Investment Companies Daily: GSF Saba requisition, TRIG/BPCR June NAV, ALW Interim results

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Investment Companies Daily: GSF Saba requisition, TRIG/BPCR June NAV, ALW Interim results

ergised in Autumn 2026 and the 25MW Cuxac onshore wind

repowering in France is progressing well and due to commission by the end of 2026.

• Buybacks: As at 30/7/26 TRIG had deployed £122m of its £150m buyback programme

and in the quarter to 30/6/26 buybacks added 0.4pps to NAV per share.

• J.P. Morgan View: After updating for this NAV being below our estimate, we reduce our

live NAV by 3.3pps from 105.3pps to 102.0pps and our steady state return estimate

decreases from 12.4% to 12.2% due to the narrower discount to NAV, partially offset by

the slightly higher weighted average discount rate. It seems in this quarter that the

portfolio diversification away from GB has been negative in generation terms with the

overall higher wind speeds vs budget in the GB region offset by lower wind speeds in

other markets. The generation update as a whole being below budget is a contrast to the

ahead of budget generation reported by Greencoat UK Wind (UKW, Overweight)

yesterday and it is interesting to see that TRIG reports an outage at Hornsea One which

is also an asset within the UKW portfolio. But higher wind speeds in the GB market as

a whole likely offset the negative of that outage for UKW more than for TRIG due to

UKW being entirely UK focused. The slightly lower target for value creation initiatives

is maybe a little disappointing although the difference is not huge and TRIG has allocated

significant capital to buybacks which remain accretive to NAV per share. We are Neutral

TRIG vs peers.

• BioPharma Credit (BPCR, Overweight) - June NAV - BPCR has announced its

30/6/26 NAV which was 101.48 cents/share, 0.3% below our estimate of 101.79 cents/