The Company is a split capital trust consisting of Ordinary shares (PEW) and ZDP shares (PEWZ). Objectives are to achieve a high income from its portfolio and to realise long term growth in the capital value of the portfolio. It invests principally in equity and equity related securities of companies operating in the utilities and infrastructure sectors. The Company may invest up to 15% in other investment companies provided that they themselves invest in utilities and infrastructure. Up to 15% of the portfolio can be invested in unquoted investments.