Mm-hmm

... uh, there was a regular season tournament out there, and the championship was out there.

And before that, I pretty much like stocked out there.

Had no idea how to catch smallmouth.

We'd just go largemouth fishing.

But those two tournaments senior year, I was like, "All right.

I gotta go figure this lake out." And I was like, "These people fish boulders.

Yeah.

Good morning, sir.

Good morning and thank you.

And thank you to everyone for joining us today.

For those who don't know me, I'm Charlie Wright, one of the investment managers to FGEN.

And I'm joined today by Edward Mountney, my co-manager to the company.

I've worked with FGEN since 2024, following close to 20 years across infrastructure and renewables investments and advisory.

And we'll keep the format familiar today.

renewable energy portfolio.

How do you explain that to shareholders and what's your confidence level in the NAV going forward?

The first thing I'd highlight is that NAV per share only tells part of the story.

So NAV per share, as you say, reduced modestly from 106.5 pence to 105.2 pence during the year.

But shareholders also received 7.96 pence of dividends.

So when you look at those together, the portfolio delivered a positive NAV total return of 6.2% over the period.

In terms of the NAV movement itself, there were a number of factors at play.

Power price assumptions were softer than previously forecast, which affected parts of the renewable generation portfolio.

Where are the most exciting opportunities within the existing portfolio right now?

What, what, what, what's the actual, um, you know, purpose, what it delivers for investors?

Yes.

So, so, you know, the, the, the, you know, we are a, an infras- infrastructure based a, prop- proposition.

And, you know, our ultimate objective as an infrastructure fund is to, to deliver stable returns, uh, predictable income, and opportunities for growth from environmental infrastructure investments.

And with that, you know, as, uh, you know, we, we have a focus on, on investments that can give us l- um, long-term stable cash flows that benefit from secured revenues, uh, inflation linkage, and the delivery, uh, of essential infrastructure services.

You know, when we talk about in- environmental infrastructure, you know, we often get, get asked, you know, what, what does that mean i- in practice, and, and what type, what types of affe- assets do we invest in? Um, and, and we, we, we categorize environmental infrastructure a- across, um, really what we call our three pillars.

Uh, and that is, uh, the first is renewable energy generation.

Um, perhaps give us a, a feel for, for what's been going on in the UK, and it's, it's all qui- quite recent that, that there's been some moving of the goalpost and, and how, how that's affecting you and how you're responding.

What do you think of the transitions these trusts are making, and what, what do you make of it at the moment?

Yeah, no, it's a good question, and, and you're absolutely right.

Going back to, to, um, you know, what is the core objective of, of, of many of these, uh, listed infrastructure funds, uh, and renewables funds.

It, it, it is to deliver, uh, a s- a progressive dividend and a stable income, and that's really, you know, by, um, uh, by dent of the, of, of what the assets are.

You know, they are, they are stable assets, um, that, that deliver, um, you know, predictable cash flows with a, with a, with a fairly high degree of inflation linkage.

So that is ideal from, from a, from an income perspective.

Um, uh, but what has happened over the last couple of years, uh, really with the, the, with the, the, with the primary, um, uh, issue arising from, from this fairly, uh, rapid increase in interest rates that we saw a few years ago, um, is that the, in the absence of new fundraising, what, what many in the, what, what many of the funds are struggling with is how to deliver, uh, long-term growth in the absence of new fundraising.

... nearing two months now, or have you seen any change in it?