Sequoia Economic Infrastructure beats target total return for year

Sequoia Economic Infrastructure Income Fund Ltd on Thursday reported an unchanged annual dividend, and an increased net asset value per share.

The Guernsey, Channel Islands-domiciled fund, which is run by Sequoia Investment Management Co Ltd, reported an NAV total return of 8.4% for the year ended March 31, compared with a 6.1% return for the prior year.

This also surpassed its target of a total return between 7% and 8% for the period.

Sequoia Economic Infrastructure’s NAV per share increased by 0.7% to 93.17 pence as of March 31, from 92.55p one year prior.

The company reported a total dividend of 6.88p per share for the year, comprising four quarterly payouts of 1.72p per share, and unchanged from the previous year.

‘Our performance demonstrates the resilience of SEQI’s diversified infrastructure debt portfolio in a period characterised by heightened geopolitical uncertainty and market volatility,’ commented Chair James Stewart. ‘SEQI delivered a NAV total return of 8.4%, ahead of our long-term target range, while maintaining full dividend cover and continuing our disciplined approach to capital allocation.’

He continued: ‘We remain confident in the long-term investment case for infrastructure debt and in SEQI’s ability to continue delivering attractive risk-adjusted returns for shareholders.’

Stewart elaborated that the company believes it is well-positioned in the current market. Still, he acknowledged that the global macroeconomic climate ‘remains challenging, affected by the continuing conflicts in Europe and the Middle East, which have impacted oil prices,’ and that ‘risk has undoubtedly increased because of these conflicts’.

Shares in Sequoia Economic Infrastructure were 0.5% higher at 82.98p on Thursday morning in London.

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