Premier Miton Global Ren... Share Discussion Threads

[thrugelmir] 18/10/2024 14:54

There's no knowing where interest rates might settle. Many of the companies launched in the cheap money era when Gilts offered negative real rate of return. Raising new capital via equity issuance with stocks trading at a prenium was easy. Very different now. No longer bond proxies but active trading companies. Power prices for 2025 are projected to be soft. Wouldn't expect any rapid turnaround. While discounts and deleveraging are addressed.

[whilstev] 18/10/2024 08:51

Surely now interest rates are coming down PMGR is set to benefit as interest in high yielding renewable energy stocks is set to increase.

[thrugelmir] 11/10/2024 14:09

PMGR do presentations on the Investor Meet Platform. Ask the question then.

[the deacon] 11/10/2024 13:54

You're right. The portfolio update rns on 02/10 has Clearway in top spot. UKW in second. Would be nice if PMGR could produce a monthly update of the full portfolio. Just an updated excel file on the website like many other trusts do..

[skinny] 11/10/2024 13:30

Not Clearway Energy Inc Class A ?

[the deacon] 11/10/2024 12:20

As of 30th June 2024, the stake in RWE was worth £1.6m. The largest position was UKW, worth £2.77m

[thrugelmir] 10/10/2024 21:50

£100k ? My rough estimate of the value of the stake in RWE is £1.8 million.

[craigso] 09/10/2024 16:35

Interesting interview.

I do like the double discount and the gearing from the ZDPs.

But this fund is too small really, and is stretched too thin across too many companies. How much management access and in-depth analysis do you get from a £100k investment in a major power company such as RWE or AES?

[the deacon] 09/10/2024 10:16

New interview with James Smith https://www.edisongroup.com/edison-tv/premier-miton-global-renewables-trust-executive-interview-2/34029/

[thrugelmir] 22/8/2024 11:24

Provided an interesting insight.

[the deacon] 22/8/2024 11:09

Enjoyed the PMGR webinar on renewables developers yesterday. Link to the video below:https://youtu.be/NRUjWGZGdck?si=acCKSCA918L4wyjC

[thrugelmir] 24/5/2024 16:20

Fixed return. Ordinary shares offered better upside when in low 90 pence range

[stemis] 17/5/2024 13:25

Any views on the zero dividend preference shares? - 11% over 18 months

[thrugelmir] 04/3/2024 17:11

Trust is split cap. Hence the gearing. EGL has leverage.

[mrscruff] 04/3/2024 16:33

I suppose they can justify the large fee because vs the small NAV because it is massively geared. It would be worth looking at gearing as it works both ways and if get back near 2-3% rates then this would be very strong. In the meantime EGL is a far more diversified trust with far less gearing.

[thrugelmir] 18/7/2023 21:05

Discounted discount. Very attractive.

[dickiehh] 18/7/2023 18:06

Shocking NAV performance this year

[thrugelmir] 04/6/2023 12:17

Started buying a short while back. Interesting longer term holding.

[whilstev] 26/4/2023 16:53

Nice to see a rise in the dividend confirmed as I was hoping.Looks good for full year of about 7.40 pence.

[whilstev] 06/4/2023 11:27

Many of the companies are increasing their dividends by the equivalent of the inflation rate so prospects for revenue increase is quite good. I am hoping for a rise to at least 7.25 pence this year which is a 5.4% yield. The ZDPs will be voted on in 2025 and as long as they reach their redemption yield value I would expect the vote will be to continue. I am obviously quite heavily invested here so I am living in hope that they can recover some of the lost value over the coming months.

[adae] 06/4/2023 10:33

Fair comment - double charges, but also double discount.

How do they repay the ZDP in 2025?

And I can't see much of a route to an increasing dividend. You can get nearly 5% in certain Treasuries.

[whilstev] 06/4/2023 10:28

Most of the companies it is invested in are themselves currently priced at a discount to their NAV so really the discount for PMGR is really higher than the current 20%. I think this is very generous. Only 3.1% is invested in China. I think if you want to take a position on the renewables sector then this is a good way of doing so. The gearing provided by the ZDP shares mean that if sentiment towards the underlying companies improves then performance of PMGR will accelerate.

[adae] 06/4/2023 09:49

Hargreaves Lansdown says ongoing charge 4.48%, I can't see where they get that from - possibly including the finance charge on the ZDP?

Annual Report says 1.7% - being £395k of management fee, and £482k of operating expenses. I have a problem with that, on a trust that simply invests in others, and has a market cap of all of £25m.

You're paying £877k a year on a £25m mkt cap IT in order for someone to stock pick for you, but they're picking many ITs that do themselves have charges, for example Greencoat, Next Energy, Foresight, Octopus.

Why not buy those yourself, and pay a single set of fees.

The other big problem is Drax being more than 6% of the trust. Burning woodchip is not renewable. At some point, regulation catches up.

A number of smaller China investments. China is not investable.

I don't see PMGR as cheap, the dividend isn't that high, the discount is reasonable but for a reason, and the overall size is tiny. I'd want a discount twice the current level.