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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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...
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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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UPDATE (Oct 2026): INPP produced a total return of +11% in 2025 and a total return of +4% in the first half of 2026. It has set a dividend target of 8.79p for 2026 and 9.01p for 2027, representing two successive 2.5% annual increases. NAV per share at the end of 2025 was 151.5p, down from 159.1p at the end of 2022, with total returns of around +1% in both 2023 and 2024. £440m of realisations were achieved at or above carrying value from June 2023 to June 2026, with new investments totalling £480m over the same period. A share buyback programme of £225m is running to September 2027, with £150m ...
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UPDATE: GCP Infrastructure (GCP) attempted to merge with GCP Asset Backed Income (GABI) in the summer of 2023, but the deal was abandoned after discussions with investors -- GABI subsequently entered a managed wind-down. A new capital allocation policy has been in place at GCP since late 2023, which involves selling off more mature and lower-performing assets and using the proceeds to reduce trust-level debt and fund share buybacks. Disposals in 2026 have included social housing loans, plus solar and wind assets, allowing the trust to fully repay its revolving credit facility. Total NAV return...
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UPDATE: A revised version of this profile will be published in November 2026.
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 i...
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UPDATE: This trust was acquired by British Columbia Investment Management for 147.5p per share in June 2025.
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, ...
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UPDATE: A revised version of this profile was published in April 2026.
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 m...
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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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