RM Infrastructure Income PLC Net Asset Value(s) (9034M)
17 Enero 2023 - 01:00AM
UK Regulatory
TIDMRMII TIDMTTM
RNS Number : 9034M
RM Infrastructure Income PLC
17 January 2023
RM Infrastructure Income Plc
("RMII" or the "Company")
LEI: 213800RBRIYICC2QC958
Net Asset Value
NAV & Share price performance
The Company's NAV % Total Return for the month of December was
0.66%, which brings the NAV % Total Return for the quarter to
1.50%.
The NAV % Total Return over the last twelve months was 4.98%
and inception to date 37.22%.
The Ordinary Share NAV as at 31(st) December 2022 was 92.50 pence
per share. This monthly NAV return of -1.009 pence per share
arose primarily from the ex-dividend effect of the 1.625 pence
per share ordinary dividend for the period Q3 2022, declared
in November 2022 and paid in December 2022. Otherwise, there
was positive interest income, net of expenses, of 0.568 pence
per share and an increase in portfolio valuations of 0.048 pence
per share.
Summary for December 2022 (pence
per share)
Net interest income +0.568p
Change in portfolio
valuations +0.048p
Payment of Dividend
(Q3 2022) -1.625p
-1.009
Net NAV Movement p
------------------------- ---------
During the month of December 2022 and post period-end, the Company
purchased c.250k shares as part of its buyback program. The Board
and the Investment Manager remain focused on reducing the discount
to Net Asset Value.
Market Update
Peak inflation fear and the instability created by Liz Truss
had started to pass as the quarter began, as evidenced by government
bond yields starting to fall again. Overall, it was a strong
quarter for both risk assets and government bonds as equities
rallied and the 2 -year UK government bond yield fell from a
high of circa 4.4% to finish the period at circa 3.5%. There
was a similar shift in yields for the long end of the government
bond market, which had been particularly affected by LDI unwinds,
with cash prices for the UKT 0.5% 61 touching 28 cents on the
GBP in early October and finishing the quarter at 35 cents on
the GBP.
Credit spreads saw a material reduction in the risk premium with
the Markit ITRX European Crossover Index peaking at 650 in early
October and then steadily reducing over the period to finish
at 475. Post period end this trend has continued with spreads
touching nearly 400 today. It is likely that these are the tightest
levels we will see in this index for the remainder of the year
and thus the widening applied to the Level 3 assets, of 70bps
in June and September 2022, have not been reversed by the Investment
Manager nor the Valuation Agent until we see economic indicators
giving indications that can justify this spread compression within
these more liquid indices. In the view of RM Funds, this is pragmatic
and what investors would expect; to reduce volatility within
the fund as we expect further spread widening from these more
liquid indices during 2023.
RMII has significantly outperformed benchmark loan and bond indices
in FY2022 as outlined in the below table;
Total Return
1yr 3yr 5yr
-------------------------- --------
RM Infrastructure Income
NAV 4.98% 16.54% 33.00%
RM Infrastructure Income
Share Price -3.75% 7.16% 19.11%
S&P European Leveraged
Loan Index -7.05% -7.06% -8.13%
Ishares Core Corp Bond
UCITS ETF GBP -15.40% -14.52% -7.50%
-------- -------- -------
Portfolio Update
The Investment Manager remains confident with regards to the
low interest rate sensitivity of the portfolio. This is largely
driven by the short duration nature of the portfolio, which is
currently 1.50 years, which in turn means that loans can be repaid
relatively quickly and reinvested at higher yields. This has
been evidenced during the quarter as a number of loans written
over previous years were repaid and the capital redeployed into
higher yielding loans. In conjunction with this, the portfolio
manager has been seeking to increase security with a move up
the capital structure by recycling this capital into senior secured
loans and reducing mezzanine or junior lending exposure. The
portfolio yield has thus increased over the quarter by 28bps
from 8.87% to 9.15%.
Increased investments
* Social Infrastructure - Aged Care, Ref 88 :
c.GBP5,000
* Environmental Infrastructure - Energy Efficiency, Ref
96 : GBP70,000
* Non-Core - Hotel & Leisure, Ref 69: GBP7,500
New Investments
* Social Infrastructure - Care Home, Ref 97a&b :
GBP6,200,000 committed (c.GBP1.1m drawn in period)
Repayments:
* Environmental Infrastructure - Energy Efficiency, Ref
96 : GBP70,000
* Environmental Infrastructure - Energy Efficiency, Ref
62 : GBP1,000,000
* Environmental Infrastructure - Renewable Heat
Incentive, Ref 9&52 : GBP150,000
* Social Infrastructure - Childcare, Ref 95a&b :
GBP120,000
* Social Infrastructure - Health and Well-being, Ref
94: c.GBP7,700
* Social Infrastructure - Childcare & Education, Ref
91: GBP1,550,000
* Non-Core - Asset Backed Lending, Ref 64: GBP2,750,000
* Non-Core - Asset Backed Lending, Ref 60: GBP2,000,000
* Non-Core - Hotel & Leisure, Ref 67: GBP950,000
A quarterly update webinar from the Investment Manager is scheduled
for Tuesday 19(th) January 2-3pm and registration can be made
here: https://us06web.zoom.us/webinar/register/WN_oBbZJhtFRiWqkGlu_7t6DQ
.
The Company also announces that the Monthly Report for the period
to 30 September 2022 is now available to be viewed on the Company
website:
https://rm-funds.co.uk/rm-infrastructure-income/rm-funds-investor-monthly-fact-sheets-2/
END
For further information, please contact:
RM Capital Markets Limited - Investment Manager
James Robson
Thomas Le Grix De La Salle
Tel: 0131 603 7060
FundRock Management Company (Guernsey) Limited - AIFM
Chris Hickling
Shaun Robert
Tel: 01481 737600
Tulchan Group - Financial PR
Elizabeth Snow
Oliver Norgate
Tel: 0207 353 4200
Apex Listed Companies Services (UK) Limited - Administrator
and Company Secretary
Brian Smith
Ciara McKillop
Tel: 020 3327 9720
Singer Capital Markers Advisory LLP - Financial Adviser and
Broker
James Maxwell
Asha Chotai
Tel: 020 7496 3000
Peel Hunt LLP - Financial Adviser and Broker
Luke Simpson
Liz Yong
Tel: 020 7418 8900
About RM Infrastructure Income
RM Infrastructure Income Plc ("RMII" or the "Company") is a closed-ended
investment trust established to invest in a portfolio of secured
debt instruments.
The Company aims to generate attractive and regular dividends
through loans sourced or originated by the Investment Manager
with a degree of inflation protection through index-linked returns
where appropriate. Loans in which the Company invests are predominantly
secured against assets such as real estate or plant and machinery
and/or income streams such as account receivables.
For more information, please see
https://rm-funds.co.uk/rm-infrastructure-income/
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END
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January 17, 2023 02:00 ET (07:00 GMT)
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