Title: URL Source: https://is.gd/17umWZ Published Time: Tue, 29 Apr 2025 05:28:08 GMT Markdown Content: # Premier Miton Global Renewables Trust plc The Trust performed well in March against generally weak global stock markets. The Trust’s portfolio saw two take-over offers received in the month. Firstly, Harmony Energy Income Trust (‘HEIT’), a UK-listed battery storage company, received two bids for the company, the second and higher bid being from Drax (also held in the portfolio). Drax’s offer at 88p per HEIT share is 34.7% higher than the level HEIT’s shares closed at the end of February. The Trust also saw a good performance on its holding in Gore Street Energy Storage Fund as sentiment toward the battery storage companies improved. Secondly, Estonian renewables developer Enefit Green received an offer from its majority shareholder Eesti Energia to purchase the minority holding and delist the company. The offer price of Euro 3.40 per share was 23.4% above the company’s share price at the end of February. US trade policy was in the news through March, culminating in early April with a package of tariffs varying by country, but seemingly calculated based on the relative size of trade deficits. In this difficult investing environment, US renewable energy shares fared relatively well, and could possibly benefit from any “re-shoring” of industrial activity into the US. In contrast, most UK-based renewable energy investment companies again saw weak share prices. However, the yields on UK government debt fell during the month, and this should be a positive development for UK renewable investment companies, as their own high dividend yields look relatively more attractive compared to government bonds. James Smith 31.03.2025 ## Manager commentary Performance over 10 years (%) > Mar 17 Mar 19 Mar 21 Mar 23 Mar 25 -50 050 100 150 200 250 Cumulative performance (%) 1m 3m 1y 3y 5y 10y n Ordinary share price 3.66 -6.37 1.67 -41.04 32.25 -4.24 n NAV 5.75 3.20 -0.25 -41.78 37.02 4.16 n S&P Global Clean Energy Transition Index (GBP) -0.35 -3.04 -18.69 -43.36 23.16 35.74 2020 2021 2022 2023 2024 YTD Share price 31.00 30.74 -17.70 -19.23 -15.24 -6.37 NAV 28.68 26.90 -12.31 -13.54 -26.05 3.20 S&P Global Clean Energy Transition Index (GBP) 134.59 -22.48 7.25 -24.61 -24.21 -3.04 31.03.20 31.03.21 31.03.22 31.03.23 28.03.24 31.03.21 31.03.22 31.03.23 28.03.24 31.03.25 Share price 94.42 15.37 -19.43 -28.02 1.67 NAV 93.16 21.83 -15.31 -31.08 -0.25 S&P Global Clean Energy Transition Index (GBP) 127.50 -4.43 -1.05 -29.60 -18.69 Source of performance data: Morningstar, as at 31.03.2025, net income reinvested, bid to bid basis, Index on a total return basis. ©2025 Morningstar. All Rights Reserved. The information contained herein; is proprietary to Morningstar and/or its content providers; may not be copied or redistributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The performance information presented on this page relates to the past. Past performance is not a reliable indicator of future returns. Investing involves risk. The value of an investment can go down as well as up which means that you could get back less than you originally invested when you come to sell your investment. The value of your investment might not keep up with any rise in the cost of living. More information about the risks of investment is provided later in this document. Objective The Company’s investment objectives are to achieve a high income from, and to realise long-term growth in the capital value of its portfolio. The Company seeks to achieve these objectives by investing principally in equity and equity related securities of companies operating primarily in the renewable energy sector, as well as other similar infrastructure investments. ## Awards and ratings Ratings are not a recommendation. Please see page 4 for further information. ## Key facts Gross assets £36.3m No. of holdings 33 Domicile United Kingdom Launch date 04 Nov 2003 Reporting dates Final - 31 Dec Interim - 30 Jun ISA eligible Yes Continuation vote 2025 and every 5 years thereafter AIC sector Infrastructure Securities Performance comparator S&P Global Clean Energy Transition Index (GBP) Previously named the S&P Global Clean Energy Index, the inclusion of “Transition” in the index name has been made to enhance the existing focus of the index on clean energy-related business activities, which are essential to the global energy transition required to mitigate global warming. ## Trust manager James Smith Joined Premier Miton Jun 2012 Manager since Jun 2012 ## Directors Gillian Nott (Chairman), Victoria Muir, Melville Trimble Factsheet 31 March 2025 This is a Marketing Communication. Page 2 of 4 Premier Miton Global Renewables Trust plc Factsheet 31 March 2025 ## Portfolio breakdown Top 10 holdings (%) Sector (%) Geographic (%) Clearway Energy A Class 6.7 SSE 6.6 Greencoat UK Wind 6.5 RWE 6.1 Northland Power 5.2 Bonheur 5.1 Octopus Renewables Infrastructure Trust 5.1 Drax Group 4.8 Gore Street Energy Storage Fund 4.8 Grenergy Renovables 4.5 n Renewable energy developers 31.5 n Yieldcos & investment companies 31.3 n Renewable focused utilities 9.2 n Energy storage 7.5 n Biomass generation and production 4.8 n Renewable financing and energy efficiency 4.2 n Electricity networks 4.0 n Renewable technology and service 3.6 n Cash/Net Current Assets 2.3 n Renewable Fuels and Charging 1.5 n United Kingdom 30.7 n Europe (ex UK) 30.5 n Global 23.8 n North America 9.9 n Latin America 2.8 n Cash 2.3 n Top 10 holdings 55.5% n Rest of portfolio 44.5% Charges Ongoing charges figure (OCF) 2.06% as at 31.12.2024 Ongoing charges are those expenses of a type which relate to the operation of the Company and are based on costs incurred in the year as being the best estimate of future costs. The ongoing charges figure (OCF) is made up of a number of elements including the investment management fee, Company secretarial services, administration expenses, depositary fees, auditor’s remuneration and directors’ fees and expenses. More details can be found in the Company’s Annual Report and Accounts which can be found on the Company’s website. Management fee 0.75% The annual management fee is charged 60% to capital, 40% to revenue. ## Income (ordinary shares) Dividend Yield 9.41% The historic yield reflects the distributions declared over the past twelve months as a percentage of the trust price as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions. The yield is not guaranteed and will fluctuate. Revenue reserve 7.28p per share as at 31.12.2024 Expected payment dates Jun, Sep, Dec, Mar Income distribution (pence per share) Total income distributions in each of the trust’s last 6 financial years. 1st 2nd 3rd 4th Interim Interim Interim Interim Total 2024 2.00p 2.00p 2.00p 2.00p 8.00p 2023 1.85p 1.85p 1.85p 1.85p 7.40p 2022 1.75p 1.75p 1.75p 1.75p 7.00p 2021 1.75p 1.75p 1.75p 1.75p 7.00p 2020 2.50p 2.50p 2.50p 2.70p 10.20p 2019 2.50p 2.50p 2.50p 2.70p 10.20p Share class information Ordinary shares Shares in issue 18,238,480 Gearing 48.40% Share price 85.00p NAV 102.66p Premium/(Discount) (17.20)% ISIN GB0033537902 SEDOL 3353790 Bloomberg PMGR LN ZDP shares Repayment date 28 Nov 2025 Share price 119.50p NAV 123.55p Premium/(Discount) (3.28)% Shares in issue 14,217,339 Redemption value 127.61p Gross redemption yield 10.42% Hurdle rate ‑64.56% Cover 1.92x ISIN GB00BNG43G36 SEDOL BNG43G3 Bloomberg PMGZ LN Dividend rebased following refinancing of ZDP shares on 30.11.2020; for further details see the trust’s annual report for 2020. Page 3 of 4 Premier Miton Global Renewables Trust plc Investing involves risk. The value of an investment can go down as well as up which means that you could get back less than you originally invested when you come to sell your investment. The value of your investment might not keep up with any rise in the cost of living. Typically, there is less risk of losing money over the long-term (which we define as over 5 years) from an investment that is considered low risk, although potential returns may also be lower. Investments considered higher risk typically offer greater opportunities for better long-term returns, though the risk of losing money is also likely to be higher. Premier Miton is unable to provide investment, tax or financial planning advice. We recommend that you discuss any investment decisions with a financial adviser. Some of the main specific risks of investing in this trust are summarised here. Equities Equities (company shares) can experience high levels of price fluctuation. Smaller company shares can be riskier than the largest companies, companies in less developed countries (emerging markets) can be risker than those in developed countries and funds focused on a particular country or region can be riskier than funds that are more geographically diverse. These risks can result in bigger movements in the value of the fund. Equities can be affected by changes in central bank interest rates and by inflation. Fixed income Fixed income investments, such as bonds, can be higher risk or lower risk depending on the financial strength of the issuer of the bond, where the bond ranks in the issuer’s structure or the length of time until the bond matures. It is possible that the income due or the repayment value will not be met. They can be particularly affected by changes in central bank interest rates and by inflation. Other investment risks Funds may have holdings in investments such as commodities (raw materials), infrastructure and property as well as other areas such as specialist lending and renewable energy. These investments will be indirect, which means accessing these assets by investing in companies, other funds or similar investment vehicles. These investments can also increase risk and experience sharp price movements. Funds focused on specific sectors or industries, such as property or infrastructure, may carry a higher level of risk and can experience bigger movements in value. Certain investments can be impacted by decisions made by third parties, such as governments or regulators. Other risks There are many other factors that can influence the value of a fund. These include currency movements, changes in the law, regulations or tax, operational systems or third-party failures, or financial market conditions that make it difficult to buy or sell investments for the fund. The methodology and calculations used by the third parties providing the ratings/awards are not verified by Premier Miton Investors and we are unable to accept responsibility for their accuracy, nor should they be relied upon for making an investment decision. Copyright © 2024, S&P Dow Jones Indices LLC. Reproduction of S&P Indices in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Indices. ## Ratings, awards and other information Other risks General risks Factsheet 31 March 2025 Premier Miton Global Renewables Trust plc Alternative investments / assets Typically investments other than the more traditional company shares or bonds which could include, for example, commodities (such as gold), infrastructure, private equity, real estate, and hedge funds. Alternative investments can be useful to help with diversification, as some of them are not expected to perform in the same way as more traditional investments. Annual management charge (AMC) The yearly fee paid to Premier Miton for managing a trust, expressed as a percentage of your investment. The AMC does not typically change from year to year. Assets Different groups of investments such as company shares, bonds, commodities or property. Bonds (or fixed income) Types of investments that allow investors to loan money to governments and companies, usually in return for a regular fixed level of interest until the bond’s maturity date, plus the return of the original value of the bond at the maturity date. The price of bonds will vary and the investment terms of bonds will also vary. Capital Describes financial assets, particularly cash, or other assets, such as shares, owned by a person or organisation. Capital growth The increase in the value of an asset or investment over time, measured by its current value compared to its purchase cost. Collective Investment Schemes A generic term for investment funds with more than one investor, such as unit trusts, Open Ended Investment Schemes (OEICs) and investment trusts. Commodities These are natural resources such as gold, oil, gas, metals or agricultural products that have practical uses and can be bought and sold on financial markets. Discount The shares of investment trusts can have a price below the value of their net assets, this difference is known as the discount. The shares can also be at a premium to their net assets. Dividends The portion of its capital that a company chooses to return to its shareholders. For a trust, this is the payment of trust’s income to its shareholders. Equities Another name for shares (or stock) in a company. Commodities These are natural resources such as gold, oil, gas, metals or agricultural products that have practical uses and can be bought and sold on financial markets. Futures These are financial contracts that obligate the parties to transact an asset at a predetermined future date and price. The buyer must purchase or the seller must sell the underlying asset at the set price, regardless of the current market price at the expiration date. Futures can be traded up until their expiry date on futures markets. Gearing The level of a company’s debt in relation to its capital. A company with significant debt compared to its capital is considered to be highly geared. Individual Savings Account (ISA) A type of tax-free scheme, set up by the government, designed to help people make the most of their savings and investments. All income and gains from an ISA investment are exempt from UK Income Tax and Capital Gains Tax. HM Revenue and Customs sets the maximum amounts that you are allowed to invest into an ISA each tax year. Net Asset Value (NAV) The total of a company’s assets minus its liabilities. The net asset value per share is the total of a company’s assets minus its liabilities divided by the number of shares in issue. Ongoing Charges Figure (OCF) As recommended by the Association of Investment Companies in its guidance, ongoing charges are the Company’s annualised revenue and capital expenses (excluding finance costs and certain non- recurring items) expressed as a percentage of the average monthly net assets of the Company during the year. Please note this figure is different to what is stated in the PRIIPS KID. Revenue reserve An investment trust has to pay a minimum of 85% of the income it receives each financial year to shareholders, usually via a dividend. Up to 15% can be retained in a revenue reserve account to be paid in the future. Share price yield The dividend per share divided by the stock’s or fund’s price per share and expressed as a percentage. The historic yield is the dividend income distributed during the past year and expressed as a percentage of the share price on a particular day. Total return A way of showing how an investment has performed, and is made-up of the capital appreciation or depreciation and includes any income generated by the investment. Measured over a set period, it is expressed as a percentage of the value of the investment at the start of that period. ## Glossary Factsheet 31 March 2025 Page 4 of 4 Contact us From 9:00am to 5:30pm, Monday to Friday, excluding bank holidays. 0333 456 4560 contactus@premiermiton.com Whilst every effort has been made to ensure the accuracy of the information contained within this document, we regret that we cannot accept responsibility for any omissions or errors. > Any views and opinions expressed here are those of the author at the time of writing and can change; they may not represent the views of Premier Miton and should not be taken as statements of fact, nor should they be relied upon for making investment decisions. Reference to any particular stock or fund does not constitute a recommendation to buy or sell the stock or fund. Persons who do not have professional experience in matters relating to investments should not rely on the content of this document. We are unable to give financial advice. If you are unsure about the content contained within/suitability of the funds mentioned, please speak to a financial adviser. > All data is sourced to Premier Miton unless otherwise stated. > A free, English language copy of the trust’s full prospectus, the Key Information Document and Pre-investment Disclosure Document are available on the Premier Miton website, or you can request copies by > calling us on 01483 306090. For your protection, calls may be monitored and recorded for training and quality assurance purposes. Financial Promotion issued by Premier Portfolio Managers Limited which is registered in England no. 01235867, authorised and regulated by the Financial Conduct Authority and a member of the ‘Premier > Miton Investors’ marketing group and a subsidiary of Premier Miton Group plc (registered in England no. 06306664). Registered office: Eastgate Court, High Street, Guildford, Surrey GU1 3DE. Investment Manager Premier Fund Managers Limited Eastgate Court High Street Guildford Surrey GU1 3DE Secretary and Registered Office MUFG Corporate Markets 6th Floor 65 Gresham Street London EC2V 7NQ Registrar MUFG Corporate Markets Central Square 29 Wellington Street Leeds LS1 4DL ## Corporate contacts 01483 306 090 investorservices@premiermiton.com 0871 664 0300 enquiries@cm.mpms.mufg.com 020 7954 9599 pmgr@cm.mpms.mufg.com