Investment Companies Daily: FSFL June NAV, SSIT space ETFs, AAS performance-linked tender renewal, PAC/ATR scheme document, SCP tender purchase

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Europe Equity Research

11 August 2026

Investment Companies Daily

FSFL June NAV, SSIT space ETFs, AAS performancelinked tender renewal, PAC/ATR scheme document,

SCP tender purchase

Foresight Solar Fund (FSFL, Neutral) – June NAV: FSFL has announced its

30/6/26 NAV, which was 94.9pps (£517.9m), down 4.3% from the 31/3/26

NAV and representing a NAV TR of -2.3% if adding back the dividend paid in

the quarter. FSFL’s 30/6/26 NAV was 3.5% below our 30/6/26 estimate of

98.3pps. The main detractor was a 25bps increase in the levered discount rate

applied to UK solar projects from 8.00% to 8.25%, reducing NAV by 1.4pps.

FSFL says it commissioned an independent valuation of its UK operational

solar portfolio in the context of the wide discount to NAV at which FSFL shares

trade and a limited number of comparable market transactions for solar

projects. FSFL says the independent review determined that the valuation is

within a reasonable range of fair values. FSFL sources power price forecasts

from independent consultants and it says the latest forecasts show lower nearterm prices and wider solar capture discounts that combined reduce NAV by

1.1pps. Actual portfolio earnings were below budget due in part to the timing

of cash receipts related to the UK portfolio but also lower-than-budgeted

generation in Spain and Australia, reducing NAV by 1.3pps. FSFL has

increased its UK inflation assumptions, which are now 3.5%/3.0% RPI/CPI for

2027, 3.0%/2.5% RPI/CPI 2028-30 and 2.4%/2.25% RPI (CPIH)/CPI from

2031+ and these changes added 1.3pps to NAV. The removal of Carbon Pricing

Support (CPS) from UK electricity prices, which was announced by the UK

government earlier this year, reduces FSFL NAV by 0.5pps. Accretion to NAV

per share from share buybacks added 0.1pps to NAV. Other movements include

forex, working capital movements and other minor non-disclosed portfolio

adjustments reducing NAV by a combined 0.9pps. FSFL had gearing of 43.0%

of GAV as at 30/6/26, up from 41.7% as at 31/3/26. FSFL plans to report its

interim results for the six months to 30/6/26 on 15/9/26.

J.P. Morgan View: FSFL had a weighted average portfolio discount rate

…