Utilico Emerging Markets Trust PLC Fund Data

UEM's NAV total return increased by 0.7% in June, whilst the MSCI Emerging Markets Net Total Return GBP Index rose by 0.1%, broadly holding on to the significant AI-related gains posted in May, albeit this masked high levels of volatility throughout the month. 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. There was a sharp reversal in sentiment toward AI-related names mid-month, following a more cautious demand forecast from Broadcom which triggered a global sell-off that hit South Korean semiconductor stocks. During the month the Korean Index saw falls of 5-10% in single trading sessions and trading halts, although it ended the month remarkably flat. In the US, the S&P 500 Index declined 1.1% for the month while the Nasdaq Composite Index was down 2.8%, as renewed scrutiny on AI and semiconductor valuations led to multiple intra-month selloffs. We saw signs of recovery in a number of energy importing Asian markets, which followed further falls in the oil price; Brent oil was down 20.8% on signs of further de-escalation and the Strait of Hormuz reopening to traffic. The Philippines PSEI Index was up 4.7%, the Thai SET Index increased 1.5% and India's Nifty 50 Index gained 1.4% over the month. The Hong Kong Hang Seng Index performed particularly poorly, down by 9.1% in June, on fragile consumer confidence, which compounded the pressure on Hong Kong listed internet platforms contending with soft retail sales and tighter regulatory scrutiny. Indonesia's JCI Index faced further pressure, down by 7.9%, driven by ongoing concerns around corporate governance, ownership transparency and market liquidity. Turning to Latam, Brazil's Ibovespa Index extended its retreat from April highs, down by 1.0%, on political polling data suggesting an increased risk of a less market friendly outcome. Colombia's COLCAP Index rose by 4.2% on a favourable election result for the markets with the Colombian Peso also strengthening 7.9% against Sterling over the month. Chile's IPSA Index gained 0.5% while Mexico's Mexbol Index was down by 2.4%. Within EMEA, Romania was the standout performer with the BET Index up by 8.7% over the month. This was driven by resolution of political uncertainty with the formation of a new government perceived as reform-oriented by the markets. Greece's ASE Index continued to perform strongly, rising 3.7%, on a healthy economic backdrop and continued investor positioning ahead of reclassification to developed market status. Poland's WIG Index remained fairly subdued, falling by 1.0% during the month. Sterling's performance was mixed across currencies during the month, weakening against the US Dollar by 1.5% but strengthening 0.5% against the Euro.

UEM's NAV total return increased by 0.7% in June, whilst the MSCI Emerging Markets Net Total Return GBP Index rose by 0.1%, broadly holding on to the significant AI-related gains posted in May, albeit this masked high levels of volatility throughout the month. 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. There was a sharp reversal in sentiment toward AI-related names mid-month, following a more cautious demand forecast from Broadcom which triggered a global sell-off that hit South Korean semiconductor stocks. During the month the Korean Index saw falls of 5-10% in single trading sessions and trading halts, although it ended the month remarkably flat. In the US, the S&P 500 Index declined 1.1% for the month while the Nasdaq Composite Index was down 2.8%, as renewed scrutiny on AI and semiconductor valuations led to multiple intra-month selloffs. We saw signs of recovery in a number of energy importing Asian markets, which followed further falls in the oil price; Brent oil was down 20.8% on signs of further de-escalation and the Strait of Hormuz reopening to traffic. The Philippines PSEI Index was up 4.7%, the Thai SET Index increased 1.5% and India's Nifty 50 Index gained 1.4% over the month. The Hong Kong Hang Seng Index performed particularly poorly, down by 9.1% in June, on fragile consumer confidence, which compounded the pressure on Hong Kong listed internet platforms contending with soft retail sales and tighter regulatory scrutiny. Indonesia's JCI Index faced further pressure, down by 7.9%, driven by ongoing concerns around corporate governance, ownership transparency and market liquidity. Turning to Latam, Brazil's Ibovespa Index extended its retreat from April highs, down by 1.0%, on political polling data suggesting an increased risk of a less market friendly outcome. Colombia's COLCAP Index rose by 4.2% on a favourable election result for the markets with the Colombian Peso also strengthening 7.9% against Sterling over the month. Chile's IPSA Index gained 0.5% while Mexico's Mexbol Index was down by 2.4%. Within EMEA, Romania was the standout performer with the BET Index up by 8.7% over the month. This was driven by resolution of political uncertainty with the formation of a new government perceived as reform-oriented by the markets. Greece's ASE Index continued to perform strongly, rising 3.7%, on a healthy economic backdrop and continued investor positioning ahead of reclassification to developed market status. Poland's WIG Index remained fairly subdued, falling by 1.0% during the month. Sterling's performance was mixed across currencies during the month, weakening against the US Dollar by 1.5% but strengthening 0.5% against the Euro.