UPDATE: HICL proposed a merger with InfraRed stablemate Renewables Infrastructure Group in November 2025, but the deal was quickly abandoned after discussions with shareholders. In July 2026, it announced a revised investment strategy, targeting annual returns of 10% (up from 7-8%) and putting up to 20% of its portfolio in higher-returning 'enhancer' assets. HICL produced a +10.3% NAV total return for the year to March 2026. It is guiding for dividends of 8.5p for the year ending March 2027 and 8.65p for 2028. From July 2026, it has revised its management fee to be based 100% on market cap, and will introduce a biennial continuation vote from 2028, if its average discount exceeds 10% in the previous financial year.

HICL Infrastructure (ti...