Utilico Emerging Markets Trust (UEM); NAV total return per share of 3.5%

Published on 14-06-2019 07:26:22
Author Sparks Team

Utilico Emerging Markets Trust has announced its audited financial results for the period ending 31 March 2019. The company’s reported NAV of 249.84p per share grew 1.1% and revenue earnings per share stood at 7.47p for the period. The current year’s NAV total return per share, 3.5% was ahead of the MSCI Emerging Markets Total Return Index, which was unchanged over the period.

The company’s gross assets grew 0.4% to £581.9m and the company’s portfolio is well-positioned, with a diversified portfolio and an ungeared balance sheet.

Dividends per share totalled 7.20p for the period, up 2.9%. The board will focus on delivering positive long-term absolute returns and having 80.0% of their investments declared or paid as a dividend.

The portfolio is predominantly invested in relatively liquid, cash-generative companies with long-duration assets, which, the board believes, are structurally undervalued and have excellent total returns.

Charles Jillings, UEM’s Investment Manager, added: “UEM was relatively active during the year, increasing the weight of its top twenty investments, particularly those in Latin America. Brazil remains UEM’s largest country exposure at 29.0%, followed by China at 20.3% and the Philippines at 8.3%.” He also said, “it is notable that UEM’s portfolio consists of a diverse range of companies that are often under-represented in the MSCI.”

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