Edison Investment Research Limited
London, UK, 8 February 2021
Premier Miton Global Renewables Trust (PMGR): Initiation - On the crest of a renewable energy wave
Premier Miton Global Renewables Trust (PMGR) is the new name of Premier Global Infrastructure Trust, reflecting an official change in mandate in late 2020 that codified an established shift towards renewable energy stocks in recent years. The partial rollover of the 2020 zero-dividend preference shares (ZDPs) has resulted in a smaller pool of total assets, but the trust retains a geared strategy and has benefited from this as its newer holdings in renewable energy stocks - many of them bought in the coronavirus-driven global equity market sell-off of Q120 - have performed strongly, leading to total returns for 2020 of c 30%. PMGR is arguably unique among UK investment companies for its broad global focus on renewable energy securities, aiming for both income (current yield c 5.5%) and capital growth.
At 4 February 2021, PMGR's shares traded at a 1.8% discount to cum-income NAV, compared with a longer-term average discount of c 8-9%. Having recently traded at a small premium to NAV, there is scope for this re-rating to be sustained given most funds invested directly in projects are also trading at a premium.
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