Monthly Archives: June 2023

Thames Water

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

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 ?

Courtesy of Thames Water

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 ?

Courtesy of Thames Water

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

Components of the FTSE-100 Index

CompanyTickerFTSE Industry Classification Benchmark sector
3iIIIFinancial Services
AbrdnABDNFinancial Services
Admiral GroupADMNon-life Insurance
Airtel AfricaAAFTelecommunications
Anglo American plcAALMining
Antofagasta plcANTOMining
Ashtead GroupAHTSupport Services
Associated British FoodsABFFood Producers
AstraZenecaAZNPharmaceuticals & Biotechnology
Auto Trader GroupAUTOMedia
AvivaAVLife Insurance
BAE SystemsBAAerospace & Defence
Barratt DevelopmentsBDEVHousehold Goods & Home Construction
Beazley GroupBEZInsurance
Berkeley Group HoldingsBKGHousehold Goods & Home Construction
BPBPOil & Gas Producers
British American TobaccoBATSTobacco
British LandBLNDReal Estate Investment Trusts
BT GroupBT-AFixed Line Telecommunications
BunzlBNZLSupport Services
BurberryBRBYPersonal Goods
Coca-Cola HBCCCHBeverages
Compass GroupCPGSupport Services
ConvatecCTECHealth Care
CRH plcCRHConstruction & Materials
Croda InternationalCRDAChemicals
DCC plcDCCSupport Services
DS SmithSMDSGeneral Industrials
Endeavour MiningEDVMining
EntainENTTravel & Leisure
ExperianEXPNSupport Services
Flutter EntertainmentFLTRTravel & Leisure
Foreign & Colonial Investment TrustFCITFinancial Services
Frasers GroupFRASRetail
Fresnillo plcFRESMining
GSK plcGSKPharmaceuticals & Biotechnology
HaleonHLNPharmaceuticals & Biotechnology
Halma plcHLMAElectronic & Electrical Equipment
Hargreaves LansdownHLFinancial Services
IHG Hotels & ResortsIHGTravel & Leisure
Imperial BrandsIMBTobacco
International Airlines GroupIAGTravel & Leisure
IntertekITRKSupport Services
JD SportsJDGeneral Retailers
Johnson MattheyJMATChemicals
Kingfisher plcKGFRetailers
Land SecuritiesLANDReal Estate Investment Trusts
Legal & GeneralLGENLife Insurance
Lloyds Banking GroupLLOYBanks
London Stock Exchange GroupLSEGFinancial Services
M&GMNGAsset Managers
Melrose IndustriesMROAutomobiles & Parts
MondiMNDIForestry & Paper
National Grid plcNGGas, Water & Multi-utilities
NatWest GroupNWGBanks
Next plcNXTGeneral Retailers
Ocado GroupOCDOFood & Drug Retailers
Pearson plcPSONMedia
Pershing Square HoldingsPSHFinancial Services
Persimmon plcPSNHousehold Goods & Home Construction
Phoenix GroupPHNXLife Insurance
Prudential plcPRULife Insurance
ReckittRKTHousehold Goods & Home Construction
Rentokil InitialRTOSupport Services
Rio TintoRIOMining
Rolls-Royce HoldingsRRAerospace & Defence
RS Group plcRS1Industrials
Sage GroupSGESoftware & Computer Services
Sainsbury’sSBRYFood & Drug Retailers
SchrodersSDRFinancial Services
Scottish Mortgage Investment TrustSMTEquity Investment Instruments
SegroSGROReal Estate Investment Trusts
Severn TrentSVTGas, Water & Multi-utilities
Shell plcSHELOil & Gas Producers
Smith & NephewSNHealth Care Equipment & Services
Smiths GroupSMINGeneral Industrials
Smurfit KappaSKGGeneral Industrials
Spirax-Sarco EngineeringSPXIndustrial Engineering
SSE plcSSEElectricity
St. James’s Place plcSTJFinancial Services
Standard CharteredSTANBanks
Taylor WimpeyTWHousehold Goods & Home Construction
TescoTSCOFood & Drug Retailers
UnileverULVRPersonal Goods
Unite GroupUTGReal Estate
United UtilitiesUUGas, Water & Multi-utilities
Vodafone GroupVODMobile Telecommunications
Weir GroupWEIRIndustrial Goods and Services
WhitbreadWTBRetail hospitality
WPP plcWPPMedia

Legal & General Multi-Index Income 6 Fund

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

Courtesy of Legal & General Investment Management.


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

L&G Artificial Intelligence UCITS ETF

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

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


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

US Federal Reserve Balance Sheet Trends

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

Courtesy of the US Federal Reserve

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:-

Courtesy of the US Federal Reserve.

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.

Courtesy of the US Federal Reserve.

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

John Laing Environmental Assets Group Ltd: Battery Asset Electricity Storage

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.

Legal & General Global Robotics and Automation Index Fund

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

Courtesy of Legal & General Investment Management.

BAE Systems

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

16.6p a share.

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.

Gresham House Energy Storage Fund June Dividend

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

1.8375p a share.

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


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

That is £105 million.

Courtesy of the London Stock Exchange

Legal and General June 2023 Dividend

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

13.93p a share.

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


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

£832 Million paid to its shareholders.