Title: 241580898.pdf URL Source: https://documentscdn.financialexpress.net/Literature/DCD2A3DA4C7381F85C143786EB6A2722/241580898.pdf Number of Pages: 3 Markdown Content: # UK listed fund uniquely focused on global infrastructure and utilities megatrends in emerging markets For more information visit www.uemtrust.co.uk Registration No 11102129 | Ticker: UEM Factsheet | April 2026 5 year rating out of 2,637 Global Emerging Markets Equity funds as of 30 April 2026. Performance (total return 1) 1 month 3 months 1 year 3 years 5 years Inception Share price 6.6% 1.2% 37.5% 47.5% 71.2% 542.8% NAV per share 2.5% 1.6% 27.3% 40.1% 61.8% 580.8% MSCI EM Net GBP Index 11.3% 6.2% 44.2% 62.5% 36.7% 469.6% Rolling 12 month performance (total return 1) Apr 26 Apr 25 Apr 24 Apr 23 Apr 22 Share price 37.5% 0.5% 6.7% 1.5% 14.4% NAV per share 27.3% (1.5%) 11.7% 2.4% 12.8% MSCI EM Net GBP Index 44.2% 2.2% 10.3% (6.6%) (9.9%) Investment management Investment managers ICM Limited and ICM Investment Management Limited Investment management fee 1.0% of NAV ≤ £500m; 0.9% of NAV > £500m ≤ £750m; 0.85% of NAV >£750m ≤ £1,000m; and, 0.75% of NAV > £1,000m Dividends per share Fund performance Fund details 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 6.400p 6.650p 8.450p 8.000p 7.775p 7.575p 7.200p 7.000p 8.600p 9.125p MSCI EM Net total return GBP Index Rebased to 100 as at 30 April 2021 Share price total return 1 Net asset value (“NAV”) total return 1Apr 24 Apr 22 Apr 21 Apr 23 130 140 150 160 170 Apr 26 Apr 25 110 120 100 90 80 180 190 70 Investment objective Utilico Emerging Markets Trust plc (“UEM”) seeks to provide long term total return by investing predominantly in infrastructure, utility and related sectors, mainly in emerging markets (“EM”). Investment approach UEM is a UK closed ended investment trust investing primarily in operational infrastructure and utilities assets benefitting from long term infrastructure megatrends. Fund Managers Charles Jillings & Jacqueline Broers Dividends payable March, June, September and December Fund overview NAV per share at launch 2 98.36p NAV per share (cum income) 321.40p Share price 289.00p Discount to NAV (10.1%) NAV per share total return since launch 1 580.8% Annual average compound return 1 9.7% Historic dividend paid per share (last 12 months) 9.49p Historic dividend yield (last 12 months) 3.3% Ongoing charges figure 1.5% Shares in issue 174,323,891 Market capitalisation £503.8m Fund launch date 20 July 2005 Year end 31 March Capital structure Gross assets less Gross assets less current liabilities current liabilities £576.7m £576.7m Bank debt Bank debt £(16.4)m £(16.4)m Net assets Net assets £560.3m £560.3m Gearing/(net cash) Gearing/(net cash) (0.6%) (0.6%) Past performance is not a guide to future returns and future returns are not guaranteed. 1 Total return is calculated based on undiluted NAV plus dividends reinvested and adjusted for the exercise of warrants and subscription shares. 2 Utilico Emerging Markets Limited – UEM’s predecessor. © 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. A constituent of the ## FTSE 250 Index For more information visit www.uemtrust.co.uk Registration No 11102129 | Ticker: UEM Utilico Emerging Markets Trust plc Factsheet | April 2026 > Past performance is not a guide to future returns and future returns are not guaranteed. Note: % of total investments 1 Five-year adjusted beta for UEM shares versus the MSCI EM Index (GBP) as at 30 April 2026 is 0.67. > 2 Active share is a measure of the difference between UEM’s holdings and the MSCI EM Index – the higher the percentage, the lower the overlap in composite companies. % 1 Orizon Valorizacao de Residuos 9.4 2 International Container Terminal Services 5.7 3 Sabesp 4.4 4 Alupar Investimento S.A. 4.3 5 IndiGrid Infrastructure Trust 4.2 6 Manila Water Company 3.9 7 Colbun 2.9 8 Grupo Aeroportuario del Pacifico (GAP) 2.8 9 Korean Internet Neutral Exchange (KINX) 2.8 10 Axia Energia 2.5 % 11 Companhia Paranaense de Energia - Copel 2.3 12 Equatorial S.A. 2.3 13 Aguas Andinas S.A. 2.3 14 Sonatel 2.2 15 VinaCapital Vietnam Opportunity Fund 2.2 16 FPT Corporation 2.1 17 NHPC Limited 1.9 18 Corporacion Financiera Colombiana S.A. 1.8 19 Enerjisa Enerji 1.8 20 GDS Holdings 1.8 % 21 Celsia S.A. 1.7 22 Anhui Expressway Company 1.5 23 CTP N.V. 1.4 24 Guangdong Investment 1.4 25 Piraeus Port Authority S.A. 1.4 26 Adani Ports and Special Economic Zone 1.3 27 Holding Bursatil Regional 1.3 28 SUNeVision Holdings 1.3 29 Interconexion Electrica S.A. E.S.P 1.3 30 Telelink Business Services 1.3 Digital infrastructure Rapid digital adoption accelerating demand for digital infrastructure 19.9% Energy growth and transition Decarbonisation and investment in energy to support strong economic growth 28.6% Global trade Trade being fuelled by structural growth drivers, geopolitical dynamics and shifting supply chains 14.7% Social infrastructure Urbanisation and rise of the middle class driving demand for better social infrastructure 36.8% ## Megatrends providing potential for sustainable and defendable growth Investment allocation as at 30 April 2026 Electricity 26.2% Water & Waste 22.8% Data Services & Digital Infrastructure 12.9% Ports 9.3% Telecommunications 5.3% Infrastructure Investment Funds 5.3% Logistics 5.0% Airports 4.6% Renewables 3.5% Other 2.8% Road & Rail 2.3% Brazil 28.1% The Philippines 11.1% China incl. HK 9.4% Other Europe 9.2% India 8.3% Chile 6.5% Vietnam 5.4% Africa 5.4% Colombia 5.1% Other Latin America 4.2% Other Asia 3.3% South Korea 2.8% Middle East 1.2% Sector Total top 30 | 77.5% Geography Lower volatility to EM with consistently low beta 1 and an active share of approximately 97% 2 # SIGN UP to receive our monthly factsheet and other UEM news, or visit https://www.uemtrust.co.uk/news/news-alerts UEM News For more information visit www.uemtrust.co.uk Registration No 11102129 | Ticker: UEM PERFORMANCE UEM’s NAV total return increased by 2.5% in April whilst the MSCI Emerging Markets total return Index was up by 11.3% in April almost gaining back its March losses. UEM’s portfolio is and will remain largely positioned in relatively defensive names with inflation protection and modest gearing therefore performance this month has been overshadowed by the strong rebound in AI euphoria driving the Korean and Taiwan markets. UEM’s performance however has been significantly less volatile than the MSCI EM Index in recent months. The US-Israeli strikes on Iran (“Operation Epic Fury”) and retaliatory actions by Iran, largely paused from 8 April 2026 when a tentative ceasefire came into place. Progress on a possible peace agreement, leading to an early end to the conflict has been erratic. The Strait of Hormuz however remained largely closed with Iran continuing to threaten shipping and the US imposing its own blockade on Iran linked shipments. Oil prices remained elevated, albeit ending the month slightly lower than they had been at the end of March. Supply concerns for oil derivatives including jet fuel and diesel remain, with many Asian countries imposing measures to conserve supplies. The timetable for a return for normalised shipping operations in the region remains a big unknown as are the full implications of an extended closure, which could particularly impact Asian and European economies. Most central banks held interest rates in the period on inflationary concerns. Strong Q1 corporate earnings especially in the US technology sector, drove markets upwards in the second half of the month, with the NASDAQ composite rising 15.3% in the month and the S&P 500 Index gaining 10.4%. There was a strong bounce back in semiconductor stocks, which helped drive Korea’s KOSPI Index up by 30.6% and Taiwan’s TWSE Index up by 22.7% in April. Vietnam’s Ho Chi Minh Index also bounced back from March’s drop, gaining 10.7% in the month. India’s Nifty 50 Index moved up, rising by 7.5% in April and Turkey’s BIST Index gained 12.9%. China’s markets were also positive with the Hang Seng Index up by 4.0% and the Shanghai Composite Index up by 5.7%. Not all markets recovered, with the PSEi Index in the Philippines lower again, down by 1.9% in April and Indonesia’s market also continued to weaken with the JCI Index down 1.3%. In Latin America, Brazil’s Ibovespa Index was down by 0.1%, Mexico’s Bolsa Index declined by 1.1%, Colombia’s COLCAP Index declined by 4.7% and Argentina’s MERVAL Index declined by 5.5% in April. Sterling strengthened against most currencies during the month, gaining 3.0% against the US Dollar, 1.2% against the Euro and 4.3% against the Philippine Peso. The Brazilian Real was especially strong, gaining 1.7% against Sterling and 4.6% against the US Dollar in April. PORTFOLIO There was little change to the constituents of UEM’s top thirty during the month, with just one movement, Adani Ports & Special Economic Zone, an Indian ports and logistics company replaced Umeme on relative valuation. There were ten stocks which increased by more than 5% and two which declined by more than 5% in April. Orizon’s share price continued to be strong, with a 14.1% gain during the month as it moves closer to completion of its recent Vital Acquisition. Axia Energia, was another Brazilian outperformer with its share price up by 6.7% on the back of strong results driven by higher electricity prices. Colombian stocks were weaker with Celsia falling back by 5.5% after March’s buyback related gains. In India, Adani Ports advanced by 27.7% due to expectations of encouraging results at the end of the month, as well as improved market confidence and NHPC gained 13.6% after the award of a large hydro-electric project. Elsewhere in Asia, data centre operators SUNeVision and GDS Holdings saw its share price bounce back, up 13.0% and 5.1% respectively in the month. Anhui Expressway recorded a 5.5% gain after solid results and Manila Water, considered a safe haven in a weak Philippines market, was up by 5.1%. In Europe, CTP was the best performer, gaining 11.5% in April after strong results and outlook amid hopes of a swift end to the Iran war. Enerjisa Enerji gained 7.2% whilst the share price of Telelink Business Services was 6.1% weaker, giving up some gains recorded earlier in the year. Portfolio purchases for the month totalled £1.4m and total realisations amounted to £8.7m. DEBT UEM’s total debt exposure in Sterling terms went down from £21.8m to £16.4m, as £5.0m was repaid during the month. The existing USD 13.5m and EUR 7.5m loans remain drawn and the Sterling equivalent liability declined by £0.4m due to FX movements. OTHER UEM’s share price ended the month at 289.00p, up 6.6%, with the discount to NAV narrowing from 13.6% to 10.2% as at 30 April 2026. UEM bought back 1.4m shares at an average price of 291.14p in the month, equivalent to 0.8% of the shares in issue as at 31 March 2026. Charles Jillings & Jacqueline Broers ICM Investment Management Limited and ICM Limited Important Notes > The information presented on this document is solely for information purposes and is not intended to be, and should not be construed as, an offer or > recommendation to deal in UEM. Investments in UEM are subject to investment risks and the value of investments and the income derived from them may fall as well as rise and investors may not get back the principal amount invested. Past performance is not indicative of future performance. Investors should read the prospectus along with the supplement(s) and seek relevant professional advice before making any investment decision. The information presented has been obtained from sources believed to be reliable, but no representation or warranty is given or may be implied that they are accurate or complete. The Investment Managers reserve the right to make any amendments to the information at any time, without notice. Issued by ICM Investment Management Limited (registered in England: 08421482), which is authorised and regulated by the Financial Conduct Authority (FRN: 630094). Utilico Emerging Markets Trust plc Factsheet | April 2026 ## Market and portfolio performance