""We aim to deliver sustainable, long-term performance by investing in long-dated ground rents."
Independent Board of Directors
Discrete Yearly Performance (%)
Q1 2021 Q1 2022
Q1 2020 Q1 2021
Q1 2019 Q1 2020
Q1 2018 Q1 2019
Q1 2017 Q1 2018
Share Price (1)
Shareholder Total Return (2)
NAV Total Return(3)
Issued in June 2022.
Past performance is not a guide to future performance and may not be repeated. The value of investments and the
income from them can go down as well as up and you may not get back the amount originally invested.
1 Source: Schroders, Datastream, bid to bid price with net income reinvested in GBP.
2 Source: Schroders Capital, Datastream, bid to bid price
3 Source: Schroders Capital, NAV to NAV (per share) plus dividends paid
as at 31 March 2022*
The Company will seek to generate consistent income returns for shareholders by investing in a diversified portfolio of long-dated ground rents.
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The Company may be concentrated in a limited number of geographical regions, industry sectors, markets and/or individual positions. This may result in large changes in the value of the fund, both up and down, which may adversely impact the performance of the fund.
The Company may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the assets purchased increases in value by more than the cost of borrowing, or reduces the returns if they fail to do so.
As a result of fees being charged to capital, the distributable income of the fund may be higher but there is the potential that performance or capital value may be eroded.
The Government has been considering reforms to the residential leasehold system and building safety regime since 2017. This has created uncertainty and impacted the Company’s valuation. The final outcome of future legislation remains unclear and could negatively impact the Company’s portfolio further. The Board of the Company and Schroders as Investment Manager are working to protect shareholders’ interests and further details are contained in interim results to 31 March 2022.
The Company currently conducts its affairs so that its shares can be recommended by IFAs to ordinary retail investors in accordance with the FCA's rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The Company's shares are excluded from the FCA's restrictions which apply to non-mainstream investment products because they are shares in an investment trust.