International Public Partnerships Senior Investment Director Chris Morgan spoke at the Proactive One2One Investor Forum about the infrastructure fund’s strategy for delivering long-term, inflation-linked returns through a diversified portfolio of essential assets.
Morgan outlined the fund’s focus on low-risk, regulated or contracted revenue-generating infrastructure, with consistent operational performance over nearly two decades. He emphasised the portfolio’s resilience, noting, “Throughout that almost 19-year history, we’ve continued to achieve very strong levels of operational performance and we’ve grown our dividend every year since the IPO.”
He described current returns as attractive, with the share price implying a net return of 10.8% and a dividend yield near 8%. The fund’s assets are spread across sectors such as electricity transmission, gas distribution, transport, education and digital infrastructure, and across geographies including the UK, Europe, Canada, and Australia.
Morgan said that inflation protection is built into the contracts, and the existing asset base is expected to support dividend growth of 2.5% annually for at least 20 years without requiring new investments. The fund is currently undertaking a structured divestment process, having already realised £270 million in asset sales at book value, with plans to return up to £200 million in capital to shareholders. Share buybacks are underway, with 60 million shares repurchased so far.
Morgan also addressed political and regulatory risks around regulated assets, saying the company remains confident due to long-established and transparent frameworks.
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