There are five key reasons why PMGR represents an exciting investment case.

• First, PMGR is managed by highly experienced fund manager James Smith, who has been at the helm since 2012. The trust’s portfolio is globally diversified, with exposure to various geographies, technologies and sub-sectors within the renewable energy space. The trust looks to invest in companies with contracted and regulated revenue streams with modest commodity, technology and economic risks.
• Second, PMGR’s investment objective is to generate high income and long-term growth in the capital value of its portfolio for investors. The trust offers an attractive dividend yield. Furthermore, PMGR raised its dividend by 5.7% in its FY23 results to 7.40p per share. This dividend growth is supported by strong earnings growth, with earnings per ordinary share increasing 11.2% year-on-year in FY23.
• Third, PMGR’s asset total return outperformed its formal benchmark, the S&P Global Clean Energy Index, over the course of 2023. With the ever-increasing global shift towards renewable energy and sustainable infrastructure, PMGR is well-positioned to capitalise on this macroeconomic trend, providing potential for further growth.
• Fourth, PMGR, like many other companies in the renewable energy sector, traded at a discount to its net asset value throughout 2023. These discounts are a general reflection of the broader negative sentiment surrounding renewable energy stocks in recent years, despite the strong fundamentals of many companies in the sector. These discounts could represent an attractive entry point for investors who can take advantage of the disconnect between public and private market renewable energy asset valuations.
• Finally, throughout 2023, PMGR and many of its portfolio holdings were affected by the rise in bond yields, which led to a shift in capital flows towards fixed-income and money market products. However, as bond yields appear to be nearing their cyclical peak and are beginning to decline, a reversal of this trend could be possible in the near term. This should provide a tailwind for PMGR and its portfolio companies, further enhancing the trust’s growth prospects.