Lowland Investment Company (LWI) aims to give investors a higher-than-average return with growth in both capital and income over the medium to long term by investing in a broad spread of predominantly UK companies. LWI measures its performance against the total return of the broad UK stock market, although its portfolio is markedly different from that of its benchmark index.

There are four things investors need to know about LWI.

1. LWI focuses on growing its capital base to support progressive dividends.
2. The trust seeks to optimise the balance between immediate income and income growth over time.
3. LWI is well placed to benefit from stronger small- and mid-cap performance.
4. With a predictable dividend, shareholders are being paid to wait for a smaller company catch-up.

If you would like to learn more about Lowland Investment Company, please see our website.

By Michael Kokalari CFA, chief economist, and Thai Thi Viet Trinh, senior economist.

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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.

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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.

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.

For any income-focused investor moving from initial interest to active consideration of adding a stock to their portfolio, it is advisable to interrogate the extent to which the company’s strategy is supported by a durable and mathematically sound shareholder return framework.

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