Investment Trust Dividends
Based on current the income figure for the SNOWBALL 2027 income will be around £11,600, it’s too early in the year for this to be a fcast.
If there are no clunkers hiding in the SNOWBALL, that figure would increase as next year’s dividends are re-invested.
The current income figure for 2026 is £13,412.00, note this is not a fcast or a target just one outcome of many.
I have re-plotted the current plan for the SNOWBALL, where if we achieve the figure of £13,412 it will equal the target for 2032 but it’s likely next year’s income fcast will be below £13,412.00.
Compound interest/growth takes time to show a noticeable difference to your Snowball but if you continue the timescale, you will see just how much repeatable income you could be earning.
A rough projection if you can compound at 7%, your income doubles every ten years, if you can compound at one or two percent higher the timescale reduces.
I’ve sold the recent purchase in
SUPR for a profit of £43.00 after all costs including the earned dividend and
GCP for a profit of £57.00 after all costs including the earned dividend.
The updated income fcast for the SNOWBALL at the half year point is £7,912.00. Although this is well ahead of the current plan do not scale to reach a year end figure as it contains special dividends.
It means the updated year end target should be met.
NextEnergy Solar Fund Limited
Fourth Interim Dividend Declaration
NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, is pleased to announce its fourth interim dividend of 2.11p per Ordinary Share for the quarter ended 31 March 2026, in line with its previously
stated target of paying dividends of 8.43p for the year ended 31 March 2026.
The fourth interim dividend of 2.11p per Ordinary Share will be paid on 30 June 2026 to Ordinary Shareholders on the register as at the close of business on 15 May 2026. The ex-dividend date is 14 May 2026.
Note the dividend fcast for the year ending 31 March 2027 has been reduced to 4p. A current yield around 9%.
New focus on total returns
Following its strategic review, NextEnergy Solar Fund’s (NESF’s) board plans to refocus on delivering both income and capital growth, aiming for long-term total returns of 9%-11%. This year’s dividend target of 8.43p will be met, but future dividends will be set at 75% of operating free cashflows after debt and expenses. For the year ending 31 March 2027 (FY27), the estimated dividend range is 4.0p-4.6p.
Octopus Renewables Infrastructure Trust plc
Q1 2026 Factsheet and Net Asset Value
Octopus Renewables Infrastructure Trust plc, the diversified renewables infrastructure company, announces that its unaudited Net Asset Value (“NAV”) as at 31 March 2026, on a cum-income basis, was £491.5 million or 93.15 pence per Ordinary Share (31 December 2025: £494.8 million or 93.79 pence per Ordinary Share). This reflects a positive NAV total return of 1% over the quarter.
| Pence per Ordinary Share* | £m | ||
| Unaudited NAV as at 31 December 2025 | 93.79 | 494.8 | |
| Market price assumptions | 0.16 | 0.8 | |
| Macroeconomic assumptions | (0.35) | (1.9) | |
| Q4 2025 interim dividend | (1.55) | (8.2) | |
| Other movements | 1.13 | 5.9 | |
| Unaudited NAV as at 31 March 2026 | 93.15 | 491.5 | |
* Totals may not sum exactly due to rounding
Market price assumptions
Updates to market price assumptions increased NAV by a net £0.8 million, equivalent to 0.16 pence per Ordinary Share, during the quarter.
The majority of this valuation uplift arose from an increase in short-term power prices, reflecting market movements towards the end of Q1, driven by geopolitical developments in the Middle East which impacted global gas markets and increased uncertainty around LNG (Liquefied Natural Gas) supply. However, this was partially offset by modest reductions in medium to long-term power price forecasts. Changes in green certificate and capacity market assumptions were immaterial.
The limited impact of short-term volatility on this quarter’s valuation is supported by the Company’s high proportion of fixed and contracted revenues (86% over the two-year period to 31 March 2028). In addition, to avoid artificial movements driven by short-term price volatility a five-week average to 31 March 2026 is used in the valuation.
Subsequent to the period end, the UK Government announced the removal of Carbon Price Support, effective April 2028. Based on initial analysis using external advisor inputs, the estimated impact on NAV is less than 0.5 pence per Ordinary Share. As a post-period event, this impact will be reflected in the Q2 2026 NAV. The Company also notes the broader package of UK energy policy measures announced on 21 April 2026, which are not currently expected to have a material impact on valuation.
Macroeconomic assumptions
Changes to macroeconomic assumptions had a net negative impact on NAV in the quarter, decreasing valuation by £1.9 million or 0.35 pence per Ordinary Share.
This was largely driven by an increase in the level of French local infrastructure tax (“IFER”) applicable to the Company’s solar portfolio. Updates to inflation, interest rate and foreign exchange assumptions together broadly offset each other, culminating in a neutral impact overall.
Other movements
A net increase of £5.9 million or 1.13 pence per Ordinary Share was recorded from other valuation movements.
This includes a c. £10 million uplift relating to the expected return on the assets, reflecting the net present value of future cash flows being brought forward over the period. This was offset by plc costs and interest on debt facilities at the holding company level totalling c. £4 million.
I’ve recently been buying shares in a listed infrastructure investment trust called International Public Partnerships or INPP. In simple terms, this is the kind of steady, inflation-linked infrastructure money-making machine that shouldn’t be sitting on a chunky discount, especially now it’s added Sizewell C to the mix. INPP is meant to be the calm corner of the market: long-dated contracts, mostly government or regulated revenues, and a dividend that edges up year after year.
David Stevenson
That doesn’t mean the fund is boring and does nothing. Quite the contrary, in fact – as the recent full-year numbers showed, last year was actually very busy, even hectic. Despite this, the shares still trade at a mid-to-high-teens discount to NAV. The trust produced a 10.6% NAV total return (including dividends), one of its best years since launch back in 2006, while also running a pretty active playbook: selling mature assets at (or above) book value, buying back shares, and committing serious money to Sizewell C under the Regulated Asset Base model.
Fund details
· Share price: 128p
· NAV 153p with net assets £2.76bn
· Yield 6.7%
· 10-year NAV return 96%
· Discount 17% (average 18%)
Impressive 2025 numbers
Here’s a quick summary of the 2025 numbers, using City analysts’ commentary to flesh out the narrative. NAV per share ended 2025 at 151.5p (up 4.7% over the year), and once you add dividends, you get a 10.6% NAV total return.
JP Morgan (Overweight) had pencilled in 151.0p, so it’s a small beat rather than a shocker, but they still nudged up their live NAV estimate and slightly raised their steady-state return assumption. Analysts at Jefferies called it steady progress on NAV and dividends, but also flagged how much of the story is now about capital rotation and the gradual drawdown into investing in Sizewell C. Panmure Liberum went further, basically saying: this is a standout year, and INPP sits in that rare sweet spot of high income plus inflation linkage plus long visibility.
At the portfolio level, the assets delivered about a 10.2% return – roughly 120 basis points above the weighted average discount rate INPP started the year with. In plain English, the underlying projects performed better than the valuation model already assumed. A bit of macro helped too: higher short-term inflation assumptions added around 2.6% to the value, and foreign exchange chipped in roughly 0.5%. Higher risk-free rates were a small drag, but not enough to have a big impact.
In terms of portfolio positions, one success was BeNEX (German regional rail), with fair value up 35.1% after a run of concession wins and renewals; it now operates across 14 of Germany’s 16 federal states, covering about 67 million train kilometres a year. Tideway (the Thames “super sewer”), which is INPP’s single biggest asset at about 15.8% of the portfolio, added 7.6% as it moved through late-stage commissioning; JP Morgan notes that by March 2026, it had already diverted more than 19 million tonnes of sewage from the Thames. Cadent (gas distribution, c15.6% of value) dipped modestly (about -0.9%), mainly around regulatory updates; the RIIO-3 Final Determination was better than the draft, and there’s a CMA appeal in motion that isn’t yet being counted as upside in the valuation.
Here’s a simple snapshot of the major holdings.
Sizewell C is the headline change to INPP’s story. Financial close landed in November 2025, with INPP committing £254m of equity, drip-fed at roughly £50m a year over five years (with the first £35m going in during Q4 2025). What makes it different is the structure: it’s under the Regulated Asset Base (RAB) model, so INPP earns a fixed regulated equity return of 10.8% in real terms from day one. The cash yield is expected to be around 6%, and once you add CPIH inflation, the manager talks about a low-teens IR
Analysts also like that this isn’t a “blank cheque” construction bet. The construction-weighted average cost of capital (WACC) is fixed at 6.7% for the entire pre-completion period, with no regulatory resets. And there’s a Government Support Package designed to stop costs spiralling onto investors: if things breach certain thresholds, INPP isn’t forced to commit more than the original amount, and there’s a discontinuation compensation mechanism in really ugly scenarios. Panmure Liberum highlights the manager’s view that even then, returns should still come out north of 9%.
The bigger point is what Sizewell C does to the trust’s shape. Mature PPP assets tend to amortise i.e they generate cash, but the asset base gradually declines. Sizewell C is the opposite — the RAB compounds as equity are deployed, so NAV can keep building into the 2030s. Panmure Liberum reckons the deal adds roughly 0.3 percentage points to portfolio returns, nudges up the inflation linkage, and extends the portfolio’s dividend-supportable life from around 20 years to more than 25. JP Morgan’s take is similar: the incremental returns look better than simply buying back shares, even if the project risk is obviously higher.
The portfolio asset valuations are credible
One reason brokers sound comfortable about INPP’s NAV is that it has been selling assets in the real world at (or above) the values shown in the accounts. In 2025, it sold about £130m of assets at or above carrying value, taking disposals since June 2023 to more than £385m — roughly 14% of the portfolio. The highlights: a 49% minority stake in the Moray East offshore transmission link sold to Daiwa for about £40m; minority stakes in a bundle of UK education PPPs; and a partial stake sale in Angel Trains for roughly £32m. Jefferies and JPMorgan both point to this as “transaction evidence” supporting the valuation marks across the book.
At the same time, INPP has committed more than £345m to new investments (including Sizewell C) and has spent money on buybacks, even as the discount remains wide. The buyback programme was expanded to £225m (authorised to run to March 2027). By the time of the results, more than £135m had been completed, which management says has added roughly 1.6p to NAV per share. JP Morgan estimates there’s roughly £90m still available — around 4% of the market cap — which should provide some ongoing support for the share price
INPP hit its 2025 dividend target of 8.58p per share and covered it 1.1x by portfolio cash flows. It’s also sticking with the familiar 2.5% annual growth pattern: targets are 8.79p for 2026 and 9.01p for 2027. The line that keeps popping up in broker notes is the time horizon: management says it can keep paying progressive dividends at that pace for at least 25 years, even if it doesn’t do another deal. For income investors, that kind of visibility is the whole sales pitch.
My bottom line?
Ok, so let’s put this all together. The fund is selling assets at or above NAV. Dividends are steadily rising. The life expectancy of the asset base has also increased. Most revenues are government-backed or regulated.
Yet the shares trade at a persistent mid-to-high-teens discount, whereas for the first decade or so the fund traded at a persistent premium. Brokers suggest a few potential catalysts that could unlock value: continued buybacks; more evidence of disposals; investors becoming comfortable that Sizewell C really does add duration and compounding.
Panmure Liberum also reckon there’s a policy angle: they say it’s a bit odd that listed vehicles like this can provide daily-priced access to strategic UK infrastructure yet still get left out of some pension reform thinking. Strip it back, though, and the argument is straightforward: if you believe in inflation-linked cash flows, long dividend visibility, and a manager who can recycle capital sensibly, the current discount looks hard to sustain forever.
With the stock around 127p versus a NAV in the low-150s pence, you’re looking at roughly a 17% discount. Panmure Liberum pegs the prospective net total return at about 10% a year, made up of a yield of a bit over 7% plus dividend growth of 2.5%, and emphasises that about 98% of revenue is either government-backed or regulated. When 30-year gilts are in the mid-5% range, that spread starts to look pretty attractive.
| QD INSIGHTS & OPINION |
| Matthew Read on Foresight Solar: “Weaker operational performance was offset by higher inflation, resilient power prices and buybacks – none of which was particularly surprising. However, the curtailment issues in Spain merit closer attention, as they highlight the consequences of having too much renewable generation capacity without sufficient storage to absorb excess supply. As more renewable capacity comes online, this imbalance is likely to become increasingly common. Capturing and redeploying surplus power when demand is higher offers clear economic and environmental benefits, reinforcing the case for continued investment in both BESS assets and broader grid infrastructure. We also think the changes to power price assumptions deserve closer scrutiny. While it is no surprise that the conflict with Iran has lifted power prices in the near term, independent forecasters now expect elevated prices to persist through 2028. This could extend further if tensions escalate or the conflict drags on, suggesting the risks remain skewed to the upside for renewable generators such as Foresight Solar. Against this backdrop, it is unsurprising that inflation expectations have also risen in the near term, and further disruption could easily result in higher inflation for longer, providing additional support to renewable funds’ NAVs at the margin.” |
Current yield 10.8% Discount to NAV 34.32%
Technology and emerging markets trusts bounced back strongly in April after the previous month’s setback caused by the conflict in the Middle East, but private equity and infrastructure funds dominate our list of fallers.
Our two tables show the total returns, or losses, shareholders made from the 15 biggest risers and fallers in April. They also display the underlying movement in net asset value (NAV) during the month, if there was one, and to what extent that left the shares trading at a premium above the value of their investments, or at a discount below.
| Investment company | Total shareholder return % | Net asset value (NAV) total return | Premium (- discount) % |
| Seraphim Space | 34.3 | 0.0 | 41.6 |
| Manchester & London | 26.3 | 23.2 | -24 |
| Polar Capital Technology | 25.6 | 25.1 | -8.6 |
| Molten Ventures | 22.3 | 0.0 | -26.3 |
| EPE Special Opportunities | 21.2 | 0.0 | -47.2 |
| Allianz Technology Trust | 20.9 | 20.1 | -8.4 |
| Golden Prospect Precious Metals | 20.4 | 1.6 | -9.5 |
| Pacific Horizon | 18.9 | 17.8 | -9 |
| Fidelity Emerging Markets | 18.8 | 17.9 | -8.2 |
| Scottish Mortgage | 18.4 | 4.7 | 2.4 |
| Aberdeen Asia Focus | 18.1 | 14.9 | 7.3 |
| JPMorgan Global Core Real Assets | 17.8 | 0.0 | -8.7 |
| Herald | 16.6 | 17.3 | -11 |
| Templeton Emerging Markets | 15.5 | 15.3 | -8 |
| Parvus Energy Efficiency Trust | 14.8 | 0.0 | -40.1 |
Source: QuotedData 3/4/26
For expert commentary, catch up with our “In The Hot Seat” show last Friday when Andrew McHattie gave his monthly analysis on the main movers in the previous four weeks.
While Seraphim Space (SSIT) rebounded 34% ahead of its announcement of a £350m C-share issue, McHattie focused his attention on the 20.9% to 26.3% advance in the three generalist technology trusts from Allianz (ATT), Polar Capital (PCT) and Manchester & London (MNL)
Noting how “special situation” MNL stood on a wider share price discount than the 8% of the other two, McHattie said all three had proven to be “great long-term buy and hold investments”, but added that investors needed to assess “whether the excitement about AI [artificial intelligence] might be overblown in the near term. I do think that’s a distinct possibility,” he said.
The publisher of the McHattie investment trust newsletter highlighted the strong 18%-19% returns of Pacific Horizon (PHI) and Aberdeen Asia Focus (AAS) which hold big positions in semi-conductor stocks and other companies in the AI supply chain.
He said this was a “handy reminder there are different ways to stay engaged with the AI rally if valuations start to shift”, saying, “you don’t necessarily have to buy those technology trusts investing directly in the US, you can play it through Asia as well”.
| Investment company | Total shareholder return % | Net asset value (NAV) total return | Premium (- discount) % |
| Home REIT | -74.0 | – | -55.5 |
| Aquila European Renewables | -25.6 | -1.2 | -59.8 |
| Riverstone Energy | -23.7 | 0.0 | -53.6 |
| Abrdn European Logistics Income | -15.9 | 0.0 | -20.7 |
| Digital 9 Infrastructure | -13.4 | 0.0 | -52.7 |
| Symphony International Holdings | -8.6 | -3.0 | -50.5 |
| Tetragon Financial Group $ | -7.5 | -2.9 | – |
| DP Aircraft I | -6.0 | -3.0 | -20.2 |
| Partners Group Private Equity | -5.5 | -1.2 | -33.5 |
| Ecofin US Renewables Infrastructure | -4.5 | -3.0 | -53.9 |
| HgCapital Trust | -4.4 | 0.0 | -33.8 |
| Riverstone Credit Opportunities Income | -4.1 | -3.0 | -16.9 |
| US Solar Fund | -3.6 | -3.0 | -53.7 |
| CT UK High Income Trust | -3.6 | -3.0 | -9.8 |
| JZ Capital Partners | -2.9 | 0.0 | -45.6 |
Source: QuotedData 30/4/26
Last month also saw the return of Home REIT (HOME), losing three quarters of its value after an “extraordinary period of more than three years of suspension”, which McHattie said was “extremely frustrating” for shareholders but at least now they could sell out of the scandal-hit fund.
Having cash sitting in the SNOWBALL not earning is not a good strategy, unless markets are crashing, which they aren’t at the moment.
I’ve bought 6563 shares in SUPR, ahead of the xd date tomorrow for 5.5k.
The market is currently a
But in time, will it rollover into a
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