Genesis Emerging Markets Fund

The Genesis Emerging Markets Fund is a London listed investment trust.

https://www.genesisemf.com/

The objective of the Genesis Emerging Markets Fund is to achieve long-term capital growth, primarily through investment in equity markets of developing countries

Naspers (South Africa) 4.7% of the fund
AIA Group (China) 3.2% of the fund
Alibaba (China) 3.2% of the fund
Samsung Electronics (South Korea) 2.9% of the fund
Sberbank (Russia) 2.6% of the fund
Taiwan Semiconductor (Taiwan) 2.6% of the fund
58.com (China) 2.2% of the fund
Vinamilk (Vietnam) 1.9% of the fund
Heineken (Netherlands) 1.8% of the fund
Jiangsu Yanghe Brewery (China) 1.8% of the fund
Geographical Diversification (%) as at 30th November 2018

Americas 14.7% of the fund
Brazil 6.7% of the fund
Mexico 3.4% of the fund
LiLAC† 1.5% of the fund
Colombia 1.1% of the fund
Colgate-Palmolive# 1.0% of the fund
Peru 0.8% of the fund
Argentina 0.2% of the fund

Asia 54.2% of the fund
China 20.8% of the fund
India 10.8% of the fund
South Korea 9.3% of the fund
Thailand 4.5% of the fund
Taiwan 2.6% of the fund
Vietnam 2.5% of the fund
Indonesia 2.4% of the fund
Philippines 1.2% of the fund
Malaysia 0.1% of the fund

Middle East/Africa 13.3% of the fund
South Africa 7.7% of the fund
Nigeria 2.1% of the fund
Egypt 0.8% of the fund
Jordan 0.5% of the fund
Saudi Arabia 0.5% of the fund
Morocco 0.5% of the fund
Kenya 0.4% of the fund
Mauritius 0.4% of the fund
United Arab Emirates 0.3% of the fund
Lebanon 0.1% of the fund

Europe/Central Asia 15.6% of the fund
Russia 5.2% of the fund
Turkey 3.6% of the fund
Netherlands 1.8% of the fund
Poland 1.2% of the fund
Hungary 1.1% of the fund
Romania 1.0% of the fund
Switzerland 0.9% of the fund
Greece 0.6% of the fund

Cash 2.1% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=12140

 

 

 

Legal & General Mixed Investment 40‑85% Fund

The Legal & General Mixed Investment 40‑85% Fund is a multi-asset investment fund. The objective of this fund is to provide growth of both capital and income. The fund will invest between 40% and 85% in a broad range of UK and overseas company shares. The rest of the fund will be invested at least 80% in bonds. Generally the fund will invest in these assets through other authorised investment funds, including funds from Legal & General.

TOP 10 HOLDINGS (%)

L&G UK Index Trust 15.6% of the fund
L&G US Index Trust 12.8% of the fund
L&G European Index Trust 10.3% of the fund
LGIM Sterling Liquidity Fund Class 1 7.5% of the fund
L&G Japan Index Trust 6.8% of the fund
L&G Emerging Markets Government Bond (US$) Index Fund 5.8% of the fund
L&G Global Real Estate Dividend Index Fund 5.8% of the fund
L&G Global Listed Infrastructure index Fund 5.5% of the fund
L&G Emerging Markets Government Bond (Local Currency) Index Fund 5.4% of the fund
L&G Global Emerging Markets Index Fund 4.5% of the fund

A £578.0m fund.

Baillie Gifford American Fund

A very well regarded unit trust whose objective, to produce capital growth over the long term.  The Fund will invest principally in equities of companies which are listed, quoted, traded, incorporated, domiciled or conducting a significant portion of their business in the United States of America

Top Ten Holdings
Holdings % of Total Assets
1 Amazon.com 8.8% of Total Assets
2 Tesla Inc 6.5% of Total Assets
3 Grubhub 5.3% of Total Assets
4 Netflix 5.2% of Total Assets
5 Illumina 4.9% of Total Assets
6 Abiomed 4.8% of Total Assets
7 MarketAxess 4.6% of Total Assets
8 Alphabet 4.6% of Total Assets
9 Wayfair 4.2% of Total Assets
10 Facebook 3.9% of Total Assets

Total 52.8 %

1 Consumer Discretionary 28.5%
2 Health Care 19.6%
3 Telecommunication Services 14.6%
4 Information Technology 13.4%
5 Financials 12.0%
6 Industrials 8.6%
7 Materials 1.1%
8 Real Estate 1.0%
9 Cash 1.1%

Assets of The Scottish Mortgage Investment Trust.

The The Scottish Mortgage Investment Trust, is a FTSE-100 member.

https://www.bailliegifford.com/en/uk/individual-investors/funds/scottish-mortgage-investment-trust/performance/portfolio/

Managed by Baille Gifford.

https://www.bailliegifford.com/

The holdings of this trust are:-

1 Amazon.com 9.4%
2 Illumina 8.2%
3 Tesla Inc 6.6%
4 Alibaba 5.6%
5 Tencent 5.3%
6 Baidu.com ADR 3.3%
7 Kering 3.1%
8 Ferrari NV 2.9%
9 Netflix Inc 2.9%
10 ASML 2.8%

Top ten holdings make up 50% of the fund.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10304&record_search=1&search_phrase=smt

BP’s December 2018 Dividend.

Today, the oil major BP, pays out its December Dividend.

www.bp.com

its pay out is  $0.1025 (8.0251p) a share.

https://otp.investis.com/clients/uk/bp_plc/rns/regulatory-story.aspx?cid=233&newsid=1213520

The total number of voting rights in BP p.l.c. is 20,061,666,112.

Thus:-

20,061,666,112 x £0.080251 = £1,609,968,767.154112

That is £1.6 billion

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10022&record_search=1&search_phrase=bp

6.4% Yield.

 

The Select Monthly Income Fund from TwentyFour Asset Management

The Select Monthly Income Fund, pays out an income to investors monthly.

https://twentyfouram.com/funds/twentyfour-select-monthly-income-fund/

The fund aims to generate attractive risk-adjusted returns, principally through income distributions by investing in a diversified portfolio of fixed income credit products

NATIONWIDE BLDG 10.25 PERP 3.65% of the fund
SHAWBROOK GROUP 7.875 PERP 2.30% of the fund
COVENTRY BDG SOC 6.375 PERP 2.11% of the fund
SANTANDER UK PLC 10.375 PERP 1.93% of the fund
ALDERMORE 11.875 PERP 1.75% of the fund
BRACKEN MIDCO 8.875 15/10/2023 High Yield  1.74% of the fund
ARBR 3X FR 1.58% of the fund
CBFLU 1 MEZZ  1.47% of the fund
BARCLAYS PLC 7.875 PERP  1.47% of the fund
BANCO SABADELL 6.5 PERP  1.43% of the fund

As you can see mainly holds investments in banks securities paying an income

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=26656574

7% yield.

Legal & General Multi-Index 7 Fund

The Legal & General Multi-Index 7 Fund is a multi-asset fund. The objective of the fund is to provide a combination of growth and income and to keep the fund within a pre-determined risk profile. The fund will have exposure to company shares, company and government bonds, cash and UK commercial property. The fund will have a strong bias towards company shares. At least 75% of the fund will be invested in other funds. At least 50% of the fund will be invested in Legal & General index-tracker funds.

TOP 10 HOLDINGS (%)
L&G US Index Trust 20.9% of the fund
L&G European Index Trust 12.9% of the fund
L&G UK Index Trust 10.2% of the fund
L&G Global Emerging Markets Index Fund 9.6% of the fund
L&G Japan Index Trust 8.7% of the fund
L&G (N) Tracker Trust 6.3% of the fund
L&G Pacific Index Trust 6.0% of the fund
LGIM Sterling Liquidity Fund Class 1 4.6% of the fund
L&G Emerging Markets Government Bond (Local Currency) Index Fund 3.3% of the fund
L&G UK Property Fund 3.1% of the fund

A £187.9m fund.

The Debt of General Electric

GE (www.ge.com) is the USA’s industrial giant, but is in a financial mess

https://www.ge.com/investor-relations/sites/default/files/GE_AR17.pdf

The annual report makes sombre reading

https://www.ge.com/investor-relations/fixed-income-investor

It’s debts are huge:

•Approximately $67.5 billion in senior unsecured, subordinated and senior secured notes issued or guaranteed by GECC pursuant to the GECC U.S. medium term note programs
•Approximately $55.2 billion of senior and subordinated debt securities issued or guaranteed by GECC under the GE Capital European medium term note program for issuances by GECC, GE Capital European Funding, GE Capital UK Funding and/or GE Capital Australia Funding Pty Ltd
•Approximately $8.9 billion of commercial paper issued by GECC.

from the annual report:-

Total borrowings $ 134,591 Million

That is $134 Billion of total debt.

HM Government Borrowings: November 2018

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. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In November 2018 , 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 (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

20-Nov-2018 0 1/8% Index-Linked Treasury Gilt 2056 3 months £555.0650 Million
15-Nov-2018 1¾% Treasury Gilt 2037 £2,299.9970 Million
06-Nov-2018 1 5/8% Treasury Gilt 2028 £2,250.0000 Million

When you add the cash raised:-

(£555.0650 Million + £2,299.9970 Million + £2,250.0000 Million) =  £5105.062 Million

£5105.062 Million = £5.105062 Billion

On another way of looking at it, is in the 30 days in November, HM Government borrowed:-

£170.1687333333333 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, 2028, 2037 and 2056. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….”

ITV’s December Dividend

ITV, the UK’s premier entertainment channel pays out today its dividend.

www.itv.com

It is 2.6p a share.

The total voting rights in ITV plc is 4,025,409,194 shares.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ITV/13642162.html

Thus:

4,025,409,194 x £0.026 = £104,660,639.044

That is £104m.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=54450&action=

5.3% yield.

A clever quote: Warren Buffet

Derivatives are financial weapons of mass destruction.

Derivatives, or contracts based on the price movements of underlying assets, declined to a gross market value of about $11 trillion at the end of 2017, according to the Bank for International Settlements. That total comes from the largely unregulated over-the-counter market, where most derivatives are traded. The level was a decline from $15 trillion at the end of 2016 and $13 trillion in mid-2017.

Assets of The Polar Capital Technology Trust plc

The Polar Capital Technology Trust plc is a London listed investment trust.

https://www.polarcapitaltechnologytrust.co.uk/

A trust worth £1,517m holding 113 investments.

It top 15 holdings are:-

Top 15 Holdings (%)

Alphabet 9.1% of the fund
Microsoft 8.9% of the fund
Apple 8.0% of the fund
Facebook 3.7% of the fund
Amazon.com 2.8% of the fund
Tencent 2.5% of the fund
Alibaba 2.4% of the fund
Taiwan Semiconductors 2.4% of the fund
NVIDIA 1.9% of the fund
Samsung 1.9% of the fund
Salesforce.com 1.8% of the fund
Adobe Systems 1.6% of the fund
ServiceNow 1.4% of the fund
Xilinx 1.4% of the fund
Texas Instruments 1.4% of the fund

Total 51.2% of the fund

Sector Exposure (%)

Software 25.5% of the fund
Interactive Media & Services 16.4% of the fund
Semiconductors & Semiconductor Equip. 15.2% of the fund
Tech. Hardware, Storage & Peripherals 10.9% of the fund
Internet & Direct Marketing Retail 7.4% of the fund
Elec. Equip. Instruments & Components 4.5% of the fund
IT Services 4.4% of the fund
Entertainment 3.6% of the fund
Communications Equipment 1.5% of the fund
Machinery 0.8% of the fund
Other 2.3% of the fund
Cash 7.4% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=12294&record_search=1&search_phrase=pct

The HSBC November Dividend 2018

Today, The Hong Kong and Shanghai Banking Corporation pays out its quarterly dividend.

It was 7.78p a share

www.hsbc.com

What does this £0.0778 dividend cost HSBC Holdings plc ?

https://www.hsbc.com/-/media/hsbc-com/investorrelationsassets/stockexchangeannouncements/2018/november/sea-181031-e-total-voting-rights-rns-announcement.pdf
The total number of voting rights in HSBC Holdings plc is 19,927,909,172 shares.

Thus:

19,927,909,172 x £0.0778 = £1,550,391,333.58

That is £1,550 Million = £1.55 Billion.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10048&action=

6.1% yield.

The Gore Street Energy Storage Fund

The Gore Street Energy Storage Fund is a London listed investment trust.

http://www.gsenergystoragefund.com/

Gore Street Energy Storage Fund is the first UK pure play energy storage fund, targeting a 7% yield. Building a diversified portfolio of projects, the Fund already has two operational assets in the portfolio and both with multiple revenue streams in place.

The portfolio as of 26 September 2018: Four Power Stations

Boulby: 6.0 MW: Cleveland, North Yorkshire: Owned by the Fund   100%

CENIN: 4.0 MW: Bridgend,  Wales: Owned by the Fund   49%

Port of Tilbury: 9 MW: Port of Tilbury, London: Owned by the Fund   100%

Lower Road: 10 MW: Brentwood,  Essex: : Owned by the Fund   100%
http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=54696839

BioPharma Credit plc

BioPharma Credit plc

The BioPharma Credit plc is a London listed investment funds.

http://www.bpcruk.com/

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.
Net assets of $918.5m

Cash and cash equivalents $149.2m
Limited partnership interest in BioPharma III $64.8m
RPS Note $52.3m
Tesaro senior secured loan $322.0m
Lexicon senior secured loan $124.5m
Novocure senior secured loan $150.0m
Sebela senior secured loan $194.2m
BMS purchased payments $20.0m
C Shares $(161.0)m
Other net assets $2.5m

Total net assets $918.5m

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=54490167&record_search=1&search_phrase=biopharma

UK Government Debt.

The Chancellor of the Exchequer, Philip Hammond had the UK budget.

The National Debt peaked in 2016/17 at 85.2% of GDP.

This is debt profile:-

Government borrowing for the next FOUR years:-

2019/20 in £31.8bn
2020-21 in £23.8bn
2021-22 in £20.8bn
2023-24 in £19.8bn

HM Government Borrowings: October 2018

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. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In October 2018 , 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” 2 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

23-Oct-2018 0 1/8% Index-linked Treasury Gilt 2028 3 months £1,100 Million
04-Oct-2018 1% Treasury Gilt 2024 £3,000 Million

When you add the cash raised:-

(£1,100.0000 Million + £3,000.0000 Million) =  £4,100.00 Million

£4,100.00 Million = £4.10 Billion

On another way of looking at it, is in the 31 days in Oct, HM Government borrowed:-

£132 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, 2024 and 2028. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

BT Results: H1 2018: Dividend Declaration.

On Thursday 1st Nov, the world’s most dynamic and progressive media and telecommunications giant, announced its first half results

www.bt.com

The BT Board has declared an interim dividend of 4.62p per share

https://www.btplc.com/Thegroup/Ourcompany/Theboard/Ourboard/index.htm

What will be the cost of the dividend when it is paid out in Feb 2019 ?

https://otp.tools.investis.com/clients/uk/bt/rns/regulatory-story.aspx?cid=1470&newsid=1203894

The total number of voting rights in BT Group plc on that date was 9,921,904,070

Thus:-

9,921,904,070 x 4.62p per share = £458,391,968.034

That is £458m

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10025&action=

6.4% yield. Delicious.

The Assets of the BlackRock Commodities Income Investment Trust

The BlackRock Commodities Income Investment Trust is a £86m London listed investment trust.

https://www.blackrock.com/uk/individual/products/investment-trusts/our-range/blackrock-commodities-income-investment-trust/trust-information?locale=en_GB&switchLocale=y&siteEntryPassthrough=true

It has the strategy 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

Its top ten holdings are:-

BHP Global 8.8% of the fund
Royal Dutch Shell ‘B’ Global 6.4% of the fund
First Quantum Minerals* Global 6.1% of the fund
Rio TInto Global 5.9% of the fund
Glencore Global 4.9% of the fund
Exxon Mobil Global 4.5% of the fund
Chevron Global 4.3% of the fund
Teck Resources Canada 4.3% of the fund
BP Global 4.1% of the fund
Vale – ADS Latin America 4.0% of the fund

its assets are split over these sectors:

Diversified Mining 30.1% of the fund
Integrated Oil 25.7% of the fund
Exploration & Production 16.3% of the fund
Copper 8.4% of the fund
Gold 8.2% of the fund
Industrial Minerals 4.0% of the fund
Diamonds 2.2% of the fund
Silver 2.0% of the fund
Steel 1.3% of the fund
Distribution 1.1% of the fund
Oil Services 0.9% of the fund
Net current liabilities (0.2)% of the fund

100.0% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=152827&action=

A yield of over 5%

HM Government Borrowings: September 2018

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. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In September 2018 , 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” 2 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

25-Sep-2018 0 1/8% Index-linked Treasury Gilt 2048 3 months £872.7200 Million
20-Sep-2018 1 5/8% Treasury Gilt 2028 £2,750.0000 Million
11-Sep-2018 1¾% Treasury Gilt 2049 £2,500.0000 Million
06-Sep-2018 1% Treasury Gilt 2024 £3,000.0000 Million

When you add the cash raised:-

(£872.7200 Million + £2,750.0000 Million + £2,500.0000 Million + £3,000.0000 Million) =  £9122.72 Million

£9122.72 Million = £9.12272 Billion

On another way of looking at it, is in the 30 days in Sept, HM Government borrowed:-

£304 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, 2020, 2028 and 2049. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….”

GlaxoSmithKline October Dividend

On Thursday the 11th October, GlaxoSmithKline paid out its October dividend.

www.gsk.com

It was 19p a share.

The total number of voting rights in GSK is 4,960,316,601

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GSK/13777222.html

Thus:-

4,960,316,601 x £0.19 = £942,460,154.19

That is £942m

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10042

5.5% is the yield.

The Invesco Perpetual Enhanced Income

The Invesco Perpetual Enhanced Income principal objective is to provide shareholders with a high level of income whilst seeking to maximise total return through investing in a diversified portfolio of high yielding corporate and government bonds

https://www.invesco.co.uk/uk/products/invesco-perpetual-enhanced-income-limited

Top 10 issuers % portfolio

Altice 6.625% 15 Feb 2023, 7.5% 15 May 2026, SFR, 7.375% 01 May 2026 (SNR) 2.7% of the fund
UniCredit International Bank 8% FRN Perpetual, 8.125% FRN Perpetual 2.3% of the fund
Standard Chartered 5.7% 26 Mar 2044, 5.125% 06 Jun 2034 1.9% of the fund
Enterprise Inns 6.5% 06 Dec 2018 (SNR), 6.375% 15 Feb 2022 (SNR) 1.9% of the fund
NWEN Finance 5.875% 21 Jun 2021 (SNR) 1.8% of the fund
NGG Finance 5.625% FRN 18 Jun 2073 1.7% of the fund
Enel 7.75% 10 Sep 2075, 6.625% 15 Sep 2076 1.7% of the fund
Premier Foods Finance FRN 15 Jul 2022 (SNR), 6.25% 15 Oct 2023 1.7% of the fund
Intesa Sanpaolo 8.375% FRN Perpetual, 7.75% Perpetual, 7% Perpetual 1.6% of the fund
TVL Finance FRN 15 May 2023 (SNR), 8.5% 15 May 2023 (SNR) 1.6 % of the fund

Total 18.9 % of the fund are from the top ten holders.

Total Assets £148.3m

The Personal Assets Trust

The Personal Assets is what its name implies. It is an investment trust run for private
investors, who may often have committed to it a substantial proportion of their
personal wealth.

https://www.patplc.co.uk/

Its assets:-

British American Tobacco UK Tobacco 3.3%
Nestlé Switzerland Food Producer 3.1%
Microsoft USA Software 3.0%
Coca-Cola USA Beverages 3.0%
Philip Morris USA Tobacco 2.8%
Unilever UK Food Producer 2.7%
Berkshire Hathaway USA Insurance 2.1%
Altria USA Tobacco 2.1%
Sage Group UK Technology 2.0%
American Express USA Financial Services 1.8%
Imperial Oil Canada Oil & Gas 1.7%
Colgate Palmolive USA Personal Products 1.6%
Henkel Germany Consumer Goods 1.5%
Procter & Gamble USA Household Products 1.4%
A.G. Barr UK Beverages 1.2%
Diageo UK Beverages 1.2%
GlaxoSmithKline UK Pharmaceuticals 1.1%
Hershey USA Food Producer 0.9%
Société BIC France Consumer Goods 0.9%
Franco-Nevada Canada Mining 0.7%
PZ Cussons UK Personal Products 0.3%
Dr Pepper Snapple USA Beverages
Becton Dickinson USA Pharmaceuticals
Agnico Eagle Mines Canada Mining
Total Equities 38.4% £329million

US TIPS USA 20.0% £171m
US Treasuries USA 2.7% 23m
UK Index-Linked Gilts UK 3.6% 31,m
UK T-Bills UK 22.5% £193m
Gold Bullion 8.9% £76m

Total Investments 96.1% £825m
UK cash 4.3% £36m
Overseas cash 0.5% £4m

TOTAL PORTFOLIO 100.0 worth £858m

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=13170

The shares trade at £393 a share.

The RBS Dividend after 10 years.

On Friday last week, that was Friday 12th October 2018, The Royal Bank of Scotland after 10 years has paid out a dividend to its shareholders.

www.rbs.com

2p a share.

RBS has 12,048,231,514 shares.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/RBS/13809173.html

thus:

12,048,231,514 x £0.02 = £240,964,630.28

That is £240m

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10068

The Troy Trojan Fund

The Troy Trojan Fund is a UK based Unit Trust, run by Troy Asset Management

www.taml.co.uk

The investment objective of Trojan Fund is to achieve growth in capital and income in real terms over the longer term. The investment policy is to invest substantially in UK and overseas equities and fixed interest securities

Top 10 Holdings

Gold Bullion Securities 6.2 Fund (%)
Microsoft 4.1 Fund (%)
British American Tobacco 3.6 Fund (%)
Coca-Cola 3.4 Fund (%)
Unilever 3.0 Fund (%)
Altria 2.2 Fund (%)
Berkshire Hathaway 2.2 Fund (%)
Nestlé 2.2 Fund (%)
Philip Morris 2.2 Fund (%)
Procter & Gamble 1.9 Fund (%)

Total Top 10 31.0 Fund (%)

20 other holdings 53.0 Fund (%)
Cash & equivalent 16.0 Fund (%)

Total 100.0

Interesting to see the fund is holding 16% in cash

The Assets of Direct Line plc

Direct Line is a major UK insurer.

https://www.directlinegroup.com/

It collects in insurance premiums, and pays out on claims. The insurance premiums are invested.

What are these investments ?

https://www.directlinegroup.com/~/media/Files/D/Direct-Line-Group-V2/reports-and-presentations/annual-report-and-accounts-2017.pdf

Investment-grade credit 3,893.1 million
High-yield 388.6 million
Investment-grade private placements 103.6 million
Sovereign 224.8 million

Total debt securities 4,610.1 million

Infrastructure debt 316.4 million
Commercial real estate loans 169.0 million
Cash and cash equivalents3 1,304.5 million
Investment property 309.3 million

Total Group £6,709.3 million

Note, no equity investments.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=2773867

A yield of 6.1%

The Astra Zeneca September Dividend

On Sept 10th, Astra Zeneca paid out its September dividend.

https://www.astrazeneca.com/

It is 68.4p a share.

The total number of voting rights in AstraZeneca PLC is 1,266,776,325.

https://www.astrazeneca.com/investor-relations/Stock-exchange-announcements/2018/transparency-directive-voting-rights-and-capital01082018.html

Thus:

1,266,776,325 x £0.684 = £866,475,006.30

That is £866 Million

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10009

3.8% yield.

The Miton MicroCap Trust PLC.

The Miton MicroCap Trust, in a London listed investment trust.

https://www.mitongroup.com/private/fund/miton-uk-microcap-trust-plc/

The company intends to invest primarily in the smallest companies, measured by their market capitalisation.

Top 20 Holdings (%)

1.Kape Technologies plc 4.5%
2.Yu Group plc 4.2%
3.Frontier IP Group plc 2.8%
4.Cerillion plc 2.6%
5.Zotefoams plc 2.5%
6.Nanoco Group plc 2.4%
7.Bilby plc 2.4%
8.Kromek Group plc 2.4%
9.Aquis Exchange plc 2.3%
10.Conygar Investment Co plc 1.9%
Eland Oil & Gas plc 1.8%
12.Mind Gym plc 1.7%
13.Science in Sport plc 1.6%
14.Simec Atlantis Energy Ltd 1.6%
15.Versarien plc 1.6%
16.Scientific Digital Imaging plc 1.6%
17.BATM Advanced Comms Ltd 1.5%
18.Amino Technologies 1.5%
19.CML Microsystems plc 1.5%
20.Seeing Machines Ltd 1.5%

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=41162280&record_search=1&search_phrase=mini

 

BP’s September 2018 Dividend

Today, Friday 21st Sept 2018, BP plc pays out its quarterly dividend.

www.bp.com

7.9296p a share.

The total number of voting rights in BP p.l.c. is 19,982,865,583

https://otp.investis.com/clients/uk/bp_plc/rns/regulatory-story.aspx?cid=233&newsid=1164468

thus:-

19,982,865,583 x £0.079296 = £1,584,561,309.27

That is £1,584 Million = £1.584 Billion

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10022&record_search=1&search_phrase=BP

5.6% yield

The Rio Tinto September Dividend.

Rio Tinto is the world’s 2nd largest mining company

www.riotinto.com

Tomorrow (20th Sept 2018) it pays out its September dividend of 96.82p a share.

The total number of voting rights in Rio Tinto plc is 1,310,179,764

https://otp.tools.investis.com/clients/uk/rio_tinto1/rns/regulatory-story.aspx?cid=507&newsid=1131729

Thus:-

1,310,179,764 x £0.9882 = £1,294,719,642.78

That is £1,294 Million = £1.294 Billion in the dividend to shareholders.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10071&record_search=1&search_phrase=rio

6.1% dividend yield.

Royal Dutch Shell: September Dividend 2018

Today, Monday 17th Sept, Royal Dutch Shell pays out its quarterly dividend.

https://www.shell.com/media/news-and-media-releases/2018/second-quarter-2018-euro-and-gbp-equivalent-dividend-payments.html

Dividends on A Shares will be paid, by default, in euro at the rate of €0.4048 per A Share. Holders of A Shares who have validly submitted pounds sterling currency elections by August 24, 2018 will be entitled to a dividend of 36.50p per A Share.

Dividends on B Shares will be paid, by default, in pounds sterling at the rate of 36.50p per B Share. Holders of B Shares who have validly submitted euro currency elections by August 24, 2018 will be entitled to a dividend of €0.4048 per B Share

It is going to pay : 36.50p per share (in Shell A and Shell B)

Royal Dutch Shell plc’s capital consists of 4,573,199,702 A shares and 3,745,486,731 B shares, each with equal voting rights

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/RDSA/13776498.html

Thus:-

36.50p x 4,573,199,702 A shares = £1,669,217,891.23

36.50p x 3,745,486,731 B shares = £1,367,102,656.82
£1,669,217,891.23 + £1,367,102,656.82 = £3,036,320,548.05

That is £3.036 Billion of cash.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133655

Shell A a yield of 5.8%

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133755

Shell B a yield of 5.7%

RIT Capital Partners PLC

RIT Capital plc

The RIT Capital Investment Trust, is a London Listed Fund

http://www.ritcap.com/

The family wealth of The Rothschild Family is managed by this fund.

http://www.ritcap.com/significant-shareholdings

Lord Rothschild 18,462,036 shares 11.88% holding in RIT
Hannah Rothschild 14,081,001 shares 9.06% holding in RIT
The Rothschild Foundation 14,081,001 shares  9.06% holding in RIT

It’s asset allocation:-

Quoted Equity – Long 38%
Absolute Return & Credit 22%
Quoted Equity – Hedge 19%
Private Investments – Funds 13%
Private Investments – Direct 9%
Real Assets 3%
Other Investments 2%
Net Liquidity / Borrowings / Other Assets -6%

Global 33%
North America 33%
Emerging Markets 19%
Japan 8%
Europe 8%
United Kingdom 6%
Other -1%

It’s strategy is to deliver long-term capital growth, while preserving shareholders’ capital, to invest in a widely diversified, international portfolio across a range of asset classes, both quoted and unquoted.
Investment Portfolio as at 30 June 2018, all figures in £m

Quoted Equity
Stocks:
CSX Corporation1 United States Industrials 102.8 3.5%
Trian Partners Co-Investment2 United States Consumer staples/Industrials 64.1 2.2%
Dropbox United States Information technology 45.3 1.5%
Automatic Data Processing1 United States Information technology 36.3 1.2%
Citigroup Swap United States Financials, 2.0% notional (0.5) (0.0%)
Reckitt Benckiser Swap United Kingdom Consumer staples, 2.0% notional (0.4) (0.0%)
Nestlé Swap Switzerland Consumer staples, 1.4% notional 0.0 0.0%
Unilever Swap Europe Consumer staples, 1.1% notional 0.5 0.0%
Alphabet Swap United States Information technology, 1.0% notional (0.4) (0.0%)
Mitsubishi UFJ Swap Japan Financials, 0.9% notional (0.2) (0.0%)
S&P Global Swap United States Financials, 0.6% notional (0.2) (0.0%)
Other Stocks – – 9.4 0.4%
Total Stocks 256.7 8.8%
Long-only Funds:
HCIF Offshore United States All-cap, biotechnology 156.5 5.4%
Morant Wright3 Japan Small/mid-cap, value bias 117.4 4.0%
BlackRock Emerging Markets Emerging Markets All-cap, value bias 81.2 2.8%
Lansdowne Developed Markets Strategic Global All-cap, diversified 63.7 2.2%
Tekne Long-only Fund United States All-cap, information technology 56.3 1.9%
Ward Ferry Asian Smaller Companies Asia Small/mid-cap, diversified 55.2 1.9%
Springs Opportunities China All-cap, diversified 54.2 1.9%
Lansdowne New Energy Global All-cap, energy 45.1 1.5%
Brown Advisory LATAM3,4 Latin America All-cap, diversified 44.6 1.5%
Emerging India Focus India All-cap, diversified 39.8 1.4%
Trian Partners United States Large-cap, diversified 31.1 1.1%
Strategic Equity Capital United Kingdom Small-cap, diversified 21.6 0.7%
Other Long-only Funds – – 43.9 1.4%
Total Long-only Funds: 810.6 27.7%
Hedge Funds:
BlackRock European Hedge Fund Europe All-cap, diversified 95.2 3.3%
Gaoling China All-cap, diversified 88.9 3.0%
Martin Currie Japan Japan All-cap, diversified 87.7 3.0%
Soroban Global All-cap, diversified 83.9 2.9%
Palestra Capital Global All-cap, diversified 79.4 2.7%
RIT Discovery5 Global All-cap, diversified 62.0 2.1%
ENA Opportunity6 Europe All-cap, diversified 46.7 1.6%
Other Hedge Funds – – 33.1 1.1%
Total Hedge Funds: 576.9 19.7%
Derivatives:
GS US Value Basket Swap United States Long, 1.9% notional (2.6) (0.1%)
Euro Stoxx 600 Basic Resources Swap Europe Long, 0.7% notional (0.2) (0.0%)
Euro Stoxx 600 Oil & Gas Swap Europe Long, 0.5% notional 0.2 0.0%
MSCI World £ Index Swap Global Short, 5.6% notional 0.3 0.0%
GS Custom Industrials Swap United States Short, 2.6% notional 3.1 0.2%
FTSE 100 Futures United Kingdom Short, 2.0% notional 0.4 0.0%
S&P 500 Futures United States Short, 1.5% notional 1.0 0.0%
GS Custom US Transport Swap United States Short, 0.9% notional (0.8) (0.0%)
GS Custom Technology Swap Global Short, 0.8% notional 2.6 0.1%
iShares NASDAQ Biotech ETF Swap United States Short, 0.8% notional 0.2 0.0%
Equity Options Various Premium 9.3 0.3%
Other Derivatives – – 2.8 0.1%
Total Derivatives: 16.3 0.6%
Total Quoted Equity 1,660.5 56.8%
Private Investments – Direct:
Acorn Global Consumer staples 102.9 3.5%
Coupang Asia Information technology 38.2 1.3%
Helios Towers Africa Telecommunication services 35.2 1.2%
CSL United Kingdom Information technology 25.8 0.9%
Infinity Data Systems United Kingdom Information technology 20.9 0.7%
Age of Learning United States Information technology 14.1 0.5%
Other Private Investments – Direct – – 27.9 1.0%
Total Private Investments – Direct 265.0 9.1%
Private Investments – Funds:
Thrive Capital Funds United States Venture Capital 67.9 2.3%
Gaoling – Unquoted China Private Equity 37.2 1.3%
BDT Capital Funds United States Private Equity 36.2 1.2%
3G Special Situations United States Private Equity 23.0 0.8%
Augmentum Fintech PLC United Kingdom Venture Capital 19.0 0.6%
ICQ Holdings 6 United States Private Equity 18.9 0.6%
Other Private Investments – Funds – – 183.6 6.4%
Total Private Investments – Funds 385.8 13.2%
Absolute Return & Credit:
Eisler Capital Fund Global Macro strategy 140.9 4.8%
Attestor Value Fund Global Distressed and special situations 109.3 3.7%
Elliott International Global Multi-strategy 95.9 3.3%
Farmstead Fund United States Distressed and special situations 52.4 1.8%
Emso Opportunity Strategies Fund Global Opportunistic credit 47.5 1.6%
Sand Grove Tactical Global Multi-strategy 46.6 1.6%
Palm Lane Credit Opportunities Fund Global Fixed income, relative value 42.3 1.4%
Oaktree Strategic Credit Global Opportunistic credit 37.5 1.3%
BTG Global Derivatives Opportunities Global Volatility strategy 34.1 1.2%
RIT US Value Partnership Global Multi-strategy 24.9 0.9%
Other Absolute Return & Credit – – 44.3 1.5%
Total Absolute Return & Credit 675.7 23.1%
Real Assets:
Spencer House United Kingdom Investment property 38.9 1.3%
Other St James’s Properties United Kingdom Investment property 24.7 0.8%
BlackRock World Gold Fund Global Gold and precious metal equities 17.5 0.6%
Gold Futures United States Long, 2.3% notional (3.0) (0.1%)
Corn Futures Swap United States Long, 0.6% notional (1.2) (0.0%)
Silver Futures United States Long, 0.5% notional (0.1) (0.0%)
Soybean Futures Swap United States Long, 0.5% notional (0.9) (0.0%)
Other Real Assets – – 12.0 0.4%
Total Real Assets 87.9 3.0%
Government Bonds & Rates:
US Treasury Inflation Protected Securities United States Maturing January 2028 52.5 1.8%
US Dollar Interest Rate Swaps7 United States Long, 13.8% notional (1.4) (0.0%)
Sterling Interest Rate Swap7 United Kingdom Long, 1.8% notional 0.1 0.0%
Interest Rate Options Various Premium 8.2 0.2%
Total Government Bonds & Rates 59.4 2.0%
Other Investments:
Currency Forward Contracts Global Various forward contracts (26.3) (0.9%)
Currency Options Various Premium 0.4 0.0%
Total Other Investments (25.9) (0.9%)
Total Investments 3,108.4 106.3%
Liquidity:
Liquidity – Cash at bank/margins 221.2 7.6%
Total Liquidity 221.2 7.6%
Borrowings:
Commonwealth Bank of Australia loan – Revolving credit facility (125.0) (4.3%)
National Australia Bank loan – Revolving credit facility (150.0) (5.1%)
RIT Senior Notes – Long-term notes (159.5) (5.5%)
Total Borrowings (434.5) (14.9%)
Other Assets/(Liabilities) – Various 29.9 1.0%

Total Net Asset Value £2,925.0m  100.0%

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10281&record_search=1&search_phrase=RIT

Lindsell Train Investment Trust: The Price of Protection

The Lindsell Train Investment Trust is a highly regarding investment trust.

https://www.lindselltrain.com/funds/lindsell-train-investment-trust-plc/investment-objective-and-approach.aspx

This objective is simple: To maximise long-term total returns subject to the avoidance of loss of absolute value and with a minimum objective to maintain the real purchasing power of Sterling capital

Top 10 Holdings (% NAV)
Lindsell Train Limited (unlisted) 43.0%
Diageo 7.1%
London Stock Exchange 6.5%
Nintendo 6.2%
Unilever 5.5%
AG Barr 5.2%
PayPal 3.8%
LT Japanese Equity Fund 3.6%
Heineken Holdings 3.3%
RELX 3.2%

These are the salient facts:-

Market Capitalisation of £228m
Share Price: £1,140
Net Asset Value: £827.83
Premium (Discount): 37.7%

yes, you read that correct, a price of £1140 for assets of £827 in value.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=31089&action=

The Utilico Emerging Markets Trust

The Utilico Emerging Markets Trust is a London listed investment trust, worth just under £500m.

https://www.uemtrust.co.uk/

Top 20 Holdings are:-

1 Ocean Wilsons Holdings Limited (Brazil) Ports operator and provider of shipping services 4.5% of the fund
2 International Container Terminal Services Inc (Philippines) Ports operator and provider of shipping services 4.1% of the fund
3 China Resources Gas Group Ltd (Hong Kong) Gas distributor 3.7% of the fund
4 Yuexiu Transport Infrastructure Limited (China) Toll roads operator 3.2% of the fund
5 Cia de Gas de Sao Paulo (Brazil) Gas distributor 2.9% of the fund
6 Alupar Investimento S.A. (Brazil) Electricity generation and transmission 2.9% of the fund
7 Transgaz S.A. (Romania) Gas transmission 2.8% of the fund
8 Energisa S.A. (Brazil) Electricity distribution 2.6% of the fund
9 Transelectrica SA (Romania) Electricity transmission 2.6% of the fund
10 Rumo S.A. (Brazil) Rail-based logistics operator 2.5% of the fund
11 Malaysia Airports Holdings Berhad (Malaysia) Airport operator 2.5% of the fund
12 Transportadora de Gas del Sur S.A. (Argentina) Gas distributor 2.3% of the fund
13 Shanghai International Airport Co Ltd (China) Airport operator 2.3% of the fund
14 Engie Energia Chile S.A. (Chile) Electricity generation and transmission 2.2% of the fund
15 Conpet S.A. (Romania) Crude oil distributor 2.2% of the fund
16 APT Satellite Holdings Ltd (Hong Kong) Satellite operator 2.0% of the fund
17 Bolsas Y Mercados Argentinos (Argentina) Stock Exchange 2.0% of the fund
18 China Everbright Greentech Limited (China) Biomass integrated utilisation and waste treatment 1.8% of the fund
19 Enel Americas S.A. (Brazil) Electricity generation and transmission 1.7% of the fund
20 Power Grid Corporation of India Limited (India) Electricity transmission 1.7% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133441&action=

3.4% yield.

HM Government Borrowings: August 2018

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. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In August 2018 , 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” 2 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

08-Aug-2018 1 5/8% Treasury Gilt 2028 £2,500 Million
21-Aug-2018 0 1/8% Index-linked Treasury Gilt 2028 3 months £1,100 Million

When you add the cash raised:-

(£2,500 Million + 1,100 Million) =  £3,600 Million

£3,600 Million = £3.6 Billion

On another way of looking at it, is in the 31 days in Aug, HM Government borrowed:-

£116 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 2028. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….”

The Unilever September Dividend.

Today, Wed 5th September, Unilever plc pays out its dividend, of 34.35p a share

https://www.unilever.com/

Unilever PLC’s issued share capital as at 31 July 2018 consisted of 1,199,662,738 ordinary shares of 3 1/9p each, of which 2,271,957 were held as treasury shares; leaving a balance of 1,197,390,781 shares with voting rights.

https://otp.tools.investis.com/clients/uk/unilever/rns1/regulatory-story.aspx?cid=129&newsid=1131531

Thus:-

1,197,390,781 x 34.35p = £411,303,733.27

That is £411million.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10094

3.2% yield.

BT’s September Dividend.

Today, Monday 3rd September, BT plc the world’s premier telecommunications and media corporation pays out its dividend.

www.bt.com

10.55p a share.

The total number of voting rights in BT Group plc is 9,921,902,900:-

https://otp.tools.investis.com/clients/uk/bt/rns/regulatory-story.aspx?cid=1470&newsid=1132213

Thus, the cost of the dividend is:-

9,921,902,900 x £0.1055 = £1,046,760,755.95
That is £1,046 Million pounds = £1.046 Billion of cash

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10025&action=

6.8% yield.

Clever Quote: Warren Buffet

Make Long-Term Investments Over Short Term Ones

If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.”

Investing is not trading and has a vastly different goal, as trading, when done well, is about taking measured risks for discrete periods of time at sufficient volume as to generate profits, and typically involves wild swings in profitability. Investing is about minimizing risk to generate wealth over the long term, not generating short-term profits. Another great Buffett quote in this vein: “The stock market is designed to transfer money from the active to the patient.”

The UK Emerging Fund plc

The UK Emerging Fund plc is a London listed investment trust, managed by SVM Asset Management

http://www.svmonline.co.uk/

A £6.4millon fund.

Net Asset Value per share of 124.62p

Top 10 Holdings (%)

Fevertree Drinks 5.0%
Burford Capital 3.8%
GVC Holdings 3.8%
Workspace Group 3.4%
Unite Group 3.3%
Hutchison China Meditech 3.0%
Hilton Food Group 2.9%
GB Group 2.9%
Blue Prism 2.8%
4Imprint Group 2.7%

Total 33.5%

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=24939&record_search=1&search_phrase=UK Emerging Fund

Time: A Way To Make Money

Ticking away the moments that make up a dull day
Fritter and waste the hours in an off-hand way
Kicking around on a piece of ground in your home town
Waiting for someone or something to show you the way

Tired of lying in the sunshine staying home to watch the rain
You are young and life is long and there is time to kill today
And then one day you find ten years have got behind you
No one told you when to run, you missed the starting gun

And you run and you run to catch up with the sun but it’s sinking
Racing around to come up behind you again
The sun is the same in a relative way, but you’re older
Shorter of breath and one day closer to death

Every year is getting shorter, never seem to find the time
Plans that either come to naught or half a page of scribbled lines
Hanging on in quiet desperation is the English way
The time is gone, the song is over, thought I’d something more to say

Home, home again
I like to be here when I can
When I come home cold and tired
It’s good to warm my bones beside the fire
Far away, across the field
The tolling of the iron bell
Calls the faithful to their knees
To hear the softly spoken magic spell

HM Government July 2018 Borrowings

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In July 2018 , 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 (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

03-Jul-2018 1 5/8% Treasury Gilt 2028 £2,874.9950 Million
19-Jul-2018 1¾% Treasury Gilt 2057 £2,299.9970 Million
24-Jul-2018 1% Treasury Gilt 2024 £2,750.0000 Million

When you add the cash raised:-

(£2,874.9950 Million + £2,299.9970 Million + £2,750.0000 Million) =  £7924.992 Million

£7924.992 Million = £7.924992 Billion

On another way of looking at it, is in the 31 days in July, HM Government borrowed:-

£255.6449032 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 2028, 2028 and 2057. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

Assets of the Troy Income & Growth Trust PLC

The Troy Income & Growth Trust PLC is a £222m London listed investment trust.

 https://www.tigt.co.uk/

 The top ten holdings:-

 Royal Dutch Shell 5.3% of the fund

Unilever 5.2% of the fund

BP 4.4% of the fund

Reckitt Benckiser 4.1% of the fund

GlaxoSmithKline 3.9% of the fund

Lloyds Banking Group 3.9% of the fund

British American Tobacco 3.5% of the fund

Compass 3.0% of the fund

Experian 2.9% of the fund

Nestle 2.5% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=12083&action=

 3.3% yield

 

Robotics and Automation

Robotics and Automation is now becoming a critical part of modern society.

Legal & General UCITS ETF Public Limited Company Robo Global Rob&Auto Go UCITS ETF (GBP) (ROBG) is an exchange traded fund that invests in Robotics

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=35847198&record_search=1&search_phrase=ROBO

http://www.lgimetf.com/Documents/FS_UK_ROBO%20Global%20Robotics%20and%20Automation%20UCITS%20ETF_USD_IE00BMW3QX54.pdf

The Top Ten holdings are:-

iRobot 2.0%

Oceaneering International 1.9%

AeroVironment 1.9%

Brooks Automation 1.9%

Intuitive Surgical 1.8%

Fanuc 1.8%

Nabtesco 1.8%

ABB 1.8%

FLIR Systems 1.7%

Cognex Corporation 1.7%

 

 

 

Vodafone Dividend

Today, Vodafone PLC pays out its August 2018 dividend.

www.vodafone.com

€0.1023 a share:

The total number of voting rights in Vodafone plc is 26.714,482,765

https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=3480049&lang=en-GB&companycode=uk-vod&v=

Thus:

26,714,482,764 x €0.1023 a share = €2,732,891,586.7

That is £2,427,800,000 = £2.427 Billion

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10097

a yield of over 7%

The Foreign & Colonial Investment Trust August Dividend

Today, the Foreign & Colonial Investment Trust pays out it’s dividend.

http://www.fandc.com/foreign-and-colonial-investment-trust/

2.7p a share.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/FRCL/13703325.html

The total number of voting rights that can be exercised in the Company is, therefore, 542,180,712.

Thus:-

542,180,712 x £0.027 = £14,638,879.224

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10192&action=

1.5% yield.

HM Government Borrowings: June 2018

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. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In June 2018 , 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 (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

26-Jun-2018 1¾% Treasury Gilt 2037 £2,587.4950 Million
20-Jun-2018 0 1/8% Index-linked Treasury Gilt 2028 3 months £1,381.4000 Million
06-Jun-2018 0¾%  Treasury Gilt 2023 £2,750.0000 Million

When you add the cash raised:-

(2,587.4950 Million + £1,381.4000 Million + £2,750.0000 Million) =  £6718.895 Million

£6718.895 Million = £6.718895 Billion

On another way of looking at it, is in the 30 days in June, HM Government borrowed:-

£223 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 2023, 2028 and 2037. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….”

The Weiss Korea Opportunity Fund

The Weiss Korea Opportunity Fund

The Weiss Korea Opportunity Fund is an investment company, that is  geographically focused on investing in South Korean companies.

http://www.weisskoreaopportunityfund.com/

Top 10 Holdings

Samsung Electronics Co. 23% of the fund
LG Electronics Inc. 8% of the fund
Samsung Electro-Mechanics Co. 6% of the fund
Samsung SDI Co., Ltd.  5% of the fund
CJ CheilJedang Corp.  5% of the fund
Hyundai Motor Company. 5% of the fund
Korea Investment Holdings Co. 4% of the fund
CJ Corporation. 3% of the fund
Hyundai Motor Company. 3% of the fund
LG Household & Health Care Ltd. 3% of the fund

Top 10 Holdings 66% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=8703386&action=

The National Grid Debt

The UK’s National Grid is the power transmission company of the United Kingdom.

www.nationalgrid.com

It carries a lot of debt to fund its operations.

http://investors.nationalgrid.com/~/media/Files/N/National-Grid-IR-V2/results-centre/2018/full-year-results-statement-2017-18.pdf

The current outstanding debt is £23.0 billion (2017: £19.3 billion).

CopyofDebtMaturityProfile31Mar18

The interest payments on the debt (statutory net finance costs) were £745 million.
The effective interest rate on Treasury managed debt for the year was 4.6%

However, one has to note, that cash generated from continuing operations was £4,702 million, (£4.7 Billion)

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=51261

A yield of 5%

The Debt of Thames Water

Thames Water is the London water Utility.

www.thameswater.co.uk

It is owned by a group of investors:-

“Ontario Municipal Employees Retirement System (“OMERS”), one of Canada’s largest pension plans, and Wren House, the global direct infrastructure investment arm of the Kuwait Investment Authority, acquired the 26.3% managed stake from Macquire an Australian bank. OMERS has since agreed to increase its investment by a further 5.530%. When our recent sales complete towards the end of 2017, Thames Water will be jointly owned by 14 institutional investors – made up mostly of pension funds and sovereign wealth funds. The three largest
investors will represent pension funds – one based in Canada and two in the UK. All of our investors take a long-term view of the company’s infrastructure, its customers and the natural environment”

It carries debt to fund its business:-

https://corporate.thameswater.co.uk/-/media/Site-Content/Thames-Water/Corporate/AboutUs/Investors/Debt-investors/Kemble/Thames-Water-Kemble-Finance-plc/Investor-reports-and-presentations/Thames-Water-Utilities-including-Kemble-Water-Finance-Investor-Report-31-March-2017.pdf

a total of debt of £10,749.4 Million. That is £10.749 Billion

 

Book Value Bonds including accretion Class A 7,101.5
Book Value Bonds including accretion Class B 850.0
Total Book Value Bonds including accretion 7,951.5
Class A USPP Notes 479.1
Class B USPP Notes 119.8
Class A RPI linked loans including accretion of £134.4m 1,264.4
Accretion on Index-linked Swaps 223.3
Class A Floating Rate Loans 492.0
Class A Cross-currency swaps (78.9)
Class B Cross-currency swaps (23.2)
Class B Loans 179.0
Less TWUL Cash Investments (57.5)
TWUL Net Debt as per Compliance Certificate 10,549.5
Fees and Discounts (75.2)
Intercompany Loans* 300.0
Derivative financial liabilities (208.4)
Interest payable on amounts owed to group undertakings 179.2
Interest payable on secured bank loans 4.3
TWUL Net Debt as per accounts at 31 March 2017 10,749.4

 

Issuer Currency Face Value

(currency m)

Coupon % Maturity Date Class Description Face Value and accretion at 31 Mar 17 (£m)
TWUCF GBP 550.0 5.375% 21/07/2017* B Fixed Rate Bond 550.0
TWUF GBP 200.0 5.050% 30/06/2020 A Fixed Rate Bond 200.0
TWUF GBP 225.0 6.590% 20/04/2021 A Fixed Rate Bond 225.0
TWUF GBP 175.0 3.375% 21/07/2021 A RPI Linked Bond 264.3
TWUCF EUR 113.0 2.300% 18/07/2022 A CPI Linked Bond 100.6
TWUCF GBP 300.0 5.750% 13/09/2030 B Fixed Rate Bond 300.0
TWUCF GBP 500.0 4.000% 19/06/2025 A Fixed Rate Bond 500.0
TWUCF GBP 45.0 0.721% 21/12/2027 A RPI Linked Bond 46.0
TWUCF GBP 300.0 3.5% 25/02/2028 A Fixed Rate Bond 300.0
TWUF GBP 330.0 6.750% 16/11/2028 A Fixed Rate Bond 330.0
TWUF GBP 200.0 6.500% 09/02/2032 A Fixed Rate Bond 200.0
TWUCF GBP 300.0 4.375% 03/07/2034 A Fixed Rate Bond 300.0
TWUCF GBP 40.0 0.75% 18/12/2034 A RPI Linked Bond 40.9
TWUF GBP 600.0 5.125% 28/09/2037 A Fixed Rate Bond 600.0
TWUCF JPY 20,000.0 3.280% 20/08/2038 A Fixed Rate Bond 143.3
TWUCF GBP 50.0 3.853% 15/12/2040 A LPI Linked Bond 60.9
TWUCF GBP 500.0 5.500% 11/02/2041 A Fixed Rate Bond 500.0
TWUCF GBP 50.0 1.980% 28/08/2042 A RPI Linked Bond 64.4
TWUCF GBP 55.0 2.091% 06/10/2042 A RPI Linked Bond 68.4
TWUCF GBP 40.0 1.974% 12/10/2045 A RPI Linked Bond 45.7
TWUCF GBP 300.0 4.625% 04/06/2046 A Fixed Rate Bond 300.0
TWUCF GBP 100.0 1.846% 28/08/2047 A RPI Linked Bond 128.9
TWUCF GBP 200.0 1.819% 28/08/2049 A RPI Linked Bond 257.8
TWUF GBP 300.0 1.680% 11/07/2053 A RPI Linked Bond 408.2
TWUF GBP 300.0 1.681% 11/07/2055 A RPI Linked Bond 408.2
TWUCF GBP 200.0 1.771% 28/08/2057 A RPI Linked Bond 257.8
TWUCF GBP 400.0 7.738% 09/04/2058 A Fixed Rate Bond 400.0
TWUCF GBP 350.0 1.760% 28/08/2062 A RPI Linked Bond 451.1
TWUCF GBP 250.0 1.875% 24/01/2024 A Fixed Rate Bond 250.0
TWUCF GBP 250.0 2.625% 24/01/2032 A Fixed Rate Bond 250.0
Total 7,951.5

 

The Value of the FTSE-100

Today the FTSE-100, the UK Flagship Index of the UK’s largest 100 companies is worth a lot of money.

£2,129,423.22 Million to be precise.

That is £2.129 TRILLION. That figure is larger than UK GDP.

101 companies because of the dual listing for Royal Dutch Shell, which trades as Royal Dutch Shell “A” and Royal Dutch Shell “B”

Position Symbol Company Market Capitalisation £m
1 HSBA HSBC Holdings £142,052.77
2 RDSA Royal Dutch Shell A £120,008.21
3 BP. BP £115,576.52
4 RDSB Royal Dutch Shell B £100,716.11
5 BATS British American Tobacco £87,849.26
6 GSK GlaxoSmithKline £75,870.76
7 DGE Diageo £66,984.00
8 AZN AstraZeneca £66,536.99
9 RIO Rio Tinto £55,246.45
10 GLEN Glencore £52,217.56
11 ULVR Unilever £50,680.14
12 VOD Vodafone £49,036.85
13 LLOY Lloyds Banking Group £45,474.30
14 PRU Prudential £44,955.83
15 RB. Reckitt Benckiser Group £44,052.37
16 SHP Shire £38,982.71
17 BLT BHP Billiton £36,030.68
18 BARC Barclays £32,335.08
19 RBS Royal Bank of Scotland Group £30,801.96
20 NG. National Grid £28,141.47
21 IMB Imperial Brands £26,914.46
22 CPG Compass Group £25,631.83
23 TSCO Tesco £25,261.01
24 SKY Sky £25,123.44
25 AAL Anglo American £23,808.03
26 STAN Standard Chartered £23,141.48
27 CRH CRH £22,394.66
28 ABF Associated British Foods £21,676.04
29 BT.A BT Group £21,609.90
30 BA. BAE Systems £20,652.56
31 AV. Aviva £20,351.60
32 RR. Rolls-Royce Holdings £18,475.16
33 EXPN Experian £17,198.38
34 REL RELX £16,988.15
35 LGEN Legal & General Group £15,850.56
36 LSE London Stock Exchange Group £15,558.49
37 WPP WPP £15,052.46
38 FERG Ferguson £14,255.63
39 SSE SSE £13,755.76
40 IAG International Consolidated Airlines £13,490.74
41 SN. Smith & Nephew £12,225.21
42 RRS Randgold Resources £11,425.01
43 AHT Ashtead Group £11,115.20
44 INF Informa £10,450.37
45 MRO Melrose Industries £10,179.66
46 TUI TUI AG £9,765.31
47 ANTO Antofagasta £9,759.98
48 SLA Standard Life Aberdeen £9,704.01
49 HL. Hargreaves Lansdown £9,351.19
50 CCH Coca Cola HBC AG £9,317.48
51 ITRK Intertek Group £9,225.23
52 BRBY Burberry Group £9,028.27
53 IHG InterContinental Hotels Group £8,999.62
54 CCL Carnival £8,933.55
55 CNA Centrica £8,894.88
56 III 3i Group £8,762.00
57 SDR Schroders £8,541.95
58 NXT Next £8,507.67
59 FRES Fresnillo £8,426.38
60 PSN Persimmon £7,885.55
61 BNZL Bunzl £7,716.97
62 SMT Scottish Mortgage Investment Trust £7,547.63
63 MNDI Mondi £7,532.11
64 NMC NMC Health £7,458.11
65 EVR Evraz £7,338.00
66 SKG Smurfit Kappa Group £7,272.91
67 WTB Whitbread £7,268.77
68 OCDO Ocado Group £7,166.75
69 RSA RSA Insurance Group £7,137.38
70 LAND Land Securities Group £7,095.03
71 SBRY Sainsbury (J) £7,065.51
72 ITV ITV £7,004.21
73 JMAT Johnson Matthey £7,003.97
74 PPB Paddy Power Betfair £6,953.87
75 PSON Pearson £6,908.93
76 SGE Sage Group £6,811.02
77 SGRO Segro £6,771.34
78 SMIN Smiths Group £6,720.00
79 EZJ Easyjet £6,645.29
80 BLND British Land £6,602.15
81 RTO Rentokil Initial £6,466.41
82 KGF Kingfisher £6,340.13
83 CRDA Croda International £6,321.50
84 DCC DCC £6,158.74
85 GVC GVC Holdings £6,074.96
86 STJ St. James’s Place £6,073.72
87 MRW Morrison (Wm) Supermarkets £5,936.99
88 TW. Taylor Wimpey £5,861.90
89 MCRO Micro Focus International £5,774.67
90 SMDS Smith (DS) £5,600.61
91 ADM Admiral Group £5,488.66
92 JE. Just Eat £5,302.28
93 BDEV Barratt Developments £5,218.67
94 UU. United Utilities Group £5,204.17
95 HLMA Halma £5,201.09
96 BKG Berkeley Group Holdings £5,077.83
97 RMG Royal Mail £5,054.00
98 RMV Rightmove £4,810.83
99 MKS Marks & Spencer Group £4,794.72
100 DLG Direct Line Insurance Group £4,714.88
101 SVT Severn Trent £4,687.63
£2,129,423.22

Legal & General Global Infrastructure Index Fund

The Legal & General Global Infrastructure Index Fund targets companies that own, operate, manage or maintain essential infrastructure across a range of sectors, including utilities,  industrials, and oil and gas.

a £250m fund

http://www.lgim.com/files/_document-library/adviser/global-infrastructure-index-fund-profile.pdf

Top 10 Holdings %

Union Pacific Corp 5.95% of the fund
Nextera Energy Inc 4.30% of the fund
American Tower Corp 3.45% of the fund
Canadian National Railway 3.09% of the fund
Duke Energy Corp 3.06% of the fund
Enbridge 2.92% of the fund
CSX Corp 2.67% of the fund
Southern Co 2.50% of the fund
Crown Castle Intl Corp 2.48% of the fund
Dominion Energy 2.43% of the fund

Total 32.85% of the fund are the top 10 holdings.

http://www.londonstockexchange.com/exchange/prices-and-markets/funds/company-summary/UK/25096902.html

JPMorgan Global Growth & Income plc

The JPMorgan Global Growth & Income plc is a London listed investment trust.

https://am.jpmorgan.com/gb/en/asset-management/gim/per/products/d/jpmorgan-global-growth-income-plc-ordinary-shares-gb00bymky695

The objective of the fund is to deliver total returns and outperform the MSCI All Country World Index over the long-term by investing in companies based around the world. The Company makes quarterly dividends.
10 Largest Holdings are:

Alphabet  4.4%  of the fund
Microsoft  Technology 2.8%  of the fund
United Health Group  2.8%  of the fund
Prudential 2.0%  of the fund
Pioneer Natural Resources 1.9%  of the fund
Union Pacific  1.7%  of the fund
Visa  1.6%  of the fund
Standard Chartered  1.6%  of the fund
Citigroup  1.6%  of the fund
O Reilly Auto Parts  1.5%  of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10191&record_search=1&search_phrase=jpg

2% yield.

The Debt of Vodafone 2017

Vodafone.

www.vodafone.com

Carries a lot of debt.

http://www.vodafone.com/content/index/investors/debt_investors.html#

Reading the annual report you see it has revenues of £41,649.80 Million = £41.6Bn.

http://www.vodafone.com/content/annualreport/annual_report17/index.html?utm_source=vodafone&utm_medium=promotion&utm_term=investorARpanel&utm_campaign=annual_report_2017.html

The level of debt is very interesting:-

The Debt of Vodafone 2017:-                   €m                         €m                      €m
Short-Term           Long-Term          Total
Bank loans:                                               867                       2,741                   3,608
Bonds:                                                       660                       19,345                20,005
Other liabilities:                                          4,632                    305                     4,937
Bonds in designated hedge relationships  2,244                    12,132                14,37
Total:                                                         12,051                   34,523                46,574

That is €m 46,574  = £40,725.5 = £40.725 Bn

 

The Diverse Income Trust plc

The The Diverse Income Trust plc is a London Listed £400 investment trust.

https://www.mitongroup.com/private/fund/the-diverse-income-trust-plc/

The Company invests primarily in quoted or traded UK companies with a wide range of market capitalisations, but a long-term bias toward small and medium sized companies. The Company may also invest in large companies, including FTSE 100 Index constituents

Top 20 Holdings are:-

Zotefoams plc 2.2% of the fund
2.Stobart Group Ltd 2.1% of the fund
3.Charles Taylor plc 2.0% of the fund
4.SafeCharge International Group Ltd 1.8% of the fund
5.Amino Technologies 1.6% of the fund
6.A&J Mucklow Group plc 1.5% of the fund
7.Royal Dutch Shell plc* 1.4% of the fund
8.Randall & Quilter Investment Holdings 1.3% of the fund
9.CML Microsystems plc 1.3% of the fund
10.K3 Capital Group plc 1.3% of the fund
11.FTSE Put Option 20/09/19 1.3% of the fund
12.International Greetings plc 1.2% of the fund
13.Smurfit Kappa Group plc 1.2% of the fund
14.PJSC Polyus GDR 1.2% of the fund
15.Sainsbury plc 1.2% of the fund
16.Aviva plc 1.2% of the fund
17.Rio Tinto plc 1.2% of the fund
18.Morses Club plc 1.2% of the fund
19.BP plc 1.1% of the fund
20.Legal & General Group plc 1.1% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=2543596&action=

A 2.8% yield.

The EP Global Opportunities Trust plc

The EP Global Opportunities Trust plc is a £130m London listed investment.

https://www.edinburghpartners.com/investment-trusts/ep-global-opportunities-trust-plc/documents

The Company’s objective is to provide Shareholders with an attractive real long-term total return by investing globally in undervalued securities.
Top 10 Holdings

Roche Holdings Health Care 3.3% of the fund
Astrazeneca Health Care 3.2% of the fund
BP Oil & Gas 3.1% of the fund
Tesco Retail 3.1% of the fund
Verizon Communications Inc Telecoms 3.0% of the fund
Sumitomo Mitsui Trust Banks 2.9% of the fund
Panasonic Personal & Household Goods 2.9% of the fund
ENI Oil & Gas 2.9% of the fund
Total Oil & Gas 2.7% of the fund
Sumitomo Mitsui Financial Group Banks 2.7% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=54096

Assets of The TwentyFour Select Monthly Income Fund

TwentyFour Select Monthly Income Fund is a London listed closed-ended fund which is designed to take advantage of the premium returns available from “less liquid” instruments across the debt spectrum.

https://twentyfouram.com/funds/twentyfour-select-monthly-income-fund/

It’s top ten holdings are:-

NATIONWIDE BLDG 10.25 PERP Banks 3.72% of whole fund
BRACKEN MIDCO 10.5 15/11/2021 High Yield – EU 2.63% of whole fund
SHAWBROOK GROUP 7.875 PERP Banks 2.54% of whole fund
COVENTRY BDG SOC 6.375 PERP Banks 2.28% of whole fund
SANTANDER UK PLC 10.375 PERP Banks 2.15% of whole fund
ALDERMORE 11.875 PERP Banks 1.83% of whole fund
ARBR 3X FR ABS 1.68% of whole fund
OPTOM 3 MEZZ ABS 1.67% of whole fund
BANCO BILBAO VIZ 8.875 PERP Banks 1.63% of whole fund
CBFLU 1 MEZZ ABS 1.56% of whole fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=26656574

6.6% yield, paying 0.5p out a month.

 

BP’s June 2018 Quarterly Dividend.

Tomorrow, BP PLC one of the oil majors pays out its quarterly dividend of 7.4435p a share.

www.bp.com

What does this dividend cost ?

https://otp.investis.com/clients/uk/bp_plc/rns/regulatory-story.aspx?cid=233&newsid=1036742

The total number of voting rights in BP p.l.c. is 19,954,945,428

Thus:-19,954,945,428

19,954,945,428 x £0.074435 = £1,485,346,362.93

That is £1.485 Billion.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10022&record_search=1&search_phrase=bp

A yield of 5.1%

Shell’s Quarterly Dividend: June 2018

Tomorrow, Royal Dutch Shell pays out its quarterly dividend.

RDSA Royal Dutch Shell A  $0.47 (35.18p)
RDSB Royal Dutch Shell B  $0.47 (35.18p)

£0.3518 a share.

https://irssl.euroinvestor.com/asp/ir/IRM_Shell/ssl2017/NewsRead.aspx?storyid=13939519&ishtml=1

Royal Dutch Shell plc’s capital consists of 4,597,136,050 A shares and 3,745,486,731 B shares, each with equal voting rights.

Thus:

4,597,136,050 x £0.3518 = £1,617,272,462.39
3,745,486,731 x £0.3518 = £1,317,662,231.97
That is:-

£1,617,272,462.39 + 1,317,662,231.97 = £2,934,934,694.36

That is £2.934 Billion of cash.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133655
http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133755

That is over a 5% yield.

ETFS Battery Value-Chain GO UCITS ETF

The ETFS Battery Value-Chain GO UCITS ETF is a London Listed Exchange Traded Fund

It is now known as the L&G Battery Value-Chain UCITS ETF

http://www.lgimetf.com/institutional/uk/en-gb/products/product/etfs-battery-value-chain-go-ucits-etf-batg-lse#6

The fund is investing in technology companies in the Battery sector. The ETFS Battery Value-Chain GO UCITS ETF (BATT) is designed to track the performance of the Solactive Battery Value-Chain Index.The Index aims to track the performance of a basket of stocks of companies that are providers of certain electro-chemical energy storage technologies and mining companies that produce metals used to manufacture batteries.

Ten Top Holdings

1 OROCOBRE LTD 4.39% of the fund
2 TOSHIBA CORP ORD 4.26% of the fund
3 TESLA INC 4.26% of the fund
4 NIDEC CORP ORD 4.25% of the fund
5 NEC CORP ORD 4.25% of the fund
6 GS YUASA CORP 4.17% of the fund
7 SONY CORP 4.14% of the fund
8 NISSAN MOTOR CO LTD ORD 4.11% of the fund
9 ENERSYS 3.91% of the fund
10 PANASONIC CORP 3.83% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=54634582&record_search=1&search_phrase=batt

Investment: A Miracle Drug

I want to trip inside your head
Spend the day there
To hear the things you haven’t said
And see what you might see

I want to hear you when you call
Do you feel anything at all?
I want to see your thoughts take shape and walk right out

Freedom has a scent
Like the top of a newborn baby’s head

The songs are in your eyes
I see them when you smile
I’ve seen enough, I’m not giving up on a miracle drug

Of science and the human heart
There is no limit
There is no failure here, sweetheart
Just when you quit

I am you and you are mine
Love makes nonsense of space and time, will disappear
Love and logic keep us clear
Reason is on our side, love

The songs are in your eyes
I see them when you smile
I’ve had enough of romantic love
I’d give it up, yeah, I’d give it up
For a…

Legal & General May 2018 dividend.

Today, the Insurer and Investment Management giant, Legal and General paid out it’s June 2018 Dividend.

www.legalandgeneral.com

11.05p a share.

The total number of voting rights in the Company is 5,958,820,443

https://ir.euroinvestor.com/solutions/LegalAndGeneralGroup/3726/newsArticle.aspx?storyid=13904793

Thus:-

5,958,820,443 x £0.1105 = £658,449,658.95

that is £658million in cash.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10055&action=

5.7% yield.

HM Government Borrowings: May 2018

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. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In May 2018 , 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 (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

24-May-2018 0 1/8% Index-linked Treasury Gilt 2036 3 months 1,146.8740 Million
09-May-2018 1 5/8% Treasury Gilt 2028 2,810.0810 Million
03-May-2018 0¾% Treasury Gilt 2023 3,427.0340 Million
When you add the cash raised:-

(£1,146.8740 Million + £2,810.0810 Million + £3,427.0340 Million) =  £7383.989 Million

£7383.989 Million = £7.383989 Billion

On another way of looking at it, is in the 31 days in May, HM Government borrowed:-

£238 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 2023, 2028 and 2036. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

Warren Buffet Quote.

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

The Standard Life Aberdeen May Dividend.

Yesterday, the money manager, Standard Life Aberdeen paid out is May dividend.

14.3p per share.

https://www.standardlifeaberdeen.com/

The total number of voting rights in the Company, as at 30 April 2018, is therefore 2,979,383,303

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/SLA/13626025.html

Thus the cost of the dividend:-

2,979,383,303 x 14.3p = £426,051,812.33

That is £426 million in cash.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=186960

A yield of 5.9%

The Lloyds Banking Group May Dividend.

The Lloyds Banking Group Dividend of 2.05 pence was paid today.

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 71,992,041,055 ordinary shares of 10p

Thus the cost of the dividend:

71,992,041,055 x £0.0205 = £1,475,836,841.63

That is £1,475 Million = £1.475 Billion

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10056&action=

A yield of 4.6%

The Invesco Enhanced Income Limited

The Invesco Enhanced Income Limited is currently in a situation where the fund manager Invesco Perpetual has quit running the fund due to a dispute in management fees.

A £150m London Listed Investment Trust.

https://www.invescoperpetual.co.uk/uk/products/invesco-perpetual-enhanced-income-limited

The investment trust’s principal objective is to provide shareholders with a high level of income whilst seeking to maximise total return through investing in a diversified portfolio of high
yielding corporate and government bonds. The portfolio holds a core (around 47%) of non-financial high yield corporate bonds,focused on seasoned issuers that are considered have a low likelihood of default.

Top 10 holdings are:-
UniCredit International Bank 8.5925% FRN Perpetual, 8.125% FRN Perpetual 2.3% portfolio
Origin Energy 7.875% 16 Jun 2071 2.1% portfolio
Virgin Media Finance 7.0% 15 Apr 2023 (SNR), 5.125% 15 Jan 2025 (SNR) 2.0% portfolio
Premier Foods Finance FRN 15 Jul 2022 (SNR), 6.5% 15 Mar 2021 (SNR) 1.8% portfolio
NWEN Finance 5.875% 21 Jun 2021 (SNR) 1.8% portfolio
Standard Chartered 5.7% 26 Mar 2044, 5.125% 06 Jun 2034 1.8% portfolio
Enterprise Inns 6.5% 06 Dec 2018 (SNR), 6.375% 15 Feb 2022 (SNR) 1.8% portfolio
Société Genérale 8.875% FRN Perpetual, 7.875% FRN Perpetual 1.7% portfolio
Enel 7.75% 10 Sep 2075, 6.625% 15 Sep 2076 1.7% portfolio
NGG Finance 5.625% FRN 18 Jun 2073 1.7% portfolio

Total 18.7% portfolio

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=31218&record_search=1&search_phrase=ipe

a yield of 6%

HM Government Borrowings: April 2018

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. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In April 2018 , 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 (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

24-Apr-2018 0 1/8% Index-linked Treasury Gilt 2048 3 months £750.0000 Million
19-Apr-2018 1 5/8% Treasury Gilt 2028 £2,500.0000 Million
10-Apr-2018 1¾% Treasury Gilt 2057 £2,185.1600 Million
04-Apr-2018 0¾% Treasury Gilt 2023 £2,750.0000 Million

When you add the cash raised:-

(£750.0000 Million + £2,500.0000 Million + £2,185.1600 Million + £2,750.0000 Million) =  £8185.16 Million

£8185.16 Million = £8.18516 Billion

On another way of looking at it, is in the 30 days in April, HM Government borrowed:-

£272 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 2023, 2028, 2048 and 2057. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

Sequoia Economic Infrastructure Income Fund Limited

The Sequoia Economic Infrastructure Income Fund Limited is a fund investing in core infrastructure. It is a debt investing vehicle.

http://www.seqifund.com/

The Fund focuses primarily on taking subordinated and select senior debt exposures to economic infrastructure projects, companies and special purpose vehicles

The 15 largest settled investments:-

Hawaiki Mezzanine Loan USD Private Mezz £49.2m TMT Undersea cable 11.9% yield
A’lienor S.A.S. (A65) EUR Private Senior £39.4m Transport Road 5.0% yield
Active Assistance GBP Private Senior £36.4m Accomm. Health care 8.4% yield
Tracy Hills TL 2025 USD Private Senior £34.2m Other Residential infra 10.3% yield
Cory Environmental GBP Private HoldCo £31.3m Utility Waste-to-energy 8.5% yield
Bulb Energy Senior Secured GBP Private Senior £26.9m Utility Electricity supply 9.0% yield
Warnow Tunnel EUR Private Senior £25.1m Transport Road 6.8% yield
Aquaventure USD Private Senior £25.0m Utility Water 7.7% yield
Abteen Ventures USD Private Senior £24.9m TMT Data centers 8.0% yield
Terra-Gen Power TL B USD Private Senior £22.4m Renewables Solar & wind 9.5% yield
Natgasoline USD Private Mezz £20.6m Other Industrial infra 10.0% yield
Exeltium Mezzanine EUR Private Mezz £19.3m Power PPA 9.4% yield
Welcome Break No.1 Ltd GBP Private Mezz £18.3m Transport Motorway services 8.5% yield
Clyde Street Glasgow GBP Private Senior £18.3m Accomm. Student housing 8.0% yield
Neoen Production EUR Private HoldCo £15.4m Renewables Solar & wind 7.0% yield

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=39587556&action=

The Foreign and Colonial Investment Trust: 150 years old

Launched in 1868, The Foreign and Colonial Investment Trust is a highly regarding investment trust.

https://www.fandc.com/investment-trust-150-years/?gclid=EAIaIQobChMIitXrxIni2gIVL5PtCh0upwLYEAAYASAAEgJQjfD_BwE

Philip Rose founded F&C Investment Trust alongside barrister Samuel Laing, and Samuel Laing’s business partner James Thompson Mackenzie, who was also Deputy Chairman of the East Bengal Railway. With the backing of influential politician Lord Westbury, F&C Investment Trust was launched on Thursday 19 March 1868. Today F&C Investment Trust has total assets of £4 billion (as at 31 December 2017), diversified across global holdings from over 30 different countries.

It has grown its dividend every year for the past 47 years

Foreign & Colonial Investment top 50 holdings:-

AMAZON.COM INC
MICROSOFT CORP
UNITEDHEALTH GROUP INC
FACEBOOK INC A
ANTHEM INC
UTILICO EMERGING MARKETS LTD
ALPHABET INC CL C
JPMORGAN CHASE + CO
PANTHEON EUROPE V A LP
ALIBABA GROUP HOLDING SP ADR
INTESA SANPAOLO
CITIGROUP INC
STATE STREET CORP
PRICELINE GROUP INC/THE
LOWE S COS INC
ARTEMIS US EXTENDED ALPHA FUND
APPLE INC
CONVENTUM LYRICAL FUND
ROYAL DUTCH SHELL PLC B SHS
BOEING CO/THE
VISA INC CLASS A SHARES
UBS GROUP AG REG
PFIZER INC
BANK MANDIRI PERSERO TBK PT
ISHARES CORE MSCI EM IMI UCITS
NOVO NORDISK A/S B
ING GROEP NV
CHEVRON CORP
CANON INC
SYNCONA LTD
CVS HEALTH CORP
DOWDUPONT INC
WELLS FARGO + CO
COMCAST CORP CLASS A
SANDS CHINA LTD
ORACLE CORP
HARBOURVEST PART. VIII BUYOUT
ASML HOLDING NV
BP PLC SPONS ADR
MASTERCARD INC A
FINDLAY PARK AMERICAN FUND
BAYER AG REG
PHILIP MORRIS INTERNATIONAL
QUALCOMM INC
SAP SE
MORGAN STANLEY
ALLIANZ SE REG
HARBOURVEST PART VIII VENTURE
WALMART DE MEXICO SAB DE CV
PANTHEON ASIA FUND V

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10192&record_search=1&search_phrase=foreign

The Premier Global Infrastructure Trust

The Premier Global Infrastructure Trust is a London listed investment trust.

https://www.premierfunds.co.uk/investors/investments/investment-trusts/premier-global-infrastructure-trust

The fund will seek to achieve its objectives by investing principally in equity and equity-related securities of companies operating in the energy and water sectors, as well as other infrastructure investments.

Top 10 holdings are:-

Cia de Saneamento do Parana Latin America
First Trust MLP and Energy Income Fund North America
China Everbright International China Growth
SSE United Kingdom Yield
Huaneng Renewables China Growth
Avangrid North America Yield
NRG Yield * North America
Beijing Enterprises Holdings China Growth
Atlantia E u r o p e ( e x cluding UK)
DP World Middle East Growth

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=53460&action=

A yield of over 7%

The Components of the MSCI Emerging Markets Index

 

The MSCI Emerging Markets Index is made up of companies in the Emerging Markets world. The component companies are:-

TENCENT HOLDINGS LI (CN) 5.369088%
SAMSUNG ELECTRONICS CO 4.353278%
ALIBABA GROUP HLDG ADR 3.846781%
TAIWAN SEMICONDUCTOR MFG 3.623682%
NASPERS N 2.148970%
CHINA CONSTRUCTION BK H 1.402290%
BAIDU ADR 1.232323%
CHINA MOBILE 1.184509%
ICBC H 1.097664%
HON HAI PRECISION IND CO 0.984212%
PING AN INSURANCE H 0.963201%
SK HYNIX 0.793184%
ITAU UNIBANCO PN 0.781257%
SBERBANK RUSSIA COM(RUB) 0.780627%
HOUSING DEV FINANCE CORP 0.744323%
BANK OF CHINA H 0.740674%
RELIANCE INDUSTRIES 0.701894%
VALE ON 0.659841%
SAMSUNG ELECTRONICS PREF 0.645329%
BANCO BRADESCO PN 0.583522%
AMBEV ON (NEW) 0.565592%
AMERICA MOVIL L 0.546767%
INFOSYS 0.522310%
NETEASE COM ADR 0.490737%
CNOOC 0.467625%
JD.COM ADR 0.467522%
LUKOIL HOLDING(RUB) 0.464357%
GAZPROM (RUB) 0.462702%
CHINA LIFE INSURANCE H 0.460701%
HYUNDAI MOTOR CO 0.438176%
POSCO 0.428367%
NAVER 0.409688%
KB FINANCIAL GROUP 0.407469%
PETROBRAS PN 0.359046%
TATA CONSULTANCY 0.358196%
SHINHAN FINANCIAL GROUP 0.353700%
CTRIP COM INTL ADR 0.347737%
CHINA PETRO & CHEM H 0.344015%
FEMSA UNIT UBD 0.342701%
LG CHEM 0.332643%
SASOL 0.332109%
GEELY AUTOMOBILE HLDGS 0.331300%
HYUNDAI MOBIS 0.322529%
LARGAN PRECISION CO 0.320969%
STANDARD BANK GROUP 0.315343%
MTN GROUP 0.302500%
MEDIATEK INC 0.301449%
YUM CHINA HOLDINGS 0.297279%
CELLTRION 0.296513%
TELEKOMUNIKASI INDONESIA 0.295590%
CHINA MERCHANTS BANK H 0.288390%
BANK CENTRAL ASIA 0.283622%
GRUPO FIN BANORTE O 0.282651%
CATHAY FINANCIAL HOLDING 0.282371%
PETROBRAS ON 0.281303%
BM&F BOVESPA ON 0.278031%
AAC TECHNOLOGIES (CN) 0.275236%
CREDICORP 0.273731%
PUBLIC BANK 0.270829%
PETROCHINA CO H 0.270550%
MARUTI SUZUKI INDIA 0.269835%
AXIS BANK 0.265610%
FIRSTRAND 0.264482%
PTT 0.260146%
ITC 0.258019%
BANK RAKYAT INDONESIA 0.251798%
CHUNGHWA TELECOM CO 0.251741%
KT&G CORP(KOREA TOBACCO) 0.248463%
TENAGA NASIONAL 0.245364%
FORMOSA PLASTIC CORP 0.244521%
ITAUSA PN 0.242504%
HINDUSTAN UNILEVER 0.240721%
CHINA PACIFIC INS GRP H 0.238399%
HANA FINANCIAL HOLDINGS 0.237765%
WALMART MEXICO V 0.235760%
STEINHOFF NV 0.233757%
CHINA OVERSEAS LAND &INV 0.233660%
AGRI BANK OF CHINA H 0.231458%
SK INNOVATION CO 0.230629%
SUNNY OPTICAL TECH 0.230330%
TATNEFT COMMON (RUB) 0.228941%
ASTRA INTERNATIONAL 0.228134%
CTBC FINANCIAL HOLDING 0.227395%
NAN YA PLASTIC 0.227267%
GRUPO MEXICO B 0.227129%
NEW ORIENTAL EDUCAT ADR 0.215915%
FUBON FINANCIAL HOLDING 0.215608%
ICICI BANK 0.214787%
CP ALL PCL 0.212833%
PKO BANK POLSKI 0.212258%
CEMEX CPO 0.209324%
CHINA EVERGRANDE GROUP 0.209253%
NORILSK NICKEL MMC(RUB) 0.208334%
SAMSUNG SDI CO 0.207631%
NOVATEK GDR 0.200585%
LG HOUSEHOLD & HEALTH 0.199349%
UNI-PRESIDENT ENT. 0.197760%
CHINA STEEL CORP COMMON 0.195992%
BANK MANDIRI 0.195213%
TATA MOTORS 0.187794%
MALAYAN BANKING 0.182833%
CSPC PHARMACEUTICAL GRP 0.177601%
SAMSUNG C&T CORPORATION 0.177569%
AMOREPACIFIC CORP (NEW) 0.176795%
FORMOSA CHEMICALS FIBRE 0.175984%
MAGNIT GDR 0.175966%
SUNAC CHINA HOLDINGS 0.175952%
LG ELECTRONICS (NEW) 0.175003%
POLSKI KONCERN NAF ORLEN 0.172332%
BHARTI AIRTEL 0.172121%
KEPCO KOREA ELECT. POWER 0.171472%
LARSEN & TOUBRO 0.171044%
GRUPO TELEVISA CPO 0.170884%
OTP BANK 0.170829%
DELTA ELECTRONICS 0.169961%
COUNTRY GARDEN HLDGS 0.168159%
CHINA UNICOM 0.167015%
PICC PPTY & CASUALTY H 0.166583%
CIELO ON 0.165792%
SIAM COMMERCIAL BANK 0.164951%
ASE 0.164798%
BANCO BRADESCO ON 0.164253%
MEGA FINANCIAL HOLDING 0.164202%
ASPEN PHARMACARE HLDGS 0.162617%
SK HOLDINGS 0.162401%
CHINA SHENHUA ENERGY H 0.161512%
STATE BANK OF INDIA 0.160065%
KASIKORNBANK FGN 0.158080%
REMGRO 0.157221%
CITIC 0.157182%
MAHINDRA & MAHINDRA 0.155703%
BANCO BRASIL ON 0.155196%
SAMSUNG LIFE INSURANCE 0.155195%
AIRPORTS OF THAILAND 0.155104%
BRILLIANCE CHINA AUTO 0.154083%
YES BANK 0.154065%
CHINA RESOURCES LAND 0.154005%
KIA MOTORS CORP 0.153692%
TAL EDUCATION GROUP ADR 0.153278%
SANLAM 0.152498%
BARCLAYS AFRICA GROUP 0.150655%
SUN PHARMACEUTICAL IND 0.149635%
EMIRATES TELECOM CORP 0.148449%
ULTRAPAR PART ON 0.148281%
LG CORP (NEW) 0.147624%
SHOPRITE HOLDINGS 0.145526%
KROTON EDUCACIONAL ON 0.144683%
POWSZECHNY ZAKLAD UBEZP 0.144030%
LOJAS RENNER ON 0.142355%
QATAR NATIONAL BANK 0.141827%
SAMSUNG FIRE & MARINE 0.140066%
NCSOFT CORP 0.138818%
EMAAR PROPERTIES 0.137844%
BID CORPORATION 0.137567%
HCL TECHNOLOGIES 0.137003%
CATCHER TECH CO 0.136984%
HENGAN INTL GROUP CO 0.134452%
CHINA MENGNIU DAIRY CO 0.134369%
SHENZHOU INTERNATIONAL 0.134070%
CHINA TELECOM CORP H 0.129047%
CIMB GROUP HOLDINGS 0.127993%
TELEF BRASIL PN 0.127238%
VEDANTA 0.126374%
58.COM ADR 0.125978%
BANK OF COMMUNICATIONS H 0.124020%
LG DISPLAY CO 0.121955%
ASUSTEK COMPUTER 0.121323%
VODACOM GROUP 0.120537%
RAIA DROGASIL ON 0.118939%
FALABELLA SACI 0.117955%
AYALA LAND 0.117932%
SM PRIME HOLDINGS 0.117729%
SAMSUNG SDS CO 0.117330%
UNITED MICROELECTRONICS 0.117232%
CCR ON 0.116942%
EICHER MOTORS 0.115786%
EMPRESAS COPEC 0.115638%
CHINA TAIPING INSURANCE 0.113390%
FIRST FINANCIAL HLDG CO 0.113191%
SINO BIOPHARMACEUTICAL 0.112096%
GRASIM INDUSTRIES 0.112093%
ANHUI CONCH CEMENT H 0.111938%
BHARAT PETROLEUM CORP 0.111729%
ROSNEFT (RUB) 0.111152%
BB SEGURIDADE PART ON 0.111104%
TAIWAN MOBILE 0.111087%
NEPI ROCKCASTLE 0.111065%
CHINA CITIC BANK H 0.109693%
BDO UNIBANK 0.109671%
E.SUN FINANCIAL HOLDINGS 0.109162%
ULTRATECH CEMENT 0.108988%
ENEL AMERICAS 0.108879%
BYD CO H 0.108071%
INDIABULLS HOUSING FIN 0.108015%
BANK PEKAO 0.107892%
CHINA MINSHENG BANK H 0.107777%
QUANTA COMPUTER 0.106925%
ADVANCED INFO SERVICE 0.106728%
TURKIYE GARANTI BANKASI 0.106554%
UNILEVER INDONESIA 0.106319%
SAMSUNG BIOLOGICS 0.105799%
PTT GLOBAL CHEMICAL 0.104712%
SINA CORP 0.104621%
WIPRO 0.104382%
PRESIDENT CHAIN STORE 0.103956%
WOORI BANK 0.103366%
CHINA GAS HOLDINGS 0.103196%
ENN ENERGY HOLDINGS 0.103119%
FOSUN INTL(CN) 0.102568%
GUANGZHOU AUTO GROUP H 0.102085%
SILLAJEN 0.101434%
SAMSUNG ELECTRO-MECH. CO 0.101037%
BRF ON 0.100910%
SOQUIMICH PREF B 0.099464%
EMART CO 0.097855%
LOTTE CHEMICAL CORP 0.097160%
ASIAN PAINTS 0.096717%
MOBILE TELESYS ADR 0.095594%
AYALA CORP 0.094881%
TIGER BRANDS 0.094793%
AKBANK 0.094415%
NEW CHINA LIFE INS H 0.094328%
GENTING 0.094300%
S-OIL CORP 0.094295%
CHINA COMMUNIC CONST H 0.094262%
SK TELECOM CO 0.094127%
CITIC SECURITIES CO H 0.093889%
WEIBO CORP ADR 0.093174%
COWAY CO 0.092615%
HAITONG SECURITIES CO H 0.092264%
FORMOSA PETROCHEMICAL CO 0.091720%
SINOPHARM GROUP CO H 0.091363%
BIDVEST GROUP 0.091075%
YUANTA FINANCIAL HOLDING 0.090601%
ANTA SPORTS PRODUCTS 0.089328%
FIBRA UNO ADMINISTRACION 0.089249%
NTPC 0.088634%
SM INVESTMENTS 0.088062%
KASIKORNBANK 0.087582%
VTB BANK(RUB) 0.087346%
ZEE ENTERTAINMENT ENT 0.087195%
CHINA HUARONG AST MGMT H 0.087025%
BCO SANTANDER CHILE (NEW 0.086289%
PEGATRON 0.086213%
BANK NEGARA INDONESIA 0.085389%
COMMERCIAL INTL BANK 0.085160%
CHINA VANKE CO H 0.085145%
CHINA RESOURCES BEER 0.084549%
BAJAJ FINANCE 0.083700%
HYUNDAI STEEL CO 0.083686%
KAKAO CORP 0.083487%
SIAM CEMENT FGN 0.083342%
BANCOLOMBIA PREF 0.083250%
ADANI PORTS AND SEZ 0.083104%
TAIWAN COPR FINL HLDG 0.083088%
PETRONAS CHEMICALS GROUP 0.083014%
YY INC ADR 0.082862%
KGHM POLSKA MIEDZ 0.081943%
TAISHIN FINANCIAL HLDG 0.081829%
WOOLWORTHS HOLDINGS 0.081822%
RUMO ON 0.081613%
CHINA DEV FINANCIAL HLDG 0.081538%
HINDALCO INDUSTRIES 0.081396%
DISCOVERY HOLDINGS 0.081054%
TURKCELL ILETISIM HIZMET 0.080606%
HYUNDAI HEAVY INDUSTRIES 0.080339%
BAJAJ AUTO 0.080028%
UNITED TRACTORS 0.079468%
MOL MAGYAR OLAJ GAZIPARI 0.079455%
ANGLOGOLD ASHANTI 0.079382%
GRUPO FIN INBURSA O 0.078975%
LENOVO GROUP 0.077797%
GUANGDONG INVESTMENT 0.077755%
TAIWAN CEMENT CORP 0.077462%
SMIC 0.077310%
UPL 0.076945%
DP WORLD 0.076314%
ABU DHABI COMM BANK 0.076287%
BIM BIRLESIK MAGAZALAR 0.076159%
KANGWON LAND 0.075986%
HUA NAN FINANCIAL HLDGS 0.075902%
WANT WANT CHINA HLDGS 0.075824%
GROWTHPOINT PROP LTD 0.075794%
DR REDDY’S LABORATORIES 0.075742%
AMOREG 0.075666%
SAPPI 0.075395%
PTT EXPLORATION & PROD 0.075125%
WEG ON 0.075098%
EQUATORIAL ENERGIA ON 0.074734%
FIRST ABU DHABI BANK 0.074463%
TITAN COMPANY 0.074176%
BHARTI INFRATEL 0.074069%
HINDUSTAN PETROLEUM CORP 0.074004%
INNOLUX CORP 0.073864%
GRUPO AEROPORTUARIO B 0.073564%
GRUPO BIMBO A 0.073109%
CRRC CORP H 0.073063%
JG SUMMIT HOLDINGS 0.072919%
NEDBANK GROUP 0.072918%
FAR EASTONE TELECOM. CO 0.072800%
LATAM AIRLINES GROUP 0.072655%
PRICE GROUP (MR) 0.072200%
TUPRAS TURKIYE PETROL 0.071890%
BEIJING ENTERPRISE WATER 0.071793%
KOREA ZINC 0.071719%
BK SANTANDER BRASIL UNIT 0.071390%
REDEFINE PROPERTIES LTD 0.071376%
GRUPO AEROP PACIFICO B 0.071113%
CEZ CESKE ENER ZAVODY 0.071010%
GENTING MALAYSIA 0.070638%
HYUNDAI MOTOR CO PREF 2 0.070487%
INDUSTRIES QATAR 0.070468%
SOUTHERN COPPER CORP 0.069503%
GREAT WALL MOTOR H 0.069478%
AU OPTRONICS CORP 0.069224%
GODREJ CONSUMER PRDCTS 0.068976%
CHINA RESOURCES POWER 0.068936%
HANKOOK TIRE CO 0.068922%
HYUNDAI ROBOTICS 0.068864%
RICHTER GEDEON 0.068655%
GAIL INDIA 0.068560%
PEOPLE’S INSURANCE CO H 0.068504%
BANK ZACHODNI WBK 0.068418%
CHINA CONCH VENTURE 0.068367%
OIL & NATURAL GAS CORP 0.068347%
CENCOSUD 0.068315%
KINGBOARD CHEM HLDG (CN) 0.067958%
EMPRESAS CMPC 0.067841%
INDUSTRIAL BANK OF KOREA 0.067840%
DIGI.COM 0.067451%
HYPERMARCAS ON 0.067429%
AXIATA GROUP 0.067253%
INDIAN OIL CORP 0.066999%
MOTHERSON SUMI SYSTEMS 0.066998%
GERDAU PN 0.066850%
WIN SEMICONDUCTORS 0.066695%
LONGFOR PROPERTIES CO 0.066428%
MIRAE ASSET DAEWOO 0.066419%
CHAILEASE HOLDING 0.066156%
RMB HOLDINGS 0.066090%
PAO DE ACUCAR PN 0.065942%
GOLD FIELDS 0.065732%
TECH MAHINDRA 0.065658%
AL RAYAN BANK 0.065498%
SURGUTNEFTEGAZ PREF(RUB) 0.065366%
BANCO DE CHILE 0.065365%
FIBRIA CELULOSE ON 0.065355%
VIPSHOP HOLDINGS ADR 0.065274%
ALROSA (RUB) 0.065256%
ALFA 0.065134%
SABESP ON 0.065028%
COCA-COLA FEMSA L 0.064883%
DONGFENG MOTOR GROUP H 0.064862%
LOJAS AMERICANAS PN 0.064702%
SURGUTNEFTEGAZ COMN(RUB) 0.064637%
SILICONWARE PRECISION 0.064497%
CHINA MERCHANTS PORT 0.064118%
CHINA RESOURCES GAS GRP 0.064003%
HAIER ELCTRNCS GRP (CN) 0.063942%
CENTRAL PATTANA PUB CO 0.063721%
HUATAI SECURITIES CO H 0.063702%
JSW STEEL 0.063216%
CHINA EVERBRIGHT INTL 0.063109%
CHENG SHIN RUBBER IND 0.063039%
PIRAMAL ENTERPRISES 0.062908%
CHINA CINDA ASSET MGMT H 0.062801%
HANMI PHARM CO (NEW) 0.062661%
SINOPAC HOLDINGS 0.062437%
SEVERSTAL (RUB) 0.062399%
KLABIN UNIT 0.061725%
THAI OIL 0.061486%
CIPLA 0.061351%
KOC HOLDING 0.061226%
TINGYI HOLDING CORP (CN) 0.060966%
TATA STEEL 0.060774%
KOMERCNI BANKA 0.060663%
HOTAI MOTOR COMPANY 0.060606%
EMBRAER ON 0.060587%
BR MALLS PARTICIPACOE ON 0.060516%
LOCALIZA RENT A CAR ON 0.060282%
ZHUZHOU CRRC TIMES H 0.060205%
MOSCOW EXCHANGE (RUB) 0.059238%
KOREA AEROSPACE IND 0.058890%
DB INSURANCE CO 0.058863%
TIM PARTICIPACOES ON 0.058698%
GP INV SURAMERICANA 0.058411%
RESILIENT REIT 0.058324%
LPP 0.058259%
SHRIRAM TRANSPORT FIN 0.058053%
BAJAJ FINSERV 0.057729%
OTE HELLENIC TELECOM 0.057536%
EREGLI DEMIR CELIK FABRI 0.057221%
ARCA CONTINENTAL 0.056974%
CHINA RAILWAY GROUP H 0.056927%
INDUSTRIAS PENOLES CP 0.056648%
COMPAL ELECTRONICS 0.056310%
INFRA ENERGETICA 0.055968%
SIME DARBY PLANTATION 0.055741%
ECOPETROL 0.055645%
CGN POWER CO H 0.055539%
GRP FINL SANTANDER B 0.055506%
AUTOHOME ADR 0.055424%
UNITED SPIRITS 0.055342%
BEIJING ENTERPRISES HLDG 0.055159%
MINOR INTERNATIONAL 0.055098%
COAL INDIA 0.055069%
CAPITEC BANK HOLDINGS 0.054906%
NETMARBLE GAMES 0.054752%
KUALA LUMPUR KEPONG 0.054743%
SAMSUNG HEAVY INDUSTRIES 0.054642%
CJ CHEILJEDANG CORP 0.054635%
GS HOLDINGS CORP 0.054582%
FULLSHARE HOLDINGS (CN) 0.054580%
HANWHA CHEMICAL CORP 0.054476%
POLISH OIL & GAS 0.054332%
IHH HEALTHCARE 0.054301%
MAXIS BHD 0.054123%
CELLTRION HEALTHCARE 0.053995%
NINE DRAGONS PAPER 0.053966%
POLSKA GRUPA ENER 0.053922%
HM SAMPOERNA 0.053918%
GLOBALWAFERS 0.053739%
KUNLUN ENERGY 0.053731%
SHIN KONG FINL HLDGS 0.053670%
LUPIN 0.053435%
DABUR INDIA 0.053383%
HERO MOTOCORP 0.053341%
MONDI (ZA) 0.053173%
MACRONIX INTERNATIONAL 0.053047%
ALPHA BANK 0.052944%
NESTLE INDIA 0.052796%
SPAR GROUP (THE) 0.052761%
GF SECURITIES CO H 0.052706%
AUROBINDO PHARMA 0.052554%
GRUMA B 0.052267%
HUANENG POWER INTL H 0.052175%
ENEL GENERACION CHILE 0.052062%
FAR EASTERN NEW CENTURY 0.052051%
CHINA MEDICAL SYSTEM 0.052022%
GUDANG GARAM 0.052021%
KIMBERLY-CLARK MEXICO A 0.051726%
TRUWORTHS INTERNATIONAL 0.051603%
CHINA STATE CONSTRUCTION 0.051500%
PETRONAS GAS 0.051406%
ABOITIZ EQUITY VENTURES 0.051119%
OPAP 0.051057%
NOVOLIPETSK STEEL (RUB) 0.050966%
THE FOSCHINI GROUP 0.050900%
MEXICHEM SAB DE CV 0.050884%
BUENAVENTURA MINAS ADR 0.050784%
POU CHEN CORP 0.050737%
EXXARO RESOURCES 0.050478%
LIC HOUSING FINANCE 0.050406%
LITE-ON TECHNOLOGY CORP 0.050390%
CJ CORP 0.050184%
WINBOND ELECTRONICS CORP 0.050105%
HYOSUNG CORP 0.050052%
CHINA GALAXY SEC H 0.049913%
TRAVELSKY TECHNOLOGY H 0.049750%
CHINA NATL BUILDING H 0.049672%
ALUMINUM CORP OF CHINA H 0.049512%
BANCO DE CREDITO E INVER 0.049271%
FOXCONN TECHNOLOGY CO 0.049122%
IMPERIAL HOLDINGS 0.049009%
CHANG HWA COMMERCIAL BK 0.049003%
ZTE CORP H 0.048476%
HOTEL SHILLA CO 0.048398%
BANGKOK DUSIT MED. SVCS 0.048119%
PLDT 0.048024%
INDOCEMENT TUNGGAL 0.047927%
TURKIYE IS BANKASI C 0.047897%
KALBE FARMA 0.047696%
HYUNDAI ENGR. & CONSTR. 0.047594%
LIFE HEALTHCARE GROUP 0.047522%
HYUNDAI GLOVIS CO 0.047344%
FORTRESS INCOME FUND B 0.047240%
HYUNDAI MARINE & FIRE 0.046744%
MOMO A ADR 0.046552%
AMBUJA CEMENTS 0.046542%
CHINA RESOURCES PHARMA 0.046506%
CHINA LIFE INSURANCE CO 0.046156%
KOREA INVESTMENT HLDG 0.046056%
SUZANO PAPEL E CELU ON 0.046026%
HONG LEONG BANK 0.046021%
ORION CORP (NEW) 0.045911%
IOI CORP 0.045850%
BRASKEM PN A 0.045764%
SABANCI HLDG (HACI OMER) 0.045704%
SUN ART RETAIL GROUP 0.045698%
INDOFOOD SUKSES MAKMUR 0.045447%
SHIMAO PROPERTY HLDGS 0.045313%
SIBANYE GOLD 0.045302%
HANON SYSTEMS 0.045202%
PROMOTORA Y OPER DE INFR 0.045013%
VAKRANGEE 0.044747%
SHANGHAI FOSUN PHARMA H 0.044647%
CHINA RAILWAY CONST H 0.044359%
INDORAMA VENTURES 0.044333%
ADVANTECH CO 0.044250%
UNIVERSAL ROBINA CORP 0.044175%
MISC BHD 0.044129%
HIWIN TECHNOLOGIES CORP 0.044088%
HYUNDAI DEVELOPMENT CO 0.043508%
CHINA MOLYBDENUM CO H 0.043436%
BOSCH 0.043404%
AGILE GROUP HOLDINGS 0.043403%
NOVATEK MICROELECTRS 0.043255%
KINGSOFT 0.043104%
SAMSUNG SECURITIES CO 0.042956%
POLYUS (RUB) 0.042913%
BNK FINANCIAL GROUP 0.042899%
WPG HOLDINGS CO 0.042729%
SHREE CEMENT 0.042627%
BHARAT FORGE 0.042512%
CHAROEN POKPHAND FOODS 0.042394%
IJM CORP 0.041918%
BANCOLOMBIA 0.041826%
BUMRUNGRAD HOSPITAL PUB 0.041749%
ASHOK LEYLAND 0.041661%
BEIJING CPTL INTL AIR H 0.041649%
LOTTE SHOPPING CO 0.041566%
MARICO 0.041562%
YAGEO CORP 0.041491%
CHINA LONGYUAN POWER H 0.041231%
QUALICORP ON 0.041168%
BRITANNIA INDUSTRIES 0.041053%
BERLI JUCKER 0.040894%
GUANGZHOU R&F PROP H 0.040832%
HYUNDAI MOTOR CO PREF 0.040715%
WEICHAI POWER CO H 0.040607%
DAELIM INDUSTRIAL CO 0.040561%
CCC 0.040415%
LG INNOTEK CO 0.040353%
JOLLIBEE FOODS CORP 0.040344%
ASIA CEMENT CORP 0.040307%
ENEL CHILE 0.040089%
KRUNG THAI BANK 0.039932%
VANGUARD INTL SC 0.039896%
IDEA CELLULAR 0.039881%
GCL POLY ENERGY 0.039800%
RAND MERCHANT INV HLDGS 0.039754%
AIRTAC INTERNATIONAL 0.039590%
POWERTECH TECHNOLOGY 0.039519%
SEMEN GRESIK 0.039398%
CHINA EVERBRIGHT 0.039286%
GAMUDA 0.039244%
JBS ON 0.039037%
KCC CORP 0.038975%
DUBAI ISLAMIC BANK 0.038773%
SINOPEC SHANGHAI PETRO H 0.038744%
INTER RAO UES(RUB) 0.038145%
ACER 0.037878%
HAVELLS INDIA 0.037681%
WISTRON CORP 0.037597%
AIR CHINA H 0.037471%
GRUPO ARGOS 0.037460%
FUYAO GLASS IND GRP H 0.037306%
GT CAPITAL HOLDINGS 0.037305%
ZIJIN MINING GROUP H 0.037203%
SINO OCEAN GROUP HOLDING 0.037164%
MATAHARI DEPARTMENT 0.037154%
MBANK 0.037105%
3SBIO 0.037028%
PSG GROUP 0.037014%
SHINSEGAE CO (NEW) 0.036964%
PPB GROUP 0.036927%
INVESTEC LTD (ZA) 0.036570%
M & M FINANCIAL SVCS 0.036439%
IRPC PUBLIC COMPANY 0.036384%
JIANGXI COPPER CO H 0.036364%
HYPROP INVESTMENTS LTD 0.036273%
LEE & MAN PAPER MFG (CN) 0.036170%
ALDAR PROPERTIES 0.036008%
INVENTEC CO 0.035981%
SYNNEX TECHNOLOGY INTL 0.035842%
NEXTEER AUTOMOTIVE GRP 0.035712%
CERVEZAS 0.035633%
HAITIAN INTL HLDGS 0.035541%
OCI COMPANY 0.035397%
ALIOR BANK 0.035330%
MEITU 0.035287%
MEDY-TOX 0.035271%
CD PROJEKT 0.035135%
CEMIG PN 0.035069%
GRUPO CARREFOUR BRASIL 0.035020%
METRO PACIFIC INVESTMENT 0.034984%
DIALOG GROUP 0.034954%
BANGKOK EXPRESSWAY & MET 0.034897%
TECO ELECTRIC & MACH 0.034832%
ADARO ENERGY PT 0.034581%
FAR EAST HORIZON 0.034565%
BGF RETAIL 0.034481%
MULTIPLAN EMPREENDIM ON 0.034475%
YANZHOU COAL MINING H 0.034216%
LG CHEM PREF 0.034161%
COSAN ON 0.034137%
INTERCONEXION ELEC (NEW) 0.034092%
NATIONAL BANK OF GREECE 0.033986%
ENGIE BRASIL ON 0.033816%
NH INVESTMENT & SEC 0.033795%
PICK N PAY STORES 0.033777%
CHONGQING RURAL COMM H 0.033705%
HANSSEM CO 0.033635%
OOREDOO 0.033589%
TURK HAVA YOLLARI 0.033574%
MONETA MONEY BANK 0.033570%
EZDAN HOLDING GROUP 0.033419%
SHANGHAI PHARMA H 0.033399%
TRUE CORP 0.033149%
NANYA TECHNOLOGY 0.033081%
HANWHA LIFE INSURANCE 0.032827%
PHOSAGRO GDR 0.032753%
DAMAC PROPERTIES DUBAI 0.032587%
PETRONET LNG 0.032530%
ZHEJIANG EXPRESSWAY H 0.032492%
NETCARE 0.032485%
CHINA JINMAO HLDGS GROUP 0.032458%
CHINA OILFIELD SVCS H 0.032443%
JIANGSU EXPRESSWAY CO H 0.032416%
MAGNITOGORSK IRON (RUB) 0.032276%
HANWHA CORP 0.032249%
YUHAN CORP 0.032187%
AMMB HOLDINGS 0.032158%
ASELSAN ELEKTRONIK 0.032114%
MALAYSIA AIRPORTS HLDGS 0.031991%
COSCO SHIPPING PORTS 0.031901%
PRESS METAL ALUMINIUM 0.031843%
TELEKOM MALAYSIA 0.031776%
RURAL ELECTRIFICATION CO 0.031465%
CEMENTOS ARGOS (NEW) 0.031436%
BANGKOK BANK FGN 0.031269%
ALIBABA PICTURES GROUP 0.031185%
JUMBO 0.031133%
CHINA STH AIRLINES H 0.031057%
ING LIFE INSURANCE KOREA 0.030993%
REALTEK SEMICONDUCTOR 0.030966%
EUROBANK ERGASIAS 0.030768%
LOTTE HOLDINGS 0.030701%
ALIBABA HEALTH INFO TECH 0.030610%
ECLAT TEXTILE COMPANY 0.030549%
MICRO-STAR INTERNATIONAL 0.030516%
CHAROEN POKPHAND INDO 0.030451%
S1 CORPORATION 0.030088%
BANK OF PHIL ISLANDS 0.029887%
SIAM CEMENT 0.029876%
BYD ELECTRONIC INTL 0.029841%
ENERGY ABSOLUTE 0.029840%
NATURA COSMETICOS ON 0.029776%
COLBUN 0.029749%
CJ E&M CORPORATION 0.029721%
TATA POWER CO 0.029670%
DGB FINANCIAL HOLDINGS 0.029554%
HARTALEGA HOLDINGS 0.029464%
CYFROWY POLSAT SA 0.029379%
HOME PRODUCT CENTER 0.029367%
CHINA COMMU SERVICES H 0.029319%
KUMHO PETRO CHEMICAL CO 0.029239%
HUANENG RENEWABLES H 0.029124%
KUMBA IRON ORE 0.029075%
AGUAS ANDINAS 0.028657%
HTC CORP 0.028627%
GIANT MANUFACTURING CO. 0.028566%
RUSHYDRO (RUB) 0.028534%
PHISON ELECTRONICS CORP 0.028519%
GRUPO CARSO 0.028380%
ELETROBRAS PN B 0.028333%
BTS GROUP HOLDINGS 0.028290%
QATAR ISLAMIC BANK 0.028230%
HAP SENG CONSOLIDATED 0.028133%
PETRONAS DAGANGAN 0.028094%
M DIAS BRANCO ON 0.028036%
COMMERCIAL BANK OF QATAR 0.028005%
GRUPO AVAL ACCIONES PREF 0.027960%
TSINGTAO BREWERY H 0.027905%
STANDARD FOODS CORP 0.027878%
INDOFOOD CBP SUKSES 0.027853%
ENTEL 0.027575%
GP INV SURAMERICANA PREF 0.027441%
FENG TAY ENTERPRISE CO 0.027435%
BANK MILLENNIUM 0.027322%
ANGLO AMERICAN PLATINUM 0.027220%
TRANSNEFT PREF (RUB) 0.027218%
CSN SIDERURGICA NATL ON 0.027211%
NIEN MADE ENTERPRISE CO 0.027103%
LOTOS GROUP 0.027027%
MMI HOLDINGS 0.026784%
TURKIYE HALK BANKASI 0.026762%
NESTLE (MALAYSIA) 0.026663%
AMOREPAC CORP PREF (NEW) 0.026607%
QATAR INSURANCE CO 0.026465%
SHANGHAI INDL HOLDINGS 0.026339%
CHICONY ELECTRONICS CO 0.026328%
PERUSAHAAN GAS NEGARA 0.026208%
LG HOUSEHOLD & HEAL PREF 0.026158%
SIME DARBY 0.026146%
MANILA ELECTRIC CO B 0.026131%
SHANGHAI LUJIAZUI B(USD) 0.025985%
TATA MOTORS A 0.025874%
CADILA HEALTHCARE 0.025845%
JASTRZEBSKA SPOLKA WEGL 0.025777%
GLOW ENERGY 0.025732%
KOREAN AIR CO 0.025659%
FORTRESS REIT 0.025478%
TAIWAN HIGH SPEED RAIL 0.025429%
HANMI SCIENCE CO 0.025424%
HYUNDAI DEPT STORE 0.025078%
GENERAL INTERFACE SOLN 0.025020%
BRITISH AMER TOBACCO MY 0.024944%
CHEIL WORLDWIDE 0.024898%
EDP ENERGIAS DO BRASI ON 0.024863%
DELTA ELECTRONICS THAI 0.024857%
SIHUAN PHARMA HLDGS 0.024846%
SHANDONG WEIGAO GROUP H 0.024800%
SIEMENS INDIA 0.024769%
ALLIANCE GLOBAL GROUP 0.024543%
CHINA EVERBRIGHT BANK H 0.024406%
PORTO SEGURO ON 0.024265%
ODONTOPREV ON 0.024182%
GOME RETAIL HOLDINGS 0.024115%
BRAIT SA 0.023930%
GS ENGINEERING & CONSTR 0.023925%
ELETROBRAS ON 0.023910%
YTL CORP 0.023867%
PUERTO DE LIVERPOOL C1 0.023825%
BANK DANAMON INDONESIA 0.023823%
BHARAT HEAVY ELECTRICALS 0.023797%
ANADOLU EFES BIRACILIK 0.023596%
QATAR ELECT & WATER CO 0.023389%
ARCELIK 0.023338%
PIONEER FOODS 0.023335%
ITAU CORPBANCA 0.023059%
SOHO CHINA 0.022954%
SAPURA ENERGY 0.022757%
TRANSMISSORA ALIANC UNIT 0.022754%
GLENMARK PHARMACEUTICALS 0.022742%
CORONATION FUND MANAGERS 0.022732%
GLOBE TELECOM 0.022652%
EMLAK KONUT GAYRIMENKUL 0.022465%
METROPOLITAN BANK &TRUST 0.022428%
ACC 0.022401%
POWER FINANCE CORP 0.022372%
TMB BANK 0.022354%
MEGAWORLD CORP 0.022229%
PLAY COMMUNICATIONS 0.022166%
AIRASIA BHD 0.022073%
HANWHA TECHWIN CO 0.022060%
IDFC BANK 0.022025%
DMCI HOLDINGS 0.021923%
EMBOTELLADORA PREF B 0.021862%
EMAAR MALLS 0.021842%
SUL AMERICA UNITS 0.021787%
ROBINSON PCL 0.021530%
PETKIM PETROKIMYA HLDG 0.021513%
ABOITIZ POWER 0.021507%
TITAN CEMENT CO 0.021501%
PANOCEAN 0.021443%
CJ KOREA EXPRESS CORP 0.021425%
DOOSAN BOBCAT 0.021331%
AVICHINA IND & TECH H 0.021278%
SHANGHAI ELECTRIC GRP H 0.021218%
SECURITY BANK CORP 0.021194%
KOREA GAS CORPORATION 0.021124%
EVERGREEN MARINE CORP 0.021052%
LIBERTY HOLDINGS 0.020833%
ASTRO MALAYSIA HOLDINGS 0.020747%
BANPU 0.020693%
HIGHWEALTH CONSTRUCTION 0.020620%
DOHA BANK 0.020505%
THAI UNION GROUP 0.020472%
ICTSI INTL CONTAINER 0.020456%
EVA AIRWAYS CORP 0.020398%
TURKIYE VAKIFLAR BANKASI 0.020363%
TAIMED BIOLOGICS 0.020242%
CHINA AIRLINES 0.020067%
ZHEN DING TECHNOLOGY 0.019871%
QATAR GAS TRAN (NAKILAT) 0.019738%
JASA MARGA (PERSERO) 0.019616%
TAIWAN BUSINESS BANK 0.019520%
SP SETIA 0.019325%
SAMSUNG CARD CO 0.019316%
GS RETAIL 0.019300%
BANK TABUNGAN NEGARA 0.019157%
DINO POLSKA 0.019132%
DUBAI INVESTMENT 0.019052%
HYUNDAI WIA CORP 0.019036%
FORD OTOMOTIV SANAYI 0.019021%
PAKUWON JATI 0.018989%
TOFAS TURK OTOMOBIL FAB. 0.018830%
ORANGE POLSKA 0.018796%
RHB BANK 0.018369%
OIL & GAS DEVELOPMENT 0.018197%
SURYA CITRA MEDIA 0.018184%
DONGSUH COMPANIES 0.017990%
RUENTEX DEVELOPMENT CO 0.017979%
BUMI SERPONG DAMAI 0.017952%
TELKOM SA SOC 0.017836%
TAURON POLSKA ENERGIA 0.017812%
GRUPO LALA B 0.017728%
RUENTEX INDUSTRIES 0.017662%
ALLIANCE BANK MALAYSIA 0.017356%
HABIB BANK 0.017349%
GRUPA AZOTY 0.017338%
GLOBAL TELECOM HOLDING 0.017248%
HONG LEONG FINANCIAL GRP 0.017228%
YAPI VE KREDI BANKASI 0.017175%
GENTERA 0.017045%
OTTOGI CORPORATION 0.016758%
KT CORP 0.016733%
AES GENER 0.016669%
ELECTRICITY GENERATING 0.016585%
WESTPORTS HOLDINGS 0.016449%
TOWER BERSAMA INFRA 0.016426%
PIRAEUS BANK 0.016288%
AKR CORPORINDO 0.016154%
TURKIYE SISE VE CAM FABR 0.015902%
TAV HAVALIMANLARI HLDG 0.015869%
CONTAINER CORP OF INDIA 0.015694%
UNITED BANK 0.015592%
MCB BANK 0.015372%
SK NETWORKS 0.015180%
DOOSAN HEAVY INDUSTRIES 0.014986%
KEPCO PLANT SVCS & ENGR 0.014847%
O2 CZECH REPUBLIC 0.014785%
TURK TELEKOMUNIKASYON 0.014714%
IOI PROPERTIES GROUP 0.014644%
FORMOSA TAFFETA CO 0.014555%
BARWA REAL ESTATE CO 0.014299%
WASKITA KARYA PERSERO 0.014167%
XL AXIATA TBK 0.013957%
ULKER BISKUVI SANAYI 0.013719%
ROBINSONS LAND CORP 0.013643%
SYNTHOS 0.013591%
SIME DARBY PROPERTY 0.013351%
ASIA PACIFIC TELECOM CO 0.013084%
BK HANDLOWY W WARSZAWIE 0.013075%
COCA-COLA ICECEK 0.013070%
EFG-HERMES HOLDING 0.012922%
KCE ELECTRONICS 0.012759%
FF GROUP 0.012642%
FELDA GLOBAL VENTURES 0.012414%
DAEWOO ENGR & CONSTR 0.012111%
GENTING PLANTATIONS 0.011828%
POSCO DAEWOO 0.011821%
LUCKY CEMENT 0.011607%
UMW HOLDINGS 0.011512%
DXB ENTERTAINMENTS 0.010991%
YTL POWER INTL 0.010943%

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=2583914&record_search=1&search_phrase=msci emerging markets

 

Martin Currie Global Portfolio Trust plc

The Martin Currie Global Portfolio Trust is a London listed investment trust.

https://www.martincurrie.com/uk/global-portfolio-trust

It’s top 10 holdings which make up 36.6% of total portfolio are:-

Visa 4.5%
Apple 4.3%
JP Morgan Chase 4.1%
AIA 4.1%
Lockheed Martin 3.2%
Prudential 3.2%
Airbus 3.0%
Check Point 2.9%
Cognizant 2.8%
CSL 2.8%

Number of holdings 48, Number of countries 16.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=12840

Assets of The City of London Investment Trust

The City of London Investment Trust is a highly regarded investment trust, listed on the London Stock Exchange

https://www.janushenderson.com/ukpi/fund/169/the-city-of-london-investment-trust-plc

Managed by Janus Henderson

It actually trades at a Premium, so the assets are worth about £4.00 and the shares trade at £4.22.

It’s top 10 holdings are:-

Royal Dutch Shell 5.9% of the fund
HSBC 4.4% of the fund
British American Tobacco 4.2% of the fund
BP 3.3% of the fund
Diageo 3.1% of the fund
Lloyds Banking Group 2.8% of the fund
Prudential 2.7% of the fund
Unilever 2.7% of the fund
RELX 2.6% of the fund
Vodafone 2.5% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=11465&record_search=1&search_phrase=city of london


BlackRock North American Income Trust

The BlackRock North American Income Trust aims to provide an attractive and growing level of income return with capital appreciation over the long term, predominantly through investment in a diversified portfolio of primarily large-cap US equities

https://www.blackrock.com/uk/individual/products/investment-trusts/our-range/blackrock-north-american-income-investment-trust/trust-information

Its top ten holdings are:-

JPMorgan Chase USA 4.3% of the fund
Bank of America USA 4.3% of the fund
Pfizer USA 3.7% of the fund
Citigroup USA 3.5% of the fund
Wells Fargo USA 2.9% of the fund
Oracle USA 2.9% of the fund
Microsoft USA 2.5% of the fund
Anthem USA 2.4% of the fund
Verizon Communications USA 2.4% of the fund
Royal Dutch Shell Netherlands 2.3% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=2895465&action=

a yield of 3%

Legal & General Future World Equity Factors Index Fund

The Legal & General Future World Equity Factors Index Fund is a new index fund from Legal and General, the investment objective of the Fund is to seek to provide both capital growth and income by tracking the performance of the FTSE All-World ex CW Climate Balanced Factor Index

http://www.legalandgeneral.com/investments/funds/full-fund-range/equities-index-tracking/future-world-equity-factors-index-fund.html

It spreads its risks across these sectors:-

Industrials 18.3% of the fund
Consumer Services 16.2% of the fund
Consumer Goods 14.1% of the fund
Financials 14.1% of the fund
Health Care 9.5% of the fund
Technology 9.4% of the fund
Utilities 6.6% of the fund
Basic Materials 5.0% of the fund
Telecommunications 4.1% of the fund
Oil & Gas 2.8% of the fund

The Foreign & Colonial Property Trust: Monthly Dividend

The Foreign & Colonial Property Trust PLC pays out its dividend on a monthly basis.

http://www.fandc.com/uk/private-investors/investment-trusts/property/fandc-commercial-property-trust/

It is 0.5p a share, a month.

The company had 799,366,108 Ordinary Shares in issue. The number of shares with voting rights was 799,366,108, each carrying one voting right.

Thus we can calculate the cost of the monthly dividend:

799,366,108 x £0.005 = £3,996,830.54 a month

Which equate to £47,961,966.48 a year.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=112535

4% yield.

Glaxo Smithkline April dividend.

On Thur 12th April, the UK’s premier health and pharma company, Glaxo Smithkline paid its half yearly dividend.

www.gsk.com

12p per share.

https://otp.investis.com/clients/uk/GlaxoSmithKline2/rns_new/regulatory-story.aspx?cid=410&newsid=995740

the total number of voting rights in the Company is 4,958,962,323

Thus:

23p x 4,958,962,323 = £1,140,561,334.29

That is £1.14 Billion

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10042

5.5% yield.

The Multi Index 3 Fund from Legal and General

The Multi Index 3 Fund from Legal and General.

http://i.legalandgeneral.com/consumer/investments/products-and-funds/mixed-investments/investments-productsandfunds-mixedinvestments-fund-multiindex3.jsp

It holds:-

Legal & General All Stocks Gilt Index Trust ‘I’ Inc 11.04%

Legal & General Sterling Corporate Bond Index Fund ‘L’ Inc 10.80%

Legal & General Global Inflation Linked Bond Index Fund ‘L’ Inc 10.53%

Legal & General Short Dated Sterling Corporate Bond Index Fund ‘L’ Inc 8.23%

LGIM Global Corporate Bond Fund ‘B’ Acc 8.02%

Legal & General Emerging Markets Government Bond (US$) Index Fund ‘L’ Inc 5.85%

Legal & General UK Property Fund ‘L’ Inc 4.84%

Legal & General US Index Trust ‘I’ Inc 4.68%

Legal & General High Income Trust ‘I’ Inc 4.40%

Legal & General UK Index Trust ‘L’ Inc 3.70%

 

Middle Eastern Oil Production

The middle east accounts for 34.5% (over one third) of global oil production according to BP’s Energy Statistical review.

https://www.bp.com/content/dam/bp/en/corporate/pdf/energy-economics/statistical-review-2017/bp-statistical-review-of-world-energy-2017-full-report.pdf

That does this mean ?

Iran 5.0%
Iraq 4.8%
Kuwait 3.4%
Oman 1.1%
Qatar 2.1%
Saudi Arabia 13.4%
Syria no figure
United 4.4%
Yemen  no figure
Other Middle East 0.2%

Total = 34.5%

This 34.5% is 31,789,000 barrels of oil a day.

the value is that oil is worth about $70 a barrel, thus:-

31,789,000 barrels of oil a day x $70 = $2,225,230,000.00

That is $2.225 Billion a day.

 

 

 

 

 

£2,000 Tax Free Dividends = What it means

The rules on dividends from HMRC are clear to UK tax payers.
You are allowed “only” the first £2,000 of dividends to be tax free, and then anything above is taxed. Dividend income in excess of the allowance is taxable at the following rates: 7.5% within the basic rate band; 32.5% within the higher rate band; and 38.1% on dividend income taxable at the additional rate

So what is £2,000 tax free dividends worth if you held some high quality UK stocks.

e.g the world’s leading Telecommunications corporation is BT plc. www.bt.com

https://www.btplc.com/Sharesandperformance/Dividends/Dividends.htm

In the tax year 2017-18 BT paid 2 dividends:

4.85p in 5th Feb 2018
10.55p in 4th Sept 2017

4.85p + 10.55p = 15.4p

So to have £2,000 dividend income in 2017-18 from BT you would need: £2,000 / £0.154 = 12987.01298701299 Shares in BT plc.

at today’s market price of £2.35

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=10025&action=

That would mean an investment of £2.35 * 12987.01298701299 = £30519.48051948052

Thus £30,519 buying BT shares today would give an approximate income of £2,000 if all things being equal (share price steady, dividend payment steady). BT Be There.

If you wanted £2,000 income in an oil company like Royal Dutch Shell plc, what would that be ?

Shell pays out 4 dividends a year

https://www.shell.com/investors/dividend-information/historical-dividend-payments.html

It is has remained steady at US$0.47 a share which is about 33p a share.

Thus 4 dividends:-

33p+33p+33p+33p = £1.32

So to have £2,000 dividend income in 2017-18 from Royal Dutch Shell B shares you would need: £2,000 / £1.32 = 1515.151515151515 Shares in Royal Dutch Shell B plc.

at today’s market price of £23.71

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133755

That would mean an investment of £23.71 * 1515.151515151515 = £35924.24242424242

Thus £35,924 buying shares in Royal Dutch Shell B would give today would give an approximate income of £2,000 if all things being equal (share price steady, dividend payment steady)

HM Government Borrowings: March 2018

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. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In March 2018 , 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 (http://www.dmo.gov.uk/) to raise cash for HM Treasury:-

27-Mar-2018 0 1/8% Index-Linked Treasury Gilt 2056 3 months 675.2400 Million
15-Mar-2018 1 5/8% Treasury Gilt 2028 2,864.7310 Million
06-Mar-2018 1½% Treasury Gilt 2047 2,250.0000 Million
01-Mar-2018 0¾% Treasury Gilt 2023 2,815.6600 Million

When you add the cash raised:-

∑(675.2400 Million + 2,864.7310 Million + 2,250.0000 Million + 2,815.6600 Million) =  £8605.631 Million

£8605.631 Million = £8.605631 Billion

On another way of looking at it, is in the 31 days in March, HM Government borrowed:-

£277 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 2023, 2028, 2047 and 2056. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….

Assets of The Alliance Trust PLC

The Alliance Trust is a famous old UK Investment trust.

https://www.alliancetrust.co.uk/

£2.3 Billion London Listed Investment Fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10113&record_search=1&search_phrase=alliance

Top 20 holdings are:-

Alphabet
Microsoft
Amazon
Comcast
Charter
Communications
Baidu – ADR
United Health
Group
Oracle
Western Union
Page Group
Ryanair
Tencent
AIA
Airbus
Anthem
Novo-Nordisk
HDFC Bank
Visa
Liberty
Interactive
HCA Healthcare

Top 20 holdings make up  24.6% of the trust.

 

 

 

 

 

 

 

Rio Tinto plc April Dividend.

Yesterday, the world’s second largest mininig company, Rio Tinto paid out its dividend.

www.riotinto.com

The dividend was 129.43p a share.

The total number of voting rights in Rio Tinto plc is 1,329,626,900

http://otp.investis.com/clients/uk/rio_tinto1/rns/regulatory-story.aspx?cid=507&newsid=995555

Thus:-

1,329,626,900 x 129.43p a share = £1,720,936,096.67

That is £1.720 Billion paid out by Rio Tinto to its shareholders.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10071&record_search=1&search_phrase=rio

A 5% yield. Delicious.

BP breaking the £100bn valuation.

Yesterday BP plc, one of the oil majors broke the £100bn market value.

www.bp.com

BP is a major UK company, in the same premier league as BT, the world’s leading telecommunications corporation, (www.bt.com)

The share price yesterday of BP was £5.011 a share.

The share capital of BP is 19,958,001,728 shares

https://otp.investis.com/clients/uk/bp_plc/rns/regulatory-story.aspx?cid=233&newsid=995631

Thus:

19,958,001,728 shares x £5.011 a share = £100,009,546,659.01

That is £100bn.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10022&record_search=1&search_phrase=bp

HSBC April 2018 Dividend.

Yesterday, HSBC Holdings PLC paid out is quarterly dividend, of $0.21 (14.762p) a share.

www.hsbc.com

The total number of voting rights in HSBC Holdings plc is 20,053,152,822

Thus:-

20,053,152,822 x 14.762p = £2,960,246,419.58
That is £2,960 Million = £2.960 Billion

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10048&record_search=1&search_phrase=HSBC

A 5.4% yield.

The Dunedin Income Growth Investment Trust plc

The Dunedin Income Growth Investment Trust plc is 145 years old.

A £370m London Listed investment trust.

http://www.dunedinincomegrowth.co.uk/

Twenty largest equity holdings %

Royal Dutch Shell ‘B’ 4.8% of the fund
British American Tobacco 4.6% of the fund
Prudential 4.4% of the fund
Unilever 4.1% of the fund
HSBC 4.0% of the fund
GlaxoSmithKline 3.9% of the fund
AstraZeneca 3.8% of the fund
BHP Billiton 3.3% of the fund
Vodafone 3.1% of the fund
Total 3.0% of the fund
Assura 3.0% of the fund
Chesnara 2.4% of the fund
Compass 2.3% of the fund
Sage 2.3% of the fund
Standard Chartered 2.2% of the fund
Croda 2.2% of the fund
BP 2.0% of the fund
Novo-Nordisk 1.9% of the fund
Unibail-Rodamco 1.9% of the fund
Close Brothers 1.9% of the fund

Total 61.1% are the 20 top equity holdings above.

Ten largest fixed income holdings %
HBOS Cap Funding 6.461% 9.2% of the fund
SSE 3.875% 7.7% of the fund
BHP Billiton Finance 6.5% 22/10/77 6.2% of the fund
Citigroup 5.125% 12/12/18 5.9% of the fund
Rabobank Cap Funding Trust 5.556% 5.7% of the fund
Firstgroup 6.125% 18/01/19 5.6% of the fund
Barclays Bank 8.25% 29/12/49 4.4% of the fund
Daimler Intl Finance 3.5% 06/06/19 4.4% of the fund
Heathrow Funding 6% 20/03/20 4.3% of the fund
ASIF III Jersey 5% 18/12/18 4.0% of the fund
http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10166&record_search=1&search_phrase=dunedin

 

BP: Quarterly March 2018 Dividend

On Thursday last week (Thur 29th March 2018) BP plc paid out its quarterly dividend.

www.bp.com

One of the largest oil companies in the world.

The dividend was 7.1691p per share.

The total number of voting rights in BP p.l.c. is 19,926,859,767

https://otp.investis.com/clients/uk/bp_plc/rns/regulatory-story.aspx?cid=233&newsid=983623

Thus:

19,926,859,767 x £0.071691 = £1,428,576,503.56

That is £1.428 billion.

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=10022&record_search=1&search_phrase=BP

That is a 6% yield. Delicious

Royal Dutch Shell: March 2018 Dividend

On Monday 26th March, Royal Dutch Shell paid its quarterly dividend to its shareholders:

www.shell.com

it was:- 33.91p a share:-

RDSA Royal Dutch Shell A FTSE 100 $0.47 (33.91p) 26-Mar
RDSB Royal Dutch Shell B FTSE 100 $0.47 (33.91p) 26-Mar

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133655

Shell A

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=133755

Shell B

Now, 33.91p to shareholders has cost Shell:-

Royal Dutch Shell plc’s capital consists of 4,597,136,050 A shares and 3,745,486,731 B shares, each with equal voting rights. Royal Dutch Shell plc holds no ordinary shares in Treasury.

The total number of A shares and B shares in issue is 8,342,622,781

https://irssl.euroinvestor.com/asp/ir/IRM_Shell/ssl2017/NewsRead.aspx?storyid=13830315&ishtml=1

8,342,622,781 x £0.3391 = £2,828,983,385.04

That is £2.828 Billion. Delicious.

 

 

 

 

 

 

 

£2,828,983,385.04

The Shares that Berkshire Hathaway owns: Investment of $74bn worth $170bn

Shares Company Percentage of Company Owned Cost $m Market Price $m
151,610,700 American Express 17.60% $1,287 $15,056
166,713,209 Apple 3.30% $20,961 $28,213
700,000,000 bYD Company 6.80% $5,007 $20,664
53,307,534 The Bank of New York Mellon 5.30% $2,230 $2,871
225,000,000 BYD Company 8.20% $2 232 $1,961
6,789,054 Charter Communications 2.80% $1,210 $2,281
400,000,000 The Coca-Cola 9.40% $1,299 $18,352
53,110,395 Delta Airlines 7.40% $2,219 $2,974
44,527,147 General Motors 3.20% $1,343 $1,825
11,390,582 The Goldman Sachs Group 3.00% $0 654 $2,902
24,669,778 Moody’s 12.90% $9 248 $3,642
74,587,892 Philips 66 14.90% $5,841 $7,545
47,659,456 Southwest Airlines 8.10% $1,997 $3,119
103,855,045 US Bancorp 6.30% $3,343 $5,565
482,544,468 Wells Fargo 9.90% $11,837 $29,276
Total $ 74,676 $ 170,540

2017-18 Equity Selection

ISA Selection, a broad and diverse range of funds are from Legal & General PLC

https://www.legalandgeneral.com/investments/products-and-funds/

Multi-Index 3

http://i.legalandgeneral.com/consumer/investments/products-and-funds/mixed-investments/investments-productsandfunds-mixedinvestments-fund-multiindex3.jsp

Multi-Index 4

http://i.legalandgeneral.com/consumer/investments/products-and-funds/mixed-investments/investments-productsandfunds-mixedinvestments-fund-multiindex4.jsp

Multi-Index 5

http://i.legalandgeneral.com/consumer/investments/products-and-funds/mixed-investments/investments-productsandfunds-mixedinvestments-fund-multiindex5.jsp

Multi-Index 6

http://i.legalandgeneral.com/consumer/investments/products-and-funds/mixed-investments/investments-productsandfunds-mixedinvestments-fund-multiindex6.jsp

Multi-Index 7

http://i.legalandgeneral.com/consumer/investments/products-and-funds/mixed-investments/investments-productsandfunds-mixedinvestments-fund-multiindex7.jsp

Global Technology Index

http://i.legalandgeneral.com/consumer/investments/products-and-funds/index-tracker/investments-productsandfunds-indextracker-fund-globaltech.jsp
Global 100 Index Trust
http://i.legalandgeneral.com/consumer/investments/products-and-funds/index-tracker/investments-productsandfunds-indextracker-fund-global100.jsp L&G Asian Income Trust

http://i.legalandgeneral.com/consumer/investments/products-and-funds/actively-managed/equity/investments-productsandfunds-activelymanaged-equity-fund-asianincome.jsp
L&G Worldwide Trust

http://i.legalandgeneral.com/consumer/investments/products-and-funds/mixed-investments/investments-productsandfunds-mixedinvestments-fund-worldwide.jsp

Emerging Markets Index Fund

http://i.legalandgeneral.com/consumer/investments/products-and-funds/index-tracker/investments-productsandfunds-indextracker-fund-globalemergingmarkets.jsp

High Income Trust

http://i.legalandgeneral.com/consumer/investments/products-and-funds/actively-managed/income/investments-productsandfunds-activelymanaged-income-fund-highincome.jsp

Distribution Trust

http://i.legalandgeneral.com/consumer/investments/products-and-funds/mixed-investments/investments-productsandfunds-mixedinvestments-fund-distribution.jsp

JPMorgan Russian Securities Investment Trust

The JPMorgan Russian Securities Investment Trust is a £275m London Listed Investment Trust.

https://am.jpmorgan.com/gb/en/asset-management/gim/per/products/d/jpmorgan-russian-securities-plc-ordinary-shares-gb0032164732?gclid=EAIaIQobChMI7aCNsfHN2QIVhrftCh0noQ6TEAAYASAAEgL6tvD_BwE

Top 10 Holdings:-

Sberbank of Russia Financials 18.3% of the fund
Gazprom ADR Energy 14.7% of the fund
Lukoil ADR Energy 8.8% of the fund
Rosneft GDR Energy 6.1% of the fund
Novatek GDR Energy 6.0% of the fund
Norilsk Nickel ADR Materials 5.3%% of the fund
Tatneft including ADR Energy 4.9% of the fund
ALROSA Materials 2.7% of the fund
Polyus GDR Materials 2.2% of the fund
Novolipetsk Iron & Steel GDS Materials 2.1% of the fund

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=52883

3.9% yield.

 

 

 

 

A work of art: Berkshire Hathaway Letter:

http://www.berkshirehathaway.com/letters/2017ltr.pdf

The investment company of Warren Buffett

To the Shareholders of Berkshire Hathaway Inc.:

Berkshire’s gain in net worth during 2017 was $65.3 billion, which increased the per-share book value of

both our Class A and Class B stock by 23%. Over the last 53 years (that is, since present management took over), pershare

book value has grown from $19 to $211,750, a rate of 19.1% compounded annually.*

The format of that opening paragraph has been standard for 30 years. But 2017 was far from standard: A

large portion of our gain did not come from anything we accomplished at Berkshire.

The $65 billion gain is nonetheless real – rest assured of that. But only $36 billion came from Berkshire’s

operations. The remaining $29 billion was delivered to us in December when Congress rewrote the U.S. Tax Code.

(Details of Berkshire’s tax-related gain appear on page K-32 and pages K-89 – K-90.)