Round one: The year in review
1. The FTSE 100 was a rare bright spot for global markets in 2022. Which of these leading lights did best on a total return basis, as of 9 December? B. Pearson
2. Liz Truss became the UK’s shortest-serving prime minister after a disastrous 49 days in charge. But who has held the office for the longest? D. Walpole
3. Russia’s invasion of Ukraine prompted a further spike in gas prices, and as of early December the benchmark TTF gas futures contract had risen by over 100% in 2022. But what was the 2021 increase? D. 292%
4. By mid November, 37 of the 38 AIC investment trust sectors were trading on a discount to NAV. Which of these equity sectors sported the second-largest average discount, after North America? D. India
5. UK temperatures exceeded 40°C for the first time ever during the summer heatwave. What year previously held the domestic record for the highest temperature? A. 2019
6. Which of the following was named the UK’s best small business name in a survey by insurer Simply Business? C. Perky Blenders
7. Which of the following countries had the highest headline annual inflation rate as of October 2022? C. Germany
8. With price growth at double-digit levels, industrial action mounted as employees sought better pay deals. How many days were lost to UK strike action in December come the end of the month, according to estimates? B. 1mn
9. In many cases, rising rates hurt private market businesses as much as they did public ones. A July 2022 funding round for buy now pay later fintech Klarna cut the company’s valuation by how much? C. 85%
Round two: Who said what?
1.“We now understand better how little we understand about inflation.”
D. Jerome Powell
2. “When you attack, you will see our faces, not our backs.”
E. Volodymyr Zelenskyy
3. “You’ve got three days left and you’ve got to sort it out.”
C. Andrew Bailey
4. “There has been discussion about returning some profits directly to the American people. That’s exactly what we’re doing in the form of ourquarterly dividend.”
H. Exxon CEO Darren Woods
5. “The best protection againstinflation is your own personalearning power.”
B. Warren Buffett
6. “I am a fighter and not a quitter.”
F. Liz Truss
7. “We’re working to make the UK a global cryptoassets hub.”
G. Rishi Sunak
8. “We have to stop stimulating demand in the face of this supply rigidity.”
A. Christine Lagarde
Round three: Movers and shakers
1. More than a fifth of FTSE 100 companies changed CEOs last year or announced plans to do so. Which wasthe first to announce change in 2022? C. Prudential But we will also accept B. Anglo American, whose (later) change was announced in 2021.
2. Who, by contrast, is the longest serving chief executive in the FTSE 350? B. Mike Norris, Computacenter
3. Takeover activity was a feature of the UK market last year. Which of the following successful bid targets has been in existence the longest? B. Aveva
4. It was also a busy time for activist investors. Which of the following companies has activist Cevian not publicly targeted in recent years? A. Rolls-Royce
5. Scottish Mortgage manager James Anderson retired in April after 39 years at Baillie Gifford. When did he take over as manager on the investment trust? D. 2000
6. The chaotic aftermath of the UK’s ‘mini’ Budget was worsened by pension funds facing margin calls on their LDI portfolios. As of last year, the average DB scheme had roughly 20 per cent of its assets in equities, with 80 per cent in bonds and alternatives. What was the ratio in 2006? D. 60/40
7. According to analysts at Deutsche Bank, 2023 will be the first year not to feature a major G7 election since when? A. 1999
And finally
This summer, to mark the Queen’s platinum jubilee, the IC took a look back at the shares of 1952. Which of the following companies was described by us back then as “not lacking in dynamism”? A. British American Tobacco
