News

Stay up to date with the latest BSIF RNS announcements.

Relevant sector news stories are also featured.

  • Bluefield is co-sponsoring AltAssets Renewables Forum

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    We are proud to be co-sponsoring and speaking at AltAssets Renewable Energy Forum in February! Bluefield will contribute to the discussion on “How will risk profile of renewable energy continue to shift?”.

    Forum

  • BSIF Key Information Document

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    The KID has been prepared pursuant to the Packaged Retail and Insurance-Based Investment Products Regulations issued by the European Commission (“EC PRIIPS”). EC PRIIPS prescribes the complex financial modelling used to calculate the risk and return figures, which is derived from historic share price information. The Company wishes to remind investors that, although its risk and return scenarios are compliant with EC PRIIPS, past performance is no guide to future performance.

    You can access BSIF’s Key Information Document here: Bluefield-KID-Jun-18-FINAL-FINAL-20181213-

  • Investment Trust Awards

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    Bluefield was nominated to Best Infrastructure Trust at Citywire Investment Trust Award 2018!

    https://www.linkedin.com/feed/update/urn:li:activity:6464074761080311809

  • Investment Trust Newsletter

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    Date: October 2018

    Published by: Investment Trust Newsletter

    Written by: Andrew McHattie 

    —————————————————————————————— 

    BLUEFIELD SOLAR INCOME FUND

    (BSIF, 122p)

    We have written about Bluefield Solar Income a few times in the

    newsletter, highlighting its 6%-plus dividend yield, reliability, and

    well-managed risks. After the fund’s final results for 2018, which

    most importantly confirmed the year’s total dividends at 7.43p per

    share, we spoke to Bluefield Partners’ managing director James

    Armstrong about the outlook.

    These results marked the fund’s fifth year

    of operation since its IPO in July 2013, since

    when the shareholder total return has

    been over 50%, something of which James

    is justifiably proud. He says the fund has

    exceeded its targets over these five years, in

    spite of falling power prices, providing steady

    returns to investors that are uncorrelated

    with movements in the stockmarket. That

    last point is important if you are looking

    for diversification away from equity funds

    – Bluefield Solar derives its income from

    UK solar photovoltaic assets, with 60% of

    revenue in the form of regulated flows. It

    owns and operates solar farms across the

    UK, from Trethosa in Cornwall to Kellingley

    in Yorkshire.

    James stresses that this is “an income

    product” – he does not want to become

    obsessed with the net asset value (113.3p at

    the end of June) – he wants to position the

    fund as a very defensive, very predictable

    income producer that simply provides a good

    sterling yield to shareholders. Based on the

    target dividend of 7.68p per share for 2019,

    the prospective dividend yield is 6.3%, which

    we think is very attractive.

    Much of the fund’s revenue for next year is

    already locked in, thanks to fixed contracts

    that are already signed for power supply.

    Ironically enough, at a time when the trust’s

    assumptions (used to calculate the NAV) have

    been heading lower for long-term power

    prices, there has been a spike in short-term

    prices that is beneficial for revenue. From

    around £45/MWh of energy earlier this

    year, power purchase agreement prices are

    closer to £57/MWh now. Another potential

    windfall has been the sudden termination

    by the EU of a minimum import price for

    Chinese solar modules, effective as of last

    month, meaning a fall in the cost of new

    installations. James sees the solar market

    moving towards economic unsubsidised

    projects, and whilst virtually no new solar

    capacity is currently being built in the UK,

    he thinks the trust will have expansion

    opportunities again in the future.

    For now it is simply business as usual

    for Bluefield, delivering power to the UK

    network and growing dividends to its

    shareholders. For non-correlated income

    from a quality operator, we think BSIF is a

    solid defensive holding.

  • BSIF Exceeds Returns Targets

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    Bluefield Solar Income Fund (BSIF) has reported a rise in net asset value (NAV), earnings per share, and dividend distribution in its most recent full-year report, which covers a period where the listed solar fund made few acquisitions.

    Read full article: IJGlobal-Bluefield-Solar-Income-Fund-exceeds-returns-targets

  • BSIF Full Year Result BRR Media

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    See the presentation and listen to the audiocast here

  • BSIF Full Year Result Webcast 2018

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    Watch the presentation and listen to the webcast here

  • BSIF: RNS – Analyst and Investor Site Visit

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    Bluefield Solar is today holding an analyst and investor event, which will provide guests with the opportunity to visit one of Bluefield Solar’s power plants. The event also involves a presentation by Bluefield Services, a Bristol-based technical asset management business that provides services such as asset monitoring and reporting, operation and maintenance, contract management and technical optimisation for Bluefield Solar’s portfolio.

    Read the full announcement here

  • Stockbrokers Research

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    Date:  May 2018

    Publication: Investment Trust Newsletter

    Author: Andrew McHattie

    ——————————————————————————————————

    STOCKBROKERS RESEARCH

    We must mention Canaccord’s annual ‘skin in the game’

    research on the personal investment of directors and

    management, published on 26th April. It’s an excellent

    piece of research, affording some real insight into the

    industry. Canaccord say “while no guarantee of superior

    performance, in order to align interests, investors look for

    directors and managers to have a meaningful personal

    investment in the companies which they direct and/or

    manage. We have never met one investor who has argued

    against this, and we strongly believe that skin in the game

    sends a clear and powerful message to both existing and

    potential investors.”

    Significant progress has been made on a number of fronts

    since Canaccord’s original review in 2012 and they highlight

    that over the past six years, the percentage of women

    directors has increased from 10.2% to 22.3%. There are

    still 69 all-male boards. The total investment by boards

    and managers featured in this report is £2,043m. While the

    evolution of the closed-end industry makes comparisons

    of limited value, this is double the total of £1bn in 2014

    and it was £687m in 2012. Some 58 chairmen or directors

    have an investment in excess of £1m while 67 managers

    or management teams have a personal investment

    in excess of £1m. Surprisingly, 14% of directors have

    no investment, and 30 current chairmen, who have

    been on their respective boards for at least five years,

    currently have a shareholding valued at less than

    their annual fee. A total of 17 chairmen (6%) have no

    investment in their company. The report features 1352

    directorships, of which 93.5% are independent. This

    compares with 93% in 2014 and 91% in 2012.

    The investment companies where all board members

    have current shareholdings equivalent to more than

    two years’ fees are: Bluefield Solar Income Fund , EP

    Global Opportunities, Fundsmith Emerging Equities,

    Independent Investment Trust, Jupiter European

    Opportunities, Majedie Investments, Mid Wynd

    International, Miton UK Microcap, Personal Assets,

    Seneca Global Income & Growth, Utilico Emerging

    Markets, and Warehouse REIT.

    In contrast, the boards have no investment at all

    in Carador Income Fund, Ground Rents Income,

    CVC Credit Partners European Opportunities, or

    Honeycomb Investment Trust.