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