I’ve bought for the SNOWBALL 841 shares in SUPR for £729.00 as portfolio tidying exercise bringing the holding to 10k.

You know that the SAP 500 rises over time but not in a straight line.

You know that holding a share above the cloud means the sun may shine on your holding.

Below the cloud, it’s most probably raining on your parade, unless the share is reversing from a low.

Current yield 2.9%, if you buy from the chart in the late stage of a bull rally, you are likely to lose some of your hard earned.

Total interim dividends declared in respect of the period therefore amount to 7.30p per share, representing an increase of 45.1% compared with the corresponding period in 2025. The Board continues to believe that the enhanced dividend policy, which distributes 1.5% of the Company’s NAV each quarter, equivalent to approximately 6% of NAV annually, provides shareholders with an attractive and sustainable income level while enabling ongoing exposure to the breadth of the US equity market.

So not a yield of 7% but currently some profit could be booked and re-invested into a higher yielder.

You wanted to buy a share, the main criteria being a gently rising dividend, yielding 7% or greater, without too much risk to your hard earned.

7% is important as it doubles your income every ten years.

First check, how reliable is the dividend ?

You check back 5 years, a lot can change in 5 years, so recent history is more important than days of yore. A gently rising dividend.

7% is important as it doubles your income every ten years.

Mr. Market has given you a great opportunity as the yield historically was around 5%. If in time interest rates fall and the yield falls as the price rises, the yield could fall back to around 5%.

Compound growth on 10k of seed capital. The really good news is that if you only have a modest amount to invest, compound interest takes a few years to make a big difference to your Snowball.

Now PHP may not be traded in 30 years time, so you may have to switch horses but as long as your new Investment Trust or ETF, yields 7%, your yield on initial investment will be around 53%, why would you want to sell any of your shares ?

You need to check the dividend announcement 4 times a year and if the dividend is maintained or increased, you could re-invest the earned dividends back into PHP, until the yield falls below 7%.

You wanted to buy a share, the main criteria being a gently rising dividend, yielding 7% or greater, without too much risk to your hard earned.

7% is important as it doubles your income every ten years.

First check, how reliable is the dividend ?

You check back 5 years, a lot can change in 5 years, so recent history is more important than days of yore. There has been one miss, June 2021 but a gently rising dividend.

7% is important as it doubles your income every ten years.

Mr. Market has given you a great opportunity as the yield historically was around 5%. If you had been following SUPR you could have earned a yield of 9.3%, 2% compounded over 30 years makes a huge difference. If in time interest rates fall and the yield falls as the price rises, the yield could fall back to around 5%.

Compound growth on 10k of seed capital. The really good news is that if you only have a modest amount to invest, compound interest takes a few years to make a big difference to your Snowball.

Now SUPR may not be traded in 30 years time, so you may have to switch horses but as long as your new Investment Trust or ETF, yields 7%, your yield on initial investment will be around 53%, why would you want to sell any of your shares ?

You need to check the dividend announcement 4 times a year and if the dividend is maintained or increased, you could re-invest the earned dividends back into SUPR, until the yield falls below 7%.

Current earned income £8,643

Current xd cash £1,307

Total £9,950

Current cash £931. To buy shares that pay a dividend and use those dividends to buy more shares that pay a dividend.

Current income target for this year is for the year 2031.

Next years target will be for the year 2030.

How much do you need in a SIPP to aim for a passive income of £7,777 a year

Harvey Jones shows how investors can use a SIPP to fund a comfortable retirement, supplementing it with an ISA to balance their tax bills.

Posted by Harvey Jones

Published 12 August

You’re reading a free article with opinions that may differ from The Twelfth Magpie’s Premium Investing Services.

I love my SIPP. The Self-Invested Personal Pension, to use its full name, has a terrific upfront advantage. Investors get tax relief on their contributions.

This means that every £100 that goes into SIPP only costs a basic rate taxpayer £80. That falls to £60 for a higher rate taxpayer (they have to claim the extra £20 via their tax return).

Because pension tax relief is paid right at the start, all subsequent growth is generated on that higher sum. Basically, you’re off to a flier.

When it’s time to start drawing the money in retirement, 25% can be taken entirely free of tax, what’s called the pension commencement lump sum.

Investing tax-free for retirement

In contrast to a Stocks and Shares ISA, further SIPP income withdrawals are taxable. But if you earn enough to claim 40% or 45% pensions tax relief while working, but pay just 20% income tax in retirement, you’re winning again.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

At The Twelfth Magpie, we encourage investors to build wealth by creating a balanced portfolio of FTSE 100 and FTSE 250 shares. So how much would you need in your SIPP to generate income of £7,777 a year? 

The answer depends on the dividend yield on your shares.

• With a 4% yield, you’d need £194,425 invested.
• At 5%, the required total falls to £155,540.
• And at 6%, the figure drops to £129,617.

Ideally, I’d recommend investing more than that. When your retirement comes, the bigger your pension the better. Supplementing a SIPP with a Stocks and Shares ISA also makes sense. That would allow you to tax blend taxable SIPP withdrawals with tax-free ISA ones, reducing your overall exposure to HMRC.

FORESIGHT ENVIRONMENTAL INFRASTRUCTURE LIMITED

(“FGEN” or the “Company”)

Net Asset Value and Dividend Update

The Board of FGEN, a leading investor in private environmental infrastructure assets across the UK and mainland Europe, announces its unaudited Net Asset Value (“NAV”) and dividend for the quarter ended 30 June 2026.

Highlights

·   Positive NAV total return delivered: NAV total return of 1.4% for the quarter, demonstrating the resilience of the Company’s diversified portfolio despite softer power price forecasts.

·   Total Shareholder Return (“TSR”): TSR of 28.2% for the quarter, reflecting increased investor recognition of FGEN’s differentiated strategy, the resilient portfolio and progressive dividend policy.

·   Stable NAV supported by operational performance: NAV of £652.4 million (31 March 2026: £655.5 million), with NAV per share of 104.7 pence. Positive valuation movements and portfolio performance largely offsetting the impact of lower power price assumptions.

·   Strong cash generation underpinning dividend target: The portfolio continues to generate robust cash flows, with dividend cover expected to remain within the Company’s target range of 1.2x to 1.3x, post project debt amortisation.

·   Quarterly dividend declared in line with target: Quarterly dividend of 2.01 pence per share declared, maintaining progress towards the Company’s full-year dividend target of 8.04 pence per share.

·   Prudent balance sheet maintained: Gearing remained amongst the lowest in the sector at 29.2% as at 30 June 2026 (28.8% at 31 March 2026), providing financial flexibility to support disciplined capital allocation.

·   Well positioned for organic NAV growth: the Board remains focused on delivering the Company’s progressive dividend strategy, alongside NAV growth through consistent operational performance, value enhancements and selective capital recycling.

Stephanie Coxon, Chair-designate of FGEN, said: “FGEN has delivered another strong operational quarter, underpinned by the resilient performance of our highly cash-generative, diversified environmental infrastructure portfolio.

lt is encouraging to see the quality of our assets recognised, with FGEN delivering a 28.2% TSR during the period and a partial rerating in our share price. Whilst the wider renewable infrastructure sector continues to face headwinds, the Board believes that an 18.8%¹ discount to NAV continues to undervalue the Company and its underlying assets.

The breadth and quality of our distinct portfolio remain the Company’s true differentiator that supports our confidence in its future and our ability to continue delivering shareholder returns, as reflected in the declaration of today’s quarterly dividend of 2.01 pence per share.”

Summary of changes in NAV:

	NAV per share
NAV at 31 March 2026	105.2p
Dividends paid in the period	-2.0p
Power price forecasts	-1.3p
Other movements (including discount rate unwind less fund overheads)	+2.8p
NAV at 30 June 2026	104.7p

Valuation factors

Power price forecasts

Independent market forecasts for power and gas prices softened during the period, contributing to the overall 1.3p decrease in NAV per share. The principal driver was a reduction in short to medium-term power price assumptions, reflecting improved stability in energy markets and lower uncertainty surrounding gas supplies. Long-term power price assumptions remain broadly unchanged. Since 30 June 2026, near-term power prices have strengthened, however, these movements are not reflected in the period-end valuation.

Gearing

In line with the Company’s stated approach to capital allocation, FGEN continues to maintain one of the lowest levels of gearing in the sector. As at 30 June 2026, total gearing was 29.2% (31 March 2026: 28.8%), with the Company’s Revolving Credit Facility (“RCF”) £128.5 million drawn.

Portfolio performance

Overall, the portfolio performed broadly in line with expectations over the quarter. The renewable energy generation portfolio was a notable highlight, with generation 3.8% ahead of budget, supported by strong output from the anaerobic digestion and biomass portfolios.

Dividend

The Company declares a quarterly interim dividend of 2.01 pence per share for the quarter ended 30 June 2026, consistent with the full-year target of 8.04 pence per share for the year to 31 March 2027, as set out in the 2026 Annual Report. This equates to a yield of 9.4% on the closing share price on 11 August 2026.

Dividend Timetable

Ex-dividend date                    3 September 2026

Record date                            4 September 2026

Payment date                         25 September 2026

The SNOWBALL, no longer holds FGEN, the current profit is £3,317.20.

The current yield is 9.3% so a share I would consider, maybe, buying back.

Discount to Nav 18%,

Which ETFs are attracting the most investment?

Despite rising market volatility, equity ETFs continued to be popular picks with investors last month. Which ETFs and sectors saw the biggest inflows?

By Dan McEvoy

Published 16 hours ago

While equity markets stuttered in July – the MSCI World Index, which represents 85% of the total market capitalisation of each developed market in the world, grew just 0.5% during the month – flows into exchange-traded products were strong.

European-listed exchange-traded funds (ETFs) and exchange-traded commodities (ETCs) attracted flows of €47.3 billion in July, up 28.5% from €36.8 billion the previous month, according to data from investment research firm Morningstar.

Fund flows can give a broad indication of how investors feel about the market at a given point of time, though there is of course no guarantee that this will continue in future.

Among European-listed ETFs, those focusing on equity investing attracted €34.2 billion in flows during July, up from €29.9 billion in June. ETFs tracking bonds attracted €8.8 billion in July, up from €7.7 billion in June.

FromMoneyWeek

“Despite a softer month for US equities, money continued to flow into both global and US-focused equity [ETFs], reflecting investor conviction in the long-term artificial intelligence and technology-led growth story,” said Jose Garcia-Zarate, senior principal at Morningstar. “Investors largely treated market weakness as a buying opportunity, continuing to allocate capital to growth-oriented exposures.”

While ETF flows remained strong in aggregate, there was some divergence between the allocations towards different styles of fund.

The Europe-listed ETF sectors that saw the biggest inflows and outflows

Blend equity ETFs (those holding a combination of value and growth stocks) saw some of the largest inflows among Europe-listed equity ETFs during July, according to Morningstar’s analysis.

Global large cap blend equity ETFs attracted €10.1 billion in flows during the month, followed by US large cap blend equity at €8.6 billion.

While ETFs that contained a blend of US large- and small-caps saw the largest flows, their counterparts that focused on either growth or value saw divergent flows. ETFs targeting US large cap growth stocks were among those that saw the largest outflows (€1.4 billion worth), but US large cap value ETFs saw outflows of €117 million.

Top 10	Net flow (€ million)	Bottom 10	Net flow (€ million)
Global large cap blend equity	10,108	US large cap value equity	-117
US large cap blend equity	8,584	Brazil equity	-149
Global emerging markets equity	3,574	Asia ex-Japan equity	-197
Japan large cap blend equity	1,844	Latin America equity	-213
Global equity income	1,571	Germany equity	-248
US large cap growth equity	1,414	China equity	-382
Sector equity financial services	1,374	US small cap equity	-395
Europe large cap blend equity	1,148	China equity – A shares	-422
Sector equity technology	1,120	Europe ex-UK equity	-442
Other equity	873	Global large cap value equity	-539

^{Source: Morningstar Direct. Data as of 31 July 2026.}

“Interestingly, we saw little evidence of a meaningful rotation into defensive or value strategies during the pullback,” said Garcia-Zarate.

The ETF sectors that saw the largest outflows were global large cap value, which saw outflows of €539 million, and Europe ex-UK with €442 million in outflows.

Which Europe-listed ETFs saw the largest flows during July?

Vanguard’s FTSE All-World UCITS ETF (LON:VWRP) topped the list of ETFs seeing the largest inflows during July, with €3.3 billion flowing into the fund. iShares MSCI Japan ETF (LON:IJPN) came second, with €1.6 billion inflows.

State Street SPDR MSCI World ETF (LON:SWLD) saw the largest outflows, at €1.9 billion, followed by Xtrackers S&P 500 Swap ETF (LON:XSXG) which registered €981 million outflows.

Top 10	Net flow (€ million)	Bottom 10	Net flow (€ million)
Vanguard FTSE All-World ETF	3,308	iShares Edge MSCI World Value Factor ETF	-328
iShares MSCI Japan ETF USD Dist	1,571	Xtrackers MSCI World Value ETF	-334
UBS Core MSCI EM UCITS ETF	1,453	iShares MSCI China ETF	-434
iShares Core MSCI World ETF	1,179	Ossiam Lux Ossiam Shiller Barclays Cape US Sector Valu	-467
UBS MSCI ACWI Climate Paris Aligned ETF	1,145	L&G Europe ex-UK Equity ETF	-522
Xtrackers S&P 500 Swap II UCITS ETF	1,039	State Street SPDR S&P 500 Quality Aristocrats ETF	-734
iShares CORE MSCI EM IMI ETF	977	iShares Edge MSCI USA Value Factor ETF	-773
Xtrackers S&P 500 Equal Weight ETF	960	UBS MSCI ACWI Socially Responsible ETF	-957
State Street SPDR MSCI All Country World ETF	947	Xtrackers S&P 500 Swap ETF	-981
Xtrackers S&P 500 ETF	862	State Street SPDR MSCI World ETF	-1,887

^{Source: Morningstar Direct. Data as of 31 July 2026.}

What happened to global ETP flows in July?

The data on flows into European-listed ETFs and ETCs was consistent with the picture that global ETP flows painted.

Global flows into exchange-traded products (ETPs) – which includes ETFs and ETCs – hit a record $362.6 billion in July, according to data from asset manager BlackRock.

BlackRock’s analysis showed that flows into equity ETPs rose for the third consecutive month to $64.8 billion.

Tech-focused ETPs saw higher flows than any other sector. Flows into tech ETPs reached a record $60.5 billion in July, smashing through the previous record of $32.0 billion, set the previous month.

One of the Most Undervalued Income Stocks On The Market Today

By Tim Plaehn, Investors Alley, Friday, August 7

Rithm Capital (RITM) is a company that has tremendously expanded its business over the last few years, but that growth has not shown up in its share price. I believe investors will eventually realize that this company should have a much higher share price. Maybe you can help.

Known as New Residential Corp when it launched in 2013, Rithm Capital started as a finance real estate investment trust (REIT), investing in mortgage servicing rights (MSRs) and other mortgage-related securities. Until the pandemic, the company was a steady dividend growth REIT.

The pandemic forced the company to slash its dividend by 90%, from $0.50 quarterly to $0.05. The dividend started growing immediately, but topped out at $0.25 in September 2021. It has stayed at that level since.

The bigger changes at Rithm Capital have been the expansion of its business operations into a diversified asset management company. Here are the currently owned businesses:

Asset-generating businesses are those with $54 billion under management.

Alternative Asset Management businesses are those with $61 billion under management.

● Sculptor Management was acquired for $720 million in November 2023.

● Crestline Management L.P., with $20 billion under management, was acquired on December 1, 2025.

Rithm Capital is now a multi-business company with $120 billion in assets. The company is very profitable. For the 2026 second quarter, earnings available for distribution (EAD) of $0.60 per share nicely exceeded the Wall Street consensus of $0.50. The company beat estimates for 17 out of the last 19 quarters. Analysts are consistently wrong about Rithm’s earnings potential.

Rithm Capital’s second-quarter book value was $12.33 per share.

Currently, RITM trades for $9.90, a 20% discount to the book value. The share price is down 20% over the last year, despite the tremendous profits. The $1.00 annual dividend is more than 200% covered.

My theory is that investors still view Rithm Capital as only operating as a finance REIT. The diversified businesses are not reflected in the share value.

If RITM traded for 1.2 times book, it would be at $15 per share. If it traded at 10 times annual EAD, it would be over $20.

Fortunately, this stock offers a 10% yield on its very stable dividend.

Foresight Solar Fund Limited

Trading Update, Q2 2026 Net Asset Value

Foresight Solar, the fund investing in solar and battery storage assets to generate income and deliver long-term growth, announces its unaudited net asset value (NAV) was £517.9 million at 30 June 2026 (31 March 2026: £543.0 million). This results in a NAV per ordinary share of 94.9 pence (31 March 2026: 99.2 pence).

Summary of key changes to NAV

Item	p/share movement
NAV on 31 March 2026	99.2p
Interim dividends paid	-2.0p
Time value	+1.9p
Discount rate adjustment	-1.4p
Inflation assumptions	+0.9p
Project actuals	-1.3p
Power price forecasts	-1.1p
Carbon Price Support (CPS) removal	-0.5p
Share buyback programme	+0.1p
Other movements	-0.9p
NAV on 30 June 2026	94.9p

Inflation assumptions

UK inflation assumptions also moved higher, with RPI and CPI now expected to be 3.5% and 3.0% in 2027, respectively. From 2028 to 2030, RPI is forecast at 3.0% and CPI at 2.5%, before easing to 2.4%¹ and 2.25%, respectively, from 2031. The updated assumptions added 0.9pps to NAV.

Project actuals

Project actuals reduced NAV by 1.3pps, primarily reflecting the timing of cash receipts, payments and power price hedging settlement related to the UK portfolio, as well as lower-than-budgeted generation in Spain and Australia during the second quarter.

Power price forecasts

Updated forecasts from independent market consultants reflected lower near-term power price expectations across Foresight Solar’s markets, following an easing of geopolitical risk during the period, as well as wider UK solar capture price discounts in the long term. Overall, this reduced NAV by 1.1pps.

CPS removal

The UK government announced earlier this year that it will remove the Carbon Price Support mechanism from April 2028. The move is intended to reduce wholesale electricity prices for consumers and industry in the medium term. The change reduced NAV by 0.5pps, in line with the Company’s estimate of between 0.5pps and 1.0pps disclosed at the time of the government’s announcement.

Share buyback programme

Foresight Solar continued to buy back its shares, adding 0.1pps to NAV in the second quarter of 2026. More than £56 million of the £60 million programme has been deployed, delivering a cumulative NAV uplift of 3.4pps since repurchases began.

Other movements

Other movements, including foreign exchange, working capital movements and minor portfolio adjustments, resulted in a net negative impact of 0.9pps.

Independent valuation

Given the persistent share price discount to NAV and the limited number of recent comparable market transactions, the Board commissioned an independent third party to undertake a review of the valuation of the Company’s UK operational solar portfolio. The review considered the valuation methodology, key assumptions and supporting market evidence, and concluded that the valuation is within a reasonable range of fair values.

Trading update

Above-budget production in the UK was partly offset by higher-than-expected curtailment in Spain and below-forecast irradiation in Australia. Overall, global production for the quarter was 3.6% under budget, with solar resource 4.7% above expectations.

In the six months to 30 June 2026, global portfolio generation was 5.6% lower than forecast and irradiation was marginally above budget.

Taking advantage of the macro environment, the investment manager continued to actively manage the Company’s power price hedging strategy. Global contracted revenues are now 84% for 2026, 82% for 2027 and 64% for 2028 of forecast total revenues for each year, with average UK prices at £75.48/MWh, £72.14/MWh and £75.05/MWh for those years, respectively.

Since the end of the second quarter, UK day-ahead electricity prices have risen in reaction to consecutive heatwaves, low wind output and tighter gas markets. Middle East tensions have added pressure to natural gas prices. Solar generators are likely to benefit from these factors, as well as from the sunniest month on record in July, according to the Met Office.

Gearing

The gross asset value (GAV) on 30 June 2026 was £908.0 million (31 March 2026: £931.5 million), with total outstanding debt of £390.1 million, which represented 43.0% of GAV (31 March 2026: £388.5 million and 41.7%) – comfortably within the 50% limit. The modest increase in gearing reflects seasonal working capital requirements.

Interim results date

Foresight Solar expects to publish its interim results for the six months to 30 June 2026 on 15 September 2026. A Notice of Results with more details will be released in due course.