UPDATE: This trust was delisted in late 2025, with shareholders offered a cash exit or a rollover into an open-ended fund.
Premier Miton Global Renewables (PMGR) was launched in 2003 and has gone through a few incarnations over the last two decades, first investing primarily in utilities, then infrastructure, and most recently renewables. It has been managed by James Smith since 2012 and is a split capital trust using zero dividend preference shares (ZDPs) to gear up its balance sheet which has resulted in a very volatile share price performance. PMGR's share price has produced a 7.3% annuali...
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UPDATE: This trust was delisted in June 2026, with shareholders offered a cash exit or rollover into an open-ended fund.
Diverse Income Trust (ticker: DIVI) is a UK equity income trust run by the respected team of Gervais Williams and Martin Turner at Premier Miton. From its launch in April 2011 to the end of May 2022, it returned 228% on a NAV total return basis versus around 90% for the UK market. It has a diversified portfolio of around 130 positions but has been able to outperform both the market and most of its sector rivals by having over half its portfolio in smaller companies. Diverse...
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Gervais Williams has been manager of the Diverse Income Trust (ticker: DIVI) since 2011 and also manages a number of small and midcap funds for Premier Miton, the boutique fund management firm. Before that he spent 17 years managing small cap funds for Gartmore. He started working in the City in 1985 and has published three books on the changing nature of the UK equity market, globalisation and the rise of AIM.
Why the interest in this trust? One good reason is that Gervais Williams is an experienced and respected manager of small and midcap funds, so his thoughts on the market and individual...
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