London, UK, 10 February 2020
Edison issues review on Utilico Emerging Markets Trust (UEM)
Utilico Emerging Markets Trust (UEM) is managed by Charles Jillings at ICM Group. It is a specialist fund focusing on infrastructure and utility assets in emerging markets. The manager is encouraged by the prospects for UEM’s investee companies, supported by urbanisation and significant growth in the regions’ middle classes. He also suggests that it ‘is a very interesting time in the world’, with issues such as climate change and the shift to renewable energy high up on the global agenda, which should be beneficial for UEM’s investments. While not used as a formal benchmark, as shown in the chart below, the trust’s NAV has markedly outperformed the MSCI Emerging Markets Index over the last decade.
UEM's current 12.5% discount to cum-income NAV compares with the 10.9% to 11.8% range of discounts over the last one, three and five years, and is meaningfully narrower than the 16.9% 10-year widest point in late October 2018. UEM has a progressive dividend policy; its annual distributions have been increased or maintained since the fund was launched in 2005, and it currently offers a 3.2% yield.
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