- Infrastructure debt investor Sequoia Economic Infrastructure Income Fund has reported that the net asset value (NAV) per share decreased from 103.4p to 96.7p, resulting in a NAV total return of -0.9%, after COVID-19 prompted markets to fall in March.

In its 2020 final results, the investor said that over the first eleven months of the financial year, its NAV per share increased from 103.4p to 106.4p, after paying dividends of 6.1875p, producing a NAV total return of 9%, which was in excess of its target return.

It reported that during the month of March, the COVID-19 pandemic 'induced a sharp downturn in the financial markets generally, including the sub-investment grade credit markets such as high yield bonds and leveraged loans' and as a result, the company's NAV per share fell materially in March 2020, by 9.67p.

The Fund announced an annualised portfolio yield-to-maturity of 12% as at 31 March 2020.

Chairman Robert Jennings said: 'SEQI made good progress throughout most of our last financial year. At the start of it we announced an increased target dividend of 6.25p per share, which we have gone on to fulfil, and through the year we undertook three successful and beneficial capital raises, each of which was significantly oversubscribed.'

He added that the turbulent conditions in global financial markets in March this year led to a 'notable reduction in the value of our assets at year end'.

'However, the combination of our strong balance sheet and the generally predictable and stable cash flows from our widely-diversified debt portfolio have allowed us to reaffirm our target dividend at 6.25p per share for 2020-21,' Jennings said.

At 9:22am: [LON:SEQI] Sequoia Economic Infrastructure Income Fund Limited share price was 0p at 104.4p

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