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Sequoia Economic Infrastructure Income Fund Ltd - FTSE 250-listed London-based income fund - Posts no gains on currency movements in September amid decrease in net asset value. NAV per share at September 30 falls 3.2% to 93.64 pence from 96.74p at August 30.
Interest income rises 66% over the month to 1.08p per share from 0.65p per share in August. Breaks even on currency movements, compared to a 0.12p gain on currency movements a month before. Asset valuations contribute negative 4.22p per share to NAV, widened sharply from negative 0.12p in August.
The firm explains: "The fall in the NAV this month is primarily due to increases in risk-free rates and credit spreads. The rise in risk-free rate adjustments has also increased the yield-to-maturity of floating rate investments and reduced the clean price of fixed rate assets, which also increases the yield-to-maturity. Investors are reminded that these declines are unrealised mark-to-market adjustments that should reverse over time as the investments approach their repayment date, the 'pull-to-par'."
Current stock price: 82.12 pence, down 0.6% on Friday
12-month change: down 25%
By Tom Budszus; tombudszus@alliancenews.com
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