Ecofin Global Utilities & Infrastructure posts growth in first half
Ecofin Global Utilities & Infrastructure Trust PLC on Wednesday reported net asset value growth in its first-half, and maintained confidence in its long-term view for the utility sector.
The London-based investment firm posted a NAV of 275.70 pence per share at March 31, up 12% from 245.65p at the end of September, and up 27% from 217.39p a year earlier.
Total NAV return for the six months ended in March was around 14%.
This beat comparators such as the the S&P Global Infrastructure Index, which posted a return of 13%. The S&P Global Infrastructure Index returned 13%, the MSCI World Utilities Index 13%, the MSCI World Index 1.5% and the FTSE All-Share Index 8.9%. It came in behind one comparator, the FTSE ASX Utilities Index, which returned 24% over the six-month period.
In the year ended September 30, Ecofin Global Utilities & Infrastructure Trust’s total return was 15%.
Between the end of March and May 29, NAV total return has been negative 1.1%.
The company’s shares rose 0.5% to 271.42 pence on Wednesday afternoon in London, and are up 29% over the past year.
Portfolio Manager Jean-Hugues de Lamaze, of RWC Asset Management LLP, noted: ‘While short-term performance may continue to be affected by interest rates, bond yields and geopolitical developments, the fundamental case for listed infrastructure remains compelling and the portfolio management team remains excited by the prospects for future shareholder returns.’
In her first statement as chair, Susannah Nicklin reaffirmed the manager’s optimism.
‘The portfolio proved resilient through a period of market volatility and geopolitical turmoil, supported by the defensive income characteristics and long-term growth potential of regulated and contracted assets. Investee companies’ fundamentals remained strong, and the portfolio activity focused on disciplined rebalancing and selective profit-taking following strong gains. Performance contributors were well diversified across regions and sub-sectors.’
Nicklin continued: ‘The ongoing themes of electrification, partially driven by the rise of AI datacentres; the digitalisation of economies; and the need to upgrade ageing infrastructure continue to require substantial and sustained investment, while valuations across the sector remain attractive by historical standards.
‘I very much look forward to continuing to work with my fellow directors, the investment manager and our advisers to build on the strong foundations already in place.’
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