Edison review on Premier Miton Global Renewables
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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