Ecofin Global Utilities ... Share Discussion Threads

[orinocor] 07/3/2017 13:49

NAV still edging up, now 137.96p

[speedsgh] 06/3/2017 13:29

£100k purchase by a Partner of the Investment Manager. Not an inconsiderable amount.

Discount to NAV continues to widen. With NAV increasing, share price weakness suggests a seller in the background?


The Company announces the unaudited Net Asset Value per ordinary share (inclusive of accumulated income) as at the close of business on 3 March 2017:- Net Asset Value 137.68 pence

[cousin jack] 03/3/2017 13:05

Speeds: That's the information I needed. Thanks.

[orinocor] 03/3/2017 12:32

NAV now 137.4p

[speedsgh] 03/3/2017 11:50

CJ - The following is from the July 2016 prospectus...



DIVIDEND POLICY
"The Board believes that a relatively high level of income from a global specialist equity fund will provide an appealing investment proposition for investors searching for yield at a time of record low interest rates. The Company will, therefore, target an initial dividend yield of at least 4 per cent. on net assets using gearing and, if necessary, reserves to augment the Portfolio yield.

The Company intends to pay dividends to Shareholders on a quarterly basis, payable on the last Business Day of February, May, August and November each year, with the first dividend expected to be paid on 30 November 2016."

Also see the timetable set out in the following announcement...

Quarterly Dividend -

[cousin jack] 03/3/2017 10:47

Where is the best place to find information on previous and future dividend dates?Ecofin don't seem to have it in their investor relations section.

T.I.A.

[orinocor] 02/3/2017 13:50

NAV 136p.
Actually 135.92p but close enough.

[bangor] 01/3/2017 20:54

Apparently Idealing were paid on time but by cheque! So I have to wait for clearance...

[hpcg] 01/3/2017 17:23

Yeah, IG finally coughed up a day late. With currency and US market the way it is this should be going up.

[spectoacc] 01/3/2017 16:15

NAV 135p. Wonder if that was the last of the overhang, or if BTEM (in particular) have any left.

Divi paid promptly at TD fwiw.

[hpcg] 01/3/2017 11:10

Got paid in HL, who are very good, not in IG who are always slower as I don't think physical shares come naturally to them.

[bangor] 01/3/2017 09:12

My dividend, due yesterday (Idealing) hasn't arrived yet.

[spectoacc] 01/3/2017 08:37

500k reported after close at 113.23p yesterday; a slight overhang-clearing feel to it.

[orinocor] 28/2/2017 14:52

NAV up to 134.4p

At 114.4p to buy that's a 15% discount and 5.6% yield.

[spectoacc] 22/2/2017 12:54

133.5p, even with the gearing.

[orinocor] 21/2/2017 21:12

The US/Canada portfolio stocks are up 1%-2% just now. It was also a good day for the UK and Europe stocks so I think NAV could be over 135p now.

[orinocor] 20/2/2017 15:20

Bought some at 114p for a 14% discount. As the NAV goes up the shares go down. Another seller about.

[orinocor] 20/2/2017 10:33

discount now 13.5%

[spectoacc] 15/2/2017 15:10

If I'm honest, I'd quite like it back at 108 so I can buy some more. I'm cynical on their performance (poor vs index per post above) but I'd still have more at the right price.

[orinocor] 15/2/2017 14:56

NAV strengthening nicely again. Now at 132.92p




So currently on a 12.5% discount to NAV and a 5.5% yield.

[spectoacc] 13/2/2017 14:00

They talk a good game, and I'm kept in just for the divi/discount, but fact remains that since launch, they've underperformed:

NAV -5.7%

vs
MSCI World Utilities -1.3%
MSCI World +7.6%
FTSE All-Share +3.4%

Perhaps should only judge them against World Utilities index, but even so..

[orinocor] 13/2/2017 11:25

These guys are quite active with their trading. The portfolio changes from month to month as well as the relative weightings. There's a new name - Williams Companies. Listed on NYSE.

[speedsgh] 13/2/2017 10:59

Portfolio Update -

NAV as at 31/1/17 was 131.01p

MANAGER'S COMMENTS:
 Following a strong recovery in December, the portfolio was down slightly in January (‐0.5%). Although the manager generated significant alpha versus the European and North American utilities indices, respectively, the sector as a whole was the worst performing group in the Eurostoxx index, with the SX6E index of Continental European utilities closing 4.8% lower. UK utilities were also weak (‐2.2%). The pressure on the sector was largely related to the further steepening of Government bond yields, both in the UK and on the Continent. The striking weakness of Italian regulated names Snam Rete Gas (‐10%), Terna (‐6.8%) and Italgas (‐5.8%) illustrates this factor well. Conversely, US long‐term interest rates calmed down after their sharp rise following the election of Donald Trump in early November. US utilities bounced in January (+1.3%), though still lagged the strength in the S&P index (+1.9%).
 Commodities were weak last month, particularly natural gas and to a lesser extent coal. This has led to some weakness in power prices, notably in Europe. French utility conglomerate Engie suffered as a consequence (‐8.7%).
 In the US, the portfolio’s largest position, Nextera Energy Partners (+24%), benefitted from a change in the Incentive Distribution Rights allocation decided by its parent, Nextera Energy Inc. Holders of NEP will now receive 75% of incremental cash flow growth rather than 50% previously. This is highly supportive for the value of the company and limits the need for future equity raises.
 The manager has worked on concentrating the portfolio around the highest conviction ideas and will continue to do so. He has been adding to European utilities which he believes are good value following a long period of underperformance for the segment.

[spectoacc] 09/2/2017 11:37

Lol, saw that this morning - and surely a buy, even if days delayed. Been a lot of small sells but that 1m has supported it IMO.

[konkel] 09/2/2017 10:31

Not often we see a 1m print!!