As evidenced by its recent final results, Premier Energy and Water (PEW) has seen the NAV of its ordinary share, supported by gearing from its zero dividend preference share (ZDP), outperform all of the FTSE benchmarks commonly used to compare its performance (FTSE All-World Utilities, FTSE World and FTSE All-Share). Global utilities had a strong run during 2014. However, emerging markets, to which PEW’s portfolio is heavily exposed are less expensive than developed market utilities on average. During 2014, the portfolio generated revenue income of 12.55p per share before the costs incurred to extend the life of the trust.

Click the link below to read our latest note on Premier Energy & Water