Premier Miton Global Renewables Edison review on Premier Miton Global Renewables
October 26 2022 - 3:00AM
RNS Non-Regulatory
TIDMPMGR
Premier Miton Global Renewables
26 October 2022
London, UK, 26 October 2022
Edison issues review on Premier Miton Global Renewables Trust
(PMGR)
Since its launch in March 2012 to end-September 2022, Premier
Miton Global Renewables Trust's (PMGR) share price has returned
over 250%. During the past 12 months the performance has been very
volatile, and the manager, James Smith, has responded by
restructuring the portfolio away from Chinese holdings towards
higher-yielding UK and European companies. Smith believes that as
energy security concerns will result in governments and companies
signing long-term contracts with renewable energy producers in the
UK and Europe, the share prices of renewable companies should start
to stabilise.
PMGR's switch from a broad utilities mandate to a focus on
renewable energy has been beneficial for shareholders in the past
three years, with performance improving. The dividend was rebased
to a lower level due to the smaller pool of total assets following
the ZDP rollover in late 2020, but the net effect was marginally
positive for shareholders, as the company pays less interest on
ZDPs. FY21 and H122 dividends were fully covered by income and,
given ample revenue reserves (of 6.9p per share, or almost 1.0x the
historical annual dividend), have scope to grow. The fund is small
and highly geared (which may be seen in a negative light by
potential investors), but the discount to NAV has narrowed to the
current 10.7%, reflecting an improvement in investor sentiment
towards PMGR's refreshed mandate.
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