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26 Oct 2022

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