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Aberdeen American Growth  
Fidelity American  
Schroder UK Mid 250  
M&G Recovery  
Jupiter Merlin UK Growth  
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Contact details

19 Buckingham Street, London, United Kingdom, WC2N 6DU
44 20 7451 2928 (Fax Number)
44 20 7451 2929 (Main Number)

Investment objectives

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.

Key Information

Fund vs sector

  1y 3y
Position 2 / 3 2 / 3
Quartile 2 2

Fund ratings

FE Crown Rating: 2 FE
Crown Rating


  1y 3y
Volatility 17.47 13.64
Alpha 10.45 6.97
Beta 0.61 0.58
Sharpe 0.74 0.53
InfoRatio 0.42 0.33
R2 0.48 0.44
Quartiles:   1  2   3  4   help with ratios
vs. Utilities»


performance chart
    1y 3y 5y 12m-24m 24m-36m 36m-48m 48m-60m
+16.7 +38.4 +50.6 +12.1 +5.8 -10.4 +21.4
  NAV +18.7+23.6+47.6+4.8 -0.6+1.0+18.2
  Utilities +10.2+21.5+63.9+15.9-4.9-4.3+41.1
Share Price
 ShareTypePriceDatePrem/DiscDiluted NAVGearingDiv yield
EstimLast pub.NetGross
pdf ECOFIN WATER & POWER OPPORTUNITIES ZDP ZDP 146.00 (p) 17-Apr-2014 n/a n/a n/a n/a n/a n/a
pdf ECOFIN WATER & POWER OPPORTUNITIES CONV Conv 104.75 (p) 17-Apr-2014 n/a n/a n/a n/a 5.73 5.73
pdf ECOFIN WATER & POWER OPPORTUNITIES ORD UNIT 143.00 (p) 17-Apr-2014 -23.74 185.55 185.81
151 4.59 4.59
Capital structure & income
Share Type Exchange Nominal value Issued Market value (m) Wind-up date Splits News
ECOFIN WATER & POWER OPPORTUNITIES ZDP ZDP n/a n/a - n/a n/a company announcements
Share identifiers: TIDM: ECWZ; SEDOL: B4Z6HJ8; ISIN: GB00B4Z6HJ81
ECOFIN WATER & POWER OPPORTUNITIES CONV Conv n/a n/a - n/a n/a company announcements
Share identifiers: TIDM: ECWL; SEDOL: B504KH3; ISIN: GB00B504KH32
ECOFIN WATER & POWER OPPORTUNITIES ORD UNIT LONDON 0 209,809,000 296.88 n/a n/a company announcements
Share identifiers: TIDM: ECWO; SEDOL: B09LK25; ISIN: GB00B09LK252
Detailed fund information
Fund type flag United Kingdom-registered Investment Trusts
Gross assets£586.8m / $984.9m
Sector Utilities
Asset ClassCommodity/Energy
Own ISA wrapper Fund has ISA Wrapper help with ISA
Savings plan Fund has no Savings Plan 
Annual accountsn/a
Last report / accounts31-Jan-2014
Last AGM10-Mar-2014
Next AGMMarch 2015
Management contractEcofin 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 limitn/a
Continuation / Wind-up provisionThe 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 policyn/a
Investment restrictionsn/a
Reconstruction proposaln/a
Settlement detailsn/a
Tax policyn/a
Peer groups
Region Asset Class Investment Focus Sector
Global Commodity/Energy Gas Utilities
Largest holdings, 31-Mar-2014
Holding (%) Rank Prev Holding (%) Rank Prev
TUBACEX3.103(6)GDF SUEZ2.608(-)
Regional weightings, 31-Mar-2014
Region (%) Rank Prev  
USA 39.10 1 (1) 39.10% USA
Continental Europe 26.90 2 (2) 26.90% Continental Europe
UK 17.80 3 (3) 17.80% UK
Global Emerging Markets 9.70 4 (4) 9.70% Global Emerging Markets
Canada 3.50 5 (5) 3.50% Canada
Other Developed Markets 3.00 6 (6) 3.00% Other Developed Markets
Sector weightings, 31-Mar-2014
Sector (%) Rank Prev  
Utilities 41.60 1 (1) 41.60% Utilities
Energy 23.80 2 (2) 23.80% Energy
Infrastructure 13.80 3 (3) 13.80% Infrastructure
Alternative & Renewable Energy 10.30 4 (4) 10.30% Alternative & Renewable Energy
Unquoted 5.20 5 (5) 5.20% Unquoted
Others 3.10 6 (6) 3.10% Others
Fixed Interest 2.20 7 (7) 2.20% Fixed Interest

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.

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Asset allocation

Commodity & Energy, 97.80%
97.8000% ofCommodity & Energy
Fixed Interest, 2.20%
2.2000% ofFixed Interest

Sector analysis


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