Publication of monthly factsheet

Utilico Emerging Markets Trust PLC

11 September 2026

 

11 September 2026

UTILICO EMERGING MARKETS TRUST PLC

(LEI Number: 2138005TJMCWR2394O39)

Publication of monthly factsheet

The latest monthly factsheet for Utilico Emerging Markets Trust plc ("UEM" or the "Company") will shortly be available through the Company's website at:

https://www.uemtrust.co.uk/investor-relations/factsheet-archive

Monthly commentary

PERFORMANCE

UEM's NAV total return decreased by 2.5% in August, whilst the MSCI Emerging Markets Net Total Return GBP Index recovered by 2.6% following two months of negative returns.

Over the month of August, the market regained confidence in the AI build out story as corporates reported strong revenue guidance over the 2Q2026 earnings season resulting in technology related sectors performing well. As a result, both the Taiwanese TWSE and Korean KOSPI Indexes increased by 7.0% and 3.4% respectively in August, after witnessing sharp declines in July. These tech-heavy indices closely tracked the Nasdaq Composite's 3.9% rebound, while the S&P 500 Index rose by 2.6% despite rising global bond yields.

The Middle East conflict reached a diplomatic impasse yet again with disruptions to the Strait of Hormuz keeping oil prices volatile. After oil prices witnessed a material increase in July, Brent crude remained elevated at USD 90.49/barrel, up by 0.4% over the month.

The China's Shanghai Composite Index also increased by 4.0%, rebounding from July's AI-related sell-off, while Hong Kong's Hang Seng Index fell by 1.2% after July's 13.1% jump, hit by weak domestic demand and weaker consumer/internet stock sentiment.  Elsewhere in Asia, the Thai SET Index was down by 1.8%, the FTSE Bursa Malaysia remained broadly flat over the month, and Indonesia's JCI Index continued its recovery, increasing by 4.6% on signs of greater fiscal discipline. After a steady increase since May, the Philippines PSEi Index dropped by 4.5% with the Central Bank raising rates at the end of the month. India's Nifty Index 50 fell by 1.2% on elevated oil prices, despite strong institutional inflows and 7.8% 2Q2026 GDP growth.

In Latam, Brazil's Ibovespa Index fell marginally by 0.3% in August with the macro picture remaining mixed and investor attention shifting to October's Presidential Election. Colombia's COLCAP Index continued its recent strong performance by gaining a further 1.4%. Chile's IPSA Index rose by 2.7% on firmer commodity prices, whilst Mexico's Mexbol Index continued to drift, falling by 2.3% in August.

Within EMEA, Romania's BET Index fell by 6.7% on profit-taking after hitting an all-time high earlier in the month. Greece's ASE Index continued to perform strongly, rising by 4.2% as investors position ahead of MSCI reclassification to developed market status. Poland's WIG Index was also up by 3.5% on positive foreign investor inflows. Turkey's BIST Index rose by 6.5% after August inflation data came in lower than expected.

Sterling performance was mixed across currencies during the month, strengthening 0.9% against the US Dollar and 3.3% against Brazilian Real but weakening by 0.1% against the Euro.

PORTFOLIO

There was one change to the constituents of UEM's top thirty holdings during the month, with Greek utility Public Power Corporation ("PPC") replacing Brazilian utility Equatorial Energia. PPC, the Greek integrated power business, re-entered the top 30 on the back of solid share price performance, whilst Equatorial's position was reduced.

There were eight holdings which increased by more than 5% over the month. UEM's top performer for August was Senegalese telecom, Sonatel, whose share price increased by 19.2% after posting a strong set of 1H2026 results. Similarly, strong 2Q2026 results were reported by KINX (the Korean data centre operator) and FPT (a Vietnamese, IT services company), which helped increase their share prices over the month by 17.2% and 9.3%, respectively. Nuam, the Colombian, Peruvian and Chilian stock exchange, also witnessed its share price increase by 8.7% on the back of strong 2Q2026, finally reflecting integration of the 3 exchanges.

Other notable performers included Corficolombiana, a Colombian infrastructure operator, which sustained its positive trajectory in August, with shares rising by 10.8% on optimism tied to the recent election result.

In contrast six holdings declined by more than 5% over the month. Brazilian water utility, Sabesp, saw its share price fall by 8.8% on weaker than expected 2Q2026 results, whilst the Philippines port operator, ICT, fell by 8.2% partly in line with the Philippines equity market and partly due to volume disruptions at its Durban operations and questions around long term volumes at its Brazilian terminal, Saupe. The Brazilian waste company, Orizon, also declined by 7.1% on marginally disappointing 2Q2026 results.

Portfolio purchases for the month totalled £8.5m and total realisations amounted to £24.2m.

DEBT

UEM's total debt exposure in Sterling terms remained flat at £16.4m. The loan exposure remained drawn at USD 13.5m and EUR 7.5m.

OTHER

UEM's share price ended the month at 279.00p, down by 2.8% with the discount to NAV widening from 9.2% to 9.5% as at 31 August 2026.

UEM declared a special interim dividend of 2.50p per ordinary share in respect of the year ended 31 March 2026 on 18 June 2026. UEM's share price went ex-dividend on 16 July 2026 and the special dividend was paid on 14 August 2026 to shareholders on the register on 17 July 2026.

A first quarterly interim dividend of 2.42p per ordinary share in respect of the year ending 31 March 2027, was declared and will be paid on 25 September 2026 to shareholders on the register on 4 September 2026.

Name of contact and telephone number for enquiries:

ICM Investment Management Limited                                 [phone]

Charles Jillings, Jacqueline Broers, Alastair Moreton

Montfort Communications

Gay Collins, Alex Everett                                                       [phone]

[e-mail]

 

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