Sequoia Econ Infra - Half-year Report
05/12/2024 07:00
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RNS Number : 8766O Sequoia Economic Infra Inc Fd Ld 05 December 2024
Sequoia Economic Infrastructure Income Fund Limited
(the "Company")
STRONG INTEREST INCOME GENERATION FROM RESILIENT PORTFOLIO WELL POSITIONED TO
DELIVER ATTRACTIVE AND SUSTAINABLE RETURNS
Interim Results for the six months ended 30 September 2024
KEY HIGHLIGHTS
Resilient portfolio generating substantial cash
· NAV per share growth of 1.3% to 95.03p (FY24: 93.77p), driven in part
by the strong interest income of the portfolio (94.37p as at 31 October 2024).
· Total dividends of 3.4375p per share, consistent with full year
target of 6.875p. First half dividend yield of 8.6%. Dividend cash cover of
1.06x.
· Total NAV return of 5.1% in the first half, on track to meet target
annual gross return of 8-9%.
· Significantly outperformed Gilts by 3% over the six-month period and
broadly in line with leveraged loans and high-yield bonds.
Maintaining credit quality of the portfolio without a reduction in targeted
yields
· 54.8% of the portfolio in defensive sectors including digitalisation,
accommodation, utilities and renewables.
· 58.5% of the portfolio in senior secured loans and 41.5% in
subordinated debt, maintaining the high proportion of senior secured debt
historically previously held.
· Low construction risk in the portfolio at 8.1%, achieved via
higher scrutiny being applied to new construction assets at the origination
stage of the investment process.
Good progress on recovering value from non-performing loans ("NPLs")
· Post the period end have resolved two out of the three challenging
positions.
· Reduced proportion of NPLs to 3.7% of the portfolio (as at 30
November 2024) from 5.5% (as at 30 September 2024).
Stable or declining interest rate environment supportive for SEQI
· A gradually declining lower interest rate environment will benefit
fixed rate loans and bonds by accelerating their move towards face values as
they approach maturity (pull-to-par).
· 62% of the portfolio in fixed rate loans (FY24: 58%), taking
advantage of higher base rates to generate higher levels of income as interest
rates fall.
· Interest rate swaps increase visibility of future cash flows and
provide protection for floating rate loans against a faster-than-expected fall
in short-term rates.
· Decreasing inflation and interest rates enhance the appeal of
alternative infrastructure investments relative to liquid credit.
Strong pipeline of investment opportunities, supported by a highly selective
investment policy
· Net cash position of £68.8 million available to invest in new
opportunities in addition to ongoing share buyback programme.
· Substantial, diverse pipeline of approximately £500 million in
potential investments with an average yield of 10.1%.
· Commitment to maintaining highly selective approach to new
investments, favouring defensive sectors with high barriers to entry that
provide essential services and that are expected to benefit from an improving
economic backdrop.
Proactive and balanced approach to capital allocation and sustained ESG
progress
· Significant share buyback programme with 49.3 million shares
repurchased in the last six months; one of the largest levels of buyback in
the listed fund sector.
· Ongoing approach to target the share buyback strategically and
potential to modestly increase fund leverage to take advantage of attractive
pipeline of opportunities.
· Continued investor education and outreach plan to expand universe
of investors and increase proportion of retail shareholders.
· Improvement in portfolio's weighted average ESG score to 64.65
(FY24: 62.77), driven by both acquisitions of higher-scoring assets and
increased engagement with existing borrowers to enhance their ESG scores.
James Stewart, Chair, commented:
"I am delighted to announce another robust half year performance. As the
economic challenges experienced in the previous financial year have begun to
ease in the last six months, the Company has demonstrated its adaptability,
resilience, and ability to generate significant cash. This performance
supports our ongoing balanced approach to capital deployment, underpinned by
the Investment Adviser's extremely selective approach as it considers the
strong pipeline of future opportunities, benefiting from ongoing strong market
demand for infrastructure debt finance.
"The Board was delighted by the outcome of the Continuation Vote this summer.
We take the 96.43% of votes cast in favour of the continuation of the Company
as a strong endorsement of our strategy and a reflection of our commitment to
active dialogue with shareholders. We continue our focus on addressing the
discount to NAV at which shares currently trade and on delivering attractive
and increasing returns to shareholders."
Randall Sandstrom, Director and CEO/CIO, Sequoia Investment Management
Company, said:
"While the global macroeconomic outlook is varied, there are reasons to be
cautiously optimistic that we are entering a less volatile economic
environment. Policy interest rates are beginning to fall and the economies of
key markets such as the UK, Eurozone and US have continued to improve,
although the US is expected to slow moderately. Our investment strategy
remains focused on positioning the portfolio to deliver attractive and
sustainable returns even should the environment not improve by maintaining the
robust credit quality of our portfolio and investments in economic
infrastructure assets with defensive characteristics."
INVESTOR PRESENTATION
The Investment Adviser will host a presentation on the interim results for
investors and analysts today at 09:00am GMT. There will be the opportunity for
participants to ask questions at the end of the presentation. Those wishing to
attend should register via the following link:
https://brrmedia.news/SEQUX_HY_24/25
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Copies of the Interim Report and Accounts will shortly be available on the
Company's website https://www.seqi.fund/investors/results/
(https://www.seqi.fund/investors/results/) and on the National Storage
Mechanism.
For further information, please contact:
Sequoia Investment Management Company +44 (0) 20 7079 0480
Steve Cook
Dolf Kohnhorst
Randall Sandstrom
Anurag Gupta
Jefferies International Limited (Corporate Broker & Financial Adviser) +44 (0) 20 7029 8000
Gaudi Le Roux
Harry Randall
Teneo (Financial PR) +44 (0) 20 7353 4200
Martin Pengelley
Elizabeth Snow
Faye Calow
Sanne Fund Services (Guernsey) Limited (Company Secretary) +44 (0) 20 3530 3107
Matt Falla
Shona Darling
About Sequoia Economic Infrastructure Income Fund Limited
· SEQI is the UK's largest listed debt investor, investing in economic
infrastructure private loans and bonds across a range of industries in stable,
low-risk jurisdictions, creating equity-like returns with the protections of
debt.
· It seeks to provide investors with regular, sustained, long-term
income with opportunity for NAV upside from its well-diversified portfolio.
Investments are typically non-cyclical, in industries that provide essential
public services or in evolving sectors such as energy transition,
digitalisation or healthcare.
· Since its launch in 2015, SEQI has provided investors with over
nine years of quarterly income, consistently meeting its annual dividend per
share target, which has grown from 5p in 2015 to 6.875p per share in 2023.
· The fund has a comprehensive ESG programme combining proprietary
ESG goals, processes and metrics with alignment to key global initiatives.
· SEQI is advised by Sequoia Investment Management Company Limited
(SIMCo), a long-standing investment advisory team with extensive
infrastructure debt origination, analysis, structuring and execution
experience.
Chair's Statement
It is my pleasure to present to you Sequoia Economic Infrastructure Income
Fund Limited's (the "Company" or "SEQI") Interim Report for the six‑month
period ended 30 September 2024.
The economic challenges that we experienced in the previous financial year
have eased steadily - inflation has gradually fallen and interest rates have
also started to decline. The portfolio has remained resilient and adaptable
with its short maturity loans and continues to generate sufficient cash to
cover the dividend. We have also made significant progress on resolving the
small number of problematic loans on our books.
NAV and share price performance
Over the first half of this financial year, the Company's NAV per share rose
by 1.26p, or approximately 1.3%, from 93.77 to 95.03, driven in part by the
strong interest income of the portfolio. Over the same period, the Company
paid dividends of 3.44p per share, consistent with our full-year target
dividend of 6.875p, resulting in a total NAV return of 5.1% (not annualised).
Total return over the six-month period
SEQI share price 3.2%
SEQI NAV 5.1%
Leveraged loans 4.4%
High yield bonds 5.1%
Gilts 2.1%
This performance was significantly better than that of Gilts over the same
period and is consistent with other comparable debt investments such as
leveraged loans and high yield bonds. Since its IPO, the Company has
significantly outperformed all of these markets. For example, £100 invested
in high yields bonds at the time of Company's IPO would now be worth £137.13,
while the same amount of money invested by the Company would now be worth
£144.44, assuming in both cases that income is reinvested.
Notwithstanding this, the Board recognises that shareholder return is based on
the Company's share price, which declined from 81.1p from 80.2p, reflecting a
widening of the discount from 13.5% to 15.6%. After taking account of
dividends, this resulted in a total return over the six months to 30 September
2024 on the shares of 3.2% (not annualised). The widening of the Company's
discount to NAV has been a significant focus of our capital allocation
strategy, which is further explored below.
Portfolio performance
As outlined above, the NAV performance over the half year was strong, with a
total return of 5.1%, which annualises to approximately 10.2%. This reflects
the portfolio's resilient interest income and solid credit performance.
As with any portfolio of investments, there will always be a risk that some
experience financial difficulties. We have made good progress on some of our
challenging positions: Bulb, Clyde Street and 4000 Connecticut Avenue
(formerly Whittle Schools). These positions in aggregate represented 5.5% of
the portfolio as at 30 September 2024; however by 31 October 2024 this had
fallen to 4.5% as a result of a £16 million repayment of Bulb. In the same
month, a sale of the Clyde Street loan was agreed, which completed in November
2024, further reducing the Care proportion of non-performing loans to 3.7% of
the portfolio, keeping all other factors constant. In addition to these loans,
a further 10% of the portfolio is subject to enhanced monitoring. This
compares to 7% as at the end of the previous year; the increase is down to an
improvement in the carrying value of the loan to Active Group, combined with
further advances to the same group. These loans are not classed as
non-performing.
Regarding credit risk, there are a couple of things that should be borne in
mind. Firstly, the portfolio is highly diversified, with the average loan only
representing about 2% of our portfolio and our largest loan representing no
more than 4.1% of NAV; this means that should a loan underperform, it only has
a limited impact on the overall portfolio. Secondly, the historical experience
has been that, when loans to infrastructure projects default, lenders on
average enjoy a higher level of recovery compared to other forms of corporate
credit. This is because generally infrastructure is backed by assets or
dedicated cashflows. The combined effect of these two factors is that the
financial impact of bad debts on portfolio performance has been limited: the
"loss rate" for the portfolio, i.e. credit losses, annualised and expressed as
a percentage of the amount lent, is only 0.51% over the life of the Company.
This compares to about 1.60% for high yield bonds or leveraged loans of a
similar credit quality.
The Company's role in the infrastructure debt market
The fundamental driver of the Company's performance - what gives us the
ability to deliver consistently strong risk-adjusted returns - is that we fill
a real and persistent gap in the capital requirements of companies operating
in the infrastructure sector. Broadly speaking, most infrastructure projects
require very large amounts of long-term capital; this can come in the form of
either debt or equity. Debt, for the most part, comes from bank lenders, the
bond markets, some institutional lenders (such as insurance companies and
pension funds), and specialist debt funds like us. The first three categories
in this list could be described as "traditional lenders".
Traditional lenders clearly are incredibly important; their sheer size makes
them so. But they are often limited in what they can do. For the most part,
they only target investment-grade credit quality. They have rigid investment
structures driven by internal policies, regulatory requirements, or bank
capital rules. They are often overly cautious about new technologies and
markets. They are typically unable or unwilling to look at subordinated debt.
These limitations mean that there may be a shortfall between the capital that
traditional lenders can provide and the requirements of many infrastructure
projects. That is where specialist debt funds like us can add value. By
looking at the underlying characteristics of an infrastructure project - its
assets and cashflows - rather than by being governed by the constraints of
traditional lenders, we can provide debt at a yield that works both for us and
for the borrower.
We aim to support high-quality equity investors by providing them with
leverage on their infrastructure projects, where normal market lending terms
are not available or are not attractive. Numerous examples exist: we were one
of the first lenders to recognise data centres as an infrastructure asset
class; we were pioneers in Polish solar projects under the current contract
for difference ("CFD") regime; and we did groundbreaking transactions in
floating gas infrastructure (i.e. vessels used in the liquid natural gas
("LNG") value chain). I have no doubt we will continue to lead the market in
other new infrastructure sectors as these develop.
Capital allocation
SEQI, as a debt fund, is different from many other investment companies in the
infrastructure sector in that our capital recycles approximately every four
years. As such, deciding how we allocate our free capital is a significant
issue and something that the Board spends a lot of time debating. We also
spend time listening to the views of our Shareholders and seek to adopt an
approach that satisfies and takes into account the objectives of all our
stakeholders.
In the last six months we have continued our "balanced" approach to capital
deployment: Fund leverage has been largely repaid; the share buyback, helping
to support the share price, has continued; and capital deployed selectively in
a number of high-quality new investments. We strongly believe that this
balanced approach is sensible in a period of uncertainty and elevated
volatility, and the solid results for this half year bear that out. We have
also refinanced our revolving credit facility ("RCF") on more attractive
terms, for example a lower margin and better covenants, which give us more
flexibility in the way in which the RCF can be deployed.
The Board continues to be frustrated by the share price discount to NAV, even
if it is at the lower end of the Company's peer group, and has looked to take
steps to address this. We have been proactive and bought back 49.3 million
shares in the last six months - one of the largest levels of buyback in the
listed fund sector - at a cost of £39.5 million.
Although we believe that the discount largely reflects the wider malaise in
the UK listed fund sector (and especially so for alternative assets such as
private debt, infrastructure and renewable energy), we are not complacent and
are constantly looking at other ways to address the discount. We are actively
looking to attract new investors into the Company, including from outside the
UK. We have also been working on increasing the retail investor base within
the UK and looking to build on our investor education and outreach activities
to facilitate this. The recent, very helpful, progress on cost disclosure,
which the Board and Investment Adviser both proactively supported, may help
the investment company sector compete on a more level playing field with other
fund structures.
We do not believe that the levels of discount to NAV that we have seen reflect
the Company's long-term prospects, the resilience of its investment portfolio,
or its ability to generate attractive returns for our Shareholders, and if
unwarranted levels of discount occur, we expect to continue to buy in shares
as appropriate.
Having said that, we are conscious that there are consequences linked to a
reduction in the size of the fund. These include reduced diversification and a
lower maximum deal size which may restrict us from supporting our target
equity sponsors. We think there are benefits to scale for a private debt fund,
both in terms of being able to source highly attractive infrastructure
projects and retaining the core components required for a stable NAV product
with a strong income focus to support the dividend. Scale also ensures that
secondary market liquidity remains strong, which is important for attracting
new investors to the Company.
We will therefore target the share buyback strategically, factoring in various
considerations including the underlying liquidity of the portfolio, the
Company's pipeline, dividend cover, portfolio diversification and the discount
to NAV relative to the market. We may also look to modestly increase fund
leverage to ensure that we can still deploy capital into attractive
opportunities.
Market outlook
The economic outlook for the Company's main markets is varied but overall
better than we have seen over recent years:
· The UK economy has shown resilience, with GDP in Q3 2024 being
3.0% above pre-pandemic levels. However, growth is expected to moderate due to
persistent inflation and the ongoing effect of high interest rates.
· The US economy continues to grow, with GDP increasing by 0.7% in
Q2 2024 and the advance estimate of Q3 2024 suggesting an additional increase
of 0.7%, while CPI inflation finally fell below 3% in July.
· The Eurozone's economic outlook is more varied. While overall GDP
grew by 0.2% and 0.4% in Q2 and Q3 2024 respectively, Germany's economy
contracted slightly in Q2 2024, with a slight recovery in Q3 2024cfd. The
region faces challenges such as high energy prices and geopolitical
uncertainties, which affect consumer and business confidence.
With Donald Trump's election as President and a substantial portion of the
Company's portfolio concentrated in the US, it is essential to assess
potential impacts on infrastructure credit markets. Proposed tariffs on
imports from countries like China, Canada, and Mexico could increase
inflation, leading to higher borrowing costs and expenses for infrastructure
projects. While some businesses may offset these costs through higher prices,
sectors like construction with fixed budgets could face significant
challenges. In the energy sector, the planned deregulation and reduced
renewables subsidies might pose risks, but could be offset by the growing
energy demand and streamlined permission processes for infrastructure
projects.
There are reasons to be cautiously optimistic. Policy interest rates are
beginning to fall, and this will be helpful for economic activity (and may
also help our share price given our high dividend yield).
However, we have not invested on the basis of such optimism. In fact, our
strategy has been to source investments which will be resilient even if
conditions do not improve. Our investment strategy, as set out in the last
Annual Report, is to maintain the robust credit quality of our portfolio,
while targeting investments yielding 9-10%.
Dividend
Portfolio interest income remains resilient given the relatively high interest
rates in the main markets we operate in, especially in the UK and the USA. The
Company has a strategy of "locking in" these rates over the medium term
through a combination of fixed-rate loans (i.e. making loans where our
interest income will not fall if base rates fall) and using interest rate
swaps (where we pay a floating rate of interest to a bank and in return
receive a fixed rate from them). The overall effect of this strategy is that
approximately 60% of our income is currently locked in over the medium term,
protecting the Company even if base rates do fall in the coming months, as
many people expect.
In this half year, our dividend remains fully cash covered by a factor of
1.06x. This is within the historical levels of circa 1.05x to 1.10x. We expect
the dividend to remain cash covered over the second half of this year.
Environmental, Social and Governance
The Company continues to adhere to and progress its comprehensive
sustainability programme, focused on our three main ESG principles. Firstly,
our commitment to negative screening continued throughout the period.
Secondly, thematic investing now covers 72% of the portfolio, up from 70% at
the last year end, stemming from increased capital flows into infrastructure
with social benefits. Lastly, the portfolio's weighted average ESG score
improved from 62.77 at 31 March 2024 to now 64.65, driven by acquisitions of
higher-scoring assets and, most meaningfully, improvements in the ESG scores
of existing borrowers. This highlights the extensive work the team have been
doing on our engagement strategy: enriching the dialogue with our borrowers on
sustainability issues and collaborating to meet the evidence-based
requirements of our scoring methodology. The year-end sustainability report in
March 2025 will provide more detail and highlight some examples of these
efforts.
Finally on this topic, I would like to congratulate Leah Dean, the Investment
Adviser's Head of Sustainability, on winning the ESG Rising Star Award from IJ
Global, which recognises her outstanding contribution to the Company's ESG
initiatives.
The continuation vote
This summer, the Company held its regular triennial continuation vote. This is
an important opportunity for our Shareholders to vote on the future of the
Company.
We were keen to see as many shareholders voting as possible and had an active
programme of shareholder engagement. We were naturally delighted that 96.43%
of votes cast were in favour of the continuation of the Company and we take
this to be a strong endorsement of our strategy which demonstrates that our
unique fund remains relevant to our investors. However, we are not complacent
and recognise that we need to do everything we can to return the share price
to NAV and raise additional capital. This requires innovative thinking and
constant review of our options. I strongly believe in the value of regular
open dialogue with our Shareholders and personally met with a significant
number of our leading investors after our results were published. As your
Chairman, I will continue to ensure that a wide plurality of views are heard
and reflected in how we run the Company.
Closing
I would like to close this year's statement by thanking my fellow Board
members, the Investment Adviser, Investment Manager, our Broker, our
Independent Advisers, and all of the other critical service providers who
continue to manage the Company prudently and who have collectively positioned
us well to deliver attractive and increasing returns. Thank you also to our
Shareholders for your continued commitment and support.
James Stewart
Chair
4 December 2024
Investment Adviser's Report
The Investment Adviser's Objectives for the Year
Over the course of the first half of the financial year, Sequoia Investment
Management Company Limited ("Sequoia" or the "Investment Adviser") has had the
following objectives for the Company:
Goal Commentary
Gross portfolio return of 8-9% The Company is invested with a portfolio that currently yields 9.9%, in excess
of the Company's target annual gross return of 8-9%.
Manage the portfolio responsibly through a falling interest rate environment The Fund has locked in higher base rates by keeping a high percentage of the
Fund in fixed rate assets and by an interest rate hedging programme, resulting
in an increased fixed rate exposure of 62% as of 30 September 2024, compared
to 58% as at 31 March 2024. This will help protect the Fund's income should
interest rates fall as widely expected.
Follow sustainable investment processes The Company continues to adhere to and progress its comprehensive
sustainability programme that extends through every part of the investment
process. The latest sustainability policy, reports and publications can be
found on our website: www.seqi.fund/publications/
Timely and transparent investor reporting The Company's award-winning factsheet includes monthly updated commentary and
portfolio holdings for full transparency. Investor engagement has continued
over the period including a virtual capital markets seminar, smaller bespoke
investor events and a results roadshow as well. Notably SEQI hosted its first
ESG event, inviting sustainability professionals from its shareholders and
other influential firms to discuss various ESG issues over breakfast.
Continue to improve the ESG profile of the Company and the portfolio The Company has made a great improvement in the average ESG score of its
portfolio from 62.77 as at 31 March 2024 to 64.65 as at 30 September 2024.
This increase mainly comes as a result of ongoing ESG engagement with existing
borrowers. There was also a net uplift to the average score coming from
acquisitions of higher scoring assets during the period, which offset a small
decrease contributed by disposals.
Dividend target of 6.875p per share per annum The Company paid two quarterly dividends of 1.71875p per share in line with
its dividend target, amounting to a total of 3.4375p.
Economic infrastructure is a diverse and highly cash-generative asset class
Economic infrastructure debt has emerged as an investment class known for its
stability and dependability, attracting a diverse class of investors. The
companies we lend to benefit from substantial barriers to entry, such as high
capital expenditure requirements and stringent regulations, which deter new
competitors and safeguard the interests of existing investors. Additionally,
these investments typically produce regular and predictable cash flows,
ensuring a reliable revenue stream due to the essential nature of the services
rendered. Moreover, the physical assets backing economic infrastructure debt
provide tangible security for investors.
These features have consistently attracted interest in economic infrastructure
debt from those seeking steady income and a reliable long-term investment.
Sectors include transportation, utilities, energy, digitalisation, renewables,
and certain social infrastructure projects with comparable attributes. These
sectors often operate under long-term concessions or licences, with revenue
structures tied to demand, usage, or volume. To mitigate demand risk, economic
infrastructure projects usually operate with lower leverage compared to
availability-based social infrastructure, maintain larger equity cushions,
conservative credit ratios, robust loan covenants, and offer more substantial
asset backing for lenders. Considering the market volatility experienced over
the last few years, the Fund has prioritised operational projects, senior
debt, and non-cyclical industries. These proactive measures have effectively
mitigated risks associated with the recent inflationary market conditions and
other global uncertainties, including the continuing conflicts in Ukraine and
the Middle East.
The market environment during the period
While infrastructure debt benefits from inherent revenue stability, the Fund's
valuations continue to be shaped by movements in the financial markets over
the last year. The rapid decline in government bond prices in the previous
year, followed by a partial recovery, has given way to a new phase of interest
rate dynamics. Towards the end of the most recent period, central banks began
cutting rates for the first time in four years, marking a shift from the
previous policy of rate hikes aimed at controlling inflation. At the start of
the period, yield curves remained inverted, reflecting a disparity between
short-term and long-term government bond yields, but a notable flattening of
the curves has since been observed.
Inflation rates in the US, UK, and Europe have fallen significantly. In the
US, inflation dropped from 3.5% to 2.4%, in the UK from 3.2% to 1.7%, and in
Europe from 2.4% to 1.7%. This decline has alleviated some economic pressures,
and the expectation of further interest rate cuts remains strong.
The Fund's private debt portfolio remains susceptible to changes in interest
rates and credit spreads in liquid markets. Although the previous decrease in
the value of government debt, high yield bonds, or leveraged loans have at
times negatively impacted the valuation of the Fund's investments, these
fluctuations are generally unrealised mark-to-market changes that reverse as
loans approach maturity. The effects of lower term rates are further discussed
in the Market backdrop section of the Investment Adviser's report.
Private credit markets saw significant growth as companies sought alternatives
to traditional financing in a challenging environment. Direct lending,
particularly to private equity-backed firms, gained traction, offering
flexible capital solutions and yield premiums over syndicated loans. The Fund
is therefore able to capitalise on companies needing to restructure or
refinance due to the increased debt costs compared to previous years.
Market backdrop
Inflation
What is happening?
Inflation across all of the Fund's investment jurisdictions has declined to
levels approaching the respective central banks' targets, following the sharp
increases observed during 2021-2022.
Why this matters to SEQI?
With inflation nearing target levels, the likelihood of future interest rate
cuts rises, and enhances the appeal of alternative investments such as
infrastructure relative to liquid credit. Additionally, lower inflation
reduces cost pressures during project construction, thereby mitigating
construction risk, assuming all other factors remain constant.
Interest rates
What is happening?
Central banks in the US, UK, and Europe have implemented the first cuts to
overnight interest rates in four years, following a period of stabilisation.
Why this matters to SEQI?
The portfolio's floating rate investments are beginning to de-risk as their
borrowing costs are past their peak and are anticipated to further decrease in
light of the recent interest rate cuts and positive inflation figures. As a
downward trend towards a lower interest rate environment emerges, this will
benefit fixed rate loans and bonds by accelerating their pull-to-par.
Additionally, as short-term rates fall, yield curves are expected to become
less inverted or revert to a positive slope, which will encourage greater
demand for risk in the market, but conversely might also discourage borrowers
from entering into long-term debt commitments.
Bond yields
What is happening?
The difference between the 10-year and 3-month government bond yields has
stabilised at around negative one percent for all of the Fund's investment
jurisdictions. This spread is often used as a reference for the invertedness
of the government bond yield curve.
Why this matters to SEQI?
As short-term rates continue to decline, yield curves are expected to become
less inverted or return to a positive slope. This shift is likely to foster
greater demand for risk in the market.
Portfolio overview
During this period, we have consistently focused on the ongoing development
and management of a diversified portfolio of private debt investments across
various infrastructure sectors and subsectors, specifically in areas with low
political and regulatory risk. Our primary objective has been to maintain our
targeted returns and risk profile. To achieve this, we have adhered to
cautious investment strategies, including maintaining a significant portion of
the portfolio in resilient sectors, favouring senior debt over mezzanine debt,
and safeguarding the overall credit quality of the portfolio.
The current highlights of our portfolio, which reflect the results of these
efforts, include:
· 54.8% of the portfolio in defensive sectors. These include
digitalisation, accommodation, utilities and renewables, which are viewed as
defensive because they provide essential services, often operate within a
regulated or contractual framework or have high barriers to entry;
· low construction risk in the portfolio at 8.1%, achieved via
higher scrutiny being applied to new construction assets at the origination
stage of the investment process;
· 58.5% of the portfolio in senior secured loans and 41.5% in
subordinated debt, maintaining the high proportion of senior secured debt we
have previously held;
· maintained credit quality of the portfolio over the last 12 months
without a reduction in targeted yields. Our policy not to invest in CCC
profile loans remains in place; and
· low modified duration of 2.0, with 37.7% of the portfolio in
floating rate deals and 62.3% in short-term fixed rate assets, both including
the effects of interest rate swaps, and a current low portfolio
weighted-average life of 3.5 years. Interest rate swaps form part of the
portfolio as a cost-efficient product increasing visibility of future cash
flows and providing protection against a faster-than-expected fall in
short-term rates.
Investments are made in regions known for their stability and low risk, both
regulatory and legal, and in accordance with the Fund's investment criteria.
The Fund adopts a cautious approach to investments, particularly regarding
greenfield construction projects. While it can allocate up to 20% of its net
asset value to these projects, actual exposure to assets under construction
was 8.1% as at 30 September 2024, below historical averages due to a
conservative strategy amid slow growth and volatile market conditions. The
Fund will selectively invest in projects that adequately compensate for
moderate construction risks and employs strict criteria to assess the
borrower's business strength, often avoiding projects with a combination of
construction and demand risks.
The Fund's strategy is primarily focused on private debt, which encompasses
the vast majority of its portfolio. This focus is driven by the "illiquidity
premium" associated with private debt, which typically yields higher returns
than similar liquid bonds. Research from the Investment Adviser indicates that
infrastructure private debt instruments generally offer yields of 2%+ p.a.
more than comparable publicly rated bonds in normal markets.
The Fund's investment portfolio is diversified by borrower, jurisdiction,
sector and subsector, with strict investment limits in place to ensure that
this remains the case.
NAV and Fund performance
Over the last six months, the Company's NAV per share increased from 93.77p
per share to 95.03p per share ex-dividend, driven by the following effects:
Factor NAV effect
Interest income on the Company's investments 5.39p
Losses on foreign exchange movements, net of the effect of hedging (0.30)p
Negative market movements (0.02)p
IFRS adjustment from mid-price at acquisition to bid price (0.04)p
Operating costs (0.80)p
Gains from buying back shares at a discount to NAV 0.47p
Gross increase in NAV 4.70p
Less: Dividends paid (3.44)p
Net increase in NAV after payment of dividends 1.26p
The annualised total return on the NAV for the period was 10.2%, exceeding the
Company's long-term net return expectations of 7-8% per annum. The portfolio's
annualised performance was broadly in line with high-yield bonds, with a
modest outperformance of leveraged loans by 1.4% and a more significant
outperformance of 10-year Gilts by 6.0%. However, the portfolio underperformed
relative to equity markets, trailing the FTSE All Share Index by 2.0% and the
FTSE 250 by 6.1%. As in previous periods, the principal factor that positively
influenced NAV performance was the interest income derived from investments.
Valuation movements in the Fund's investments have been minimal with the
majority of negative adjustments offset by an uplift in the valuation of the
Fund's fixed-rate assets. Further positive "pull-to-par" effects will be
recognised over time, as a substantial amount of unrealised valuation
decreases that were caused by the rapid increase in term rates over recent
years are likely to be reversed.
The Investment Adviser is confident that the portfolio is strategically
positioned to outperform liquid credit markets over the long term for several
key reasons. Firstly, private debt tends to deliver higher yields than liquid
credit when comparing similar credit quality. Furthermore,
infrastructure-backed debt is more resilient due to stronger asset support, as
shown by the Fund's lower loss rates when compared to broader liquid credit
with equivalent credit quality. Additionally, the portfolio's extensive
diversification across sectors, subsectors, and regions helps mitigate the
effects of risks tied to specific assets, industries, or countries, thereby
lowering overall portfolio risk by ensuring low asset correlation.
Share performance
As at 30 September 2024, the Company had 1,576,216,485 shares in issue
(31 March 2024: 1,625,484,274). The closing share price on that day was
80.20p per share (31 March 2024: 81.10p per share), implying a market
capitalisation for the Company of approximately £1.26 billion, a decrease of
c.£54.1 million compared to six months ago, partially due to the Company's
share buyback programme, which has reduced the number of shares in issue. The
Company cancelled all 154,046,443 of its shares held in treasury as at 25
April 2024, with an additional 37,976,070 having been purchased in the
remaining part of the period and being held in treasury.
After taking account of quarterly dividends amounting to 3.4375p per share,
the annualised share price total return over the period was 6.4%. The 0.90p
decrease in the share price over the six-month period was driven by a
persistent negative market sentiment toward alternative assets, including debt
funds in the listed investment company sector. Capital outflows, driven by
investors reallocating to tax-efficient government bonds and currently
high-yielding money market instruments, have further pressured share prices.
However, the sector experienced greater stability in the first half of this
financial year as key market interest rates were cut for the first time in
four years.
Both the Investment Adviser and the Company's Directors believe the current
share price discount to NAV is still excessive but expect it to narrow as the
headwinds facing the alternatives market begin to ease.
We believe that the current valuation does not fully capture the investment
portfolio's potential to generate attractive risk-adjusted returns during
periods of economic uncertainty, its relatively shorter investment duration,
and its robust valuation methodology. In light of this, the Fund continues its
policy of repurchasing shares, which it views as undervalued, thereby
enhancing NAV per share for existing Shareholders. Over the past six months
alone, the Company has repurchased 49,267,789 shares. The share buyback
programme, initially announced to Shareholders in July 2022, has since
resulted in the repurchase of 192,022,513 shares, representing 10.9% of the
total issued shares as at the start of the programme. This initiative has
contributed to an increase of 1.53p in NAV per share since the programme's
inception.
Dividend Cover
The Fund has paid 3.4375p in dividends during the last six months in
accordance with its target. The Company's dividend cash cover was 1.06x for
the first half of the financial year. This is in line with the previous year's
cash cover, where the lower amount of dividends paid due to the share buyback
programme is closely matched by a reduction in income given the decrease in
invested capital.
Looking forward, there is potential for growing the Company's dividend cash
cover through a number of routes, including ensuring the portfolio is fully
deployed, with minimal cash drag and recovering capital from non-performing
loans.
Fund performance
30 September 2024 31 March 2024 30 September 2023
Net asset value per share 95.03p 93.77p 92.88p
£ million 1,497.8 1,524.3 1,561.5
Annualised dividend yield 8.6% 8.5% 8.3%
Cash held (including in the Subsidiaries) £ million 88.7 99.4 141.7
Drawings on RCF £ million 20.0 0.0 0.0
Invested portfolio(1) percentage of net asset value 89.9% 90.6% 90.3%
Total portfolio(1) including investments in settlement 93.5% 94.2% 92.2%
1. Relates to the portfolio of investments held in the Subsidiaries
Portfolio characteristics
30 September 2024 31 March 2024 30 September 2023
Number of investments 56 55 57
Valuation of investments £ million 1,346.3 1,380.7 1,410.2
ESG score Internal ESG scoring methodology 64.65 62.77 62.84
Single largest investment £ million 61.7 60.6 60.2
percentage of NAV 4.1% 4.0% 4.3%
Single largest counterparty exposure £ million 98.0 99.1 118.1
percentage of NAV 6.5% 6.5% 7.6%
Average investment size £ million 21.4 22.6 23.5
Sectors by number of invested assets 8 8 8
Sub-sectors 29 30 27
Jurisdictions 10 10 10
Private debt percentage of invested assets 94.4% 96.9% 97.3%
Senior debt 58.5% 58.6% 53.5%
Floating rate 37.7% 42.1% 54.4%
Construction risk 8.1% 7.4% 11.2%
Weighted average maturity years 3.8 4.4 4.2
Weighted average life years 3.5 3.9 3.6
Yield-to-maturity 9.9% 10.0% 10.9%
Modified duration 2.0 2.2 1.5
As shown in the table above, the Company's net asset value decreased by £26.5
million during the period. This decline is primarily attributable to the share
buyback program, partially offset by income generated by the Company after
accounting for expenses and distributions.
The reduction in the weighted average maturity and life of the investment
portfolio does not reflect a change in strategy or any significant shift in
portfolio composition. Rather, it is due to the time elapsed since the last
report was published and the relatively small number of new investments.
Repayments and new investments have had minimal impact on these metrics, given
their relatively small contribution to the overall portfolio.
The Investment Adviser targeted a slightly higher proportion of fixed-rate
investments, at approximately 60% of the portfolio in these assets, net of
interest rate swaps, to capitalise on the current elevated term rates. This
allows the Company's investments to generate a higher level of income in a
falling term rate environment compared to a more even split of fixed and
floating rate assets. On the final day of the period, an unexpected repayment
of a floating-rate asset temporarily increased this percentage beyond the
target. However, this variance will be corrected through new investments over
the remainder of the financial year.
Credit performance
Over the past six months, the Company's portfolio has displayed robust credit
performance, supported by the increase in valuation of its fixed-rate assets.
While the Investment Adviser mitigates idiosyncratic risk by investing in a
well-diversified portfolio, the systemic risk involved in higher-yielding debt
instruments entails that the portfolio will experience some credit issues
given that the Fund has invested in over 250 assets. However, the Company's
portfolio has had a low annual loss rate since its inception of 0.51%, down
from the previous year's 0.53%. This constitutes a substantial outperformance
compared to the 1.60% annual average loss rate of similarly rated
non-financial corporate debt. Updates on the Company's non-performing loans
can be found below.
UK energy supply company
The Investment Adviser has continued to make substantial progress on
recovering value from the Fund's loan to Bulb Energy. The Company received the
remainder of the £25 million partial settlement of claims with the Joint
Energy Administrators of Bulb in October 2024, bringing total cash recoveries
from the defaulted loan to Bulb to £41.0 million. In September 2024, a
substantial portion of the assets and liabilities of Zoa Technologies Ltd
("Zoa") was sold to ENSEK, a SaaS platform wholly owned by Centrica. The
overall value of the transaction, taking account of the residual net assets
remaining at Zoa (which remains owned by the Company), was in excess of its
book value. Zoa has now been renamed Clean Energy Labs Limited ("CELL").
Additional distributions are anticipated from Simple Energy, and further
distributions from both Bulb and CELL may also occur over time. We will
continue to provide updates as appropriate to Shareholders on any material
developments relating to the investment. The value of the Fund's loan to Bulb
is 1.8% of NAV as at 30 September 2024 and has been further reduced to 1.2%
of NAV after the receipt of an additional repayment.
Glasgow property
This loan was backed by a hotel property in Glasgow, originally intended to be
student accommodation. In the previous financial year, the Company foreclosed
on the loan given its operational losses and the unlikelihood that the owners
would be able to cover the loan's interest costs. As at 30 September 2024, the
loan represents 1.0% of the Company's NAV. The loan was sold in October 2024
at a price consistent with its book value; the Company is also entitled to
potential future "earn outs" depending on the performance of the asset.
US private school
A large building in a prime location in Washington, D.C. was used as
collateral for this loan. This building was initially occupied by a private
school under a long-term lease agreement. However, due to the COVID-19
pandemic, the school experienced a significant challenge in ramping up
enrolment, leading to increased operational costs and eventually, insolvency.
In 2022, the loan terms were revised and extended to support the borrower's
post-pandemic business plan. Unfortunately, the school was not able to bounce
back and was officially evicted from the property on 19 October 2022. The
lenders are currently in the forbearance period and the property owner is
actively marketing the building to potential tenants, mainly from the
education sector, and is in advanced conversations with an educational
institution in the Washington, D.C. area. This development is viewed as
positive for the loan. As at 30 September 2024, this loan represents
2.2% of NAV.
Balance sheet management
At the start of the period, the Fund held a cash balance of £99.4 million
with no outstanding balance on its revolving credit facility. Over the
subsequent six months, a portion of the available credit facility was utilised
to manage timing mismatches between repayments and new investments. By the end
of the period, the Fund maintained a net cash position of £68.8 million,
which included a £20.0 million draw on the revolving credit facility and a
cash balance of £88.8 million. The Fund typically repays its credit facility
as capital is received through repayments, while maintaining a buffer for
day-to-day cash management. However, a full repayment of the Generation Bridge
Northeast loan occurred on the final day of the period, leaving insufficient
time to repay the revolving credit facility before the period closed. This
repayment was executed the following month, enabling the full repayment of the
revolving credit facility. The Investment Adviser plans to deploy the Fund's
available liquidity into new investment opportunities over the next six
months, alongside the continuation of the share buyback programme. The
Company's liquidity outlook includes the utilisation of its revolving credit
facility to avoid cash drag otherwise experienced in the period between
repayments and re-investments. The Investment Adviser considers multiple
scenarios of projected repayment profiles as a basis for the Company's dynamic
RCF utilisation target.
Portfolio valuation
Currently, the average loan in the portfolio rated single B or higher is
marked at approximately 98 pence to the pound. This primarily reflects the
impact of higher interest rates and credit margins used for valuation,
compared to those available in the market at the time the loan was originated
(i.e. the effect of rising base rates and wider credit spreads). Over time, as
these loans approach their repayment dates, their valuations are expected to
accrete back up to 100 pence in the pound, assuming no credit losses. This is
the "pull-to-par" effect.
These NAV estimates are calculated on the assumption that interest rates and
bond yields remain constant, and they do not factor in NAV-accretive
mechanisms beyond the pull-to-par effect; the only variable considered is the
passage of time. Non-performing loans are excluded from the calculation, while
recoveries on underperforming loans are based on internal credit ratings. The
pull-to-par effect is expected to have a material impact on NAV over the next
three years.
Pull-to-par Pull-to-par
Period (£m) (pence per share)
1 October 2024 to 30 September 2025 21.8 1.38
1 October 2025 to 30 September 2026 15.1 0.96
1 October 2026 to 30 September 2027 9.7 0.61
1 October 2027 and after 6.5 0.41
Origination activities
The Fund's investment strategy targets assets in both primary and secondary
debt markets, each offering unique advantages. In the primary market, the Fund
benefits from earning immediate lending fees and tailoring investments to
specific requirements. In contrast, secondary market acquisitions allow for
the swift deployment of capital into established assets with a proven
performance history.
Primary Market Origination
The Fund remains focused on the primary loan market, which consistently
presents significant opportunities. The Investment Adviser actively seeks
bilateral loans and participates in "club" deals, where a small group of
lenders collaborates. Additionally, the Fund engages in more broadly
syndicated infrastructure loans. Primary market loans are appealing due to
their favourable economics, as they provide upfront lending fees and greater
flexibility in negotiating terms. With the Fund's growth, its primary market
activity has expanded and continues to be the majority (86.0%) of the
portfolio.
Secondary Market Origination
Although the primary market is a key focus, the Fund also acquires assets from
banks or other lenders in the secondary market. This approach enables faster
capital allocation, as primary infrastructure debt transactions can take time
to finalise. Additionally, secondary market assets tend to offer greater
liquidity, providing the Fund with flexibility when liquidity needs arise.
Research shows that infrastructure loans often experience improved credit
quality over time, meaning many secondary loans offer enhanced credit strength
compared to their original issuance.
Strong pipeline of opportunities
The Investment Adviser has continued its management of the Company's portfolio
through enhanced monitoring practices. However, we are encouraged to report
that many of the more time-intensive processes have now been successfully
completed. This has enabled a renewed focus on origination activities,
resulting in a substantial pipeline of approximately £500 million in
potential investments. While it is understood that not every opportunity
within this pipeline will convert into an investment, the range and volume of
prospects demonstrate the abundance of opportunities available in the market.
Potential investments span seven sectors and twelve subsectors, offering a
diverse array of options for the portfolio. Importantly, the average yield of
these opportunities stands at 10.1%, slightly above the Company's gross target
return range of 9-10%. The diversity and potential returns of the pipeline
position the Company well for future growth, reinforcing confidence in the
ongoing strategy.
In addition to the jurisdictions in which the portfolio has already invested,
the Investment Adviser has begun to look selectively at potential investments
in Italy and Portugal. While these have always been eligible jurisdictions
under the investment policy, to date the Company has not invested in them.
However, there are now potential investments in these jurisdictions that may
meet the Company's risk and return objectives.
Team
During the reporting period, the Investment Adviser has experienced limited
employee attrition and successfully recruited four new analysts to bolster the
existing team. To promote the retention of expertise and institutional
knowledge, a long-term incentive plan remains in place.
Sequoia Investment Management Company Limited
Investment Adviser
4 December 2024
Unaudited condensed interim statement of comprehensive income
For the period from 1 April 2024 to 30 September 2024
Period ended Period ended
30 September 2024 30 September 2023
(unaudited) (unaudited)
Note £ £
Income
Net (losses)/gains on non-derivative financial assets at fair value through 6 (67,483,092) 17,186,265
profit or loss
Net gains/(losses) on derivative financial assets at fair value through profit 8 50,330,671 (201,704)
or loss
Investment income 9 94,858,567 35,188,198
Net foreign exchange gains 257,226 4,231,846
Total income 77,963,372 56,404,605
Expenses
Investment Adviser's fees 10 4,918,696 4,763,410
Investment Manager's fees 10 207,695 199,851
Directors' fees and expenses 10 163,293 177,806
Administration fees 10 246,263 201,326
Custodian fees 110,992 113,769
Audit and related non-audit fees 120,362 92,757
Legal and professional fees 1,223,394 756,445
Valuation fees 373,800 345,400
Listing and regulatory fees 85,283 67,623
Other expenses 334,326 228,047
Total operating expenses 7,784,104 6,946,434
Loan finance costs 14 2,020,391 3,784,731
Total expenses 9,804,495 10,731,165
Profit and total comprehensive income for the period 68,158,877 45,673,440
Basic and diluted earnings per share 13 4.26p 2.68p
All items in the above statement derive from continuing operations.
Unaudited condensed interim statement of changes in equity
For the period from 1 April 2024 to 30 September 2024
Unaudited Share Retained Total
capital losses
Note £ £ £
At 1 April 2024 1,720,452,093 (196,169,547) 1,524,282,546
Total comprehensive income for the period - 68,158,877 68,158,877
Share buybacks 12 (39,489,172) - (39,489,172)
Dividends paid during the period 5 - (55,098,669) (55,098,669)
At 30 September 2024 1,680,962,921 (183,109,339) 1,497,853,582
For the period from 1 April 2023 to 30 September 2023
Unaudited Share Retained Total
capital losses
Note £ £ £
At 1 April 2023 1,808,622,511 (190,769,209) 1,617,853,302
Total comprehensive income for the period - 45,673,440 45,673,440
Share buybacks 12 (43,270,931) - (43,270,931)
Dividends paid during the period 5 - (58,803,088) (58,803,088)
At 30 September 2023 1,765,351,580 (203,898,857) 1,561,452,723
Unaudited condensed interim statement of financial position
At 30 September 2024
30 September 2024 31 March 2024
(unaudited) (audited)
Note £ £
Non-current assets
Non-derivative financial assets at fair value through profit or loss 6 1,450,642,064 1,493,171,675
Current assets
Cash and cash equivalents 13,925,933 7,507,495
Trade and other receivables 7 2,964,890 602,507
Derivative financial assets at fair value through profit or loss 8 55,174,966 28,098,804
Total current assets 72,065,789 36,208,806
Total assets 1,522,707,853 1,529,380,481
Current liabilities
Trade and other payables 15 3,765,990 4,322,344
Derivative financial liabilities at fair value through profit or loss 8 1,076,477 775,591
Total current liabilities 4,842,467 5,097,935
Non-current liabilities
Loan payable 14 20,011,804 -
Total liabilities 24,854,271 5,097,935
Net assets 1,497,853,582 1,524,282,546
Equity
Share capital 12 1,680,962,921 1,720,452,093
Retained losses (183,109,339) (196,169,547)
Total equity 1,497,853,582 1,524,282,546
Number of shares 12 1,576,216,485 1,625,484,274
Net Asset Value per share 95.03p 93.77p
The Unaudited Condensed Interim Financial Statements were approved and
authorised for issue by the Board of Directors on 4 December 2024 and signed
on its behalf by:
Fiona Le Poidevin
Director
Unaudited condensed interim statement of cash flows
For the period from 1 April 2024 to 30 September 2024
Note Period ended Period ended
30 September 2024 (unaudited) 30 September 2023 (unaudited)
£ £
Cash flows from operating activities
Profit for the period 68,158,877 45,673,440
Adjustments for:
Net losses/(gains) on non-derivative financial assets at fair value through 6 67,483,092 (17,186,265)
profit or loss
Net (gains)/losses on derivative financial assets at fair value through profit 8 (50,667,009) 201,704
or loss
Investment income 9 (94,858,567) (35,188,198)
Net foreign exchange gains (257,226) (4,231,846)
Loan finance costs 14 2,020,391 3,784,731
Increase in trade and other receivables (excluding prepaid finance costs and (31,397) (45,731)
investment income)
Decrease in trade and other payables (excluding accrued finance costs, (172,166) (632,698)
investment income and share buybacks)
(8,324,005) (7,624,863)
Cash received on settled forward contracts 18,591,478 22,177,540
Cash paid on settled forward contracts (23,139) (16,889,615)
Cash received on disposal of interest rate swaps 5,323,394 -
Cash investment income received 50,989,194 78,497,163
Purchases of investments 6 (171,987,458) (212,348,197)
Sales of investments 6 190,903,350 434,577,623
Net cash inflow from operating activities 85,472,814 298,389,651
Cash flows from financing activities
Proceeds from loan drawdowns 14 35,277,121 -
Loan repayments (15,495,491) (179,836,032)
Payments of loan finance costs (3,311,373) (3,090,540)
Share buybacks (40,369,048) (43,953,088)
Dividends paid(1) 5 (55,098,669) (58,803,088)
Net cash outflow from financing activities (78,997,460) (285,682,748)
Net increase in cash and cash equivalents 6,475,354 12,706,903
Cash and cash equivalents at beginning of period 7,507,495 7,363,120
Effect of foreign exchange rate changes on cash and cash equivalents during (56,916) 2,273,702
the period
Cash and cash equivalents at end of period 13,925,933 22,343,725
1 Excludes non-cash transactions.
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