Further measures to combat the discount

International Public Partnerships’ (INPP’s) results for the year ended 31 December 2024 show continuing strong operational performance, underpinning fully covered dividend growth. Primarily reflecting higher government bond yields rather than any change in the portfolio outlook or risk, an increase in the valuation discount rate resulted in a 5% decline in NAV per share. Similarly to the broader sector, INPP shares trade significantly (23%) below NAV and the board remains determined to address this. Portfolio realisations and capital recycling will continue, the share buyback programme has been substantially increased and a revised investment advisory agreement will reduce costs.