
When shadow chancellor John McDonnell pledged to "bring existing private finance initiative contracts back in-house" at the Labour party conference last year it sparked a sharp derating of infrastructure investment trusts, including HICL Infrastructure Company (HICL). When we last updated on the trust in June 2017 it was trading on a premium to net asset value (NAV) of 17.5 per cent but following these comments fell to premium to NAV of around 3 per cent following Mr McDonnell's comments.