Category Archives: Uncategorized

Cordiant Digital Infrastructure dividend

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

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

Legal & General Future World Sustainable Global Equity Focus Fund

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.

Courtesy of Legal and General Investment Management

UK National Debt. Interest Payments £102bn a year.

Courtesy of the Office of Budget Responsibility (The OBR)

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/

HM Government Borrowings June 2024

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: ROBG

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

Courtesy of the London Stock Exchange

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


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/

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

BP PLC pays our its June quarterly dividend for 2024

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

Shell PLC Dividend

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

HSBC June 2024 Dividend

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

HM Government Borrowings May 2024

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……

Unilever PLC June 2024 Dividend.

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

Legal & General June 2024 Dividend

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

BAE Systems June Dividend

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

ISHRS GLOBAL CLEAN ENERGY ETF

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

Courtesy of the London Stock Exchange

HM Government April 2024 Borrowings

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

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in 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……

Assets of PMGR plc [Premier Miton Global Renewables Trust PLC ]

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

Courtesy of the London Stock Exchange

Assets of the Foreign & Colonial Investment Trust.

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

Courtesy of the London Stock Exchange

India Capital Growth Fund

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

Courtesy of The India Capital Growth Fund
Courtesy of The London Stock Exchange

INDIA CAPITAL GROWTH FUND LIMITED IGC Stock | London Stock Exchange

L&G Energy Transition Commodities UCITS ETF

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.

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

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

The Granolas stock

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.

The Foreign and Colonial Investment Trust: May 2024 Dividend

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.

Courtesy of the London Stock Exchange

CT Global Managed Portfolio Trust

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

Courtesy of Columbia Threadneedle Asset Management

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

National Westminster Bank Group PLC April 2024 Dividend

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

HSBC April 2024 Dividend

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

A tribute to Professor Peter Higgs

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.

HM Government March 2024

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……

Rio Tinto April Dividend.

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

Courtesy of The London Stock Exchange

Legal & General Global Thematic Fund

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

Courtesy of Legal and General Investment Management

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

The Alliance Trust

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

Courtesy of The London Stock Exchange

AstraZeneca March 2024 dividend.

Last month, on the 25th March, AstraZeneca PLC paid out its March 2024 dividend.

https://www.astrazeneca.com/

156p a share.

https://www.londonstockexchange.com/news-article/AZN/total-voting-rights/16358515

The total number of voting rights in AstraZeneca PLC is 1,550,205,518.

Thus:-

1,550,205,518 x £1.56 = £2,418,320,608.08 paid to shareholders

That is £2418 Million = £2.418 Billion

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

Courtesy of the London Stock Exchange

Foreign & Colonial Investment Trust PLC

The Foreign & Colonial Investment Trust PLC is the highly regarded London listed investment trust.

https://www.fandc.con

The twenty Largest Listed Equity Holdings:-

Microsoft 3.2%
Nvidia 2.0%
Alphabet 1.8%
Broadcom 1.8%
Amazon 1.7%
Apple 1.4%
Meta Platforms 1.4%
Mastercard 1.2%
Eli Lilly 1.1%
Lowe’s Companies 1.0%
Taiwan Semiconductor Manufacturing Company 0.9%
Comcast 0.8%
Visa 0.7%
Wells Fargo 0.7%
KLA 0.7%
Novo Nordisk 0.6%
AbbVie 0.6%
Marathon Petroleum 0.6%
Keyence 0.6%
Bristol Myers Squibb 0.6%

Total 23.4%

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

BP PLC March 2024 Dividend.

Tomorrow, BP PLC pays out its March 2024 dividend.

https://www.bp.com

$0.0727 = 5.6922p a share.

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/16357964

The total number of voting rights in BP p.l.c. is 16,980,974,436 ordinary shares

Thus:

16,980,974,436 x £0.056922 = £966,591,026.845992

That is £966 Million = £0.966 Billion paid to shareholders.

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

Courtesy of The London Stock Exchange

Shell PLC March 2024 Dividend.

Today, Shell PLC pays out its March 2024 dividend.

https://www.shell.com

$0.344 = 26.9p a share.

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/16356270

Shell plc’s capital as at February 29, 2024, consists of 6,459,564,948 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury.

Thus:

6,459,564,948 x £0.269 = £1,737,622,971.012

That is £1,737 Million = £1.737 Billion paid to shareholders.

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

Courtesy of The London Stock Exchange

Berkshire Hathaway annual letter:- 2024

printmgr file (berkshirehathaway.com)

Charlie Munger died on November 28, just 33 days before his 100th birthday.
Though born and raised in Omaha, he spent 80% of his life domiciled
elsewhere. Consequently, it was not until 1959 when he was 35 that I first met him.
In 1962, he decided that he should take up money management.
Three years later he told me – correctly! – that I had made a dumb decision in
buying control of Berkshire. But, he assured me, since I had already made the move,
he would tell me how to correct my mistake.
In what I next relate, bear in mind that Charlie and his family did not have a
dime invested in the small investing partnership that I was then managing and whose
money I had used for the Berkshire purchase. Moreover, neither of us expected that
Charlie would ever own a share of Berkshire stock.
Nevertheless, Charlie, in 1965, promptly advised me: “Warren, forget about
ever buying another company like Berkshire. But now that you control Berkshire, add
to it wonderful businesses purchased at fair prices and give up buying fair businesses
at wonderful prices. In other words, abandon everything you learned from your hero,
Ben Graham. It works but only when practiced at small scale.” With much back-sliding
I subsequently followed his instructions.
Many years later, Charlie became my partner in running Berkshire and,
repeatedly, jerked me back to sanity when my old habits surfaced. Until his death, he
continued in this role and together we, along with those who early on invested with
us, ended up far better off than Charlie and I had ever dreamed possible.
In reality, Charlie was the “architect” of the present Berkshire, and I acted as
the “general contractor” to carry out the day-by-day construction of his vision.
Charlie never sought to take credit for his role as creator but instead let me
take the bows and receive the accolades. In a way his relationship with me was part
older brother, part loving father. Even when he knew he was right, he gave me the
reins, and when I blundered he never – never –reminded me of my mistake.
In the physical world, great buildings are linked to their architect while those
who had poured the concrete or installed the windows are soon forgotten. Berkshire
has become a great company. Though I have long been in charge of the construction
crew; Charlie should forever be credited with being the architect.
2
BERKSHIRE HATHAWAY INC.
To the Shareholders of Berkshire Hathaway Inc.:
Berkshire has more than three million shareholder accounts. I am charged with writing a
letter every year that will be useful to this diverse and ever-changing group of owners, many of
whom wish to learn more about their investment.
Charlie Munger, for decades my partner in managing Berkshire, viewed this obligation
identically and would expect me to communicate with you this year in the regular manner. He and
I were of one mind regarding our responsibilities to Berkshire shareholders.


Writers find it useful to picture the reader they seek, and often they are hoping to attract a
mass audience. At Berkshire, we have a more limited target: investors who trust Berkshire with
their savings without any expectation of resale (resembling in attitude people who save in order to
buy a farm or rental property rather than people who prefer using their excess funds to purchase
lottery tickets or “hot” stocks).
Over the years, Berkshire has attracted an unusual number of such “lifetime” shareholders
and their heirs. We cherish their presence and believe they are entitled to hear every year both the
good and bad news, delivered directly from their CEO and not from an investor-relations officer
or communications consultant forever serving up optimism and syrupy mush.
In visualizing the owners that Berkshire seeks, I am lucky to have the perfect mental model,
my sister, Bertie. Let me introduce her.
For openers, Bertie is smart, wise and likes to challenge my thinking. We have never,
however, had a shouting match or anything close to a ruptured relationship. We never will.
Furthermore, Bertie, and her three daughters as well, have a large portion of their savings
in Berkshire shares. Their ownership spans decades, and every year Bertie will read what I have
to say. My job is to anticipate her questions and give her honest answers.
3
Bertie, like most of you, understands many accounting terms, but she is not ready for a
CPA exam. She follows business news – reading four newspapers daily – but doesn’t consider
herself an economic expert. She is sensible – very sensible – instinctively knowing that pundits
should always be ignored. After all, if she could reliably predict tomorrow’s winners, would she
freely share her valuable insights and thereby increase competitive buying? That would be like
finding gold and then handing a map to the neighbors showing its location.
Bertie understands the power – for good or bad – of incentives, the weaknesses of humans,
the “tells” that can be recognized when observing human behavior. She knows who is “selling”
and who can be trusted. In short, she is nobody’s fool.
So, what would interest Bertie this year?
Operating Results, Fact and Fiction
Let’s begin with the numbers. The official annual report begins on K-1 and extends for 124
pages. It is filled with a vast amount of information – some important, some trivial.
Among its disclosures many owners, along with financial reporters, will focus on page
K-72. There, they will find the proverbial “bottom line” labeled “Net earnings (loss).” The
numbers read $90 billion for 2021, ($23 billion) for 2022 and $96 billion for 2023.
What in the world is going on?
You seek guidance and are told that the procedures for calculating these “earnings” are
promulgated by a sober and credentialed Financial Accounting Standards Board (“FASB”),
mandated by a dedicated and hard-working Securities and Exchange Commission (“SEC”) and
audited by the world-class professionals at Deloitte & Touche (“D&T”). On page K-67, D&T pulls
no punches: “In our opinion, the financial statements . . . . . present fairly, in all material respects
(italics mine), the financial position of the Company . . . . . and the results of its operations . . . . .
for each of the three years in the period ended December 31, 2023 . . . . .”
So sanctified, this worse-than-useless “net income” figure quickly gets transmitted
throughout the world via the internet and media. All parties believe they have done their job – and,
legally, they have.
We, however, are left uncomfortable. At Berkshire, our view is that “earnings” should be a
sensible concept that Bertie will find somewhat useful – but only as a starting point – in
evaluating a business. Accordingly, Berkshire also reports to Bertie and you what we call
“operating earnings.” Here is the story they tell: $27.6 billion for 2021; $30.9 billion for 2022 and
$37.4 billion for 2023.
4
The primary difference between the mandated figures and the ones Berkshire prefers is that
we exclude unrealized capital gains or losses that at times can exceed $5 billion a day. Ironically,
our preference was pretty much the rule until 2018, when the “improvement” was mandated.
Galileo’s experience, several centuries ago, should have taught us not to mess with mandates from
on high. But, at Berkshire, we can be stubborn.


Make no mistake about the significance of capital gains: I expect them to be a very
important component of Berkshire’s value accretion during the decades ahead. Why else would
we commit huge dollar amounts of your money (and Bertie’s) to marketable equities just as I have
been doing with my own funds throughout my investing lifetime?
I can’t remember a period since March 11, 1942 – the date of my first stock purchase – that
I have not had a majority of my net worth in equities, U.S.-based equities. And so far, so good.
The Dow Jones Industrial Average fell below 100 on that fateful day in 1942 when I “pulled the
trigger.” I was down about $5 by the time school was out. Soon, things turned around and now that
index hovers around 38,000. America has been a terrific country for investors. All they have
needed to do is sit quietly, listening to no one.
It is more than silly, however, to make judgments about Berkshire’s investment value based
on “earnings” that incorporate the capricious day-by-day and, yes, even year-by-year movements
of the stock market. As Ben Graham taught me, “In the short run the market acts as a voting
machine; in the long run it becomes a weighing machine.”
What We Do
Our goal at Berkshire is simple: We want to own either all or a portion of businesses that
enjoy good economics that are fundamental and enduring. Within capitalism, some businesses will
flourish for a very long time while others will prove to be sinkholes. It’s harder than you would
think to predict which will be the winners and losers. And those who tell you they know the answer
are usually either self-delusional or snake-oil salesmen.
At Berkshire, we particularly favor the rare enterprise that can deploy additional capital at
high returns in the future. Owning only one of these companies – and simply sitting tight – can
deliver wealth almost beyond measure. Even heirs to such a holding can – ugh! – sometimes live
a lifetime of leisure.
We also hope these favored businesses are run by able and trustworthy managers, though
that is a more difficult judgment to make, however, and Berkshire has had its share
of disappointments.
5
In 1863, Hugh McCulloch, the first Comptroller of the United States, sent a letter to all
national banks. His instructions included this warning: “Never deal with a rascal under the
expectation that you can prevent him from cheating you.” Many bankers who thought they could
“manage” the rascal problem have learned the wisdom of Mr. McCulloch’s advice – and I have as
well. People are not that easy to read. Sincerity and empathy can easily be faked. That is as true
now as it was in 1863.
This combination of the two necessities I’ve described for acquiring businesses has for
long been our goal in purchases and, for a while, we had an abundance of candidates to evaluate.
If I missed one – and I missed plenty – another always came along.
Those days are long behind us; size did us in, though increased competition for purchases
was also a factor.
Berkshire now has – by far – the largest GAAP net worth recorded by any American
business. Record operating income and a strong stock market led to a yearend figure of $561
billion. The total GAAP net worth for the other 499 S&P companies – a who’s who of American
business – was $8.9 trillion in 2022. (The 2023 number for the S&P has not yet been tallied but is
unlikely to materially exceed $9.5 trillion.)
By this measure, Berkshire now occupies nearly 6% of the universe in which it operates.
Doubling our huge base is simply not possible within, say, a five-year period, particularly because
we are highly averse to issuing shares (an act that immediately juices net worth).
There remain only a handful of companies in this country capable of truly moving the
needle at Berkshire, and they have been endlessly picked over by us and by others. Some we can
value; some we can’t. And, if we can, they have to be attractively priced. Outside the U.S., there
are essentially no candidates that are meaningful options for capital deployment at Berkshire. All
in all, we have no possibility of eye-popping performance.
Nevertheless, managing Berkshire is mostly fun and always interesting. On the positive
side, after 59 years of assemblage, the company now owns either a portion or 100% of various
businesses that, on a weighted basis, have somewhat better prospects than exist at most large
American companies. By both luck and pluck, a few huge winners have emerged from a great
many dozens of decisions. And we now have a small cadre of long-time managers who never muse
about going elsewhere and who regard 65 as just another birthday.


Berkshire benefits from an unusual constancy and clarity of purpose. While we emphasize
treating our employees, communities and suppliers well – who wouldn’t wish to do so? – our
allegiance will always be to our country and our shareholders. We never forget that, though your
money is comingled with ours, it does not belong to us.
6
With that focus, and with our present mix of businesses, Berkshire should do a bit better
than the average American corporation and, more important, should also operate with materially
less risk of permanent loss of capital. Anything beyond “slightly better,” though, is wishful
thinking. This modest aspiration wasn’t the case when Bertie went all-in on Berkshire – but it
is now.
Our Not-So-Secret Weapon
Occasionally, markets and/or the economy will cause stocks and bonds of some large and
fundamentally good businesses to be strikingly mispriced. Indeed, markets can – and
will – unpredictably seize up or even vanish as they did for four months in 1914 and for a few days
in 2001. If you believe that American investors are now more stable than in the past, think back to
September 2008. Speed of communication and the wonders of technology facilitate instant
worldwide paralysis, and we have come a long way since smoke signals. Such instant panics won’t
happen often – but they will happen.
Berkshire’s ability to immediately respond to market seizures with both huge sums and
certainty of performance may offer us an occasional large-scale opportunity. Though the stock
market is massively larger than it was in our early years, today’s active participants are neither
more emotionally stable nor better taught than when I was in school. For whatever reasons, markets
now exhibit far more casino-like behavior than they did when I was young. The casino now resides
in many homes and daily tempts the occupants.
One fact of financial life should never be forgotten. Wall Street – to use the term in its
figurative sense – would like its customers to make money, but what truly causes its denizens’
juices to flow is feverish activity. At such times, whatever foolishness can be marketed will be
vigorously marketed – not by everyone but always by someone.
Occasionally, the scene turns ugly. The politicians then become enraged; the most flagrant
perpetrators of misdeeds slip away, rich and unpunished; and your friend next door becomes
bewildered, poorer and sometimes vengeful. Money, he learns, has trumped morality.
One investment rule at Berkshire has not and will not change: Never risk permanent loss
of capital. Thanks to the American tailwind and the power of compound interest, the arena in which
we operate has been – and will be – rewarding if you make a couple of good decisions during a
lifetime and avoid serious mistakes.


I believe Berkshire can handle financial disasters of a magnitude beyond any heretofore
experienced. This ability is one we will not relinquish. When economic upsets occur, as they will,
Berkshire’s goal will be to function as an asset to the country – just as it was in a very minor way
in 2008-9 – and to help extinguish the financial fire rather than to be among the many companies
that, inadvertently or otherwise, ignited the conflagration.
7
Our goal is realistic. Berkshire’s strength comes from its Niagara of diverse earnings
delivered after interest costs, taxes and substantial charges for depreciation and amortization
(“EBITDA” is a banned measurement at Berkshire). We also operate with minimal requirements
for cash, even if the country encounters a prolonged period of global economic weakness, fear and
near-paralysis.
Berkshire does not currently pay dividends, and its share repurchases are 100%
discretionary. Annual debt maturities are never material.
Your company also holds a cash and U.S. Treasury bill position far in excess of what
conventional wisdom deems necessary. During the 2008 panic, Berkshire generated cash from
operations and did not rely in any manner on commercial paper, bank lines or debt markets. We
did not predict the time of an economic paralysis but we were always prepared for one.
Extreme fiscal conservatism is a corporate pledge we make to those who have joined us in
ownership of Berkshire. In most years – indeed in most decades – our caution will likely prove to
be unneeded behavior – akin to an insurance policy on a fortress-like building thought to be
fireproof. But Berkshire does not want to inflict permanent financial damage – quotational
shrinkage for extended periods can’t be avoided – on Bertie or any of the individuals who have
trusted us with their savings.
Berkshire is built to last.
Non-controlled Businesses That Leave Us Comfortable
Last year I mentioned two of Berkshire’s long-duration partial-ownership
positions – Coca-Cola and American Express. These are not huge commitments like our Apple
position. Each only accounts for 4-5% of Berkshire’s GAAP net worth. But they are meaningful
assets and also illustrate our thought processes.
American Express began operations in 1850, and Coca-Cola was launched in an Atlanta
drug store in 1886. (Berkshire is not big on newcomers.) Both companies tried expanding into
unrelated areas over the years and both found little success in these attempts. In the past – but
definitely not now – both were even mismanaged.
But each was hugely successful in its base business, reshaped here and there as conditions
called for. And, crucially, their products “traveled.” Both Coke and AMEX became recognizable
names worldwide as did their core products, and the consumption of liquids and the need for
unquestioned financial trust are timeless essentials of our world.
8
During 2023, we did not buy or sell a share of either AMEX or Coke – extending our own
Rip Van Winkle slumber that has now lasted well over two decades. Both companies again
rewarded our inaction last year by increasing their earnings and dividends. Indeed, our share of
AMEX earnings in 2023 considerably exceeded the $1.3 billion cost of our long-ago purchase.
Both AMEX and Coke will almost certainly increase their dividends in 2024 – about 16%
in the case of AMEX – and we will most certainly leave our holdings untouched throughout the
year. Could I create a better worldwide business than these two enjoy? As Bertie will tell
you: “No way.”
Though Berkshire did not purchase shares of either company in 2023, your indirect
ownership of both Coke and AMEX increased a bit last year because of share repurchases we made
at Berkshire. Such repurchases work to increase your participation in every asset that Berkshire
owns. To this obvious but often overlooked truth, I add my usual caveat: All stock repurchases
should be price-dependent. What is sensible at a discount to business-value becomes stupid if done
at a premium.
The lesson from Coke and AMEX? When you find a truly wonderful business, stick with
it. Patience pays, and one wonderful business can offset the many mediocre decisions that
are inevitable.


This year, I would like to describe two other investments that we expect to maintain
indefinitely. Like Coke and AMEX, these commitments are not huge relative to our resources.
They are worthwhile, however, and we were able to increase both positions during 2023.
At yearend, Berkshire owned 27.8% of Occidental Petroleum’s common shares and also
owned warrants that, for more than five years, give us the option to materially increase our
ownership at a fixed price. Though we very much like our ownership, as well as the option,
Berkshire has no interest in purchasing or managing Occidental. We particularly like its vast oil
and gas holdings in the United States, as well as its leadership in carbon-capture initiatives, though
the economic feasibility of this technique has yet to be proven. Both of these activities are very
much in our country’s interest.
Not so long ago, the U.S. was woefully dependent on foreign oil, and carbon capture had
no meaningful constituency. Indeed, in 1975, U.S. production was eight million barrels of
oil-equivalent per day (“BOEPD”), a level far short of the country’s needs. From the favorable
energy position that facilitated the U.S. mobilization in World War II, the country had retreated to
become heavily dependent on foreign – potentially unstable – suppliers. Further declines in oil
production were predicted along with future increases in usage.
9
For a long time, the pessimism appeared to be correct, with production falling to five
million BOEPD by 2007. Meanwhile, the U.S. government created a Strategic Petroleum Reserve
(“SPR”) in 1975 to alleviate – though not come close to eliminating – this erosion of American
self-sufficiency.
And then – Hallelujah! – shale economics became feasible in 2011, and our energy
dependency ended. Now, U.S. production is more than 13 million BOEPD, and OPEC no longer
has the upper hand. Occidental itself has annual U.S. oil production that each year comes close to
matching the entire inventory of the SPR. Our country would be very – very – nervous today if
domestic production had remained at five million BOEPD, and it found itself hugely dependent
on non-U.S. sources. At that level, the SPR would have been emptied within months if foreign oil
became unavailable.
Under Vicki Hollub’s leadership, Occidental is doing the right things for both its country
and its owners. No one knows what oil prices will do over the next month, year, or decade. But
Vicki does know how to separate oil from rock, and that’s an uncommon talent, valuable to her
shareholders and to her country.


Additionally, Berkshire continues to hold its passive and long-term interest in five very
large Japanese companies, each of which operates in a highly-diversified manner somewhat similar
to the way Berkshire itself is run. We increased our holdings in all five last year after Greg Abel
and I made a trip to Tokyo to talk with their managements.
Berkshire now owns about 9% of each of the five. (A minor point: Japanese companies
calculate outstanding shares in a manner different from the practice in the U.S.) Berkshire has also
pledged to each company that it will not purchase shares that will take our holdings beyond 9.9%.
Our cost for the five totals ¥1.6 trillion, and the yearend market value of the five was ¥2.9 trillion.
However, the yen has weakened in recent years and our yearend unrealized gain in dollars was
61% or $8 billion.
Neither Greg nor I believe we can forecast market prices of major currencies. We also don’t
believe we can hire anyone with this ability. Therefore, Berkshire has financed most of its Japanese
position with the proceeds from ¥1.3 trillion of bonds. This debt has been very well-received in
Japan, and I believe Berkshire has more yen-denominated debt outstanding than any other
American company. The weakened yen has produced a yearend gain for Berkshire of $1.9 billion,
a sum that, pursuant to GAAP rules, has periodically been recognized in income over the
2020-23 period.
In certain important ways, all five companies – Itochu, Marubeni, Mitsubishi, Mitsui and
Sumitomo – follow shareholder-friendly policies that are much superior to those customarily
practiced in the U.S. Since we began our Japanese purchases, each of the five has reduced the
number of its outstanding shares at attractive prices.
10
Meanwhile, the managements of all five companies have been far less aggressive about
their own compensation than is typical in the United States. Note as well that each of the five is
applying only about 1⁄3 of its earnings to dividends. The large sums the five retain are used both to
build their many businesses and, to a lesser degree, to repurchase shares. Like Berkshire, the five
companies are reluctant to issue shares.
An additional benefit for Berkshire is the possibility that our investment may lead to
opportunities for us to partner around the world with five large, well-managed and well-respected
companies. Their interests are far more broad than ours. And, on their side, the Japanese CEOs
have the comfort of knowing that Berkshire will always possess huge liquid resources that can be
instantly available for such partnerships, whatever their size may be.
Our Japanese purchases began on July 4, 2019. Given Berkshire’s present size, building
positions through open-market purchases takes a lot of patience and an extended period of
“friendly” prices. The process is like turning a battleship. That is an important disadvantage which
we did not face in our early days at Berkshire.
The Scorecard in 2023
Every quarter we issue a press release that reports our summarized operating earnings (or
loss) in a manner similar to what is shown below. Here is the full-year compilation:
(in $ millions)
2023 2022
Insurance-underwriting …………………. $ 5,428 $ (30)
Insurance-investment income …………….. 9,567 6,484
Railroad ……………………………. 5,087 5,946
Utilities and energy ……………………. 2,331 3,904
Other businesses and miscellaneous items ……. 14,937 14,549
Operating earnings …………………….. $37,350 $30,853
At Berkshire’s annual gathering on May 6, 2023, I presented the first quarter’s results
which had been released early that morning. I followed with a short summary of the outlook for
the full year: (1) most of our non-insurance businesses faced lower earnings in 2023; (2) that
decline would be cushioned by decent results at our two largest non-insurance businesses, BNSF
and Berkshire Hathaway Energy (“BHE”) which, combined, had accounted for more than 30% of
operating earnings in 2022; (3) our investment income was certain to materially grow because the
huge U.S. Treasury bill position held by Berkshire had finally begun to pay us far more than the
pittance we had been receiving and (4) insurance would likely do well, both because its
underwriting earnings are not correlated to earnings elsewhere in the economy and, beyond that,
property-casualty insurance prices had strengthened.
11
Insurance came through as expected. I erred, however, in my expectations for both BNSF
and BHE. Let’s take a look at each.


Rail is essential to America’s economic future. It is clearly the most efficient
way – measured by cost, fuel usage and carbon intensity – of moving heavy materials to distant
destinations. Trucking wins for short hauls, but many goods that Americans need must travel to
customers many hundreds or even several thousands of miles away. The country can’t run without
rail, and the industry’s capital needs will always be huge. Indeed, compared to most American
businesses, railroads eat capital.
BNSF is the largest of six major rail systems that blanket North America. Our railroad
carries its 23,759 miles of main track, 99 tunnels, 13,495 bridges, 7,521 locomotives and assorted
other fixed assets at $70 billion on its balance sheet. But my guess is that it would cost at least
$500 billion to replicate those assets and decades to complete the job.
BNSF must annually spend more than its depreciation charge to simply maintain its present
level of business. This reality is bad for owners, whatever the industry in which they have invested,
but it is particularly disadvantageous in capital-intensive industries.
At BNSF, the outlays in excess of GAAP depreciation charges since our purchase 14 years
ago have totaled a staggering $22 billion or more than $11⁄2 billion annually. Ouch! That sort of
gap means BNSF dividends paid to Berkshire, its owner, will regularly fall considerably short of
BNSF’s reported earnings unless we regularly increase the railroad’s debt. And that we do not
intend to do.
Consequently, Berkshire is receiving an acceptable return on its purchase price, though less
than it might appear, and also a pittance on the replacement value of the property. That’s no
surprise to me or Berkshire’s board of directors. It explains why we could buy BNSF in 2010 at a
small fraction of its replacement value.
North America’s rail system moves huge quantities of coal, grain, autos, imported and
exported goods, etc. one-way for long distances and those trips often create a revenue problem for
back-hauls. Weather conditions are extreme and frequently hamper or even stymie the utilization
of track, bridges and equipment. Flooding can be a nightmare. None of this is a surprise. While I
sit in an always-comfortable office, railroading is an outdoor activity with many employees
working under trying and sometimes dangerous conditions.
An evolving problem is that a growing percentage of Americans are not looking for the
difficult, and often lonely, employment conditions inherent in some rail operations. Engineers must
deal with the fact that among an American population of 335 million, some forlorn or
mentally-disturbed Americans are going to elect suicide by lying in front of a 100-car,
extraordinarily heavy train that can’t be stopped in less than a mile or more. Would you like to be
the helpless engineer? This trauma happens about once a day in North America; it is far more
common in Europe and will always be with us.
12
Wage negotiations in the rail industry can end up in the hands of the President and
Congress. Additionally, American railroads are required to carry many dangerous products every
day that the industry would much rather avoid. The words “common carrier” define
railroad responsibilities.
Last year BNSF’s earnings declined more than I expected, as revenues fell. Though fuel
costs also fell, wage increases, promulgated in Washington, were far beyond the country’s inflation
goals. This differential may recur in future negotiations.
Though BNSF carries more freight and spends more on capital expenditures than any of
the five other major North American railroads, its profit margins have slipped relative to all five
since our purchase. I believe that our vast service territory is second to none and that therefore our
margin comparisons can and should improve.
I am particularly proud of both BNSF’s contribution to the country and the people who
work in sub-zero outdoor jobs in North Dakota and Montana winters to keep America’s
commercial arteries open. Railroads don’t get much attention when they are working but, were
they unavailable, the void would be noticed immediately throughout America.
A century from now, BNSF will continue to be a major asset of the country and of
Berkshire. You can count on that.


Our second and even more severe earnings disappointment last year occurred at BHE. Most
of its large electric-utility businesses, as well as its extensive gas pipelines, performed about as
expected. But the regulatory climate in a few states has raised the specter of zero profitability or
even bankruptcy (an actual outcome at California’s largest utility and a current threat in Hawaii).
In such jurisdictions, it is difficult to project both earnings and asset values in what was once
regarded as among the most stable industries in America.
For more than a century, electric utilities raised huge sums to finance their growth through
a state-by-state promise of a fixed return on equity (sometimes with a small bonus for superior
performance). With this approach, massive investments were made for capacity that would likely
be required a few years down the road. That forward-looking regulation reflected the reality that
utilities build generating and transmission assets that often take many years to construct. BHE’s
extensive multi-state transmission project in the West was initiated in 2006 and remains some
years from completion. Eventually, it will serve 10 states comprising 30% of the acreage in the
continental United States.
With this model employed by both private and public-power systems, the lights stayed on,
even if population growth or industrial demand exceeded expectations. The “margin of safety”
approach seemed sensible to regulators, investors and the public. Now, the fixed-but-satisfactoryreturn pact has been broken in a few states, and investors are becoming apprehensive that such
ruptures may spread. Climate change adds to their worries. Underground transmission may be
required but who, a few decades ago, wanted to pay the staggering costs for such construction?
13
At Berkshire, we have made a best estimate for the amount of losses that have occurred.
These costs arose from forest fires, whose frequency and intensity have increased – and will likely
continue to increase – if convective storms become more frequent.
It will be many years until we know the final tally from BHE’s forest-fire losses and can
intelligently make decisions about the desirability of future investments in vulnerable western
states. It remains to be seen whether the regulatory environment will change elsewhere.
Other electric utilities may face survival problems resembling those of Pacific Gas and
Electric and Hawaiian Electric. A confiscatory resolution of our present problems would obviously
be a negative for BHE, but both that company and Berkshire itself are structured to survive
negative surprises. We regularly get these in our insurance business, where our basic product is
risk assumption, and they will occur elsewhere. Berkshire can sustain financial surprises but we
will not knowingly throw good money after bad.
Whatever the case at Berkshire, the final result for the utility industry may be ominous:
Certain utilities might no longer attract the savings of American citizens and will be forced to
adopt the public-power model. Nebraska made this choice in the 1930s and there are many
public-power operations throughout the country. Eventually, voters, taxpayers and users will
decide which model they prefer.
When the dust settles, America’s power needs and the consequent capital expenditure will
be staggering. I did not anticipate or even consider the adverse developments in regulatory returns
and, along with Berkshire’s two partners at BHE, I made a costly mistake in not doing so.


Enough about problems: Our insurance business performed exceptionally well last year,
setting records in sales, float and underwriting profits. Property-casualty insurance (“P/C”)
provides the core of Berkshire’s well-being and growth. We have been in the business for 57 years
and despite our nearly 5,000-fold increase in volume – from $17 million to $83 billion – we have
much room to grow.
Beyond that, we have learned – too often, painfully – a good deal about what types of
insurance business and what sort of people to avoid. The most important lesson is that our
underwriters can be thin, fat, male, female, young, old, foreign or domestic. But they can’t be
optimists at the office, however desirable that quality may generally be in life.
Surprises in the P/C business – which can occur decades after six-month or one-year
policies have expired – are almost always negative. The industry’s accounting is designed to
recognize this reality, but estimation mistakes can be huge. And when charlatans are involved,
detection is often both slow and costly. Berkshire will always attempt to be accurate in its estimates
of future loss payments but inflation – both monetary and the “legal” variety – is a wild card.
14
I’ve told the story of our insurance operations so many times that I will simply direct
newcomers to page 18. Here, I will only repeat that our position would not be what it is if Ajit Jain
had not joined Berkshire in 1986. Before that lucky day – aside from an almost unbelievably
wonderful experience with GEICO that began early in 1951 and will never end – I was largely
wandering in the wilderness, as I struggled to build our insurance operation.
Ajit’s achievements since joining Berkshire have been supported by a large cast of
hugely-talented insurance executives in our various P/C operations. Their names and faces are
unknown to most of the press and the public. Berkshire’s lineup of managers, however, is to P/C
insurance what Cooperstown’s honorees are to baseball.
Bertie, you can feel good about the fact that you own a piece of an incredible P/C operation
that now operates worldwide with unmatched financial resources, reputation and talent. It carried
the day in 2023.
What is it with Omaha?
Come to Berkshire’s annual gathering on May 4, 2024. On stage you will see the three
managers who now bear the prime responsibilities for steering your company. What, you may
wonder, do the three have in common? They certainly don’t look alike. Let’s dig deeper.
Greg Abel, who runs all non-insurance operations for Berkshire – and in all respects is
ready to be CEO of Berkshire tomorrow – was born and raised in Canada (he still plays hockey).
In the 1990s, however, Greg lived for six years in Omaha just a few blocks away from me. During
that period, I never met him.
A decade or so earlier, Ajit Jain, who was born, raised and educated in India, lived with his
family in Omaha only a mile or so from my home (where I’ve lived since 1958). Both Ajit and his
wife, Tinku, have many Omaha friends, though it’s been more than three decades since they moved
to New York (in order to be where much of the action in reinsurance takes place).
Missing from the stage this year will be Charlie. He and I were both born in Omaha about
two miles from where you will sit at our May get-together. In his first ten years, Charlie lived
about a half-mile from where Berkshire has long maintained its office. Both Charlie and I spent
our early years in Omaha public schools and were indelibly shaped by our Omaha childhood. We
didn’t meet, however, until much later. (A footnote that may surprise you: Charlie lived under 15
of America’s 45 presidents. People refer to President Biden as #46, but that numbering counts
Grover Cleveland as both #22 and #24 because his terms were not consecutive. America is a very
young country.)
15
Moving to the corporate level, Berkshire itself relocated in 1970 from its 81 years of
residence in New England to settle in Omaha, leaving its troubles behind and blossoming in its
new home.
As a final punctuation point to the “Omaha Effect,” Bertie – yes that Bertie – spent her
early formative years in a middle-class neighborhood in Omaha and, many decades later, emerged
as one of the country’s great investors.
You may be thinking that she put all of her money in Berkshire and then simply sat on it.
But that’s not true. After starting a family in 1956, Bertie was active financially for 20 years:
holding bonds, putting 1⁄3 of her funds in a publicly-held mutual fund and trading stocks with some
frequency. Her potential remained unnoticed.
Then, in 1980, when 46, and independent of any urgings from her brother, Bertie decided
to make her move. Retaining only the mutual fund and Berkshire, she made no new trades during
the next 43 years. During that period, she became very rich, even after making large philanthropic
gifts (think nine figures).
Millions of American investors could have followed her reasoning which involved only
the common sense she had somehow absorbed as a child in Omaha. And, taking no chances, Bertie
returns to Omaha every May to be re-energized.


So what is going on? Is it Omaha’s water? Is it Omaha’s air? Is it some strange planetary
phenomenon akin to that which has produced Jamaica’s sprinters, Kenya’s marathon runners, or
Russia’s chess experts? Must we wait until AI someday yields the answer to this puzzle?
Keep an open mind. Come to Omaha in May, inhale the air, drink the water and say “hi”
to Bertie and her good-looking daughters. Who knows? There is no downside, and, in any event,
you will have a good time and meet a huge crowd of friendly people.
To top things off, we will have available the new 4th edition of Poor Charlie’s Almanack.
Pick up a copy. Charlie’s wisdom will improve your life as it has mine.
February 24, 2024 Warren E. Buffett
Chairman of the Board
16
Berkshire’s Performance vs. the S&P 500
Annual Percentage Change
Year
in Per-Share
Market Value of
Berkshire
in S&P 500
with Dividends
Included
1965 ……………………………………………………………… 49.5 10.0
1966 ……………………………………………………………… (3.4) (11.7)
1967 ……………………………………………………………… 13.3 30.9
1968 ……………………………………………………………… 77.8 11.0
1969 ……………………………………………………………… 19.4 (8.4)
1970 ……………………………………………………………… (4.6) 3.9
1971 ……………………………………………………………… 80.5 14.6
1972 ……………………………………………………………… 8.1 18.9
1973 ……………………………………………………………… (2.5) (14.8)
1974 ……………………………………………………………… (48.7) (26.4)
1975 ……………………………………………………………… 2.5 37.2
1976 ……………………………………………………………… 129.3 23.6
1977 ……………………………………………………………… 46.8 (7.4)
1978 ……………………………………………………………… 14.5 6.4
1979 ……………………………………………………………… 102.5 18.2
1980 ……………………………………………………………… 32.8 32.3
1981 ……………………………………………………………… 31.8 (5.0)
1982 ……………………………………………………………… 38.4 21.4
1983 ……………………………………………………………… 69.0 22.4
1984 ……………………………………………………………… (2.7) 6.1
1985 ……………………………………………………………… 93.7 31.6
1986 ……………………………………………………………… 14.2 18.6
1987 ……………………………………………………………… 4.6 5.1
1988 ……………………………………………………………… 59.3 16.6
1989 ……………………………………………………………… 84.6 31.7
1990 ……………………………………………………………… (23.1) (3.1)
1991 ……………………………………………………………… 35.6 30.5
1992 ……………………………………………………………… 29.8 7.6
1993 ……………………………………………………………… 38.9 10.1
1994 ……………………………………………………………… 25.0 1.3
1995 ……………………………………………………………… 57.4 37.6
1996 ……………………………………………………………… 6.2 23.0
1997 ……………………………………………………………… 34.9 33.4
1998 ……………………………………………………………… 52.2 28.6
1999 ……………………………………………………………… (19.9) 21.0
2000 ……………………………………………………………… 26.6 (9.1)
2001 ……………………………………………………………… 6.5 (11.9)
2002 ……………………………………………………………… (3.8) (22.1)
2003 ……………………………………………………………… 15.8 28.7
2004 ……………………………………………………………… 4.3 10.9
2005 ……………………………………………………………… 0.8 4.9
2006 ……………………………………………………………… 24.1 15.8
2007 ……………………………………………………………… 28.7 5.5
2008 ……………………………………………………………… (31.8) (37.0)
2009 ……………………………………………………………… 2.7 26.5
2010 ……………………………………………………………… 21.4 15.1
2011 ……………………………………………………………… (4.7) 2.1
2012 ……………………………………………………………… 16.8 16.0
2013 ……………………………………………………………… 32.7 32.4
2014 ……………………………………………………………… 27.0 13.7
2015 ……………………………………………………………… (12.5) 1.4
2016 ……………………………………………………………… 23.4 12.0
2017 ……………………………………………………………… 21.9 21.8
2018 ……………………………………………………………… 2.8 (4.4)
2019 ……………………………………………………………… 11.0 31.5
2020 ……………………………………………………………… 2.4 18.4
2021 ……………………………………………………………… 29.6 28.7
2022 ……………………………………………………………… 4.0 (18.1)
2023 ……………………………………………………………… 15.8 26.3
Compounded Annual Gain – 1965-2023 ……………………………………. 19.8% 10.2%
Overall Gain – 1964-2023 ……………………………………………… 4,384,748% 31,223%
Note: Data are for calendar years with these exceptions: 1965 and 1966, year ended 9/30; 1967, 15 months ended 12/31.
17

L&G Multi-Strategy Enhanced Commodities UCITS ETF

L&G Multi-Strategy Enhanced Commodities UCITS ETF is a London listed ETF.

The L&G Multi Strategy Enhanced Commodities UCITS ETF (the “ETF”) aims to track the performance of the
Barclays Backwardation Tilt MultiStrategy Capped Total Return Index.

Courtesy of Legal and General Investment Management

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

SSE March 2024 Dividend

Yesterday, the FTSE-100 energy giant, SSE plc paid out its March 2024 dividend.

https://www.sse.com/

20p a share.

https://www.londonstockexchange.com/news-article/SSE/total-voting-rights/16356441

the total number of voting rights in the Company was 1,092,938,307

Thus:-

1,092,938,307 x £0.20 = £218,587,661.4

That is £218 Million

https://www.londonstockexchange.com/stock/SSE/sse-plc/company-page

Courtesy of The London Stock Exchange

HM Government February 2024

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 Feb 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” 8 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

28-Feb-2024 4% Treasury Gilt 2031 £4,000.0000 Million
27-Feb-2024 0 1/8% Index-linked Treasury Gilt 2039 3 months £900.0000 Million
21-Feb-2024 4½% Treasury Gilt 2028 £4,999.9980 Million
20-Feb-2024 4% Treasury Gilt 2063 £2,138.4990 Million
14-Feb-2024 4 5/8% Treasury Gilt 2034 £3,750.0000 Million
13-Feb-2024 0¾% Index-linked Treasury Gilt 2033 3 months £1,814.4500 Million
07-Feb-2024 3¾% Treasury Gilt 2027 £4,000.0000 Million
06-Feb-2024 1½% Green Gilt 2053 £2,500.0000 Million

£4,000.0000 Million + £900.0000 Million + £4,999.9980 Million + £2,138.4990 Million + £3,750.0000 Million + £1,814.4500 Million + £4,000.0000 Million + £2,500.0000 Million = 24,102.947 Million

£24,102.947 Million = £24.102947 Billion

On another way of looking at it, is in the 29 days in Feb 2024, HM Government borrowed:- £831.13610344827586206896551724138 Million each day for the 29 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……

Greencoat UK Wind Feb 2024 Dividend

Today, Greencoat UK Wind pays out its Feb 2024 dividend

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

3.43p a share

https://www.londonstockexchange.com/news-article/UKW/total-voting-rights/16313010

the total voting rights figure will be 2,308,581,656

Thus:

2,308,581,656 x £0.0343 = £79,184,350.8008

That is £79million paid to shareholders.

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

Courtesy of The London Stock Exchange

The Polar Capital Global Financials Trust

The Polar Capital Global Financials Trust is a London listed investment trust that invests in companies that underpin the world’s financial system.

Total Net Assets £509.5m

https://www.polarcapitalglobalfinancialstrust.com/

Top 10 Holdings (% of net assets)

JPMorgan 6.2% of the fund
Mastercard 5.1% of the fund
Visa 3.9% of the fund
Chubb 3.6% of the fund
Berkshire Hathaway 3.0% of the fund
Wells Fargo 2.6% of the fund
Bank of America 2.3% of the fund
Marsh McLennan 2.1% of the fund
HDFC Bank 2.1% of the fund
BNP Paribas 2.0% of the fund

https://www.londonstockexchange.com/stock/PCFT/polar-capital-global-financials-trust-plc/company-page

HM Government January 2024 Borrowings

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

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

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

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

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

£21,492.723 Million = £21.492723 Billion

On another way of looking at it, is in the 31 days in Jan 2024, HM Government borrowed:- £693.31364516129032258064516129032 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2028 to 2051. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Artificial Intelligence ETF

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

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

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

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

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

The Robotics and Automation ETF from Legal and General Investment Management

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

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

Courtesy of Legal and General Investment Management

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

Courtesy of The London Stock Exchange

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

Invesco Bond Income Plus

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

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

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

Top Ten Holdings:-

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

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

The Gresham House Energy Storage Fund

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

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

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

Courtesy of The London Stock Exchange

Vodafone Feb 2024 Dividend

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

https://www.vodafone.com/

€0.045 = 3.84525p a share

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

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

Thus:-

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

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

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

BT PLC Feb 2024 Dividend

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

https://www.bt.com/

2.31p a share

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

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

Thus:-

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

That is £229millions paid to shareholders.

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

Henderson High Income Trust

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

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

TOP HOLDINGS

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

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

Courtesy of The London Stock Exchange

Manchester and London Investment Trust plc

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

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

Top 20 Equity & Bond holdings:-

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

Courtesy of M&L Capital Management Ltd

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

CT Private Equity Trust

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

Courtesy of Columbia Threadneedle
Courtesy of Columbia Threadneedle

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

Courtesy of The London Stock Exchange

Royal London Short Term Money Market Fund

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

Total fund size £6.54 Billion

Courtesy of Royal London Asset Management

Courtesy of Royal London Asset Management

Legal & General Cash Trust

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

Fund size £3,063.9m

Distribution yield 5.3%

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

Courtesy of Legal and General Investment Management

Marks and Spencer Group January 2024 Dividend

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

1p a share.

https://www.marksandspencer.com

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

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

Thus:-

1,973,035,880 x £0.01 = £19,730,358.8

That is £19.73 Million paid to shareholders

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

3i Infrastructure PLC

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

www.3i-infrastructure.com

5.95p a share

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

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

922,350,000 x £0.0595 = £54,879,825

That is £54 million paid to shareholders.

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

HM Government December 2023 Borrowings

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

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in December 2023, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 5 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

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

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

£14,754.948 Million = £14.754948 Billion

On another way of looking at it, is in the 31 days in Dec 2023, HM Government borrowed:- £475.96606451612903225806451612903 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2028 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

CT GLOBAL MANAGED PORTFOLIO TRUST PLC

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

The objective for the Growth Portfolio is to provide growth shareholders with capital growth from a diversified portfolio of investment companies. The
Growth Portfolio invests in a diversified portfolio of at least 25 investment companies that have underlying investment exposures across a range of
geographic regions and sectors and the focus of which is to maximise total returns, principally through capital growth.

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

Top 10 holdings (%) % of net assets Sector


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

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

UK Debt.

UK government borrowing: –

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

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

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

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

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

JLEN Environmental Assets Group

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

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

1.89p a share

661,500,000 shares in circulation:-

661,500,000 x £0.0189 = £12,502,350

£12 million paid to shareholders

Courtesy of the London Stock Exchange

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

Gresham House Energy Storage Fund

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

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

1.8375p a share

Ordinary Shares in issue 573,444,694

Thus:-

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

That is £10 million

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

The Murray Income Trust

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

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

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

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

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

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

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

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

HSBC December 2023 Dividend

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

https://www.hsbc.com

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

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

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

Thus:-

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

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

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

Shell PLC, quarterly December 2023 dividend.

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

https://www.shell.com

$0.331 = 26.31p a share

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

Thus:-

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

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

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

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

BP December 2023 dividend.

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

https://www.bp.com

5.7367p a share

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

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

Thus:-

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

That is £971million, paid to shareholders

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

HM Government November 2023 Borrowings

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

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market in November 2023, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 5 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

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

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

£17,462.224Million = £17.462224 Billion

On another way of looking at it, is in the 30 days in Nov 2023, HM Government borrowed:- £582.07413333333333333333333333333 Million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2025 to 2051. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Fidelity Emerging Markets PLC

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

Share price 590p
Net Asset Value 675p

Discount -11.88%

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

Top Net Long Positions

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

Henderson Opportunities Trust plc

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

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

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

Thus buying assets of £11.24 for £9.64

TOP HOLDINGS (As of 31/10/2023)

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

The total assets are:-

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

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

iShares £ Ultrashort Bond UCITS ETF GBP

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

TOP HOLDINGS (%)

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

Total of 18.77% of the ETF

Courtesy of iShares

HM Government October 2023 Borrowings

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

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


Another deficit month, thus to bridge the gap, needs to borrow on the bond market in October 2023, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 6 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-


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


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

£18,369.811 Million = £18.369811 Billion

On another way of looking at it, is in the 31 days in Oct 2023, HM Government borrowed:- £592.57454838709677419354838709677 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2025 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Dunedin Income Growth Investment Trust

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

Twenty largest equity holdings (%)

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

Total 70.9 % of the fund
Total number of investments 36

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

Tesco PLC November 2023 Dividend

Tomorrow, Tesco PLC pays out its November 2023 dividend.

https://www.tescoplc.com/

3.85p a share

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

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

Thus:-

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

£273.16 Million paid to shareholders

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

Mid Wynd International Investment Trust

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

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

NET ASSET VALUE (p)
688.89

SHARE PRICE (p)
675.00

PREMIUM / DISCOUNT (%)
-2.02

YIELD (%)
1.16

MARKET CAP (£)
378.7 million

The investments:-

Equities

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

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

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

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

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

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

Total net assets £449.026m 100.0% of the fund

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

The abrdn Smaller Companies Income Trust

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

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

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


Total 32.5% of the trust

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

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

US Government Debt:

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

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

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

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

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

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

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

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

Hg Capital Trust

The Hg Capital Trust is a London listed investment trust.

https://www.hgcapitaltrust.com/portfolio

Shareprice = 390p
Net Asset Value = 473p

Thus, buying 473p for 390p.

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

The investment opportunity

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

The top 20 investments, representing 76% of portfolio value

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

Ruffer Investment Company

The Ruffer Investment Company is a London listed investment trust

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

Investment objective:

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

10 largest equity holdings*

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

5 largest bond holdings

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

RUFFER INVESTMENT COMPANY LTD RICA Stock | London Stock Exchange

Phoenix Group Holdings

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

https://www.thephoenixgroup.com/

26p a share.

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

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

Thus:-

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

That is £260 million, paid to shareholders.

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

Personal Assets Trust plc

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

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

It top 10 holdings:-

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

Total Top 10 29.5%

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

TOTAL 100.0%

Capital Structure:-

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

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

The CT Private Equity Trust PLC

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

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

Net Assets £511.7 million

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

100.0% of the fund

Ten Largest Individual Holdings Valuation Total :-

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

21.7% of the fund

CT PRIVATE EQUITY TRUST PLC CTPE Stock | London Stock Exchange

Wise Quote

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

Christopher Davis