Sequoia Economic Infrastructure Fund has published its first set of figures, covering the period from its incorporation up until the end of September 2015. By the end of September, 82.8% of the initial IPO proceeds had been invested in 24 assets, they had a paid a 1p dividend, the portfolio had a yield to maturity of 8.3% and they were on course to meet their 5% yield objective for the first 12 months after IPO. After the period end they raised a further £144.4m in a C share.
The NAV at the end of September was 96.2p and the share price 104.25p – putting it on a premium of 8.4%. The fall in the NAV (from a post IPO level of 98p) they say is down to falling asset prices and a small hit, about 0.3p per share, from adverse foreign exchange movements.
There is a breakdown of the portfolio by industry sector, buried within the financials, that shows about 45% of the portfolio was exposed to the transport sector, 22% utilities and 19% power with smaller amounts in accommodation and other sectors. the largest holding was 10.8% of the portfolio. However there is no other information on the portfolio in the statement.
SEQI : Sequoia Economic Infrastructure on track to meet dividend targets