Ecofin Water & Power Opportunities generated a total return of 9.0% on shareholders’ funds for the six months ended 31 March 2014. With the gearing effect of the zeros, the return on net assets for ordinary shareholders was 12.3% and the total return for ordinary shareholders was 13.4% as the discount on the ordinary shares narrowed, marginally, but remains wide at 25.7%.
The returns, helped by a recovery in the share price of Lonestar Resources, were ahead of comparable indices – the MSCI World utilities index returned 7.8% and the MSCI World Energy Index returned 5.9%.
The annual dividend rose to 6.75p from 6.5p