Publication of monthly factsheet

Utilico Emerging Markets Trust PLC

09 October 2026

 

9 October 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 1.9% in September, slightly outperforming the MSCI Emerging Markets Net Total Return GBP Index which increased by 1.5%.

September was characterised by increasing energy prices which stoked inflationary fears, bond yields rising on concerns about fiscal spending and the level of AI related corporate borrowing and central banks adopting a more hawkish stance on interest rates. Not surprisingly, many equity markets were weaker in September, but technology exposed markets bucked this trend, as did Brazil and Colombia.

Tensions in the Middle East rose as Houthis rebels attacked Saudi Arabia and the Red Sea. Brent crude oil's price rose 14.4% in the month, ending September at USD 103.53/bbl. Diesel prices hit record highs as refined product supplies tightened and President Trump threatened a US diesel export ban. The impact of elevated fuel prices on the outlook for inflation was one factor that resulted in the Federal Reserve raising its target interest rate by 25bps during the month. Many other central banks also raised rates. 

Bond yields widened globally. The yield on the US 10-year treasury bond moved from 4.75% at the end of August to 5.28% at the end of September. The US Dollar strengthened, with the DXY Index up by 2.0% during the month.

Against this backdrop, many markets, especially net energy importing countries, saw weakness in their stock markets. China's Shanghai Composite Index declined by 3.6%, Hong Kong's Hang Seng Index was down by 3.7%, India's Nifty 50 Index fell by 6.1% and Indonesia's JCI Index declined by 7.0%. In the Philippines, the PSEi Index was down by 4.6% and Vietnam's Ho Chi Minh Index declined by 3.5%.

Technology weighted markets in Asia performed better with Taiwan's TWSE Index up by 3.9% and Korea's KOSPI Index gained 0.3%. 

Latin America was mixed; there was a 5.0% gain in Brazil's Ibovespa Index in September as investors positioned themselves ahead of the first round of the country's presidential election. Colombia's COLCAP Index was up by 5.1%, but Mexico's Bolsa IPC Index declined by 1.9% and Chile's Index was 3.1% weaker.

European markets were also mixed, with a 3.2% gain in Poland's WIG Index, a 2.3% gain in Greece's ASE Index and the Sofix Index in Bulgaria was up by 4.2%. There was a big sell-off in Turkey, with the BIST Index falling by 16.7% in the month as some funds were unable to meet redemption requests. The BET Index in Romania declined by 7.9% in the month.

Sterling performance was mixed across currencies during the month, weakening by 2.1% against the US Dollar and 2.7% against Brazilian Real but strengthening by 0.1% against the Euro.

PORTFOLIO

There was one change to the constituents of UEM's top thirty holdings during the month, with Hong Kong based data centre company SUNeVision returning to the top thirty, displacing Greek utility company Public Power Corporation ("PPC").

UEM's top performers in September were Nuam, Sonatel and Piraeus Port. Nuam's share price rose by 25.4% during the month following strong 2Q26 results and increased liquidity in its shares. Sonatel continued its rally, gaining 22.6% in September after strong results released in August and improved sentiment towards its West African operating region. Piraeus Port was up by 18.2% on the back of strong container volumes.

Share prices in Brazil were buoyant reflecting the wider market ahead of the elections, with notable rises in Copel, Sabesp and Orizon which were up by 9.0%, 8.8% and 6.4% respectively. Guangdong Investment's share price rose by 7.3% after strong results and a 9.5% increase in its interim dividend. Helios Towers gained 5.0% after extending its buyback programme and GAP's share price was up 5.4% on better than expected passenger figures.

Kinx declined by 16.1% as a take-over offer for its parent, Gabia, was rejected by a majority of its shareholders. CTP declined by 11.7% as sentiment towards the industrial real estate sector weakened in response to the higher interest rate outlook and FPT was down 5.3% reflecting the weakness in the Vietnamese market. 

Portfolio purchases for the month totalled £12.5m and total realisations amounted to £1.8m.

DEBT

An additional £5.0m in Sterling was drawn down on the debt facility in September. In total, including the impact of foreign exchange movements, the loan exposure increased by £5.2m in the month to £21.6m with the facility drawn as USD 13.5m, EUR 7.5m and GBP 5.0m.

OTHER

UEM's share price ended the month at 282.00p, up by 1.1% with the discount to NAV unchanged at 9.5%.

UEM bought back 1.0m shares at an average price of 282.55p in September, taking the total number of shares bought back in the six months to 3.8m shares, equivalent to 2.2% of its share capital as at 31 March 2026.

A first quarterly interim dividend of 2.42p per ordinary share in respect of the year ending 31 March 2027 was 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]

 

END