Stormy times at present – a sunnier outlook? Undoubtedly, 2025 was a difficult year for Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs). Investors have seen underperformance against the FTSE 100, widening NAV discounts, several delistings, managed wind-downs (MWDs) and regulatory issues both in the UK and in the US. The question for investors is: where do we go from here? On the one hand, yields for some REIFS are well over twice those of 10-year gilts, and, generally, IICs have met their dividend expectations. On the other hand, however, the NAV discounts are wide, especially for REIFs, with broadly flat NAVs. What are the prospects for the eight quoted IICs and the remaining 17 REIFs? Back in 2023, there were 31 quoted sector funds. While the IICs, with the notable exception of Digital 9 Infrastructure, have generally held their own of late, the opposite is the case for the REIFs, virtually all of which are currently trading at heavy discounts to NAV – and finding it difficult to grow their NAV.