Publication of monthly factsheet

Utilico Emerging Markets Trust PLC

13 July 2026

 

13 July 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 increased by 0.7% in June, whilst the MSCI Emerging Markets Net Total Return GBP Index rose by 0.1%, broadly holding on to the significant AI-related gains posted in May, albeit this masked high levels of volatility throughout the month.

Given UEM's focus is predominantly on infrastructure and utilities which are typically more defensive in nature, the fund continues to weather significant market volatility. There was a sharp reversal in sentiment toward AI-related names mid-month, following a more cautious demand forecast from Broadcom which triggered a global sell-off that hit South Korean semiconductor stocks. During the month the Korean Index saw falls of 5-10% in single trading sessions and trading halts, although it ended the month remarkably flat. In the US, the S&P 500 Index declined 1.1% for the month while the Nasdaq Composite Index was down 2.8%, as renewed scrutiny on AI and semiconductor valuations led to multiple intra-month selloffs.

We saw signs of recovery in a number of energy importing Asian markets, which followed further falls in the oil price; Brent oil was down 20.8% on signs of further de-escalation and the Strait of Hormuz reopening to traffic. The Philippines PSEi Index was up 4.7%, the Thai SET Index increased 1.5% and India's Nifty 50 Index gained 1.4% over the month. The Hong Kong Hang Seng Index performed particularly poorly, down by 9.1% in June, on fragile consumer confidence, which compounded the pressure on Hong Kong listed internet platforms contending with soft retail sales and tighter regulatory scrutiny. Indonesia's JCI Index faced further pressure, down by 7.9%, driven by ongoing concerns around corporate governance, ownership transparency and market liquidity.

Turning to Latam, Brazil's Ibovespa Index extended its retreat from April highs, down by 1.0%, on political polling data suggesting an increased risk of a less market friendly outcome. Colombia's COLCAP Index rose by 4.2% on a favourable election result for the markets with the Colombian Peso also strengthening 7.9% against Sterling over the month. Chile's IPSA Index gained 0.5% while Mexico's Mexbol Index was down by 2.4%.

Within EMEA, Romania was the standout performer with the BET Index up by 8.7% over the month. This was driven by resolution of political uncertainty with the formation of a new government perceived as reform-oriented by the markets. Greece's ASE Index continued to perform strongly, rising 3.7%, on a healthy economic backdrop and continued investor positioning ahead of reclassification to developed market status. Poland's WIG Index remained fairly subdued, falling by 1.0% during the month.

Sterling's performance was mixed across currencies during the month, weakening against the US Dollar by 1.5% but strengthening 0.5% against the Euro.

PORTFOLIO

There were three changes to the constituents of UEM's top thirty holdings during the month, Helios Towers, Telelink Business Services and Sunevision were replaced by IRB Infrastructure, Interconexion Electrica and Nilesat.

Corficolombiana, a Colombian infrastructure operator, was up by 20.6% following the favourable election result. Similarly, Colombian electricity generator, Celsia also performed strongly by gaining 9.4% in June. Other notable performers included our second biggest position, International Container Terminals, a large global port operator, which was up 17.9% over the month as hope grew in June that a ceasefire will support global trade volumes. For similar reasons, Piraeus Port also saw its share price up by 12.6% in June.

There were seven holdings which increased by more than 5% over the month and six that declined by more than 5%. 

Manila Water's share price fell by 11.3% in June, as concerns grew over the potential impact of El Nino on water supply. GDS Holdings' share price declined by 15.1% driven by broad weakness across the AI data centre infrastructure sector. The Korean data centre operator, KINX, also dropped 7.5% during the month.

Portfolio purchases for the month totalled £12.4m and total realisations amounted to £14.3m.

DEBT

UEM's total debt exposure in Sterling terms increased from £16.5m to £16.6m, due to FX movement during the month. The loan exposure remained drawn at USD 13.5m and EUR 7.5m.

OTHER

UEM's share price ended the month at 284.00p, up by 2.2% with the discount to NAV narrowing from 12.1% to 10.1% as at 30 June 2026.

UEM bought back 0.8m shares at an average price of 285.75p in the month, taking the total number of shares bought back since its year end to 2.8m shares, equivalent to 1.6% of its share capital as at 31 March 2026.

A fourth quarterly interim dividend of 2.42p per ordinary share in respect of the year ended 31 March 2026, was paid on 26 June 2026 to shareholders on the register on 5 June 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, which will be paid on 14 August 2026 to shareholders on the register on 17 July 2026.

The Company's Report and Accounts were published on 18 June 2026. The year to 31 March 2026 was a particularly strong one for the Company's revenue return and by choosing to pay both a higher level of quarterly dividends and a special interim dividend, the Board seeks to pass on the benefit of the exceptionally high level of dividends received from a number of the Company's investments, while also safeguarding the Company's ability to continue to progressively grow the quarterly dividend at a sustainable rate in the future, in line with the Board's objectives.

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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