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The Company currently conducts its affairs so that securities issued by Shires Income PLC can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.
The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are securities in an investment trust.
The Alternative Investment Fund Manager Directive (“AIFMD”) requires Aberdeen Fund Managers Limited, as the alternative investment fund manager of Shires Income PLC, to make available to investors certain information prior to such investors’ investment in the Company.
The AIFMD is intended to offer increased protection to investors in investment products that do not fall under the existing European Union regime for regulation of investment products known as “UCITS”.
The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.Read the detailed Risk Warning
Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.
At close 18-Dec-2014Ord
|Net Dividend Yield||4.93%|
Source: Morningstar, NAV = Net Asset Value, excluding income.
Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.
Bow Bells House
One Bread Street
Registered in England as an Investment Company Number 386561
To provide for shareholders a high level of income, together with growth of both income and capital from a portfolio of investments substantially invested in UK Equities
In this webcast, Ed Beal gives an update on a wide range of subjects including performance, a sector breakdown, the largest investments and an outlook for the Trust.
The improvement in markets that started in the second half of October continued during November with the FTSE All-Share Index registering its second best month of the year. Recovery continued in the US and UK. The domestic economy witnessed upgrades to GDP expectations for both 2014 and 2015 though it was also noted that it would be difficult to sustain above trend expansion into the medium term. The Chancellor’s autumn statement indicated that austerity will need to continue post next year’s election. Positively there is still a belief that the deficit can be eliminated by 2018 / 19.
The Chinese economy looks increasingly unlikely to achieve its targeted growth of 7.5% and this was tacitly recognised by the authorities who responded by cutting interest rates. Europe remained weak, though France and Germany did at least avoid falling into a recession. In the portfolio we sold calls over Land Securities and Compass Group both of which have done well. We also sold puts over Wood, Rolls-Royce and Ultra Electronics. The two former companies had experienced share price weakness and Ultra is a recent introduction where we are trying to build our position.
There are two significant factors that are currently impacting on markets. The first is the timing of Quantitative Easing in Europe. This is widely expected to commence in the early part of 2015. Although any such stimulus package would highlight the paucity of growth across the region, investors are more focused on the benefits that it would deliver to share prices in the short term. There is therefore a risk that any announcement could be delayed or that it might not be as sizable as currently hoped for. The second and more immediate issue is the collapsing oil price. The effect of this has unsurprisingly, been very negative for companies that are correlated to the oil price. It is by no means clear where the price will eventually settle. On the other hand, many businesses stand to benefit from cheaper energy costs and this might be expected to provide a stimulus to earnings and growth in general. There are also two potential secondary effects that the lower price might be expected to cause. Firstly it could add to disinflationary pressures in Europe making a QE package more likely. Secondly, a combination of this effect in the UK and the impact on corporate earnings in the US, where a much greater proportion of the economy is exposed to oil and gas production, may serve to further delay interest rate increases.