Trading Updates  10/02/2020

Trading Update - 10 February 2020

SOLD – GCP Infrastructure

We have sold GCP Infrastructure, the listed UK infrastructure debt fund, across the risk managed fund range.

GCP Infrastructure has proven to be been a very successful investment for our clients since originally investing in the company in 2014. In addition to the attractive returns generated by the underlying portfolio of investments, shareholders have benefited from an additional windfall as investor demand has pushed the shares to a substantial premium to net asset value. This re-rating of the shares, which effectively reduces future expected returns to investors, has coincided with the market for UK infrastructure project finance in which GCP operates becoming more competitive. Given this more challenging outlook we took the decision to exit the investment.

Cornelian Investment Team