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TM Gravis Digital Infrastructure Income

The Fund

The TM Gravis Digital Infrastructure Income Fund offers investors exposure to companies which own the physical infrastructure assets that are vital to the digital economy. It does this by investing in a diversified portfolio of transferrable securities including REITs, REOCs, collective investment schemes, equities and bonds, listed in developed nations.

The Fund is a UK UCITS V Open Ended Investment Company (OEIC).

The strategy is also available as a Luxembourg-based UCITS. Managed by the Gravis team and distributed globally by Robeco, the Robeco Gravis Digital Infrastructure Income Fund is a sub-fund of the Robeco Capital Growth Funds SICAV and Article 8-classified under the Sustainable Finance Disclosure Regulation (SFDR).

Fund Summary

Fund Name
TM Gravis Digital Infrastructure Income Fund
Fund Manager
Matthew Norris
Investment Manager
Gravis Advisory Limited
Launch Date
31 May 2021
Domicile
UK
Structure
UCITS V Open Ended Investment Company
Fund Size 31 July 2026
£13.72m
Regulatory Status
FCA Regulated
IA Sector
IA Listed Property
Share Classes
Inc & Acc
Currencies
GBP, EUR, USD, JPY

Clean share class

Price Acc (31 Julu 2026)
110.63p
Price Inc (31 July 2026)
97.19p
Minimum Investment
£100
AMC (capped)
0.80%
OCF (capped)
0.80%
ISIN Acc
GB00BN2B4F43
ISIN Inc
GB00BN2B4876
SEDOL Acc
BN2B4F4
SEDOL Inc
BN2B487
Dividends paid
Jan, Apr, Jul, Oct
12 month dividend (1 July 2026), (Inc)
2.79p
Yield (31 July 2026), (Inc)
2.87%

Institutional share class

Price Acc (30 June 2026)
112.49p
Price Inc (30 June 2026)
97.69p
Minimum Investment
£10,000,000
AMC (capped)
0.70%
OCF (capped)
0.70%
ISIN Acc
GB00BN2B4R64
ISIN Inc
GB00BN2B4L03
SEDOL Acc
BN2B4R6
SEDOL Inc
BN2B4L0
Dividends Paid
Jan, Apr, Jul, Oct
12 month dividend (1 July 2026), (Inc)
2.78p
Yield (31 July 2026), (Inc)
2.85%

Monthly commentary


The strategy of the Fund is to invest in a globally diversified portfolio of best-in-class, next-generation real estate and infrastructure companies that are listed in developed markets. These companies are likely to benefit from the digitalisation of economies, changing the way we work, live and play.

The Fund is currently comprised of 31 investments (25 equity investments and 6 debt investments) across a range of specialist digital infrastructure sub-sectors. Current exposure is diversified across logistics (43.6% of the portfolio), towers (26.6%) and data centres (22.1%). The Fund may also invest in network infrastructure, although it had no exposure to this sub-sector at the period end. Overall, equity investments represented 77.2% of the portfolio and debt investments 15.0%.

Over the course of the month, the NAV of the Fund increased by 1.2% (C Acc GBP), compared to the global real estate index1, which increased by 1.1%. Since launch, the NAV has increased by 11.9% (C Acc GBP), compared to a rise of 22.8% for the index1.

Markets were mixed in July, with an early spike in Middle East tensions pushing oil prices above $100 a barrel before easing as attention turned to second-quarter earnings. Results were strong overall, but investors grew more selective on AI, rewarding hyperscalers while pulling back sharply from semiconductor stocks amid stretched valuations and concerns over China's progress and export controls. This rotation, combined with strength in energy and financials, saw value outperform growth over the month, leaving the S&P 500 broadly flat despite the earnings beat. Emerging markets lagged, weighed down by their heavier exposure to the semiconductor supply chain, while the UK and Japan proved resilient.

July proved to be a busy month from an M&A perspective.

First, LXP (portfolio weight 2.7%) announced a Board-recommended all-cash offer from Brookfield and Canada Pension Plan Investment Board (CPP Investments). The offer valued LXP at $61.20 per share, which is a 4.6% premium to the undisturbed share price. The deal is expected to close in Q4 2026 with a 40-day “go-shop” period expiring at the end of August.

Second, after three unsuccessful attempts, Prologis (portfolio weight 7.0%) finally won over SEGRO’s (portfolio weight 5.2%) Board with a “best and final” cash and stock offer valuing the company at 1,031.7p per share. The Board would be “minded to recommend” a firm offer at this level, which represents a 39.0% premium to the undisturbed share price or a 14.0% premium to SEGRO’s NAV. An additional lens through which to view the deal is the price/earnings multiple. Prior to Prologis’s first offer, SEGRO was trading around 19xit’s FY26 EPS. Prologis’s latest offer values the company at 27xit’s FY26 EPS or, more importantly, 21xSEGRO’s FY30 EPS ambition. This means that Prologis is offering a higher multiple than SEGRO was trading on before the first announcement, on an extra four years’ worth of EPS. In addition, Prologis has committed to establish a secondary listing on the London Stock Exchange.


Third, Warehouses De Pauw (portfolio weight 2.5%) and ARGAN (portfolio weight 3.0%) announced a merger that will see ARGAN shareholders receive three Warehouses De Pauw shares and an exceptional €11 dividend per ARGAN share. The deal values ARGAN at €79.22 per share, which is a 21.1% premium to the undisturbed share price or a 15.5% discount to ARGAN’s NAV. For Warehouses De Pauw, the deal provides immediate scale in France, a market that the company has been attempting to penetrate for some time.

As a result of this M&A activity, all three targets were amongst the top-performing investments in the Fund in July. ARGAN was up by 24.6%, LXP increased by 10.8% and SEGRO was up by 10.3% (having already risen by 21.1% in June).

The positive Fund performance in July is indicative of the strength of the digital infrastructure sector, and the importance of good stock picking. As such, the Fund Manager maintains a positive outlook on the digital infrastructure sector, which remains a key investment area for any investors seeking long-term returns.





1MSCI World IMI Core Real Estate IMI GBP

Read the factsheet here

Fund ratings

Investment Strategy

The Fund offers exposure to companies in developed nations which own the physical infrastructure assets vital to the digital economy.

Investment manager

The investment manager to the Fund is Gravis Advisory Limited. The Gravis team can call on a wealth of experience and expertise in real estate and infrastructure investing across a broad range of sectors.

Matthew Norris is the fund manager.

The team

Administrator & service providers

Investment Manager

Gravis Advisory Limited
24 Savile Row
London
W1S 2ES

Auditors

Johnstone Carmichael LLP
7-11 Melville Street
Edinburgh
EH3 7PE

AFM

Thesis Unit Trust Management Limited
Exchange Building
St Johns Street
Chichester
West Sussex
PO19 1UP

Administrator and Registrar

Northern Trust Global Services SE, UK branch
50 Bank Street
London
United Kingdom
E14 5NT

Depositary

Northern Trust Investor Services Limited
50 Bank Street
London
E14 5NT

Custodian

The Northern Trust Company
50 Bank Street
London
E14 5NT

Distributor

Gravis Advisory Limited
24 Savile Row
London
W1S 2ES

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