Fact sheet: Bluefield Solar Income

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
SPECIALIST
Sector
IT Infrastructure - Renewable Energy
Fund type
Investment Trust
Primary aim
No data available.
Why Money Observer Rates Bluefield Solar Income

New for 2017. A sunny source of regular income

The raison d'etre of this fund is to acquire and run a portfolio of large-scale UK-based solar energy infrastructure assets. At the end of 2016, it had 41 solar photovoltaic projects spread across England and Wales with a total generating capacity of 424.2 megawatts.

Investors' returns are paid principally in the form of quarterly income distributions. The trust's yield at the end of 2016 was just below 10 per cent.

Its target is to deliver dividends that grow in line with inflation. Investment is in the hands of a team at solar energy experts Bluefield Partners, led by James Armstrong.

As the trust pays out all its income in dividends rather than using it for reinvestment, the managers use debt to finance their investments. In 2016, they agreed a competitive long-term debt facility with Aviva Investors. The managers are confident that the cost of this debt can be covered without impacting the trust's dividends.

When considering acquisitions and projects, the managers focus on utility-scale assets and portfolios on greenfield, industrial and/or commercial sites. They target long-life solar energy infrastructure investments, expected to generate stable renewable energy output over a 25-year asset life.

Single investments will be limited to a maximum of 25 per cent of the portfolio on acquisition. Besides acquiring existing assets, the trust is also funding the construction of new projects, which the managers point out is enabling them to create a tailor-made portfolio rather than having to wait for assets to become available in the smaller and more competitive secondary market.

3 Year Performance
Fund Performance33%
Average of Rated Funds Group47.9%
Sector Performance27.9%
Fund information
Fund name
Bluefield Solar Income Limited
Fund manager company
Bluefield Partners LLP
Fund type
Investment Trust
Fund manager
No data available.
Accolades
Fund objective
No data available.
Benchmark
No data available.
Investment style
No data available.
Investment method
Shares
Quick stats
1 Year return
10.3%
1 Year rank in sector
1/6
Sector
IT Infrastructure - Renewable Energy
Yield
5.2%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.08%
Fund size
£414m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
74
Mid price
112
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
107.85
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
+3.85
Top in this sector
Fund name1 Year
BluefieldSolar Inc Fd Ltd10.3%
NextEnergy Solar Fund Ltd Red8.3%
Greencoat UK Wind PLC6.9%
Foresight Solar Limited3.9%
John Laing Env Ass Grp Ltd Ord3%
...more in IT Infrastructure - Renewable Energy

Performance snapshot

Holdings snapshot

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-4.4%-0%3.4%10.3%33%-
Sector-2.8%1%-0.8%5.9%27.9%44.9%
Rank within sector5 / 75 / 71 / 71 / 62 / 6-
Quartile3rd3rd1st1st2nd
Calendar performance
 YTD - 20182017201620152014
Fund-3.6%15.1%11.9%5.4%10.3%
Sector-2.6%9.5%12.6%4.8%4.3%
Rank within sector5 / 71 / 63 / 63 / 63 / 4
Quartile3rd1st2nd2nd3rd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
4.09
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.75
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.81
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
8.71
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
7.61
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.22
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.26
Price movement
52 week high119
52 week low106.5
Current bid price112
Current offer price112.5
Current mid price112
Region
No data available.
Industry sector
No data available.
Asset type
No data available.
Individual holdings
No data available.
Management
Fund manager group
No data available.
Fund manager company
Bluefield Partners LLP
Fund type
Investment Trust
Fund objective
No data available.
Benchmark
No data available.
Investment style
No data available.
Investment method
Shares
Fund manager
No data available.
Compliance
AIC Member, Offshore
Domicile
No data available.
Fund for sale in
United Kingdom, Guernsey, Offshore
Bluefield Solar Income Limited
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price107.85
CurrencyGBX
Price updated30/09/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNNCC
Data provided by

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