Against a volatile backdrop for broader capital markets, the Fund performed relatively well to record a small gain of 0.05% in March (C Accumulation GBP).

The number of positive and negative contributors were broadly evenly split, and the Fund’s overall performance skewed positively owing largely to an M&A event impacting one stock in the portfolio. Boralex, a Canadian-listed renewable power generator with operations in North America and Europe (incl. UK), announced it had entered into a definitive agreement to be acquired by Brookfield and La Caisse (the latter being the company’s largest shareholder) for CAD 37.25 per share in cash. The price represented a 31.8% premium to the last closing price before the first media reports of a potential take private deal for Boralex started to emerge and implies an EV/EBITDA (2026 estimates) multiple of 13x.

Holdings in Bluefield Solar, Foresight Environmental Assets, Greencoat UK Wind, NextEnergy Solar, Northland Power, The Renewables Infrastructure Group and US Solar were reduced at the margins during the period. No purchases were actioned.

First quarter distributions

Income distributions for the first quarter of 2026, payable in April 2026, amounted to 1.5115p per C Income GBP unit and 1.3309p per I Income GBP unit. First quarter distributions are approximately 14% higher when compared with the same period in 2025. As at 31st March, the Fund’s trailing 12-month yield was 5.68% for the C Income GBP units.