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VT Gravis UK Infrastructure Income

The Fund

The VT Gravis UK Infrastructure Income Fund invests in the UK listed infrastructure sector. Designed to give regular income, preserve capital and protect against inflation.

The Fund is a UK UCITS V, open-ended investment company (OEIC)

Fund Summary

Fund Name
VT Gravis UK Infrastructure Income Fund
Fund Manager
William Argent
Investment Manager
Gravis Advisory Limited
Launch Date
25 January 2016
Domicile
UK
Structure
UCITS V Open Ended Investment Company
Fund Size
£522.77m
Regulatory Status
FCA Regulated
IA Sector
IA Infrastructure
Share Classes
Inc & Acc
Currencies
GBP, EUR, USD

Clean share classes

Price Acc 07 Aug 2025
142.83p
Price Inc 07 Aug 2025
88.79p
Minimum Investment
£1,000
AMC (capped)
0.75%
OCF (capped)
0.75%
ISIN Acc
GB00BYVB3M28
ISIN Inc
GB00BYVB3J98
SEDOL Acc
BYVB3M2
SEDOL Inc
BYVB3J9
Dividends paid
Jan, Apr, Jul, Oct
12 month dividend 07 Aug 2025, (Inc)
5.57p
Yield 07 Aug 2025, (Inc)
6.28%

Institutional share classes

Price Acc 07 Aug 2025
144.49p
Price Inc 07 Aug 2025
88.87p
Minimum Investment
£5,000,000
AMC (capped)
0.65%
OCF (capped)
0.65%
ISIN Acc
GB00BYVB3T96
ISIN Inc
GB00BYVB3Q65
SEDOL Acc
BYVB3T9
SEDOL Inc
BYVB3Q6
Dividends paid
Jan, Apr, Jul, Oct
12 month dividend 07 Aug 2025, (Inc)
5.66p
Yield 07 Aug 2025, (Inc)
6.37%

Monthly commentary

Recent positive momentum continued in June. The Fund generated a total return of 5.17%, rounding off a positive first half of 2025 in which the strategy recorded a gain of 10.58% (C Accumulation GBP).


A significant majority of underlying portfolio companies contributed positively to performance, with no detractors of note. The cohort of renewable energy generators performed very well as the sector was buoyed following reports that the government was set to reject a proposed move to a zonal pricing model (see below). SDCL Efficiency Income was the best individual performer, recording a total return of 31.74% in June. The company announced the successful refinancing of its wholly owned subsidiary Onyx Renewable Partners, which will allow the business to self-fund its development pipeline, thereby reducing reliance on SDCL Efficiency’s Revolving Credit Facility.

Momentum in the share price of Gresham House Energy Storage reasserted in June. The stock climbed 18.1% as the company finalised a third-party equity injection into one of its assets at NAV. This is a second positive catalyst for Gresham House Energy Storage following the recent takeover approach for its direct peer Harmony Energy Income and helps to validate the company’s valuation process.

Limited trading activity occurred in the portfolio. Shares in RM Infrastructure Income were sold as the Fund participated in the company’s Tender Offer at NAV. The Fund sold its Basic Entitlement (equating to 22.18% of shares held) plus a small additional amount via an Excess Application bucket. The position in Residential Secure Income REIT was trimmed slightly, to maintain a prudent exposure.

The UK government published its 10-year Infrastructure Strategy outlining a renewed commitment to long-term infrastructure development. At its core, the government’s plan focuses on enabling long-term economic growth, the energy transition, digital connectivity, and environmental resilience. Headline figures include £725bn of public funding over ten years alongside private sector capital amounting to £40-50bn per annum. Private capital is set to play a key role in delivering clean energy, water, and digital infrastructure projects and there is reference to a “careful and targeted” return of Public Private Partnership (PPP) framework, which is particularly encouraging. The plan appears to reinvigorate the UK infrastructure landscape, providing potential investment opportunities for the types of companies held by the Fund.

The UK-listed renewables sector was given a boost as press reports during the month suggested that the UK government was set to reject a move to a zonal pricing model following the Review of Electricity Market Arrangements (REMA). Post month end these reports have been corroborated by the government, removing a significant source of uncertainty for the renewable energy industry in general. This is particularly beneficial for companies that own wind assets located in the north of England and in Scotland, where uncertainty over the future pricing environment (zonal pricing would reduce pricing in areas with high generation/lower demand) has undoubtedly provided a headwind to share prices. For developers, greater certainty should bolster the ability and willingness to deliver new renewable power generation capacity – indeed, Allocation Round 7, which will seek to procure sizeable renewable energy capacity for the UK, “opens” to bidders in August. Finally, greater certainty could also help to reinvigorate the secondary market for transactions in portfolios of wind or solar assets, for example.

Second quarter distribution announced

Income distributions for the second quarter of 2025, payable in July 2025, amounted to 1.3080p per C Income GBP unit and 1.3305p per I Income GBP unit. The reduced distribution, when compared with the same period in 2024, in part reflects the loss of Care REIT, which did not pay its typical dividend during the period owing to it being acquired and delisted, and slippage in the ex-date for Cordiant Digital Infrastructure’s semi-annual dividend, which will now be captured in the Fund’s third quarter income distribution. As at 30th June, the Fund’s trailing 12-month yield was 5.87% and 5.97% for the C Income GBP and I Income GBP units, respectively.

Read the factsheet here

Fund ratings

Investment Strategy

The Fund invests in the UK listed infrastructure sector. Investments include UK listed equities, closed ended investment companies and bonds.

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 infrastructure investing across a broad range of sectors.

William Argent is the fund manager.

The team

Administrator and service providers

Investment Manager

Gravis Advisory Limited
24 Savile Row
London
W1S 2ES

Auditors

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

ACD

Valu-Trac Investment Management Limited
Orton
Moray
IV32 7QE

Lawyer

Dickson Minto W.S
16 Charlotte Square
Edinburgh
EH2 4DF

Depositary

NatWest Trustee & Depositary Services Limited
Younger Building
1st Floor, 3 Redheughs Avenue
Edinburgh
EH12 9RH

Distributor

Gravis Advisory Limited
24 Savile Row
London
W1S 2ES

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