Sequoia Economic Infrastructure Income Discount Narrows As Chair Departs

The trust's discount narrowed from 13.8% to 10.4% in the six months to 30 September, as it repurchased £53.6m in shares, one of the largest in the listed alternative assets space.

It is now sitting at a 9.8% discount, according to data from the Association of Investment Companies.

Hipgnosis Music Limited takes SONG and Mercuriadis to High Court

The trust's interim results, released today (24 November), revealed that net asset value had grown by 3.3%, while its share price rose 7.9%.

The gains to NAV came entirely from interest income, with a gain of 5.17p in NAV per share, while portfolio valuation movements represented a 1.98p NAV per share decline.

Mainly investing in private debt backed by infrastructure assets in stable and low-risk jurisdictions, the portfolio has seen a decline in overall holdings, dropping from 68 six months ago to 57.

Numis analyst Colette Ord said: "With a robust, diversified portfolio, and a positive tone in management's market outlook, we believe the shares continue to offer value at current levels, underpinned by an attractive 8.2% yield and supportive buyback programme.

"Moreover, SEQI provides helpful disclosure on the 'pull-to-par' effect (+4.3p) over the remaining life of its investments, which should also provide a tailwind to performance in the coming years."

Chair change

Additionally, in a stock exchange notice today, the trust's chair Robert Jennings revealed he would step down from the board on 1 January 2024.

After nine years in the position, Jennings will be replaced by James Stewart, who joined the board on 1 January 2022.

Evelyn Partners Active MPS team ups allocation to fixed income

Before joining the board, Stewart spent ten years at KPMG, sitting as a non-executive member of the KPMG board and chair of KPMG's Global Infrastructure practice. Before that, he was chief executive of Infrastructure UK and Partnerships UK.

Jennings said: "It has been a great privilege to serve as inaugural chair of SEQI for the last nine years. I am delighted that James will take over as our next chair.

"I have enjoyed working alongside him since he joined the board and believe he has the requisite attributes to be ideally suited to this role."

Stewart added: "Robert has played a key role in SEQI's highly successful development since its inception. On behalf of the board, I would like to thank Robert for his dedicated leadership over the past nine years and wish him well in his retirement."

RECENT NEWS

Gyrostat Capital Management: The Hidden Architecture Of Consequences

When Structures Themselves Become A Risk In portfolio construction, risk is rarely where we look for it.... Read more

Gyrostat November Outlook: The Rising Cost Of Doing Nothing

Through the second half of 2025, markets have delivered a curious mix of surface tranquillity and instabi... Read more

Gyrostat Capital Management: Blending Managers - From Style Diversification To Scenario Diversification

The Limits of Traditional Diversification For decades, portfolio construction has ... Read more

Gyrostat October Outlook: Beneath The Calm, The Cost Of Protection Rises

 Even as global equity indices remain near record highs, the pricing of risk is shifting quietly ben... Read more

Gyrostat Capital Management: Solving The Nastiest Problem In Finance

Retirement Income and Sequencing Risk Executive Summary ... Read more