Investec view: This is another strong set of results with the NAV total return of 14.7% over the 12 months to 31 March 2023 materially exceeding the target return of 8% to 10% per annum. The longer-term record is similarly impressive; since 2015, when the company adopted its current strategy of focusing on core-plus infrastructure investments, the NAV total return is 19% p.a., and it has delivered 14% p.a. since its inception in 2007. All portfolio companies, with the exception of DNS:NET (which has returned 19.0%), contributed positively to returns during the year. The renewable energy generating companies, Infinis, Valorem and Attero performed strongly, having made substantial progress in developing their pipelines of new projects towards and into operation. These companies delivered asset returns of 18.9%, 30.5% and 42.1% respectively. DNS:NET continues to experience delays in the roll out of its fibre network in the Berlin area, and specifically in connecting and activating customers. The outlook for portfolio returns remains positive, and a number of portfolio companies including TCR, ESVAGT, GCX, Valorem and Infinis are all experiencing strong earnings momentum. Management has outlined that it has started a sales process for Attero, which is currently at an advanced stage. Attero is currently valued at £144m and we would expect any sale to be at an uplift to carrying value. Management also outlined that it would consider other potential divestments across the portfolio. Proceeds will be used to repay the drawn amounts (£501m) on its RCF. We believe that 3iN provides investors with access to a unique, high-quality portfolio of core-plus infrastructure companies that benefit from long-term structural growth trends in their underlying markets. We think the company remains well-placed to provide investors with a respectable yield and attractive total returns. However, we note that the capital raise completed in February was priced with reference to the September NAV, and the publication today of the NAV of 336.2p/share (as at 31 March) confirms our belief that the equity raise (at 330p/share) was likely completed at a discount to the prevailing NAV at the time of the issue. While this raises questions over corporate governance, we acknowledge that, given the size of the issue, the potential dilution would have been limited. On balance, we retain our Buy recommendation. Continued overleaf