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HICL expanding beyond PPP assets into toll roads

HICLInfrastructure is continuing to produce strong returns despite difficulties in finding reasonably priced assets
November 3, 2016

IC Top 100 Fund HICL Infrastructure (HICL) continues to deliver strong returns for investors. Over the last year, its share price has risen 16 per cent, compared with 12 per cent by the FTSE All-Share index, according to Winterflood Securities at 26 October 2016. Over three and five years, the trust's share price delivered 51 and 92 per cent, respectively, compared with 18 and 60 per cent by the FTSE All-Share.

171.2p

But despite good growth of 10, 43 and 73 per cent over one, three and five years, the trust's net asset value (NAV) is trailing its share price. As a result, the trust is trading at a very high premium to NAV of about 20 per cent, and in August it climbed as high as 27 per cent. HICL came to the market with a tap issue on 19 September with which it raised £113m and helped the premium to fall to its current level.

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