Monthly Archives: November 2018

Assets of The Polar Capital Technology Trust plc

The Polar Capital Technology Trust plc is a London listed investment trust.

A trust worth £1,517m holding 113 investments.

It top 15 holdings are:-

Top 15 Holdings (%)

Alphabet 9.1% of the fund
Microsoft 8.9% of the fund
Apple 8.0% of the fund
Facebook 3.7% of the fund 2.8% of the fund
Tencent 2.5% of the fund
Alibaba 2.4% of the fund
Taiwan Semiconductors 2.4% of the fund
NVIDIA 1.9% of the fund
Samsung 1.9% of the fund 1.8% of the fund
Adobe Systems 1.6% of the fund
ServiceNow 1.4% of the fund
Xilinx 1.4% of the fund
Texas Instruments 1.4% of the fund

Total 51.2% of the fund

Sector Exposure (%)

Software 25.5% of the fund
Interactive Media & Services 16.4% of the fund
Semiconductors & Semiconductor Equip. 15.2% of the fund
Tech. Hardware, Storage & Peripherals 10.9% of the fund
Internet & Direct Marketing Retail 7.4% of the fund
Elec. Equip. Instruments & Components 4.5% of the fund
IT Services 4.4% of the fund
Entertainment 3.6% of the fund
Communications Equipment 1.5% of the fund
Machinery 0.8% of the fund
Other 2.3% of the fund
Cash 7.4% of the fund

The HSBC November Dividend 2018

Today, The Hong Kong and Shanghai Banking Corporation pays out its quarterly dividend.

It was 7.78p a share

What does this £0.0778 dividend cost HSBC Holdings plc ?
The total number of voting rights in HSBC Holdings plc is 19,927,909,172 shares.


19,927,909,172 x £0.0778 = £1,550,391,333.58

That is £1,550 Million = £1.55 Billion.

6.1% yield.

The Gore Street Energy Storage Fund

The Gore Street Energy Storage Fund is a London listed investment trust.

Gore Street Energy Storage Fund is the first UK pure play energy storage fund, targeting a 7% yield. Building a diversified portfolio of projects, the Fund already has two operational assets in the portfolio and both with multiple revenue streams in place.

The portfolio as of 26 September 2018: Four Power Stations

Boulby: 6.0 MW: Cleveland, North Yorkshire: Owned by the Fund   100%

CENIN: 4.0 MW: Bridgend,  Wales: Owned by the Fund   49%

Port of Tilbury: 9 MW: Port of Tilbury, London: Owned by the Fund   100%

Lower Road: 10 MW: Brentwood,  Essex: : Owned by the Fund   100%

BioPharma Credit plc

BioPharma Credit plc

The BioPharma Credit plc is a London listed investment funds.

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.
Net assets of $918.5m

Cash and cash equivalents $149.2m
Limited partnership interest in BioPharma III $64.8m
RPS Note $52.3m
Tesaro senior secured loan $322.0m
Lexicon senior secured loan $124.5m
Novocure senior secured loan $150.0m
Sebela senior secured loan $194.2m
BMS purchased payments $20.0m
C Shares $(161.0)m
Other net assets $2.5m

Total net assets $918.5m

UK Government Debt.

The Chancellor of the Exchequer, Philip Hammond had the UK budget.

The National Debt peaked in 2016/17 at 85.2% of GDP.

This is debt profile:-

Government borrowing for the next FOUR years:-

2019/20 in £31.8bn
2020-21 in £23.8bn
2021-22 in £20.8bn
2023-24 in £19.8bn

HM Government Borrowings: October 2018

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

In October 2018 , the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement.

There were “only” 2 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office ( to raise cash for HM Treasury:-

23-Oct-2018 0 1/8% Index-linked Treasury Gilt 2028 3 months £1,100 Million
04-Oct-2018 1% Treasury Gilt 2024 £3,000 Million

When you add the cash raised:-

(£1,100.0000 Million + £3,000.0000 Million) =  £4,100.00 Million

£4,100.00 Million = £4.10 Billion

On another way of looking at it, is in the 31 days in Oct, HM Government borrowed:-

£132 million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature, 2024 and 2028. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

BT Results: H1 2018: Dividend Declaration.

On Thursday 1st Nov, the world’s most dynamic and progressive media and telecommunications giant, announced its first half results

The BT Board has declared an interim dividend of 4.62p per share

What will be the cost of the dividend when it is paid out in Feb 2019 ?

The total number of voting rights in BT Group plc on that date was 9,921,904,070


9,921,904,070 x 4.62p per share = £458,391,968.034

That is £458m

6.4% yield. Delicious.

The Assets of the BlackRock Commodities Income Investment Trust

The BlackRock Commodities Income Investment Trust is a £86m London listed investment trust.

It has the strategy 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

Its top ten holdings are:-

BHP Global 8.8% of the fund
Royal Dutch Shell ‘B’ Global 6.4% of the fund
First Quantum Minerals* Global 6.1% of the fund
Rio TInto Global 5.9% of the fund
Glencore Global 4.9% of the fund
Exxon Mobil Global 4.5% of the fund
Chevron Global 4.3% of the fund
Teck Resources Canada 4.3% of the fund
BP Global 4.1% of the fund
Vale – ADS Latin America 4.0% of the fund

its assets are split over these sectors:

Diversified Mining 30.1% of the fund
Integrated Oil 25.7% of the fund
Exploration & Production 16.3% of the fund
Copper 8.4% of the fund
Gold 8.2% of the fund
Industrial Minerals 4.0% of the fund
Diamonds 2.2% of the fund
Silver 2.0% of the fund
Steel 1.3% of the fund
Distribution 1.1% of the fund
Oil Services 0.9% of the fund
Net current liabilities (0.2)% of the fund

100.0% of the fund

A yield of over 5%