Premier Global Infrastructure Trust 24 April 2018 Annual General - - PowerPoint PPT Presentation
Premier Global Infrastructure Trust 24 April 2018 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
APRIL 2018
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.
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y Management Team/Board
y 2 new non executive directors appointed in the last 12 months y Emphasis on investment selection, geographic allocation and shareholder communications continues
y Trust structure and income
y The Trust changed its name in November 2017 more accurately to refmect its existing broader infrastruture remit y Income generation strong: earnings per share up 6.2% y Dividend increased to 10.0p from last year's 9.7p
y Performance
y Infrastructure underperformed wider equity markets in the second half of the year y PGIT's performance was disappointing, a total return to ordinary shareholders of -4.3%* y Currency hedging partially mitigated the effect of strong sterling y Operational performance of underlying assets remains strong
* Total return based on share price movement plus dividends paid
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100p 110p 120p 130p 140p 150p 160p 170p 180p 190p 200p Opening NAV 175.86p Net revenue 11.59p Gains on currency forwards 6.05p Losses on investments
Capital costs
ZDP finance costs -6.64p Closing NAV before dividends 174.80p Dividends paid -9.70p Closing NAV 165.07p
Data from Premier Global Infrastructure Trust 2017 Report and Accounts
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Data from Premier Global Infrastructure Trust/Premier Energy and Water Trust Report and Accounts and Bloomberg. *31.05.12 - 31.03.18.
(40%) (20%) 0% 20% 40% 60% 80% 100% 2013 2014 2015 2016 2017 2018 ytd Since change of Manager*
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Data from Premier Global Infrastructure Trust 2017 Report and Accounts. # Includes special dividend of 1.70p; + Includes additional dividends of 2.25p; *Includes additional dividends of 3.0p.
5.0p 6.0p 7.0p 8.0p 9.0p 10.0p 11.0p 12.0p 13.0p 14.0p 2008 2009# 2010 2011 2012 2013+ 2014* 2015* 2016 2017 Dividends Special / additional dividends
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Data from Premier Global Infrastructure Trust/Premier Energy and Water Trust Report and Accounts.
5.0p 6.0p 7.0p 8.0p 9.0p 10.0p 11.0p 12.0p 13.0p 2015* 2016 2017
Earnings Dividends Special / additional dividends
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Data from Premier Global Infrastructure Trust 2017 Report and Accounts.
Yield equities 40.2% Growth equities 34.0% Yieldcos and investment companies 25.8%
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Data from Premier Global Infrastructure Trust 2017 Report and Accounts.
0% 5% 10% 15% 20% 25% 30% 35% Middle East Eastern Europe India Global Asia (excluding China) United Kingdom Europe (excluding UK) Latin America China North America 2017 2016
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Data from Premier Global Infrastructure Trust 2017 Report and Accounts. * Holdings in both A and C shares.
Holding Location Asset Class Value 2017 Weighting 2017 total gain/loss GBP Cia de Saneamento do Parana Latin America Yield equities £3.1 m 5.5% 4.2% First Trust MLP and Energy Income Fund North America Yieldcos and investment companies £2.8 m 4.9%
China Everbright International China Growth equities £2.7 m 4.9% 17.9% SSE United Kingdom Yield equities £2.6 m 4.6%
Huaneng Renewables China Growth equities £2.3 m 4.1%
Avangrid North America Yield equities £2.2 m 4.0% 26.6% NRG Yield * North America Yieldcos and investment companies £2.2 m 4.0% 17.8% Beijing Enterprises Holdings China Growth equities £2.2 m 3.9% 17.5% Atlantia Europe (excluding UK) Yield equities £2.1 m 3.7% 12.9% DP World Middle East Growth equities £2.1 m 3.7% 4.7% 43.3%
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Source Bloomberg. * Interim results to September 2017.
Holding 2017 change in share price 2017 change in earnings December 2017 weighting Cia de Saneamento do Parana 8.8% 16.5% 5.5% China Everbright International 30.5% 25.7% 4.9% Huaneng Renewables 5.2% 11.2% 4.1% Beijing Enterprises Holdings 28.9% 10.4% 3.9% COPEL *
12.8% 2.3%
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y OPG's share price fell 70% in 2017 y 2.4% of portfolio in December 2017 (8.0% in December 2016) y Poor interim results to September 2017 largely due to higher coal prices y Coal prices and tariffs are key y We expect margins to recover in the current year y 2018 will also see a positive impact from regulatory changes in Gujarat
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James Smith | Senior Investment Manager 01483 400431 jamessmith@premierfunds.co.uk Claire Long | Senior Investment Manager 01483 400463 clairelong@premierfunds.co.uk
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Votes for/discretion Votes against Votes witheld Resolution Shares % Shares % Shares 1 3,759,571 99.95% 1,703 0.05% 1,815 2 3,735,358 99.31% 26,035 0.69%
1,696
3 3,740,759 99.94% 2,410 0.06% 19,920 4 3,739,604 99.91% 3,518 0.09% 19,967 5 3,743,857 99.93% 2,457 0.07% 16,775 6 3,756,815 99.87% 4,860 0.13% 1,414 7 3,206,710 98.31% 54,965 1.69% 501,414 8 3,728,549 99.28% 27,137 0.72% 7,403 9 3,739,868 99.42% 21,807 0.58% 1,414
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Risk of investments
This presentation is not a prospectus/listing particulars and material contained in this presentation does not constitute an offer or recommendation to buy or sell an investment. No representations or warranties, express or implied, are made by Premier Fund Managers 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 to any share issue in the companies to which this presentation relates or for any other purpose whatsoever. All information is sourced to Premier unless otherwise
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-
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. Issued by Premier Asset Management. ‘Premier Asset Management’ and ‘Premier’ are the marketing names used to describe the group of companies including Premier Fund Managers Limited and Premier Portfolio Managers Limited, which are authorised and regulated by the Financial Conduct Authority of 25 the North Colonnade, Canary Wharf, London E14 5HS and are subsidiaries of Premier Asset Management Group plc. The registered address of all companies is Eastgate Court, High Street, Guildford, GU1 3DE. Premier Portfolio Managers Ltd is registered in England no. 01235867. Premier Fund Managers Ltd is registered in England no. 02274227. Premier Asset Management Group plc is registered in England no. 06306664. 23041813844.
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