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UK investment fund Sequoia (SEQI) sees net asset value dip

By Jenni Reid

11:10, 24 November 2021

Sequoia Economic Infrastructure Income Fund logo
London-based Sequoia Economic Infrastructure Income Fund primarily invests in private debt – Photo: Shutterstock

London-based specialist investment firm Sequoia Economic Infrastructure Income Fund Ltd (SEQI) has reported flat net assets and a slight fall in net asset value in the six months to 30 September. 

Half-year results showed net asset value per ordinary share fell from 103.2p to 102.9p on the previous period, while net assets remained at £1.8bn. 

The FTSE 250 firm saw earnings per share plunge from 6.60p to 2.87p year-on-year. 

Dividends per ordinary share remained at 3.125p, and the board said it would retain its annual dividend of 6.25p “for the foreseeable future”. 

Return on investments 

Sequoia’s investments, 94.9% of which are in private debt, are split across North America (48%), the UK (19%), Europe (28%) and Australia and New Zealand (5%). 

The fund said its total share price return across its portfolio, which includes 74 investments across eight sectors, was 5.7%. 


41,949.85 Price
-4.240% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Oil - Crude

71.16 Price
-0.220% 1D Chg, %
Long position overnight fee -0.0213%
Short position overnight fee -0.0006%
Overnight fee time 22:00 (UTC)
Spread 0.030


16,141.50 Price
+0.410% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.8


0.62 Price
-6.680% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Its annualised portfolio yield-to-maturity was 8.6% as of 30 September.

Market uncertainty

“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,” commented chief executive Robert Jennings. 

“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.”

Jennings also highlighted a greater focus on ​​Environmental, Social and Governance within the company’s portfolio and an “attractive pipeline of new investments, with a preference towards defensive sectors and senior-ranking debt.”

Read more: Investment fund winners from the vaccine bounce

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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