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

(96) Warren Buffett | HBO Documentary – YouTube

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

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

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

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

Today, the FTSE100 northwest water giant, Unitied Utilities pays out its Feb 2023 dividend

www.unitedutilities.com

15.17p

The total number of voting rights in the company stood at 681,888,418

Thus:-

681,888,418 x £0.1517 = 103,442,473.0106

That is £103 million paid to shareholders

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

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 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

(62) Planet of the Apes:THE 29TH SCROLL, SIXTH VERSE – YouTube

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

Very interesting interview, especially on his views on a Windfall tax.

The US Central Bank (The Fed) is shrinking its balance sheet, it is reversing the QE programme.

The Peak: $8.965487 Trillion

The Current Size: $8.507429 Trillion

Federal Reserve Board – Recent balance sheet trends

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

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

The Alliance Trust an investment trust giant.

https://en.wikipedia.org/wiki/Alliance_Trust

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

The wisedom of Charlie Munger

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

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

UK interest rates raised to highest level for 14 years – BBC News

One can see the volatility of the price of crude oil. One can see the ascent of the price, over the past 3 years.

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

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

Gold Price for 5 Years | GOLD.co.uk

Gold is currently trading at £46 per Gram

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……”

(15) Looking back and looking forward – Market Talk – YouTube

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

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

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

The world is reeling after the dramatic collapse of the Crypto exchange FTX

The fall of the FTX ‘King of Crypto’ Sam Bankman-Fried – BBC News

However, we should not be surprised. Warren Buffett made this statement:-

“Warren Buffett: Bitcoin Is An Asset That Creates Nothing”

You can see the graph of the S&P 500 from 2018 to now. The dramatic March 2020 Covid dip that shows the slump and then the rapid ascent and then the sell off since the start of 2022.

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

A picture paints a thousand words.

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 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

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

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 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).

BP plc has enjoyed share price growth due soaring energy prices.

BP PLC BP. Stock | London Stock Exchange

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 October 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” 8 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

26-Oct-2022 0½% Treasury Gilt 2029 £3,500.0000 Million
25-Oct-2022 0 1/8% Index-linked Treasury Gilt 2039 3 months £898.8500 Million
19-Oct-2022 1% Treasury Gilt 2032 £4,062.5000 Million
18-Oct-2022 1¼% Treasury Gilt 2051 £3,125.0000 Million
12-Oct-2022 4 1/8% Treasury Gilt 2027 £4,365.2500 Million
11-Oct-2022 0 1/8% Index-linked Treasury Gilt 2051 3 months £1,106.2990 Million
05-Oct-2022 1% Treasury Gilt 2032 £3,749.9990 Million
04-Oct-2022 0½% Treasury Gilt 2061 £2,500.0000 Million

£3,500.0000 Million + £898.8500 Million + £4,062.5000 Million + £3,125.0000 Million + £4,365.2500 Million + £1,106.2990 Million + £3,749.9990 Million + £2,500.0000 Million = £23,307.898 Million

£23,307.898 Million = £23.307898 Billion

On another way of looking at it, is in the 31 days in October 2022, HM Government borrowed:- £751.86767741935483870967741935484 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……”

The graph below show’s Shell PLC’s performance….

One can see the energy giant’s share price performance, enjoying the fruits of surging energy costs

https://www.shell.com

SHELL PLC SHEL Stock | London Stock Exchange

The UK pharma giant Astra Zeneca, famous for many things, and more recently for the mass manufacturing of pioneering University of Oxford Covid-19 vaccine. Its heritage has its roots from ICI (Imperial Chemical Industries).

AstraZeneca – Research-Based BioPharmaceutical Company

Imperial Chemical Industries – Wikipedia

The graph speaks volumes

A few weeks ago, the UK insurance giant, Aviva PLC paid out its September dividend to shareholders

https://www.aviva.com/

The dividend was 10.3p a share.

the total number of voting rights in Aviva plc was 2,802,902,021.

https://www.londonstockexchange.com/news-article/AV./total-voting-rights/15607769

Thus:-

2,802,902,021 x £0.103 = 288,698,908.163

That is £288.698 Million paid to shareholders

https://www.londonstockexchange.com/stock/AV./aviva-plc/company-page

The JPMorgan American Investment Trust plc is a London listed investment trust.

It aims to generate attractive long-term returns from the world’s largest stock market by focusing on high quality companies that are also reasonably priced. It aims to achieve capital growth from North American investments by outperformance of the S&P 500 index. The trust predominantly invests in quoted companies including, when
appropriate, exposure to smaller capitalisation companies, and emphasise capital growth rather than income. The Company has the ability to use borrowing to gear the portfolio within the range of 5% net cash to 20% geared in normal market conditions.

Holdings

Microsoft Information Technology 5.6% of the fund
Apple Information Technology 5.3% of the fund
Tesla Consumer Discretionary 4.2% of the fund
Bank of America Financials 4.1% of the fund
Amazon Consumer Discretionary 3.9% of the fund
United Health Group Health Care 3.8% of the fund
Alphabet Communication Services 3.5% of the fund
Martin Marietta Materials 3.2% of the fund
Loews Financials 3.2% of the fund
Berkshire Financials 3.2% of the fund

https://www.londonstockexchange.com/stock/JAM/jpmorgan-american-investment-trust-plc/company-page

A few weeks ago Scotland’s largest asset manager, Abrdn PLC (formerly known as Standard Life plc) paid out its September dividend to shareholders.

https://www.abrdn.com

7.3p a share.

https://investegate.co.uk/abrdn-plc–abdn-/rns/total-voting-rights/202208010955024204U/

The Company’s issued share capital consists of 2,167,475,819 ordinary shares

Thus:-

2,167,475,819 x £0.073 = £158,225,734.787

That is £158.225 Million, paid to shareholders.

https://www.londonstockexchange.com/stock/ABDN/abrdn-plc/company-page

https://news.sky.com/story/government-plans-cap-on-revenues-of-renewable-energy-firms-12718382

It is a windfall tax, punishing investment in Green Energy companies.

The effect on the UK Green Energy sector has been brutal and dramatic, as the graph’s below show:-

Liz Truss abruptly ends press conference after announcing corporation tax U-turn | Politics News | Sky News

Courtesy of Sky News (A Comcast Company)

Prime Minister Liz Truss abruptly ends news conference | Politics News | Sky News

A Beautiful Goodbye Wave

The Bank continues to monitor developments in financial markets very closely in light of the significant asset repricing of recent weeks. It has also been working with the UK authorities to address risks to the resilience of Liability Driven Investment (LDI) funds arising from volatility in the long-dated government bond (gilt) market

Bank of England widens gilt purchase operations to include index-linked gilts | Bank of England

The Bank said it would buy more government bonds to try to stabilise market conditions. Its emergency scheme started after September’s mini-budget, which spooked markets and drove up borrowing costs. Government borrowing costs rose again sharply on Monday after the Bank said the scheme would end this week.

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 September 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 4 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

27-Sep-2022 0 1/8% Index-linked Treasury Gilt 2031 3 months £1,200.0000 Million
07-Sep-2022 1% Treasury Gilt 2032 £3,437.5000 Million
06-Sep-2022 0¼% Treasury Gilt 2025 £4,183.1570 Million
01-Sep-2022 0 7/8% Treasury Gilt 2046 £2,499.9990 Million

£1,200.0000 Million + £3,437.5000 Million + £4,183.1570 Million + £2,499.9990 Million = £11,320.656 Million

£11,320.656 Million = £11.320656 Billion

On another way of looking at it, is in the 30 days in September 2022, HM Government borrowed:- £377.3552 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 bond maturing from 2025 to 2046. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

Yesterday, the UK pharmaceuticals giant GSK paid out its dividend.

https://www.gsk.com

It was £0.1625 a share.

https://www.londonstockexchange.com/news-article/GSK/total-voting-rights/15654991

the total number of voting rights in the Company is 4,067,377,650

Thus:-

4,067,377,650 x £0.1625 = £660,948,868.125

That is £660 million paid to shareholders

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

Share Price Graphs in: Gresham House Energy Fund, Legal & General, Tesco, NatWest & HSBC.

PowerPoint Presentation (resolutionfoundation.org)

The last few days have seen a radical reshaping of the Government’s economic policy and a radical reaction from financial markets. HM Government is will to ramp up borrowing, and reducing its tax revenues (by lowering income tax) in their plan (hope) for economic growth. However surging borrowing costs for Government was surely never part of the plan.

In the presentation link above from the very well respected Resolution Foundation they explore what this means for the UK economy going forwards. You can also can watch the YouTube video below with key input from Stephanie Flanders, Senior Executive Editor at Bloomberg and Head of Bloomberg Economics and Robert Colvile, Director of the Centre for Policy Studies

Today, “the world’s local bank” pays its September dividend to shareholders.

https://www.hsbc.com

$0.09 or 7.8821p a share

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/15608667

Thus:-

The total number of voting rights in HSBC Holdings plc is 19,968,039,011

19,968,039,011 x £0.078821 = £1,573,900,802.886031

That is £1573 Million = £1.573 Billion paid to shareholders

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

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 August 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 4 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

23-Aug-2022 0 1/8% Index-linked Treasury Gilt 2039 3 months £750.0000 Million
16-Aug-2022 0½% Treasury Gilt 2029 £2,803.5000 Million
09-Aug-2022 1¼% Treasury Gilt 2051 £1,760.0000 Million
02-Aug-2022 1% Treasury Gilt 2032 £2,771.8750 Million

£750.0000 Million + £2,803.5000 Million + £1,760.0000 Million + £2,771.8750 Million = £8,085.375 Million

£8,085.375 Million = £8.085375 Billion

On another way of looking at it, is in the 31 days in August 2022, HM Government borrowed:- £260.81854838709677419354838709677 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 bond maturing from 2029 to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

Tomorrow, the UK’s largest asset manager pays out its September 2022 dividend.

https://www.legalandgeneralgroup.com

5.44p a share

https://www.londonstockexchange.com/news-article/LGEN/total-voting-rights/15611077

the total number of voting rights in the Company is 5,972,835,503

Thus:-

5,972,835,503 x £0.0544 = £324,922,251.3632

That is £324.922 Million, paid to shareholders

https://www.londonstockexchange.com/stock/LGEN/legal-general-group-plc/company-page

Today, the UK Oil Super Major, BP pays out its quarterly dividend.

https://www.bp.com

$0.06006 (5.1684p) a share.

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15610995

The total number of voting rights in BP p.l.c. is 18,833,075,214

Thus:-

18,833,075,214 x £0.051684 = £973,368,659.360376

That is £973 Million. Paid to shareholders

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

Yesterday Shell PLC paid out its September, quarterly dividend.

https://www.shell.com

$0.25 (21.57p) a share

https://www.londonstockexchange.com/news-article/SHEL/payment-of-shell-plc-second-quarter-2022-interim-dividend-moved-to-tuesday-september-20-2022/15625594

Due to the funeral of Her Majesty The Queen, the dividend that was to paid on Monday 19th, as a mark of respect, the dividend is now being paid on Tue 20th Sept.

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/15608771

Shell plc’s capital as at August 31, 2022, consists of 7,269,806,620 ordinary shares

Thus:-

7,269,806,620 x £0.2157 = £1,568,097,287.934

That is £1,568 Million = £1.568 Billion paid to shareholders

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

AstraZeneca the company that manufactured the University of Oxford Covid-19 Vaccination, the low cost vaccination, a few days ago, Astrazeneca paid put to its shareholders its September dividend, on the 12th September

https://www.astrazeneca.com

76.4p a share.

https://www.londonstockexchange.com/news-article/AZN/total-voting-rights/15565914

The total number of voting rights in AstraZeneca PLC is 1,549,489,389

Thus:-

1,549,489,389 x £0.764 = £1,183,809,893.196

That is £1.183 million = £1.183 Billion of cash paid to shareholders.

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

Lloyds Banking Group September 2022 Dividend.

Yesterday, the 12th of September, The Lloyds Banking Group paid put to its shareholders its September dividend.

https://www.lloydsbankinggroup.com

0.8p a share.

https://www.londonstockexchange.com/news-article/LLOY/total-voting-rights/15563688

total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 68,479,354,394 ordinary shares of 10p each.

Thus:-

68,479,354,394 x £0.008 = £547,834,835.152

That is £547 million of cash paid to shareholders.

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

On the 12th Sept, tomorrow the FTSE-100 Telecoms giant giant, British Telecommunications PLC paid out a dividend.

https://www.bt.com/

The UK’s premier telecoms group, connecting for good pays out to shareholders:-

5.39p a share.

https://www.londonstockexchange.com/news-article/BT.A/total-voting-rights/15563177

total voting rights figure will be 9,928,600,993

Thus:-

9,928,600,993 x £0.0539 = £535,151,593.5227

That is £535.151 Million paid to shareholders of BT plc.

BT GROUP PLC BT.A Stock | London Stock Exchange

A year ago £1 bought you US$1.3765 dollars

Today, £1 only buys you US$1.148

The decline in the value of the Pound to the US Dollar has been dramatic

On the 1st Sept, a two days ago the FTSE-100 food and consumer goods giant, Unilever paid out a dividend.

https://www.unilever.com/

36.33p a share.

https://www.londonstockexchange.com/news-article/ULVR/total-voting-rights/15569913

total voting rights figure will be 2,545,323,788

Thus:-

2,545,323,788 x £0.3633 = £924,716,132.1804

That is £924.716 Million paid to shareholders.

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

On the 26th Aug, a few days ago the FTSE-250 green energy company UK Greencoat Wind paid out a quarterly dividend.

A graph of ascent.

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

1.93p a share.

https://www.londonstockexchange.com/news-article/UKW/total-voting-rights/15346901

total voting rights figure will be 2,317,352,677

Thus:-

2,317,352,677 x £0.0193 = £44,724,906.6661

That is £44.724 Million

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

Its 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.
Set up in 2018.

The graph shows its recent volatility. However it is now to its ascent.

Top Ten Holdings:-

ICICI Bank Ltd 6.42% of the trust.
Infosys Ltd 5.57% of the trust.
Titan Co Ltd 3.84% of the trust.
Asian Paints Ltd 3.37% of the trust.
Persistent Systems Ltd 2.79% of the trust.
Laxmi Organic Industries Ltd 2.67% of the trust.
Axis Bank Ltd 2.49% of the trust.
Cipla Ltd 2.49% of the trust.
Nestle India Ltd 2.46% of the trust.
Maruti Suzuki India Ltd 2.44% of the trust.

https://www.londonstockexchange.com/stock/AIE/ashoka-india-equity-investment-trust-plc/company-page

The Wellcome Trust improves health for everyone by funding research, leading policy and advocacy campaigns, and building global partnerships. Collaborative research that involves a diverse range of people from different fields of interest is key to progress in health science – and to achieving our aim of fostering a healthier, happier, world.

https://wellcome.org/

“Wellcome is a global charitable foundation. We want everyone to benefit from science’s potential to improve health and save lives”

Its financial report makes interesting reading.

https://cms.wellcome.org/sites/default/files/2022-01/wellcome-trust-annual-report-financial-statements-2021.pdf

With over £36,261 Million = £36 Billion in investments it was able to make an overall charitable spend in this year was £1,233 million across science, innovation, culture and society, and priority areas.

What an investment return of over 34% on the year.

The investments were in key areas:-

The investment returns are spectacular.

Its asset allocaton below shows its diversity.

Top Ten Holdings:-

https://en.wikipedia.org/wiki/Wellcome_Trust

Inflation is raging in the UK, now at over 10% in the UK. In the video below we see Ray Dalio talking to the great and late Paul Volcker, the Chairman of the US Federal Reserve, who was appointed by President Carter.

Paul Volcker – Wikipedia

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 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:-

27-Jul-2022 0 1/8% Index-linked Treasury Gilt 2051 3 months £700.0000 Million
21-Jul-2022 0¼% Treasury Gilt 2025 £4,366.2490 Million
19-Jul-2022 1 1/8% Treasury Gilt 2039 £2,500.0000 Million
12-Jul-2022 1% Treasury Gilt 2032 £3,437.5000 Million
05-Jul-2022 1¼% Treasury Gilt 2051 £2,378.7500 Million

£700.0000 Million + £4,366.2490 Million + £2,500.0000 Million + £3,437.5000 Million + £2,378.7500 Million = £13,382.499 Million

£13,382.499 Million = £13.382499 Billion

On another way of looking at it, is in the 31 days in July 2022, HM Government borrowed:- £431.69351612903225806451612903226 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 bond maturing from 2025 to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

The UK Government, spends more that it earns in taxes. To bridge that gap, it borrows, issues debt, knows as Gilts.

https://dmo.gov.uk/data/gilt-market/index-linked-gilts/

Some of the borrowings, (debt issued), the interest rate paid to the creditors, is linked to the current inflation rate. Interesting to see how much debt the nation has to pay, where the interest paid on its debt, is linked to the current rate of inflation.

https://www.bbc.co.uk/news/business-62562025

10.1% is the current inflation rate.

So debt linked to the inflation rate, means the interest payments are “inflated by the inflation rate”

The pictures below show how much the UK currently owes that is linked to inflation.

£360,135.95 Million, and after factoring into inflation, that figure becomes £547,599.18 Million

That is £360 Billion that becomes £547 Billion

Controlling personal laziness and greed is an individual responsibility

The HSBC annual report makes interesting reading. HSBC is one of the largest banking groups in the world.

https://www.hsbc.com/

The annual report and financial statements give a scale of the business.

https://www.hsbc.com/investors/results-and-announcements/annual-report

Revenues of $49.552 bn = £41.403 Bn

The scale and strength of the Balance Sheet:-

They held high-quality liquid assets of $717 Bn = £599.086 Bn = £0.599 Trillion

How the bank funds itself, mainly from customer deposits.

The largest shareholders are BlackRock and Ping Insurance.

The balance sheet:

$403,018 million = £336,740 million HSBC Deposits with central banks
$1,045,814 million = £873,826 million Loans to customers
$1,710,574 million = £1,429,263 million Customers deposits with HSBC
$78,557 million = £65,638 million of debt (securities issues, bonds)

HSBC HOLDINGS PLC HSBA Stock | London Stock Exchange

The CT Global Managed Portfolio Trust is a ‘multi-manager’ investment trust, investing in a range of investment companies giving you exposure to different investment providers and markets within a single investment trust managed by Columbia Threadneedle

https://www.ctglobalmanagedportfolio.co.uk

Top Ten Holdings:-

HgCapital Trust 3.7% of the trust, Private Equity
Fidelity Special Values 3.5% of the trust, UK All Companies
Law Debenture Corporation 3.3% of the trust, UK Equity Income
Mid Wynd International Investment Trust 3.0% of the trust, Global
BH Macro 2.9% of the trust, Hedge Funds
Ruffer Investment Company 2.8% of the trust, Flexible Investment
RIT Capital Partners 2.8% of the trust, Flexible Investment
Personal Assets Trust 2.7% of the trust, Flexible Investment
Capital Gearing Trust 2.6% of the trust, Flexible Investment
Worldwide Healthcare Trust 2.5% of the trust, Biotechnology & Healthcare

https://www.londonstockexchange.com/stock/CMPG/ct-global-managed-portfolio-trust-plc/company-page

Last week, on Friday 5th August 2022, Vodafone PLC paid out its August dividend.

https://www.vodafone.com

Vodafone is the UK’s 2nd largest telecoms group, with BT Group PLC, being the Premier telecoms operator.

It paid out €0.045 Cents a share = £0.03785130 a share.

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

The total number of voting rights in Vodafone is 27,945,252,322

https://www.londonstockexchange.com/news-article/VOD/total-voting-rights/15564873

Thus:-

27,945,252,322 x £0.03785130 = £1,057,764,129.2157186

£1057 Million = £1.057 Billion paid to shareholders

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

Exxon Mobil is the US Oil and Gas energy giant. It is American’s largest energy company.

https://www.exxonmobil.com/

Last week it announced some amazing revenues

https://corporate.exxonmobil.com/News/Newsroom/News-releases/2022/0729_ExxonMobil-announces-second-quarter-2022-results

Salient Points:-

Second-quarter earnings of $17.9 billion compared with $5.5 billion in the first quarter of 2022. Cash increased by $7.8 billion in the second quarter, as strong cash flow from operating activities more than covered capital investments and shareholder distributions.

The annual report for 2021 carries some very interesting figure.

https://corporate.exxonmobil.com/-/media/Global/Files/annual-report/2021-Financial-and-Operating-Data.PDF

Total debt of $ = $47,704 million = £39,248 million

Cost of financing (interest payments) the debt = $1,355 million = £1,114 million

The 2nd largest UK telecoms operator is Vodafone PLC.

https://www.vodafone.com

The largest and most dynamic telecoms operator is British Telecommunications PLC

https://www.bt.com

Some interesting points can be found in the results of Vodafone

https://investors.vodafone.com/sites/vodafone-ir/files/2022-05/FY22-Press-release-Final.pdf

The revenues are huge. Cash in the door from the business operations.
€45,580 Million = £38,794.80 Million = £38.794 Billion

Total Debt of €41,578 Million = £35,388.60 Million = £35.3886 Billion

One can see total debt of €41,578 Million, but the total debt is €53,257 Million = £45,329 Million = £45.329 Billion.

Vodafone holds liquidity of cash and near term cash assets of €7,496 Million + €4,795 Million + €1,604) = €13,895 Million = £11.8265 Billion.

Now Total debt is €53,257 Million = £45,329 Million = £45.329 Billion.

Financing costs = interest payment costs are €1,964 Million = £1,671.63 Million = £1.67163 Billion.

So a rough calculation on Vodafone’s interest payment of £1,671.63 Million on the total debt of £45.329 Billion, (£1.67163 Billion / £45.329 Billion) tells us that Vodafone on average is paying approximately an interest rate of 3.68% a year on its debt. That is cheap borrowing.

Consider the facts, revenues of £38.794 Billion, interest payments of £1.67163 Billion and holding cash and near cash assets of £11.8265 Billion

VODAFONE GROUP PLC VOD Stock | London Stock Exchange

Yesterday, with much media excitement, BP announced its Q2 results

https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-second-quarter-2022-results.pdf

The media were in a frenzy anout the size of the figures

https://news.sky.com/story/bp-reports-second-quarter-profit-of-8-45bn-highest-in-14-years-12663939

When one looks at the figures it is important to get past the “feeding frenzy” and look at the results in detail.

$9.2 Bn Profit = £7.52192 Bn
Current Debt of $22.8 Bn = £18.6413 Bn

Finance Costs, (interest payments) in the quarter = $556m = £454.586m

So by doing some simple forecasting, if total debt is £18.6413 Bn and BP is paying £454.586m a quarter, in a year, it is paying (£454.586m x 4 = £1,818.344 a year on its debt).
That means, (£18.6413 Bn / £1.818.344 bn) its rough annual interest rate on its debt is 10.25%.

The balance sheet is large. $299bn

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

Today, United Utilities PLC pays out the August 2022 dividend.

https://www.unitiedutilities.com

29p a share.

The total voting rghts is 681,888,418.

Thus:-

681,888,418 x £0.29 = £197,747,641.22

That is £197 Million

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

Nat West is the National Westminster Bank plc. NatWest Bank is the new name for the Royal Bank of Scotland.

https://investors.natwestgroup.com/

The annual report makes interesting reading.

https://investors.natwestgroup.com/~/media/Files/R/RBS-IR-V2/annual-reports/full-annual-report.pdf

Some simple highlights:-

Customer Deposits are £479 Bn (£479,810 million)
Cash deposited with Central Banks £177 Bn (£177,757 million)
Loans to customer £358 Bn (£358,990 million)

Total Assets £781 Billion (£781,992 Million)

As at 11 February 2022, the UK Government held 50.94% of the issued share capital with voting rights of NatWest Group plc

On the 1st July 2022, GSK one of the largest pharmaceutical company’s in the world pays out its July 2022 dividend, ahead of its demerger where it is spinning out its consumer arm to create Haleon

https://www.theguardian.com/business/2022/jul/06/largest-lse-listing-45bn-looms-gsk-investors-demerger-vote-sensodyne-panadol-haleon-voltaren

https://www.gsk.com/en-gb/investors/a-new-consumer-healthcare-company/

The dividend is 14p a share.

https://www.londonstockexchange.com/news-article/GSK/total-voting-rights/15522948

The total number of voting rights in the Company is 5,084,151,821

Thus:-

5,084,151,821 x £0.14 = £711,781,254.94

That is £711 million.

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

The abrdn Private Equity Opportunities Trust is a London listed investment trust.

https://www.abrdnpeot.co.uk/

It is dedicated to investments in private equity funds and direct investments into private companies with European focus.[2] Established in 2001, the company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. Formerly Standard Life Private Equity Trust plc.

Net assets £1,099.6 million

Largest 10 Funds (% of NAV)

Advent International Global Private Equity VIII €13.0bn 5.4% of fund
Altor Fund IV €2.1bn 4.9% of fund
Nordic Capital Fund IX €4.3bn 4.2% of fund
Permira V €5.0bn 4.0% of fund
3i Venice SCSp (Action)B €2.5bn 4.0% of fund
Investindustrial Growth €375mn 3.6% of fund
Exponent Private Equity Partners III, LP.£1.0bn 3.6% of fund
Nordic Capital VIII €3.6bn 3.5% of fund
Sixth Cinven Fund €7.0bn 3.5% of fund
PAI Europe VI €3.6bn 3.5% of fund

Total 40.2% of fund

https://www.londonstockexchange.com/stock/APEO/abrdn-private-equity-opportunities-trust-plc/company-page

Carl Sagan destroys creationist in debate – YouTube

Share price & latest news | SEEIT (seeitplc.com)

The SDCL Energy Efficiency Income Trust plc invests exclusively in the energy efficiency sector.

The fund has achieved a £1 billion market capitalisation and is included as a constituent of the FTSE 250 index

The Company’s objective is to generate an attractive total return for investors comprising stable dividend income and capital preservation, with the opportunity for capital growth. It does so through its investment in a diversified portfolio of energy efficiency projects that deliver lower cost, cleaner and more reliable energy solutions to end users of energy.

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

Pet Shop Boys – It’s Alright – YouTube

Dictation being forced in Afghanistan Revolution in South Africa taking a stand People in Eurasia on the brink of oppression I hope it’s going to be alright I hope the music plays forever Forests falling at a desperate pace The earth is dying, and desert taking its place People under pressure on the brink of starvation I hope it’s gonna be alright (Alright alright alright) Cause the music plays forever (Cause it goes on and on and on and on and on) I hope it’s gonna be alright (On and on and on and on, forever) And the music plays forever (Alright alright) Generations will come and go (will come and go) But there’s one thing for sure Music is our life’s foundation And shall succeed all the nations to come Cause the music plays forever (Cause it goes on and on and on and on and on) I hope it’s gonna be alright (On and on and on and on and on) (On and on and on and on) And the music plays forever The year three thousand may still come to pass But the music shall last I can hear it on a timeless wavelength Never dissipating but giving us strength I think it’s gonna be alright (It’s gonna be alright) (Alright alright alright alright) Cause the music plays forever (Eeh-oh-oh-eeh) (Gonna be alright) If the music plays forever (It will be alright) If the music plays forever (I think it’s gonna be alright) It’s gonna be alright (If the music plays) It’s all – alright It’s alright (For it goes on and on and on and on) (On and on and on and on)

There is a lot of talk in the UK of tax cuts, being proposed by the majority of candidates trying to becoming PM.

However the UK national debt is huge. Cutting taxes when the debt is so huge seems odd if not reckless.

UK general government gross debt was £2,382.8 billion at the end of 2021, equivalent to 102.8% of gross domestic product (GDP)

https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicspending/bulletins/ukgovernmentdebtanddeficitforeurostatmaast/december2021#government-debt

The reason for the huge debt is that the UK government runs at a deficit, in other words it spends more than it earns in taxation.

The debt is unstainable.

https://www.bbc.co.uk/news/business-62079052

Today, the supermarket group Sainsburys pays out its July dividend.

https://www.about.sainsburys.co.uk/

9.9p a share.

https://www.londonstockexchange.com/news-article/SBRY/total-voting-rights/15522684

The total number of voting rights in J Sainsbury plc is 2,343,734,901

Thus:-

2,343,734,901 x £0.099 = £232,029,755.199

That is £232 million paid to shareholders.

https://www.londonstockexchange.com/stock/SBRY/sainsbury-j-plc/company-page

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/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In June 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 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

28-Jun-2022 0 1/8% Index-linked Treasury Gilt 2031 3 months £1,011.9750 Million
08-Jun-2022 1% Treasury Gilt 2032 £3,125.0000 Million
07-Jun-2022 0¼% Treasury Gilt 2025 £3,075.0000 Million

£1,011.9750 Million + £3,125.0000 Million + £3,075.0000 Million = £7,211.975 Million

£7,211.975 Million = £7.211.975 Billion

On another way of looking at it, is in the 30 days in June 2022, HM Government borrowed:- £240.39916666666666666666666666667 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 bond mature in 2032. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

3i Infrastructure is a London listed investment company investing in hard infrastructure assets.

Today, 3i Infrastructure PLC pays out its July 2022 dividend.

5.225p a share.

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

The total voting rights in the Company as at that date were 891,434,010

Thus:

891,434,010 x £0.05225 = £46,577,427.0225

That is £46m.

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

The US, the world’s largest economy home to giants, like Exxon Mobile, Google, Intel, IBM, Cisco, Juniper, S-One Communications Corporation.

The US Central Bank, is the US Federal Reserve.

https://www.federalreserve.gov/

They are in a process of reducing the size of the balance sheet, that since 2008 has grown to deal with the Global Financial Crisis and then the 2020 Covid 19 Pandemic.

The 2 diagrams below show the size, now sitting at $8,934,346 Billion. (That is $8.9 Trillion)

The press release below shows the plan to reduce the size of the balance sheet with a reduction in the bond buying programme of QE.

https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20220615.pdf

“In their consideration of the appropriate stance of monetary policy, participants concurred that the labor market was very tight, inflation was well above the Committee’s 2 percent inflation objective, and the near-term inflation outlook had deteriorated since the time of the May meeting. Against this backdrop, almost all participants agreed that it was appropriate to raise the target range for the federal funds rate 75 basis points at this meeting. One participant favored a 50 basis point increase in the target range at this meeting instead of 75 basis points. All participants judged that it was appropriate to continue the process of reducing the size of the federal Reserve’s balance sheet, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that the Committee issued in May. In light of elevated inflation pressures and signs of deterioration in some measures of inflation expectations, all participants reaffirmed their strong commitment to returning inflation to the Committee’s 2 percent objective. Participants observed that a return of inflation to the 2 percent objective was necessary for creating conditions conducive to a sustainably strong labor market over time. “

The genius of Milton Friedman is explaining esoteric economical concepts in a way everyone can understand

The European Assets Trust is a London Listed Investmen Trust.

https://www.bmogam.com/european-assets-trust/

The trust aims are to achieve growth of capital through
investment in quoted small and medium-sized
companies in Europe, excluding the United
Kingdom. A high distribution policy has been
adopted and dividends are paid from a mix of
income and capital reserves

Top Ten holdings are:-

Lectra 3.3% of the fund, Technology
Ringkjoebing Landbobank 3.3% of the fund, Financials
SIG Group 3.2% of the fund, Industrials
Stratec 3.0% of the fund, Health Care
Sparebank 3.0% of the fund, Financials
Sligro Food Group 3.0% of the fund, Consumer Staples
flatexDEGIRO 2.9% of the fund, Financials
IMCD 2.8% of the fund, Basic Materials
Cancom 2.8% of the fund, Technology
Alten 2.8% of the fund,Technology

Pays quarterly dividends. 6.91% yield !!

https://www.londonstockexchange.com/stock/EAT/european-assets-trust-plc/company-page

On the 24th June, a few days ago, Tesco PLC paid out its quarterly dividend.

https://www.tescoplc.com

The dividend was 7.7p a share.

https://www.londonstockexchange.com/news-article/TSCO/total-voting-rights/15478378

The Company’s share capital as at 31 May 2022 consisted of 7,544,228,607 ordinary shares

Thus:-

7,544,228,607 x £0.077 = £580,905,602.739

That is £580 million paid to shareholders.

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

On the 24th June, a few days ago, BP PLC paid out its quarterly dividend.

https://www.bp.com

The dividend was $0.0546 or 4.3556p a share.

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15478107

The total number of voting rights in BP p.l.c. is 19,343,319,865

Thus:-

19,343,319,865 x £0.043556 = £842,517,640.03994.

That is £842million paid to shareholders.

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

The JPMorgan Global Core Real Assets Limited is a London listed investment trust. The fund invests in global real estate, global infrastructure, global transportation and listed real assets.

https://www.londonstockexchange.com/news-article/JARA/net-asset-value-and-portfolio-update-quarterly/15249136

Sector % Allocation
Industrial / Logistics 18%
Office 15%
Residential 10%
Retail 7%
Other Real Estate 6%

Total Real Estate
Utilities 11%
Renewable Energy 5%
Liquid Bulk Storage 2%
Fixed transportation Assets 2%
Conventional Energy 1%

Total Infrastructure (private % / public %) 22% (17% / 5%)
Maritime 11%
Energy Logistics 5%
Aviation 3%
Rolling Stock 2%

Total Transportation (private % / public %) 22% (18% / 4%)
Total Invested Portfolio 98%

https://www.londonstockexchange.com/stock/JARA/jpmorgan-global-core-real-assets-limited/company-page

A beautiful graph. We can see the “Covid Dip of April 2020.

The tread of renewables is clear.

Greencoat – UKWind (greencoat-ukwind.com)

Huge investment in Green energy, and Greencoat UK Wind, is a FTSE-250 energy power company.

GREENCOAT UK WIND PLC UKW Stock | London Stock Exchange

Some large institutional investors hold this stock, such as Investec Wealth, Ballie Gifford, and some very positive commentary, Kepler Trust Intelligence: Flash Update – 11:42:14 29 Apr 2022 – UKW News article | London Stock Exchange

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 Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In May 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 4 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

24-May-2022 0 1/8% Index-linked Treasury Gilt 2039 3 months £847.7000 Million
17-May-2022 1¼% Treasury Gilt 2051 £2,187.4990 Million
11-May-2022 0½% Treasury Gilt 2029 £2,500.0000 Million
10-May-2022 0 7/8% Green Gilt 2033 £2,250.0000 Million

£847.7000 Million + £2,187.4990 Million + £2,500.0000 Million + £2,250.0000 Million = £7,785.199 Million

£7,785.199 Million = £7.785199 Billion

On another way of looking at it, is in the 31 days in May 2022, HM Government borrowed:- £251.13545161290322580645161290323 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 bond mature, from 2020 to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

Legal and General is the UK’s largest money manager

On the 1st June, Legal and General paid out its June dividend.

www.legalandgeneral.com

13.27p a share.

https://www.londonstockexchange.com/news-article/LGEN/total-voting-rights/15435885

The total number of voting rights in the Company is 5,970,486,700.

Thus:-

5,970,486,700 x £0.1327 = £792,283,585.09

That is £792 Million paid to shareholders.

https://www.londonstockexchange.com/stock/LGEN/legal-general-group-plc/company-page

There is wide spread media stories of the cost of fuel.

Fuel prices: Petrol stations face urgent review of fuel duty cut – BBC News

£100 is now the average cost to fuel a car with petrol. Take a step back, and consider this:-

You have to earn about £150 “before tax” to take home £100 in your bank account. Thus you have already paid £50 in tax.

Now you fuel up and pay £100 on fuel, now that £100 is comprised of:-

£16.67 VAT (Valued Added Tax)

£32.74 is Fuel Duty (Fuel Tax)

£35.84 is the fuel supplier (the wholesale cost)

£9.71 is biofuel (additives)

£3.92 is the retailers margin

£1.12 is delivery costs.

So the £16.67 + £32.74 = £49.41.

Thus 49% of the £100 is tax, but you had to pay £50 on the £150 earned to take home £100, and then you have to pay £49.41 on tax……

The wise American, Mark Twain was right, only 2 things in life are certain, you pay taxes and you die.

A picture paints a thousand words.

Gresham House Energy Storage Fund plc | Gresham House

Gresham House Energy Storage Fund plc (GRID) invests in a portfolio of utility-scale operational battery energy storage systems in Great Britain. GRID seeks to provide shareholders with an attractive and sustainable dividend over the long term, alongside the prospect of capital growth.

GRESHAM HOUSE ENERGY STORAGE FUND PLC GRID Stock | London Stock Exchange

https://www.theguardian.com/music/2022/jun/06/kate-bush-thanks-stranger-things-fans-as-running-up-that-hill-climbs-charts

The abrdn Asian Income Fund is targeting the income and growth potential of Asia’s most compelling and sustainable companies

https://www.asian-income.co.uk/

Ten largest holdings (%)
TSMC Taiwan 7.3% of the fund
Samsung Electronics Korea 6.5% of the fund
BHP Australia 4.0% of the fund
DBS Group Singapore 3.8% of the fund
Oversea-Chinese Banking Corp. Singapore 3.2% of the fund
Venture Corporation Singapore 3.0% of the fund
Infosys India 2.6% of the fund
United Overseas Bank Singapore 2.6% of the fund
Rio Tinto Australia 2.4% of the fund
Tisco Financial Thailand 2.2% of the fund

Total 37.6 % of the fund

The total number of investments 60

https://www.londonstockexchange.com/stock/AAIF/abrdn-asian-income-fund-limited/company-page

Russia’s invasion of Ukraine threatens to be the “beginning of the third world war” that could spell the end of civilisation, the veteran philanthropist and former financier George Soros has warned

Today Gresham House Energy Storage Fund pays out its May 2022 dividend.

1.75p a share.

https://www.londonstockexchange.com/news-article/GRID/total-voting-rights/15080709

Now he total number of voting rights of the Company is 437,842,078, thus:-

437,842,078 x £0.0175 = 7,662,236.365

That is £7,662,236.365 = £7.662 Millon paid to shareholder

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

HSBC suspends banker over ‘nut job’ climate comments, say reports – BBC News

A good news story after some dreadful comments from Stuart Kirk of HSBC Asset Management.

Last week, Stuart Kirk, a leader in the bank’s responsible investing team, said: “There’s always some nut job telling me about the end of the world.”

In the address he made light of the risks of major floods and said that he had to spend his time “looking at something that’s going to happen in 20 or 30 years”.

During the 15-minute address at the FT Moral Money Summit, Mr Kirk said “Climate change is not a financial risk that we need to worry about.”

“Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong,” a slide shown as part of the presentation said.

The Invesco Bond Income Plus Limited is a London listed investment trust.

The objective of the Fund is to achieve long-term capital growth. The Fund invests primarily in shares of companies engaged in the discretionary consumer needs worldwide, including companies engaged in meeting the demands of consumers. The Fund is actively managed and is not constrained by its benchmark, MSCI World Consumer Discretionary Index (Net Total Return), which is used for comparison purposes

£357.0m Total Assets

6.5% Dividend Yield

Invesco Bond Income Plus Limited was previously City Merchants High Yield Trust Limited

https://www.invesco.com/uk/en/investment-trusts/invesco-bond-income-plus-limited.html

Top 10 issuers % portfolio

Codere New Topco 13.625% PIK 30 Nov 2027, 12.75% PIK 30 Nov 2027,
11% PIK 30 Sep 2026, 7.5% PIK 30 Nov 2027 (SUB),
Common Stock
2.5% portfolio

Lloyds Banking Group 7.625% FRN Perpetual, 7.5% FRN Perpetual, 7.875%
FRN Perpetual, 6.375% FRN Perpetual, 3.5% FRN 01
Apr 2026 (SNR)
2.4% portfolio

Teva Pharmaceutical Finance 6% 31 Jan 2025 (SNR), 4.375% 09 May 2030 (SNR),
7.125% 31 Jan 2025 (SNR), 6.75% 01 Mar 2028
(SNR), 5.125% 09 May 2029 (SNR)
2.2% portfolio

Barclays 2.75% FRN Perpetual, 4.375% FRN Perpetual, 6.375%
FRN Perpetual, 7.25% FRN Perpetual, 7.875% FRN
Perpetual, 8% FRN Perpetual
2.1% portfolio

Aviva 6.125% FRN 05 Jul 2043, 6.125% FRN Perpetual,
8.875% Preference
2.0% portfolio
C
o-Operative Bank 9.5% FRN 25 Apr 2029, 5.125% 17 May 2024 (SNR),
6% FRN 06 Apr 2027 (SNR), 7.5% FRN 08 Jul 2026
1.8% portfolio

Petra Diamonds 10.5% PIK 08 Mar 2026, Common Stock 1.8
Virgin Media O2 5% 15 Apr 2027 (SNR), 4.25% 15 Jan 2030 (SNR),
4% 31 Jan 2029 (SNR)
1.7% portfolio

Ziggo Bond Finance 6% 15 Jan 2027 (SNR), 4.875% 15 Jan 2030 (SNR),
3.375% 28 Feb 2030 (SNR)
1.6% portfolio

Vodafone Group 4.875% 03 Oct 2078, 7% FRN 04 Apr 2079, 6.25%
03 Oct 2078
1.5% portfolio

Total 19.6 of the portfolio

https://www.londonstockexchange.com/stock/BIPS/invesco-bond-income-plus-limited/company-page

Today, the Lloyds Banking Group pays out its May 2022 dividend.

1.33p a share.

https://www.lloydsbankinggroup.com

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 69,666,692,662 ordinary shares.

https://www.londonstockexchange.com/news-article/LLOY/total-voting-rights/15432921

Thus:

69,666,692,662 x £0.0133 = £926,567,012.4046

That is £926 million paid to shareholders.

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

An Overview of the Dunning-Kruger Effect (verywellmind.com)

“People who consider themselves “the clever ones” are not clever at all

The Dunning-Kruger effect is a type of cognitive bias in which people believe that they are smarter and more capable than they really are. Essentially, low ability people do not possess the skills needed to recognize their own incompetence. The combination of poor self-awareness and low cognitive ability leads them to overestimate their own capabilities.

The term lends a scientific name and explanation to a problem that many people immediately recognize—that fools are blind to their own foolishness. As Charles Darwin wrote in his book The Descent of Man, “Ignorance more frequently begets confidence than does knowledge.”

An Overview of the Dunning-Kruger Effect

This phenomenon is something you have likely experienced in real life, perhaps around the dinner table at a holiday family gathering. Throughout the course of the meal, a member of your extended family begins spouting off on a topic at length, boldly proclaiming that he is correct and that everyone else’s opinion is stupid, uninformed, and just plain wrong. It may be plainly evident to everyone in the room that this person has no idea what they are talking about, yet they prattle on, blithely oblivious to their own ignorance.

The effect is named after researchers David Dunning and Justin Kruger, the two social psychologists who first described it. In their original study on this psychological phenomenon, they performed a series of four investigations.

On the 4th May 2022, NatWest Group, (formerly The Royal Bank of Scotland) paid out it May 2022 dividend.

https://www.natwestgroup.com/

It was £0.075p a share.

https://www.londonstockexchange.com/news-article/NWG/total-voting-rights/15432867

42,250,741,324 are the total voting rights thus:-

42,250,741,324 x £0.075 = £3,168,805,599.30

That is £3,168 Million = £3.168 Billion paid to shareholders

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

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 Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In April 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 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

20-Apr-2022 1 1/8% Treasury Gilt 2039 £2,499.9980 Million
12-Apr-2022 1% Treasury Gilt 2032 £3,124.9980 Million
05-Apr-2022 0 3/8% Treasury Gilt 2026 £3,250.0000 Million

£2,499.9980 Million + £3,124.9980 Million + £3,250.0000 Million = £8,874.996 Million

£8,874.996 Million = £8.874996 Billion

On another way of looking at it, is in the 30 days in April 2022, HM Government borrowed:- £295.8332 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 bond mature in 2039. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

The Foreign and Colonial Investment Trust is the founding father if investments for the masses. Tomorrow it pays out its dividend to shareholders

https://www.bmogam.com/fandc-investment-trust/

3.8p a share.

F&C Investment Trust PLC holds stock in over 450 companies. These are the twenty companies that is holds the most stock in:

Microsoft 2.5% of the portfolio
Alphabet 2.2% of the portfolio
Apple 1.9% of the portfolio
Amazon 1.8% of the portfolio
UnitedHealth 1.4% of the portfolio
Anthem 0.9% of the portfolio
Meta 0.9% of the portfolio
Taiwan Semiconductor Manufacturing Company 0.9% of the portfolio
Comcast 0.8% of the portfolio
Broadcom 0.8% of the portfolio
Tesla 0.8% of the portfolio
International Flavors & Fragrances 0.8% of the portfolio
Hess 0.7% of the portfolio
CVS Health 0.7% of the portfolio
Merck & Co 0.7% of the portfolio
Dollar General 0.7% of the portfolio
AstraZeneca 0.7% of the portfolio
JB Hunt 0.6% of the portfolio
Mastercard 0.6% of the portfolio
Wells Fargo 0.6% of the portfolio

https://www.londonstockexchange.com/news-article/FCIT/total-voting-rights/15433300

The total number of voting rights 522,500,492

Thus:-

522,500,492 x £0.038 = £19,855,018.696

That is £19million paid to shareholders.

https://www.londonstockexchange.com/stock/FCIT/f-c-investment-trust-plc/company-page

The Invesco Asia Trust is a London listed investment trust.

https://www.invesco.com/uk/en/investment-trusts/invesco-asia-trust-plc.html

The Company’s objective is to provide long-term capital growth by investing in a
diversified portfolio of Asian and Australasian companies.

Top 10 holdings % portfolio
Taiwan Semiconductor Manufacturing Taiwan 7.3% portfolio
Samsung Electronics South Korea 6.3% portfolio
Tencent – R China 6.0% portfolio
Alibaba China 3.7% portfolio
ICICI Bank – ADR India 3.5% portfolio
Housing Development Finance Corporation India 3.5% portfolio
JD.com China 3.1% portfolio
AIA Hong Kong 3.0% portfolio
MingYang Smart Energy – A China 2.7% portfolio
NetEase China 2.5% portfolio

Total 41.6% portfolio

https://www.londonstockexchange.com/stock/IAT/invesco-asia-trust-plc/company-page

The M&G Positive Impact Fund is a relatively new fund from M&G Investments.

The fund has two aims: to provide combined capital growth and income, net of the Ongoing Charge Figure, that is higher than the MSCI ACWI Index over any five-year period; and to invest in companies having a positive social impact. The fund usually holds shares in fewer than 40 companies. The fund invests over the long term in companies that make a positive social and/or environmental impact alongside a financial return. Sustainability and impact considerations are fundamental in the stock selection process.

Largest holdings
ON Semiconductor 6.6(%) Fund
Novo Nordisk 5.6(%) Fund
Johnson Controls International 5.0(%) Fund
Unitedhealth Group 4.8(%) Fund
Thermo Fisher Scientific 4.7(%) Fund
Solaredge Technologies 4.7(%) Fund
Schneider Electric 4.4(%) Fund
HDFC Bank 4.1(%) Fund
Orsted 3.9(%) Fund
ALK Abello 3.7(%) Fund

Fund size (millions) £ 209.60

https://www.mymandg.co.uk/posi-hub