Trust recently fell down short of a fundraising target of £150m, grossing £122m after the subscription offer opened on 9 June.
At the time, he said he may have raised the target to £289m if all went well, although inflation and continued market volatility had held back his capital-raising activities.
But the latest interim report showed that since the trust’s IPO in February 2021, the total NAV return was 18%, including dividend payments, to June 30.
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Trust chairman Bernard Bulkin said the portfolio’s performance was “resilient” and suffered “limited financial impact” from the effects of the Covid-19 pandemic and energy market disruptions caused by Russia’s invasion of Ukraine.
While the trust is not completely immune to issues such as weak supply chains and energy shortages, he said inflation “is one of those factors, it should be emphasized that more than 90% of the company’s revenue is related to inflation without limits”. .
It hasn’t all been smooth sailing for the trust, however, as it still traded at a 3.2% discount over the period.
However, pre-tax profit for the six-month period was up £32.4m, compared with a loss of £3.4m from the registration period (30 October 2020) to 30 June 2021.
Earnings per share closed six months flat 10.4p compared to a loss per share of 2.29p for the year to June 2021.
Bulkin said in a statement: “Over the financial period under review, global economic challenges related to the Covid-19 pandemic, the conflict in Ukraine, which is affecting energy markets, and the sharp increase in the cost of living, which are seriously affecting many families and households, continue farms.
“Events like these have raised awareness of the urgent need to reduce the impact of climate change as major economies accelerate the transition to Net Zero. Against this background, the company invests in solutions that contribute to energy decarbonization, enable the use of renewable energy technologies, improve energy security and affordability, while having a significant impact on the economies where it places capital.”
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Bulkin added that the company’s strategy has remained “unchanged since the IPO” and that it is targeting assets that will benefit from the transition to zero yield by investing in diverse energy assets around the world.
The company declared an interim dividend of Rs 1.25 pence per share and has planned a second interim dividend of 1.25p to be paid to investors on 16 September.
In the company’s forecast, Bulkin said 2022 would be another “pivotal year for the climate change agenda,” as the U.S. rejoins the Paris Agreement and countries around the world accelerate their decarbonization goals.
“We look to COP27, which will be held in Egypt in November 2022, and to the continued monitoring of those pledges and commitments announced by countries around the world at COP26 last year. All of this is complemented by an ever-increasing investor focus on sustainability and climate change considerations,” he said.
