Title: URL Source: https://is.gd/C68Hlz Published Time: Mon, 07 Apr 2025 14:44:38 GMT Markdown Content: FEBRUARY 2025 Closed end investment company, traded on the London Stock Exchange For more information visit www.uil.limited A DIVERSE PORTFOLIO BY GEOGRAPHY AND SECTOR Registration Number: 39480 PORTFOLIO SUMMARY TOP TEN HOLDINGS on a look through basis % of Group investments 1 Resimac Group Limited 24.1% > 2L & C Waverton 9.4% > 3Horizon Gold Limited 8.9% > 4Utilico Emerging Markets Trust plc 8.7% > 5ICM Mobility Group Limited 8.4% > 6Allectus Quantum Holdings Limited 5.5% > 7Kumarina Resources Limited 4.8% > 8AK Jensen Group Limited 4.5% > 9Carebook Techmologies Inc 3.0% > 10 West Hamilton Holdings Limited 3.0% > Total 80.3% SECTOR SPLIT OF INVESTMENTS > Financial Services 46.9% Technology 21.1% Gold Mining 14.0% Resources 5.9% Other 4.5% Ports 1.8% Electricity 1.4% Water 1.4% Renewables 0.8% Airports 0.6% Telecommunications 0.6% Oil and Gas 0.5% Infrastructure Investments 0.5% GEOGRAPHICAL SPLIT OF INVESTMENTS > Australia 55.3% UK 14.9% Europe (excluding UK) 10.2% Asia 5.7% Canada 3.4% Bermuda 3.2% Latin America 2.7% USA 2.1% Middle East/Africa 1.4% New Zealand 1.1% PERFORMANCE UIL’s net asset value (“NAV”) total return declined by 8.3% in February underperforming the FTSE All Share total return Index which increased by 1.3% over the month. In January, Donald Trump was inaugurated as President of the United States and in China, a little-known artificial intelligence (“AI”) company, DeepSeek, released a rival to ChatGPT to strong acclaim. The ramifications of both these events dominated market sentiment in February. The US markets ended February weaker with the NASDAQ Composite Index down by 4.0% and the S&P 500 Index down by 1.4% as Trump’s statements seemed to become increasingly erratic with increasing market concerns over the potential impact of trade tariffs on the US economy and a resulting increase in inflation. Europe’s markets continued to firm with the FTSE 100 Index up by 1.6% and the Eurostoxx Index up by 3.3% during the month. In Australia, the ASX 200 Index declined by 4.2%. Chinese investors had a renewed enthusiasm for all things AI related, re-rating technology mega-stocks Tencent and Alibaba, with the Hang Seng Index up 13.4% in February. The MSCI Poland Index gained 6.6% on hopes of a ceasefire between Russia and Ukraine. Political concerns, especially in relation to a new sovereign wealth fund in Indonesia resulted in a 11.8% drop in the Jakarta Stock Exchange Index and India’s markets continued to weaken with the SENSEX Index down 5.6%. Metal prices generally firmed, with gold moving up by 2.1% in the month and copper gained 5.5%. Brent Crude oil was down by 4.7% for the month. Sterling strengthened 1.3% against the US Dollar, 1.4% against the Euro and 1.6% against the Australian Dollar in February. PORTFOLIO UPDATE UIL’s top ten holdings are disclosed on a look through basis, taking into account the underlying investments of Somers Limited and Zeta Resources Limited. Carebook Technologies replaced Alliance Nickel in the top ten, after Carebook Technologies was taken private by UIL during the month. Resimac remains the largest holding on a look through basis, and its share price declined by 9.8% during the month after H1 25 results showed an increase in loan impairment provisions. ORDINARY SHARES The share price of the ordinary shares was unchanged at 116.50p in February. UIL bought back 88,069 shares during the month at an average price of 114.96p. A second quarterly interim dividend of 2.00p per ordinary share in respect of the year ending 30 June 2025, was declared and will be paid on 25 April 2025 to shareholders on the register on 28 March 2025. ZDP SHARES The share price of the 2026 ZDP shares was up by 0.8% to 131.50p whilst the 2028 ZDP shares decreased by 0.5% during the month. Charles Jillings ICM Investment Management Limited and ICM Limited Registered Office: Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda UK Contact: Telephone: 01372 271 486 OBJECTIVE UIL Limited (“UIL”) seeks to maximise shareholder returns by identifying and investing in compelling long term investments worldwide, where the underlying value is not fully recognised. INVESTMENT APPROACH To seek to invest in undervalued investments. This perceived undervaluation may arise from any number of factors, including technological change, market motivation, prospective financial engineering opportunities, competition, management underperformance or shareholder apathy. UIL has the flexibility to make investments in a wide range of sectors and markets. KEY DATES Launch date* 14 August 2003 > Year end 30 June > AGM November > Ex-dividend dates September, December, March & June > Dividend paid dates September, December, March & June > 2026 ZDP Shares Expiry 31 October 2026 > 2028 ZDP Shares Expiry 31 October 2028 *Utilico Investment Trust plc – UIL’s predecessor 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 UIL. Investments in UIL 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) .FUND DETAILS TOTAL RETURN INCLUDING DIVIDENDS 1 month 3 months 1 year 3 years 5 years Inception Share Price 0.0% 5.3% 8.5% (39.3%) (26.1%) 317.4% NAV per share (8.3%) (3.5%) (8.7%) (46.4%) (37.4%) 294.3% FTSE All-Share Index 1.3% 5.7% 18.4% 27.7% 53.4% 392.5% ORDINARY SHARES Ticker: UTL.L NAV per share at launch of UIT 1 99.47p NAV per share (cum income) 165.93p Share price 116.50p Discount to NAV (29.8%) Annual average compound return (including dividends) 6.6% Historic dividend per share 8.00p Historic dividend yield 6.9% Ongoing charges figure excluding performance fees 2.8% Shares in issue 93,102,384 1 Utilico Investment Trust plc – UIL’s predecessor INVESTMENT MANAGERS UIL is managed by ICM Limited and ICM Investment Management Limited, which is authorised and regulated by the Financial Conduct Authority. www.icm.limited INVESTMENT MANAGEMENT FEE 0.5% of gross assets plus Company Secretarial Fee. PERFORMANCE FEE 15% of the outperformance over benchmark subject to minimum hurdle of 5% and high watermark, capped at 2.5% of adjusted equity funds. CAPITAL STRUCTURE Gross Assets less Current Liabilities £238.0m Debt £18.3m ZDP shares 2026 2 £34.8m ZDP shares 2028 3 £30.4m Shareholders' Funds (Ordinary Shares) £154.5m £238.0m Gearing (based on AIC definition) 51.1% Gearing AIC – standardised gearing calculation as recommended by the AIC is based on net assets 2 includes 2.3m 2026 ZDP shares held by UIL 3 includes 0.8m 2028 ZDP shares held by UIL ZDP SHARES 2026 2028 Accrued Capital Entitlement 139.65p 124.05p Share Price 131.50p 108.00p Discount to NAV (5.8%) (12.9%) ZDP Cover 4 4.24x 2.53x Yield to Redemption 4 8.9% 9.8% ZDP Redemption Value 151.50p 152.29p Shares in issue 25.0m 25.0m Ticker UTLH.L UTLI.L > 4 based on final redemption values UIL News # A DIVERSE PORTFOLIO BY GEOGRAPHY AND SECTOR PERFORMANCE For more information visit www.uil.limited Registration Number: 39480 Registered Office: Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda UK Contact: Telephone: 01372 271 486 FOLLOW US