Bull, Bear & Beyond – Vantage: Charles Jillings on UEM’s utility and infrastructure focus and growing, covered dividend
07/01/2026
In this interview, Charles Jillings, who along with Jacqueline Broers manages Utilico Emerging Markets (UEM), which has just celebrated its 20th anniversary, discusses why he thinks global investors should consider an allocation to emerging markets. He also highlights that a continuation of long-term growth trends, such as urbanisation, contributed to strong emerging markets performance in 2025. Jillings then focuses on what UEM offers investors in terms of exposure to utility and infrastructure assets, which are high-conviction, quality businesses with strong management teams. More than 80% of UEM’s portfolio companies pay a dividend, which enables the trust to pay its own shareholders a rising covered dividend. UEM has just become an AIC next-generation dividend hero as it has achieved a 10-year record of consecutive dividend increases.
Jillings explains the four growth megatrends that are represented in UEM’s portfolio: social infrastructure, energy growth and transmission, digital infrastructure and global trade. He highlights the trust’s strong absolute and relative performance versus the MSCI Emerging Markets Index. This is just used as a reference as there is minimal overlap between the index and UEM’s portfolio. Jillings concludes by sharing his bullish outlook for emerging markets in 2026, which is based on lower interest rates, higher commodity prices and attractive valuations.
Listen on your preferred podcast player below:
About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.
Vantage: Charles Jillings on UEM’s utility and infrastructure focus and growing, covered dividend
07/01/2026
In this interview, Charles Jillings, who along with Jacqueline Broers manages Utilico Emerging Markets Trust (UEM), which has just celebrated its 20th anniversary, discusses why he thinks global investors should consider an allocation to emerging markets. He also highlights that a continuation of long-term growth trends, such as urbanisation, contributed to strong emerging markets performance in 2025. Jillings then focuses on what UEM offers investors in terms of exposure to utility and infrastructure assets, which are high-conviction, quality businesses with strong management teams. More than 80% of UEM’s portfolio companies pay a dividend, which enables the trust to pay its own shareholders a rising covered dividend. UEM has just become an AIC next-generation dividend hero as it has achieved a 10-year record of consecutive dividend increases. Jillings explains the four growth megatrends that are represented in UEM’s portfolio: social infrastructure, energy growth and transmission, digital infrastructure and global trade. He highlights the trust’s strong absolute and relative performance versus the MSCI Emerging Markets Index. This is just used as a reference as there is minimal overlap between the index and UEM’s portfolio. Jillings concludes by sharing his bullish outlook for emerging markets in 2026, which is based on lower interest rates, higher commodity prices and attractive valuations.
Utilico Emerging Markets Trust — High level of optimism about the trust’s future
24/09/2025
Utilico Emerging Markets Trust’s (UEM’s) managers, Charles Jillings and Jacqueline Broers at ICM, are very excited about the company’s future in terms of available, attractive investment opportunities. Given high levels of stock market ‘noise’, they feel confident about their strategy of investing in high-quality, cash-generative, emerging market assets for the long term. This approach has proved successful over UEM’s 20-year life, with a 9.2% average annual NAV total return and a track record of considerable outperformance versus the MSCI Emerging Markets Index. The trust has a progressive dividend policy and an above-market dividend yield, while its annual distributions are fully covered by income. There is visible scope for a narrower discount, which would provide additional upside to the trust’s total return potential.