Utilico Emerging Markets Limited (UEM) has a portfolio of predominantly developing world equities that has a clear focus on stocks and sectors that display the characteristics of essential services or monopolies. Manager, Charles Jillings, aims to own companies that meet the growing needs of the ever-increasing middle classes in emerging markets countries.
Thanks to this investment approach and the team’s stock picking (which is generated by in-depth fundamental research), UEM has built up a decent track record of outperformance – particularly in flat or falling markets.
The team have reduced overall concentration, shifted the portfolio away from Asia and more towards Latin America while recently reducing the overall level of gearing. The decision to increase the trust’s weighting to Latin America has had a positive impact on the dividend, which yields 3.11% at the time of writing.
The trust currently trades on a 14% discount (as of the end of February 2018), which is wider than its longer-term average.
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Fund History: Utilico Emerging Markets
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