PMGR’s investment objectives are to achieve a high income and realise long-term growth in the capital value of its portfolio. PMGR seeks to achieve these by investing principally in the equity and equity-related securities of companies operating primarily in the renewable energy sectors and other sustainable infrastructure investments. The trust is structurally geared via zero dividend preference shares (ZDPs) maturing in 2025.
Premier Miton Global Renewables Trust (PMGR) has reported a strong performance for FY21 (to 31 December), with NAV and share price total returns of 19.8% and 30.7% respectively, compared with a 22.5% decline in its new benchmark, the S&P Global Clean Energy Index. The divergence is largely down to PMGR’s greater exposure to generation and distribution, in a year when capital goods and technology companies struggled against a backdrop of higher input costs and deteriorating investor sentiment. Manager James Smith points to Chinese exposure and UK ‘yieldcos’ as points of interest, given China’s push towards greater self-reliance, and the attractive inflation-linked revenues and high yields on offer in the UK.