Greencoat UK Wind (ticker: UKW) was the first renewable energy infrastructure trust to join the London market and has just celebrated its tenth anniversary. Since its IPO, its annualised NAV return has been 11.6%, well ahead of its 9% per annum target and making it the best performer out of the six veteran renewable trusts. As the name suggests, this trust only invests in UK wind projects and has a roughly equal mixture of onshore and offshore assets. Gearing is mostly at the trust level and is currently 31% of its gross asset value. Its portfolio of 45 wind farms is valued at £5bn but is quit...
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Commodities for the long run? The latest Global Investment Returns Yearbook from the London Business School academics Dimson, Marsh and Staunton, out this week, has some important insights into the behaviour of commodities as an asset class, which, they point out, have some potentially invaluable diversification and inflation-hedging properties. Here are some of their conclusions on this topic, based on their extensive historical data set which stretches back to the nineteenth century:
Individual physical/spot commodities have provided low long-run returns since 1900 with an average annuali...
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