Schroder BSC Social Impact Trust
Company Notes
FY22 Annual Results: Unique Social Impact Opportunity
Schroder BSC Social Impact Trust* (SBSI) was launched in December 2020. Its 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 impact funds, co-investments and direct investments.
As at 30 June 2022, the portfolio’s capital was fully committed to the three key asset classes categorised as ‘High Impact Investments’, with 51% of NAV allocated to Debt for Social Enterprises (47% on an invested basis), 40% committed to High Impact Housing (27% invested), and the remaining 9% allocated to Social Outcomes Contracts (5% invested). The 19% of committed but uninvested capital was invested in ‘Liquid ESG Investments’ in order to mitigate cash drag. At the year-end, 58% of High Impact Investments were at a mature phase, while 64% of total capital was committed to assets that will benefit from inflation.
On 24 October SBSI published its annual results for the year to 30 June 2022. Highlights include:
- NAV per share +1.0% to 105.39p. NAV TR +1.6%. Share price TR +3.5%.
- Performance driven by more mature investments. Liquid ESG investments detracted, mainly due to credit market weakness.
- Net revenue return per share was 1.37p. Dividend per share of 1.30p declared, in line with target yield on NAV of 1%-2% p.a.
- Since IPO: NAV TR +5.1% p.a.; share price TR +4.7% p.a.
- £85m of capital committed to date, benefitting c.160,000 people, with 90% from vulnerable or disadvantaged backgrounds.
- Increased allocation to investments expected to benefit from inflation.
- Proposed investment policy amendments increase the maximum allocation to equity interests (from 10% to 30% of NAV) and Liquid ESG Investments (from 20% to 30% of NAV).
*Denotes a corporate broking client of Winterflood Securities
To see this content in full, please log in to your account.
Client log in
Please note that this website is part of Winterflood's research service and therefore only available to MiFID II compliant research clients. For further information please e-mail research@winterflood.com