Edison review on Utilico Emerging Markets Trust

RNS Number : 0270F

Utilico Emerging Markets Trust PLC

17 March 2022

 

London, UK, 17 March 2022

Edison issues review on Utilico Emerging Markets Trust (UEM)

Utilico Emerging Markets Trust (UEM) is managed by Charles Jillings at specialist investment firm ICM Group. He strongly believes the trust's portfolio is undervalued and is encouraged by the recent earnings reports from the majority of UEM's investee companies. The trust has generated robust absolute and relative performance compared with the MSCI Emerging Markets Index over the last 12 months. Jillings continues to invest for the medium to long term in companies with attractive business models and avoids short-term 'noise' in global stock markets. UEM's dividend is more than fully covered by portfolio income and the manager says his confidence in the trust's prospects is reinforced by the board's regular repurchases of UEM's shares.

UEM's discount remains higher than the board's desired sub-10%. One may argue that the trust's solid absolute and relative performance over the last 12 months could warrant a higher valuation. UEM's shares are currently trading at a 14.5% discount to cum-income NAV, which compares with the 12.1% to 12.4% range of average discounts over the last one, three and five years.

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