Publication of monthly factsheet
Summary by AI BETAClose X
9 March 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
In February, UEM's NAV total return continued its positive trend, increasing by 3.7% for the month, although it underperformed the MSCI Emerging Markets Total Return Index, which was up by 7.4% in Sterling terms.
Several developments during the month contributed to heightened uncertainty in global markets. Geopolitical tensions intensified as the month progressed, particularly with the US-Israel and Iran. These tensions escalated into armed conflict on the final day of the month, after markets had already closed. Tariff uncertainty also resurfaced as the US Supreme Court ruled against President Trump's International Emergency Economic Powers Act (IEEPA) tariffs in a 6-3 decision. Trump subsequently ordered a temporary global tariff under Section 122, although the measure is only valid for 150 days unless Congress approves an extension. Brazil, China and India - countries that previously faced the more severe tariff rates under the IEEPA - emerged as relative beneficiaries as they now face substantially lower tariff rates.
US economic data during the month presented a mixed picture. CPI eased to 2.4% while PPI came in higher than expected and job data remained strong. This again raised questions about the persistence of inflation and consequently the potential pace of interest rate cuts. Developments in AI also continued to cause disruption, but this time resulting in a rotation away from software companies and data aggregators towards semiconductor and hardware manufacturers. As a result, the S&P 500 Index was broadly flat over the period, declining by 0.9%, whilst the NASDAQ fell by 3.4%. Within the MSCI EM, the semiconductor and AI infrastructure heavyweights of Korea and Taiwan, benefitted from this shift. The Korean Kospi Index was up by 19.5% while the Taiwanese Index increased by 10.5%.
Chinese markets were not immune to the AI-driven rotation and were also hampered by concerns surrounding the domestic economy. As a result, the Hang Seng Index declined by 2.8% over the period, while the Shanghai Composite Index rose by 1.1%. India experienced a similar outcome, with a sharp sell-off in several large Indian IT stocks contributing to the Nifty Index declining by 0.6%. Elsewhere in Asia, the decisive victory for the ruling Bhumjaithai-led coalition in Thailand at the start of the month helped reduce fears of political gridlock, resulting in the Thai SET Index rising by 15.3%.
Within Latam, the Brazilian Ibovespa continued its upward momentum for the year, increasing by 4.1% for the month. The market continued to benefit from foreign investor inflows, expectations of interest rate reductions, and relatively attractive valuations. Mexico also fared well-up by 5.6% for the month-as the market looked through the unrest caused by the removal of "El Mencho." Meanwhile, the Colombian COLCAP and Chilean IPSA were weaker, down by 10.2% and 4.7% respectively. Both markets were impacted by profit-taking following periods of strong performance, with Colombia further pressured by political uncertainty ahead of upcoming elections.
PORTFOLIO
There was one change to the top thirty holdings in February, with Guangdong Investment replacing InPost. Guangdong Investment is a Hong Kong listed water utility company that operates the Dongsheng Water Supply to Hong Kong. The portfolio position in InPost was reduced and exited following the announcement of an indicative takeover offer from a consortium of buyers including FedEx and Advent International.
Four stocks advanced more than 10% during the month. International Container Terminals (ICT) rose by 11.8% as the market remains positive on its operational performance. The removal of President Trump's IEEPA tariffs also contributed to improve market sentiment for ICT. Within the Brazilian sector, Axia Energia increased by 16.0% following solid 4Q25 results, supported by sustained cost discipline and a uncontracted electricity generation position that benefits from rising energy prices. Copel gained 11.4%, driven by strong quarterly results, across its generation & transmission, and distribution segments.
Sonatel's share price was up by 12.5%, supported by strong results and an announced dividend increase.
Four stocks in the top thirty underperformed in February. CorfiColombia declined by 14.4%, reflecting market sentiment affected by higher political volatility and weaker macro expectations. FPT fell by 11.2%, weighed down by softness in software companies' valuations amid potential impact of advances in AI technology. Kinx, the Korean listed data centre provider, was down 11.0% while TAV, the Turkish listed airports operator, declined by 11.1% following mixed 4Q25 results.
Portfolio purchases for the month totalled £24.8m and total realisations amounted to £28.7m.
DEBT
UEM's total debt exposure in Sterling terms went from £16.3m to £16.6m on weaker FX movements, with the loans outstanding remaining at EUR 7.5m and USD 13.5m.
OTHER
UEM's share price ended the month at 296.00p, up 2.8% in February, with the discount to NAV increasing from 9.7% to 10.5%.
UEM bought back 0.7m shares at an average price of 291.34p in the month taking the total number of shares bought back since its year end to 9.4m shares, equivalent to 5.0% of its share capital as at 31 March 2025.
A third quarterly interim dividend of 2.42p per ordinary share in respect of the year ending 31 March 2026, was declared, and will be paid on 27 March 2026 to shareholders on the register on 6 March 2026.
Name of contact and telephone number for enquiries:
ICM Investment Management Limited +44(0)1372 271486
Charles Jillings, Jacqueline Broers, Alastair Moreton
Montfort Communications
Gay Collins, Alex Everett +44 (0) 7798 626282
utilico@montfort.london
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