JLIF : John Laing Infrastructure Fund returns 4.0% during the first half of 2014
John Laing Infrastructure Fund‘s recent interims report a modest increase in NAV of 0.3% (0.8% excluding unrealised exchange rate movements) during the first half of 2014 which, coupled with a dividend of 3.25p, is equivalent to a total return on the NAV of 4.0%. Profit before tax for the first half of 2014 was £27.3m (six months to 30 June 2013 – £22.1m) and it is reported that there have been a number of value enhancements and improvements to cash flow forecasts across JLIF’s projects, which should support growth in the value of the portfolio going forward. The company is optimistic regarding new opportunities coming to market in the short to medium term, and is taking steps to build its overseas exposure in Continental Europe, Australia and the US.
John Laing Infrastructure Fund invest in the equity and subordinated debt securities of infrastructure PPP projects. JLIF’s predominantly invests in projects that have completed construction and are operational (investment in projects that are under construction is limited to 15% of JLIF’s total assets) and these are primarily projects whose revenue streams are public sector or government backed.