The imposition of additional taxes on energy companies by UK and European governments in the last quarter of 2022, together with accompanying anticipation, resulted in a very volatile year for the listed renewables sector. Reflecting uncertainty in 2022, Premier Miton Global Renewables Trust’s (PMGR’s) performance has also been volatile. During the last 12 months, the NAV total return was -8.4%, further depressed by exposure to China, now reduced to 3.1% of the portfolio (at end February 2023). The share price total return was -10.4% because of the gearing effect (both returns in sterling to end February 2023). The manager, James Smith, has responded by restructuring the portfolio away from Chinese holdings towards higher-yielding UK and European companies. He believes that the share prices of renewable companies should start to rise as uncertainty around extra taxation is removed and the market acknowledges the industry’s strong fundamentals.