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Slight fall in asset values keeps lid on Sequoia NAV uplift in May

By Josh White

Date: Monday 14 Jun 2021

LONDON (ShareCast) - (Sharecast News) - Sequoia Economic Infrastructure said on Monday that its net asset value had improved 0.13% on the month for May, to 102.41p per share.
The FTSE 250 specialist infrastructure investor said interest income added 0.48% and foreign exchange movements advanced the net asset value by 0.01p per share, while asset valuations themselves were 0.36p lower month-on-month.

It said the decrease in asset values was mainly due to several sizable US power positions being marked down, and a "significant" price decline in one of its least liquid positions based on a small secondary trade in the bond near the end of May.

"The investment adviser, the investment manager, and PwC, the independent valuation agent, have continued their close analysis of the effects of Covid-19 on the company's portfolio," Sequoia's board said in its statement.

"The investment adviser expects the previously-identified uplift in valuations of the assets where Covid-19 has impacted performance to continue.

"This trend is expected to persist as economies continue to recover and lockdowns start to further ease globally."

Sequoia said that as at 28 May, it had cash of 84.7m and had drawn 83.6m on its 280m revolving credit facility.

It also had undrawn commitments on existing investments collectively valued at 72.6m, while its invested portfolio consisted of 63 private debt investments and 11 infrastructure bonds across eight sectors and 30 sub-sectors.

The company said it had an annualised yield-to-maturity of 9.0% and a cash yield of 5.6%, with the weighted average portfolio life standing at about 4.3 years.

Private debt investments represented 94% of the total portfolio and 55% of the portfolio comprised floating rate assets.

The weighted average purchase price of Sequoia's investments was 98.9% of par, and investments which were pre-operational represented 11.1% of total assets.

Sequoia Economic Infrastructure said its invested portfolio remained "geographically diverse" with 48% located across the United States, 20% in the UK, 26% in Europe, and 6% in Australia and New Zealand.

Currently, the firm said it was not investing in Portugal or Italy, but had selectively invested in opportunities in Spain.

"The company's pipeline of economic infrastructure debt investments remains strong and is diversified by sector, sub-sector, and jurisdiction," the board explained.

"At month end, approximately 99% of the company's net asset value consisted of either sterling assets or was hedged into sterling.

"The company has adequate resources to cover margin calls on its hedging book."

At 0814 BST, shares in Sequoia Economic Infrastructure Income Fund were up 0.73% at 110.2p.

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