Utilico Emerging Markets Trust


£497.2m market cap

212p last close

Utilico Emerging Markets seeks long-term total return predominantly through investing in infrastructure, utility and related sectors, mainly in emerging markets. The manager follows a primarily bottom-up approach independent of index weightings. The company has an indefinite life subject to five yearly continuation votes. Performance fees are calculated by reference to the post-tax yield on FTSE Actuaries Govt. Securities UK Gilt 5-10 years plus inflation plus 2%, and company publications compare performance with the MSCI EM index.

Investment summary

Utilico Emerging Markets Trust (UEM) is a specialist fund focusing on infrastructure and utility investment in emerging market equities. In April 2018, UEM completed its re-domicile from a Bermuda-based investment company to a UK-based investment trust, in order to benefit from the UK’s increasingly supportive regulatory and tax environment. There is no change to UEM’s investment approach or dividend policy. Also, following the final exercise of its subscription shares, UEM now has a simpler capital structure. The board believes that these changes have potential to improve investor perception and, over time, lead to a narrower discount.

Share price graph
Price performance
Actual (4.1) (5.4) (0.7)
Relative* (1.5) 2.7 1.6
52-week high/low 231.0p/212.0p
*% relative to local index
Key management
John Rennocks Chairman
Charles Jillings Fund manager

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