The Standard Life Overseas Tracker Pension Fund is a £831.4m pension fund.
https://documents.financialexpress.net/Literature/98FF382CEC3E4D1FB5AC1E4D3298AA4C/213200526.pdf
It is a fund of funds:-
SL US Equity Tracker Pension Fund 73.9% of the fund
SL European Equity Tracker Pension Fund 13.8% of the fund
SL Japanese Equity Tracker Pension Fund 6.4% of the fund
SL Canadian Tracker Pension Fund 3.1% of the fund
SL Pacific Basin Equity Tracker Pension Fund 2.8% of the fund
Total 100.0%
ISPY is the Legal and General Cyber Security ETF, investing in Cyber Security companies
https://fundcentres.lgim.com/en/uk/institutional/fund-centre/ETF/Cyber-Security/
Top Ten Holdings:-
1 DARKTRACE PLC ORD 6.78 % if the fund
2 BROADCOM INC ORD 6.44 % if the fund
3 CROWDSTRIKE HOLDINGS INC ORD 6.35 % if the fund
4 PALO ALTO NETWORKS INC ORD 6.34 % if the fund
5 GEN DIGITAL INC ORD 5.73 % if the fund
6 CYBERARK SOFTWARE LTD ORD 5.29 % if the fund
7 CHECK POINT SOFTWARE TECHNOLOGIES LTD ORD 5.17 % if the fund
8 CISCO SYSTEMS INC ORD 5.06 % if the fund
9 FORTINET INC ORD 4.69 % if the fund
10 SENTINELONE INC ORD 4.64 % if the fund
https://www.londonstockexchange.com/stock/ISPY/legal-and-general-asset-management/company-page
Fixed income in focus: halfway there (youtube.com)
On Friday last week, Fri 19th July, the digital infrastructure investor, Cordiant, paid out its July 2024 dividend.
2.2p a share.
https://www.londonstockexchange.com/news-article/CORD/total-voting-rights/15653721
the total number of voting rights in the Company is 773,559,707.
Thus:
773,559,707 x £0.022 = £17,018,313.554
That is £17 million paid to shareholders
https://www.londonstockexchange.com/stock/CORD/cordiant-digital-infrastructure-limited/company-page
Cordiant Digital Infrastructure Limited (LSE: CORD) is a UK-listed investment company incorporated in Guernsey, that is the owner and operator of digital infrastructure assets in the UK, the EEA and North America.
CORD creates value from investing in the critical infrastructure of the modern internet, including cloud and data centres, mobile & broadcast towers and fibre-optic networks.
https://www.cordiantdigitaltrust.com/
https://www.londonstockexchange.com/stock/CORD/cordiant-digital-infrastructure-limited/company-page
The Legal & General Future World Sustainable Global Equity Focus Fund is a relatively new and small fund.
£21m is assets
The Fund invests predominantly in shares of companies globally, including emerging markets, across a variety of sectors.
The fund invests in companies capable of delivering long-term sustainable growth with high returns on capital.
In the financial year 2023/24, government revenue – from taxes and other receipts – was £1,095 billion (£1.1 trillion) while government spending was £1,216 billion (£1.2 trillion). The deficit was therefore £121 billion, equivalent to 4.4% of GDP.
Interest payments on government’s past borrowing are a relatively big cost for government. In 2023/24, government’s net debt interest spending was
£102 billion, which is equivalent to 3.8% of GDP or 8.4% of government spending.
Borrowing of £121 billion is equivalent to around £1,780 per head of the UK’s population.
The deficit reached a peacetime record in 2020/21 of 15% of GDP, largely for two reasons:
(1) Government provided support to public services, households and businesses during the pandemic, which cost around £229 billion;
(2) The virus and the lockdowns aimed at slowing its spread took the economy into a severe recession. Less economic activity meant smaller tax receipts and more government spending on areas such as unemployment benefits.
The budget deficit is financed by the sale of government bonds. These are essentially interest paying “IOUs” which the government sells to investors. Purchasers of government bonds include pension funds, insurance companies, households and overseas investors. The bonds make up most government debt. Once the bonds have been bought, they can be traded by investors on so-called secondary markets.
At the end of 2023/24 public sector net debt was £2,690 billion (i.e. £2.6 trillion), or 98% of GDP. This is equivalent to around £37,900 per person in the UK.
https://commonslibrary.parliament.uk/research-briefings/sn06167/
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 post Covid 19 world. UK’s HM Government needs to fund many new demands. https://www.dmo.gov.uk
https://dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7
Another deficit month, thus to bridge the gap, needs to borrow on the bond market in May 2024, 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” 6 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-
26-Jun-2024 3¾% Treasury Gilt 2038 £3,000.0000 Million
25-Jun-2024 0¾% Index-linked Treasury Gilt 2033 3 months £1,802.6990 Million
18-Jun-2024 4 1/8% Treasury Gilt 2029 £4,999.9980 Million
12-Jun-2024 0 5/8% Index-linked Treasury Gilt 2045 3 months £1,071.0000 Million
05-Jun-2024 3¾% Treasury Gilt 2027 £4,999.9990 Million
04-Jun-2024 4% Treasury Gilt 2063 £2,000.0000 Million
£3,000.0000 Million + £1,802.6990 Million + £4,999.9980 Million + £1,071.0000 Million + £4,999.9990 Million + £2,000.0000 Million = £17,873.696 Million
£17,873.696 Million = £17.873696 Billion
On another way of looking at it, is in the 30 days in June 2024, HM Government borrowed:- £595.78986666666666666666666666667 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 2027 to 2063. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“
The Legal and General GLOBAL ROBOTICS & AUTOMATION ETF invests in companies as the names states, involved in Automation and Robotics.
The top ten holdings are:-
1 TERADYNE INC ORD 2.28
2 NVIDIA CORP ORD 1.95
3 ZEBRA TECHNOLOGIES CORP ORD 1.91
4 INTUITIVE SURGICAL INC ORD 1.91
5 KARDEX HOLDING AG ORD 1.89
6 OMNICELL INC ORD 1.88
7 IPG PHOTONICS CORP ORD 1.70
8 KRONES AG ORD 1.69
9 FANUC CORP ORD 1.68
10 YOKOGAWA ELECTRIC CORP ORD 1.68
https://www.londonstockexchange.com/stock/ROBG/legal-and-general-asset-management/company-page
