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Investing in Green Infrastructure Funds (ITs)

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BusyBumbleBee
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Investing in Green Infrastructure Funds (ITs)

#216655

Postby BusyBumbleBee » April 22nd, 2019, 6:29 pm

In the Buy To Let vs Share Portfolio Topic (viewtopic.php?f=8&t=17076), Prefinvestor asked why I had sold JLEN and others recently and I said
If I get time over the weekend I will open a thread about investing in the Green Infrastructure funds and populate it with some figures I work from

I did get some time so here goes: [first of three or more parts]

There are six major ITs which specialise in Green Assets - BSIF, FSFL, JLEN, NESF, TRIG and UKW and a few smaller ones such as GSE and some VCTs (notably the Ventus Twins). I shall concentrate on the 'big six' each of which seems to have its devoted admirers yet they are all basically doing exactly the same thing. I like them all but do not favour one over the others and trade between them - some would say frequently - when I see an advantage emerge. The cost of trading is small as they are all channel island registered so there is no stamp duty.

At any one time I hold one or more of these and/or cash reserved for them. They account for about 25% of my stock market investments.

When judging these I take into account a number of factors the first of which yield and discount or more likely premium to NAV are the most important. The second set of factors relates to where they are on their annual price journey and where they are in their funding cycle. So this is the table that I work from:

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EPIC   Cap   Bid       Offer   Div   YldBid   YldOff   1YrHigh   1YrLow
BSIF   502   135.50   136.00   7.68   5.67%   5.65%   136.50   115.00
FSFL   672   122.00   123.00   6.76   5.54%   5.50%   122.50   103.50
JLEN   564   113.00   113.50   6.51   5.76%   5.74%   114.50   100.45
NESF   389   118.50   119.00   6.65   5.61%   5.59%   124.50   107.50
TRIG   1724   121.40   121.80   6.64   5.47%   5.45%   123.20   104.60
UKW   1735   140.60   140.80   6.94   4.94%   4.93%   142.80   118.40
GSF   27   88.50   89.50   7.00   7.91%   7.82%        102      89      


Obviously MarketCap is important: GORE is tiny at £27 million (therefore dangerous) and UKW and TRIG are big enough to be in the FT-250 perhaps meaning they get the advantage price wise of being held by trackers. BSIF has made a point of not raising money as they think assets are too pricey but are beginning to make noises about a change of strategy. JLEN has first refusal on a pile of assets and has frequently raised new money.

Bid and Offer prices are very important BUT mostly you can buy and sell well within the spread. A penny spread is most common but it often narrows to 50 pence midday ish. The two biggest have the smallest spreads as you would expect for FT-250 companies.

Obviously NAV and Discount (premium) to NAV are also very important and deserve a separate table

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EPIC     NAV     Premium
BSIF     114.41    18.87%
FSFL     111.20    6.12%
JLEN     102.80    11.38%
NESF     108.80    14.43%
TRIG     111.60    10.57%
UKW      123.10    10.64%
GSE       92.90    -11.00%


The standout here is FSFL with a very low premium. No apparent reason for this (unless it is spin over from their recently poor performing VCTs).

At the other end is BSIF but they are about to re-evaluate their asset life which could change the NAV by several % points.

The final two columns show the high and low SPs from 6th April 2018 to 18th April 2019 (just over the year). The next 'post' will give the SP Highs and Lows since launch : the earliest was UKW in 2013.

I will post at least two more parts to this - more data in one and one that shows how and why I trade between these

Please don't just quote the whole of this if replying - just select bits to quote

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Re: Investing in Green Infrastructure Funds (ITs)

#216658

Postby BusyBumbleBee » April 22nd, 2019, 6:38 pm

These tables show the tax year annual Highs and Lows of the major Green Infrastructure Funds from 6th April each year

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Year 2013   2014   2015   2016   2017   2018   2019   2020   BSIF
Max ---   104.25 106.75 110.25  111.25  119.00 134.50 136.50 BSIF
Min ---    98.00  99.50   95.00  96.75  110.00 115.00 134.00 BSIF

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Year  2013  2014   2015   2016   2017   2018   2019   2020   FSFL
Max    100.00 107.63 104.75 108.75 113.25 117.00 122.50    FSFL
Min     95.00   96.75  91.75  92.75 102.50 103.50  117.00    FSFL

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Year 2013 2014 2015   2016   2017   2018   2019    2020        JLEN
Max  ... 100.50 109.50 108.75 109.00 112.75 113.75 114.50    JLEN
Min  ... 100.50 100.00  94.75  92.25  99.20  100.50 113.00    JLEN

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Year 2013 2014   2015   2016   2017   2018   2019   2020   NESF
Max ...  ...   106.25  109.25 112.00 116.00 121.00 124.50    NESF
Min  ...  ...   99.00  92.25  94.25  105.25 107.50  119.00   NESF

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Year 2013   2014   2015   2016   2017   2018   2019   2020   TRIG
Max ...    105.75 107.50 108.75 111.30 112.20 122.20 123.20 TRIG
Min ...    98.00   99.00  94.80 90.25 101.40  104.60 121.40 TRIG

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Year 2013   2014   2015   2016   2017   2018   2019   2020
Max 106.00 108.00 112.75 115.00 121.90 126.50 142.00 142.80 UKW
Min 101.50 101.00 102.75 101.13 101.25 117.80 118.40 140.20 UKW
Year 2013   2014   2015   2016   2017   2018   2019   2020


it is well worth studying this in detail as every share goes up and down each year - it is NOT a smooth progressive upward rise. Note that "..." indicates the Fund wasn't there in that year. And beware the first year's figures as it may represent less than a full year.

PART TWO Of THREE

Please don't just quote the whole of this if replying - just select bits to quote

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Re: Investing in Green Infrastructure Funds (ITs)

#216664

Postby BusyBumbleBee » April 22nd, 2019, 7:18 pm

PART THREE (A)
(Note : All prices are taken from ADVFN in all parts of this saga.)

I set up a dummy portfolio of the six Green Infrastructure Funds on 26th March this year on ADVFN's portfolio service. These are the results with returns of between 2 and a half % and 6.91% in just 4 weeks - would that it ware always so. The basis price is per share for 10,000 including costs The valuation is on Bid price at close of business on Easter Thursday.

This is provided for fun only.

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Holding     Quantity     Total Cost     Avg.Price     Price     Basis     Cur Value     Profit/Loss         
     LSE:BSIF    Bluefield Solar Income Fund    10000    £ 12,811.00    £ 1.2811    £ 1.3550    BID    £ 13,550.00    £ 739.00    5.77%    £ 50.00
     LSE:FSFL    Foresight Solar Fund    10000    £ 11,411.00    £ 1.1411    £ 1.2200    BID    £ 12,200.00    £ 789.00    6.91%    £ 50.00
     LSE:JLEN    John Laing Env    10000    £ 10,961.00    £ 1.0961    £ 1.1300    BID    £ 11,300.00    £ 339.00    3.09%    £ 50.00
     LSE:NESF    Nextenergy Sol.    10000    £ 11,561.00    £ 1.1561    £ 1.1850    BID    £ 11,850.00    £ 289.00    2.50%    £ -100.00
     LSE:TRIG    Renewables    10000    £ 11,731.00    £ 1.1731    £ 1.2140    BID    £ 12,140.00    £ 409.00    3.49%    £ -80.00
     LSE:UKW    Greencoat Uk    10000    £ 13,531.00    £ 1.3531    £ 1.4060    BID    £ 14,060.00    £ 529.00    3.91%    £ -20.00


Please don't just quote the whole of this if replying - just select bits to quote

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Re: Investing in Green Infrastructaure Funds (ITs)

#216684

Postby BusyBumbleBee » April 22nd, 2019, 8:20 pm

The is the THIRD part of the SAGA and tells why I invest in these and how. If it gets too long I may split it.

Basically I like investing in new companies - venture capital. This is not for the faint hearted and certainly not for my wife but it has served me well even if the returns are somewhat lumpy. Some years a big minus but luckily some years: bigger pluses. However I also need to have some income - safe income - and income that my wife can manage when I am gone. The safe income used to come mainly from Preference shares but as they reached ever sillier heights I finally realised that the capital value downside was high and the capital value upside was virtually nil. Furthermore the income from these would not rise to cover even the current low inflation. Trading opportunities were thin on the ground and likely to be of the 'falling knife' kind anyway.

So I looked around for alternative asset classes. Ordinary shares from the Footsie - no. REITS - not then (too toppy and trading at a premium) unloved VCTs - no they needed active management - and so on and so on.

So Green Infrastructure Funds where the income came from the sale of a product that (almost) everyone had to buy and where there was a government guaranteed, inflation linked subsidy attached and where the Boards were trying to pass this on as RPI indexed dividends with a then yield north of 6 percent seemed ideal. The downside was quite limited - even if they traded at a premium and the upside was reassuringly steady. There also (from my research) seemed to be some further upside which others, so far, have missed. All of this meant that I could leave this world in the knowledge that my wife could happily leave well alone and live off the income from these for the next 20 or so years.

However while I am still around there is a chance to enhance the income by a little bit of active trading.

For many years - when I have not been involved too much with one or more venture capital investments - I liked to play the market using the fact that most shares go through SP changes in the year where a 30% change in share price over 12 months is the norm.

The Green Infrastructure Funds are at the end of the day as it were just shares and their SP also goes on an annual walkabout. Ok - not 30% but somewhere roundabout 10% (see the figures I put in a previous post). Now if I can capture some of that I can increase my annual income from the 6% which comes from the dividend by trading between the Funds.

Last year my unitised income portfolio increased by 14.1% and my wife's by 13.9% so I must be doing something right!

Here's roughly what I do - and I will try to post in more detail tomorrow exactly how it works.

In my Spreadsheet for monitoring the Funds I have boxes that show my current holding in a share - the money I would get from selling it and what I could buy of another stock with the proceeds. It also shows the annual dividend I would get from both for comparison. If the purchase increases my income significantly then I will make the change. {There are also other reasons for selling and moving to (temporary) cash which I will explain tomorrow}.

Please don't just quote the whole of this if replying - just select bits to quote

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Re: Investing in Green Infrastructure Funds (ITs)

#216819

Postby BusyBumbleBee » April 23rd, 2019, 1:52 pm

The Final :?: part of the Trilogy :?:

Essentially one needs to be able to buy shares at a reasonable price - and sell them if need be at a more reasonable (higher) price collecting dividends between entry and exit. remember though you become absolutely entitled to the dividend when the share goes ex-div.

Luckily there are only six companies to get to know and it is worth reading the reports and RNS's to get a feel for each company and it is also a good idea to research the whole sector. Luckily, I am interested in renewable energy (my whole house (and car) is powered by renewables) and I subscribe to the wonderful alerts from Investegate. I also get live streaming prices from ADVFN including Bid/offer prices. Armed with these tools I can read the news before the market opens over my breakfast (just several cups of coffee actually) and be prepared to make fairly instant decisions if the news merits it.

When buying I want to buy as close to last year's low as possible and also as close to NAV as possible - and of course lower than I sold than for (adjusted for any missed dividends). But there are exceptions to this - mostly to do with what I think the SP will do in the near future.

When selling I try to sell above last year's high with a premium to NAV which is at least in line with its peer group. But there can be other signals indicating it's time to sell - mostly these are announcements of a major fund raise via an open offer or similar at a price lower that the current SP - often one fund will announce an offer at 2 to 3 % above NAV when the share is trading a10% (or more) premium. I will sell almost invariably and immediately when this happens as I will be able to buy back in the market at close to the offer price if I cannot participate fully in the offer.

I maintain a buy and a sell list (only six shares to worry about) which is more in my head than on paper and set up parts of my spreadsheet to show what the effect will be of making a switch. If it will increase my dividend income from the portfolio then I will consider it. As that increase becomes larger it is more and more difficult to resist making the switch. I also consider the ex-div and payment dates when making the final decision so I make sure those are up to date in my spreadsheet.

I prefer to be invested all the time but am not afraid of moving into cash for a bit. I am also not averse to being very overweight in one or more of the six. As the six have just had a very good run I am considering moving completely into cash at the moment but have held on to FSFL and BSIF (see below). Often - as the numbers can be quite large - I make the switch in two or more batches over two or more days.

FSFL is interesting as it has the lowest premium to NAV (which is why I have kept it even though it has had a good recent run) and also because its ex div date is out of synch with the others which means you can make a switch and get two dividends cometimes!

BSIF has the biggest premium (usually a reason to sell), has had a good run and is at an all time high (usually a reason to sell) but it is about to revalue its assets and there may be more of a NAV increase to come - the reason I have kept it for the moment.

If the market was perfect these six shares would move up gradually, roughly in line with inflation as after all their income is largely linked to general inflation. Also if their NAV had been perfectly calculated that too would rise in line with inflation.

Luckily for me and other 'traders' the market is not perfect and the NAV is just the current 'best guess' of the manager and the directors. The major components of the NAV are the value of the Assets themselves (part of which is their estimated life), the likely future energy price and the discount rate applied to them. It is also affected by the borrowings which are usually limited by the Articles of Association and the cost of those. All of the six have arranged a series of loans which they can (but don't have to) use at very competitive rates. Effectively this means that they don't have the drag of non performing cash on the books.

It is worth pointing out that as these loans approach their limit, the likelihood of a fund raise (at a discount to the SP but a premium to NAV) increases.

I am now going to stop feeding facts (or rather my view of what the facts are) and hope you have enjoyed reading this. It has certainly focused my mind writing it and left me with some more unanswered questions. So I will work on bottoming those and maybe share them later. They are mostly to do with the way that NAV is calculated by the six and how to standardise them for a real comparison of NAV.

Please don't just quote the whole of this if replying - just select bits to quote

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Re: Investing in Green Infrastructure Funds (ITs)

#216824

Postby midgesgalore » April 23rd, 2019, 2:17 pm

Thanks for the interesting read BBB.

I have been hoping to add green infrastructure funds to my portfolio but seeing the premiums on offer has put me off. The premium / discount to NAV charts look like triangular waveforms (electronics background) so I guess I should be patiently waiting for the 4 month sync before buying into any of them.

Much appreciated, midgesgalore

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Re: Investing in Green Infrastructure Funds (ITs)

#216840

Postby Pendrainllwyn » April 23rd, 2019, 3:27 pm

Interesting. I don't own any of these (I do own John Laing, JLG, which manages JLEN and to which JLEN has first right of refusal on renewable assets) but a combination of inflation linked distributions from a renewable energy asset class has its appeal so I took a quick look through each after I read your post. Your analysis focuses very much on price, premiums to NAV etc., but what about what the companies themselves? Some are invested in solar, some wind, some like JLEN invest in a range of assets. Putting price to one side, assuming they all traded at the same premium to NAV, and offered the same yield, may I ask do you have any views on the relative quality of these companies; their assets, their management? What would be your ranking then? I ask as if I invested I would be inclined to hold for years rather than trade as you describe.

Pendrainllwyn

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Re: Investing in Green Infrastructure Funds (ITs)

#216850

Postby BusyBumbleBee » April 23rd, 2019, 4:03 pm

Pendrainllwyn wrote:Putting price to one side, assuming they all traded at the same premium to NAV, and offered the same yield, may I ask do you have any views on the relative quality of these companies; their assets, their management? What would be your ranking then?Pendrainllwyn

Funnily enough, Pendrainllwyn, I rank JLEN the most interesting from the Diversity of Assets point of view. They have assets the others don't touch - in particular Anaerobic Digesters. The downside of the right of first refusal on John Laing's green assets (they are not necessarily renewables as there are some waste management assets as well) is that they could over pay for them. However I do largely trust the board. If I was to choose one to buy and hold then it would be JLEN but why would I do that when I know that when they raise more capital the SP will drop?

I probably rank FSFL as the best from the financial management point of view - despite Foresight's awful reputation as a VCT manager.

Of the other four some are pure solar and some are a mix of solar and wind. Some are purely land based, some have solely British assets and some have offshore wind and assets in places as far away as (sunny) Australia.

I will put together a list in the near future with the pros and cons for each - thank-you for reminding me.

One also needs to look at the manage's bonus schemes - which again I will do in due course.

However, overall, I am happy holding any or all of them and happy that it is a portfolio that doesn't need much management - I just enjoy the fun of trying to get my trading calls right!

regards - BBB

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Re: Investing in Green Infrastructure Funds (ITs)

#216852

Postby PrefInvestor » April 23rd, 2019, 4:05 pm

Hi BBB, An interesting read thank you, it must have taken you a while !. I had some problems reading the tables especially on my iPad, but to try to see the way the share prices have been moving I did a set of comparison charts for all 6 stocks. From that I can see that they move up and down quite a bit as you’ve said, but of course the trick is to know when to sell and when to buy back in – while not losing any dividend income. I note your observation about the intraday movement in their pricing, which is interesting.

As you know I hold all 6 of these (BSIF, FSFL, JLEN, NESF, TRIG and UKW) and am very happy with them all, with them all steadily extending their asset lives and hence boosting their NAV these trusts are all doing really well at the moment. I have also found their relatively frequent new issues useful for topping up at a good price with no stamp duty or commission to pay eg TRIG just recently.

Effective yields based on todays prices are between 4.9% (UKW) and 5.76% (JLEN) according to my own spreadsheet. So not enormous scope for improving your income by selling one and buying another I wouldn’t have thought ?. Unless you think 0.86% makes it worthwhile ?. Of course if one of them dropped in price substantially then I can see the point then. And I suppose if you do this at a time when you think that the higher yielding stock is likely to do better in the future then that’s a further reason to shift your holding – as long as you don’t lose out on any dividends by doing so !.. Personally I keep my holding sizes pretty small so I don’t think that doing what you are doing would benefit me very much.

Thanks again for such a detailed answer to my question !.

ATB

Pref

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Re: Investing in Green Infrastructure Funds (ITs)

#216859

Postby BusyBumbleBee » April 23rd, 2019, 4:36 pm

PrefInvestor wrote:Effective yields based on todays prices are between 4.9% (UKW) and 5.76% (JLEN) according to my own spreadsheet. So not enormous scope for improving your income by selling one and buying another I wouldn’t have thought ?. Unless you think 0.86% makes it worthwhile ?. Of course if one of them dropped in price substantially then I can see the point then. And I suppose if you do this at a time when you think that the higher yielding stock is likely to do better in the future then that’s a further reason to shift your holding – as long as you don’t lose out on any dividends by doing so !.. Personally I keep my holding sizes pretty small so I don’t think that doing what you are doing would benefit me very much.

Thanks again for such a detailed answer to my question !.Pref

Glad you liked it PrefInvestor, Sorry you couldn't read the tables if you want the better text then send a private message with your email address and I will send it in clear - or the spreadsheet(s) if you like.

You are absolutely right - at today's prices there is no value in switching - and I certainly wouldn't do it for 0.86% !! However I am prepared always ready and waiting to switch. And indeed always ready to switch into cash which I have just done by selling my JLEN and am waiting to buy them back at a lower price (I could do that today but am waiting for them to go lower).

My normal switch sizes are between 13K and 19K shares at a time and my platform usually buys for me within the spread so I ignore charges. If I have any spare cash in the pot that gets added at the same time thus saving on charges.

As you might have guessed all the work was not just an answer to your question but to help me clarify my thoughts and check that I was on the right track. The Fools will I hope point out where I am wrong and I will learn yet more.

with kind regards - BBB

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Re: Investing in Green Infrastructure Funds (ITs)

#216862

Postby BusyBumbleBee » April 23rd, 2019, 4:44 pm

midgesgalore wrote:I have been hoping to add green infrastructure funds to my portfolio but seeing the premiums on offer has put me off. The premium / discount to NAV charts look like triangular waveforms (electronics background) so I guess I should be patiently waiting for the 4 month sync before buying into any of them. midgesgalore

thanks for the kind words, MidgesGalore, (Scottish?). I see them all as being a bit toppy and so sold my JLEN and am waiting to buy them back.

Interesting that you picked up a 4 month pattern - will have to explore that to see what is causing it. But honestly as these are a comparatively new class of Asset its difficult to see how a reliable pattern could emerge yet.

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Re: Investing in Green Infrastructure Funds (ITs)

#216913

Postby PrefInvestor » April 23rd, 2019, 11:29 pm

So BBB, reading all of the above again, why have you chosen to sell JLEN now ?. It’s premium is about the same as some others, it’s share price is amongst the lowest and it has still to do the asset life NAV upgrades which should be worth a bit more on the SP ?. I can see why you might see the likes of UKW and BSIF as toppy, but JLEN ?.

Writing this on the iPad in bed so may be missing the obvious !.

ATB

Pref

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Re: Investing in Green Infrastructure Funds (ITs)

#216915

Postby midgesgalore » April 24th, 2019, 12:00 am

BusyBumbleBee wrote:
midgesgalore wrote:I have been hoping to add green infrastructure funds to my portfolio but seeing the premiums on offer has put me off. The premium / discount to NAV charts look like triangular waveforms (electronics background) so I guess I should be patiently waiting for the 4 month sync before buying into any of them. midgesgalore

thanks for the kind words, MidgesGalore, (Scottish?). I see them all as being a bit toppy and so sold my JLEN and am waiting to buy them back.

Interesting that you picked up a 4 month pattern - will have to explore that to see what is causing it. But honestly as these are a comparatively new class of Asset its difficult to see how a reliable pattern could emerge yet.

Hi BBB
Yes, live in the frozen north but not as far north as idpickering. :)

It was the premium/discount to NAV, mainly on TRIG that looks somewhat periodic on an HL interactive 1 year chart. It probably is not of course.

midgesgalore

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Re: Investing in Green Infrastructure Funds (ITs)

#216916

Postby Pendrainllwyn » April 24th, 2019, 12:01 am

Thank you BBB, that's helpful. I was leaning towards JLEN primarily for the diversity of assets. Over-time the relative attractions of these assets may change and I have no insight into which will benefit. I suspect it will be easier for JLEN to adjust their portfolio than some of the pure plays.

Pendrainllwyn

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Re: Investing in Green Infrastructure Funds (ITs)

#216943

Postby richfool » April 24th, 2019, 9:24 am

Yes, thanks BBB for your series of posts about Green Infrastructure, which I've only just come across. I hold JLEN and have just added TRIG to increase my exposure to the sector and to increase income and hopefully add some investments with less direct correlation to equities.

I had originally picked JLEN because it had a higher yield at the time, because I understood it obtained its investments through the parent group, and also because it invested in (all three) solar, wind and waste disposal. I don't trade in and out of the trusts, just leave them to run their course.

I posted some related Citywire articles yesterday, which may be of interest, on two separate threads about JLEN and TRIG:

viewtopic.php?f=54&t=17248&p=216939#p216939

viewtopic.php?f=31&t=16052&p=216791#p216791

I guess where Ian Pickering lives they are working on harvesting icebergs!! ;) :D

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Re: Investing in Green Infrastructure Funds (ITs)

#216957

Postby BusyBumbleBee » April 24th, 2019, 10:12 am

Thanks for your kind words, RichFool, I have wanted to do this for some time because it many ways this asset class is an ideal investment for the PI but discussion is scattered over the boards here and this could be the place to consolidate discussion. I did see your other posts.

You said
I had originally picked JLEN because it had a higher yield at the time, because I understood it obtained its investments through the parent group, and also because it invested in (all three) solar, wind and waste disposal. I don't trade in and out of the trusts, just leave them to run their course.

Please don't misunderstand me on JLEN - I think it is a very good investment and has started to concentrate on anaerobic digestion plants which while only contributing 30MW do so 24/7 come rain, wind or shine (or rather no rain - no wind - no shine ;)). 30MW is likely to be worth 100 MW of wind or solar.

I have sold mine because they were at their highest price ever and JLEN have a very good history of raising new money which knocks the share price. Look at the highs and lows for JLEN to see what I mean. I shall buy back in when the price drops.

Where Ian Pickering lives they probably have lots of hydro power which is sadly missing from the mix of assets of all six. Have a look at http://www.hi-energy.org.uk/renewables/hydro-energy.htm which if it is only half right offers enormous potential.

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Re: Investing in Green Infrastructure Funds (ITs)

#216977

Postby TheMotorcycleBoy » April 24th, 2019, 12:32 pm

Many thanks for putting this together BBB. It really is quite excellent and beats any article I've read so far from more "official sources".

Myself and the wife, have only been investing for just over a year, and we are slowly learning the ropes.

We don't currently have any money in Renewables as yet, since up until now we've never really known how to. After seeing an IC article a while ago on JLEN (I think), I realised these ITs were the way, but I still sought a good way of determining the best entry point. I have looked at their JLEN chart and concluded that they are currently running a shade too pricey. Your article not only confirms that view, but gives me more information about other ITs and some useful ideas about how to get into this asset class.

thanks again,
Matt

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Re: Investing in Green Infrastructure Funds (ITs)

#217015

Postby simoan » April 24th, 2019, 3:32 pm

Going off at a slight tangent, there is an alternative way to play this theme - by investing in a fund manager that specialises in green investments. I realise it's less of an income play, and more about capital appreciation, but I have a decent sized holding in Impax Asset Management (IPX). It may be worthy of consideration to some readers interested in green and renewable investments, so just adding my 2p!

All the best, Si

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Re: Investing in Green Infrastructure Funds (ITs)

#217024

Postby BusyBumbleBee » April 24th, 2019, 3:57 pm

PrefInvestor wrote:So BBB, reading all of the above again, why have you chosen to sell JLEN now ?. It’s premium is about the same as some others, it’s share price is amongst the lowest and it has still to do the asset life NAV upgrades which should be worth a bit more on the SP ?. I can see why you might see the likes of UKW and BSIF as toppy, but JLEN ?Pref

sorry, PrefInvestor, not to be back to you earlier on this. JLEN is at the top of its range (or was when I sold it) and way above NAV. I consider it likely that they will attempt to raise new money in the not too distant future and that will cause a share price drop - for me to buy back in again.

I don't know whether you (and others who are interested) look at the ADVFN Bulletin Boards but they are worth a look. There is a separate one for each of the six However, you might be particularly interested in this thread https://uk.advfn.com/cmn/fbb/thread.php3?id=17801495 : this was posted by SKYSHIP who also posts here.

You don't have to pay - just have to register - to use the service but it is a useful service - I go under the moniker "A0002577" over there for some obscure reason dating back to the early to mid 90's when another data provider sold out to ADVFN.

Also look at the JLEN thread (https://uk.advfn.com/cmn/fbb/thread.php ... 55&from=34) where you will see some interesting discussion and pointers to presentations and reports

This on anaerobic digestion is good : Https://www.piworld.co.uk/2018/07/17/hi ... june-2018/

This is also a fascinating piece of work by an "independent" consultant on JLEN and the other five : https://quoteddata.com/2017/09/john-lai ... -exposure/

Hope this is useful - king regards - BBB

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Re: Investing in Green Infrastructure Funds (ITs)

#217064

Postby PrefInvestor » April 24th, 2019, 5:59 pm

Hi Again BBB, Yes I am aware ad use ADVFN. I have an account over there but I dont like the format much so I post there only very infrequently. I do particularly like the boards on CAML & RAVP which definitely seem to be the best chat boards for these stocks, some posters there who really follow those stocks very closely.

Saw you link to the post on AV.B. Yes prefs are going like a train at the moment, AV.B up 3.x% today and AV.A up 1.5% too. Most other prefs up too. But I have no plans to put more money into prefs, 16% of my portfolio is enough. I dont want to get too overweight on them as I was last year, even if they are doing well.

Coming back to JLEN. I take the point that its way above NAV which is a risk. But they did a very large (for them) fund raising exercise just last October. Was massively oversubscribed by a factor of 2. Have they spent it all yet ?, they were planning to pay down their debt as I recall. This might be a trigger for a further fund raise I guess and this would likely be priced relative to NAV, but as recently seen with WHR this doesnt necessarily mean it will be priced much lower than the current market price. Next dividend is ~2 months away which is in your favour. I shall watch with interest - but Im just planning to hold. Personally hoping for +2p ? from the asset life exercise !.

ATB

Pref


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