Infrastructure: income at a discount
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Capital Gearing initiated a position in International Public Partnerships Ord
0.32% in 2018 and added significantly to it in 2025. The portfolio of infrastructure projects includes train leasing, offshore power cables and London’s new “super sewer”. INPP yields around 7%. Its discount is -16%.
“These assets are mostly in the UK and have highly predictable, long-term cash flows, typically with an element of inflation linking,” says Laing.
Laing adds: “These private assets are hard to value, so discounts should be taken with a pinch of salt, however INPP has sold £345 million of assets, or 13% of the portfolio, to third parties at or above NAV, giving some hard evidence of pricing.”
The same chart but with dividends re-invested into your Snowball
Not been a great investment for the last 5 years but has returned reliable dividends for re-investment.
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