TIDMSBSI
RNS Number : 4959D
Schroder BSC Social Impact Trust
22 June 2023
Schroder BSC Social Impact Trust plc
Q1 2023 Quarterly Net Asset Value - 31 March 2023
The Board of Schroder BSC Social Impact Trust plc (the
"Company"), which provides a unique investment opportunity to help
address UK social challenges, today announces its unaudited net
asset value ("NAV") as of 31 March 2023. This is the first of a
series of quarterly NAV announcements the Company plans to make,
introduced to provide more timely and transparent information for
shareholders.
Key Highlights
-- NAV of GBP88.9m or 104.49p per share as of 31 March 2023, a
decrease of 1.28% relative to the NAV per share as of 31 December
2022 (105.84p).
-- Decline in NAV due to a write-down in the Bridges Evergreen
Holdings (BEH) fund partially offset by positive contributions from
the other holdings in our High Impact Portfolio and Liquidity
Assets
-- As of 31 March 2023, 98% of our capital was committed to High
Impact Investments, and 86% was deployed. During the quarter:
o GBP2.4m of capital was drawn, mainly into High Impact Housing
investments via Man Community Housing Fund and Social and
Sustainable Housing (SASH).
o GBP1.0m of capital was returned via the partial exit from the
Resonance Real Lettings Property Fund (RLPF1), delivering an exit
IRR during Company ownership of 8.0%
-- Following the realisation of capital from RLPF1 and the
cancellation of unused commitments, and net of capital used for
share buybacks to date, the Company has c. GBP2.5m of uncommitted
capital, held to invest in further High Impact Investment
opportunities or provide flexibility for further share buybacks.
The Portfolio Manager continues to review an active pipeline of new
and follow-on High Impact Investments.
-- Capital awaiting deployment and uncommitted capital, held in
Liquidity Assets and Money Market Funds, enhanced returns for the
quarter.
-- The portfolio continues to deliver strong positive impact for
vulnerable and disadvantaged people in the UK. Our second annual
Impact Report will be published at the end of June 2023.
-- The Company will publish an Investor Update in July 2023, and the next NAV in Q3.
Portfolio and performance overview
Valuation methodology
-- NAV figure based on quarterly management reporting as of 31
March 2023 for 8 of our 10 High Impact Portfolio holdings,
representing approximately 80 per cent of the portfolio
valuation.
-- The two funds managed by Bridges Fund Management Limited
("Bridges"), Bridges Evergreen Holdings (BEH) and Bridges Social
Outcomes Fund II, are currently undergoing the audit process for
their 31 March 2023 financial year end. The valuation included in
this report for these two funds, representing approximately 20 per
cent of the portfolio valuation, is based on December 2022
quarterly management reporting, adjusted for known cash movements
in the quarter and draft unaudited information from Bridges.
Performance drivers
-- The High Impact Portfolio had a negative contribution of
1.55p to the change in NAV/share; by asset class:
o Debt and Equity for Social Enterprises had a negative 1.83p
contribution to NAV/share, due to a write down during the quarter
in the BEH portfolio which resulted from changes to public sector
service provision to young adults; this was partially offset by
positive contributions from other investments.
o High Impact Housing had a positive 0.27p contribution to
NAV/share, mainly driven by a write-up of the CBRE property
portfolio, as new developments reached practical completion.
o Social Outcomes Contracts held stable over the period, at the
December 2022 valuation, while we await audited reporting from
Bridges as of 31 March 2023.
-- Liquidity Assets had a positive contribution of 0.44p to NAV / share in the quarter.
-- Fees and expenses accounted for 0.28p per share for the
quarter, equivalent to an annualised ongoing charges rate of
1.08%.
Share buyback programme
-- As announced in the Half Year Report published in March 2023,
the Board commenced a share buyback programme with the aim of
narrowing the discount at which the shares were trading to NAV. It
is the Board's stated objective to grow the Company in order to
deploy fresh capital into high impact social enterprises. This can
only be accomplished if the shares trade above NAV.
-- A total of 263,331 shares were purchased during the quarter
and are held in Treasury. Since the end of the quarter, a further
448,389 shares were purchased, bringing the total number of
treasury shares to 711,720 as of 20 June 2023.
For further information, please contact:
Schroders
Augustine Chipungu (Press) 0207 658 2016
Kerry Higgins (Schroder Investment
Management Limited, Company Secretary) 202 7658 6189
Big Society Capital
Emma Hickinbotham, Ehickinbotham@bigsocietycapital.com
Managing Director, Communications
Winterflood Securities Limited 020 3100 0000
Neil Langford
About Schroder BSC Social Impact Trust plc
The Company was launched in December 2020, with the objective to
enable access to high social impact investment opportunities in
private markets - tackling social challenges across the UK. The
Company aims to build a diversified portfolio across asset classes,
targeting sustainable returns, demonstrable social impact, and low
correlation to traditional public markets.
Further information about the Company can be found on its
website at www.schroders.com/SBSI
About Big Society Capital
Big Society Capital is the UK's leading social impact investor.
Our mission is to grow the amount of money invested in tackling
social issues and inequalities in the UK. We do this by investing
our own capital and helping others invest for impact too.
Since 2012, we have helped build a market that has directed more
than GBP8 billion into social purpose organisations tackling issues
from homelessness and mental health, to childhood obesity and fuel
poverty, a ten-fold increase in ten years.
Further information about Big Society Capital can be found at www.bigsocietycapital.com
About Schroders plc
Schroders plc
The history of Schroders began in 1804 when JH Schroder became a
partner in J.F. Schröder & Co, a London-based firm founded by
his brother JF Schroder. It has evolved since then into the company
today known as Schroders plc. Throughout that time, the Schroder
family have maintained a significant interest in the business,
which the Company believes has been a significant benefit to it.
Today, the interests of some members of the Schroder family (being
certain descendants of the late Helmut Schroder and, in some cases,
their spouse or former spouse) are spread across a number of
parties, who are collectively known as the Principal Shareholder
Group. The Principal Shareholder Group is comprised of a number of
private trustee companies (and investment companies controlled by
those trustee companies), a number of Schroder family individuals,
and a Schroder family charity which, directly or indirectly, are
Shareholders in the Company. The current aggregate Principal
Shareholder Group holding the Schroders plc shares is 44.11%.
Schroders is global investment manager offering a distinctive
set of advice and investment capabilities. Their business is
organised across two segments - asset and wealth management - with
four distinct business offerings. In Asset Management their
Schroders Investment Management business offers active management
across a full range of asset classes through mutual funds and
institutional mandates. This is now supplemented by a complete
private assets business, Schroders Capital, whilst Schroders
Solutions brings their public and private asset management
capabilities together to offer complete investment solutions to
institutional clients. Schroders Wealth Management offers advice
across the wealth spectrum through their various brands.
Issued by Schroder Investment Management Limited. Registration
No 1893220 England. Authorised and regulated by the Financial
Conduct Authority. For regular updates by e-mail please register
online at www.schroders.com for our alerting service.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NAVEASKFALSDEFA
(END) Dow Jones Newswires
June 22, 2023 02:00 ET (06:00 GMT)
Schroder Bsc Social Impact (LSE:SBSI)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Schroder Bsc Social Impact (LSE:SBSI)
Gráfica de Acción Histórica
De May 2023 a May 2024
