James Smith

Invests in hydro power generation projects

Owns and operates wind farms

UIT is a value-oriented manager which invests predominantly in existing infrastructure and related sectors. The firm focuses primarily on the developed markets of the UK, Europe, North America and Australasia, but has the flexibility to invest in markets worldwide. They may hedge into sterling or foreign currency exposures of the investment portfolio, particularly where future foreign currency receipts are expected and may also hedge general foreign currency exposures on a longer-term basis. The firm seeks undervalued investments, aiming to identify situations where underlying value is not reflected in the market price either as a result of changes in regulation, technology, market motivation, financial engineering, competition or shareholder apathy. UIT looks to minimize risk by investing predominantly in companies and sectors displaying the characteristics of natural monopolies such as utilities, transportation infrastructure or companies with a unique product or market position. The firm prefers to invest in companies with strong management which have the potential to grow their business and an appreciation of an ability to manage risk. The firm believes it is appropriate to support investee companies with their capital requirements, at the same time maintaining an active and constructive shareholder approach and encouraging the optimization of capital structures and business efficiencies. The investment team maintains regular contact with investee companies and UIT is often among their investee companies' largest institutional shareholders. The firm aims to maximize value for shareholders by holding a relatively concentrated portfolio of securities and invests through instruments appropriate to the particular situation, including equity and non-investment grade bonds, debt securities and derivative instruments. UIU holds investments in unlisted securities when the attractiveness of the investment justifies the risk and lower liquidity associated with them.

PFM is an active, team-based manager which does not follow any investment style or view. Investment managers follow their own proven investment philosophy and process with a strong focus on sharing ideas and working within clear investment mandates and a strong risk management and compliance culture. The firm’s multi-asset funds include income, conservative growth, balanced and risk-targeted profiled funds to meet different client investment objectives and risk profiles. Their UK equity funds are focused mainly on UK larger and mid-cap companies and specialist strategies, while their global equity funds cover growth, income and specialist strategies.

Functions as a closed-end investment fund or Investment trust

Utilico is an active manager which invests predominantly in existing infrastructure, utilities and related sectors including water, sewerage, waste, electricity, gas, telecommunications, ports, airports, postal companies, services companies, rail, roads, businesses with essential service or monopolistic characteristics and businesses which support these sectors. Their geographic focus is on the UK, Europe, North America and Australasia. They also have exposure to emerging markets through Utilico Emerging Markets Ltd. The firm seeks to identify and invest in undervalued companies. They maintain regular contact with their investee companies, aiming to maximize value by holding a relatively concentrated portfolio of securities. They will invest in unlisted securities when the attractiveness of the investment justifies the risks and lower liquidity associated with unlisted investments.

Acts as Closed-End Investment Fund/Investment Trust