Sequoia Economic Infrastructure Income Fund net assets flat
By Iain Gilbert
Date: Wednesday 24 Nov 2021
(Sharecast News) - Specialist investor Sequoia said on Wednesday that it had continued to "demonstrate its resilience" in the six months ended 30 September.
Sequoia said total net assets were flat at the end of the half at £1.8bn, while the firm's net asset value per ordinary share slipped only slightly to 102.9p from 103.2p.
Dividends per share were also unchanged year-on-year at 3.125p but earnings per share slumped from 6.60p to 2.87p.
Sequoia reported a total share price return of 5.7% in the period across its diversified portfolio of 74 investments over eight sectors, 31 sub-sectors and 12 mature jurisdictions.
The fund's annualised portfolio yield-to-maturity was 8.6% as of 30 September.
Chairman Robert Jennings said: "The past six months has seen global economies easing out of lockdowns alongside the ongoing market uncertainty around rising global inflation and the possibility of rising interest rates. During this time, the company has continued to demonstrate its resilience.
"Our core objective remains income and to grow capital over the long-term, and the board remains committed to a dividend target of 6.25p on a fully cash-covered basis for the current financial year."
As of 0900 GMT, Sequoia shares were down 0.40% at 106.97p.
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