Monthly Archives: November 2021

L&G Digital Payments ETF.

The L&G Digital Payments is an ETF that invests in companies in the digital payments sector.

Its top ten holdings are:-

GreenSky 4.6% of the fund
Nuvei 3.7% of the fund
Lightspeed 3.2% of the fund
Green Dot 3.0% of the fund
Adyen 2.9% of the fund
Afterpay 2.9% of the fund
Zuora 2.7% of the fund
International Money Express 2.6% of the fund
Shopify 2.6% of the fund
Square, Inc. 2.6% of the fund

The L&G Digital Payments UCITS ETF (the “ETF”) aims to track the performance of the Solactive Digital Payments Index NTR

The Index is designed to provide exposure to equity securities of global companies that are actively engaged in the digital payments ecosystem. The digital payments ecosystem consists of the card payment and the cardless open-banking payment ecosystems. The index universe encompasses companies that are actively engaged in the value-chain of digital payments, which includes payment acquirer, card issuers, payment gateways, payment processors, payment technology providers, and cardless payment service providers.

The JP Morgan Natural Resources Fund

The JP Morgan Natural Resources Fund aims to provide capital growth over the long-term (5-10 years) by investing at least 80% of the Fund’s assets in the shares of companies throughout the world engaged in the production and marketing of commodities.

Th underlying fund launch date: June 1965. Underlying Fund Size (30/06/2021) £671.2m

Top Ten holdings:-

RIO TINTO 6.3% of the fund
CHEVRON 5.2% of the fund
FREEPORT-MCMORAN 5.1% of the fund
BHP 4.8% of the fund
TOTALENERGIES 4.5% of the fund
ROYAL DUTCH SHELL 4.1% of the fund
ANGLO AMERICAN 3.9% of the fund
NEWMONT 3.7% of the fund
HESS 3.4% of the fund
EXXON MOBIL 3.0% of the fund

Assets in top holdings 44% of the fund

M&G Global Sustain Paris Aligned Fund

The M&G Global Sustain Paris Aligned Fund is fund from M&G Investments. The fund aims to provide a combination of capital growth and income, net of the Ongoing Charge Figure, that is higher than the MSCI World Index over any five-year period and to invest in companies that contribute towards the Paris Agreement climate change goal of keeping a global temperature rise this century well below two degrees Celsius above re-industrial levels. At least 80% of the fund is invested in the shares of sustainable companies from across the world

Fund size £ 641.08 Million

Top Holdings:-

Microsoft 7.3% of the fund
Alphabet 5.8% of the fund
Manhattan Associates 5.7% of the fund
WH Smith 5.2% of the fund
Unitedhealth Group 5.2% of the fund
Schneider Electric 4.8% of the fund
Novo Nordisk 4.6% of the fund
Visa 3.7% of the fund
Kuehne UND Nagel International 3.6% of the fund
Johnson Controls International 3.5% of the fund

The fund is concentrated and usually holds fewer than 40 companies

The Debt of Deutsche Telekom

The national incumbent telecoms operator of Germany, is Deutsche Telekom

The annual report has some interesting figures.

Net Debt stands at €127,972 Million = €127 Billion

That is a lot of debt, but holds liquidty of cash reserves of €15 Billion.

However, its revenue tops €100bn for first time.

Deutsche Telekom had liabilities of €37.1b due within a year, so debt that has to repaid in the next 12months.

€18.9b in receivables that were due within 12 months, so it is due that cash in the next year.

HM Government Borrowings: October 2021

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 Covid 19 world. UK’s HM Government needs to fund many new demands. []

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In October 2021, 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:-

6-Oct-2021 0 3/8% Treasury Gilt 2026 £2,750.0000 Million
20-Oct-2021 0¼% Treasury Gilt 2031 £2,812.5000 Million
13-Oct-2021 0 1/8% Index-linked Treasury Gilt 2051 3 months £567.4000 Million
12-Oct-2021 0½% Treasury Gilt 2061 £1,562.5000 Million
06-Oct-2021 0½% Treasury Gilt 2029 £3,125.0000 Million
05-Oct-2021 0¼% Treasury Gilt 2025 £3,000.0000 Million
05-Oct-2021 1 1/8% Treasury Gilt 2039 £2,288.1250 Million


£2,750.0000 Million + £2,812.5000 Million + £567.4000 Million + £1,562.5000 Million + £3,125.0000 Million + £3,000.0000 Million + £2,288.1250 Million = £16,105.525 Million

£16,105.525 Million = £16.105525 Billion

On another way of looking at it, is in the 31 days in October2021, HM Government borrowed:- £519.53306451612903225806451612903 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 from 2026 through to 2061. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

L&G Cash Pension Fund

The L&G Cash Pension Fund with £1,596.8m of assets.

Top Ten holdings:-

UK TREASURY 33.9% of the fund.
NATIONAL BANK OF CANADA 8.8% of the fund.
PMC LOAN 8.7% of the fund.
BANK OF MONTREAL 8.1% of the fund.
BRED – BANQUE POPULAIRE 8.1% of the fund.
DZ BANK AG 8.1% of the fund.
BNP PARIBAS LONDON 4.4% of the fund.

Assets in top holdings 100.0% of the fund.

Intersting to see the graph below, and the reality of holding cash.
This fund is loosing value.

The Vanguard Target Retirement 2035 Fund

The Vanguard Target Retirement 2035 Fund is a unit trust from Vanguard. The Fund’s investment objective is to achieve an increase in value and, consistent with a gradually changing asset allocation, hold investments that will pay out money for investors planning to retire in or within approximately five years after 2035. The Fund’s asset allocation will become more conservative as 2035 is approached and passed, moving from higher risk (such as shares) to mainly lower risk (such as bonds) investments.

£142.2 Million is the fund size, it is a fund of funds.

RIT Capital Partners PLC

RIT Capital Partners PLC is also known as the Rothschild Investment Trust.

It is the same family, the Rothschild banking dynasty.

The trust, is a London listed fund, whose aim is to deliver long-term capital growth, while preserving shareholders’ capital; to invest without the constraints of a formal benchmark, but to deliver for shareholders increases in capital value in excess of
the relevant indices over time.

Net assets £4,299m
Total dividend for the year 35.25p per share

Quoted Equity – Long 36% of assets
Quoted Equity – Hedge 11% of assets
Absolute Return & Credit 18% of assets
Private Investments – Funds 23% of assets
Private Investments – Direct 9% of assets
Real Assets 2% of assets
Net Liquidity / Borrowings / Other Assets 1% of assets



Coupang South Korea
Acorn Global
Helios Towers Africa
IQVIA Holdings
Astra Space
Walt Disney Company
CME Group
Kraft Heinz
Unilever U
Reckitt Benckiser

Long-only funds:

HCIF Offshore
Springs Opportunities China
Morant Wright
Discerene Global
Ward Ferry Smaller Asian Companies Asia Small/mid-cap
BlackRock Emerging Markets Emerging Markets
Lansdowne New Energy Global
Sand Grove UK
Emerging India Focus India All-cap
Sumi Trust Japan Japan Small-cap

Hedge funds:

BlackRock Strategic Equity Global All-cap,
Gaoling China All-cap,
Springs Global Strategic Partners China
EcoR1 Capital United States All-cap, biotechnology
Tribeca Global All-cap,
Coreview China All-cap


Nikkei 225 futures Japan Long
MS ESG basket Global Long
MS Tech basket Global Short
NASDAQ 100 futures United States Short
Vaneck Oil Services ETF United States Short

Gresham House Energy Storage Fund PLC

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

The graph speak volumes:

The 52 week range is from 106.48 to 132.50
Year To Date return 16.71%
1 year return 18.68%

BT Half Year figures.

BT Half Year figures.

The UK’s premier telecommunications giant is British Telecommunications PLC, and yesterday announced it’s half year results.

BT, it connects for good.

The dividend as promised has been reinstated, at 2.31p a share.

The dividend will be paid in Feb 2022

the total number of voting rights in BT Group plc currently on Fri 5th Nov 2021 is 9,919,143,412.


9,919,143,412 x £0.0231 = £229,132,212.8172

That is £229 million to be paid to shareholders in Feb 2022.

BP’s 3rd Quarter Results.

The Oil Major BP PLC yesterday announced its Q3 results.

The giant is transforming itself into a new Green energy company.
The numbers make interesting reading

Total debt stands at £31,971 Million.

Underlying replacement cost profit was $3.3 billion, compared with $2.8 billion for the previous quarter. This result was driven by higher oil and gas realizations, higher refining availability and throughput enabling the capture of a stronger environment and a stronger gas marketing and trading result. Meaning higher prices in gas.

In low carbon, confidence in bp’s 2025 target of 20GW developed renewables.

BP’s current forecasts, at around $60 per barrel Brent