London, UK, 9 November 2021

Edison issues review on UIL (UTL)

UIL Limited (UIL) is a leveraged fund that invests in specialist assets and is managed by deep-value investor ICM. Charles Jillings and his team take a long-term approach, seeking undervalued businesses around the world. UIL is differentiated by its geographic and sector exposures. Australia-domiciled companies make up c 35% of the fund, while more than 40% is invested in financial services, although technology and resources stocks also feature highly. Around 75% of the portfolio is held in collective investment vehicles with specific mandates that are managed by ICM and known as 'platforms', with the remainder in direct investments. Jillings is bullish on UIL's prospects saying that 'over the next two years, I believe that portfolio companies will surprise to the upside'.

UIL's shares are currently trading at a 33.3% discount to cum-income NAV, which is narrower than the 34.3% to 39.1% range of average discounts over the last one, three, five and 10 years. The company's performance record, a lower level of gearing and regular quarterly dividends point to a higher valuation being warranted. UIL currently offers investors an attractive, fully covered 3.1% yield.  

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