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