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

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

5.575p

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

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

Thus:-

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

That is £51.421 million paid to shareholders

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

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

https://www.shell.com

$0.2875 = (22.99p)

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

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

Thus:-

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

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

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

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

https://www.bp.com

$0.0661 = (5.3089p)

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

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

Thus:-

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

That is £931 Million paid to shareholders

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

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

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

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

Today it is a standalone PLC.

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

Total premium income £2,969.8m

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

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

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

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

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

DIRECT LINE INSURANCE GROUP PLC DLG Stock | London Stock Exchange

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

https://www.thameswater.co.uk

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

Thames Water in funding talks amid collapse fears – BBC News

What is the debt position ?

The firm carries £13.41bn of debt.

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

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

Who are the owners of the business ?

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

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

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

TOP 10 HOLDINGS (%)

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

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

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

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

LEGAL AND GENERAL ASSET MANAGEMENT AIAG Stock | London Stock Exchange

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

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

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

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

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

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

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

Federal Reserve Board – Recent balance sheet trends

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

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

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

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

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

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

The Legal and General Battery Value-Chain UCITS ETF is an incredible fund.

L&G Battery Value-Chain UCITS ETF – LGIM Fund Centre

LEGAL AND GENERAL ASSET MANAGEMENT BATG Stock | London Stock Exchange

(464) Aliens(1986) – Escaping planet Acheron – YouTube

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

https://www.baesystems.com

16.6p a share.

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

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

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

That is £506 million paid to shareholders.

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

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

1.8375p a share.

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

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

Thus:

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

That is £105 million.

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

Legal and General June 2023 Dividend

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

https://www.legalandgeneralgroup.com

13.93p a share.

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

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

Thus:

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

£832 Million paid to its shareholders.

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

3I INFRASTRUCTURE PLC 3IN Stock | London Stock Exchange

The Company’s purpose is to deliver a long-term sustainable return to shareholders from investing in infrastructure

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company, an approved UK Investment Trust, listed on the London Stock Exchange

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

Overview – Premier Miton Global Renewables Trust plc

It holds:-

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

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

Sector Breakdown % of total net assets:-

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

Geographical Allocation % of total net assets

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

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

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

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

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

BLACKROCK WORLD MINING TRUST PLC BRWM Stock | London Stock Exchange

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

https://www.lloydsbankinggroup.com/

1.6p a share.

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

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

Thus:-

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

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

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

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

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

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

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

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

£18,865.5 Million = £18.8655 Billion

On another way of looking at it, is in the 30 days in April 2023, HM Government borrowed:- £628.85273333333333333333333333333 Million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2027 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

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

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

Top 10 investments:-

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

LEGAL AND GENERAL ASSET MANAGEMENT LAZG Stock | London Stock Exchange

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

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

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

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

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

That is 99.6% of GDP.

…..we are in it together…..

The FTSE-100 is the UK Index of the UK’s largest companies.

Astra Zeneca is the UK’s largest firm, worth £183 Billion.

The Top 10 UK companies are worth £980,551 Billion, that is just short of £1 Trillion

(263) Flow of Pi – YouTube

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

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

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

Largest 10 Funds (% of net asset value)

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

Total 37.5 % of net asset value

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

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

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

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

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

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

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

Yesterday, NatWest Group (formerly The Royal Bank of Scotland), paid out its May 2023 dividend.

https://www.natwestgroup.com/

10p a share.

https://www.londonstockexchange.com/news-article/NWG/total-voting-rights-and-capital/15900743

Thus, the total number of shares in The Natwest Group is 9,593,494,746

9,593,494,746 x £0.10 = £959,349,474.6 = £959.3494746 Million

£959.3494746 Million = £0.9593494746 Billion

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

Today, the Hong Kong and Shanghai Banking Corporation pays out its April 2023 dividend

https://www.hsbc.com

US$0.23 per ordinary share = £0.185392 per share

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/15900912

the total number of voting rights in HSBC Holdings plc is 19,978,763,972

Thus

19,978,763,972 x £0.185392 = £3,703,903,010.297024

£3,703,903,010.297024 = £3,703 Million = £3.703903010297024 Billion, paid to shareholders.

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

The graph shows the share price ascent of Astra Zeneca plc

https://www.astrazeneca.com

The market capitalisation is now huge:-

https://www.londonstockexchange.com/news-article/AZN/total-voting-rights/15903213

Thus with the shares at about £121 a share, and the total number of voting rights in AstraZeneca PLC is 1,549,847,275:-

1,549,847,275 x £121 = £187,531,520,275

£187 Billion

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

The L&G All Commodities UCITS ETF aims to track the performance of the Bloomberg Commodity Index Total Return Index

TOP 10 CONSTITUENTS (%)

Gold 14.7% of the fund
WTI Crude Oil 8.2% of the fund
Brent Crude 7.8% of the fund
Natural Gas 6.8% of the fund
Soybeans 5.8% of the fund
Copper (COMEX) 5.5% of the fund
Corn 5.4% of the fund
Aluminum 4.3% of the fund
Silver 4.1% of the fund
Live Cattle 3.5% of the fund

Top 10 constituents 66.1%
Rest of Index 33.9%
No. of constituents in Index 24

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

The mining giant, Rio Tinto, tomorrow pays out its April 2023 dividend.

https:/www.riotinto.com

185.35p a share.

https://www.londonstockexchange.com/news-article/RIO/total-voting-rights/15903215

the total number of voting rights in Rio Tinto plc is 1,250,832,245

Thus:

1,250,832,245 x £1.8535 = £2,318,417,566.1075

That is 2.3184175661075 Billion, paid to shareholders.

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

The Brunner Investment Trust, is a very old London listed investment trust. The Brunner Investment Trust PLC was formed from the Brunner family’s
interest in the sale of Brunner Mond & Co, the largest of the four companies which came to form Imperial Chemical Industries (ICI) in 1926. Today, Brunner shares are available for everyone to buy and are widely held by both private and institutional investors. It was ICI that spun off its Pharmaceuticals business, which was Zeneca plc, which is now AstraZeneca PLC.

https://www.brunner.co.uk/

Total Assets £527.1m
Shares in Issue 42,692,727
Market Cap £453.6m

Top Twenty Holdings (%)

Microsoft 5.3% of the fund
UnitedHealth Group 4.2% of the fund
Visa – A Shares 3.7% of the fund
Muenchener Rueckver 3.4% of the fund
Shell 2.8% of the fund
Microchip Technology 2.6% of the fund
Schneider Electric 2.5% of the fund
Novo Nordisk 2.4% of the fund
TotalEnergies 2.3% of the fund
Taiwan Semiconductor 2.3% of the fund
AMETEK 2.2% of the fund
Roche 2.2% of the fund
YumChina 2.1% of the fund
Unilever 2.1% of the fund
Partners Group 2.0% of the fund
AIA Group 2.0% of the fund
Itochu 2.0% of the fund
Gallagher 2.0% of the fund
Assa Abloy 1.9% of the fund
DNB Bank 1.9% of the fund

Total number of holdings 61

https://www.londonstockexchange.com/stock/BUT/brunner-investment-trust-plc/company-page

The Blackrock Energy & Energy Income Trust plc, is a London listed investment trust that aims to achieve an annual dividend target and, over the long term, capital growth by investing primarily in securities of companies operating in the mining and energy sectors

Top Ten Holdings:-

Glencore plc Ord USD0.01 7.71% of the fund
BHP Group Ltd NPV (DI) 4.45% of the fund
Teck Resources Ltd Class B 3.86% of the fund
Vale SA ADR 3.46% of the fund
Shell plc Ordinary EUR0.07 3.44% of the fund
BP Plc Ordinary US$0.25 3.09% of the fund
ConocoPhillips 2.86% of the fund
NextEra Energy Inc 2.66% of the fund
Canadian Natural Resources Ltd 2.64% of the fund
Samsung SDI Co Ltd 2.62% of the fund

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

Today, the UK Pharmaceutical’s giant, GlaxoSmithKline plays out its April dividend.

https://ww.gsk.com

13.75p a share.

https://www.londonstockexchange.com/news-article/GSK/total-voting-rights/15903211

The total number of voting rights in the Company is 4,094,947,467

Thus:-

4,094,947,467 x £0.1375 = £563,055,276.7125

£563 million paid to shareholders.

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

Top Ten Holdings:-

NEXTERA ENERGY INC 5.95%
UNION PACIFIC CORPORATION 5.04%
American Tower Corporation American Tower Corp Ord USD0.01 4.16%
ENBRIDGE 3.33%
DUKE ENERGY CORPORATION 3.16%
SOUTHERN COMPANY (THE) 2.95%
CANADIAN PACIFIC RAILWAY LTD 2.93%
CANADIAN NATIONAL RAILWAY COMPANY 2.88%
CSX CORPORATION 2.61%
Crown Castle International Corporation Crown Castle USD0.01 2.56%

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

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

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

Top 10% constituents of the fund:-

Alteryx 2.4% of the fund
Rapid7 2.2% of the fund
Nvidia 2.2% of the fund
Global Unichip Corp 2.1% of the fund
Twilio 2.0% of the fund
Atlassian 1.9% of the fund
Splunk 1.9% of the fund
Samsara 1.9% of the fund
Cloudflare A 1.9% of the fund
MercadoLibre 1.9% of the fund

Top 10 constituents 20.4%
Rest of Index 79.6%
No. of constituents in Index 68

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

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 March 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” 7 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

22-Mar-2023 4 1/8% Treasury Gilt 2027 £3,500.0000 Million
21-Mar-2023 3¾% Treasury Gilt 2053 £2,464.9990 Million
14-Mar-2023 3¼% Treasury Gilt 2033 £3,749.9990 Million
08-Mar-2023 0½% Treasury Gilt 2061 £2,500.0000 Million
07-Mar-2023 3½% Treasury Gilt 2025 £4,500.0000 Million
02-Mar-2023 0 1/8% Index-linked Treasury Gilt 2051 3 months £736.8250 Million
01-Mar-2023 3¾% Treasury Gilt 2038 £3,124.9990 Million

£3,500.0000 Million + £2,464.9990 Million + £3,749.9990 Million + £2,500.0000 Million + £4,500.0000 Million + £736.8250 Million + £3,124.9990 Million = £20.576,822 Million

£20,576.822 Million = £20.576,822 Billion

On another way of looking at it, is in the 31 days in March 2023, HM Government borrowed:- £663.76845161290322580645161290323 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2027 to 2061. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

https://www.fidelity.co.uk/factsheet-data/factsheet/IE00B9KNR336-ssga-spdr-etfs-europe-i-plc/key-statistics

https://www.fidelity.co.uk/factsheet-data/factsheet/IE00B6YX5D40-ssga-spdr-etfs-europe-i-plc/key-statistics

https://www.fidelity.co.uk/factsheet-data/factsheet/GB0003466074-fc-investment-trust-plc/key-statistics

A picture paints a thousand words:-

Today, BP PLC, the UK Oil Major pays out this March 2023 dividend.

https://www.bp.com

$0.0661 = 5.5507p a share

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15857972

The total number of voting rights in BP p.l.c. is 17,991,766,214

Thus:-

17,991,766,214 x £0.055507 = £998,668,967.240498

£998million paid to shareholders.

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

The Harmony Energy Income Trust is a London listed investment trust.

Managed by Harmony Energy.

Interesting to see who its largest shareholders are.

Today, it pays out its March dividend of 2p a share.

The Company holds no shares in treasury and the total voting rights in the Company are 227,128,295.

https://www.londonstockexchange.com/news-article/HEIT/total-voting-rights/15818536

Thus:-

227,128,295 x £0.02 = £4,542,565.9

That is £4.545 Million paid to shareholders.

https://www.londonstockexchange.com/stock/HEIT/harmony-energy-income-trust-plc/company-page

Today, Shell PLC (Royal Dutch Shell) pays out its March 2023 quarterly dividend.

https://www.shell.com

$0.2875 (24.11p) a share

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/15818538

Shell plc’s capital as at January 31, 2023, consists of 6,970,489,092 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury.

Thus:-

6,970,489,092 x £0.2411 = £1,680,584,920.0812

That is £1.680 Billion paid to shareholders in Shell PLC

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

(144) The David Rubenstein Show: Fed Chair Jerome Powell – YouTube

Tomorrow, JLEN plc (JLEN Environmental Assets Group) pays out its quarterly dividend.

1.78p a share.

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.

https://www.londonstockexchange.com/news-article/JLEN/total-voting-rights/15346670

Company has 661,531,229 Ordinary Shares in issue

Thus:-

661,531,229 x £0.0178 = 11,775,255.8762

That is £11.775 million paid to shareholders.

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

The Ashoka Equity Investment Trust PLC is a London listed investment trust, focussed on the Indian equity market.

The investment strategy is to achieve long-term capital appreciation, mainly through investment in securities listed in India and listed securities of companies with a significant presence in India

Total net assets: £209.93 million.

Investment Manager: Acorn Asset Management Ltd

Investment Advisor: White Oak Capital Partners Pte. Ltd. (Singapore)

HM UK Government Borrowings: Feb 2023

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

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

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

22-Feb-2023 1½% Green Gilt 2053 2,000.0000
21-Feb-2023 0½% Treasury Gilt 2029 3,500.0000
14-Feb-2023 3¼% Treasury Gilt 2033 3,000.0000
08-Feb-2023 1 1/8% Treasury Gilt 2039 2,000.0000
07-Feb-2023 4 1/8% Treasury Gilt 2027 3,500.0000
01-Feb-2023 0 7/8% Green Gilt 2033 3,000.0000

£2,000.0000 Million + £3,500.0000 Million + £3,000.0000 Million + £2,000.0000 Million + £3,500.0000 Million + £3,000.0000 Million = £17,000 Million

£17,000 Million = £17.000 Billion

On another way of looking at it, is in the 28 days in Feb 2023, HM Government borrowed:- £607.14285714285714285714285714286 Million each day for the 28 days.

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

Today U2 release The Songs of Surrender.

U2 > News > New Collector’s Edition Vinyl & Cassette

This release is an investment, its value is Even Better Than The Real Thing:-

(171) U2 – Even Better Than The Real Thing (Official Music Video) – YouTube

U2 > Discography > Albums > Songs Of Surrender

Federal Reserve Board – Recent balance sheet trends

The graph above, shows the end of Quantitive Easing. The US Central Bank is unwinding its position from buying US-Treasuries, (T-Bonds issued by the US Treasury) and selling them to Bond Investors (Fixed Income buyers), such as pension funds and insurance companies. The current assets on the balance sheet are valued at “only” $8.342 Trillion dollar$.

Global stock markets are under pressure with the collapse and rescue of Silicon Valley Bank.

Silicon Valley Bank: Shares fall as fears persist about failed US bank – BBC News

What is interesting, is to see the response from the US Federal Reserve. One thing for sure, is that Silicon Valley Bank, had a huge portolio of US T-Bonds (US Treasuries), and with rising interest rates, the value of these bonds has fallen in value, giving problems to bank, and is exactly what the UK saw with the disastrous mini-budget of Liz Truss and Kwasi Kwateng, that had a huge detrimental effect to UK pension funds, that owned UK Government Bonds (Gilts)

With rising interest rates, a bond that were historically issued paying an interest rate (coupon) of say 0.75%, was worth $100 at issue, could be worth $77 on the open market, when newer bonds issued are paying say 1.9%. So with this drop of 23% ($100 – $77 = $23 loss), the US Federal Reserve is offering to buy that bond trading at $77 for “par” = $100. The Fed is effectively buying the bonds at the issue value = face value. The lender of last resort is the buyer of last resort = The US Fed.

So not a tax payer bailout, but a rescue from the US Federal Reserve, who effectively is using its balance sheet to buy these assets trading at “inflated prices” using its mighty balance sheet (A balance sheet of over $8 Trillion) to theoretically buying an asset that trades today at $77 for $100. “In Fed…We Trust” The Fed’s actions have been very decisive, to ensure smooth market functioning and stability in the financial markets.

Federal Reserve Board – Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors

Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors :

“To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.

The Federal Reserve is prepared to address any liquidity pressures that may arise.

The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress.

With approval of the Treasury Secretary, the Department of the Treasury will make available up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP. The Federal Reserve does not anticipate that it will be necessary to draw on these backstop funds.

After receiving a recommendation from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, Treasury Secretary Yellen, after consultation with the President, approved actions to enable the FDIC to complete its resolutions of Silicon Valley Bank and Signature Bank in a manner that fully protects all depositors, both insured and uninsured. These actions will reduce stress across the financial system, support financial stability and minimize any impact on businesses, households, taxpayers, and the broader economy.

The Board is carefully monitoring developments in financial markets. The capital and liquidity positions of the U.S. banking system are strong and the U.S. financial system is resilient.

Depository institutions may obtain liquidity against a wide range of collateral through the discount window, which remains open and available. In addition, the discount window will apply the same margins used for the securities eligible for the BTFP, further increasing lendable value at the window.

The Board is closely monitoring conditions across the financial system and is prepared to use its full range of tools to support households and businesses, and will take additional steps as appropriate.”

The SDCL Energy Efficiency Income Trust PLC

The SDCL Energy Efficiency Income Trust PLC is a London listed investment trust, investing in and dedicated to investments in energy efficiency projects.

Energy efficiency involves the delivery of cheaper, cleaner and more reliable energy solutions at the point of use, reducing or eliminating reliance on the grid or subsidies. This can be achieved for commercial, industrial and public buildings through on-site energy generation, such as combined heat and power units and roof-top solar installations, or through energy demand reduction measures, such as efficient lighting, heating and cooling solutions and also through effective use of energy storage solutions. A substantial and rapidly growing marketplace has emerged for energy efficiency solutions, providing SEEIT with an attractive growth sector in which to invest.

M&G Investments hold 11% of the stock.

https://www.londonstockexchange.com/news-article/SEIT/holding-s-in-company/15851806

A yield of……

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

4.91%

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

(121) Four investment trusts to make big profits in 2023 – YouTube

Yesterday, the financial giant Legal and General PLC, the UK’s largest investor, announced its annual results.

L&G Full Year Results 2022 Part 1 – 07:00:03 08 Mar 2023 – LGEN News article | London Stock Exchange

LEGAL & GENERAL GROUP PLC LGEN Stock | London Stock Exchange

The investment strategy of the BMO Global Smaller Companies Trust PLC is to secure a high total return by investing in smaller companies world.

https://www.columbiathreadneedle.co.uk/the-global-smaller-companies-trust-plc/

It is one of the largest specialist global smaller companies investment trusts. Greater inherent growth potential in smaller companies. Strong
dedicated small company investment team. The dividend has risen in each of the last 52 years.

Top 10 holdings (%) % of net assets Sector

Eastspring Investments Japan Smaller Companies Fund 4.0% of the fund Collective investments
Aberdeen Standard SICAV I Japanese Smaller Companies Sustainable Equity Fund 3.2% of the fund Collective investments
Pinebridge Asia ex Japan Small Cap Fund 3.0% of the fund Collective investments
The Scottish Oriental Smaller Companies Trust 3.0% of the fund Collective investments
Utilico Emerging Markets Trust 2.1% of the fund Collective investments
Schroder ISF Global Emerging Markets Smaller Companies Fund 2.1% of the fund Collective investments
Eagle Materials 1.8% of the fund Industrials
LKQ 1.7% of the fund Consumer Discretion
The Ensign Group 1.4% of the fund Healthcare
Kirby 1.4% of the fund Industrials

https://www.londonstockexchange.com/stock/GSCT/the-global-smaller-companies-trust-plc/company-page

The abrdn China Investment Company is a London listed investment trust. Its investment objective To produce long-term capital growth by investing predominantly in Chinese equities.

Top 20 holdings.

Tencent Holdings 7.0% of the fund
Kweichow Moutai 4.9% of the fund
Meituan 4.2% of the fund
China Merchants Bank 3.9% of the fund
Alibaba Group Holding 3.5% of the fund
Contemporary Amperex Technology 3.2% of the fund
Bank of Ningbo 3.1% of the fund
JD.com 3.0% of the fund
China Tourism Group Duty Free 2.7% of the fund
AIA Group 2.6% of the fund
Ping An Bank 2.6% of the fund
Glodon 2.2% of the fund
Proya Cosmetics 2.2% of the fund
Wanhua Chemical 2.2% of the fund
Longi Green Energy Technology 2.0% of the fund
Shenzhen Mindray Bio-Medical 2.0% of the fund
Sungrow Power Supply 1.9% of the fund
Nari Technology 1.7% of the fund
Yunnan Energy New Material 1.7% of the fund

Cash 3.8% of the fund
Total 60.3 % of the fund

Total number of investments 57

https://www.londonstockexchange.com/stock/ACIC/abrdn-china-investment-company-limited/analysis

(108) My Advice to People in Their 40s and 50s – YouTube

Warren Buffett Charlie Rose Full Interview [2022] – YouTube

A graph paints a clear picture.

Their is a lot of media speculation about the huge profits of the energy companies. The talk is about making extra taxes on their huge profits, such as windfall taxes.

However, when the oil companies make huge losses, their is never talk about a Government cash injection or bailout.

https://www.bbc.co.uk/news/business-55931523

https://www.theguardian.com/business/2021/feb/02/bp-loss-covid-19-oil-demand

https://www.bbc.co.uk/news/business-55907863

The FTSE-250 company, Greencoat UK Wind plc, tomorrow pays out its Feb 2023 dividend, 24th Feb.

1.93p a share.

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

Thotal voting rights figure will be 2,318,089,989

https://www.londonstockexchange.com/news-article/UKW/total-voting-rights/15738596

Thus:-

2,318,089,989 x £0.019 = £44,739,136.7877

£44.7 Million

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

The M&G Credit Income Investment Trust is London listed trust, that is an income bearing investment instrument

https://www.mandg.com/investments/private-investor/en-gb/investing-with-mandg/investment-options/mandg-credit-income-investment-trust

The Company aims to generate a regular and attractive level of income with low asset
value volatility by investing in a diversified portfolio of public and private debt and debtlike instruments (‘Debt Instruments’), of which at least 70% will be investment grade.

Market capitalisation £131.71m
Number of holdings 142
Quarterly dividend dates Quarterly: Feb, May, Aug and Nov

Top 20 holdings (%)

M&G European Loan Fund (Prvt) 11.65% of the fund
Project Mercury Term Loan (Prvt) 1.77% of the fund
Delamare Finance 1.3066% 19 Feb 2029 1.60% of the fund
Hall & Woodhouse Var. Rate 30 Dec 2023 (Prvt) 1.56% of the fund
RIN II LTD (A) A 144A 1.46% of the fund
PE Fund Finance III Var. Rate 16 Dec 2022 (Prvt) 1.44% of the fund
BSAM 1 1 RegS 1.40% of the fund
Project Hammond (Prvt) 1.34% of the fund
ATLAS 2020 1 Trust AUD Note A2 (Prvt) 1.31% of the fund
Regenter Myatt Field North GBP Term Loan (Prvt) 1.25% of the fund
Signet GBP Stretch Term Loan (Prvt) 1.24% of the fund
Luminis Ltd Mezz Var.Rate 23 Sep 2025 (Prvt) 1.20% of the fund
STCHB 7 A (Prvt) 1.19% of the fund
GONGG 1 (A) A RegS 1.18% of the fund
CBNA T12 Mezz (Prvt) 1.17% of the fund
DRAGN 1 C RegS 1.16% of the fund
Finance For Residential Social FRSH 1 1 A2 RegS 1.16% of the fund
ICSL 1 B RegS 1.09% of the fund
Harmoney B Term Loan (Prvt) 1.03% of the fund
Zurich Finance 5.125% 23/11/52 0.99% of the fund

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 January 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” 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

19-Jan-2023 0 1/8% Index-linked Treasury Gilt 2031 3 months 1,195.9250
17-Jan-2023 3½% Treasury Gilt 2025 4,440.7500
10-Jan-2023 3¼% Treasury Gilt 2033 3,702.5000

£1,195.9250 Million + £4,440.7500 Million + £3,702.5000 Million = £9,339.175 Million

£9,339.175 Million = £9.339175 Billion

On another way of looking at it, is in the 31 days in January 2023, HM Government borrowed:- £301.26370967741935483870967741935 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 2033. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

The Troy Income & Growth Trustinvest is a London listed investment trust. Its investment objective of the Troy Income & Growth Trust plc, is to provide shareholders with an attractive income yield and the prospect of income and capital growth through investing in a portfolio of predominantly UK equities

Top Ten Holdings are:-

Unilever 7.9% of the fund
Diageo 7.5% of the fund
RELX 7.2% of the fund
Reckitt Benckiser 5.7% of the fund
Experian 4.3% of the fund
GSK 4.3% of the fund
Compass 4.2% of the fund
AstraZeneca 3.9% of the fund
Croda International 3.3% of the fund
Paychex 3.2% of the fund
Total Top 10 51.7% of the fund
29 other holdings 47.4% of the fund
Cash 0.9% of the fund
TOTAL 100.0%

https://www.londonstockexchange.com/stock/TIGT/troy-income-growth-trust-plc/company-page

(96) Warren Buffett | HBO Documentary – YouTube

The Foreign & Colonial Investment Trust, is a huge London listed investment trust.

Twenty Largest Listed Equity Holdings

Microsoft 2.1% of the fund
UnitedHealth 2.0% of the fund
Apple 1.8% of the fund
Elevance Health 1.3% of the fund
Alphabet 1.3% of the fund
Amazon 1.1% of the fund
Broadcom 1.0% of the fund
VICI Properties 0.9
Merck & Co 0.9% of the fund
Hess 0.8% of the fund
Philips 66 0.8% of the fund
Dollar General 0.8% of the fund
Air Products & Chemicals 0.8% of the fund
American International 0.8% of the fund
Mastercard 0.7% of the fund
Taiwan Semiconductor Manufacturing Company 0.7% of the fund
Las Vegas Sands 0.7% of the fund
Wells Fargo 0.7% of the fund
AstraZeneca 0.7% of the fund
Comcast 0.7% of the fund

Total 20.6% of the fund

Asset Allocation:-

UK Equity 9.8% of the fund
Europe ex UK Equity 11.6% of the fund
North America Equity 55.5% of the fund
Japan Equity 6.9% of the fund
Pacific ex Japan Equity 2.6% of the fund
Emerging Markets Equity 7.8% of the fund
Liquidity 5.8% of the fund

Total 100.0% of the fund

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

British Telecommunications PLC, the UK’s premier telecommunications group, home to BT Business, Plusnet, EE to name just 3 companies of the BT Group, pays out tomorrow, its Feb 2023 dividend.

https://www.bt.com

2.31p a share.

https://www.londonstockexchange.com/news-article/BT.A/total-voting-rights/15777996

The total number of voting rights in BT Group plc on that date was 9,930,851,048 on the 30th Dec 2022.

Thus:-

9,930,851,048 x £0.0231 = £229,402,659.2088

£229 Million paid to shareholders

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

Today, Vodafone PLC pays out its Feb 2023 dividend.

https://www.vodafone.com

€0.045 = 3.959190p = £0.03959190 a share.

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

The total number of voting rights in Vodafone is 27,319,088,705

https://www.londonstockexchange.com/news-article/VOD/total-voting-rights/15778969

Thus:-

27,319,088,705 x £0.03959190= £1,081,614,628.0994895

That is £1,081 Million paid out to shareholders = £1.081 Billion

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

Today, the FTSE100 northwest water giant, Unitied Utilities pays out its Feb 2023 dividend

www.unitedutilities.com

15.17p

The total number of voting rights in the company stood at 681,888,418

Thus:-

681,888,418 x £0.1517 = 103,442,473.0106

That is £103 million paid to shareholders

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

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a post Covid 19 world. UK’s HM Government needs to fund many new demands. [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 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 6 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

20-Dec-2022 0¼% Treasury Gilt 2025 £3,619.2500 Million
13-Dec-2022 1% Treasury Gilt 2032 £3,749.9990 Million
07-Dec-2022 0 1/8% Index-linked Treasury Gilt 2031 3 months £744.6500 Million
06-Dec-2022 4 1/8% Treasury Gilt 2027 £4,062.4980 Million
06-Dec-2022 1 1/8% Treasury Gilt 2039 £2,812.5000 Million
01-Dec-2022 1¼% Treasury Gilt 2051 £2,812.4990 Million

£3,619.2500 Million + £3,749.9990 Million + £744.6500 Million + £4,062.4980 Million + £2,812.5000 Million + £2,812.4990 Million = £17,801.396 Million.

£17,801.396 Million = £17.801396 Billion

On another way of looking at it, is in the 31 days in December 2022, HM Government borrowed:- £574.23858064516129032258064516129 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 2051. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

The abrdn Equity Income Trust is a London listed investment trust.

https://www.abrdnequityincome.com/en-gb

Twenty largest equity holdings (%)

BP 5.5% of the fund
Shell 4.6% of the fund
Thungela 4.0% of the fund
Glencore 3.8% of the fund
Imperial Brands 3.2% of the fund
Diversified 3.1% of the fund
SSE 3.0% of the fund
Natwest 2.9% of the fund
National Grid 2.8% of the fund
Barclays 2.8% of the fund
British American Tobacco 2.7% of the fund
Close Brothers 2.6% of the fund
CMC 2.5% of the fund
Anglo American 2.2% of the fund
BHP 2.1% of the fund
OSB 2.1% of the fund
Chesnara 2.0% of the fund
Mondi 1.9% of the fund
Legal & General 1.9% of the fund
Playtech 1.8% of the fund
Total 57.5% of the fund

Total number of investments 64

https://www.londonstockexchange.com/stock/AEI/abrdn-equity-income-trust-plc/company-page

(62) Planet of the Apes:THE 29TH SCROLL, SIXTH VERSE – YouTube

On the 11th Jan, a few weeks ago, Severn Trent PLC paid out its Jan 2023 dividend.

https://www.severntrent.com/

42.73p a share

https://www.londonstockexchange.com/news-article/SVT/total-voting-rights/15780464

The total number of voting rights in Severn Trent Plc is 251,554,009

Thus:-

251,554,009 x £0.4273 = £107,489,028.0457

That is £107m paid out to shareholders.

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

Very interesting interview, especially on his views on a Windfall tax.

The US Central Bank (The Fed) is shrinking its balance sheet, it is reversing the QE programme.

The Peak: $8.965487 Trillion

The Current Size: $8.507429 Trillion

Federal Reserve Board – Recent balance sheet trends

Yesterday, the FTSE-250 infrastructure giant, 3i Infrastructure paid out its Jan dividend.

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

5.575p a share.

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

Thus:-

810,434,010 x £0.05575 = £45,181,696.0575

That is £45million paid to shareholders.

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

Today, the UK electricity infrastructure giant, pays out its Jan 2023 dividend

https://www.nationalgrid.com/

17.84p a share.

https://otp.tools.investis.com/clients/uk/national_grid2/rns/regulatory-story.aspx?cid=374&newsid=1656456

National Grid’s registered capital as of 31 December 2022 consisted of 3,914,359,015 ordinary shares, of which, 254,041,798 were held as treasury shares; leaving a balance of 3,660,317,217 shares with voting rights

Thus:-

3,660,317,217 x £0.1784 = 653,000,591.5128

That is £653 million paid to shareholders

https://www.londonstockexchange.com/stock/NG./national-grid-plc/company-page

The Alliance Trust an investment trust giant.

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

03Last week, on Friday 30th December, John Laing Environmental Assets Group, paid out its December quarterly dividend.

1.79p a share.

the total voting rights figure of 661,531,229.

https://www.londonstockexchange.com/news-article/JLEN/total-voting-rights/15346670

Thus:-

661,531,229 x £0.0179 = £11,841,408.9991

That is £11 million paid to shareholders

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

The wisedom of Charlie Munger

A few days ago, on Friday 30th December, Renewables Infrastructure Group, paid out its December quarterly dividend.

TRIG plc is now a FTSE-250 company

1.71p a share.

The total issued share capital with voting rights is 2,482,824,562.

https://www.londonstockexchange.com/news-article/TRIG/total-voting-rights/15653185

Thus:-

2,482,824,562 x £0.0171 = £42,456,300.0102

That is £42million paid to shareholders

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

Yesterday, HICL Infrastructure, paid out its December quarterly dividend.

2.06p a share

The total issued share capital with voting rights is 2,031,488,061

https://www.londonstockexchange.com/news-article/HICL/total-voting-rights/15563731

Thus:-

2,031,488,061 x £0.0206 = £41,848,654.0566

That is £41million paid to shareholders

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

UK interest rates raised to highest level for 14 years – BBC News

One can see the volatility of the price of crude oil. One can see the ascent of the price, over the past 3 years.

Today the oil major Shell PLC paid out its December dividend

https://www.shell.com

20.61p per ordinary share

https://www.londonstockexchange.com/news-article/SHEL/shell-plc-third-quarter-2022-euro-and-gbp-equivalent-dividend-payments/15742985

Shell plc’s capital as at September 26, 2022, consists of 7,194,587,068 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury.

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/15646672

Thus:-

7,194,587,068 x 0.2061 = £1,482,804,394.7148

£1,482 Million = £1.482 Billion paid to Shell’s shareholders

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

Yesterday, one of the UK’s oil majors, BP paid out its December dividend

https://www.bp.com

4.9402 pence per share.

https://www.londonstockexchange.com/news-article/BP./payment-of-dividends-in-sterling/15745862

The total number of voting rights in BP p.l.c. is 18,173,681,534

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15740289

Thus:-

18,173,681,534 x 0.049402 = £897,816,215.142668

£897 Million.

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

Gold Price for 5 Years | GOLD.co.uk

Gold is currently trading at £46 per Gram

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://www.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 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 5 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

23-Nov-2022 0¼% Treasury Gilt 2025 £3,559.5000 Million
15-Nov-2022 1% Treasury Gilt 2032 £3,250.0000 Million
15-Nov-2022 0 7/8% Treasury Gilt 2046 £2,250.0000 Million
10-Nov-2022 4 1/8% Treasury Gilt 2027 £4,374.9980 Million
09-Nov-2022 0 7/8% Green Gilt 2033 £2,750.0000 Million

£3,559.5000 Million + £3,250.0000 Million + £2,250.0000 Million + £4,374.9980 Million + £2,750.0000 Million = £16,184.498 Million

£16,184.498 Million = £16.184498 Billion

On another way of looking at it, is in the 30 days in November 2022, HM Government borrowed:- £539.48326666666666666666666666667 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 2046. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

(15) Looking back and looking forward – Market Talk – YouTube

Today, the fast moving consumer goods and foods giant, Unilever pays out its December 2022 dividend.

https://www.unilever.com

37.22p

https://www.londonstockexchange.com/news-article/ULVR/total-voting-rights/15655988

There were 2,541,524,380 shares with voting rights:-

2,541,524,380 x £0.3722 = £945,955,374.236

That is £945million

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

The Foresight Solar Fund is a London listed investment trust, investing in ground-based solar PV and battery storage assets, to deliver attractive, sustainable dividends.

https://fsfl.foresightgroup.eu/

The Company’s objective is to provide investors with a sustainable and progressive quarterly dividend. The Company aims to preserve and where possible enhance capital value through the reinvestment of excess cash flows, not required for the payment of dividends

TOP 10 SITES BY INSTALLED CAPACITY: PORTFOLIO DETAILS

UK 72% of assets
Australia 16% of assets
Spain 12% of assets

Shotwick (UK) 72 Net Installed Capacity(MW)
Oakey 2 (AUS) 70 Net Installed Capacity(MW)
Bannerton (AUS) 531 Net Installed Capacity(MW)
Sandridge (UK) 50 Net Installed Capacity(MW)
Los Llanos (Spain) 49 Net Installed Capacity(MW)
Landmead (UK) 46 Net Installed Capacity(MW)
Kencot (UK) 37 Net Installed Capacity(MW)
Bournemouth (UK) 37 Net Installed Capacity(MW)
Port Farm (UK) 35 Net Installed Capacity(MW)
Wymeswold (UK) 34 Net Installed Capacity(MW)

https://www.londonstockexchange.com/stock/FSFL/foresight-solar-fund-limited/company-page

(7) Fleetwood Mac – Little Lies (Official Music Video) – YouTube

The world is reeling after the dramatic collapse of the Crypto exchange FTX

The fall of the FTX ‘King of Crypto’ Sam Bankman-Fried – BBC News

However, we should not be surprised. Warren Buffett made this statement:-

“Warren Buffett: Bitcoin Is An Asset That Creates Nothing”

You can see the graph of the S&P 500 from 2018 to now. The dramatic March 2020 Covid dip that shows the slump and then the rapid ascent and then the sell off since the start of 2022.

Today, Tesco PLC pays out its November dividend.

https://www.tescoplc.com

The dividend is 3.85p a share.

https://www.londonstockexchange.com/news-article/TSCO/total-voting-rights/15696906

The Company’s share capital as at 31 October 2022 consisted of 7,423,647,355 ordinary shares

Thus:-

7,423,647,355 x £0.0385 = £285,810,423.1675

That is £285m.

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

A picture paints a thousand words.

John Laing Environment Asset PLC (JLEN) is a London investment trust, that invests in Green Technology such as renewables and other assets that are doing good for the environment.

JLEN – JLEN Environmental Assets Group

The current Portfolio includes onshore wind, PV solar, waste and wastewater processing plants, hydro and anaerobic digestion plants, low carbon transport, battery storage and controlled environment aquaculture in the UK, Norway, Spain and Sweden. Wind, solar and hydro projects are supported by the UK’s commitment to support low‑carbon electricity targets and the waste and wastewater processing projects benefit from long‑term contracts backed by the UK government. The anaerobic digestion projects generate a valuable renewable biogas that earns UK government subsidy support.

JLEN ENVIRONMENTAL ASSETS GROUP LIMITED JLEN Stock | London Stock Exchange

BioPharma Credit plc provides investors with an opportunity to gain exposure to the fast growing life sciences industry, through a diversified portfolio of loans and other instruments backed by royalties or other cash flows derived from sales of approved life sciences products. BioPharma Credit’s primary objective is to generate predictable income for shareholders over the long term

BPCR currently has ~$1.4bn invested across 10 transactions

Bristol Myers BMY $122.9m
Optinose OPTN $130.0m
Akebia AKBA $100.0m
Global Blood GBT $250.0m
Collegium COLL $625.0m
Sarepta SRPT $550.0m
LumiraDx LMDX $300.0m
Evolus EOLS $75.0m
Coherus CHRS $200.0m
UroGen URGN $75.0m

https://www.londonstockexchange.com/stock/BPCR/biopharma-credit-plc/company-page

The Invesco Select Trust Global Equity Income is a London listed investment trust.

https://www.invesco.com/uk/en/investment-trusts/invesco-select-trust-plc-global-equity-income.html

The investment objective of the Global Equity Income Share Portfolio is to provide an attractive and growing level of income return and capital appreciation over the long term, predominantly through investment in a diversified portfolio of equities worldwide.

Top 10 holdings % portfolio
Shell 6.2% of the fund
BP 4.8

The Invesco Select Trust Global Equity Income is a London listed investment trust.

https://www.invesco.com/uk/en/investment-trusts/invesco-select-trust-plc-global-equity-income.html

The investment objective of the Global Equity Income Share Portfolio is to provide an attractive and growing level of income return and capital appreciation over the long term, predominantly through investment in a diversified portfolio of equities worldwide.

Top 10 holdings % portfolio
Shell 6.2% of the fund
BP 4.8% of the fund
RELX 4.6% of the fund
SSE 4.6% of the fund
National Grid 4.4% of the fund
Barrick Gold 3.7% of the fund
Barclays 3.6% of the fund
Next 3.4% of the fund
PRS REIT 3.4% of the fund
AstraZeneca 3.3% of the fund

Total 42.0% of the fund

https://www.londonstockexchange.com/stock/IVPG/invesco-select-trust-plc/company-page

Top 10 holdings & the % portfolio
Shell 6.2% of the fund
BP 4.8% of the fund
RELX 4.6% of the fund
SSE 4.6% of the fund
National Grid 4.4% of the fund
Barrick Gold 3.7% of the fund
Barclays 3.6% of the fund
Next 3.4% of the fund
PRS REIT 3.4% of the fund
AstraZeneca 3.3% of the fund

Top 10 holdings make up 42.0% of the fund

https://www.londonstockexchange.com/stock/IVPG/invesco-select-trust-plc/company-page

The End of Quantative Easing.

The 2008 Banking crisis, resulted in Central Banks globally bought assets of clearing banks, and crediting them with New money created by the Central Banks.

https://www.bbc.co.uk/news/business-63474176

Now the charts below show the US Federal Reserve, and you can see over a few months, it has shrunk the balance sheet from $8,945,898 Million ($8.945 Trillion) to $8,723,090 ($8.723 Trillion).

It is selling the US Treasury Bonds (T-Bonds = Treasuries) back to private investors, such as pension funds etc).

BP plc has enjoyed share price growth due soaring energy prices.

BP PLC BP. Stock | London Stock Exchange

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://www.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 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is the PSNCR: The Public Sector Net Cash Requirement. There were “only” 8 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

26-Oct-2022 0½% Treasury Gilt 2029 £3,500.0000 Million
25-Oct-2022 0 1/8% Index-linked Treasury Gilt 2039 3 months £898.8500 Million
19-Oct-2022 1% Treasury Gilt 2032 £4,062.5000 Million
18-Oct-2022 1¼% Treasury Gilt 2051 £3,125.0000 Million
12-Oct-2022 4 1/8% Treasury Gilt 2027 £4,365.2500 Million
11-Oct-2022 0 1/8% Index-linked Treasury Gilt 2051 3 months £1,106.2990 Million
05-Oct-2022 1% Treasury Gilt 2032 £3,749.9990 Million
04-Oct-2022 0½% Treasury Gilt 2061 £2,500.0000 Million

£3,500.0000 Million + £898.8500 Million + £4,062.5000 Million + £3,125.0000 Million + £4,365.2500 Million + £1,106.2990 Million + £3,749.9990 Million + £2,500.0000 Million = £23,307.898 Million

£23,307.898 Million = £23.307898 Billion

On another way of looking at it, is in the 31 days in October 2022, HM Government borrowed:- £751.86767741935483870967741935484 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bonds maturing from 2027 to 2061. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

The graph below show’s Shell PLC’s performance….

One can see the energy giant’s share price performance, enjoying the fruits of surging energy costs

https://www.shell.com

SHELL PLC SHEL Stock | London Stock Exchange

The UK pharma giant Astra Zeneca, famous for many things, and more recently for the mass manufacturing of pioneering University of Oxford Covid-19 vaccine. Its heritage has its roots from ICI (Imperial Chemical Industries).

AstraZeneca – Research-Based BioPharmaceutical Company

Imperial Chemical Industries – Wikipedia

The graph speaks volumes

A few weeks ago, the UK insurance giant, Aviva PLC paid out its September dividend to shareholders

https://www.aviva.com/

The dividend was 10.3p a share.

the total number of voting rights in Aviva plc was 2,802,902,021.

https://www.londonstockexchange.com/news-article/AV./total-voting-rights/15607769

Thus:-

2,802,902,021 x £0.103 = 288,698,908.163

That is £288.698 Million paid to shareholders

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

The JPMorgan American Investment Trust plc is a London listed investment trust.

It aims to generate attractive long-term returns from the world’s largest stock market by focusing on high quality companies that are also reasonably priced. It aims to achieve capital growth from North American investments by outperformance of the S&P 500 index. The trust predominantly invests in quoted companies including, when
appropriate, exposure to smaller capitalisation companies, and emphasise capital growth rather than income. The Company has the ability to use borrowing to gear the portfolio within the range of 5% net cash to 20% geared in normal market conditions.

Holdings

Microsoft Information Technology 5.6% of the fund
Apple Information Technology 5.3% of the fund
Tesla Consumer Discretionary 4.2% of the fund
Bank of America Financials 4.1% of the fund
Amazon Consumer Discretionary 3.9% of the fund
United Health Group Health Care 3.8% of the fund
Alphabet Communication Services 3.5% of the fund
Martin Marietta Materials 3.2% of the fund
Loews Financials 3.2% of the fund
Berkshire Financials 3.2% of the fund

https://www.londonstockexchange.com/stock/JAM/jpmorgan-american-investment-trust-plc/company-page

A few weeks ago Scotland’s largest asset manager, Abrdn PLC (formerly known as Standard Life plc) paid out its September dividend to shareholders.

https://www.abrdn.com

7.3p a share.

https://investegate.co.uk/abrdn-plc–abdn-/rns/total-voting-rights/202208010955024204U/

The Company’s issued share capital consists of 2,167,475,819 ordinary shares

Thus:-

2,167,475,819 x £0.073 = £158,225,734.787

That is £158.225 Million, paid to shareholders.

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

https://news.sky.com/story/government-plans-cap-on-revenues-of-renewable-energy-firms-12718382

It is a windfall tax, punishing investment in Green Energy companies.

The effect on the UK Green Energy sector has been brutal and dramatic, as the graph’s below show:-

Liz Truss abruptly ends press conference after announcing corporation tax U-turn | Politics News | Sky News

Courtesy of Sky News (A Comcast Company)

Prime Minister Liz Truss abruptly ends news conference | Politics News | Sky News

A Beautiful Goodbye Wave

The Bank continues to monitor developments in financial markets very closely in light of the significant asset repricing of recent weeks. It has also been working with the UK authorities to address risks to the resilience of Liability Driven Investment (LDI) funds arising from volatility in the long-dated government bond (gilt) market

Bank of England widens gilt purchase operations to include index-linked gilts | Bank of England

The Bank said it would buy more government bonds to try to stabilise market conditions. Its emergency scheme started after September’s mini-budget, which spooked markets and drove up borrowing costs. Government borrowing costs rose again sharply on Monday after the Bank said the scheme would end this week.

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

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In September 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were only 4 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

27-Sep-2022 0 1/8% Index-linked Treasury Gilt 2031 3 months £1,200.0000 Million
07-Sep-2022 1% Treasury Gilt 2032 £3,437.5000 Million
06-Sep-2022 0¼% Treasury Gilt 2025 £4,183.1570 Million
01-Sep-2022 0 7/8% Treasury Gilt 2046 £2,499.9990 Million

£1,200.0000 Million + £3,437.5000 Million + £4,183.1570 Million + £2,499.9990 Million = £11,320.656 Million

£11,320.656 Million = £11.320656 Billion

On another way of looking at it, is in the 30 days in September 2022, HM Government borrowed:- £377.3552 Million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond maturing from 2025 to 2046. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

Yesterday, the UK pharmaceuticals giant GSK paid out its dividend.

https://www.gsk.com

It was £0.1625 a share.

https://www.londonstockexchange.com/news-article/GSK/total-voting-rights/15654991

the total number of voting rights in the Company is 4,067,377,650

Thus:-

4,067,377,650 x £0.1625 = £660,948,868.125

That is £660 million paid to shareholders

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

Share Price Graphs in: Gresham House Energy Fund, Legal & General, Tesco, NatWest & HSBC.

PowerPoint Presentation (resolutionfoundation.org)

The last few days have seen a radical reshaping of the Government’s economic policy and a radical reaction from financial markets. HM Government is will to ramp up borrowing, and reducing its tax revenues (by lowering income tax) in their plan (hope) for economic growth. However surging borrowing costs for Government was surely never part of the plan.

In the presentation link above from the very well respected Resolution Foundation they explore what this means for the UK economy going forwards. You can also can watch the YouTube video below with key input from Stephanie Flanders, Senior Executive Editor at Bloomberg and Head of Bloomberg Economics and Robert Colvile, Director of the Centre for Policy Studies

Today, “the world’s local bank” pays its September dividend to shareholders.

https://www.hsbc.com

$0.09 or 7.8821p a share

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/15608667

Thus:-

The total number of voting rights in HSBC Holdings plc is 19,968,039,011

19,968,039,011 x £0.078821 = £1,573,900,802.886031

That is £1573 Million = £1.573 Billion paid to shareholders

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

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a post Covid 19 world. UK’s HM Government needs to fund many new demands. [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 August 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were only 4 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

23-Aug-2022 0 1/8% Index-linked Treasury Gilt 2039 3 months £750.0000 Million
16-Aug-2022 0½% Treasury Gilt 2029 £2,803.5000 Million
09-Aug-2022 1¼% Treasury Gilt 2051 £1,760.0000 Million
02-Aug-2022 1% Treasury Gilt 2032 £2,771.8750 Million

£750.0000 Million + £2,803.5000 Million + £1,760.0000 Million + £2,771.8750 Million = £8,085.375 Million

£8,085.375 Million = £8.085375 Billion

On another way of looking at it, is in the 31 days in August 2022, HM Government borrowed:- £260.81854838709677419354838709677 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond maturing from 2029 to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”