Sequoia Economic Infrastructure Income Fund Limited Ptg.Shs GBP · LSE:SEQI
Sequoia Economic Infrastructure Income Fund Limited Ptg.Shs GBP — Sequoia Economic Infrastructure Income Fund — H1 FY2024 Earnings Presentation
10 slides from Sequoia Economic Infrastructure Income Fund Limited Ptg.Shs GBP's earnings presentation, Nov 24, 2023
Slide 1: Interim results FY24
Interim results FY24 24 November 2023
Slide 2: Important information
Important information THE CONTENTS OF THIS DOCUMENT AND THE PRESENTATION ARE STRICTLY CONFIDENTIAL AND MAY NOT BE COPIED, DISTRIBUTED, PUBLISHED OR REPRODUCED IN WHOLE OR IN PART, OR DISCLOSED OR DISTRIBUTED BY RECIPIENTS TO ANY OTHER PERSON. ANY RECIPIENT OF THIS DOCUMENT AND THE PRESENTATION AGREE
Slide 3: Important information (continued)
Important information Continued THE COMPANY HAS NOT BEEN, AND HAS NO INTENTION TO BE, REGISTERED UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "INVESTMENT COMPANY ACT") AND INVESTORS WILL NOT BE ENTITLED TO THE BENEFITS OF THAT ACT. THE SECURITIES DESCRIBED IN THIS DOCUMENT AND THE
Slide 4: Table of contents
Table of contents Introduction 4 SEQI portfolio at a glance 5 Highlights of interim results 6 NAV bridge 7 Recent investments 8 Closing remarks 9 3
Slide 5: Introduction
Introduction • SEQI continues to outperform high yield bonds and gilts since IPO on a NAV total return basis (1) • Resilient and agile portfolio, generating substantial amounts of cash • Balanced approach to portfolio management o Deleveraging by repaying the revolving credit facility (“RCF”) o Shar
Slide 6: SEQI portfolio at a glance
SEQI portfolio at a glance (1) A diversified portfolio of private loans backed by infrastructure projects generating sustainable income Portfolio characteristics Portfolio categorisations 57 Region UK, 26% North America, 52% Europe, 22% Number of investments Largest / average size (£m) 60.2 / 23.5 R
Slide 7: Highlights of interim results for 1H FY2024
Highlights of interim results for 1H FY2024 (six months to 30 September 2023) 31 March 2023 30 September 2023 Annualised portfolio yield-to-maturity 11.9% 10.9% Total net assets £1.62bn £1.56bn Net asset value (“NAV”) per Ordinary Share 93.26p 92.88p Ordinary Share price 80.40p 83.20p Ordinary Share
Slide 8: NAV bridge for six months to September 2023
NAV bridge for six months to 30 September 2023 100 99 +5.17 +0.15 98 97 +0.44 96.32p (1.98) (0.06) 96 Pence per share (0.66) 95 94 93.26p 92.88p 93 (3.44) 92 91 90 Opening NAV Interest income Gains on FX, net Portfolio Marking Operating costs Share Gross closing Less dividends Closing NAV of hedging
Slide 9: Recent investments
Recent investments Native Dancer II Generation Bridge Northeast Project Ocean II Europe United States United Kingdom In May 2023, SEQI arranged and provided a EUR Generation Bridge Northeast is a portfolio of eight The project consists of the construction financing €24.5 million secured term loan to
Slide 10: Closing remarks
Closing remarks SEQI: well-positioned as the market cycle turns Agility Performance Opportunity Balanced allocation of cash for: Strong cash flows covering the recently- Expected peaking of interest rates ‐ Market-leading buybacks increased dividend provides external upside when investors Continued
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