Manager firm
ICM
Manager(s)
Charles Jillings, Jacqueline Broers
Structure
investment_trust
AIC sector
Global Emerging Markets
Domicile
United Kingdom
Base currency
GBP
Launched
2005-07-20
Latest factsheet
2026-07-31
Snapshot date
2025-08-31
Manager firm
ICM
Manager(s)
Charles Jillings, Jacqueline Broers
Structure
investment_trust
AIC sector
Global Emerging Markets
Domicile
United Kingdom
Base currency
GBP
Launched
2005-07-20
Latest factsheet
2026-07-31
Snapshot date
2025-08-31
Share price
276.61p
NAV / share
308.23p2026-08-28
Premium / discount
-10.26%
Fund size
£547m
OCF
1.40%
Performance fee
—
Gearing
2.80%
Dividend yield
3.30%
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 1m | 1.9% | -4.4% | +6.3pp |
| 3m | 1.0% | 5.8% | -4.8pp |
| 1y | 23.5% | 34.2% | -10.7pp |
| 3y | 41.2% | 62.4% | -21.2pp |
| 5y | 64.6% | 52.0% | +12.6pp |
| since_inception | 549.4% | 502.9% | +46.5pp |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Orizon Valorizacao de Residuos | — | — | 7.8% |
| 2 | International Container Terminal Services | — | — | 7.6% |
| 3 | IndiGrid Infrastructure Trust | — | — | 4.3% |
| 4 | Alupar Investimento S.A. | — | — | 4.0% |
| 5 | Korean Internet Neutral Exchange (KINX) | — | — | 3.6% |
| 6 | Sabesp | — | — | 3.6% |
| 7 | Manila Water Company | — | — | 3.1% |
| 8 | Aguas Andinas S.A. | — | — | 2.9% |
| 9 | Colbún | — | — | 2.8% |
| 10 | Grupo Aeroportuario del Pacifico (GAP) | — | — | 2.7% |
| Electricity | 25.2% | |
| Water & Waste | 20.1% | |
| Data Services & Digital Infrastructure | 12.0% | |
| Ports | 11.5% | |
| Infrastructure Investment Funds | 6.2% | |
| Telecommunications | 5.9% | |
| Logistics | 5.2% | |
| Renewables | 4.1% | |
| Airports | 3.8% | |
| Road & Rail | 3.7% | |
| Other | 2.3% |
| Brazil | 24.5% | |
| Philippines | 12.1% | |
| India | 9.7% | |
| Other Europe | 9.5% | |
| China incl. HK | 8.2% | |
| Chile | 6.9% | |
| Colombia | 6.5% | |
| Africa | 5.4% | |
| Other Asia | 4.5% | |
| Vietnam | 4.3% | |
| South Korea | 3.6% | |
| Other Latin America | 3.5% | |
| Middle East | 1.3% |
| Portfolio yield | 3.93% |
| Unlisted holdings | 3.25% |
| Cash & equivalents | 0.33% |
| Total assets | £532.9m |
| Revenue reserves | £0 |
| Net gearing | 3.00% |
| Gross gearing | 3.30% |
| Net cash | £0 |
| Gearing range (from) | — |
| Gearing range (to) | — |
| Shares in issue | 181,819,391 |
| Shares issued | 0 |
| Shares purchased | 834,000 |
| Treasury shares | 0 |
UEM's NAV total return increased by 1.6% in July, whilst the MSCI Emerging Markets Net Total Return GBP Index declined by 4.4% primarily due to the partial unwinding of the AI-related market theme. Given UEM's focus is predominantly on infrastructure and utilities which are typically more defensive in nature, the fund continues to weather significant market volatility. The reversal in sentiment toward AI-related names was driven by renewed concerns over the sustainability of AI capex, financing and monetisation. The Korean Kospi Index continued to see 5-10% daily movements and ended the month down by 22.2% – albeit it was actually down 34.0% before a sharp upward rally on the last day of July. For similar reasons, the Taiwanese TWSE Index fell 6.5% and the Nasdaq Composite Index also declined 3.2% over the month. While the S&P 500 Index proved more resilient, down by 0.1% over the period and hitting an all time high during the month as second quarter earnings results were better than expected, supporting market sentiment.
Manager firm
ICM
Manager(s)
Charles Jillings, Jacqueline Broers
Structure
investment_trust
AIC sector
Global Emerging Markets
Domicile
United Kingdom
Base currency
GBP
Launched
2005-07-20
Latest factsheet
2026-07-31
Snapshot date
2025-08-31
Share price
276.61p
NAV / share
308.23p2026-08-28
Premium / discount
-10.26%
Fund size
£547m
OCF
1.40%
Performance fee
—
Gearing
2.80%
Dividend yield
3.30%
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 1m | 1.9% | -4.4% | +6.3pp |
| 3m | 1.0% | 5.8% | -4.8pp |
| 1y | 23.5% | 34.2% | -10.7pp |
| 3y | 41.2% | 62.4% | -21.2pp |
| 5y | 64.6% | 52.0% | +12.6pp |
| since_inception | 549.4% | 502.9% | +46.5pp |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Orizon Valorizacao de Residuos | — | — | 7.8% |
| 2 | International Container Terminal Services | — | — | 7.6% |
| 3 | IndiGrid Infrastructure Trust | — | — | 4.3% |
| 4 | Alupar Investimento S.A. | — | — | 4.0% |
| 5 | Korean Internet Neutral Exchange (KINX) | — | — | 3.6% |
| 6 | Sabesp | — | — | 3.6% |
| 7 | Manila Water Company | — | — | 3.1% |
| 8 | Aguas Andinas S.A. | — | — | 2.9% |
| 9 | Colbún | — | — | 2.8% |
| 10 | Grupo Aeroportuario del Pacifico (GAP) | — | — | 2.7% |
| Electricity | 25.2% | |
| Water & Waste | 20.1% | |
| Data Services & Digital Infrastructure | 12.0% | |
| Ports | 11.5% | |
| Infrastructure Investment Funds | 6.2% | |
| Telecommunications | 5.9% | |
| Logistics | 5.2% | |
| Renewables | 4.1% | |
| Airports | 3.8% | |
| Road & Rail | 3.7% | |
| Other | 2.3% |
| Brazil | 24.5% | |
| Philippines | 12.1% | |
| India | 9.7% | |
| Other Europe | 9.5% | |
| China incl. HK | 8.2% | |
| Chile | 6.9% | |
| Colombia | 6.5% | |
| Africa | 5.4% | |
| Other Asia | 4.5% | |
| Vietnam | 4.3% | |
| South Korea | 3.6% | |
| Other Latin America | 3.5% | |
| Middle East | 1.3% |
| Portfolio yield | 3.93% |
| Unlisted holdings | 3.25% |
| Cash & equivalents | 0.33% |
| Total assets | £532.9m |
| Revenue reserves | £0 |
| Net gearing | 3.00% |
| Gross gearing | 3.30% |
| Net cash | £0 |
| Gearing range (from) | — |
| Gearing range (to) | — |
| Shares in issue | 181,819,391 |
| Shares issued | 0 |
| Shares purchased | 834,000 |
| Treasury shares | 0 |
UEM's NAV total return increased by 1.6% in July, whilst the MSCI Emerging Markets Net Total Return GBP Index declined by 4.4% primarily due to the partial unwinding of the AI-related market theme. Given UEM's focus is predominantly on infrastructure and utilities which are typically more defensive in nature, the fund continues to weather significant market volatility. The reversal in sentiment toward AI-related names was driven by renewed concerns over the sustainability of AI capex, financing and monetisation. The Korean Kospi Index continued to see 5-10% daily movements and ended the month down by 22.2% – albeit it was actually down 34.0% before a sharp upward rally on the last day of July. For similar reasons, the Taiwanese TWSE Index fell 6.5% and the Nasdaq Composite Index also declined 3.2% over the month. While the S&P 500 Index proved more resilient, down by 0.1% over the period and hitting an all time high during the month as second quarter earnings results were better than expected, supporting market sentiment.