I have 13k of cash sitting in the SNOWBALL, I have a plan for 10k but not for the 3k. I’ve bought 7138 shares in SEIT for 3k, ahead of their xd date.
If you used the cloud chart, you were late to the party, buying just before the xd date turned out to be a good entry point but it could be different this time.
If you buy the yield and are content with the yield and if you intend to buy and hold forever, the price isn’t that important. The risk is that you end up with no position.
Buy the first reversal candle but only if you are content with the yield or set yourself a target if the price goes up between 3-5%.
The market will most probably bounce again when a ceasefire is announced but the critical element will be how the oil price reacts.
I’ve added FGEN yielding around 10% with the intention of pair trading with a lower yielder but with a higher chance of growth, the risk is that the growth becomes a negative figure.
The 4 shares I am considering, all for different reasons
CTY,LWDB,MRCH,TMPL
I can’t decide on any share so I may split the 10k investment into two Trusts.
The blended yield would still be around 8%
Oil market faces ‘higher for longer’ risk: Saxo Bank
Ole Hansen, commodity strategy head at Saxo Bank, discusses the impact of the ongoing conflict in the Middle East on energy markets as oil heads for another weekly gain. Speaking on Bloomberg Television, Hansen says everything “points to a higher for longer” scenario. “It will take time to get that supply back, so higher for longer seems to be the risk right now,” he adds.
But there may be no rush to buy until the Gulf of Hormuz problem is addressed.
I’ve bought back for the SNOWBALL 1361O shares in FGEN for 10k.
FGEN currently xd on the 05 Mar but the gas/electricity link seems where the market action is at the moment.
Temple Bar Investment Trust Plc
Annual Financial Report for the year ended 31 December 2025
London, 20 March 2026 Temple Bar Investment Trust Plc (LSE:TMPL), the UK-listed investment company that focuses on intrinsic value and long-term growth by investing primarily in UK-listed securities, has today announced annual results for the year ended 31 December 2025.
Highlights:
- Net Asset Value (“NAV”) total return with debt at fair value of +33.9% (2024: +19.9%) [1] , once again exceeding the Benchmark, the FTSE All-Share Index, which delivered +24.0% (2024: +9.5%) [2]
- Share price total return of +45.3%, (2024: +19.1%) 1
- Dividend of 15 pence per ordinary share an increase of 33.3% (2024: 11.25 pence), representing a yield of 4%
- Premium of 1.4% of share price to NAV per share with debt at fair value (2024: discount of 6.6%) enabling the Company to reissue shares from Treasury and raise over £50m at the time of writing since issuance began in October 2025
- The Company’s market capitalisation is £1.1bn at the time of writing, up from £776m at the start of 2025
Charles Cade, Chairman of Temple Bar Investment Trust comments:
“2025 was another strong year for the Company’s performance, both in absolute terms and relative to the FTSE All-Share Index, the Company’s benchmark. The Net Asset Value total return with debt at fair value was +33.9% and the share price total return was +45.3%, compared with a total return of +24.0% for the Benchmark.
“Returns were primarily driven by stock selection rather than broader market movements, reflecting the Portfolio Manager’s focus on company fundamentals, valuation discipline and active engagement with investee companies.
“The Board continues to monitor the Company’s net revenue position closely and, based on the latest forecasts, expects to maintain a progressive dividend policy with future annual dividends increasing over time. It is the Board’s current intention to increase the quarterly dividends to 3.90p per share in 2026 (2025: 3.75p per share), an increase of 4.0% on 2025, representing an annualised dividend yield of 4.3%, based on the share price at the time of writing.
“The combination of strong performance, a rising dividend and increased marketing has led to significant demand for the Company’s shares, particularly from retail investment platforms such as interactive investor and Hargreaves Lansdown. This has helped move the Company’s share price to a premium to Net Asset Value per share. I am pleased to report that as a result, the Company was able to re-issue 5,045,000 shares out of treasury during the year at an average premium of 3.0%, raising £18.6m. Since 31 December 2025 to 18 March 2026, further shares have been re-issued from treasury and as a result, the Company’s market capitalisation is £1.1bn at the time of writing, up from £776m at the start of 2025.
“In our last annual report, we highlighted that the Board monitors the Company’s investable universe to ensure that the Portfolio Manager has a large enough opportunity set to build a diversified portfolio of attractively valued investments. At present, the Portfolio Manager continues to believe that the opportunity set is large enough under the Company’s current investment restrictions. However, should the universe of UK listed companies continue to reduce materially, the Board may in the future propose a broadening of the investment policy to increase the ability of our Portfolio Manager to access overseas opportunities beyond the current 30% limit.
“It would be easy for investors to take fright given the uncertain macro-economic and geopolitical outlook. It is worth recognising, though, that the Company’s performance is not closely correlated to the health of the UK economy. Indeed, the Portfolio Manager estimates that only approximately 35% of the underlying revenue of the portfolio companies comes from the UK. On a global level, the outlook is equally uncertain. However, the Company’s Portfolio Manager has historically been adept at taking advantage of periods of market dislocation. As a result, the Board believes that Temple Bar is well-placed to continue delivering attractive long-term returns for shareholders through a combination of capital growth and income.
“This is my first Chair’s Statement for Temple Bar, having been appointed as Chair on 2 December 2025 when Richard Wyatt retired from the Board. I would like to thank Richard for his significant contribution, and I take on the role of Chair with the Company in a far stronger position than it has been for many years. Together with Arthur Copple, the previous Chair, Richard was instrumental in the decision to appoint Redwheel as Portfolio Manager in 2020, at a time when value investing was firmly out of favour. Since Redwheel took over the management of the Company’s portfolio at the end of October 2020, the Net Asset Value total return to the end of 2025 has been +199.8% compared with +103.7% for the Benchmark, representing outperformance of 8.9% per annum.”
Ian Lance and Nick Purves, co-managers of Temple Bar Investment Trust comment:
“The Company’s portfolio performed well in 2025. Six stocks, NatWest Group, Barclays, Standard Chartered, Aviva, NN Group, and Johnson Matthey, rose by more than 50% in the year, and each thereby added at least 2% to the Company’s absolute return. Another eight stocks, including ABN Amro, GlaxoSmithKline, Aberdeen, Macys and BET, each added at least 1% to the Company’s absolute return. Only one stock, WPP, detracted more than 1% from the Company’s return in the year, more than halving in the period.
“Although valuations have risen from the quite extreme levels seen post the COVID pandemic, they are still low in an absolute and historical sense. In aggregate, the Company’s portfolio is now valued at around eleven times earnings, higher than it was, but still a discount to the wider UK market, and around half the valuation accorded to the wider global equity indices. Accordingly, we believe the Company is still priced to deliver meaningful excess return, and shareholders can look forward to the future with optimism.”
You don’t have to take high risks with your hard earned.
It is the Board’s current intention to increase the quarterly dividends to 3.90p per share in 2026 (2025: 3.75p per share), an increase of 4.0% on 2025, representing an annualised dividend yield of 4.3%, based on the share price at the time of writing.
One to consider if Mr. Market gives you the opportunity.
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SDCL Efficiency Income Trust plc
Disposal and gearing reduction
SEIT is pleased to announce the sale of a diversified portfolio of operational and yielding energy efficiency infrastructure assets to Kyotherm SAS (“Kyotherm“), for a total enterprise value of up to c.£105 million (the “Disposal“). The portfolio includes the Company’s interests in Capshare Future Energy Solutions (asset portfolios), Sparkfund, Moy Park Biomass, Tallaght Hospital, Baseload, Lycra, SEEIPL, Northeastern US CHP, CPP Biomass, Supermarket Solar UK and GET Solutions (the “Portfolio“). Kyotherm is a leading investment company dedicated to financing decarbonised heat and energy efficiency projects globally.
The Disposal is consistent with the Company’s stated priority to reduce gearing through asset sales and helps streamline the Company’s overall portfolio which now has greater focus on Commercial and Industrial customers and District Energy solutions. The agreed price represents a discount of c.9%[1] to the carrying value of the Portfolio as at 30 September 2025, and the Disposal is expected to result in a reduction to the Company’s NAV of c. 1.2p.
The Disposal consideration of up to c.£105 million includes an earnout of up to c.£4 million, payable to the Company if agreed performance conditions are met over the next 3-5 years. Day-one cash proceeds expected to be received on completion are c.£84 million, after permitted distributions, transaction costs, debt and debt-like items. Completion of the Disposal is subject to customary closing conditions and is expected by mid-April 2026. Goldman Sachs International acted as sole financial adviser to the SEIT entity involved in the Disposal.
Financial Impact
The Company intends to apply proceeds of the Disposal primarily towards reducing drawings under the existing revolving credit facility. This, along with near term project-level debt reductions, is targeted to bring the pro forma aggregate gearing as a percentage of NAV as at 30 September 2025 to c.65%.
There is no change to the Company’s target dividend of 6.36p for the current financial year. The NAV for the financial year ended 31 March 2026 will be reported in June 2026.
Outlook
As SEIT has previously stated, many institutional and financial investors within the mid-market and energy transition sectors are under pressure to sell assets in order to retire financing or deliver distributions, creating excess supply and increasing demand for scarce capital. This dynamic is enabling buyers to secure assets below carrying values and is illustrative of a strong buyers’ market.
The positive outcome achieved by the Disposal announced today is the result of months of disciplined execution and reflects the attractive, yielding nature of the Portfolio. As with the Company’s other disposals to date, the Disposal is being made to strategic investors, who can realise greater operational benefits. Given the competition for capital in the private capital markets, the Board considers it unlikely that other individual asset sale processes would deliver equivalent shareholder value in the near to medium term, a factor that will be considered as part of the year-end valuation process, including the calculation of the Company’s NAV.
Tony Roper, Chair of SEIT, commented:
“The Board is pleased to announce today’s disposal, in line with our near-term objectives set out in our interim results in December. The net proceeds of the disposal will primarily be used to reduce gearing, targeted to bring aggregate debt levels to c.65% of NAV.
The Board’s intention remains to reduce gearing and generate portfolio liquidity. However, the sale of a high yielding asset portfolio, at even a modest discount to NAV and which has taken longer than anticipated, illustrates the challenges of achieving disposal activity at reasonable valuations. The Board continues to view the status quo, including the current share price discount to NAV, as untenable and is working with the Manager to progress strategic solutions with a clear focus on achieving value for our shareholders.”
Jonathan Maxwell, CEO of SDCL, commented:
“This disposal reflects the commitment and determination shown across our team to deliver strong outcomes for shareholders in a highly challenging market.
The transaction results in a more streamlined portfolio, now increasingly focused on Commercial and Industrial customers and District Energy solutions, where we see the greatest opportunity to drive long‑term value through energy efficiency.”
After significant share price declines in recent years, and with energy prices volatile, analyst Edmond Jackson believes there’s an opportunity here.
10th March 2026
by Edmond Jackson from interactive investor
Amid a big sell-off it is often interesting to see which shares resist or even climb. Renewables infrastructure investment trusts have been in a bear market since late summer 2022 as a boon from Russia’s invasion of Ukraine was replaced by higher interest rates to tackle inflation.
Some such funds had borrowed to expand their asset bases – wind farms, solar panels and the like –whose operational stories also became mixed, the ethical appeal of eco investment replaced by lack of wind or blue sky.
It was all enough to see renewables funds slump to a discount to net asset value (NAV) of 34% in February. Within their 2025 results presentations, both the Renewables Infrastructure Grp TRIG
and Greencoat UK Wind UKW
5.67% were able to reassure the market against ongoing NAV erosion after the numbers posted further declines, hence shares began ticking up.
Source: TradingView. Past performance is not a guide to future performance.
Soaring oil & gas prices – especially if sustained – will raise electricity prices, rekindling appeal for broader sources given around 30% is currently derived from natural gas. Even in the years running up to the Ukraine crisis, such funds traded at modest premiums to NAV, so conceptually there is scope for some mean reversion upwards.
Moreover, European Union energy demand returned to growth in 2025 for the first time since 2017 and electricity demand is forecast to rise around 2% a year to 2030. The UK saw a second consecutive year of power demand growth and the fastest annual growth for the first time in over two decades. Obviously, a hard recession would disrupt that.
Fears about how the narrative on interest rates will reverse from steady cuts possibly even to increases if inflation becomes entrenched, implies that care is required in stock selection, in this case as to which funds carry material debt.
Such variables – key to future performance – are obviously tricky to gauge right now. There is no historic precedent of air strikes alone achieving regime change, but without such change in Iran, its new leader – who has just lost his closest family members in the bombing of the Ayatollah’s compound – seems even less likely to find compromise with the US and Israel.
It seems likely, once US President Donald Trump realises the mire he has got himself into with his electorate – stocks falling and energy prices soaring – he will spin some kind of “victory” and retreat from Gulf action. The tipping point will be if and when Iranian drone strikes fizzle out, enabling UAE refineries to restart production.
But it would also need to involve free passage of the Strait of Hormuz where Iranian proxies can enact a longer-term threat. I don’t share the oil market’s knee-jerk reaction back from well over $100 a barrel to $90 on the basis of Trump’s reassuring words from his Florida retreat, that this war will be over soon.
If the Iranian regime remains intact, then more likely this episode will have inflamed acrimony in the Arab/Israeli conflict and with the US. The reason Japanese equities plunged last Monday was reliance on the Middle East for 90% of Japan’s oil imports.
I am therefore wary how, in the medium term, Trump’s mercurial irresponsibility is liable to leave an even worse mess than George W. Bush and Tony Blair did in Iraq. From a tactical investment view, it is worth considering options at least to hedge by way of exposure to energy. My last two pieces engaged five oil & gas shares. Now, I look at two renewable funds.
The Renewables Infrastructure Group is a prime candidate
TRIG floated in July 2013 at 100p per share, reaching 145p in mid-2022, but has seen a near consistent downtrend thereafter to a 64p February low. It is capitalised at £1.6 billion, with a diversified portfolio of infrastructure, spanning wind, solar and battery storage projects across six European markets.
At 67p, its shares trade at 0.64x net tangible asset value and offer a remarkable 11.5% dividend yield, albeit marginally short of earnings cover based on 2026 and 2027 consensus earnings forecasts. However, the 2025 results showed operational cash flow which covered the dividend 2.1x gross and 1.0x net after £192 million debt repayment; cash flow being what really matters for payouts.
The Renewables Infrastructure Group – financial summary
Year-end 30 Dec
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
| Turnover (£m) | 119 | 175 | 555 | -24.2 | -158.0 | -104.0 |
| Operating margin (%) | 98.5 | 98.9 | 99.6 | 0.0 | 0.0 | 0.0 |
| Operating profit (£m) | 117 | 173 | 553 | -27.6 | -161 | -111 |
| Net profit (£m) | 100 | 210 | 521 | 5.8 | -115 | -130 |
| Reported earnings/share (p) | 5.8 | 10.0 | 21.5 | 0.2 | -4.7 | -5.4 |
| Normalised earnings/share (p) | 5.8 | 10.0 | 21.5 | 0.2 | -4.7 | -5.4 |
| Operating cashflow/share (p) | 6.7 | 7.4 | 7.9 | 5.4 | 5.3 | 5.0 |
| Capital expenditure/share (p) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Free cashflow/share (p) | 6.7 | 7.4 | 7.9 | 5.4 | 5.3 | 5.0 |
| Dividend/share (p) | 6.7 | 6.8 | 6.8 | 7.2 | 7.5 | 7.6 |
| Return on capital (%) | 5.4 | 6.4 | 16.5 | -0.9 | -5.6 | -4.4 |
| Cash (£m) | 23.1 | 28.2 | 24.5 | 18.1 | 11.7 | 7.1 |
| Net debt (£m) | -23.1 | -28.2 | -24.5 | -18.1 | -11.7 | -7.1 |
| Net assets/share (p) | 115 | 119 | 135 | 128 | 116 | 104 |
Source: company accounts.
The end-2025 balance sheet was also clear of debt, leaving £7.1 million cash.
While the company notionally was loss-making at the operating and net levels, the income statement – where you usually would see revenue – showed a £213 million “net loss on investments” reduced from a £276 million deficit in 2024. Mind you, this does represent what could be a nadir in energy pricing alongside low winds achieved.
For what the consensus expectation is worth, £187 million net profit is pencilled in for 2026 and 2027, with buybacks enhancing earnings per share (EPS) from 6.9p to 7.7p, giving a 12-month forward price/earnings (PE) ratio of 9.5x. If energy prices remain elevated, then upgrades look likely. This applies also to NAV, which fell 11.9p to 104.0p per share due to lower power price forecasts and winds.
Complicating forecasts, however, is 75% of revenues being fixed over the next five years, diluting the effect of price rises. Yet it was possible to consider renewables shares had fallen to overly big discounts to NAV and fat yields, before war in Iran kicked off.
TRIG has also suffered a disappointment lately after HICL Infrastructure PLC Ord
shareholders failed to approve a merger in December, which would have created synergies and de-risked the dividend. It created an onus for TRIG to justify itself again as a standalone.
Greencoat UK Wind: the listed leader in wind farms
This fund floated in mid-2013 at 100p per share, reaching 165p in September 2022 and, similar to TRIG, trading at a modest premium to NAV until mid-2022. But NAV fell by 12% last year to 133p per share, hence a current market price of 96p implying 0.72x.
Reported losses also relate similarly to lower gas prices affecting power price forecasts. I suggest they should now be improving intrinsically even if numbers are yet to.
Greencoat’s 2025 income statement still shows stable investment income of £395 million before a £446 million movement in fair value of investments. Lower down is £94 million of finance expense on £1.7 billion net debt, extending the net loss to £193 million.
Capitalised at £2.1 billion, the shares offer an 11.2% prospective yield where indeed there is expected earnings cover over 1.2x and the 12-month forward PE looks around 7.2x – with upgrades seemingly likely.
Greencoat UK Wind – financial summary
Year-end 30 Dec
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
| Turnover (£m) | 155 | 423 | 1,025 | 234 | 61.7 | -45.4 |
| Operating margin (%) | 81.3 | 93.0 | 96.2 | 82.8 | 38.3 | 0.0 |
| Operating profit (£m) | 126 | 394 | 987 | 194 | 23.6 | -74.3 |
| Net profit (£m) | 104 | 363 | 954 | 126 | -55.4 | -193 |
| Reported earnings/share (p) | 6.5 | 18.3 | 41.2 | 5.4 | -2.4 | -8.7 |
| Normalised earnings/share (p) | 6.5 | 18.3 | 41.2 | 5.4 | -2.4 | -8.7 |
| Operating cashflow/share (p) | 7.7 | 12.2 | 23.6 | 15.5 | 17.1 | 16.5 |
| Capital expenditure/share (p) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Free cashflow/share (p) | 7.7 | 12.2 | 23.6 | 15.5 | 17.1 | 16.5 |
| Dividend/share (p) | 7.1 | 7.2 | 7.7 | 10.0 | 10.0 | 10.4 |
| Return on capital (%) | 3.8 | 9.7 | 20.5 | 3.8 | 0.5 | -1.7 |
| Cash (£m) | 7.9 | 4.8 | 19.8 | 21.8 | 5.8 | 14.2 |
| Net debt (£m) | 1,092 | 945 | 1,081 | 1,768 | 1,754 | 1,706 |
| Net assets/share (p) | 122 | 134 | 167 | 164 | 151 | 133 |
Source: company accounts.
As for hedging, Greencoat has fixed 59% of its discounted cash flows over the next seven years, hence has potentially better exposure to higher electricity prices than TRIG. This is also to link dividend policy to consumer price inflation (CPI).
While net cash from operations eased 7% to £365 million, disposals worth £103 million more than doubled cash flow on the investing side of the fund’s flow statement to near £111 million. This helped buybacks rise 35% to £108 million relative to £227 million as dividends.
Management expects to have around £1 billion capital from organic excess cash flow to allocate over the next five years towards development objectives. Opportunities are anticipated from secondary sales of renewables also new construction. As yet, Greencoat has just a 6% UK market share.
‘Buy’ stances look justified
I cite these two funds as exemplary, although you might want to read further around this sector. It is the case that I was already considering such shares before this war on Iran erupted, and I believe higher energy prices are likely to feature in 2026 unless regime change leads to oil sanctions lifting
A longer-term risk could be a Reform government abandoning net zero and pivoting towards North Sea development. Yet I believe a mixed UK energy policy is most likely to remain. Wind actually generated close to 30% of UK electricity in 2025, and last January saw an allocation round for offshore wind offering 20-year contracts linked to CPI.
Growth in data centres is expected to raise UK electricity demand by around 15% over the next five years, yet production from nuclear and gas is expected to decline over the next decade as plants retire.
I therefore consider the odds now tilt towards “buy”.
Edmond Jackson is a freelance contributor and not a direct employee of interactive investor.
The UKW bird seems to have flown, unless there is a bout of profit taking.
SDCL Efficiency Income Trust plc
Interim Dividend Declaration
SDCL Efficiency Income Trust plc is pleased to announce the third quarterly interim dividend in respect of the year ending 31 March 2026 of 1.59 pence per Ordinary Share.
The shares will go ex-dividend on 26 March 2026 and the dividend will be paid on 13 May 2026 to shareholders on the register as at the close of business on 27 March 2026.
About SEIT
SDCL Efficiency Income Trust plc is a constituent of the FTSE 250 index. It was the first UK listed company of its kind to invest exclusively in the energy efficiency sector. Its projects are primarily located in North America, the UK and Europe and include, inter alia, a portfolio of cogeneration assets in Spain, a portfolio of commercial and industrial solar and storage projects in the United States, a regulated gas distribution network in Sweden, a portfolio of on-site energy recycling, cogeneration and process efficiency projects, servicing the largest steel blast furnace in the United States and a district energy system providing essential and efficient utility services on one of the largest business parks in the United States.
The Company aims to deliver shareholders value through its investment in a diversified portfolio of energy efficiency projects which are driven by the opportunity to deliver lower cost, cleaner and more reliable energy solutions to end users of energy.
The Company is targeting an attractive total return for shareholders with a stable dividend income, capital preservation and the opportunity for capital growth. The Company is targeting a dividend of 6.36p per share in respect of the financial year to 31 March 2026. SEIT’s last published NAV was 87.6p per share as at 30 September 2025.
Past performance cannot be relied on as a guide to future performance.
Current share price 45.4p
Current yield 14%, which in future could be pared back but would still be included in the SNOWBALL
The SNOWBALL has a comparator share to compare the income for the SNOWBALL and the income using VWRP, which is supposed to be a low risk option to provide a retirement ‘pension.’
You would have to have buns of steel as the ETF has dropped 7k in one month.
The up to date comparison is
The SNOWBALL income of £10,500
VWRP income £5,973.00, even though it is up 20k over one year.
