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11 Nov 2021

Schroder BSC Social Impact Trust

Company Notes

Low volatility returns and positive social impact

Schroder BSC Social Impact Trust*'s investment objective is to deliver measurable positive social impact as well as long-term capital growth and income, through investing in a diversified portfolio of private market social impact investments. The fund is managed by a partnership between Schroders and Big Society Capital, and it raised £75m in its IPO in December 2020. It aims to offer high impact, low volatility and low correlation to public markets and is targeting a NAV total return of CPI + 2% per annum, net of fees, averaged over a rolling three- to five-year period once fully invested. It also has an objective to pay a dividend equivalent to a yield of 1% to 2% on NAV. The portfolio is currently invested in three key asset classes: Debt for Social Enterprises, High Impact Housing and Social Outcomes Contracts.

Since launch to 30 June 2021, Schroder BSC Social Impact Trust saw its NAV per share increase by 6.1% from 98.31p to 104.30p. This return is ahead of the performance target of CPI + 2% per annum and was driven by seed portfolio assets later in their investment cycle. In the financial period, the fund generated a net revenue return per share of 0.58p and a dividend of 0.57p per share has been declared. This equates to an annualised yield of 1.05%, in line with the 1%-2% per annum target.

On 2 November the fund announced proposals to issue up to 25m new shares at 105p per share through a placing. The net proceeds from the fund's £75m IPO in December 2020 have been fully committed and the fund is now seeking to raise additional capital to invest in a near-term pipeline of opportunities valued at between £35m and £70m. The placing is expected to close on 17 November, with the new shares due to be admitted to trading on 22 November.

*Denotes a corporate broking client of Winterflood Securities