3i Infrastructure (3IN) is the best-performing of the veteran infrastructure trusts, having returned 11% a year on a share price total return basis since its 2007 IPO, and just over 12% on an NAV basis, both well ahead of its 8-10% annual return target. Initially, 3IN focused on lower-risk core infrastructure assets, but around a decade ago, it began to shift towards higher-risk/higher-return core plus infrastructure. It has a very concentrated portfolio, typically around 10-12 holdings, spanning a range of infrastructure businesses, including data centres, subsea cables, cold storage and ster...
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The infrastructure sector has been one of many within the wider alternatives space to suffer from wide discounts of late. However, with a more mature and diversified asset base, the damage has been less severe than in other sectors, such as renewable energy, and there have been some early signs of a sustained recovery in recent months. Here, we look at the ratings of the various trusts and the (fairly limited) measures they have taken to address their discounts.
HICL, the first listed infrastructure trust, was launched in March 2006, so the infrastructure sector now has a twenty-year record ...
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UPDATE: A revised version of this profile was published in June 2026.
3i Group (ticker: III) can trace its roots back to 1945 although it didn't join the London market until 1994. Initially focused on UK private equity, it has expanded over the years into northern Europe, North America, and infrastructure. But it's not given its shareholders an easy ride, slumping in the early 2000s after dashing into technology stocks and sliding again in 2009 when it become overindebted in the run-up to the global financial crisis. Simon Borrows became 3i's CEO in 2012 and has transformed the trust's prospe...
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UPDATE: A revised version of this profile was published in July 2026.
3i Infrastructure (ticker: 3IN) has been the best-performing infrastructure trust in recent years by some distance and since it joined the market in 2007 it has generated an annualised return of just over 13%. 3IN runs a very concentrated portfolio of around a dozen holdings, generally investing in higher-risk infrastructure assets (e.g. energy transition projects and digital infrastructure) that are more geared to economic activity than the availability-based projects that are preferred by many of the other veteran infrast...
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