced, Peter was invited to a small celebration at the home of John Ellis, the former head of theory at Cern. “A giant of particle physics has left us,” Ellis told the Guardian. “Without his theory, atoms could not exist and radioactivity would be a force as strong as electricity and magnetism.

“His prediction of the existence of the particle that bears his name was a deep insight, and its discovery at Cern in 2012 was a crowning moment that confirmed his understanding of the way the Universe works.”

Jon Butterworth, a member of the Atlas collaboration, said Higgs was “a hero to the particle physics community”.

“Even though he didn’t much enjoy it, he felt a responsibility to use the public profile his achievements brought him for the good of science, and he did so many times. The particle that carries his name is perhaps the single most stunning example of how seemingly abstract mathematical ideas can make predictions which turn out to have huge physical consequences.”

The Royal Swedish Academy of Sciences, which awards the Nobel, said at the time the standard model of physics which underpins the scientific understanding of the universe “rests on the existence of a special kind of particle: the Higgs particle. This particle originates from an invisible field that fills up all space.

“Even when the universe seems empty this field is there. Without it, we would not exist, because it is from contact with the field that particles acquire mass. The theory proposed by Englert and Higgs describes this process.”

An immensely shy man who disliked the fuss, Higgs had left home for a quiet lunch of soup and trout in Leith on the day of the announcement, to be stopped by a former neighbour who gave him the news on his way home.

Born in Newcastle upon Tyne, Higgs leaves two sons, Chris and Jonny, his daughter-in-law Suzanne and two grandchildren. His wife, Jody, a linguistics lecturer from whom he was separated, died in 2008.

Bruce Hornsby & The Range – The Valley Road (youtube.com)

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

https://www.dmo.gov.uk

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in March 2024, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

26-Mar-2024 4½% Treasury Gilt 2028 £3,000.0000 Million
19-Mar-2024 4¾% Treasury Gilt 2043 £2,500.0000 Million
12-Mar-2024 4 5/8% Treasury Gilt 2034 £4,687.4990 Million

£3,000.0000 Million + £2,500.0000 Million + £4,687.4990 Million = £10,187.499 Million

£10,187.499 Million = £10.187499 Billion

On another way of looking at it, is in the 31 days in March 2024, HM Government borrowed:- £328.629 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2028 to 2043. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

Tomorrow, one of the world’s largest mining and natural resource company Rio Tinto pays out its April 2024 dividend.

https://www.riotinto.com/

203.77p a share.

https://www.londonstockexchange.com/news-article/RIO/total-voting-rights/16403835

The total number of voting rights in Rio Tinto plc is 1,252,502,879

Thus:-

1,252,502,879 x £2.0377 = 2,552,225,116.5383 Million paid to shareholders

That is £2.552 Billion

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

The Legal & General Global Thematic Fund is a fund is designed for investors looking
for growth from an investment in global thematic equities. The fund invests 90% of its value in collective investment schemes operated by the Manager or an associate of the Manager. This includes investment in L&G index tracking exchange traded funds (ETFs) which are designed to replicate the performance of an index comprised of constituent companies that are determined to be engaged in a relevant growth theme

https://fundcentres.lgim.com/en/uk/adviser-wealth/fund-centre/Unit-Trust/Global-Thematic-Fund/#portfolioBreakdown

David M. Rubenstein

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 to achieve its objective.

Total number of stocks 200
Market Capitalisation £3,350.8m
Total Assets £3,802.8m
Net Assets £3,561.7m
Gross Gearing4 7.2%
Net Gearing5 3.7%
Yield6 2.1%
Year End 31 December
Incorporated 21 April 1888
Dividend Paid Mar, Jun, Sep, Dec
Shares in Issue7 283,964,600

TOP 20 HOLDINGS: Name £m %

Alphabet £142.1 3.7% of fund
Microsoft £136.0 3.6% of fund
Amazon £132.9 3.5% of fund
Visa £106.2 2.8% of fund
Nvidia £103.3 2.7% of fund
Meta Platforms £63.0 1.7% of fund
UnitedHealth Group £61.1 1.6% of fund
Mastercard £57.1 1.5% of fund
ASML £45.9 1.2% of fund
MercadoLibre £45.4 1.2% of fund
Airbus £42.9 1.1% of fund
Petrobras £41.3 1.1% of fund
Diageo £41.1 1.1% of fund
Canadian Pacific £39.9 1.0% of fund
ICON £37.3 1.0% of fund
Eli Lilly £36.3 1.0% of fund
Fiserv £35.8 0.9% of fund
Safran £35.6 0.9% of fund
Novo Nordisk £35.0 0.9% of fund
Yum! Brands £34.7 0.9% of fund

Top 10 holdings 23.5%
Top 20 holdings 33.4%

https://www.londonstockexchange.com/stock/ATST/alliance-trust-plc/company-page