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 always the chance that you will not get back your original investment. APRIL 2018
Key messages 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 1 PREMIER GLOBAL INFRASTRUCTURE TRUST
Net Asset Value movement 2017 200p 190p 180p 170p 160p 150p 140p 130p 120p 110p 100p Opening NAV Net revenue Gains on Losses on Capital costs ZDP finance Closing NAV Dividends Closing NAV 175.86p 11.59p currency investments -1.92p costs -6.64p before paid -9.70p 165.07p forwards -10.16p dividends 6.05p 174.80p Data from Premier Global Infrastructure Trust 2017 Report and Accounts 2 PREMIER GLOBAL INFRASTRUCTURE TRUST
Share price total return 100% 80% 60% 40% 20% 0% (20%) (40%) 2013 2014 2015 2016 2017 2018 ytd Since change of Manager* Data from Premier Global Infrastructure Trust/Premier Energy and Water Trust Report and Accounts and Bloomberg. *31.05.12 - 31.03.18. 3 PREMIER GLOBAL INFRASTRUCTURE TRUST
Dividends 14.0p Dividends 13.0p Special / additional dividends 12.0p 11.0p 10.0p 9.0p 8.0p 7.0p 6.0p 5.0p 2008 2009# 2010 2011 2012 2013+ 2014* 2015* 2016 2017 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. 4 PREMIER GLOBAL INFRASTRUCTURE TRUST
Dividends well covered by increasing earnings Earnings Dividends Special / additional dividends 13.0p 12.0p 11.0p 10.0p 9.0p 8.0p 7.0p 6.0p 5.0p 2015* 2016 2017 Data from Premier Global Infrastructure Trust/Premier Energy and Water Trust Report and Accounts. 5 PREMIER GLOBAL INFRASTRUCTURE TRUST
Portfolio classification by investment type Yield equities 40.2% Growth equities 34.0% Yieldcos and investment companies 25.8% Data from Premier Global Infrastructure Trust 2017 Report and Accounts. 6 PREMIER GLOBAL INFRASTRUCTURE TRUST
Geographical portfolio allocation North America China Latin America Europe (excluding UK) United Kingdom 2017 Asia (excluding China) 2016 Global India Eastern Europe Middle East 0% 5% 10% 15% 20% 25% 30% 35% Data from Premier Global Infrastructure Trust 2017 Report and Accounts. 7 PREMIER GLOBAL INFRASTRUCTURE TRUST
10 largest holdings 2017 total 2017 Holding Location Asset Class Value gain/loss Weighting 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% -3.1% China Everbright International China Growth equities £2.7 m 4.9% 17.9% SSE United Kingdom Yield equities £2.6 m 4.6% -9.5% Huaneng Renewables China Growth equities £2.3 m 4.1% -2.9% 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% Data from Premier Global Infrastructure Trust 2017 Report and Accounts. * Holdings in both A and C shares. 8 PREMIER GLOBAL INFRASTRUCTURE TRUST
Key emerging market holdings performing well 2017 2017 December 2017 Holding change in share price change in earnings 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 * -8.8% 12.8% 2.3% Source Bloomberg. * Interim results to September 2017. 9 PREMIER GLOBAL INFRASTRUCTURE TRUST
OPG Power 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 10 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 11 PREMIER GLOBAL INFRASTRUCTURE TRUST
Annual General Meeting Proxies Received Votes for/discretion Votes against Votes witheld Resolution Shares % Shares % Shares 1,815 1 3,759,571 99.95% 1,703 0.05% 1,696 2 3,735,358 99.31% 26,035 0.69% 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 12 PREMIER GLOBAL INFRASTRUCTURE TRUST
Important information Risk of investments Reference to any particular stock does not constitute a recommendation to buy or sell the stock. This presentation is not a prospectus/listing particulars Persons who do not have professional experience in and material contained in this presentation does matters relating to investments should not rely on the not constitute an offer or recommendation to buy or content of this document. Should you need advice, sell an investment. No representations or warranties, please consult your financial adviser. express or implied, are made by Premier Fund Issued by Premier Asset Management. ‘Premier Asset Managers or any other person as to the accuracy of Management’ and ‘Premier’ are the marketing names the information contained in this presentation and no used to describe the group of companies including reliance must be placed on it in relation to any share Premier Fund Managers Limited and Premier Portfolio issue in the companies to which this presentation Managers Limited, which are authorised and regulated relates or for any other purpose whatsoever. by the Financial Conduct Authority of 25 the North All information is sourced to Premier unless otherwise Colonnade, Canary Wharf, London E14 5HS and are stated. The information has been taken from subsidiaries of Premier Asset Management Group plc. The sources we believe to be reliable though this is not registered address of all companies is Eastgate Court, High guaranteed, and the information stated, opinions Street, Guildford, GU1 3DE. Premier Portfolio Managers expressed and estimates given constitute best Ltd is registered in England no. 01235867. Premier Fund judgement at the time of publication and are subject Managers Ltd is registered in England no. 02274227. to change without notice. Premier Asset Management Group plc is registered in Past performance is not a guide to future returns. The England no. 06306664. 23041813844. 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. 13 PREMIER GLOBAL INFRASTRUCTURE TRUST
14 PREMIER GLOBAL INFRASTRUCTURE TRUST
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