The Octopus Renewables Infrastructure Trust

Today, the Octopus Renewables Infrastructure Trust pays out its September 2023 dividend.01

https://www.octopusrenewablesinfrastructure.com/

1.45p a share.

Company has a total of 564,927,536 Ordinary Shares in issue

Thus:

564,927,536 x £0.0145 = 8,191,449.272

That is £8.191 Million paid to shareholders.

https://www.londonstockexchange.com/stock/ORIT/octopus-renewables-infrastructure-trust-plc/fundamentals

Courtesy of The London Stock Exchange
Courtesy of The Octopus Renewables Infrastructure Trust

Unilever August 2023 Dividend

Unilever, the consumer goods giant today pays out its August dividend, 31st August.

https://www.unilever.com

37p a share.

https://www.londonstockexchange.com/news-article/ULVR/total-voting-rights/16065500

As at 31 July 2023, there were 2,515,127,965 shares with voting rights.

Thus:-

2,515,127,965 x £0.37 = £930,597,347.05

That is £930 million paid to shareholders.

https://www.londonstockexchange.com/stock/ULVR/unilever-plc/company-page

Courtesy of the London Stock Exchange.

Greencoat UK Wind August Dividend

Today, Greencoat UK Wind, pays out its August dividend.

https://www.greencoat-ukwind.com/

2.19p a share.

It has 2,318,483,353 issued ordinary shares on issue

https://www.londonstockexchange.com/news-article/UKW/total-voting-rights/15979980

Thus:-

2,318,483,353 x £0.0219 = £50,774,785.4307

That is £50.774 Million paid to shareholders.

https://www.londonstockexchange.com/stock/UKW/greencoat-uk-wind-plc/company-page

Courtesy of The London Stock Exchange

Bellevue Healthcare Trust plc

The Bellevue Healthcare Trust plc is long-only investment trust invested in listed or quoted global healthcare equities.

Bellevue Healthcare Trust

Bellevue Healthcare Trust intends to invest in a concentrated portfolio of listed or quoted equities in the global healthcare industry. The investable universe for the fund is the global healthcare industry including companies within industries such as pharmaceuticals, biotechnology, medical devices and equipment, healthcare insurers and facility operators, information technology (where the product or service supports, supplies or services the delivery of healthcare), drug retail, consumer healthcare and distribution. There are no restrictions on the constituents of the funds portfolio by index benchmark, geography, market capitalisation or healthcare industry sub-sector. Bellevue Healthcare Trust will not seek to replicate the benchmark index in constructing its portfolio. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.

Top Ten Holdings: Courtesy of the Bellevue Healthcare Trust plc
Top Ten Holdings: Courtesy of the Bellevue Healthcare Trust plc

Henderson Far East Income

The Henderson Far East Income is a London listed investment trust.

https://www.janushenderson.com/en-gb/investor/product/henderson-far-east-income-limited/

The Company seeks to provide shareholders with a growing total annual dividend per share, as well as capital appreciation, from a diversified portfolio of investments from the Asia Pacific region.

Total Assets (As of 31/07/2023): 403.53M

Top 10 holdings:-

Bank of Communications 4.82% of the fund
Taiwan Semiconductor Manufacturing 3.85% of the fund
Hon Hai Precision Industry 3.83% of the fund
Samsung Electronics 3.71% of the fund
Macquarie Korea Infrastructure Fund 3.39% of the fund
Vinacapital Vietnam Opportunity Fund Ltd USD 2.97% of the fund
Ping An Insurance Group Co of China 2.93% of the fund
Midea Group 2.91% of the fund
Rio Tinto 2.76% of the fund
BHP Group 2.69% of the fund

Courtesy of JanusHenderson
Courtesy of The London Stock Exchange

HM Government Borrowings: July 2023

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. [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 July 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” 6 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

25-Jul-2023 3¾% Treasury Gilt 2038 £3,000.0000 Million
19-Jul-2023 4½% Treasury Gilt 2028 £3,750.0000 Million
18-Jul-2023 3¾% Treasury Gilt 2053 £2,500.0000 Million
12-Jul-2023 3¼% Treasury Gilt 2033 £3,500.0000 Million
05-Jul-2023 3½% Treasury Gilt 2025 £4,643.0590 Million
04-Jul-2023 1½% Green Gilt 2053 £2,000.0000 Million

£3,000.0000 Million + £3,750.0000 Million + £2,500.0000 Million + £3,500.0000 Million + £4,643.0590 Million + £2,000.0000 Million = £19,393.059 Million

£19,393.059 Million = £19.393059 Billion

On another way of looking at it, is in the 31 days in July 2023, HM Government borrowed:- £625.58254838709677419354838709677 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 bonds maturing from 2025 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Caledonia Investments

Caledonia Investments is a self-managed investment trust listed on the London Stock Exchange. Our experienced team manages assets of circa £2.8bn across an international, multi-asset portfolio, with a focus on companies that have the potential to generate exceptional long-term shareholder value.

Courtesy of The Caledonia Investment Trust PLC

https://www.londonstockexchange.com/stock/CLDN/caledonia-investments-plc/company-page

Courtesy of The London Stock Exchange
Courtesy of The Caledonia Investment Trust

Interest payments on the US Governments Debt (The Federal Government Debt)

The US Government spends more that it earns in income tax revenue, as the chart below shows.

Courtesy of Peter G. Peterson Foundation

In 2022, the federal government spent $476 billion on net interest costs on the national debt. That total, which grew by 35 percent from $352 billion in 2021, was the largest amount ever spent on interest in the budget, and equalled nearly 2 percent of gross domestic product (GDP). Interest costs are on track to become the largest category of spending in the federal budget. See the graph below on the project trends of US Government interest payments…..as a wise man once told me….”They are off the chart

Courtesy of Peter G. Peterson Foundation

Vodafone August 2023 dividend

Yesterday, Friday 4th August, Vodafone PLC paid out its August 2023 dividend.

https://www.vodafone.com

Final dividend (eurocents per ordinary share) 4.50
FX €:£ 0.85860
Pence per ordinary share 3.86370

https://investors.vodafone.com/individual-shareholders/dividends

The total number of voting rights in Vodafone is 27,063,609,610

https://www.londonstockexchange.com/news-article/VOD/total-voting-rights/16063929

Thus:

27,063,609,610 x £0.0386370 = £1,045,656,684.50157

That is £1.045 Billion paid to shareholders

https://www.londonstockexchange.com/stock/VOD/vodafone-group-plc/company-page

United Utilities August 2023 Dividend.

On Tue 1st Aug, the FTSE100, United Utilities, (Formed from the merger of North West Water and Norweb), pays out its August 2023 dividend.

https://www.unitedutilities.com

30.34p a share

At 31 March 2023, the issued share capital of the company was £499,819,926 divided into 681,888,418 ordinary shares of 5 pence each and 273,956,180 deferred shares of 170 pence each. Details of our share capital and movements in our issued share capital are shown in note 22 to the financial statements on page 258. The ordinary shares represented 71.3 per cent and the deferred shares represented 28.7 per cent
respectively of the shares in issue as at 31 March 2023. All our ordinary shares have the same rights, including the rights to one vote at any of our general meetings, to an equal proportion of any dividends we declare and pay, and to an equal amount of any
surplus assets, which are distributed in the event of a winding-up. Our deferred shares convey no right to income, no right to vote and no appreciable right to participate
in any surplus capital in the event of a winding-up

Thus:-

681,888,418 x £0.3034 = £206,884,946.0212

That is £206 million

https://www.londonstockexchange.com/stock/UU./united-utilities-group-plc/company-page

Courtesy of The London Stock Exchange

The Aurora Investment Trust

The Aurora Investment Trust is a London listed investment trust.

https://www.aurorainvestmenttrust.com/

Holdings above 3%

Frasers Group 20.3% of the fund
Castelnau Group Ltd 15.7% of the fund
Barratt Developments 14.120.3% of the fund
Ryanair 8% of the fund
Netflix 6.8% of the fund
easyJet 6.5% of the fund
Lloyds Banking Group 5% of the fund
RHI Magnesita 4% of the fund
Bellway 3.6% of the fund
AO World 3% of the fund
Others <3% 12.8*
Cash & Cash Equivalents 0.2%

Courtesy of The London Stock Exchange

AURORA INVESTMENT TRUST PLC ARR Stock | London Stock Exchange

The Baillie Gifford China Growth Trust Trust

The Baillie Gifford China Growth Trust Trust aims to produce long term capital growth by investing in an actively managed portfolio of Chinese companies

Its top ten holdings:-

Bytedance Ltd Series E-1 Pref. 6.32%
Tencent Holdings Ltd 6.02%
Alibaba Group Holding Ltd Ordinary Shares 5.87%
Kweichow Moutai Co Ltd Class A 4.77%
Ping An Insurance (Group) Co. of China Ltd Class H 4.43%
Li Ning Co Ltd 3.51%
China Merchants Bank Co Ltd Class H 3.37%
Meituan Class B 3.28%
Zhejiang Sanhua Intelligent Controls Co Ltd Class 2.54%
Proya Cosmetics Co Ltd Class A 2.27%

https://www.londonstockexchange.com/stock/BGCG/baillie-gifford-china-growth-trust-plc/company-page

Courtesy of The London Stock Exchange

The Edinburgh Investment Trust Plc

The Edinburgh Investment Trust Plc is a famous London listed investment trust.

Top Ten holdings are:-

1 Shell PLC – United Kingdom 7.26% of the fund
2 BAE Systems PLC – United Kingdom 5.32% of the fund
3 Unilever PLC – United Kingdom 5.03% of the fund
4 Tesco PLC – United Kingdom 5.02% of the fund
5 AstraZeneca PLC – United Kingdom 4.45% of the fund
6 NatWest Group PLC- United Kingdom 4.32% of the fund
7 Centrica PLC – United Kingdom 3.97% of the fund
8 HSBC Holdings PLC- United Kingdom 3.16% of the fund
9 Ashtead Group PLC- United Kingdom 3.10% of the fund
10 Anglo American PLC- United Kingdom 2.93% of the fund

top 10 holdings make up 44.55% of the total fund.

Managed by Liontrust Fund Partners LLP.

https://www.liontrust.co.uk/

Courtesy of the London Stoc Exchange

https://www.londonstockexchange.com/stock/EDIN/edinburgh-investment-trust-plc/company-page

HM Government Borrowings: June 2023

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. [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 June 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” 6 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

28-Jun-2023 3¾% Treasury Gilt 2038 3,437.4990 Million
27-Jun-2023 0¾% Index-linked Treasury Gilt 2033 3 months 1,690.3500 Million
20-Jun-2023 4½% Treasury Gilt 2028 4,687.4990 Million
13-Jun-2023 3¼% Treasury Gilt 2033 3,500.0000 Million
07-Jun-2023 3½% Treasury Gilt 2025 4,076.1620 Million
06-Jun-2023 3¾% Treasury Gilt 2053 3,112.4990 Million

£3,437.4990 Million + £1,690.3500 Million + £4,687.4990 Million + £3,500.0000 Million + £4,076.1620 Million + £3,112.4990 Million = £20,504.009 Million

£20,504.009 Million = £20.504009 Billion

On another way of looking at it, is in the 30 days in June 2023, HM Government borrowed:- £683.46696666666666666666666666667 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 bonds maturing from 2025 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Severn Trent July Dividend.

A few days ago, Severn Trent PLC paid out its July dividend.

https://www.severntrent.com/

64.09p a share.

https://www.londonstockexchange.com/news-article/SVT/total-voting-rights/16025071

The total number of voting rights in Severn Trent Plc is 252,265,839

Thus:-

252,265,839 x £0.6409 = £161,677,176.2151

That is £161 million paid to shareholders

Courtesy of The London Stock Exchange.

https://www.londonstockexchange.com/stock/SVT/severn-trent-plc/company-page

HSBC Holdings PLC

On Monday 26th June, a few weeks ago, the news broke, that HSBC Holdings PLC, decided to move to a new London HQ.

https://www.hsbc.com

They are relocating to 81 Newgate Street, the former head office of the telecoms giant BT.

https://www.bt.com the premier telecommunications giant, connecting for good.

https://www.theguardian.com/business/2023/jun/26/hsbc-to-move-to-smaller-city-of-london-headquarters-due-to-hybrid-working

Last week, HSBC paid out its June 2023 dividend.

$0.1 = (7.9378p) a share.

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/15979736

The total number of voting rights in HSBC Holdings plc is 19,950,090,268

Thus:

19,950,090,268 x £0.079378 = 1,583,598,265.293304

That is £1.583 Billion paid to shareholders.

https://www.londonstockexchange.com/stock/HSBA/hsbc-holdings-plc/company-page

3i Infrastructure July 2023 dividend

Tomorrow, the UK Infrastructure investor, 3i Infrastructure pays out this July 2023 dividend.

https://www.3i-infrastructure.com

5.575p

https://www.londonstockexchange.com/news-article/3IN/total-voting-rights/15838524

3i Infrastructure plc (the “Company”) had 922,350,000 issued ordinary shares

Thus:-

922,350,000 x £0.05575 = £51,421,012.5

That is £51.421 million paid to shareholders

https://www.londonstockexchange.com/stock/3IN/3i-infrastructure-plc/company-page

Shell June 2023 Dividend.

Last week, Shell PLC paid out to its shareholders its latest quarterly dividend.

https://www.shell.com

$0.2875 = (22.99p)

https://www.londonstockexchange.com/news-article/SHEL/total-voting-rights/15979926

Shell plc’s capital as at May 31, 2023, consists of 6,792,047,866 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury.

Thus:-

6,792,047,866 x £0.2299 = £1,561,491,804.3934

That is £1561 Million = £1.561 Billion paid to shareholders

https://www.londonstockexchange.com/stock/SHEL/shell-plc/company-page

BP June 2023 Dividend.

Last week, BP PLC paid out to its shareholders its latest quarterly dividend.

https://www.bp.com

$0.0661 = (5.3089p)

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15981202

The total number of voting rights in BP p.l.c. is 17,550,941,554

Thus:-

17,550,941,554 x £0.053089 = £931,761,936.160306

That is £931 Million paid to shareholders

https://www.londonstockexchange.com/stock/BP./bp-plc/company-page

Direct Line Group.

One of the UK largest insurance companies, is the Direct Line Group.

https://www.directlinegroup.co.uk/

Its origins are the from the ownership of Direct Line by the Royal Bank of Scotland Group, then spun out from the RBS group after the UK Government bailout in 2008.

Today it is a standalone PLC.

Motor Insurance £1,432.7m in premiums received
Home, Commercial, Rescue and other personal lines – ongoing operations £1,537.1m in premiums received

Total premium income £2,969.8m

What is interesting to see is what Direct Line does with its insurance premiums that it collects, and what investments it holds:-

Courtesy of Direct Line PLC

Debt (credit) assets in total (such as high quality bonds = debt) = £3,247.3 million
Total assets it holds = 4,917.0 million

thus (£3,247.3 million) / (4,917.0 million) = 66% of its assets are in bonds.

Only £13m of its investments are in shares (equities) = 0.26% of its assets are in shares

Investment income £124.0m on its investment portfolio of 4,917.0 million
That is a yield of 2.52%

DIRECT LINE INSURANCE GROUP PLC DLG Stock | London Stock Exchange

Thames Water

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 ?

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
B&MBMERetailers
BAE SystemsBAAerospace & Defence
BarclaysBARCBanks
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
CentricaCNAUtilities
Coca-Cola HBCCCHBeverages
Compass GroupCPGSupport Services
ConvatecCTECHealth Care
CRH plcCRHConstruction & Materials
Croda InternationalCRDAChemicals
DCC plcDCCSupport Services
DiageoDGEBeverages
DS SmithSMDSGeneral Industrials
Endeavour MiningEDVMining
EntainENTTravel & Leisure
ExperianEXPNSupport Services
Flutter EntertainmentFLTRTravel & Leisure
Foreign & Colonial Investment TrustFCITFinancial Services
Frasers GroupFRASRetail
Fresnillo plcFRESMining
GlencoreGLENMining
GSK plcGSKPharmaceuticals & Biotechnology
HaleonHLNPharmaceuticals & Biotechnology
Halma plcHLMAElectronic & Electrical Equipment
Hargreaves LansdownHLFinancial Services
HiscoxHSXInsurance
HSBCHSBABanks
IHG Hotels & ResortsIHGTravel & Leisure
Imperial BrandsIMBTobacco
InformaINFMedia
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
RELXRELMedia
Rentokil InitialRTOSupport Services
RightmoveRMVMedia
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.

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

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
“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

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.

https://www.londonstockexchange.com/news-article/JLEN/first-battery-energy-storage-investment-now-online/15980163

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

https://fundcentres.lgim.com/en/uk/institutional/fund-centre/Unit-Trust/Global-Robotics-and-Automation-Index-Fund/

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.

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

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.

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

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

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

Premier Miton Global Renewables Investment Trust.

The Premier Miton Global Renewables Investment Trust is a collective fund that holds investments in green energy assets

Overview – Premier Miton Global Renewables Trust plc

It holds:-

Greencoat UK Wind 6.7% of the fund
NextEnergy Solar Fund 6.4% of the fund
RWE 6.4% of the fund
Drax Group 6.3% of the fund
Octopus Renewables Infrastructure Trust 5.7% of the fund
Aquila European Renewables Income Fund 5.3% of the fund
Atlantica Sustainable Infrastructure 5.0% of the fund
Iberdrola 4.4% of the fund
Grenergy Renovables 3.7% of the fund
Harmony Energy Income Trust 3.7% of the fund
Clearway Energy A Class 3.7% of the fund
Foresight Solar Fund 3.6% of the fund
SSE 3.5% of the fund
Corporacion Acciona Energias Renovables 3.0% of the fund
Bonheur 3.0% of the fund
National Grid 2.7% of the fund
Gresham House Energy Storage Fund plc 2.5% of the fund
Algonquin Power & Utilities 2.2% of the fund
Northland Power 2.1% of the fund
Enefit Green 1.8% of the fund
Gore Street Energy Storage Fund 1.6% of the fund
China Suntien Green Energy 1.5% of the fund
US Solar Fund 1.3% of the fund
Cloudberry Clean Energy 1.2% of the fund
Greencoat Renewable 1.2% of the fund
7C Solarparken 1.2% of the fund
Eneti 1.1% of the fund
Opdenergy 1.1% of the fund
MPC Energy Solutions 1.0% of the fund
Cadeler 0.9% of the fund
China Everbright Environment 0.9% of the fund
Omega Energia 0.8% of the fund
Solaria Energia y Medio Ambiente 0.5% of the fund
Boralex 0.5% of the fund
Atrato Onsite Energy 0.5% of the fund
Subsea 7 0.4% of the fund
Fusion Fuel Green 0.4% of the fund
SDCL Energy Efficiency Income Trust 0.3% of the fund
Greenvolt Energias Renovaveis 0.3% of the fund
Innergex Renewable 0.3% of the fund
Clearvise 0.2% of the fund
GCP Infrastructure Investments 0.2% of the fund
Fusion Fuel Green Warrants 0.0% of the fund
Cash/Net Current Assets 1.0% of the fund

Total net assets of Premier Miton Global Renewables Trust PLC amounted to £46.9 million. The sector breakdown and geographical allocation were as follows:

Sector Breakdown % of total net assets:-

Yieldcos & funds 38.9% of the fund
Renewable energy developers 29.1% of the fund
Renewable focused utilities 10.1% of the fund
Energy storage 7.8% of the fund
Biomass generation and production 6.3% of the fund
Renewable technology and service 2.3% of the fund
Electricity networks 2.7% of the fund
Waste to energy 0.9% of the fund
Renewable financing and energy efficiency 0.5% of the fund
Liquidation portfolio 0.4% of the fund
Cash/Net Current Assets 1.0% of the fund

Geographical Allocation % of total net assets

United Kingdom 35.1% of the fund
Europe (ex UK) 31.1% of the fund
Global 21.2% of the fund
North America 7.4% of the fund
China 2.3% of the fund
Latin America 1.8% of the fund
Cash/Net Current Assets 1.0% of the fund

https://www.londonstockexchange.com/stock/PMGR/premier-miton-global-renewables-trust-plc/company-page

The Blackrock World Mining Trust.

The Blackrock World Mining Trust, is a London listed investment trust, specialising in mining companies, globally. It was established in 1993.

https://www.blackrock.com/uk/solutions/investment-trusts/our-range/blackrock-world-mining-investment-trust/performance-holdings#holdings-breakdown

The investment company aims to provide a diversified investment in mining and metal assets worldwide, actively managed with the objective of maximising total returns. While the policy is to invest principally in quoted securities, the Company’s investment policy includes investing in royalties derived from the production of metals and minerals as well as physical metals. Up to 10% of gross assets may be held in physical metals and up to 20% may be invested in unquoted investments.

Courtesy of Blackrock
Courtesy of Blackrock
Courtesy of Blackrock
Courtesy of The London Stock Exchange

BLACKROCK WORLD MINING TRUST PLC BRWM Stock | London Stock Exchange

Lloyds Banking Group May 2023 Dividend

Today, the UK banking giant, pays out its May 2023 dividend.

https://www.lloydsbankinggroup.com/

1.6p a share.

https://www.londonstockexchange.com/news-article/LLOY/total-voting-rights/15937648

As at 28 April 2023, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 66,006,787,187

Thus:-

66,006,787,187 x £0.016 = £1,056,108,594.992

£1,056,108,594.992 Million = £1.056 Billion paid to shareholders.

https://www.londonstockexchange.com/stock/LLOY/lloyds-banking-group-plc/company-page

HM UK Government Borrowings: April 2023

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. [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 April 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” 6 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

19-Apr-2023 4 1/8% Treasury Gilt 2027 £4,241.5650 Million
18-Apr-2023 3¾% Treasury Gilt 2053 £2,812.4990 Million
13-Apr-2023 3¼% Treasury Gilt 2033 £4,062.4970 Million
12-Apr-2023 0 1/8% Index-linked Treasury Gilt 2039 3 months £1,124.0240 Million
05-Apr-2023 0½% Treasury Gilt 2029 £4,374.9970 Million
04-Apr-2023 1 1/8% Treasury Gilt 2039 £2,250.0000 Million

£4,241.5650 Million + £2,812.4990 Million + £4,062.4970 Million + £1,124.0240 Million + £4,374.9970 Million + £2,250.0000 Million = £18,865.582 Million

£18,865.5 Million = £18.8655 Billion

On another way of looking at it, is in the 30 days in April 2023, HM Government borrowed:- £628.85273333333333333333333333333 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 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

L&G Optical Technology & Photonics ESG Exclusions UCITS ETF

The L&G Optical Technology & Photonics ESG Exclusions UCITS ETF is a London listed ETF that is investing in Optical & Photonics technology companies

Top 10 constituents 32.4% of the fund
Rest of Index 67.6% of the fund
No. of constituents in Index 36

Top 10 investments:-

Horiba 3.8% of the fund
Aixtron 3.3% of the fund
Stratasys 3.3% of the fund
Topcon 3.2% of the fund
Desktop Metal 3.2% of the fund
IPG Photonics 3.2% of the fund
Nikon 3.1% of the fund
Jenoptik AG 3.1% of the fund
Renishaw 3.1% of the fund
Keyence 3.1% of the fund

Courtesy of Legal and General Investment Management

LEGAL AND GENERAL ASSET MANAGEMENT LAZG Stock | London Stock Exchange

UK government borrowing 2022/23

The UK Government spends more money than it earns from the taxes it collects.
It runs a budget deficit.

That deficit (the difference between tax revenues and government expenditure is £139bn.

https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/bulletins/publicsectorfinances/march2023

This deficit of £139bn equates to 5.5% of gross domestic product (GDP).

The key message is the Public sector net debt (PSND ex) at the end of March 2023 was £2,530.4 billion.

That is 99.6% of GDP.

…..we are in it together…..

The abrdn Private Equity Opportunities Trust plc

The abrdn Private Equity Opportunities Trust plc is a London listed investment trust, providing access to a diversified portfolio of private equity investments to investors.

https://www.abrdnpeot.co.uk/en-gb

This is delivered through the investment objective, which is to achieve long-term total returns through holding a diversified portfolio of private equity funds and co-investments, a majority of which will have a European focus.

Largest 10 Funds (% of net asset value)

3i2020 Co-investment €2.5bn fund 5.1% of net asset value
Advent International Global Private Equity VIII €13.0bn fund 4.5% of net asset value
CVC Capital Partners VII €16.4bn fund 3.8% of net asset value
HgCapital8 €2.5bn fund 3.6% of net asset value
IK Fund VIII €1.9bn fund 3.3% of net asset value
Altor Fund IV €2.1bn fund 3.2% of net asset value
Structured Solutions IV Primary Holdings €125mn fund 3.2% of net asset value
Nordic Capital Fund IX €4.3bn fund 3.1% of net asset value
Exponent Private Equity Partners III, LP.£1.0bn fund 3.0% of net asset value
TowerBrook Investors IV $3.6bn fund 2.8% of net asset value

Total 37.5 % of net asset value

Courtesy of The London Stock Exchange

Net assets £1,146.8 million
Net Asset Value 745.9p per ordinary share
Yield 3.0%
Market cap £731.8 million
Share price 476.0p
Distributions £1.5 million
Drawdowns £10.8 million
Discount to Net Asset Value (36.2)%

ABRDN PRIVATE EQUITY OPPORTUNITIES TRUST PLC APEO Stock | London Stock Exchange

Investment in “The The @ Heartland”

Beneath the old iron bridges, across the Victorian parks
And all the frightened people running home before dark
Past the Saturday morning cinema that lies crumbling to the ground
And the piss stinking shopping center in the new side of town
I’ve come to smell the seasons change and watch the city
As the sun goes down againHere comes another winter of long shadows and high hopes
Here comes another winter waitin’ for utopia
Waitin’ for hell to freeze overThis is the land where nothing changes
The land of red buses and blue blooded babies
This is the place, where pensioners are raped
And the hearts are being cut from the welfare state
Let the poor drink the milk while the rich eat the honey
Let the bums count their blessings while they count the moneySo many people can’t express what’s on their minds
Nobody knows them and nobody ever will
Until their backs are broken and their dreams are stolen
And they can’t get what they want then they’re gonna get angryWell it ain’t written in the papers, but it’s written on the walls
The way this country is divided to fall
So the cranes are moving on the skyline
Trying to knock down this townBut the stains on the heartland, can never be removed
From this country that’s sick, sad, and confusedHere comes another winter of long shadows and high hopes
Here comes another winter waitin’ for utopia
Waitin’ for hell to freeze overThe ammunition’s being passed and the lords been praised
But the wars on the televisions will never be explained
All the bankers gettin’ sweaty beneath their white collars
As the pound in our pocket turns into a dollar

This is the 51st state of the U.S.A.
This is the 51st state of the U.S.A.
This is the 51st state of the U.S.A.

Gresham House Energy Storage Fund PLC

The Gresham House Energy Storage Fund PLC is a London listed investment company, building Battery Energy Storage Systems.

The company seeks to provide investors with an attractive and sustainable dividend over the long term by investing in a diversified portfolio of utility scale operational energy storage systems, which utilise batteries and may also utilise generators, located in Great Britain, Northern Ireland, and the Republic of Ireland

https://www.londonstockexchange.com/stock/GRID/gresham-house-energy-storage-fund-plc/company-page

Courtesy of The London Stock Exchange

Natwest Group: May 2023 dividend

Yesterday, NatWest Group (formerly The Royal Bank of Scotland), paid out its May 2023 dividend.

https://www.natwestgroup.com/

10p a share.

https://www.londonstockexchange.com/news-article/NWG/total-voting-rights-and-capital/15900743

Thus, the total number of shares in The Natwest Group is 9,593,494,746

9,593,494,746 x £0.10 = £959,349,474.6 = £959.3494746 Million

£959.3494746 Million = £0.9593494746 Billion

https://www.londonstockexchange.com/stock/NWG/natwest-group-plc/company-page

Courtesy of The London Stock Exchange

HSBC April 2023 Dividend

Today, the Hong Kong and Shanghai Banking Corporation pays out its April 2023 dividend

https://www.hsbc.com

US$0.23 per ordinary share = £0.185392 per share

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/15900912

the total number of voting rights in HSBC Holdings plc is 19,978,763,972

Thus

19,978,763,972 x £0.185392 = £3,703,903,010.297024

£3,703,903,010.297024 = £3,703 Million = £3.703903010297024 Billion, paid to shareholders.

https://www.londonstockexchange.com/stock/HSBA/hsbc-holdings-plc/company-page

Courtesy of The London Stock Exchange

The ascent of Astra Zeneca

The graph shows the share price ascent of Astra Zeneca plc

https://www.astrazeneca.com

Courtesy of The London Stock Exchange

The market capitalisation is now huge:-

https://www.londonstockexchange.com/news-article/AZN/total-voting-rights/15903213

Thus with the shares at about £121 a share, and the total number of voting rights in AstraZeneca PLC is 1,549,847,275:-

1,549,847,275 x £121 = £187,531,520,275

£187 Billion

https://www.londonstockexchange.com/stock/AZN/astrazeneca-plc/company-page

BCOG: L&G All Commodities UCITS ETF

The L&G All Commodities UCITS ETF aims to track the performance of the Bloomberg Commodity Index Total Return Index

Courtesy of The London Stock Exchange.

TOP 10 CONSTITUENTS (%)

Gold 14.7% of the fund
WTI Crude Oil 8.2% of the fund
Brent Crude 7.8% of the fund
Natural Gas 6.8% of the fund
Soybeans 5.8% of the fund
Copper (COMEX) 5.5% of the fund
Corn 5.4% of the fund
Aluminum 4.3% of the fund
Silver 4.1% of the fund
Live Cattle 3.5% of the fund

Top 10 constituents 66.1%
Rest of Index 33.9%
No. of constituents in Index 24

https://www.londonstockexchange.com/stock/BCOG/legal-and-general-asset-management/company-page

Rio Tinto: Dividend April 2023

The mining giant, Rio Tinto, tomorrow pays out its April 2023 dividend.

https:/www.riotinto.com

185.35p a share.

Courtesy of The London Stock Exchange

https://www.londonstockexchange.com/news-article/RIO/total-voting-rights/15903215

the total number of voting rights in Rio Tinto plc is 1,250,832,245

Thus:

1,250,832,245 x £1.8535 = £2,318,417,566.1075

That is 2.3184175661075 Billion, paid to shareholders.

https://www.londonstockexchange.com/stock/RIO/rio-tinto-plc/company-page

Assets of the Brunner Investment Trust.

The Brunner Investment Trust, is a very old London listed investment trust. The Brunner Investment Trust PLC was formed from the Brunner family’s
interest in the sale of Brunner Mond & Co, the largest of the four companies which came to form Imperial Chemical Industries (ICI) in 1926. Today, Brunner shares are available for everyone to buy and are widely held by both private and institutional investors. It was ICI that spun off its Pharmaceuticals business, which was Zeneca plc, which is now AstraZeneca PLC.

Courtesy of Allianz Global Investors.

https://www.brunner.co.uk/

Total Assets £527.1m
Shares in Issue 42,692,727
Market Cap £453.6m

Top Twenty Holdings (%)

Microsoft 5.3% of the fund
UnitedHealth Group 4.2% of the fund
Visa – A Shares 3.7% of the fund
Muenchener Rueckver 3.4% of the fund
Shell 2.8% of the fund
Microchip Technology 2.6% of the fund
Schneider Electric 2.5% of the fund
Novo Nordisk 2.4% of the fund
TotalEnergies 2.3% of the fund
Taiwan Semiconductor 2.3% of the fund
AMETEK 2.2% of the fund
Roche 2.2% of the fund
YumChina 2.1% of the fund
Unilever 2.1% of the fund
Partners Group 2.0% of the fund
AIA Group 2.0% of the fund
Itochu 2.0% of the fund
Gallagher 2.0% of the fund
Assa Abloy 1.9% of the fund
DNB Bank 1.9% of the fund

Total number of holdings 61

https://www.londonstockexchange.com/stock/BUT/brunner-investment-trust-plc/company-page

BLACKROCK ENERGY AND RESOURCES INCOME TRUST PLC (BERI)

The Blackrock Energy & Energy Income Trust plc, is a London listed investment trust that aims to achieve an annual dividend target and, over the long term, capital growth by investing primarily in securities of companies operating in the mining and energy sectors

Courtesy of the London Stock Exchange

Top Ten Holdings:-

Glencore plc Ord USD0.01 7.71% of the fund
BHP Group Ltd NPV (DI) 4.45% of the fund
Teck Resources Ltd Class B 3.86% of the fund
Vale SA ADR 3.46% of the fund
Shell plc Ordinary EUR0.07 3.44% of the fund
BP Plc Ordinary US$0.25 3.09% of the fund
ConocoPhillips 2.86% of the fund
NextEra Energy Inc 2.66% of the fund
Canadian Natural Resources Ltd 2.64% of the fund
Samsung SDI Co Ltd 2.62% of the fund

https://www.londonstockexchange.com/stock/BERI/blackrock-energy-and-resources-income-trust-plc/company-page

GlaxoSmithKline PLC: April Dividend

Today, the UK Pharmaceutical’s giant, GlaxoSmithKline plays out its April dividend.

https://ww.gsk.com

13.75p a share.

https://www.londonstockexchange.com/news-article/GSK/total-voting-rights/15903211

The total number of voting rights in the Company is 4,094,947,467

Thus:-

4,094,947,467 x £0.1375 = £563,055,276.7125

£563 million paid to shareholders.

https://www.londonstockexchange.com/stock/GSK/gsk-plc/company-page

Courtesy of GlaxoSmithKline PLC

INRG: ISHARES II PLC GLOBAL CLEAN ENERGY UCITS ETF (DIST) (INRG)

Courtesy of The London Stock Exchange

Top Ten Holdings:-

NEXTERA ENERGY INC 5.95%
UNION PACIFIC CORPORATION 5.04%
American Tower Corporation American Tower Corp Ord USD0.01 4.16%
ENBRIDGE 3.33%
DUKE ENERGY CORPORATION 3.16%
SOUTHERN COMPANY (THE) 2.95%
CANADIAN PACIFIC RAILWAY LTD 2.93%
CANADIAN NATIONAL RAILWAY COMPANY 2.88%
CSX CORPORATION 2.61%
Crown Castle International Corporation Crown Castle USD0.01 2.56%

https://www.londonstockexchange.com/stock/INRG/ishares/company-page

The L&G Artificial Intelligence UCITS ETF

The L&G Artificial Intelligence UCITS ETF (the “ETF”) aims to track the performance of the ROBO Global® Artificial Intelligence Index TR (the “Index”).

Courtesy of The London Stock Exchange

https://fundcentres.lgim.com/en/uk/adviser-wealth/fund-centre/ETF/Artificial-Intelligence/

Top 10% constituents of the fund:-

Alteryx 2.4% of the fund
Rapid7 2.2% of the fund
Nvidia 2.2% of the fund
Global Unichip Corp 2.1% of the fund
Twilio 2.0% of the fund
Atlassian 1.9% of the fund
Splunk 1.9% of the fund
Samsara 1.9% of the fund
Cloudflare A 1.9% of the fund
MercadoLibre 1.9% of the fund

Top 10 constituents 20.4%
Rest of Index 79.6%
No. of constituents in Index 68

https://www.londonstockexchange.com/stock/AIAG/legal-and-general-asset-management

HM UK Government Borrowings: March 2023

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. [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 March 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” 7 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

22-Mar-2023 4 1/8% Treasury Gilt 2027 £3,500.0000 Million
21-Mar-2023 3¾% Treasury Gilt 2053 £2,464.9990 Million
14-Mar-2023 3¼% Treasury Gilt 2033 £3,749.9990 Million
08-Mar-2023 0½% Treasury Gilt 2061 £2,500.0000 Million
07-Mar-2023 3½% Treasury Gilt 2025 £4,500.0000 Million
02-Mar-2023 0 1/8% Index-linked Treasury Gilt 2051 3 months £736.8250 Million
01-Mar-2023 3¾% Treasury Gilt 2038 £3,124.9990 Million

£3,500.0000 Million + £2,464.9990 Million + £3,749.9990 Million + £2,500.0000 Million + £4,500.0000 Million + £736.8250 Million + £3,124.9990 Million = £20.576,822 Million

£20,576.822 Million = £20.576,822 Billion

On another way of looking at it, is in the 31 days in March 2023, HM Government borrowed:- £663.76845161290322580645161290323 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 bonds maturing from 2027 to 2061. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

2022-23 ISA Selection

https://www.fidelity.co.uk/factsheet-data/factsheet/IE00B9KNR336-ssga-spdr-etfs-europe-i-plc/key-statistics

Courtesy of Fidelity

https://www.fidelity.co.uk/factsheet-data/factsheet/IE00B6YX5D40-ssga-spdr-etfs-europe-i-plc/key-statistics

Courtesy of Fidelity
Courtesy of Fidelity

https://www.fidelity.co.uk/factsheet-data/factsheet/GB0003466074-fc-investment-trust-plc/key-statistics

Courtesy of Fidelity

BP PLC: March 2023 Quarterly Dividend.

Today, BP PLC, the UK Oil Major pays out this March 2023 dividend.

https://www.bp.com

$0.0661 = 5.5507p a share

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15857972

The total number of voting rights in BP p.l.c. is 17,991,766,214

Thus:-

17,991,766,214 x £0.055507 = £998,668,967.240498

£998million paid to shareholders.

https://www.londonstockexchange.com/stock/BP./bp-plc/company-page

Courtesy of the London Stock Exchange

The Harmony Energy Income Trust

The Harmony Energy Income Trust is a London listed investment trust.

Managed by Harmony Energy.

Interesting to see who its largest shareholders are.

Courtesy of Harmony Energy

Today, it pays out its March dividend of 2p a share.

The Company holds no shares in treasury and the total voting rights in the Company are 227,128,295.

https://www.londonstockexchange.com/news-article/HEIT/total-voting-rights/15818536

Thus:-

227,128,295 x £0.02 = £4,542,565.9

That is £4.545 Million paid to shareholders.

https://www.londonstockexchange.com/stock/HEIT/harmony-energy-income-trust-plc/company-page

Shell PLC: March 2023 dividend

Today, Shell PLC (Royal Dutch Shell) pays out its March 2023 quarterly dividend.

https://www.shell.com

$0.2875 (24.11p) a share

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/15818538

Shell plc’s capital as at January 31, 2023, consists of 6,970,489,092 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury.

Thus:-

6,970,489,092 x £0.2411 = £1,680,584,920.0812

That is £1.680 Billion paid to shareholders in Shell PLC

https://www.londonstockexchange.com/stock/SHEL/shell-plc/company-page

JLEN Environmental Assets Group

Tomorrow, JLEN plc (JLEN Environmental Assets Group) pays out its quarterly dividend.

1.78p a share.

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.

https://www.londonstockexchange.com/news-article/JLEN/total-voting-rights/15346670

Company has 661,531,229 Ordinary Shares in issue

Thus:-

661,531,229 x £0.0178 = 11,775,255.8762

That is £11.775 million paid to shareholders.

https://www.londonstockexchange.com/stock/JLEN/jlen-environmental-assets-group-limited/company-page

Courtesy of Morninstar

The Ashoka Equity Investment Trust PLC

The Ashoka Equity Investment Trust PLC is a London listed investment trust, focussed on the Indian equity market.

Courtesy of the London Stock Exchange

The investment strategy is to achieve long-term capital appreciation, mainly through investment in securities listed in India and listed securities of companies with a significant presence in India

Courtesy of Whiteoak Securities.

Total net assets: £209.93 million.

Investment Manager: Acorn Asset Management Ltd

Investment Advisor: White Oak Capital Partners Pte. Ltd. (Singapore)

HM UK Government Borrowings: Feb 2023

HM UK Government Borrowings: Feb 2023

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. [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 Feb 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” 6 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

22-Feb-2023 1½% Green Gilt 2053 2,000.0000
21-Feb-2023 0½% Treasury Gilt 2029 3,500.0000
14-Feb-2023 3¼% Treasury Gilt 2033 3,000.0000
08-Feb-2023 1 1/8% Treasury Gilt 2039 2,000.0000
07-Feb-2023 4 1/8% Treasury Gilt 2027 3,500.0000
01-Feb-2023 0 7/8% Green Gilt 2033 3,000.0000

£2,000.0000 Million + £3,500.0000 Million + £3,000.0000 Million + £2,000.0000 Million + £3,500.0000 Million + £3,000.0000 Million = £17,000 Million

£17,000 Million = £17.000 Billion

On another way of looking at it, is in the 28 days in Feb 2023, HM Government borrowed:- £607.14285714285714285714285714286 Million each day for the 28 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 2029 to 2053. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Investment: Even Better Than The Real Thing

Today U2 release The Songs of Surrender.

U2 > News > New Collector’s Edition Vinyl & Cassette

This release is an investment, its value is Even Better Than The Real Thing:-

(171) U2 – Even Better Than The Real Thing (Official Music Video) – YouTube

Give me one more chance
And you’ll be satisfied
Give me two more chances
You won’t be denied
Well, my heart is where it’s always been
My head is somewhere in between
Give me one more chance
Let me be your lover tonight
You’re the real thing
Yeah, the real thing
You’re the real thing
Even better than the real thing, yeah
Give me one last chance
And I’m gonna make you sing
Give me half a chance
To ride on the waves that you bring
You’re honey, child, to a swarm of bees
Gonna blow right through you like a breeze
Give me one last dance
We’ll slide down the surface of things
You’re the real thing
Yeah, the real thing
You’re the real thing
Even better than the real thing, child
We’re free to fly the crimson sky
The sun won’t melt our wings tonight
Oh now
Oh, yeah
Here she comes
Take me higher
Take me higher
You take me higher
You take me higher
You’re the real thing
Yeah, you’re the real thing
You’re the real thing
Even better than the real thing
Even better than the real thing
Even better than the real thing

U2 > Discography > Albums > Songs Of Surrender

US Federal Reserve Balance Sheet

Federal Reserve Board – Recent balance sheet trends

Courtesy of the US Federal Reserve

The graph above, shows the end of Quantitive Easing. The US Central Bank is unwinding its position from buying US-Treasuries, (T-Bonds issued by the US Treasury) and selling them to Bond Investors (Fixed Income buyers), such as pension funds and insurance companies. The current assets on the balance sheet are valued at “only” $8.342 Trillion dollar$.

Impact of the collapse and rescue of Silicon Valley Bank. The US Federal Reserve buying the US Treasury Bonds at 100cents on the $1

Global stock markets are under pressure with the collapse and rescue of Silicon Valley Bank.

Silicon Valley Bank: Shares fall as fears persist about failed US bank – BBC News

What is interesting, is to see the response from the US Federal Reserve. One thing for sure, is that Silicon Valley Bank, had a huge portolio of US T-Bonds (US Treasuries), and with rising interest rates, the value of these bonds has fallen in value, giving problems to bank, and is exactly what the UK saw with the disastrous mini-budget of Liz Truss and Kwasi Kwateng, that had a huge detrimental effect to UK pension funds, that owned UK Government Bonds (Gilts)

With rising interest rates, a bond that were historically issued paying an interest rate (coupon) of say 0.75%, was worth $100 at issue, could be worth $77 on the open market, when newer bonds issued are paying say 1.9%. So with this drop of 23% ($100 – $77 = $23 loss), the US Federal Reserve is offering to buy that bond trading at $77 for “par” = $100. The Fed is effectively buying the bonds at the issue value = face value. The lender of last resort is the buyer of last resort = The US Fed.

So not a tax payer bailout, but a rescue from the US Federal Reserve, who effectively is using its balance sheet to buy these assets trading at “inflated prices” using its mighty balance sheet (A balance sheet of over $8 Trillion) to theoretically buying an asset that trades today at $77 for $100. “In Fed…We Trust” The Fed’s actions have been very decisive, to ensure smooth market functioning and stability in the financial markets.

Federal Reserve Board – Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors

Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors :

“To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.

The Federal Reserve is prepared to address any liquidity pressures that may arise.

The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress.

With approval of the Treasury Secretary, the Department of the Treasury will make available up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP. The Federal Reserve does not anticipate that it will be necessary to draw on these backstop funds.

After receiving a recommendation from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, Treasury Secretary Yellen, after consultation with the President, approved actions to enable the FDIC to complete its resolutions of Silicon Valley Bank and Signature Bank in a manner that fully protects all depositors, both insured and uninsured. These actions will reduce stress across the financial system, support financial stability and minimize any impact on businesses, households, taxpayers, and the broader economy.

The Board is carefully monitoring developments in financial markets. The capital and liquidity positions of the U.S. banking system are strong and the U.S. financial system is resilient.

Depository institutions may obtain liquidity against a wide range of collateral through the discount window, which remains open and available. In addition, the discount window will apply the same margins used for the securities eligible for the BTFP, further increasing lendable value at the window.

The Board is closely monitoring conditions across the financial system and is prepared to use its full range of tools to support households and businesses, and will take additional steps as appropriate.”

SDCL Energy Efficiency Income Trust PLC

The SDCL Energy Efficiency Income Trust PLC

The SDCL Energy Efficiency Income Trust PLC is a London listed investment trust, investing in and dedicated to investments in energy efficiency projects.

Energy efficiency involves the delivery of cheaper, cleaner and more reliable energy solutions at the point of use, reducing or eliminating reliance on the grid or subsidies. This can be achieved for commercial, industrial and public buildings through on-site energy generation, such as combined heat and power units and roof-top solar installations, or through energy demand reduction measures, such as efficient lighting, heating and cooling solutions and also through effective use of energy storage solutions. A substantial and rapidly growing marketplace has emerged for energy efficiency solutions, providing SEEIT with an attractive growth sector in which to invest.

M&G Investments hold 11% of the stock.

https://www.londonstockexchange.com/news-article/SEIT/holding-s-in-company/15851806

A yield of……

https://www.londonstockexchange.com/stock/SEIT/sdcl-energy-efficiency-income-trust-plc/fundamentals

4.91%

https://www.londonstockexchange.com/stock/SEIT/sdcl-energy-efficiency-income-trust-plc/company-page

The BMO Global Smaller Companies Trust PLC

The investment strategy of the BMO Global Smaller Companies Trust PLC is to secure a high total return by investing in smaller companies world.

https://www.columbiathreadneedle.co.uk/the-global-smaller-companies-trust-plc/

It is one of the largest specialist global smaller companies investment trusts. Greater inherent growth potential in smaller companies. Strong
dedicated small company investment team. The dividend has risen in each of the last 52 years.

Top 10 holdings (%) % of net assets Sector


Eastspring Investments Japan Smaller Companies Fund 4.0% of the fund Collective investments
Aberdeen Standard SICAV I Japanese Smaller Companies Sustainable Equity Fund 3.2% of the fund Collective investments
Pinebridge Asia ex Japan Small Cap Fund 3.0% of the fund Collective investments
The Scottish Oriental Smaller Companies Trust 3.0% of the fund Collective investments
Utilico Emerging Markets Trust 2.1% of the fund Collective investments
Schroder ISF Global Emerging Markets Smaller Companies Fund 2.1% of the fund Collective investments
Eagle Materials 1.8% of the fund Industrials
LKQ 1.7% of the fund Consumer Discretion
The Ensign Group 1.4% of the fund Healthcare
Kirby 1.4% of the fund Industrials

https://www.londonstockexchange.com/stock/GSCT/the-global-smaller-companies-trust-plc/company-page

The abrdn China Investment Company

The abrdn China Investment Company is a London listed investment trust. Its investment objective To produce long-term capital growth by investing predominantly in Chinese equities.

Top 20 holdings.

Tencent Holdings 7.0% of the fund
Kweichow Moutai 4.9% of the fund
Meituan 4.2% of the fund
China Merchants Bank 3.9% of the fund
Alibaba Group Holding 3.5% of the fund
Contemporary Amperex Technology 3.2% of the fund
Bank of Ningbo 3.1% of the fund
JD.com 3.0% of the fund
China Tourism Group Duty Free 2.7% of the fund
AIA Group 2.6% of the fund
Ping An Bank 2.6% of the fund
Glodon 2.2% of the fund
Proya Cosmetics 2.2% of the fund
Wanhua Chemical 2.2% of the fund
Longi Green Energy Technology 2.0% of the fund
Shenzhen Mindray Bio-Medical 2.0% of the fund
Sungrow Power Supply 1.9% of the fund
Nari Technology 1.7% of the fund
Yunnan Energy New Material 1.7% of the fund

Cash 3.8% of the fund
Total 60.3 % of the fund

Total number of investments 57

https://www.londonstockexchange.com/stock/ACIC/abrdn-china-investment-company-limited/analysis

BP and Shell’s profits

A graph paints a clear picture.

Courtesy of the BBC

Their is a lot of media speculation about the huge profits of the energy companies. The talk is about making extra taxes on their huge profits, such as windfall taxes.

However, when the oil companies make huge losses, their is never talk about a Government cash injection or bailout.

https://www.bbc.co.uk/news/business-55931523

https://www.theguardian.com/business/2021/feb/02/bp-loss-covid-19-oil-demand

https://www.bbc.co.uk/news/business-55907863

Greencoat UK Wind: Feb 2023 Dividend

The FTSE-250 company, Greencoat UK Wind plc, tomorrow pays out its Feb 2023 dividend, 24th Feb.

1.93p a share.

https://www.greencoat-ukwind.com/disclaimer-country

Thotal voting rights figure will be 2,318,089,989

https://www.londonstockexchange.com/news-article/UKW/total-voting-rights/15738596

Thus:-

2,318,089,989 x £0.019 = £44,739,136.7877

£44.7 Million

https://www.londonstockexchange.com/stock/UKW/greencoat-uk-wind-plc/company-page

Courtesy of The London Stock Exchange

M&G Credit Income Investment Trust

The M&G Credit Income Investment Trust is London listed trust, that is an income bearing investment instrument

https://www.mandg.com/investments/private-investor/en-gb/investing-with-mandg/investment-options/mandg-credit-income-investment-trust

The Company aims to generate a regular and attractive level of income with low asset
value volatility by investing in a diversified portfolio of public and private debt and debtlike instruments (‘Debt Instruments’), of which at least 70% will be investment grade.

Market capitalisation £131.71m
Number of holdings 142
Quarterly dividend dates Quarterly: Feb, May, Aug and Nov

Top 20 holdings (%)

M&G European Loan Fund (Prvt) 11.65% of the fund
Project Mercury Term Loan (Prvt) 1.77% of the fund
Delamare Finance 1.3066% 19 Feb 2029 1.60% of the fund
Hall & Woodhouse Var. Rate 30 Dec 2023 (Prvt) 1.56% of the fund
RIN II LTD (A) A 144A 1.46% of the fund
PE Fund Finance III Var. Rate 16 Dec 2022 (Prvt) 1.44% of the fund
BSAM 1 1 RegS 1.40% of the fund
Project Hammond (Prvt) 1.34% of the fund
ATLAS 2020 1 Trust AUD Note A2 (Prvt) 1.31% of the fund
Regenter Myatt Field North GBP Term Loan (Prvt) 1.25% of the fund
Signet GBP Stretch Term Loan (Prvt) 1.24% of the fund
Luminis Ltd Mezz Var.Rate 23 Sep 2025 (Prvt) 1.20% of the fund
STCHB 7 A (Prvt) 1.19% of the fund
GONGG 1 (A) A RegS 1.18% of the fund
CBNA T12 Mezz (Prvt) 1.17% of the fund
DRAGN 1 C RegS 1.16% of the fund
Finance For Residential Social FRSH 1 1 A2 RegS 1.16% of the fund
ICSL 1 B RegS 1.09% of the fund
Harmoney B Term Loan (Prvt) 1.03% of the fund
Zurich Finance 5.125% 23/11/52 0.99% of the fund

HM UK Government Borrowings: Jan 2023

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. [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 January 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” 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

19-Jan-2023 0 1/8% Index-linked Treasury Gilt 2031 3 months 1,195.9250
17-Jan-2023 3½% Treasury Gilt 2025 4,440.7500
10-Jan-2023 3¼% Treasury Gilt 2033 3,702.5000

£1,195.9250 Million + £4,440.7500 Million + £3,702.5000 Million = £9,339.175 Million

£9,339.175 Million = £9.339175 Billion

On another way of looking at it, is in the 31 days in January 2023, HM Government borrowed:- £301.26370967741935483870967741935 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 bonds maturing from 2025 to 2033. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Troy Income & Growth Trust

The Troy Income & Growth Trustinvest is a London listed investment trust. Its investment objective of the Troy Income & Growth Trust plc, is to provide shareholders with an attractive income yield and the prospect of income and capital growth through investing in a portfolio of predominantly UK equities

Top Ten Holdings are:-

Unilever 7.9% of the fund
Diageo 7.5% of the fund
RELX 7.2% of the fund
Reckitt Benckiser 5.7% of the fund
Experian 4.3% of the fund
GSK 4.3% of the fund
Compass 4.2% of the fund
AstraZeneca 3.9% of the fund
Croda International 3.3% of the fund
Paychex 3.2% of the fund
Total Top 10 51.7% of the fund
29 other holdings 47.4% of the fund
Cash 0.9% of the fund
TOTAL 100.0%

https://www.londonstockexchange.com/stock/TIGT/troy-income-growth-trust-plc/company-page

The Foreign & Colonial Investment Trust

The Foreign & Colonial Investment Trust, is a huge London listed investment trust.

Courtesy of the London Stock Exchange

Twenty Largest Listed Equity Holdings

Microsoft 2.1% of the fund
UnitedHealth 2.0% of the fund
Apple 1.8% of the fund
Elevance Health 1.3% of the fund
Alphabet 1.3% of the fund
Amazon 1.1% of the fund
Broadcom 1.0% of the fund
VICI Properties 0.9
Merck & Co 0.9% of the fund
Hess 0.8% of the fund
Philips 66 0.8% of the fund
Dollar General 0.8% of the fund
Air Products & Chemicals 0.8% of the fund
American International 0.8% of the fund
Mastercard 0.7% of the fund
Taiwan Semiconductor Manufacturing Company 0.7% of the fund
Las Vegas Sands 0.7% of the fund
Wells Fargo 0.7% of the fund
AstraZeneca 0.7% of the fund
Comcast 0.7% of the fund

Total 20.6% of the fund

Asset Allocation:-

UK Equity 9.8% of the fund
Europe ex UK Equity 11.6% of the fund
North America Equity 55.5% of the fund
Japan Equity 6.9% of the fund
Pacific ex Japan Equity 2.6% of the fund
Emerging Markets Equity 7.8% of the fund
Liquidity 5.8% of the fund

Total 100.0% of the fund

F&C INVESTMENT TRUST PLC FCIT Stock | London Stock Exchange

BT Group Feb 2023 Dividend

British Telecommunications PLC, the UK’s premier telecommunications group, home to BT Business, Plusnet, EE to name just 3 companies of the BT Group, pays out tomorrow, its Feb 2023 dividend.

https://www.bt.com

2.31p a share.

https://www.londonstockexchange.com/news-article/BT.A/total-voting-rights/15777996

The total number of voting rights in BT Group plc on that date was 9,930,851,048 on the 30th Dec 2022.

Thus:-

9,930,851,048 x £0.0231 = £229,402,659.2088

£229 Million paid to shareholders

https://www.londonstockexchange.com/stock/BT.A/bt-group-plc/company-page

Vodafone Feb 2023 Dividend.

Today, Vodafone PLC pays out its Feb 2023 dividend.

https://www.vodafone.com

€0.045 = 3.959190p = £0.03959190 a share.

https://investors.vodafone.com/individual-shareholders/dividends

The total number of voting rights in Vodafone is 27,319,088,705

https://www.londonstockexchange.com/news-article/VOD/total-voting-rights/15778969

Thus:-

27,319,088,705 x £0.03959190= £1,081,614,628.0994895

That is £1,081 Million paid out to shareholders = £1.081 Billion

https://www.londonstockexchange.com/stock/VOD/vodafone-group-plc/company-page

HM Government Borrowings: December 2022

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. [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 December 2022, 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:-

20-Dec-2022 0¼% Treasury Gilt 2025 £3,619.2500 Million
13-Dec-2022 1% Treasury Gilt 2032 £3,749.9990 Million
07-Dec-2022 0 1/8% Index-linked Treasury Gilt 2031 3 months £744.6500 Million
06-Dec-2022 4 1/8% Treasury Gilt 2027 £4,062.4980 Million
06-Dec-2022 1 1/8% Treasury Gilt 2039 £2,812.5000 Million
01-Dec-2022 1¼% Treasury Gilt 2051 £2,812.4990 Million

£3,619.2500 Million + £3,749.9990 Million + £744.6500 Million + £4,062.4980 Million + £2,812.5000 Million + £2,812.4990 Million = £17,801.396 Million.

£17,801.396 Million = £17.801396 Billion

On another way of looking at it, is in the 31 days in December 2022, HM Government borrowed:- £574.23858064516129032258064516129 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 bonds maturing from 2025 to 2051. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

The abrdn Equity Income Trust

The abrdn Equity Income Trust is a London listed investment trust.

https://www.abrdnequityincome.com/en-gb

Twenty largest equity holdings (%)

BP 5.5% of the fund
Shell 4.6% of the fund
Thungela 4.0% of the fund
Glencore 3.8% of the fund
Imperial Brands 3.2% of the fund
Diversified 3.1% of the fund
SSE 3.0% of the fund
Natwest 2.9% of the fund
National Grid 2.8% of the fund
Barclays 2.8% of the fund
British American Tobacco 2.7% of the fund
Close Brothers 2.6% of the fund
CMC 2.5% of the fund
Anglo American 2.2% of the fund
BHP 2.1% of the fund
OSB 2.1% of the fund
Chesnara 2.0% of the fund
Mondi 1.9% of the fund
Legal & General 1.9% of the fund
Playtech 1.8% of the fund
Total 57.5% of the fund

Total number of investments 64

https://www.londonstockexchange.com/stock/AEI/abrdn-equity-income-trust-plc/company-page

Severn Trent PLC

On the 11th Jan, a few weeks ago, Severn Trent PLC paid out its Jan 2023 dividend.

https://www.severntrent.com/

42.73p a share

https://www.londonstockexchange.com/news-article/SVT/total-voting-rights/15780464

The total number of voting rights in Severn Trent Plc is 251,554,009

Thus:-

251,554,009 x £0.4273 = £107,489,028.0457

That is £107m paid out to shareholders.

https://www.londonstockexchange.com/stock/SVT/severn-trent-plc/company-page

Courtesy of The London Stock Exchange

3i Infrastructure January dividend

Yesterday, the FTSE-250 infrastructure giant, 3i Infrastructure paid out its Jan dividend.

https://www.3i-infrastructure.com/

5.575p a share.

The Company’s issued share capital as at 8.00 a.m. on 15 March 2018 consisted of 810,434,010 ordinary shares with voting rights.

Thus:-

810,434,010 x £0.05575 = £45,181,696.0575

That is £45million paid to shareholders.

https://www.londonstockexchange.com/stock/3IN/3i-infrastructure-plc/company-page

Courtesy of The London Stock Exchange

National Grid dividend

Today, the UK electricity infrastructure giant, pays out its Jan 2023 dividend

https://www.nationalgrid.com/

17.84p a share.

https://otp.tools.investis.com/clients/uk/national_grid2/rns/regulatory-story.aspx?cid=374&newsid=1656456

National Grid’s registered capital as of 31 December 2022 consisted of 3,914,359,015 ordinary shares, of which, 254,041,798 were held as treasury shares; leaving a balance of 3,660,317,217 shares with voting rights

Thus:-

3,660,317,217 x £0.1784 = 653,000,591.5128

That is £653 million paid to shareholders

https://www.londonstockexchange.com/stock/NG./national-grid-plc/company-page

Courtesy of The London Stock Exchange

John Laing Environmental Assets Group Quarterly dividend

03Last week, on Friday 30th December, John Laing Environmental Assets Group, paid out its December quarterly dividend.

1.79p a share.

the total voting rights figure of 661,531,229.

https://www.londonstockexchange.com/news-article/JLEN/total-voting-rights/15346670

Thus:-

661,531,229 x £0.0179 = £11,841,408.9991

That is £11 million paid to shareholders

https://www.londonstockexchange.com/stock/JLEN/jlen-environmental-assets-group-limited/company-page

Renewables Infrastructure Group Quarterly dividend

A few days ago, on Friday 30th December, Renewables Infrastructure Group, paid out its December quarterly dividend.

TRIG plc is now a FTSE-250 company

1.71p a share.

The total issued share capital with voting rights is 2,482,824,562.

https://www.londonstockexchange.com/news-article/TRIG/total-voting-rights/15653185

Thus:-

2,482,824,562 x £0.0171 = £42,456,300.0102

That is £42million paid to shareholders

https://www.londonstockexchange.com/stock/TRIG/the-renewables-infrastructure-group-limited/company-page

New Years Day

Yeah
All is quiet on New Year’s Day
A world in white gets underway
I want to be with you
Be with you, night and day
Nothing changes on New Year’s Day
On New Year’s Day
I will be with you again
I will be with you again
Under a blood red sky
A crowd has gathered in black and white
Arms entwined, the chosen few
The newspapers says, says
Say it’s true, it’s true
And we can break through
Though torn in two
We can be one
I, I will begin again
I, I will begin again
Oh, oh
Oh, oh
Oh, oh
Oh, oh
Oh, oh
Oh, oh
Oh, oh
Ah, maybe the time is right
Oh, maybe tonight
I will be with you again
I will be with you again
And so we’re told this is the golden age
And gold is the reason for the wars we wage
Though I want to be with you, be with you
Night and day
Nothing changes
On New Year’s Day
On New Year’s Day
On New Year’s Day

HICL Quarterly dividend

Yesterday, HICL Infrastructure, paid out its December quarterly dividend.

2.06p a share

The total issued share capital with voting rights is 2,031,488,061

https://www.londonstockexchange.com/news-article/HICL/total-voting-rights/15563731

Thus:-

2,031,488,061 x £0.0206 = £41,848,654.0566

That is £41million paid to shareholders

https://www.londonstockexchange.com/stock/HICL/hicl-infrastructure-plc/company-page

Shell December 2022 Quarterly Dividend.

Today the oil major Shell PLC paid out its December dividend

https://www.shell.com

20.61p per ordinary share

https://www.londonstockexchange.com/news-article/SHEL/shell-plc-third-quarter-2022-euro-and-gbp-equivalent-dividend-payments/15742985

Shell plc’s capital as at September 26, 2022, consists of 7,194,587,068 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury.

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/15646672

Thus:-

7,194,587,068 x 0.2061 = £1,482,804,394.7148

£1,482 Million = £1.482 Billion paid to Shell’s shareholders

https://www.londonstockexchange.com/stock/SHEL/shell-plc/company-page

Courtesy of The London Stock Exchange

BP December 2022 Quarterly Dividend.

Yesterday, one of the UK’s oil majors, BP paid out its December dividend

https://www.bp.com

4.9402 pence per share.

https://www.londonstockexchange.com/news-article/BP./payment-of-dividends-in-sterling/15745862

The total number of voting rights in BP p.l.c. is 18,173,681,534

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15740289

Thus:-

18,173,681,534 x 0.049402 = £897,816,215.142668

£897 Million.

https://www.londonstockexchange.com/stock/BP./bp-plc/company-page

Courtesy of The London Stock Exchange

HM Government Borrowings: November 2022

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. [www.dmo.gov.uk]

https://www.dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In November 2022, 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:-

23-Nov-2022 0¼% Treasury Gilt 2025 £3,559.5000 Million
15-Nov-2022 1% Treasury Gilt 2032 £3,250.0000 Million
15-Nov-2022 0 7/8% Treasury Gilt 2046 £2,250.0000 Million
10-Nov-2022 4 1/8% Treasury Gilt 2027 £4,374.9980 Million
09-Nov-2022 0 7/8% Green Gilt 2033 £2,750.0000 Million

£3,559.5000 Million + £3,250.0000 Million + £2,250.0000 Million + £4,374.9980 Million + £2,750.0000 Million = £16,184.498 Million

£16,184.498 Million = £16.184498 Billion

On another way of looking at it, is in the 30 days in November 2022, HM Government borrowed:- £539.48326666666666666666666666667 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 2025 to 2046. All long-term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

Unilever December 2022 Dividend.

Today, the fast moving consumer goods and foods giant, Unilever pays out its December 2022 dividend.

https://www.unilever.com

37.22p

https://www.londonstockexchange.com/news-article/ULVR/total-voting-rights/15655988

There were 2,541,524,380 shares with voting rights:-

2,541,524,380 x £0.3722 = £945,955,374.236

That is £945million

https://www.londonstockexchange.com/stock/ULVR/unilever-plc/company-page

courtesy of London Stock Exchange

The Foresight Solar Fund plc

The Foresight Solar Fund is a London listed investment trust, investing in ground-based solar PV and battery storage assets, to deliver attractive, sustainable dividends.

https://fsfl.foresightgroup.eu/

The Company’s objective is to provide investors with a sustainable and progressive quarterly dividend. The Company aims to preserve and where possible enhance capital value through the reinvestment of excess cash flows, not required for the payment of dividends

TOP 10 SITES BY INSTALLED CAPACITY: PORTFOLIO DETAILS

UK 72% of assets
Australia 16% of assets
Spain 12% of assets

Shotwick (UK) 72 Net Installed Capacity(MW)
Oakey 2 (AUS) 70 Net Installed Capacity(MW)
Bannerton (AUS) 531 Net Installed Capacity(MW)
Sandridge (UK) 50 Net Installed Capacity(MW)
Los Llanos (Spain) 49 Net Installed Capacity(MW)
Landmead (UK) 46 Net Installed Capacity(MW)
Kencot (UK) 37 Net Installed Capacity(MW)
Bournemouth (UK) 37 Net Installed Capacity(MW)
Port Farm (UK) 35 Net Installed Capacity(MW)
Wymeswold (UK) 34 Net Installed Capacity(MW)

https://www.londonstockexchange.com/stock/FSFL/foresight-solar-fund-limited/company-page

Courtesy of The London Stock Exchange

A Tribute: Christine McVie

(7) Fleetwood Mac – Little Lies (Official Music Video) – YouTube

If I could turn the page
In time, then I’d rearrange just a day or two
Close my,
Close my,
Close my eyes
But I couldn’t find a way
So I’ll settle for one day to believe in you
Tell me,
Tell me,
Tell me lies
Tell me lies
Tell me sweet little lies
(Tell me lies, tell me, tell me lies)
Oh no, no you can’t disguise
Tell me lies
Tell me sweet little lies
Although I’m not making plans
I hope that you understand there’s a reason why
Close your,
Close your,
Close your eyes
No more broken hearts
We’re better off apart
Let’s give it a try
Tell me,
Tell me,
Tell me lies
Tell me lies
Tell me sweet little lies
(Tell me, tell me, tell me lies)
Oh no, no you can’t disguise
(You can’t disguise, no you can’t disguise)
Tell me lies
Tell me sweet little lies
If I could turn the page
In time then I’d rearrange just a day or two
Close my,
Close my,
Close my eyes
But I couldn’t find a way
So I’ll settle for one day to believe in you
Tell me,
Tell me,
Tell me lies
Tell me lies
Tell me sweet little lies
(Tell me, tell me, tell me lies)
Oh no, no you can’t disguise
(You can’t disguise, no you can’t disguise)
Tell me lies
Tell me sweet little lies
(Tell me, tell me, tell me lies)
Oh no, no you can’t disguise
(You can’t disguise, no you can’t disguise)
Tell me lies
Tell me sweet little lies
(Tell me, tell me, tell me lies)

Tesco PLC dividend

Today, Tesco PLC pays out its November dividend.

https://www.tescoplc.com

The dividend is 3.85p a share.

https://www.londonstockexchange.com/news-article/TSCO/total-voting-rights/15696906

The Company’s share capital as at 31 October 2022 consisted of 7,423,647,355 ordinary shares

Thus:-

7,423,647,355 x £0.0385 = £285,810,423.1675

That is £285m.

https://www.londonstockexchange.com/stock/TSCO/tesco-plc/analysis

John Laing Environmental Assets PLC

A picture paints a thousand words.

Courtesy of The London Stock Exchange

John Laing Environment Asset PLC (JLEN) is a London investment trust, that invests in Green Technology such as renewables and other assets that are doing good for the environment.

JLEN – JLEN Environmental Assets Group

The current Portfolio includes onshore wind, PV solar, waste and wastewater processing plants, hydro and anaerobic digestion plants, low carbon transport, battery storage and controlled environment aquaculture in the UK, Norway, Spain and Sweden. Wind, solar and hydro projects are supported by the UK’s commitment to support low‑carbon electricity targets and the waste and wastewater processing projects benefit from long‑term contracts backed by the UK government. The anaerobic digestion projects generate a valuable renewable biogas that earns UK government subsidy support.

JLEN ENVIRONMENTAL ASSETS GROUP LIMITED JLEN Stock | London Stock Exchange

BioPharma Credit PLC

BioPharma Credit plc provides investors with an opportunity to gain exposure to the fast growing life sciences industry, through a diversified portfolio of loans and other instruments backed by royalties or other cash flows derived from sales of approved life sciences products. BioPharma Credit’s primary objective is to generate predictable income for shareholders over the long term

BPCR currently has ~$1.4bn invested across 10 transactions

Bristol Myers BMY $122.9m
Optinose OPTN $130.0m
Akebia AKBA $100.0m
Global Blood GBT $250.0m
Collegium COLL $625.0m
Sarepta SRPT $550.0m
LumiraDx LMDX $300.0m
Evolus EOLS $75.0m
Coherus CHRS $200.0m
UroGen URGN $75.0m

Courtesy of BioPharma Credit PLC

https://www.londonstockexchange.com/stock/BPCR/biopharma-credit-plc/company-page

Courtesy of The London Stock Exchange

The Invesco Select Trust Global Equity Income

The Invesco Select Trust Global Equity Income is a London listed investment trust.

https://www.invesco.com/uk/en/investment-trusts/invesco-select-trust-plc-global-equity-income.html

The investment objective of the Global Equity Income Share Portfolio is to provide an attractive and growing level of income return and capital appreciation over the long term, predominantly through investment in a diversified portfolio of equities worldwide.

Top 10 holdings % portfolio
Shell 6.2% of the fund
BP 4.8

The Invesco Select Trust Global Equity Income is a London listed investment trust.

https://www.invesco.com/uk/en/investment-trusts/invesco-select-trust-plc-global-equity-income.html

The investment objective of the Global Equity Income Share Portfolio is to provide an attractive and growing level of income return and capital appreciation over the long term, predominantly through investment in a diversified portfolio of equities worldwide.

Top 10 holdings % portfolio
Shell 6.2% of the fund
BP 4.8% of the fund
RELX 4.6% of the fund
SSE 4.6% of the fund
National Grid 4.4% of the fund
Barrick Gold 3.7% of the fund
Barclays 3.6% of the fund
Next 3.4% of the fund
PRS REIT 3.4% of the fund
AstraZeneca 3.3% of the fund

Total 42.0% of the fund

https://www.londonstockexchange.com/stock/IVPG/invesco-select-trust-plc/company-page

Top 10 holdings & the % portfolio
Shell 6.2% of the fund
BP 4.8% of the fund
RELX 4.6% of the fund
SSE 4.6% of the fund
National Grid 4.4% of the fund
Barrick Gold 3.7% of the fund
Barclays 3.6% of the fund
Next 3.4% of the fund
PRS REIT 3.4% of the fund
AstraZeneca 3.3% of the fund

Top 10 holdings make up 42.0% of the fund

https://www.londonstockexchange.com/stock/IVPG/invesco-select-trust-plc/company-page

The End of Quantative Easing

The End of Quantative Easing.

The 2008 Banking crisis, resulted in Central Banks globally bought assets of clearing banks, and crediting them with New money created by the Central Banks.

https://www.bbc.co.uk/news/business-63474176

Now the charts below show the US Federal Reserve, and you can see over a few months, it has shrunk the balance sheet from $8,945,898 Million ($8.945 Trillion) to $8,723,090 ($8.723 Trillion).

It is selling the US Treasury Bonds (T-Bonds = Treasuries) back to private investors, such as pension funds etc).

Courtesy of the US Federal Reserve (Monday 16th May $8.945898 Trillion)
Courtesy of the US Federal Reserve (Monday 16th May $8.723090 Trillion)