140610 PEW initiation QD

Attached is a sponsored research note on Premier Energy & Water.

Almost two years ago the management team and the investment style of Premier Energy and Water (PEW) changed with greater emphasis placed on maximising the company’s total return. The record since PEW’s revamp in the summer of 2012 is impressive; the portfolio delivered a total return of 44% from July 2012 to May 2014. Although PEW doesn’t have a formal benchmark, we have used the FTSE All World Utilities Index for comparison purposes throughout this report. The shift from more or less tracking the return on the Index to significantly outperforming it is obvious in the chart below. In this note we have tried to explain how the fund has evolved.

The Premier Energy & Water Trust aims to achieve a high level of income and realise long-term   growth in the value of its portfolio. It invests principally in the equity and equity related securities of companies operating in the energy and water sectors (often called “utilities”) as well as other infrastructure Investments.