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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Cordiant Digital Infrastructure (CORD) was listed in early 2021 and has spent around £800m assembling a highly concentrated portfolio of six assets, with 85% of the portfolio by value attributable to just two holdings: Emitel, a Polish digital broadcaster and telecoms infrastructure operator, and CRA, a Czech digital infrastructure platform. Over its first five years, CORD returned around 11% a year on a NAV basis, ahead of its 9% target. It has a progressive dividend policy, targeting 4.35p for the year ending March 2026, while its payout is covered 1.8 times by funds from operations. The rat...
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HICL Infrastructure (ticker: HICL) was launched in 2006 and was the first London-listed infrastructure trust. It started with 15 PPI/PPP assets and 250m shares and has since grown its portfolio to over 100 assets with a share count of just under 2bn. Originally known as HSBC Infrastructure, it has been run by InfraRed Capital Partners since 2011 after it was created by a buy-out of its management firm. The last several years have seen the portfolio become more geographically diverse, with the UK weighting falling from 90% to 66%, along with a shift into slightly more risky 'core-plus' assets such as digital infrastructure. Nearly 40% of its portfolio now has revenues that are either demand-based or regulated rather than being based on avail...
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Sequoia Economic Infrastructure Income (ticker: SEQI) was launched in 2015 and has raised a total of £1.8bn in its IPO and over several subsequent fundraisings. SEQI provides loans for various types of infrastructure projects, typically for three to five years, having a roughly equal mix of fixed and floating rates. Its portfolio is diversified across various developed markets and by industry sector. This trust targets an IRR of 8 to 9% that should translate into shareholder returns of 7 to 8% a year after costs although its annualised NAV return from March 2015 to September 2023 was a little ...
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International Public Partnerships (ticker: INPP) was launched in 2006, making it one of the oldest infrastructure trusts. Net assets are now £3.0bn, up from £300m at its IPO, and the annualised total NAV return up to June 2023 was 7.7%, ahead of the trust's current IRR target of at least 7% a year. Most of INPP's portfolio is based in the UK with the rest in Australia, New Zealand, North America, and Northern Europe. It has 143 assets with strong inflation linkage spread across various sectors such as energy distribution, transmission, transport, education, health, justice, and digital infrast...
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GCP Infrastructure Investments (ticker: GCP) was launched in 2010. Along with Sequoia Economic Infrastructure Income, it is one of two trusts in the AIC's Infrastructure sector that specialise in loans rather than equity holdings. GCP has built up an entirely UK-based portfolio valued at £1.1bn that can be split into renewables (65%), PFI/PPP (24%), and supported housing (11%) and it has a mixture of fixed-rate senior and subordinated loans with an average remaining term of 10 years. Half of its income has some form of inflation protection and its NAV is also sensitive to power price movements...
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Pantheon Infrastructure (ticker: PINT) joined the market in November 2021 raising £400m at 100p per share. Subscription shares were attached to the IPO offer and these have all now been exercised, raising another £81m. Pantheon Infrastructure is aiming to produce a total return of between 8% and 10% a year, paying a 2p dividend for 2022 and then 4p for 2023. It has built up a portfolio of eleven infrastructure assets at a cost of £390m. Roughly half the initial portfolio is in Europe and the UK with the other half in North America. Although five infrastructure sectors are being targeted, Digit...
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BBGI Global Infrastructure (ticker: BBGI) was listed in December 2011 and is self-managed. Its aim is to hold a low-risk portfolio of availability-based infrastructure assets based in developed markets and it currently holds no demand-based or regulated assets. Canada and the UK are its largest two regions, each accounting for about a third of its portfolio, with Europe, the US, and Australia making up the remainder. By value, transport (i.e. bridges and roads), healthcare facilities, and correction facilities make up the bulk of its 55 infrastructure assets. Its annualised shareholder return ...
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Cordiant Digital Infrastructure (ticker: CORD) is one of two digital infrastructure trusts launched in early 2021 that are targeting "the plumbing of the Internet" in the form of assets such as mobile towers, fibre-optic cables, and data centres. This trust is looking for mid-sized deals of up to $500m, mostly based in North America and Europe, that are usually available at more modest valuations. It is aiming for an annualised return of at least 9%. Cordiant raised an impressive £370m in its IPO and has been back to the market twice since then for further funds. It has bought two assets with ...
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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 infrastructure trusts. It has only raised fresh money three times since its IP...
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