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Has the alternative income story run its course? Scarcity of yield has caused a lot of capital to chase relatively few assets and left valuations stretched Investors won’t need reminding that 2020 was a dismal year for income strategies. Yields on fixed income remained pitifully low, while dividends were sliced. This prompted many investors to roam the market looking for alternative sources of yield. However, this too has created problems, with a lot of capital chasing relatively few assets. The popularity of alternative income options has been most evident in the investment trust sector, where many are housed. In 2020, existing investment companies in the Renewable Energy Infrastructure sector raised more than £1.3bn, bringing its total to £7.7bn over the past five years, ahead of any other sector. The strongest individual fund raises were Hipgnosis and Greencoat UK Wind, at £426m and £400m respectively. Investors have been drawn to the combination of strong yie ....