A focus on regular, stable income with opportunity for NAV upside
SEQI has provided investors with eight years of quarterly income, consistently meeting its dividend targets from stable portfolio cashflows.
The annual dividend per share has grown from 5p in 2015 to 6.875p per share in 2023, cash-covered with an average annual dividend growth of over 4%. SEQI also offers the potential for gradual NAV growth, as an era of higher interest rates may allow for re-investment, at higher average yields, of loan redemptions and surplus cash flows after dividends.
95.29
NAV per share
6.875p
Target annual dividend per share
8.59%
Dividend yield
£1.5bn
Total net assets
All data correct as of 28 June 2024.
Infrastructure credit market resilience
SEQI’s infrastructure credit investments are designed to provide exposure to strong underlying long-term cash flows. These are typically non-cyclical, in infrastructure in industries that provide either essential public services or, on the commercial side, that are in evolving segments such as energy transition, digitalisation or healthcare. Real asset-backing may also be a material part of the investment thesis for many infrastructure credits. Together, these elements can allow infrastructure credit to offer superior returns with resilient performance, distinct from the broader corporate credit market.
Access to investment expertise
SEQI benefits from access to a specialist investment manager wholly focused on infrastructure credit which is often private or illiquid and not accessible by a wide pool of investors. Sequoia Investment Management Company was founded in London in 2010 and has a highly experienced international team of over 20 dedicated executives, all of whom work on the SEQI strategy, drawing on their backgrounds in infrastructure credit investment, risk management, institutional portfolio management, capital markets and ESG. SIMCo’s experience in providing solutions for borrowers consistent with attractive returns for investors is exemplified by the maintenance of the SEQI fund’s historic average annual loss rate (over 200 investments in 8 years since IPO) at a level comfortably lower than the equivalent loss rate for the broader market for rated corporate loans at an equivalent credit rating level of BB and B.
Portfolio diversification
SEQI invests in a wide pool of infrastructure credits, diversified across 8 broad sectors and over 25 distinct sub-sectors, 12 mature jurisdictions and a range of credit structures (floating and fixed rate loans; senior, subordinated and holding company loans). With an average loan life of typically around 4 years, the actively managed portfolio rapidly recycles capital, providing access to new evolving themes, as well as time-based diversification as newer loans are set at prevailing rates, helping defray interest rate risk. This diversification helps provide a compelling risk-adjusted return which has now been proven over eight years of investment across a range of market conditions.
Transparency and liquidity
As the largest credit fund listed on the London Stock Exchange by portfolio size and market value, SEQI provides investors with leading transparency with monthly reporting of NAV and portfolio performance. Shareholders also benefit from ongoing liquidity, with the SEQI stock supported by a wide range of institutional, intermediary and individual investors in the UK and internationally. SEQI, a member of the FTSE-250 index, is covered regularly by leading market research analysts.
Sustainable mission
SEQI, classified as an EU SFDR article 8 fund, seeks to take a lead in evaluating the performance of, and seek continuous improvement in, its portfolio, across the dimensions of environment, society and governance. The Manager works closely with its portfolio borrowers and equity partners to identify and measure improvements in sustainability, which the Manager supports with its dedicated staffing as well as incorporating external third-party ESG analysis on a continuous basis across the SEQI portfolio. These initiatives have resulted in SIMCo winning, on the back of its performance at SEQI, the Capital Finance International 2022 global award for “Best ESG Infrastructure Investment Strategy”.
Infrastructure credit market resilience
SEQI’s infrastructure credit investments are designed to provide exposure to strong underlying long-term cash flows. These are typically non-cyclical, in infrastructure in industries that provide either essential public services or, on the commercial side, that are in evolving segments such as energy transition, digitalisation or healthcare. Real asset-backing may also be a material part of the investment thesis for many infrastructure credits. Together, these elements can allow infrastructure credit to offer superior returns with resilient performance, distinct from the broader corporate credit market.
Access to investment expertise
SEQI benefits from access to a specialist investment manager wholly focused on infrastructure credit which is often private or illiquid and not accessible by a wide pool of investors. Sequoia Investment Management Company was founded in London in 2010 and has a highly experienced international team of over 20 dedicated executives, all of whom work on the SEQI strategy, drawing on their backgrounds in infrastructure credit investment, risk management, institutional portfolio management, capital markets and ESG. SIMCo’s experience in providing solutions for borrowers consistent with attractive returns for investors is exemplified by the maintenance of the SEQI fund’s historic average annual loss rate (over 200 investments in 8 years since IPO) at below 0.5%. This represents less than half the level of annualised losses seen in broader rated corporate loans at an equivalent credit rating level of BB and B.
Portfolio diversification
SEQI invests in a wide pool of infrastructure credits, diversified across 8 broad sectors and over 25 distinct sub-sectors, 12 mature jurisdictions and a range of credit structures (floating and fixed rate loans; senior, subordinated and holding company loans). With an average loan life of typically around 4 years, the actively managed portfolio rapidly recycles capital, providing access to new evolving themes, as well as time-based diversification as newer loans are set at prevailing rates, helping defray interest rate risk. This diversification helps provide a compelling risk-adjusted return which has now been proven over eight years of investment across a range of market conditions.
Transparency and liquidity
As the largest credit fund listed on the London Stock Exchange by portfolio size and market value, SEQI provides investors with leading transparency with monthly reporting of NAV and portfolio performance. Shareholders also benefit from ongoing liquidity, with the SEQI stock supported by a wide range of institutional, intermediary and individual investors in the UK and internationally. SEQI, a member of the FTSE-250 index, is covered regularly by leading market research analysts.
Sustainable mission
SEQI, classified as an EU SFDR article 8 fund, seeks to take a lead in evaluating the performance of, and seek continuous improvement in, its portfolio, across the dimensions of environment, society and governance. The Investment Adviser works closely with its portfolio borrowers and equity partners to identify and measure improvements in sustainability, which the Investment Adviser supports with its dedicated staffing as well as incorporating external third-party ESG analysis on a continuous basis across the SEQI portfolio. These initiatives have resulted in SIMCo winning, on the back of its performance on SEQI, the Capital Finance International 2022 global award for “Best ESG Infrastructure Investment Strategy”.
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THE MATERIALS CONTAINED HEREIN ARE NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO U.S. PERSONS OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR NEW ZEALAND OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION (each an “Excluded Territory”).
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THE MATERIALS CONTAINED HEREIN ARE NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO U.S. PERSONS OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR NEW ZEALAND OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION (each an “Excluded Territory”).
The information to which this gatepost gives access is exclusively intended for persons who are not resident or physically present in the United States as defined in Regulation S of the Securities Act of 1933, as amended (the “Securities Act”). The information contained herein and on the pages that follow does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities to or from any U.S. Person (as defined in Regulation S of the Securities Act) or in the United States or in any jurisdiction or jurisdictions in which such offers or sales are unlawful. The securities referred to herein and on the pages that follow have not been and will not be registered under the Securities Act, or under any laws of, or with any securities regulatory authority of, any state or other jurisdiction of the United States, and may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, in the United States or to or for the account or benefit of U.S. Persons (as defined in Regulation S of the Securities Act) absent registration or an applicable exemption from the registration requirements of the Securities Act, and in compliance with any applicable securities laws of any state or other jurisdiction in the United States. Sequoia Economic Infrastructure Income Fund Limited (the “Fund”) will not be registered under the U.S. Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. There will be no offer of the securities in the United States.
Subject to certain exceptions, the securities referred to herein and on the pages that follow may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, in any Excluded Territory or to any resident or citizen of any Excluded Territory. The offer and sale of the securities referred to herein and on the pages that follow have not been and will not be registered under the applicable securities laws of any Excluded Territory. Potential users of this information are requested to inform themselves about and to observe any such restrictions.
The information on the pages that follow may contain forward-looking statements. Any statement other than a statement of historical fact is a forward-looking statement. Actual results may differ materially from those expressed or implied by any forward-looking statement. The Fund does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any forward-looking statement, which speaks only as of the date of its issuance.
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THE MATERIALS CONTAINED HEREIN ARE NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO U.S. PERSONS OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR NEW ZEALAND OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION (each an “Excluded Territory”).
The information to which this gatepost gives access is exclusively intended for persons who are not resident or physically present in the United States as defined in Regulation S of the Securities Act of 1933, as amended (the “Securities Act”). The information contained herein and on the pages that follow does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities to or from any U.S. Person (as defined in Regulation S of the Securities Act) or in the United States or in any jurisdiction or jurisdictions in which such offers or sales are unlawful. The securities referred to herein and on the pages that follow have not been and will not be registered under the Securities Act, or under any laws of, or with any securities regulatory authority of, any state or other jurisdiction of the United States, and may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, in the United States or to or for the account or benefit of U.S. Persons (as defined in Regulation S of the Securities Act) absent registration or an applicable exemption from the registration requirements of the Securities Act, and in compliance with any applicable securities laws of any state or other jurisdiction in the United States. Sequoia Economic Infrastructure Income Fund Limited (the “Fund”) will not be registered under the U.S. Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. There will be no offer of the securities in the United States.
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THE MATERIALS CONTAINED HEREIN ARE NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO U.S. PERSONS OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR NEW ZEALAND OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION (each an “Excluded Territory”).
The information to which this gatepost gives access is exclusively intended for persons who are not resident or physically present in the United States as defined in Regulation S of the Securities Act of 1933, as amended (the “Securities Act”). The information contained herein and on the pages that follow does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities to or from any U.S. Person (as defined in Regulation S of the Securities Act) or in the United States or in any jurisdiction or jurisdictions in which such offers or sales are unlawful. The securities referred to herein and on the pages that follow have not been and will not be registered under the Securities Act, or under any laws of, or with any securities regulatory authority of, any state or other jurisdiction of the United States, and may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, in the United States or to or for the account or benefit of U.S. Persons (as defined in Regulation S of the Securities Act) absent registration or an applicable exemption from the registration requirements of the Securities Act, and in compliance with any applicable securities laws of any state or other jurisdiction in the United States. Sequoia Economic Infrastructure Income Fund Limited (the “Fund”) will not be registered under the U.S. Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. There will be no offer of the securities in the United States.
Subject to certain exceptions, the securities referred to herein and on the pages that follow may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, in any Excluded Territory or to any resident or citizen of any Excluded Territory. The offer and sale of the securities referred to herein and on the pages that follow have not been and will not be registered under the applicable securities laws of any Excluded Territory. Potential users of this information are requested to inform themselves about and to observe any such restrictions.
The information on the pages that follow may contain forward-looking statements. Any statement other than a statement of historical fact is a forward-looking statement. Actual results may differ materially from those expressed or implied by any forward-looking statement. The Fund does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any forward-looking statement, which speaks only as of the date of its issuance.
This communication is only addressed to, and directed at, persons in member states of the European Economic Area who are “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (“Qualified Investors”). For the purposes of this provision, the expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant implementing measure in each member state of the European Economic Area which has implemented the Prospectus Directive. In addition, in Sweden, the information to which this gatepost gives access is, in accordance with Chapter 5 Section 10 of the Swedish Alternative Investment Fund Managers Act (SFS 2013:561), only addressed to and directed at Swedish “professional investors” as defined in Chapter 9 Section 4 or 5 of the Swedish Securities Market Act (SFS 2007:528). Any investment or investment activity to which this communication relates is available only to and will only be engaged in with such professional investors. This communication must not be acted on or relied on by persons who are not professional investors.
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THE MATERIALS CONTAINED HEREIN ARE NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO U.S. PERSONS OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR NEW ZEALAND OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION (each an “Excluded Territory”).
The information to which this gatepost gives access is exclusively intended for persons who are not resident or physically present in the United States as defined in Regulation S of the Securities Act of 1933, as amended (the “Securities Act”). The information contained herein and on the pages that follow does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities to or from any U.S. Person (as defined in Regulation S of the Securities Act) or in the United States or in any jurisdiction or jurisdictions in which such offers or sales are unlawful. The securities referred to herein and on the pages that follow have not been and will not be registered under the Securities Act, or under any laws of, or with any securities regulatory authority of, any state or other jurisdiction of the United States, and may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, in the United States or to or for the account or benefit of U.S. Persons (as defined in Regulation S of the Securities Act) absent registration or an applicable exemption from the registration requirements of the Securities Act, and in compliance with any applicable securities laws of any state or other jurisdiction in the United States. Sequoia Economic Infrastructure Income Fund Limited (the “Fund”) will not be registered under the U.S. Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. There will be no offer of the securities in the United States.
Subject to certain exceptions, the securities referred to herein and on the pages that follow may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, in any Excluded Territory or to any resident or citizen of any Excluded Territory. The offer and sale of the securities referred to herein and on the pages that follow have not been and will not be registered under the applicable securities laws of any Excluded Territory. Potential users of this information are requested to inform themselves about and to observe any such restrictions.
The information on the pages that follow may contain forward-looking statements. Any statement other than a statement of historical fact is a forward-looking statement. Actual results may differ materially from those expressed or implied by any forward-looking statement. The Fund does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any forward-looking statement, which speaks only as of the date of its issuance.
This communication is only addressed to, and directed at, persons in member states of the European Economic Area who are “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Regulation (“Qualified Investors”). ‘Qualified investors’ means persons or entities that are listed in points (1) to (4) of Section I of Annex II to Directive 2014/65/EU, and persons or entities who are, on request, treated as professional clients in accordance with Section II of that Annex, or recognised as eligible counterparties in accordance with Article 30 of Directive 2014/65/ EU unless they have entered into an agreement to be treated as non-professional clients in accordance with the fourth paragraph of Section I of that Annex.
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By clicking “I understand and agree” below, you represent, warrant and agree that you (1) have read and understood the information set out above, (2) agree to be bound by its terms, (3) understand that the content of any document is for information purposes only, (4) are not resident or located in an Excluded Territory, and are not a U.S. Person (as defined in Regulation S of the Securities Act), (5) are a professional investor that is permitted under applicable laws and regulations to receive the information contained in the pages that follow and (6) agree that you will not transmit or otherwise send any information contained in this website to any person in the United States or to publications with a general circulation in the United States.
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THE MATERIALS CONTAINED HEREIN ARE NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO U.S. PERSONS OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR NEW ZEALAND OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION (each an “Excluded Territory”).
The information to which this gatepost gives access is exclusively intended for persons who are not resident or physically present in the United States as defined in Regulation S of the Securities Act of 1933, as amended (the “Securities Act”). The information contained herein and on the pages that follow does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities to or from any U.S. Person (as defined in Regulation S of the Securities Act) or in the United States or in any jurisdiction or jurisdictions in which such offers or sales are unlawful. The securities referred to herein and on the pages that follow have not been and will not be registered under the Securities Act, or under any laws of, or with any securities regulatory authority of, any state or other jurisdiction of the United States, and may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, in the United States or to or for the account or benefit of U.S. Persons (as defined in Regulation S of the Securities Act) absent registration or an applicable exemption from the registration requirements of the Securities Act, and in compliance with any applicable securities laws of any state or other jurisdiction in the United States. Sequoia Economic Infrastructure Income Fund Limited (the “Fund”) will not be registered under the U.S. Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. There will be no offer of the securities in the United States.
Subject to certain exceptions, the securities referred to herein and on the pages that follow may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, in any Excluded Territory or to any resident or citizen of any Excluded Territory. The offer and sale of the securities referred to herein and on the pages that follow have not been and will not be registered under the applicable securities laws of any Excluded Territory. Potential users of this information are requested to inform themselves about and to observe any such restrictions.
The information on the pages that follow may contain forward-looking statements. Any statement other than a statement of historical fact is a forward-looking statement. Actual results may differ materially from those expressed or implied by any forward-looking statement. The Fund does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any forward-looking statement, which speaks only as of the date of its issuance.
This communication is only addressed to, and directed at, persons in member states of the European Economic Area who are “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (“Qualified Investors”). For the purposes of this provision, the expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant implementing measure in each member state of the European Economic Area which has implemented the Prospectus Directive. In addition, in the United Kingdom, this communication is being distributed only to, and is directed only at, Qualified Investors (i) who have professional experience in matters relating to investments who fall within the definition of “investment professional” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), or who are high net worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Order, or other persons to whom it may otherwise lawfully be communicated and (iii) are a “professional client” or an “eligible counterparty” within the meaning of the Financial Conduct Authority’s Conduct of Business Sourcebook (all such persons together being referred to as “relevant persons”). Any investment or investment activity to which this communication relates is available only to and will only be engaged in with such persons. This communication must not be acted on or relied on (i) in the United Kingdom, by persons who are not relevant persons and (ii) in any member state of the European Economic Area other than the United Kingdom, by persons who are not Qualified Investors.
Access to the electronic version of any documents is being made available on the website in good faith and for information purposes only. Any person seeking access to the website represents and warrants that they are doing so for information purposes only. The availability of the documents in electronic format does not constitute an offer to sell or the solicitation of any offer to buy any securities referred to herein and it does not constitute a recommendation to sell or buy securities referred to herein.
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