Portfolio & Performance
| Key Data | |
|---|---|
| NAV/share (fair value) | 442.98 |
| NAV/share (book cost) | 444.11 |
| Share price | 396.75 |
| Premium/discount (%) | ‑10.66% |
| Dividend yield (%)1 | 0.45 |
| Total net asset | GBP 874m |
| Market cap | GBP 783m |
| No. of holdings | 52 |
| Net gearing (%)2 | 8.38 |
| Structure | Investment trust |
| Currency | GBP |
| Codes | |
|---|---|
| ISIN | GB0031232498 |
| SEDOL | 3123249 |
| Bloomberg | IEM LN |
| Fees | |
|---|---|
| Ongoing charge (%)3 | 0.89 |
| Dealing | |
|---|---|
| Exchange | LSE |
Cumulative Performance (%) GBP
| 1m | 3m | YTD | 1 Yr | 2 Yr | 5 Yr | |
|---|---|---|---|---|---|---|
| IEM plc – Share Price | 0.0 | 6.9 | 4.4 | 2.2 | 3.8 | 17.9 |
| IEM plc – NAV | 1.2 | 7.9 | 4.7 | -0.2 | 11.3 | 34.1 |
| FTSE ET Index | 8.1 | 9.5 | 5.0 | 10.1 | 38.4 | 67.0 |
| MSCI ACWI | 4 | 9.5 | 10.2 | 16.8 | 54.8 | 81.2 |
Discrete Performance (%) GBP
| IEM plc – Share Price | IEM plc – NAV | FTSE ET Index | MSCI ACWI | |
|---|---|---|---|---|
| SEP-24 – SEP-25 | 2.2 | -0.2 | 10.1 | 16.8 |
| SEP-23 – SEP-24 | 7.3 | 13.2 | 21 | 19.9 |
| SEP-22 – SEP-23 | -5.4 | -1.5 | 3.8 | 10.5 |
| SEP-21 – SEP-22 | -23.8 | -14.8 | -9 | -4.2 |
| SEP-20 – SEP-21 | 49.1 | 41.3 | 32.6 | 22.2 |
| SEP-19 – SEP-20 | 15.1 | 14.5 | 63.2 | 5.3 |
| SEP-18 – SEP-19 | 10.2 | 8.3 | 5.7 | 7.3 |
| SEP-17 – SEP-18 | 19.4 | 7.1 | 3.3 | 12.9 |
| SEP-16 – SEP-17 | 15.8 | 15.2 | 19.6 | 14.9 |
| SEP-15 – SEP-16 | 45.5 | 46.3 | 31.1 | 30.6 |
Portfolio Breakdown
Top 10 Holdings
| Stock | Subsector | Country | % |
|---|---|---|---|
| Air Liquide SA | Industrial Energy Efficiency | France | 4.4 |
| Waste Connections Inc | General Waste Management | United States | 3.9 |
| Xylem Inc/NY | Water Distribution & Infrastructure | United States | 3.3 |
| Trimble Inc | Efficient IT | United States | 3.3 |
| PTC Inc | Efficient IT | United States | 3.3 |
| Contemporary Amperex Technolog | Advanced Road Vehicles & Devices | China | 3.1 |
| Veolia Environnement SA | Water Utilities | France | 3.1 |
| Ormat Technologies Inc | Renewable Energy Developers & IPPs | United States | 3 |
| Synopsys Inc | Efficient IT | United States | 3 |
| Kingspan Group PLC | Buildings Energy Efficiency | Ireland | 2.5 |
Geographic Exposure and Sector Focus
Figures refer to the past and that past performance is not a reliable indicator of future results. The value of investments may go down as well as up and are not guaranteed. Source: Bloomberg. Total is subject to rounding. Top 10 by weighting. Geographic allocation by country of listing.
All data as of 30th September 2025, unless otherwise stated.
1 Total dividends per share paid over the last 12 months divided by the share price at month-end. 2 The Company has a bank loan facility in place and the amount drawn down as at the calculation date was c. £50.6m (£25m + US $31.6m). 3 Calculated using the AIC methodology.
Source: FactSet, Bloomberg, WM Reuters.
Data is in GBP. FTSE index is total return (gross dividend reinvested), MSCI index is total net return (net dividend reinvested).
Source: Bloomberg TR.
IMPORTANT INFORMATION – IEM plc Risks
This marketing communication does not include sufficient detail to enable the recipient to make an informed decision. Please refer to the KID and latest Annual Report which set out the investment objective, policy, maximum leverage and principal risk factors faced by the Company.
The value of an investment in the Company, and any income derived from it, may fluctuate and can go down as well as up depending on a number of factors.
The main factors likely to affect future returns from an investment in the Company include:
Changes in general economic and market conditions such as currency exchange rates, interest rates, rates of inflation, industry conditions, tax laws, political events, policy development, technological change and any other factors that may cause price movements, volatility or illiquidity in the market generally.
Fluctuations in the value of the Company’s underlying investments, particularly those investments in companies with small capitalisations and/or unlisted securities, which are likely to be subject to higher valuation uncertainties and liquidity risks than companies with larger capitalisations and other securities listed or traded on a regulated market.
Events or conditions impacting the Company’s investments in companies operating in environmental markets, such as governments altering the regulatory and financial support for environmental improvement, costs of technology not falling or increasing, reduced or deferred capital spending by customers or products or services not being adopted. Increased risks arising from borrowing by the Company. If investment markets fall in value, any borrowing will enhance the level of loss.
Shares of the Company may trade at a discount or a premium to Net Asset Value for variety of reasons including market sentiment and market conditions. On a sale you could realise less than the Net Asset Value and less than you initially invested.
Other risks arising from events which are outside of the Company’s control, such as the Covid-19 pandemic and the conflict in Ukraine.