Monthly Archives: December 2018

Royal Dutch Shell’s December 2018 Dividend

On Wed December 19th RDSA & RDSB (Royal Dutch Shell A and B) paid out it’s quarterly December 2018 Dividend.

RDSA Royal Dutch Shell A FTSE 100 $0.47 (36.77p) a share
RDSB Royal Dutch Shell B FTSE 100 $0.47 (36.77p) a share

£0.3677 a share.

Royal Dutch Shell plc´s capital consists of 4,513,394,760 A shares and 3,745,486,731 B shares, each with equal voting rights. Royal Dutch Shell plc holds no ordinary shares in Treasury. The total number of A shares and B shares in issue is 8,258,881,491


8,258,881,491 x £0.3677 = £3,036,790,724.2407

That is £3Billion of cash paid out. Delicious.





Genesis Emerging Markets Fund

The Genesis Emerging Markets Fund is a London listed investment trust.

The objective of the Genesis Emerging Markets Fund is to achieve long-term capital growth, primarily through investment in equity markets of developing countries

Naspers (South Africa) 4.7% of the fund
AIA Group (China) 3.2% of the fund
Alibaba (China) 3.2% of the fund
Samsung Electronics (South Korea) 2.9% of the fund
Sberbank (Russia) 2.6% of the fund
Taiwan Semiconductor (Taiwan) 2.6% of the fund (China) 2.2% of the fund
Vinamilk (Vietnam) 1.9% of the fund
Heineken (Netherlands) 1.8% of the fund
Jiangsu Yanghe Brewery (China) 1.8% of the fund
Geographical Diversification (%) as at 30th November 2018

Americas 14.7% of the fund
Brazil 6.7% of the fund
Mexico 3.4% of the fund
LiLAC† 1.5% of the fund
Colombia 1.1% of the fund
Colgate-Palmolive# 1.0% of the fund
Peru 0.8% of the fund
Argentina 0.2% of the fund

Asia 54.2% of the fund
China 20.8% of the fund
India 10.8% of the fund
South Korea 9.3% of the fund
Thailand 4.5% of the fund
Taiwan 2.6% of the fund
Vietnam 2.5% of the fund
Indonesia 2.4% of the fund
Philippines 1.2% of the fund
Malaysia 0.1% of the fund

Middle East/Africa 13.3% of the fund
South Africa 7.7% of the fund
Nigeria 2.1% of the fund
Egypt 0.8% of the fund
Jordan 0.5% of the fund
Saudi Arabia 0.5% of the fund
Morocco 0.5% of the fund
Kenya 0.4% of the fund
Mauritius 0.4% of the fund
United Arab Emirates 0.3% of the fund
Lebanon 0.1% of the fund

Europe/Central Asia 15.6% of the fund
Russia 5.2% of the fund
Turkey 3.6% of the fund
Netherlands 1.8% of the fund
Poland 1.2% of the fund
Hungary 1.1% of the fund
Romania 1.0% of the fund
Switzerland 0.9% of the fund
Greece 0.6% of the fund

Cash 2.1% of the fund




Legal & General Mixed Investment 40‑85% Fund

The Legal & General Mixed Investment 40‑85% Fund is a multi-asset investment fund. The objective of this fund is to provide growth of both capital and income. The fund will invest between 40% and 85% in a broad range of UK and overseas company shares. The rest of the fund will be invested at least 80% in bonds. Generally the fund will invest in these assets through other authorised investment funds, including funds from Legal & General.


L&G UK Index Trust 15.6% of the fund
L&G US Index Trust 12.8% of the fund
L&G European Index Trust 10.3% of the fund
LGIM Sterling Liquidity Fund Class 1 7.5% of the fund
L&G Japan Index Trust 6.8% of the fund
L&G Emerging Markets Government Bond (US$) Index Fund 5.8% of the fund
L&G Global Real Estate Dividend Index Fund 5.8% of the fund
L&G Global Listed Infrastructure index Fund 5.5% of the fund
L&G Emerging Markets Government Bond (Local Currency) Index Fund 5.4% of the fund
L&G Global Emerging Markets Index Fund 4.5% of the fund

A £578.0m fund.

Baillie Gifford American Fund

A very well regarded unit trust whose objective, to produce capital growth over the long term.  The Fund will invest principally in equities of companies which are listed, quoted, traded, incorporated, domiciled or conducting a significant portion of their business in the United States of America

Top Ten Holdings
Holdings % of Total Assets
1 8.8% of Total Assets
2 Tesla Inc 6.5% of Total Assets
3 Grubhub 5.3% of Total Assets
4 Netflix 5.2% of Total Assets
5 Illumina 4.9% of Total Assets
6 Abiomed 4.8% of Total Assets
7 MarketAxess 4.6% of Total Assets
8 Alphabet 4.6% of Total Assets
9 Wayfair 4.2% of Total Assets
10 Facebook 3.9% of Total Assets

Total 52.8 %

1 Consumer Discretionary 28.5%
2 Health Care 19.6%
3 Telecommunication Services 14.6%
4 Information Technology 13.4%
5 Financials 12.0%
6 Industrials 8.6%
7 Materials 1.1%
8 Real Estate 1.0%
9 Cash 1.1%

Assets of The Scottish Mortgage Investment Trust.

The The Scottish Mortgage Investment Trust, is a FTSE-100 member.

Managed by Baille Gifford.

The holdings of this trust are:-

1 9.4%
2 Illumina 8.2%
3 Tesla Inc 6.6%
4 Alibaba 5.6%
5 Tencent 5.3%
6 ADR 3.3%
7 Kering 3.1%
8 Ferrari NV 2.9%
9 Netflix Inc 2.9%
10 ASML 2.8%

Top ten holdings make up 50% of the fund.

BP’s December 2018 Dividend.

Today, the oil major BP, pays out its December Dividend.

its pay out is  $0.1025 (8.0251p) a share.

The total number of voting rights in BP p.l.c. is 20,061,666,112.


20,061,666,112 x £0.080251 = £1,609,968,767.154112

That is £1.6 billion

6.4% Yield.


The Select Monthly Income Fund from TwentyFour Asset Management

The Select Monthly Income Fund, pays out an income to investors monthly.

The fund aims to generate attractive risk-adjusted returns, principally through income distributions by investing in a diversified portfolio of fixed income credit products

NATIONWIDE BLDG 10.25 PERP 3.65% of the fund
SHAWBROOK GROUP 7.875 PERP 2.30% of the fund
COVENTRY BDG SOC 6.375 PERP 2.11% of the fund
SANTANDER UK PLC 10.375 PERP 1.93% of the fund
ALDERMORE 11.875 PERP 1.75% of the fund
BRACKEN MIDCO 8.875 15/10/2023 High Yield  1.74% of the fund
ARBR 3X FR 1.58% of the fund
CBFLU 1 MEZZ  1.47% of the fund
BARCLAYS PLC 7.875 PERP  1.47% of the fund
BANCO SABADELL 6.5 PERP  1.43% of the fund

As you can see mainly holds investments in banks securities paying an income

7% yield.

Legal & General Multi-Index 7 Fund

The Legal & General Multi-Index 7 Fund is a multi-asset fund. The objective of the fund is to provide a combination of growth and income and to keep the fund within a pre-determined risk profile. The fund will have exposure to company shares, company and government bonds, cash and UK commercial property. The fund will have a strong bias towards company shares. At least 75% of the fund will be invested in other funds. At least 50% of the fund will be invested in Legal & General index-tracker funds.

L&G US Index Trust 20.9% of the fund
L&G European Index Trust 12.9% of the fund
L&G UK Index Trust 10.2% of the fund
L&G Global Emerging Markets Index Fund 9.6% of the fund
L&G Japan Index Trust 8.7% of the fund
L&G (N) Tracker Trust 6.3% of the fund
L&G Pacific Index Trust 6.0% of the fund
LGIM Sterling Liquidity Fund Class 1 4.6% of the fund
L&G Emerging Markets Government Bond (Local Currency) Index Fund 3.3% of the fund
L&G UK Property Fund 3.1% of the fund

A £187.9m fund.

The Debt of General Electric

GE ( is the USA’s industrial giant, but is in a financial mess

The annual report makes sombre reading

It’s debts are huge:

•Approximately $67.5 billion in senior unsecured, subordinated and senior secured notes issued or guaranteed by GECC pursuant to the GECC U.S. medium term note programs
•Approximately $55.2 billion of senior and subordinated debt securities issued or guaranteed by GECC under the GE Capital European medium term note program for issuances by GECC, GE Capital European Funding, GE Capital UK Funding and/or GE Capital Australia Funding Pty Ltd
•Approximately $8.9 billion of commercial paper issued by GECC.

from the annual report:-

Total borrowings $ 134,591 Million

That is $134 Billion of total debt.

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

20-Nov-2018 0 1/8% Index-Linked Treasury Gilt 2056 3 months £555.0650 Million
15-Nov-2018 1¾% Treasury Gilt 2037 £2,299.9970 Million
06-Nov-2018 1 5/8% Treasury Gilt 2028 £2,250.0000 Million

When you add the cash raised:-

(£555.0650 Million + £2,299.9970 Million + £2,250.0000 Million) =  £5105.062 Million

£5105.062 Million = £5.105062 Billion

On another way of looking at it, is in the 30 days in November, HM Government borrowed:-

£170.1687333333333 million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature, 2028, 2037 and 2056. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….”

ITV’s December Dividend

ITV, the UK’s premier entertainment channel pays out today its dividend.

It is 2.6p a share.

The total voting rights in ITV plc is 4,025,409,194 shares.


4,025,409,194 x £0.026 = £104,660,639.044

That is £104m.

5.3% yield.

A clever quote: Warren Buffet

Derivatives are financial weapons of mass destruction.

Derivatives, or contracts based on the price movements of underlying assets, declined to a gross market value of about $11 trillion at the end of 2017, according to the Bank for International Settlements. That total comes from the largely unregulated over-the-counter market, where most derivatives are traded. The level was a decline from $15 trillion at the end of 2016 and $13 trillion in mid-2017.