Premier Global Infrastructure Trust 25 April 2019 Annual General Meeting Past performance is not a guide to future returns. The value of shares and the income produced by them, can go down as well as up, especially over the short-term. There is always the chance that you will not get back your original investment.
Key messages y Management Team/Board y Board refreshment completed in the year y Emphasis on investment selection, geographic allocation and shareholder communications continues y Trust structure and income y Dividend increased to 10.2p from last year's 10.0p y Dividend re-profiled for more even payment profile EPS down largely due to one off facto rs y y Performance y Difficult year for Emerging Markets y Markets driven by macro factors, business performance secondary y Underlying performance of investee companies very strong y Currency hedging meant that weak GBP not translated into NAV 1 PREMIER GLOBAL INFRASTRUCTURE TRUST
Net Asset Value movement 2018 180p 160p 140p 120p 100p 80p 60p 40p 20p 0p Opening NAV Net revenue Loss on Losses on Capital costs ZDP finance Opening NAV Dividends xd Closing NAV 165.07p 10.33p currency investments (1.26p) costs (6.94p) plus in year 112.55p hedging (28.93p) performance (11.80p) (13.92p) 124.35p Data from Premier Global Infrastructure Trust 2018 Report and Accounts 2 PREMIER GLOBAL INFRASTRUCTURE TRUST
Share price total return 120% 100% 80% 60% 40% 20% 0% (20%) (40%) 2013 2014 2015 2016 2017 2018 3 months to Since change 31 March 2019 of Manager* Data from Premier Global Infrastructure Trust/Premier Energy and Water Trust Report and Accounts and Bloomberg. *31.05.2012 - 31.03.2019. 3 PREMIER GLOBAL INFRASTRUCTURE TRUST
Dividends Dividends Additional dividends 14.0p 13.0p 12.0p 11.0p 10.0p 9.0p 8.0p 7.0p 6.0p 5.0p 2014* 2015* 2016 2017 2018 Data from Premier Global Infrastructure Trust 2018 Report and Accounts. *Includes additional dividends of 3.0p. 4 PREMIER GLOBAL INFRASTRUCTURE TRUST
Geographic allocation 2018 2017 North America China United Kingdom Latin America Global Asia (excluding China) India Middle East Europe (excluding UK) Eastern Europe 0% 5% 10% 15% 20% 25% 30% 35% Data from Premier Global Infrastructure Trust/Premier Energy and Water Trust Report and Accounts. 5 PREMIER GLOBAL INFRASTRUCTURE TRUST
Recent reported earnings of emerging market holdings are not reflected in share prices 50% 2018 EPS 2018 share price 40% 30% 20% 10% 0% (10%) (20%) (30%) (40%) Source Bloomberg, Share price data to 31.12.18 in local currency. Annual reports, net income movement local currency. Excludes OPG (loss making in prior year), Omega Geracao (not a full year trading in 2017) 6 PREMIER GLOBAL INFRASTRUCTURE TRUST
Portfolio valuation P/E ratios vs index 25.0x 8.8% cheaper 20.5x 20.0x 18.7x 18.9% cheaper 15.0x 13.4x 10.8x 10.0x 5.0x 0.0x PGIT PGIT Infrastructure Index* Infrastructure Index* December 2018 December 2017 December 2018 December 2017 Source: Bloomberg.* FTSE Global Core Infrastructure 50/50 Index. 7 PREMIER GLOBAL INFRASTRUCTURE TRUST
Contact us James Smith | Senior Investment Manager 01483 400431 jamessmith@premierfunds.co.uk Claire Long | Senior Investment Manager 01483 400463 clairelong@premierfunds.co.uk 8 PREMIER GLOBAL INFRASTRUCTURE TRUST
Annual General Meeting Proxies Received Votes for/discretion Votes against Votes witheld Resolution Shares % Shares % Shares 1 2,347,984 99.97 707 0.03 0 2 2,323,397 99.03 22,829 0.97 2,465 3 1,952,902 99.85 3,022 0.15 392,767 4 2,346,730 99.92 1,914 0.08 47 5 2,346,690 99.92 1,954 0.08 47 6 2,342,086 99.79 4,997 0.21 1,608 7 2,334,812 99.87 3,022 0.13 10,857 8 1,759,842 75.44 572,992 24.56 15,857 9 1,777,527 77.24 523,691 22.76 47,473 10 2,300.412 99.92 1,914 0.08 46,365 9 PREMIER GLOBAL INFRASTRUCTURE TRUST
Important information Risk of investments This presentation is not a prospectus/listing particulars and material Issued by Premier Asset Management. Premier Fund Managers contained in this presentation does not constitute an offer or Limited (registered no. 02274227) and Premier Portfolio Managers recommendation to buy or sell an investment. No representations or Limited (registered no. 01235867) are authorised and regulated by warranties, express or implied, are made by Premier Fund Managers the Financial Conduct Authority. Registered address: Eastgate Court, High Street, Guildford, GU1 3DE. Premier Asset Management is the or any other person as to the accuracy of the information contained in this presentation and no reliance must be placed on it in relation marketing name used for the two companies. to any share issue in the companies to which this presentation For your protection, calls may be monitored and recorded for relates or for any other purpose whatsoever. training and quality assurance purposes . All information is sourced to Premier unless otherwise stated. The 25041915315 information has been taken from sources we believe to be reliable though this is not guaranteed, and the information stated, opinions expressed and estimates given constitute best judgement at the time of publication and are subject to change without notice. Past performance is not a guide to future returns. The value of shares and the income produced by them, can go down as well as up, especially over the short-term. There is always the chance that you will not get back your original investment. Reference to any particular stock does not constitute a recommendation to buy or sell the stock. Persons who do not have professional experience in matters relating to investments should not rely on the content of this document. Should you need advice, please consult your financial adviser. 10 PREMIER GLOBAL INFRASTRUCTURE TRUST
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