Monthly Archives: October 2023

Hg Capital Trust

The Hg Capital Trust is a London listed investment trust.

Shareprice = 390p
Net Asset Value = 473p

Thus, buying 473p for 390p.

The objective of HgCapital Trust (‘HGT’) is to provide shareholders with consistent long-term returns in excess of the FTSE All-Share Index by investing predominantly in unquoted companies where value can be created through strategic and operational change.

The investment opportunity

Exposure to a portfolio of 48 companies diversified by end market and geography – with enterprise values of £100 million to over £10 billion

The top 20 investments, representing 76% of portfolio value

Ruffer Investment Company

The Ruffer Investment Company is a London listed investment trust

Investment objective:

The principal objective of the Company is to achieve a positive total annual return, after all expenses, of at least twice the Bank of England base rate. The Company predominantly invests in internationally listed or quoted equities or equity-related securities (including convertibles) or bonds which are issued by corporate issuers, supra-nationals or government organisations. Where appropriate, collective
investment schemes will also be used to gain exposure to these assets.

10 largest equity holdings*

Alibaba Group ADR 1.0% of fund
Taiwan Semiconductor Manufacturing Co 0.5% of fund
Ambev SA 0.5% of fund
BP 0.4% of fund
Bayer AG 0.4% of fund
Swire Pacific 0.4% of fund
Hipgnosis Songs Fund 0.4% of fund
Pioneer Natural Resources Company 0.3% of fund
Amazon 0.3% of fund
Taylor Maritime 0.3% of fund

5 largest bond holdings

US Treasury FRN 31 Oct 2024 4.1% of fund
US Treasury FRN 31 Jul 2024 3.7% of fund
Japan government 0.005% Aug 2024 3.3% of fund
Japanese govt bonds 0.005% 1 Jul 2024 3.2% of fund
Japanese govt bonds 0.005% 1 Jun 2024 3.2% of fund


Phoenix Group Holdings

Phoenix Group Holdings PLC, today, the life insurer Phoenix Group Holdings pays out its October dividend.

26p a share.

Therefore, the total number of voting rights in the Company is 1,001,523,268


1,001,523,268 x £0.26 = £260,396,049.68

That is £260 million, paid to shareholders.

Personal Assets Trust plc

Personal Assets Trust is what its name implies. It is an investment trust run for private investors, who may often have committed to it a substantial proportion of their personal wealth. Established in Edinburgh in 1983, the Trust’s logo bears the image of its first address. From its inception, Personal Assets Trust has sought to emphasise capital preservation and absolute returns. The Trust is conservatively managed, with concentrated equity holdings and low turnover. It takes a long-term, long-only approach, and has the flexibility to invest in a broad range of asset classes – primarily developed market equities and bonds, gold-related investments, and also cash and short-dated Treasury bills.

Today, Personal Assets Trust has grown to be a constituent of the FTSE 250 index. The Trust is still based in Edinburgh, while our manager, Troy Asset Management Limited, is based in London

It top 10 holdings:-

Gold Bullion (Bars) 9.8% of the fund
Unilever 3.6% of the fund
Nestlé 2.9% of the fund
Visa 2.6% of the fund
Diageo 2.3% of the fund
Becton Dickinson 1.9% of the fund
Microsoft 1.7% of the fund
Alphabet 1.7% of the fund
Franco-Nevada 1.5% of the fund
Procter & Gamble 1.4% of the fund

Total Top 10 29.5%

6 other equity holdings 5.7%
US TIPS 34.8% of the fund
Short-dated Gilts 15.2% of the fund
Short-dated US Treasuries 11.0% of the fund
UK Index-Linked 3.0% of the fund
Cash 0.8% of the fund

TOTAL 100.0%

Capital Structure:-

Shares with voting rights 376,973,429
Shares held in treasury 15,831,771
Net Assets £1,772,914,612

The CT Private Equity Trust PLC

The CT Private Equity Trust PLC is a London listed investment trust.

The Company’s objective is to achieve long-term capital growth through investment in private equity assets, whilst providing shareholders with a predictable and above average level of dividend funded from a combination of the Company’s revenue and realised capital profits

Net Assets £511.7 million

Buyout Funds – Pan European* 10.7% of the fund
Buyout Funds – UK 16.6% of the fund
Buyout Funds – Continental Europe ~ 18.4% of the fund
Secondary Funds 0.1% of the fund
Private Equity Funds – USA 4.5% of the fund
Private Equity Funds – Global 1.1% of the fund
Venture Capital Funds 3.9% of the fund
Direct – Quoted 0.9% of the fund
Direct Investments/Co-investments 43.8% of the fund

100.0% of the fund

Ten Largest Individual Holdings Valuation Total :-

Sigma 3.3% of the fund
Inflexion Strategic Partners 2.8% of the fund
Coretrax 2.6% of the fund
Jollyes 2.1% of the fund
TWMA 2.0% of the fund
Aurora Payment Solutions 1.9% of the fund
F&C European Capital Partners 1.9% of the fund
Bencis V 1.8% of the fund
SEP V 1.7% of the fund
Apposite Healthcare II 1.6% of the fund

21.7% of the fund

CT PRIVATE EQUITY TRUST PLC CTPE Stock | London Stock Exchange

Wise Quote

“A 10% decline in the market is fairly common—it happens about once a year. Investors who realize this are less likely to sell in a panic, and more likely to remain invested, benefitting from the wealth building power of stocks.”

Christopher Davis

HM Government September 2023 Borrowings

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.09
Now we are in a post 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 Sept 2023, 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” 5 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

26-Sep-2023 0 7/8% Green Gilt 2033 £3,000.0000 Million
19-Sep-2023 3¾% Treasury Gilt 2053 £2,750.0000 Million
13-Sep-2023 3¼% Treasury Gilt 2033 £4,002.1250 Million
12-Sep-2023 0 1/8% Index-linked Treasury Gilt 2051 3 months £910.0000 Million
06-Sep-2023 4½% Treasury Gilt 2028 £4,660.4250 Million

£3,000.0000 Million + £2,750.0000 Million + £4,002.1250 Million + £910.0000 Million + £4,660.4250 Million = £15,322.55 Million

£15,322.55 Million = £15.32255 Billion

On another way of looking at it, is in the 30 days in Sept 2023, HM Government borrowed:- £510.75166666666666666666666666667 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 bonds maturing from 2028 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Aviva. November 2023 dividend

Aviva plc today pays out its November 2023 dividend.

11.1p a share

the total number of voting rights in Aviva plc was 2,738,473,851.


2,738,473,851 x £0.111 = £303,970,597.461

That is £303 million paid out to shareholders.

Legal and General September Dividend

Last week, the UK’s largest money manager, paid out is September dividend.


The total number of voting rights in the Company is 5,978,425,946


5,978,425,946 x £0.0571 = £341,368,121.5166

That is £341 million