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 — FY2025 Earnings Presentation
17 slides from Sequoia Economic Infrastructure Income Fund Limited Ptg.Shs GBP's earnings presentation, Jun 25, 2025
Slide 1: Annual results for the year to 31 March 2025
Sequoia Economic Infrastructure Income Fund Annual results for the year to 31 March 2025 25 June 2025
Slide 2: Introduction – Annual Results for FY2025
Introduction – Annual Results for FY2025 SEQI: A platform with scale, proven through cycles • 10+ year track record, meeting dividend targets in volatile market conditions • Market-leading listed credit fund with scale: NAV of c. £1.4bn • Liquidity with c. 3m average shares traded daily • Low OCR: 0
Slide 3: Highlights of Annual Results for FY2025
Highlights of Annual Results for FY2025 (Year to) 31 March 2025 (Year to) 31 March 2024 Portfolio yield-to-maturity / worst 9.9% 10.0% Total gross assets £1.5bn £1.5bn Total net assets £1.4bn £1.5bn Net asset value (“NAV”) per Ordinary Share 92.55p 93.77p Ordinary Share Price 78.3p 81.1p Ordinary Sh
Slide 4: NAV per share bridge for FY2025
NAV per share bridge for FY2025 (1) 105 Expected to be offset over time by 4.0p of “pull to par” upside potential (2) 103 8.17 101 -1.45 -0.17 0.7 99.43 99 -1.59 97 95 93.77 93 92.55 -6.88 91 89 87 85 (1) All amounts in pence per share. (2) Pull to par as at 31 March 2025 is the expected recovery of
Slide 5: Pull-to-par impact on NAV per share
Pull-to-par impact on NAV per share Pull-to-par impact on NAV per share(1) (Aggregate of 4.0p per share at 31 March 2025) 98 97 0.59 0.24 96 0.88 95 2.31 94 The “Pull-to-Par” is the unwinding of valuation discounts (mainly in relation to 93 fixed-rate loans, reflecting prevailing market 92.55 yields
Slide 6: SEQI portfolio at a glance – 31 March 2025
SEQI portfolio at a glance – 31 March 2025 Portfolio characteristics Portfolio categorisations FY 2025 FY 2024 Region UK, 25% North America, 46% Europe, 29% Number of investments 59 55 Ranking Senior, 60% Mezz, 9% HoldCo, 31% Largest / average size (£m) 61.7 / 23.7 60.6 / 22.6 Avg. maturity / avg. l
Slide 7: SEQI's portfolio credit performance
SEQI’s portfolio credit performance • Managing some difficult credits is an inevitable part of high yield private infrastructure portfolio management • SEQI's diversification and ability to refresh the portfolio thematically mitigates risks – a broad range of exogenous factors may impact on infrastr
Slide 8: SEQI Total Return Performance since IPO
SEQI Total Return Performance since IPO Relative performance Cumulative NAV return spread (cumulative total return since fund inception in 2015) (1) over risk-free rates (2) : 505 bps 185 Share price total return of 44% SEQI NAV total return of 74% GBP-hedged HY Bonds total return of 36% SEQI NAV TR
Slide 9: Discount Control
Discount Control • Buyback ▪ Leading programme among infrastructure fund peers ▪ c. £213m+ repurchased (13% of stock) since July 2022 ▪ Balancing with new deals • Transparency ▪ Monthly reporting – high NAV confidence • Competitive fee ▪ Lowest quartile within peer group of infrastructure, renewable
Slide 10: Sustainability
Sustainability SEQI has implemented a comprehensive sustainability programme incorporating broad ESG considerations in its approach to investing and asset management, including a detailed externally-assured scoring system 93% response rate borrower Sustainability Questionnaire 8 projects with sustai
Slide 11: Examples of investments (2024-25)
Examples of investments (2024-25) Community Fibre Project Crystal OCU Term Loan B United Kingdom Europe United Kingdom • In October 2024, SEQI invested £45 • SEQI lent €29.5 million to a major • In November 2024, SEQI invested £40 million in Community Fibre as part of a German provider of diagnostic
Slide 12: Megatrends continue to drive infrastructure themes
Megatrends continue to drive infrastructure themes Global infrastructure private funds AUM (USD bn) ▪ Decarbonisation 1600 Infrastructure Equity 1200 AUM $1.4 trillion ▪ Digitalisation 800 Infrastructure Debt AUM $0.17 trillion ▪ Demographics 400 0 ▪ Deglobalisation Jun-08 Dec-10 Dec-15 Jun-23 Mar-2
Slide 13: US Market
US Market ▪ General political / economic outlook remains challenging for broader investment ▪ Infrastructure operations are fundamentally domestic ▪ US banks notoriously underinvested in infrastructure ▪ Renewables aside, improving national, regional & local infrastructure is a bipartisan priority ▪
Slide 14: Investing Through a Range of High Yield Markets
Investing Through a Range of High Yield Markets USD & Euro High Yield Bond Index Yield History Yield % 12 11 10 9 8 7 6 5 4 3 2 1 0 Mar - 15 Mar - 16 Mar - 17 Mar - 18 Mar - 19 Mar - 20 Mar - 21 Mar - 22 Mar - 23 Mar - 24 Mar - 25 US HY EUR HY Source: Bloomberg 13
Slide 15: Key Takeaways
Key Takeaways ▪ Attractive long-term performance: 10 years of paying steady dividends, ahead of benchmark ▪ Agile, thematic strategy: o Short average loan life + high portfolio cash generation allows for buybacks balanced with new portfolio investments, tracking thematic evolution of global infrastr
Slide 16: 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 17: 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
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