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FE Trustnet Investment trusts

Factsheet

Ecofin Water & Power Opportunities

19 Buckingham Street, London, United Kingdom, WC2N 6DU
44 20 7451 2928 (Fax Number)
44 20 7451 2929 (Main Number)
www.ecofin.co.uk
information@ecofin.co.uk

To achieve a high, secure dividend yield and to realise long-term growth in the capital value of the portfolio for the benefit of shareholders, while taking care to preserve Shareholders' capital.

Fund vs sector
	1y	3y
Position	2 / 3	2 / 3
Quartile	2	2

FE
Crown Rating
(Quantitative)

Ratios
	1y	3y
Volatility	11.33	14.84
Alpha	3.73	1.61
Beta	0.57	0.62
Sharpe	0.96	0.00
InfoRatio	-0.39	0.01
R²	0.43	0.41
Quartiles: 1 2 3 4 vs. Utilities»

FE Risk Scores
Instrument	1y(%) Growth	FE Risk Score
Ecofin Water & Power Opportunities	21.4	95
Utilities	27.9	82
Cash	n/a	0
Compare this fund to its peers using FE Risk Scores>>
Learn more about using FE Risk Scores>>

	1y	3y	5y	12m-24m	24m-36m	36m-48m	48m-60m
ECOFIN WATER & POWER OPPS ORD	+21.4	+16.7	-6.1	-3.7	-0.2	-6.1	-14.3
NAV	+17.9	+18.3	+0.1	-9.0	+10.2	+1.2	-16.4
Utilities	+27.9	+14.1	-2.9	-12.5	+1.9	+24.0	-31.4

Share Price
Share	Type	Price	Date	Prem/Disc	Diluted NAV		Gearing	Div yield
Share	Type	Price	Date	Prem/Disc	Estim	Last pub.	Gearing	Net	Gross
ECOFIN WATER & POWER OPPORTUNITIES ZDP	ZDP	143.13 (p)	21-May-2013	n/a	n/a	n/a	n/a	n/a	n/a
ECOFIN WATER & POWER OPPORTUNITIES CONV	Conv	103.25 (p)	21-May-2013	n/a	n/a	n/a	n/a	5.81	5.81
ECOFIN WATER & POWER OPPORTUNITIES ORD	UNIT	135.00 (p)	21-May-2013	-23.45	172.76	171.04 15-May-2013	152	4.81	4.81

Capital structure & income
Share	Type	Exchange	Nominal value	Issued	Market value (m)	Wind-up date	Splits
ECOFIN WATER & POWER OPPORTUNITIES ZDP	ZDP		n/a	n/a	-	n/a	n/a
Share identifiers: TIDM: ECWZ; SEDOL: B4Z6HJ8; ISIN: GB00B4Z6HJ81
ECOFIN WATER & POWER OPPORTUNITIES CONV	Conv		n/a	n/a	-	n/a	n/a
Share identifiers: TIDM: ECWL; SEDOL: B504KH3; ISIN: GB00B504KH32
ECOFIN WATER & POWER OPPORTUNITIES ORD	UNIT	LONDON	0	209,809,000	277.47	n/a	n/a
Share identifiers: TIDM: ECWO; SEDOL: B09LK25; ISIN: GB00B09LK252

Detailed fund information
Fund type	United Kingdom-registered Investment Trusts
Launched	2005
Gross assets	£551.0m / $838.5m
Sector	Utilities
Asset Class	Commodity/Energy
Own ISA wrapper
Savings plan
Annual accounts	(Click to order)
Last report / accounts	25-Jan-2013
Last AGM	03-Sep-2012
Next AGM	September 2013
EGM	15-Mar-2013
Stockbroker(s)	n/a
Management contract	Ecofin will provide investment advisory services to the company at a rate of 1.5% of Net Assets, paid quarterly in arrears. Ecofin will be entitled to a performance fee of 15% of the growth in net assets over a hurdle rate of 10%. The performance fee is charged wholly to the capital reserve. The management contract is terminable on 12 months notice. Phoenix Administration Services will provide secretarial and administration for an annual fee of GBP80,000, the agreement is terminable on 6 months notice. Citigroup will act as the funds custodian, for an annual fee of GBP200,000, this contract maybe terminated by either party with 2 months notice.
Borrowing limit	n/a
Continuation / Wind-up provision	The Company has an unlimited life. The Company is authorised to make purchases of its own shares up to 14.99% of the issued share capital. On 30-Apr-09, the fund acquired 28,738,131 Income Shares and 12,263,835 Capital Shares in a tender offer. The remaining shares in these classes were converted to Ordinary Shares. As a result, the fund now has 210,319,359 Ords in issue. Following the EGM held on 28-Jul-09, GBP80 million nominal of 6% CULS 2016 and 60 million ZDPs were listed on the Official List on 29-Jul-09.
Dividend policy	n/a
Investment restrictions	n/a
Reconstruction proposal	n/a
Settlement details	n/a
Tax policy	n/a

Peer groups
Region	Asset Class	Investment Focus	Sector
Global	Commodity/Energy	Gas	Utilities

Largest holdings, 30-Apr-2013
Holding	(%)	Rank	Prev	Holding	(%)	Rank	Prev
LONESTAR RESOURCES	8.30	1	(1)	GENERAL ELECTRIC CO.	2.60	6	(4)
ECOFIN CHINA POWER AND INFRASTRUCTURE	5.80	2	(2)	SSE PLC	2.40	7	(6)
GDF SUEZ	3.40	3	(3)	CALPINE CORP	2.40	8	(7)
WILLIAMS COMPANIES INC	3.00	4	(9)	E.ON SE	2.30	9	(-)
KINDER MORGAN INC DELAWARE	2.80	5	(5)	SEADRILL LTD	2.20	10	(-)
				Total	35.20

more history»

Regional weightings, 30-Apr-2013
Region	(%)	Rank	Prev
USA	41.40	1	(1)
Continental Europe	23.00	2	(2)
Global Emerging Markets	14.90	3	(3)
UK	11.30	4	(4)
Other Developed	6.90	5	(5)
Canada	2.50	6	(6)
Total	100.00

more history»

Sector weightings, 30-Apr-2013
Sector	(%)	Rank	Prev
Utilities	30.90	1	(1)
Energy	23.00	2	(2)
Infrastructure	11.40	3	(3)
Fixed Interest	9.70	4	(4)
Mutual Funds	8.20	5	(5)
Unquoted	7.30	6	(6)
Alternative & Renewable Energy	5.60	7	(7)
Others	3.90	8	(8)
Total	100.00

more history»

All prices in Pence Sterling (GBX) unless otherwise specified. Price total return performance figures are calculated using closing mid prices and with net income (dividends) reinvested. NAV total return performance figures are calculated using fully diluted (where applicable) daily estimated NAV figures from Thomson Financial Datastream and with gross income (dividends) reinvested.