Equity income compared I am of the view that boring old UK equity income trusts may perform quite well over the next few years, given that we seem set to move into a new investment environment in which dividend capacity becomes more highly valued than during the growth years of the post-GFC world. But which ones to choose? Here is a link to a comparison report I generated with the AIC's useful screener tool, looking at five of the bigger trusts in the sector. It reminds us how different the portfolios of the biggest equity income trusts can be, a point that came up in my recent conversations w...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
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...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: This trust was acquired by Foresight for 92.4p per share in June 2025.
Harmony Energy Income (ticker: HEIT) joined the London market in November 2021, becoming the third trust dedicated solely to investing in battery storage assets after the 2018 debuts of Gore Street Energy Storage and Gresham House Energy Storage. HEIT has one operational project, one due to become operational in the next few weeks, six more due to become operational over the next year or so, and one unfunded project that is termed as 'shovel ready'. These nine projects have a combined capacity of 494MW and use batt...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: In April 2026, after struggling with high gearing and a wide discount, SDCL's directors decided to propose a managed wind-down, which was approved by a shareholder vote in July 2026. In 2025, the trust was renamed SDCL Efficiency Income to comply with guidelines from the European Securities and Markets Authority.
SDCL Energy Efficiency Income (ticker: SEIT) was launched in 2018 and has now raised nearly £1.2bn through a series of fundraisings. It has built up an internationally diversified portfolio of energy efficiency assets including solar & storage, combined heat & power, ...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: JLEN changed its name to Foresight Environmental Infrastructure (FGEN) in 2024, and long-time manager Chris Tanner stepped down in mid-2026, with Ed Mountney and Charlie Wright continuing as co-managers. FGEN sold around 10% of its portfolio during 2024 and 2025 and is looking to focus on core assets and dispose of growth assets such as its aquaculture facility and CNG distribution platform. NAV returns were 13% in the year to March 2023, -2% in 2024, +1% in 2025 (when the bankruptcy of HH2E caused a 3% write-down), and +6% in 2026
JLEN Environmental Assets (ticker: JLEN) was launche...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in October 2025.
The Renewables Infrastructure Group, often referred to as TRIG, was one of the original half-dozen renewable trusts launched in 2013 and 2014. Managed by InfraRed Capital Partners, which also runs HICL Infrastructure, TRIG has built up a portfolio worth nearly £3bn of diversified European renewable assets although there is a bias towards wind power (86% of the portfolio) and the UK (58%). Since launching nearly nine years ago at 100p, its net asset value has increased to 119.3p while its dividend target is 6.84p for 2022...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Jonathan Davis Stuart Watson's fund profile this weekend looks in depth at Impact Healthcare REIT. Simon Elliott and I did a half-hour session on investment trust fundraising at the Mello Trusts and Funds event this week and you can view that by following the link below. If you missed it, my latest market review video that I posted last week is, I think, still relevant. I would also like to flag up that the next edition of the Investment Trusts Handbook, the fifth annual one, is due out on December 14th. As well as the traditional 280-page hardback, there is also a free e-book download availab...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: This trust was bought by Drax in the summer of 2026 at a price of 92.6p per share.
Bluefield Solar Income Fund (ticker BSIF) was one of the first renewable energy infrastructure trusts to list in 2013 and it has one of the best performance and income records in the sector. Change however is afoot. After a few years with little in the way of acquisitions, it's now expanding once again as technology improvements have made subsidy-free solar plants viable in the UK for the first time. The trust is also branching out into onshore wind and energy storage systems. Like many other renewable ...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Jonathan Davis Stuart Watson's fund profile this week looks in depth at Odyssean Investment Trust, a trust that I happen to own and like. The Q and A is with Hugh Yarrow, the manager of another impressively consistent performer, the Evenlode Equity Income fund (one of the few open-ended funds I own). Next week it will be the turn of Helen Steers, lead partner of the Pantheon International private equity trust, to make the case for that asset class. I am away this weekend so this notebook will be updated early next week.
Energy pries and renewables You would have to be hermit to have missed th...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
For premium subscribers we do regular interviews with fund managers and analysts about current market conditions and funds and markets (occasionally shares) that we invest in. The latest one is with Alex O'Cinneide, the CEO of Gore Street Capital, which manages the Gore Street Energy Storage Fund (ticker: GSF). The trust recently raised £135m in a placing, the latest of several that has helped to catapult its market capitalisation from around £30m at launch in 2018 to almost ten times that amount today.
Alex O'Cinneide Why take an interest in this trust? Gore Street Energy Storage is one of ...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
© 2026 Money Makers