Premier Energy & Water Trust – A BREXIT beneficiary, assisted by a marked depreciation of sterling and no currency hedging, Premier Energy and Water Trust’s (PEW’s) NAV has risen by 26.1% since the UK’s EU referendum. PEW has little exposure to UK companies, a geared structure and many holdings that the manager believes are materially undervalued. The share price has not kept pace with recent NAV growth, allowing a discount to emerge. In addition, PEW’s 4.9% yield (based on its forecast dividend of 8p) could rise from here as PEW has reached its full year revenue targets just half way through its year.