Overview
GCP Infrastructure Investments is a Jersey-incorporated, closed-ended investment company whose shares are traded on the main market of the London Stock Exchange. It aims to provide its shareholders with regular, sustained, long-term distributions and to preserve capital over the long term by generating exposure primarily to UK infrastructure debt and related and/or similar assets which provide regular and predictable long-term cashflows. Wherever it can, it tries to secure an element of inflation-protection.
In practice, GCP is diversified across a range of different infrastructure sectors, although its focus has shifted more towards renewable energy infrastructure over the last few years. It has exposure to renewable energy projects (where revenue is part subsidy and part linked to sales of power), PFI/PPP-type assets (whose revenue is predominantly based on the availability of the asset) and specialist supported social housing (where local authorities are renting specially-adapted residential accommodation for tenants with special needs).
You can access the manager’s website here
Fundamentals
Price
Research History
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07 Aug 2024 14 min read
GCP Infrastructure – Crystallising unrealised value
Crystallising unrealised value GCP Infrastructure Investments Ltd (GCP) had a difficult 2023, as the infrastructure sector dealt with rising interest rates and stubborn inflation. However, 2024 appears to have brought an improving economic outlook, the prospect of a reversal in interest rate policy, and the adviser notes – for GCP’s shareholders – a highly attractive […]
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06 Aug 2024 15 min read
GCP Infrastructure – Crystallising unrealised value
Crystallising unrealised value GCP Infrastructure Investments Ltd (GCP) had a difficult 2023, as the infrastructure sector dealt with rising interest rates and stubborn inflation. However, 2024 brought an improving economic outlook, the prospect of a reversal in interest rate policy, and – for GCP’s shareholders – a highly attractive dividend yield, solid portfolio execution, and […]
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14 min read
GCP Infrastructure – Crystallising unrealised value
GCP – Crystallising unrealised value GCP Infrastructure Investments Ltd (GCP) had a difficult 2023, as the infrastructure sector dealt with rising interest rates and stubborn inflation. However, 2024 brought an improving economic outlook, the prospect of a reversal in interest rate policy, and – for GCP’s shareholders – a highly attractive yield, solid portfolio execution, […]
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30 Jan 2024 19 min read
GCP Infrastructure – Don’t look back in anger
GCP Infrastructure Investment companies | Annual overview | 30 January 2024 Don’t look back in anger There is no doubt that 2023 was a challenging year for GCP and the broader infrastructure sector as a confluence of factors weighed on performance, particularly the rapid increase in interest rates. Despite this, the company was still able […]
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19 min read
GCP Infrastructure – Don’t look back in anger
GCP Infrastructure Investment companies | Annual overview | 30 January 2024 Don’t look back in anger 2023 was a challenging year for GCP Infrastructure Investments Limited (GCP) as rising interest rates and several other factors appeared to weigh on returns. Despite this, the company was still able to generate positive NAV returns which the advisers […]
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19 min read
GCP Infrastructure – Don’t look back in anger
GCP Infrastructure Investment companies | Annual overview | 30 January 2024 Don’t look back in anger There is no doubt that 2023 was a challenging year for GCP and the broader infrastructure sector as a confluence of factors weighed on performance, particularly the rapid increase in interest rates. Despite this, the company was still able […]
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01 Sep 2023 1 min read
Interview with Ed Simpson from GCP Infrastructure
In this week’s show, James Carthew spoke to Ed Simpson from GCP Infrastructure. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us on [email protected]. Additionally, if you would prefer to […]
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17 Aug 2023 19 min read
GCP Infrastructure – Merger to unlock compelling value?
GCP Infrastructure Investment companies | Update | 17 August 2023 Merger to unlock compelling value? GCP Infrastructure Investments (GCP) has announced a potential three-way merger between it, GCP Asset Backed Income (GABI), and RM Infrastructure Income (RMII). As we explore in this note, this has the potential to address some of the issues that may […]
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18 min read
GCP Infrastructure – Merger to unlock compelling value?
GCP Infrastructure Investment companies | Update | 17 August 2023 Merger to unlock compelling value? GCP Infrastructure Investments (GCP) has announced a potential three-way merger between it, GCP Asset Backed Income (GABI), and RM Infrastructure Income (RMII). As we explore in this note, the adviser believes that this has the potential to address some of […]
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19 min read
GCP Infrastructure – Merger to unlock compelling value?
GCP Infrastructure Investment companies | Update | 17 August 2023 Merger to unlock compelling value? GCP Infrastructure Investments (GCP) has announced a potential three-way merger between it, GCP Asset Backed Income (GABI), and RM Infrastructure Income (RMII). As we explore in this note, this has the potential to address some of the issues that may […]
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07 Feb 2023 27 min read
GCP Infrastructure – Green is good
GCP Infrastructure Investment companies | Annual overview | 07 February 2023 Green is good GCP Infrastructure (GCP) has seen a dramatic improvement in the tailwinds supporting its investment thesis, whereby the rise in UK inflation and power prices has driven a substantial, positive uplift in GCP’s NAV. This uplift has more than made up for […]
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27 min read
GCP Infrastructure – Green is good
GCP Infrastructure Investment companies | Annual overview | 07 February 2023 Green is good GCP Infrastructure (GCP) has seen an improvement in the tailwinds supporting its investment thesis, whereby the rise in UK inflation and power prices has driven a substantial, positive uplift in GCP’s NAV. This uplift has more than made up for the […]
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27 min read
GCP Infrastructure – Green is good
GCP Infrastructure Investment companies | Annual overview | 07 February 2023 Green is good GCP Infrastructure (GCP) has seen a dramatic improvement in the tailwinds supporting its investment approach. The rise in UK inflation and power prices has driven a substantial, positive uplift in its net asset value (NAV). This uplift has more than made […]
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05 Jan 2023 90 min read
QuotedData’s Economic and Political Monthly Roundup January 2023
Economic and Political Monthly Roundup Investment companies | Monthly | January 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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13 Oct 2022 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2022
Third quarter of 2022 Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Piling on the misery In the face of rising inflation, exacerbated by the war in Ukraine, central bankers have condemned for their relative inaction. However, in the third quarter of 2022, they stepped up a gear. Last month’s economic and political roundup […]
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22 Jul 2022 1 min read
Interview With Philip Kent of GCP Infrastructure
In this week’s show, James Carthew talked to Philip Kent of GCP Infrastructure Investments Ltd. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us. Additionally, if you would prefer to […]
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19 Jul 2022 12 min read
GCP Infrastructure – Improving outlook and room to grow
Improving outlook and room to grow GCP Infrastructure Investments Limited (GCP) recently published its half-yearly report covering the six months ended 31 March 2022. It was a period that saw GCP’s NAV hit a new high, and the end June NAV is higher still. Record electricity prices and stronger than forecast inflation contributed to this, […]
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13 min read
GCP Infrastructure – Improving outlook and room to grow
Improving outlook and room to grow GCP Infrastructure Investments Limited (GCP) recently published its half-yearly report covering the six months ended 31 March 2022. It was a period that saw GCP’s net asset value (NAV) hit a new high, and the end June NAV is higher still. Record electricity prices and stronger than forecast inflation […]
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13 min read
GCP Infrastructure – Improving outlook and room to grow
Improving outlook and room to grow GCP Infrastructure Investments Limited (GCP) recently published its half-yearly report covering the six months ended 31 March 2022. It was a period that saw GCP’s NAV hit a new high, and the end June NAV is higher still. Record electricity prices and stronger than forecast inflation contributed to this, […]
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18 Jan 2022 22 min read
GCP Infrastructure – The future is brighter and greener
The future is brighter and greener GCP Infrastructure (GCP) has seen a marked improvement in performance in recent months. The surge in power and carbon prices is working to the benefit of the entities behind many of its renewable energy infrastructure loans. The push to decarbonise the UK economy is likely to provide substantial new […]
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21 min read
GCP Infrastructure – The future is brighter and greener
The future is brighter and greener GCP Infrastructure (GCP) has seen a marked improvement in performance in recent months. The surge in power and carbon prices is working to the benefit of the entities behind many of its renewable energy infrastructure loans. The push to decarbonise the UK economy may provide substantial new opportunities for […]
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22 min read
GCP Infrastructure – The future is brighter and greener
The future is brighter and greener GCP Infrastructure (GCP) has seen a marked improvement in its net asset value (NAV) performance in recent months. The surge in UK power and carbon prices (see page 8) is working to the benefit of the entities behind many of GCP’s renewable energy infrastructure loans. The push to reduce […]
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01 Jul 2021 14 min read
GCP Infrastructure – Penalised for being conservative?
Penalised for being conservative? In recent months, despite its relatively high yield, GCP Infrastructure (GCP)’s shares moved to trade on a small discount to its net asset value, which is unusual both for funds in the infrastructure sector (where GCP sits) and the renewable energy sector, which is a better match for the majority of […]
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15 min read
GCP Infrastructure – Penalised for being conservative?
Penalised for being conservative? In recent months, despite its attractive dividend yield (6.9% at the time of publication), GCP Infrastructure (GCP)’s shares moved to trade on a small discount to its net asset value, which is unusual both for funds in the infrastructure sector (where GCP sits) and the renewable energy sector, which is a […]
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15 min read
GCP Infrastructure – Penalised for being conservative?
Penalised for being conservative? In recent months, despite its attractive yield, GCP Infrastructure (GCP)’s shares moved to trade on a small discount to its net asset value, which is unusual both for funds in the infrastructure sector (where GCP sits) and the renewable energy sector, which is a better match for the majority of GCP’s […]
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13 May 2021 1 min read
QuotedData’s Spring Webinar Series – Specialist Income playback
On 12th May 2021, QuotedData hosted the first of three Spring webinars. This webinar was focused on Specialist Income and included presentations and Q&As from 4 investment companies’ managers, covering different income plays. We would like to thank all of our speakers and attendees for joining us. Click on the links below to watch the presentations […]
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29 Jan 2021 1 min read
Interview with Philip Kent from GCP Infrastructure
In this week’s show, James Carthew talked to Philip Kent from GCP Infrastructure. Watch it again here. If you were looking for QuotedData’s roundup of the week’s news, this is now in the news section – just click here If there is a guest speaker you’d particularly like to hear from, please email us – [email protected]. The […]
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11 Jan 2021 21 min read
GCP Infrastructure Fund – High yield on rebased dividend
High yield on rebased dividend Whilst falling power price forecasts (the product of a range of factors, including lower gas prices and reduced demand) have weighed on GCP’s NAV in recent quarters, the good news on vaccines may provide some relief. QuotedData’s last note discussed the rationale for GCP’s rebased 7p annual dividend. Even after […]
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21 min read
GCP Infrastructure Fund – Compelling yield
Compelling yield Whilst falling power price forecasts (the product of a range of factors, including lower gas prices and reduced demand) have weighed on GCP’s NAV in recent quarters, the good news on vaccines should provide some relief. We explained the rationale for GCP’s rebased 7p annual dividend in our last note. We would note […]
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21 min read
GCP Infrastructure Fund – Compelling yield
Compelling yield Falling power price forecasts (the product of a range of factors, including lower gas prices and reduced demand, as we explain on page 10) have weighed on GCP’s NAV in recent quarters. However, the good news on vaccines should provide some relief. We explained the rationale for GCP’s rebased 7p annual dividend in […]
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08 Jun 2020 8 min read
QuotedData’s Economic Roundup – June 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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01 Jun 2020 11 min read
GCP Infrastructure – Rebased dividend
Rebased dividend GCP Infrastructure will be 10 years old in a few weeks. Since 2012, it has paid a stable 7.6p per year dividend backed largely by UK public sector cashflows and achieved modest growth in net asset value (NAV). The yield premium that GCP delivers relative to UK government debt securities has increased significantly […]
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11 min read
GCP Infrastructure – Rebased dividend
Rebased dividend GCP Infrastructure will be 10 years old in a few weeks. Since 2012, it has paid a stable 7.6p per year dividend backed largely by UK public sector cashflows and achieved modest growth in NAV. The yield premium that GCP delivers relative to UK government debt securities has increased significantly over the past […]
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29 May 2020 1 min read
QuotedData’s weekly roundup 29 May 2020
James Carthew’s weekly news roundup show for Friday, 29 May, covers a wide range of topics and includes an interview with David Cornell, manager of India Capital Growth. Listen back here If there is a guest speaker you’d particularly like to hear from, please email us – [email protected]. Next we’ll be back on 5th June […]
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07 Apr 2020 5 min read
QuotedData’s Economic Roundup – April 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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30 Jan 2020 28 min read
GCP Infrastructure – Stable income, uncertain times
Stable income, uncertain times For almost 10 years, GCP Infrastructure (GCP) has met its objective of delivering high and stable income with low volatility of returns, while preserving investors’ capital. The mix of assets that it lends against has evolved as the investment adviser has sought out alternative sources of public sector-backed cash flow. A […]
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29 min read
GCP Infrastructure – Stable income, uncertain times
Stable income, uncertain times For almost 10 years, GCP Infrastructure (GCP) has met its objective of delivering high and stable income for its shareholders with low volatility of returns, while preserving their capital. The mix of assets that it lends against has evolved as the investment adviser has sought out alternative sources of cash flows […]
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07 Jun 2019 3 min read
QuotedData’s investment companies roundup – June 2019
Investment Companies Roundup New research Over May, we published notes on Shires Income, Standard Life Private Equity and The North American Income Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was notable that risk appetite was down in May as renewed […]
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5 min read
QuotedData’s economic roundup – June 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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18 Jan 2019 1 min read
QuotedData’s economic roundup – January 2019
QuotedData’s economic roundup – January 2019 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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18 Apr 2018 1 min read
QuotedData’s Economic round up – April 2018
QuotedData’s economic round up – April 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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07 Feb 2018 2 min read
QuotedData investment companies roundup – February 2018
QuotedData investment companies roundup – February 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2018. Kindly sponsored by Baillie Gifford. The oil price was up again over the month and this helped propel […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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10 Jan 2018 1 min read
QuotedData’s economic round up – January 2018
QuotedData’s economic round up – January 2018 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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2 min read
QuotedData investment companies roundup – January 2018
QuotedData investment companies roundup – January 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2017. Kindly sponsored by Baillie Gifford. January Investment Companies Roundup Winners and losers in December Infrastructure India’s share price […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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14 Jun 2017 1 min read
QuotedData’s economic round up – June 2017
QuotedData’s economic round up – June 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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16 May 2017 2 min read
QuotedData investment companies roundup – May 2017
QuotedData investment companies roundup: Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2017. Kindly sponsored by Baillie Gifford. Money in: The only new launch in April was EJF Investments, a £69m fund trying to take advantage of […]
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31 Jan 2017 1 min read
QuotedData – 2016 review of the year
Our review of 2016 includes performance data, significant moves in discounts and premiums, money raised and money handed back, major news stories and links to the research we have published including our guide to investment companies. 2016 Annual roundup
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27 Oct 2016 1 min read
Quarterly investment companies roundup – Third quarter 2016
Q3 saw the market adapt to life post the UK’s EU referendum. Sterling continued to fall but most stock markets stabilised and discounts narrowed across most sectors. While the US election is dominating headlines, it does not seem to be having much impact on markets so far. q3-quarterly-roundup
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27 Apr 2015 1 min read
The importance of income – where to find it?
Life used to be simpler. If you had a bit of spare cash or you wanted to save up for something you’d just stick some money in a bank or building society account. If you had a nest egg and wanted to invest it in something safe and live off the income, you’d maybe buy […]
News
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12 Dec 2024 2 min read
GCP Infrastructure restarts buybacks as it eyes more disposals
GCP Infrastructure’s results for the 12 month period ended 30 September reflect some long-running themes. The NAV slipped from 109.79p to 105.22p and the NAV total return for the period was 2.2%. However, a narrowing discount from 38.3% to 25.0% meant that the return to shareholders was a welcome 28.4%. The dividend was maintained at […]
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29 Nov 2024 7 min read
Income 101 – The essentials for your income search
If you look across the investment companies’ space, it is clear there is still strong demand for trusts that can provide investors with an attractive level of income which is reliable and, ideally, has some degree of both inflation protection and capital preservation. Despite the environment of higher interest rates that has prevailed over the […]
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13 Nov 2024 2 min read
QuotedData’s morning briefing 13 November 2024 – GCP, AUGM, CGT
In QuotedData’s morning briefing 13 November 2024: GCP Infrastructure (GCP) released an investor report for the three month period to 30 September 2024. The company noted that the net asset value was, as previously announced, 105.22 pence per ordinary share adding that it is in active due diligence and negotiations on disposals of material components […]
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08 Nov 2024 4 min read
Will 2025 be the start of an infrastructure revolution?
The UK needs financing on an unprecedented scale to transform our economy. Not only do we need to replace aging buildings and networks, but we also need to upgrade and enhance our energy network and find ways of tackling the effects of climate change. The scale of the challenge should not be underestimated. As Vanessa […]
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25 Oct 2024 1 min read
QuotedData’s weekly news show 25th October 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Hansa Trust (0:20) GCP Infrastructure (6:28) PRS REIT (9:06) This week’s interview was with Helen Steers from Pantheon International – watch it again here.
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24 Oct 2024 1 min read
GCP Infrastructure hints at big disposal in the works
GCP Infrastructure says that at close of business on 30 September 2024, its NAV was 105.22p, down 2.36p from the figure at end June 2024, which is disappointing. However, GCP says it won’t tell us what drove this move as “The company is in active due diligence and negotiations on disposals of material components of […]
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18 Oct 2024 5 min read
Investment company cost disclosures – job done(?)
The long campaign on cost disclosure The past month has brought a flurry of activity over the cost disclosure rules under MiFID and their impact on investment trusts. Bill MacLeod, managing director at Gravis, and one of the key players in the team that has lobbied for the proper treatment of investment trust costs, is, […]
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09 Aug 2024 1 min read
QuotedData’s morning briefing 9 August 2024 – MYI, TRIG, GCP
In QuotedData’s morning briefing 9 August 2024: Murray International (MYI) announced its interim results for the six month period to 30 June 2024. The NAV total return was 5.5% compared with 12.2% for the company’s reference index. The share price total return was 0.5%, as the discount to the NAV widened from -4.0% at 31 […]
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26 Jul 2024 3 min read
QuotedData’s morning briefing 26 July 2024 – LWDB, TMI, GCP, SUPR, SGRO, MPLF
In QuotedData’s morning briefing 26 July 2024: Law Debenture (LWDB) has published its interim results for the six months ended 30 June 2024, during which it provided an NAV total return (with debt and Independent Professional Services (IPS) business at fair value) of 9.7%, and share price total return of 7.7%, both outperforming its All-Share […]
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20 Jun 2024 2 min read
QuotedData’s morning briefing 20 June 2024 – GCP, GSF, NRR, SRE, HWG
In QuotedData’s morning briefing 20 June 2024: GCP Infrastructure’s half-year numbers to end March 2024 showed a small positive NAV return of 1.2% but a much greater uplift in the share price as the discount narrowed giving shareholders a return of 12.5%. As usual, the dividend is maintained at 3.5p for the six-month period. No […]
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10 May 2024 3 min read
Three reasons to invest in private credit
Albane Poulin, Head of Private Credit, Gravis Capital Management Against a volatile and uncertain economic backdrop, investors are seeking investment funds that offer stability, consistent returns, and portfolio diversification. While interest rate cuts are expected in 2024, the current high inflationary environment and stronger labour market indicate that the path ahead is not as straightforward […]
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08 May 2024 1 min read
GCP Infrastructure delivers first step in capital allocation policy
GCP Infrastructure has released an investor report for the three month period to March 31. The company’s NAV fell 2% due predominately to a change in the March 2024 OBR inflation forecast. Power price forecasts also had a negative impact. Post period end, on 26 April 2024, the company also noted that it has disposed […]
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26 Apr 2024 1 min read
QuotedData’s weekly news show 26th April 2024
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • GCP Infrastructure (0:23) • Hipgnosis (3:55) • Riverstone Credit Opportunities (8:49) This week’s interview was with Ken Wotton from Strategic Equity Capital – watch it again […]
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2 min read
GCP Infrastructure sells wind farm loan notes at 6.4% premium
GCP Infrastructure (GCP) has sold its interest in loan notes secured against Blackcraig Wind Farm at a 6.4% premium to the valuation of the project as at 31 March 2024. The disposal has generated net cash proceeds of around £31m and these will be used to prepay drawings under GCP’s revolving credit facility. GCP says […]
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25 Apr 2024 1 min read
Inflation weighs on GCP Infrastructure Investments in Q1
GCP Infrastructure Investments (GCP) has provided a company update for the three months to 31 March 2024. The company’s NAV fell 2.2% over the period, driven by changes to the inflation forecast to reflect the OBR’s Spring Budget 2024 figures. This contributed around 1.6 pence per ordinary share. Further reductions in forecast electricity prices, primarily […]
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18 Apr 2024 1 min read
QD view: Our search for income – a deep dive presentation on the renewable and infrastructure sectors
In this video, Edward Marten CEO of QuotedData and James Carthew head of investment companies talk about the search for income, and where to find attractive opportunities in the current market. Their presentation (at Master Investor, the UK’s largest private investor show, on the QuotedData stage) explains why it’s worth taking a fresh look at […]
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20 Feb 2024 1 min read
QuotedData’s morning briefing 20 February 2024 – NBMI, SWEF, GCP, MPLF
In QuotedData’s morning briefing for 20 February 2024 NB Global Monthly Income Fund (NBMI) has announced that it intends to distribute to shareholders an aggregate amount of approximately £23m by way of a partial compulsory redemption of shares on 4 March 2024. The redemption will amount to c. 69% of existing shares of shareholders on […]
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16 Feb 2024 3 min read
QD view – Inflation Scare
With inflation rates much reduced, investors became convinced in October that interest rates had peaked. Share prices in the renewables and infrastructure sectors began to rise while yields began to fall and there was a sense that as we entered 2024 we had passed the worst of the sell-off in those sectors. However, as the […]
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02 Feb 2024 4 min read
QuotedData’s morning briefing 2 February 2024 – AGA, GRID, HGT, BCPT, RGL, GCP, SHIP, GABI, VEIL, CGL
In QuotedData’s morning briefing 2 February 2024: On 1 February 2024, Apax XI Fund announced that it had closed the acquisition of WGSN, a consumer trend forecaster, from Ascential Plc. Apax Global Alpha (AGA), which is a limited partner in Apax XI, says that it has invested approximately €21.5m in WGSN on a look-through basis […]
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29 Jan 2024 2 min read
QuotedData’s morning briefing 29 January 2024 – BOOK, GCP, DORE, LMS, BBOX
In QuotedData’s morning briefing 29 January 2024: Literacy Capital (BOOK) has provided a quarterly trading update and NAV announcement for the fourth quarter of 2023. Over the period BOOK saw a NAV uplift of $4.6m, or 7.7p per share, equal to a quarterly return of 1.6%. Its total NAV for the end of 2023 was […]
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22 Dec 2023 3 min read
QD – review of the year
This is the last of our weekly emails for 2023. We hope that you have been finding them useful. We will be publishing our annual roundup in January. Ahead of that however, I thought it might be worth pulling out a few of the year’s highs and lows. In January, China’s market shone as hopes […]
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13 Dec 2023 3 min read
Optimism remains despite challenging year for GCP
GCP Infrastructure Investments (GCP) announced its annual report for the year ended 30 September 2023. Total NAV return for the year was 3.7% while total shareholder returns fell 25.2%. The discount sat at around 40% at the last close while the weighted average dividend was 7.9%. The company also saw a considerable fall in profits […]
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15 Nov 2023 2 min read
QuotedData’s morning briefing 15 November 2023 – GCP, FP, INOV, WHR
QuotedData’s morning briefing 15 November 2023: GCP Infrastructure Investments (GCP) has released a quarterly update to 30 September 2023. NAV total return over the period was 1.4% while shares fell 11.6%, widening the fund’s discount which now sits at 36%. During the quarter, the company completed a refinancing of two existing loan notes secured against […]
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23 Oct 2023 1 min read
QuotedData’s morning briefing 23 October 2023 – GCP
In QuotedData’s morning briefing 23 October 2023: GCP Infrastructure (GCP) announced an update to its NAV valuation. As of 30 September 2023, its NAV per share was 109.8p, a 0.23% decrease on its 30 June 2023 value. The largest impairment to GCP’s valuation came from a period of very low wind speeds and exceptionally dry […]
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10 Oct 2023 1 min read
QuotedData’s morning briefing 10 October 2023 – CORD, GCP, WHR
In QuotedData’s morning briefing 10 October 2023: Cordiant Digital Infrastructure Limited (CORD) announced that the acquisition of Speed Fibre DAC has been cleared under the United Kingdom’s National Security and Investment Act 2021. This clearance was required because an element of Speed Fibre’s network extends into Northern Ireland. Speed Fibre is Ireland’s leading open access […]
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22 Sep 2023 1 min read
QuotedData’s weekly news update 22nd September 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Matthew Read covered the week’s top stories: • HICL Infrastructure (0:25) • GCP Infrastructure/GCP Asset Backed Income (2:24) • HydrogenOne Capital Growth (7:46) • Nippon Active Value (12:00) • Pollen Street (13:22) […]
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18 Sep 2023 2 min read
GCP Infrastructure and GCP Asset Backed Income combination off of the cards
Separately, GCP Infrastructure (GCP) and GCP Asset Backed Income (GABI) have issued statements saying that a proposed combination of the two companies has been terminated. A significant shareholder consultation exercise was undertaken and both statements make reference to a divergence of views existing amongst shareholders of GABI as being the hurdle. GABI’s board has said […]
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1 min read
QuotedData’s morning briefing 18 September 2023 – HICL
In QuotedData’s morning briefing for 18 September 2023: HICL Infrastructure (HICL) has announced that it has entered into an agreement to sell its investment in Bradford Schools PPPs for £37m. This sale represents an 8% premium to its valuation at 31 March 2023. The sale represents HICL’s entire stake in the entities, which are two […]
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06 Sep 2023 1 min read
GCP merger with RMII terminated
GCP Infrastructure (GCP) has provided an update on its discussions with the board of RM Infrastructure Income (RMII) regarding a potential combination. The board of GCP has been unable to agree on structure and terms with RMII in respect of the RM Scheme that are acceptable to both parties. GCP Infra has therefore notified RMII […]
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23 Aug 2023 1 min read
GCP continues to execute despite NAV pressure
GCP provided a second-quarter update for the period ended 30 June 2023, which highlighted a further 2% fall in NAV. The primary driver of this movement was the increase in discount rates, which was applied across the portfolio’s three sectors: supported living, PFI, and renewable energy. The increased discount rates reflect the current higher inflation […]
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11 Aug 2023 1 min read
QuotedData’s weekly news show 11th August 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • GCP Infrastructure / GCP Asset Backed Income / RM Infrastructure (0:40) • Nippon Active Value / Atlantis Japan Growth (13:56) • HydrogenOne Capital Growth […]
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6 min read
GCP Infrastructure and GCP Asset Backed Income to merge
The boards of both GCP Infrastructure Investments (GCP Infrastructure) and GCP Asset Backed Income (GABI) have agreed terms for a merger of the two funds. Under the proposals, the merger will take effect via a solvent winding-up of GABI and the transfer of its assets to GCP Infrastructure in exchange for the issue of new […]
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28 Jul 2023 1 min read
Rising discount rates impact GCP Infrastructure
GCP Infrastructure Investments (GCP) announced its quarterly results to June 30, 2023. NAV fell 2.2% due to increases in discount rates which reflect the current higher inflation and base rate environment, and recent market transactions that suggest the rising cost of debt has started to impact equity pricing. This has resulted in a c.40bps increase […]
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14 Jul 2023 4 min read
QD view – Infrastructure sits on solid foundations
Having been one of the few ports in the storm of 2022, it has been a dismal start to the year for infrastructure trusts. Every fund across the three main infrastructure sectors – infrastructure, infrastructure securities and renewable energy infrastructure – is down in share price terms for the year to date. For some of […]
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21 Jun 2023 3 min read
Discount opportunity for GCP
GCP Infrastructure Investments (GCP) released its half-year report for the period ended 31 March 2023. The company’s total NAV return for the period was 2.7% while the total share price return was -9.7%. The company’s operational performance for the period was positive, generating operating income of £35.6 million, profit for the period of £25.8 million […]
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19 Jun 2023 2 min read
GCP-financed geothermal well at Eden Project operational
The UK’s first operating deep geothermal heating plant since 1986 was opened today at the Eden Project in Cornwall and is now generating heat. A 3.3 mile long shaft has been drilled into the Earth’s crust (making it the longest geothermal well in the UK). A 4000m vacuum insulated tube has been inserted into the […]
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25 May 2023 2 min read
QuotedData’s Property Investment Conference 2023
Welcome to the videos from the Property Investment Conference 2023. The conference was for property analysts and REIT investors from all the major asset management groups, banks, stockbrokers, wealth managers and IFA Groups. Private investors were also welcomed this year via live streaming who were able to follow the panel discussions and expert speakers. We […]
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15 May 2023 2 min read
QuotedData’s morning briefing 15 May 2023
In QuotedData’s morning briefing for 15 May 2023: Chrysalis (CHRY) has announced a £12.5m follow-on investment in its existing holding in Smart Pension. This investment forms part of a $95 million Series E funding round. This funding round will be used to drive Smart Pension’s growth in key markets, finance a pipeline of acquisitions, and […]
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09 May 2023 1 min read
Outlook remains promising for GCP Infrastructure
GCP Infrastructure Investments Limited (GCP) announced the publication of its quarterly investment report. At 31 March 2023: The net asset value was, as previously announced, 112.24 pence per ordinary share, an increase of around 9% over the past year; The company was exposed to a diversified and partially inflation protected portfolio of 49 investments with […]
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14 Mar 2023 1 min read
QuotedData’s morning briefing 14 March 2023
Fidelity Emerging Markets (FEML) released half year results for the period ended 31 December 2022. The share price was down -2.9%, trailing the MSCI Emerging Markets Index which was -2.19%. NAV fell 3.2% while the discount was 12%. The company highlighted weakness in Chinese material companies amid property sector challenges as the primary cause for […]
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27 Jan 2023 2 min read
QuotedData’s morning briefing 27 January 2023
In QuotedData’s morning briefing 27 January 2023: GCP Infrastructure (GCP) has announced a dividend of 1.75p per ordinary share, for the period from 1 October 2022 to 31 December 2022. The dividend will be paid on 14 March 2023 to holders of ordinary shares recorded on the register as at the close of business on […]
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15 Dec 2022 2 min read
GCP Infrastructure reports solid set of results
Over the 12 months ended 30 September 2022, GCP Infrastructure’s NAV rose from 103.99p to 112.80p. Higher electricity prices had a significant positive effect on returns even after the Valuation Agent reflected the expectation of an electricity price cap being applied to generators, capping the expected price for 2023 and 2024 at £150 per MWh. […]
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28 Oct 2022 2 min read
QuotedData’s morning briefing 28 October 2022
In QuotedData’s morning briefing 28 October 2022: GCP Infrastructure (GCP) has announced that Alex Yew has been appointed as a director with effect from 1 November 2022. This follows Ian Reeves’ notification that he will retire from the board on 31 October 2022. Alex, a United Kingdom resident, is a qualified solicitor in Singapore and […]
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11 Jul 2022 1 min read
Fund Manager Brief: Philip Kent, Gravis Capital
Philip Kent – Director Philip is a director of Gravis. He acts as lead adviser to GCP Infrastructure. Philip joined Gravis from Foresight Group where he was responsible for investments in the waste and renewable sectors, including large waste wood combustion projects and a pipeline of AD projects across the UK. Philip has been involved […]
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1 min read
Fund Brief: GCP Infrastructure Investments Limited
About GCP Infrastructure Investments Limited GCP is a Jersey-incorporated, closed ended investment company and FTSE 250 constituent whose shares are traded on the main market of the London Stock Exchange. Its objective is to provide shareholders with regular, sustained, long term distributions and to preserve capital over the long term by generating exposure primarily to […]
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21 Jun 2022 2 min read
GCP Infrastructure confirms big jump in NAV
GCP Infrastructure has published its half-year results, covering the six months ended 31 March 2022. As flagged previously, the NAV has jumped to 112.75p from 103.92p at end September 2021. The company is reporting a total shareholder return for the period of 13.7%. The profit for the period of £108.9m reflects the impact on valuations […]
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29 Apr 2022 2 min read
QuotedData’s morning briefing 29 April 2022
In QuotedData’s morning briefing 29 April 2022: Gulf Investment Fund says that all assets in its tender pool have been sold. As at 27 April 2022, the final tender offer asset value was $11,284,711, giving a tender price of $2.1639. The 5,214,956 tendered shares will be cancelled. It is expected that the proceeds payable to […]
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15 Feb 2022 1 min read
QuotedData’s morning briefing 15 February 2022
In QuotedData’s morning briefing 15 February 2022: BioPharma Credit is contributing $325m to the funding of a $650m loan to Collegium Pharamceutical. The company will use the money to support its acquisition of BioDelivery Sciences International – an existing borrower within the BioPharma Credit portfolio. Part of the loan will be funded from the repayment […]
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20 Jan 2022 1 min read
Bluefield buys Good Energy portfolio
Bluefield buys Good Energy portfolio – Bluefield Solar has bought a 47.5 megawatt peak (MWp) operational solar and wind portfolio from Good Energy Group Plc (GOOD LN). The portfolio was bought for an initial equity consideration of £16.4m, which could rise to a total of £24.5m if a series of due diligence milestones are met […]
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14 Dec 2021 3 min read
GCP Infrastructure sees opportunities from decarbonisation agenda
GCP Infrastructure Investments has published results for the 12 months ended 30 September 2021. It delivered an NAV return of 7.2%, but the shares moved to trade on a small discount, which resulted in a return to shareholders of -7.9%. The rebasing of the dividend from 7.6p to 7.0p was well flagged and has been […]
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10 Jun 2021 2 min read
GCP sees impact from tax and power prices
GCP Infrastructure Investments has announced interim results covering the six months ended 31 March 2021. Highlights are: NAV at 31 March 2021 of 100.78p (31 March 2020: 109.83p) Total shareholder return for the period of -8.8% (31 March 2020: -8.1%) and total shareholder return since IPO in 2010 of 100.3% Dividends of 3.5p per share paid for the six […]
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28 May 2021 3 min read
QD view – Got gas?
This week, I was given the opportunity to speak at the Anaerobic Digestion and Biogas Association’s (ADBA’s) spring finance forum. We heard from a number of interesting speakers on the challenges that this relatively new industry faces and the innovative solutions that are being implemented to address these. At present, within the listed renewables funds […]
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30 Mar 2021 1 min read
QuotedData’s morning briefing 30 March 2021
In QuotedData’s morning briefing 30 March 2021: Big Yellow has acquired a prime 0.8 acre site in Epsom, South West London for £6.5m. It will be seeking planning permission for a 56,000 sq ft self storage centre on the site. This acquisition takes the number of stores in the group’s pipeline to 13, of which eight have […]
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17 Dec 2020 2 min read
GCP Infrastructure results reflect lower electricity prices
GCP Infrastructure results reflect lower electricity prices – For the year ended 30 September 2020, the company is reporting a fall in its NAV from 111.66p to 103.99p and a return to shareholders of -2.0%. Highlights are: Dividends of 7.6 pence per share for the year to 30 September 2020 (30 September 2019: 7.6 pence). […]
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04 Dec 2020 2 min read
Gravis Capital ties up with Orix Corporation
Gravis Capital Management Limited (Gravis), the manager of GCP Infrastructure, GCP Student Living and GCP Asset Back Income, has announced that it has entered into a strategic partnership with ORIX Corporation (ORIX) whereby ORIX will acquire a 70% equity stake in the Gravis business. ORIX is a diversified financial services group. The announcement says that ORIX’s […]
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12 Oct 2020 1 min read
QuotedData’s morning briefing 12 October 2020
In QuotedData’s morning briefing 12 October 2020: Henderson Alternative Strategies reports that cash accounts for about 74% of the portfolio as at 9 October 2020. The manager expects that the cash level will rise to about 79% by mid-November 2020. Given the high percentage of cash in the portfolio, the current intention is to put forward […]
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29 May 2020 2 min read
GCP Infra trims dividend target to reflect market yields
GCP Infra trims dividend target to reflect market yields – In its half-year statement, released this morning, GCP Infrastructure has announced that it will trim its dividend target from 7.6p per year to 7p per year. This still leaves it trading on a yield of 5.9%, based on last night’s closing price. 10 years after […]
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15 May 2020 1 min read
QuotedData’s morning briefing 15 May 2020
In QuotedData’s morning briefing 15 May 2020 Having collected 100% of rents due at the end of March, Triple Point Social Housing REIT has raised its dividend target for the year ended 31 December 2020 to 5.18p, 1.7p up on the figure for 2019. It has also appointed Stifel Nicolaus Europe Limited as sole corporate broker and […]
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20 Mar 2020 1 min read
Covid-19 update from GCP Infrastructure Investments
GCP Infrastructure Investments (GCP) has released the following update: “GCP seeks to provide investors with exposure to a diversified portfolio of UK infrastructure projects, which are by their nature long-term investments. The directors and the company’s manager, Gravis, believe such investments are well placed to weather the uncertainty driven by Covid-19 over the long term. Substantially […]
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14 Feb 2020 1 min read
QuotedData’s other news 14 February 2020
In QuotedData’s other news 14 February 2020 Shareholders approved JPMorgan Asia’s change of name to JPMorgan Asia Growth and Income. The ticker becomes JAGI. GCP Infrastructure has confirmed that Clive Spears retired as a non-executive director at its AGM. Ian Reeves CBE, the chairman, commented, “I would like to thank Clive for his invaluable support, dedicated […]
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16 Jan 2020 1 min read
GCP Infrastructure NAV slips on power price fall
GCP Infrastructure NAV slips on power price fall – GCP Infrastructure says that its NAV fell by 2.08p or 1.86% over the final quarter of 2019. The valuation agent, Mazars LLP carries out a fair market valuation of GCP’s investments on a quarterly basis. NAVs are based on a discounted cash flow methodology (estimating future cash flows […]
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23 May 2019 1 min read
GCP Infrastructure Investments discusses social housing in results announcement
GCP Infrastructure Investments discusses social housing in results announcement – GCP Infrastructure Investments (GCP) has reported half-yearly results for the period ended 31 March 2019. Key numbers from the period include: Shareholder total return for the period of 4.5% (31 March 2018: -3.8%). Profit for the period of £33.6m (31 March 2018: £39.5m). Loans advanced totalling […]
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20 May 2019 1 min read
QuotedData’s other news 20 May 2019
John Laing Environmental Assets Group (JLEN) has announced the appointment of Hans Joern Rieks as a non-executive director of the company, commencing 13 June 2019. LXi REIT (LXI), the specialist inflation-protected very long income REIT, has reported annual results for the year ended 31 March 2019. LXI’s leases are typically 20 to 30 years to expiry […]
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1 min read
GCP Infrastructure agrees £64m financing commitment
GCP Infrastructure (GCP) predominantly invests in UK infrastructure debt. The company has this morning announced that it has entered into a conditional commitment to subscribe for two new loan worth around £64m. If issued, the loan notes will be used to finance an investment in the subordinated debt and shareholder interests of an operational onshore […]
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14 Dec 2018 3 min read
GCP Infrastructure holds steady against a market backdrop of uncertainty and volatility
GCP Infrastructure Investments (GCP) has announced its annual results for the year ended 30 September 2018. During the year, GCP maintained its dividend at 7.6p, increased its NAV by 1.7% to 112.49p per share and provided a share price total return of 4.8%. Ian Reeves, the fund’s chairman describes these results as being achieved, “against […]
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12 Jul 2018 1 min read
GCP Infrastructure on First Priority Housing
GCP Infrastructure on First Priority Housing – Civitas Social Housing was not the only fund with exposure to First Priority Housing, the housing association that got itself into difficulties when it ended up with a lot of empty properties. On 22 February 2018 the Board of GCP Infrastructure announced that the directors and the investment adviser, Gravis Capital Management, were monitoring […]
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29 Jan 2018 1 min read
GCP Infrastructure provides solar funding
GCP Infrastructure provides solar funding – The board of GCP Infrastructure says that the company has subscribed for three new loan notes for a consideration of c.GBP105 million. The loan notes, with an expected term ranging between 22 and 24 years, will be used to provide funding for the acquisition of twenty two ground mounted and […]
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14 Dec 2017 2 min read
GCP Infrastructure notes demand for dependable and predictable income
GCP Infrastructure notes demand for dependable and predictable income – GCP Infrastructure has announced results for the year ended 30 September 2017. The highlights are: Total shareholder return for the year of 2.6% and total return since IPO in 2010 of 97.8% NAV per ordinary share at 30 September 2017 of 110.57 pence (2016: 109.67 […]
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26 Apr 2017 1 min read
GCP Infrastructure commits £40m to social infrastructure
GCP Infrastructure has committed to subscribe for a loan note of up to £40 million in aggregate, the proceeds of which will be used to finance supported living units for occupation by adults with learning or physical difficulties. The Loan Note, with an expected term of c.35 years, will be used to provide funding for […]
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20 Apr 2017 2 min read
GCP Infrastructure – funding for Green Investment Bank
GCP Infrastructure – funding for Green Investment Bank – The Board of GCP Infrastructure notes the announcement by Macquarie Group today in respect of its acquisition of the UK Green Investment Bank. The Board confirms that the company has entered into a conditional, binding commitment with a Macquarie-owned entity to subscribe for a series of loan […]
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14 Dec 2016 2 min read
GCP returns 15.6% during year and continues to grow
GCP Infrastructure Investments has announced its annual results for the year ended 03 September 2016. During the year, the company says it provided a share price total return of 15.6% and a total return since its IPO of 91.1%. Profit for the year was £54.4m, an increase of 11.7% year-on-year (2015: £48.7m), and the company […]
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18 Nov 2016 1 min read
GCP Infrastructure Investments placing aims to raise £60m
GCP Infrastructure Investments has announced a placing of new Ordinary Shares under its placing programme. The Placing will seek to raise gross proceeds of approximately £60 million in accordance with the prospectus. The company says that the placing is being effected to allow it to take advantage of a number of attractive investment opportunities in […]
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10 Oct 2016 1 min read
GCP invests £60m in social infrastructure
GCP Infrastructure has announced that it has committed to subscribe for two loan notes of up to GBP60 million in aggregate, the proceeds of which will be used to finance supported living units for occupation by adults with learning or physical difficulties. The first Loan Note, for up to GBP50 million and with an expected term […]
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28 Jul 2016 6 min read
F&C Managed Portfolio beats benchmark despite widening discounts
F&C Managed Portfolio reports that, for the company’s financial year to 31 May 2016, the NAV total return (i.e. adding dividends paid to capital performance) was -4.8% for the Income shares and -4.5% for the Growth shares which represented outperformance against the -6.3% total return for the FTSE All-Share Index, the benchmark index for both […]
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27 May 2016 3 min read
GCP infrastructure benefits from revaluations and accretive share issuance
GCP Infrastructure Investments has announced its interim results for the half year ended 31 March 2016. During the period, the company advanced loans totalling £46.4msecured against UK renewable energy, social housing and PFI projects, with a further £11.5 million advanced post period end. The company also made a profit of £21.9m and has paid a […]
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18 Apr 2016 1 min read
GCP refinances solar loan
On 25 March 2015 the GCP Infrastructure announced the completion of a loan with an aggregate value of £59.7 million secured on a senior basis against the cash flows arising from a number of portfolios of domestic solar panel installation in England. They have now announced the completion on 14 April 2016 of a refinancing by Aviva of […]
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04 Nov 2015 1 min read
GCP Infrastructure commits £25.5m to Social Housing
GCP Infrastructure Investments has announced that it has completed a transaction in which it has subscribed for a loan note with an expected term of approximately 35 years and an initial value of up to £25.5m (when fully drawn). The Company advanced approximately £1.4m on the completion of the transaction and the majority of the […]
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24 Aug 2015 1 min read
GCP extends funding to biomass plants
GCP Infrastructure has completed a transaction subscribing for a loan note to be used to fund biomass plants, with a term of 17 years and a value of up to £62.9m, £36.6m of which was advanced at completion and the remainder is expected to be drawn down over the next few months subject to various conditions. The Loan […]
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09 Jul 2015 1 min read
Budget changes to Climate Change Levy hit Renewables
Changes in yesterday’s budget in relation to the Climate Change Levy (removal of Climate Change Levy exemption) for renewable electricity have had a knock-on effect on the net asset values of companies operating in the renewable energy sector as it changes the assumptions used to calculate them. Greencoat UK Wind says it was already factoring […]
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22 May 2015 1 min read
GCP Infrastructure Investments see half year profits rise 17%
GCP Infrastructure Investments has announced its results for the six months ended 31 March 2015. Profit for the period was £22.1m, which is a 16.9% increase year-on-year and the company was trading at an 11% premium to its NAV as at 31 March 2015. An additional £70m of equity was raised during the period, through a placing ,whilst […]
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09 Jan 2015 2 min read
GCP invests in domestic biomass boilers
GCP Infrastructure has announced that it is committing up to £25m to loan notes with about a ten year life that will be issued by GCP RHI Boiler 1 Limited. The loan will be secured against a portfolio of domestic biomass boilers. £4m will be drawn down at the start of the arrangement and the […]
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24 Dec 2014 1 min read
GCP Infrastructure lends against social housing
GCP Infrastructure has completed a £12.3m investment in a loan note issued by GCP Social Housing 1 Limited. £1.4m of this money has already been committed and the rest will be deployed over the next five months. The loan note has a life of 35 years and will be used to provide a loan facility secured on […]
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19 Dec 2014 1 min read
GCP Infrastructure says some infrastructure assets getting too expensive
GCP Infrastructure has published its annual results for the year ended 30 September 2014. The return to shareholders over that period was 15%. 7.6p of that came as dividends. The fund expanded quite a bit (by £170m) over the year and since the year end. The manager says that certain areas of the infrastructure market […]
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21 Nov 2014 1 min read
GCP raises cash and invests in Biomass plant
GCP : GCP raises cash and invests in Biomass plant GCP Infrastructure has simultaneously announced that it has raised £70m from investors and that it is investing £20m into GCP Biomass 4 Limited. They have placed 63.6m shares at 111.75p, raising gross proceeds of £70m. The announcement says the placing was “significantly oversubscribed”. GCP Biomass […]
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27 May 2014 1 min read
GCP Infrastructure Investments : GCP – new investment
GCP Infrastructure Investments is investing £7m in loan notes issued to fund a small hydroelectric scheme based in Scotland. The total value of the loan notes is £7m and the money is being lent at 9% per annum for a period of about 18 years. The scheme generates almost 2MW of electricity and is already […]
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23 May 2014 1 min read
GCP Infrastructure Investments : GCP – interims
GCP Infrastructure Investments has released its interim accounts and these show the company generating a total shareholder return of 4% for the six months to the end of March 2014. The company expanded via a C share, raising £80m, and has made a number of acquisitions as it invests that money. They say the investment […]
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12 May 2014 1 min read
GCP Infrastructure : GCP – further investment
GCP Infrastructure has announced that it has invested a further £12.5m in loan notes issued by its Biomass entity. These have a 12 year life and a coupon of 10.5%. The money is being used to build 500KW anaerobic digestion plants in Northern Ireland.
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28 Jan 2014 1 min read
GCP Infrastructure : GCP – investments
GCP Infrastructure has invested just shy of £5m in loan notes with a yield of 9.3% at 20 year maturity. The borrower is GCP Rooftop Solar 4 Limited – a portfolio of domestic solar panel installations installed by A Shade Greener. The loan will be serviced from income derived from the Government’s Feed-in-tariff scheme. The […]
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In The Press
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29 Nov 2024 1 min read
Boards’ focus on discounts improves corporate governance
James Carthew for Citywire Investment Trust Insider, 29 November 2024: This has been a year of radical change in investment companies. However, unlike previous periods of heightened corporate activity among listed closed-end funds, boards have mostly initiated corporate action themselves rather than having it forced upon them. Share price ratings in the sector weakened for […]
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13 Nov 2024 1 min read
Our trust income portfolios: changes for the year ahead
by Dave Baxter, Investors’ Chronicle, November 12, 2024: The past year has been an extremely strong one for markets, with many of the difficulties that emerged back in 2022 finally starting to abate for investors.. This ‘Goldilocks’ (ie, just right) backdrop has certainly worked out well for our two investment trust income portfolios. The two […]
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31 Oct 2024 2 min read
Transformational disposal in the works for unloved infrastructure fund
By James Carthew, for Trustnet, 31 October 2024: You could argue that investing in infrastructure is boring. Long-term contracts, predictable cash flows, must-have assets, availability rather than demand-linked revenues, inflation-linked income and counterparties with strong credit ratings ought to make for ‘sleep at night’ investments. For many years, the ratings on listed infrastructure funds reflected […]
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19 Dec 2023 1 min read
INTO THE HEADWIND
James Carthew in The Investment Trusts Handbook 2024: James Carthew reviews a tough year for the alternative asset trusts In the years following the global financial crisis, the investment companies industry boomed as investors in search of income poured money into alternative assets. Not everything worked. Aircraft leasing and reinsurance funds proved to be notable […]
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30 Nov 2023 1 min read
Debt investment trust yields stand out – but are they safe?
by Dave Baxter, Investors’ Chronicle, November 29, 2023: The sharp rise in bond yields has had inescapable implications for many an asset class. With the UK 10-year government bond offering a ‘risk-free’ yield of more than 4 per cent, anything racier needs to justify its place in a portfolio with superior growth or income. A […]
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17 Nov 2023 1 min read
The IC investment trust income portfolios: our changes for the year ahead
by Dave Baxter, Investors’ Chronicle, November 16, 2023: The idea that investment trusts provide a reliable income through thick and thin has truly been tested in recent years, from the UK equity dividend suspensions of 2020 to the bond sell off seen over the last two years and the consequences that has had for yield-rich […]
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13 Nov 2023 2 min read
Why it’s a good time to invest in infrastructure
David Brenchley, The Times, Saturday November 11 2023: Infrastructure is all around us. From hospitals, schools and roads to the wind and solar farms that are used to power our lives. This omnipresence and the long-term need to build more of these assets have made infrastructure investment trusts popular. These trusts pool investors’ cash to […]
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10 Nov 2023 1 min read
QuotedData’s Matthew Read: Time to talk about discounts
Matthew Read, Investment Week, 09 November 2023: Investment trust ratings, like equity markets in general, have for the past 18 months been impacted by the higher rates of inflation and the interest rate rises that have accompanied these. Longer duration assets – such as growth stocks that tend to have a higher proportion of their […]
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18 Sep 2023 1 min read
Invest with these income trusts and you could be picking up dividends at a bargain price
By ANNE ASHWORTH, Daily Mail, 18 September 2023: National Savings & Investments (NS&I) has mostly avoided controversy during its 162-year history… You can shield a chunk of your cash in this safety-first option which gives you scope to explore more adventurous long-term income opportunities. Some of these lie in the investment trust sector which also […]
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11 Sep 2023 1 min read
Investment trust insider on the loss of good funds
Investment trust insider on the loss of good funds – James Carthew: Too many good funds are throwing in the towel Share price discounts have been widening across the investment companies’ sector. Incredibly, just 20 of 337 closed-end funds that I follow were trading at a premium to net asset value (NAV) at the end […]
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07 Aug 2023 1 min read
Bargain Hunter: four investment trust discounts not reflecting reality
by Faith Glasgow for interactive investor, 7th August 2023: Most major markets rose in July, as did hopes that a US recession can be averted, while better-than-expected inflation news provided a welcome fillip for interest-rate sensitive sectors of the investment trust world such as infrastructure and growth capital. Investment trust discounts have therefore tended to […]
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1 min read
Infrastructure and renewables – big yields, big discounts
Matthew Read, for Investment Week, 4 August 2023: The outlook for the UK equity market feels particularly depressed and it is not hard to see why. Even after June’s better-than-expected inflation figures, core UK inflation remains high, which suggests higher interest rates for longer. Commentators are expecting that the base rate, which at 5.25% is […]
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03 Apr 2023 1 min read
Investment trust insider on infrastructure
Investment trust insider on infrastructure – James Carthew: Why investors see PINT half full in infrastructure beats me We are fully into the results season for investment companies with 31 December year ends. Amongst these are the infrastructure funds BBGI Global Infrastructure (BBGI) and International Public Partnerships (INPP). I scoured both their statements last Thursday […]
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04 Nov 2022 1 min read
As investors turn away from chasing growth, these income trusts could profit
By ANGHARAD CARRICK FOR THIS IS MONEY, 3 November 2022: As some savings rates near 5 per cent more potential investors might be tempted to park their cash there instead of in the stock market. But with inflation continuing to run hot, there is good reason to consider adding dividend-paying investments in your portfolio, as […]
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12 Jul 2022 1 min read
Why these defensive investments will continue to deliver
Sam Benstead from interactive investor, 12th July 2022: Amid a sea of red this year, one sector is flashing green: infrastructure and renewables. Investors have had very few places to hide this year, as higher interest rates and inflation spark an exodus from the stock market. Year-to-date, US shares have fallen around 20% (S&P 500 […]
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15 Jun 2022 1 min read
Wind farms, schools and broadband: Are infrastructure investment trusts the key to inflation-busting returns?
By MIKE SHEEN FOR THIS IS MONEY 14 June 2022 Infrastructure assets have long been regarded as a go-to means of achieving inflation-beating returns and, while prices soar elsewhere, the London market may currently offer investors bargain options… Renewable energy infrastructure trusts have raised more than £1billion since the start of the year, according to […]
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28 Feb 2022 1 min read
Investment trust insider on discount rates
Investment trust insider on discount rates – James Carthew: Inflation fears weigh on some income trusts Recent market turmoil has affected the ratings of a number of funds. Within my portfolio, one of the more peculiar de-ratings is that of Hipgnosis Songs Fund (SONG), which now looks to trade on an 8% discount to net […]
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22 Feb 2022 1 min read
Fund and trust ideas to income-boost portfolios to beat inflation
Cherry Reynard from interactive investor 15th February 2022: Four types of funds yield 5% plus. Cherry Reynard runs through the options, risks and potential rewards… In general, there are four types of investment that generate a yield in excess of 5%. The first are conventional equity income strategies… The second type of high-income fund operates at […]
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23 Dec 2021 1 min read
Build your portfolio upon infrastructure
By ANNE ASHWORTH FOR THE DAILY MAIL 10 December 2021 The word ‘infrastructure’ carries a suggestion of solidity at an uneasy time. This is one of the reasons for the upsurge of interest in the sector, which encompasses bridges, hospitals, roads and schools, but also renewable energy generators and the data centres, fibre-optic networks and mobile […]
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14 Jun 2021 1 min read
Investment trust insider on renewables
Investment trust insider on renewables – James Carthew: Navigating the NAV declines in renewables If you follow the renewable energy sector, you will have noticed the reductions in net asset values (NAVs) that have been prevalent over the last few quarters. Last week JLEN Environmental Assets (JLEN) and GCP Infrastructure (GCP), which has around 60% of […]
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27 Nov 2020 1 min read
Bargains abound as investment trust sector yield spikes to 21st century high
Bargains abound as investment trust sector yield spikes to 21st century high Unweighted yield hit 5.2% at end-October David Brenchley, Investment Week, 25 November 2020 Income has been hard to come by for UK investors in recent years, and this was particularly the case in 2020 as Covid-19 wreaked havoc on dividends from stocks around […]
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23 Jul 2020 1 min read
Investment trust insider on infrastructure
Investment trust insider on infrastructure – James Carthew: infrastructure trusts look safer than equity While we haven’t yet seen a new issue, the market for fundraising by investment companies appears to be fairly healthy despite the wider economic malaise. If you are raising money in the current environment, it helps if your investments aren’t much correlated […]
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16 Apr 2020 1 min read
Alternative income trusts for the dividend drought
Alternative investment trusts for the dividend drought By Dave Baxter, Investors Chronicle, 16 April 2020 Some 45 per cent of UK companies had scrapped their dividends by 5 April and the situation is likely to deteriorate… But equity trusts are not the only source of income – many investment trusts focused on alternative asset classes such […]
