Ecofin Global Utilities and Infrastructure Trust plc's investment objectives are to achieve a high, secure dividend yield on its investment portfolio and to realise long-term growth in the capital value of its portfolio for the benefit of shareholders, while taking care to preserve shareholders’ capital.

Fund Stats as of 31/05/2019:

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Total Net Assets

£141,110,495

NAV

153.59p

Market Price

132.50p

Premium/Discount

(13.7%)

SEDOL

BD3V464

ISIN

GB00BD3V4641

Gearing (% of net assets)

15.70%

Dividend yield

4.80%

Ecofin Global Utilities and Infrastructure Trust plc (the ‘Company’ or ‘EGL’) is an investment company domiciled in the United Kingdom. Its ordinary shares are listed on the London Stock Exchange (EGL:LN). As an investment trust, the Company is exempt from capital gains tax and its shares are eligible for inclusion in an Individual Savings Account.

The ordinary shares of EGL began trading on the London Stock Exchange on 26 September 2016, further to a Scheme of Reconstruction which was approved by shareholders of Ecofin Water & Power Opportunities plc (EWPO) in September 2016.

The Company’s assets are primarily invested in equity and equity-related securities of utility and infrastructure companies in developed countries. 

  • Electric & Gas Utilities: Generation, Transmission & Distribution of Electricty, Gas and Liquid Fuels and Renewable Energies
  • Transportation Services: Roads, Railways, Ports & Airports
  • Water & Environment: Water Supply, Wastewater, Water Treatment and Environmental Services

EGL may make use of gearing to enable it to earn a high level of dividend income and to offer shareholders a geared return on their investment.  The Directors of EGL believe that the use of gearing is justified given the nature of most of the companies in which EGL will invests; that is, companies which provide essential services, operate in regulated markets and within stable regulatory frameworks, and pay dividends. EGL utilises a flexible gearing policy with the ability to borrow amounts up to 25% of the Company’s net assets.

EGL is registered in England & Wales with Registered Number 10253041.

Current shareholders of EF Realisation Company Limited can access liquidation documents here.

Allocations

As of 31/05/2019

10 Largest holdings

As of 31/05/2019
Company % of Total
NextEra Energy
6.3%
US
Iberdrola
4.6%
Spain
Enel
4.4%
Italy
Exelon
4.3%
US
EDP
4.2%
Portugal
Company % of Total
EDF
4%
France
Covanta
3.5%
US
Engie
3.5%
France
Terraform Power
3.5%
US
NextEra Energy Partners
3.5%
US

  1. 26 September, 2016. As at 13 September, 2016, the value of the assets attributable to EGL, further to the reconstruction of Ecofin Water & Power Opportunities plc (EWPO), was £124,528,000 or 135.54p per share. By 26 September, 2016, the date of admission of EGL’s shares to trading, the value of the Company’s assets had increased to £129,200,000 or 140.63p per share and the mid-market price of the shares was 113.00p.

Source: Bloomberg. Performance is shown on a total return basis, i.e., assuming reinvestment of dividends.


The Board of Directors are all non-executive and three of them, including the Chairman, are independent of Tortoise Advisors UK Limited, the Investment Manager.

David Simpson

David Simpson, the Chairman of the Company, is a qualified solicitor and was a partner at KPMG for 15 years until 2013, culminating as global head of M&A. Before that he spent 15 years in investment banking, latterly at Barclays de Zoete Wedd Ltd. He is Chairman of M&G Credit Income Investment Trust plc, a director of the British Geological Survey, a trustee of Cardiff University and a director of ITC Limited, a major listed Indian company.

Appointed as Director of EWPO (the predecessor company to EGL) in May 2014 (independent)
Appointed as Chairman of EGL in September 2016 (independent)

Chairman of the Management Engagement Committee, Member of the Audit Committee, Member of the Remuneration Committee

Iain McLaren

Iain McLaren is a chartered accountant and was a partner at KPMG for 27 years, including senior partner in Scotland from 1999 to 2004, retiring from the firm in 2008. He is chairman of BMO UK High Income Trust plc and a non-executive director of Baillie Gifford Shin Nippon plc, Edinburgh Dragon Trust plc, Wentworth Resources plc and Jadestone Energy Inc.  He is a past president of the Institute of Chartered Accountants of Scotland.

Appointed as a Director of EWPO (the predecessor company to EGL) in March 2011 (independent)
Appointed as a Director of EGL in September 2016 (independent)

Chairman of Audit Committee, Member of the Management Engagement Committee, Member of the Remuneration Committee

Martin Nègre

Martin Nègre was, until June 2001, the chief executive officer of Northumbrian Water plc, then a subsidiary of Suez Lyonnaise des Eaux, and Suez Lyonnaise’s chief corporate representative in the UK. Prior to that, he was Suez Lyonnaise’s international director in Paris and then its Asia-Pacific president in Hong Kong and Singapore. Before that, he spent 21 years with Alsthom and GEC Alsthom, the Anglo/French engineering company, where he was a senior executive and the chief executive officer of the power generation division. He is chairman of the Ecofin Vista Long-Short Fund and the Ecofin Global Renewables Infrastructure Fund, funds managed by the Investment Manager, a non-executive director of Northumbrian Water Limited and Messrs Hottinger & Cie, Paris.

Appointed as a Director of EWPO (the predecessor company to EGL) in December 2001 (Chairman from 2002 – 2005)
Appointed as a Director of EGL in September 2016

Malcolm (Max) King

Max King is a chartered accountant and has over 30 years’ experience in fund management having worked at Finsbury Asset Management, J O Hambro Capital Management and Investec Asset Management. He is currently a non-executive director of Henderson Opportunities Trust plc and of Gore Street Energy Storage Fund plc. 

Appointed as a Director of EGL in September 2017 (independent)

Chairman of Remuneration Committee, Member of the Management Engagement Committee, Member of the Audit Committee

Company Secretary and Registered Office

BNP Paribas Secretarial Services Limited

10 Harewood Avenue
London
NW1 6AA

tel: 020 7410 5971

email: secretarialservice@uk.bnpparibas.com

  • Administrator

    BNP Paribas Securities Services S.C.A.

    10 Harewood Avenue London NW1 6AA

  • Broker

    Winterflood Securities Limited

    The Atrium Building Cannon Bridge 25 Dowgate Hill London EC2R 2GA

  • Investment Manager

    Tortoise Advisors UK Limited

    Burdett House 15 Buckingham Street London WC2N 6DU

  • Banker and Custodian

    Citigroup

    Citigroup Centre Canada Square Canary Wharf London E14 5LB

  • Solicitor

    Norton Rose LLP

    3 More London Riverside London SE1 2AQ

  • Registered Auditor

    Ernst & Young LLP

    1 More London Place London

  • Registrar

    Link Asset Services

    The Registry 34 Beckenham Road Kent BR3 4TU tel (uk): 0871 664 0300 tel: overseas): +44 371 664 0300

The share register for Ecofin Global Utilities and Infrastructure Trust plc is maintained by Link Asset Services. If you have a problem – such as lost documentation or a lost dividend cheque – please contact Link Asset Services directly. Your account details may also be accessed by using their website.

Link Asset Services
The Registry 34 Beckenham Road
Beckenham
BR3 4TU

Telephone for enquiries: 0871 664 0300

enquiries@linkgroup.co.uk

Financial Calendar

Ordinary share dividends payable (last business day of) February, May, August, November
AGM March
Half-year ends 31 March
Release of Interim Report May
Financial year ends 30 September
Release of Annual Report December