Title: URL Source: https://is.gd/gYhZe2 Published Time: Wed, 07 May 2025 15:47:56 GMT 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.L Factsheet | February 2025 3 year rating out of 3,016 Global Emerging Markets Equity funds as of 28 February 2025. Performance (total return 1) 1 month 3 months 1 year 3 years 5 years Inception Share price 4.7% 11.5% 4.1% 18.6% 33.1% 373.0% NAV per share 0.8% 4.6% 3.1% 24.6% 34.0% 444.6% MSCI EM Index (GBP adjusted) (0.6%) 3.2% 10.3% 7.8% 24.9% 311.1% Rolling 12 month performance (total return 1) Feb 25 Feb 24 Feb 23 Feb 22 Feb 21 Share price 4.1% 9.9% 3.7% 13.7% (1.3%) NAV per share 3.1% 13.6% 6.5% 9.9% (2.1%) MSCI EM Index (GBP adjusted) 10.3% 4.3% (6.2%) (7.0%) 24.5% 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 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 6.40p 6.65p 6.10p 8.45p 8.00p 7.78p 7.58p 7.20p 7.00p 8.60p MSCI EM total return Index (GBP adjusted) Rebased to 100 as at 28 February 2020 Share price total return 1 Net asset value (“NAV”) total return 1Feb 23 Feb 21 Feb 20 Feb 22 90 100 110 120 130 Feb 25 Feb 24 70 80 140 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 Manager 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) 267.98p Share price 223.00p Discount to NAV (16.8%) NAV per share total return since launch 1 444.6% Annual average compound return 1 9.0% Historic dividend paid per share (last 12 months) 8.77p Historic dividend yield (last 12 months) 3.9% Ongoing charges figure 1.5% Shares in issue 186,651,391 Market capitalisation £416.2m Fund launch date 20 July 2005 Year end 31 March Capital structure Gross assets less Gross assets less current liabilities current liabilities £517.6m £517.6m Bank debt Bank debt £(17.4)m £(17.4)m Net assets Net assets £500.2m £500.2m Gearing/(net cash) Gearing/(net cash) 2.9% 2.9% 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. © 2025 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. For more information visit www.uemtrust.co.uk Registration No 11102129 | Ticker: UEM.L Utilico Emerging Markets Trust plc Factsheet | February 2025 > 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 28 February 2025 is 0.80. > 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 FPT Corporation 5.3 2 International Container Terminal Services, Inc. 4.7 3 Alupar Investimento S.A. 3.7 4 Orizon Valorizacao de Residuos S.A. 3.7 5 Cia de Saneamento Basico do Estado de Sao Paulo (Sabesp) 3.5 6 Manila Water Company 3.5 7 IndiGrid Infrastructure Trust 3.4 8 SUNeVision Holdings 3.4 9 InPost S.A. 3.2 10 KunLun Energy Company 2.7 % 11 VinaCapital Vietnam Opportunity Fund 2.5 12 Serena Energia S.A. 2.4 13 Korean Internet Neutral Exchange (KINX) 2.4 14 Umeme 2.3 15 Aguas Andinas S.A. 2.3 16 TAV Havalimanlari Holding 2.3 17 Centrais Eletricas Brasileiras S.A. (Eletrobras) 2.2 18 Sonatel 1.9 19 Ocean Wilsons Holdings 1.8 20 Corporacion Financiera Colombiana S.A. 1.6 % 21 Interconexion Electrica S.A. E.S.P 1.5 22 Holding Bursatil Regional 1.5 23 Piraeus Port Authority S.A. 1.4 24 Telelink Business Services Group 1.3 25 Anhui Expressway Company Limited 1.3 26 VietNam Holding Limited 1.2 27 Rumo S.A. 1.2 28 The Egyptian Satellite Company (Nilesat) 1.2 29 Athens International Airport S.A. 1.2 30 Shanghai International Airport 1.2 Digital infra Rapid digital adoption accelerating demand for digital infrastructure 26.8% Energy growth and transition Decarbonisation and investment in energy to support strong economic growth 26.0% Global trade Trade being fuelled by structural growth drivers, geopolitical dynamics and shifting supply chains 15.2% Social infra Urbanisation and rise of the middle class driving demand for better social infrastructure 32.0% ## Megatrends providing potential for sustainable and defendable growth Investment allocation as at 28 February 2025 Electricity 16.5% Data Services & Digital Infrastructure 15.5% Water & Waste 13.4% Ports 10.6% Logistics 6.9% Airports 6.6% Telecommunications 6.2% Renewables 5.5% Infrastructure Investment Funds 5.3% Gas 5.3% Other 4.6% Road & Rail 3.6% Brazil 21.0% China incl. HK 13.1% Other Europe 11.8% Vietnam 10.8% The Philippines 8.7% Middle East/Africa 8.6% Other Asia 6.3% India 5.8% Colombia 4.4% Chile 3.8% Poland 3.5% Other Latin America 2.2% Sector Total top 30 | 71.8% Geography Lower volatility to EM with consistently low beta 1 and an active share of over 98% 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.L PERFORMANCE UEM’s NAV total return was up in February by 0.8%, outperforming the MSCI Emerging Markets total return Index which declined by 0.6% in Sterling terms during 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. With many companies also releasing full year results, it was a month that saw increased share price volatility and a big divergence in performance across regions and sectors. Chinese investors started the year of the Snake with a renewed enthusiasm for technology stocks and all things AI related. A gathering of tech leaders at a summit chaired by President Xi indicated that the private tech giants are back in political favour helping drive technology mega-caps Tencent and Alibaba, whose share prices were up by 19.3% and 44.4% respectively, and pushed up the Hang Seng Index to a gain of 13.4% for the month. The Shanghai Composite Index was up by 2.2%. 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 was up 3.3% during the month. The MSCI Poland Index continued its positive run with a further 6.6% gain in February as the market anticipates a potential ceasefire between Russia and Ukraine. There was a muted response to India’s Union Budget at the beginning of the month, with the Sensex Index down by 5.6% in February, also affected by slowing macro-economic data. There was a steep fall in the Jakarta Stock Exchange Index, which declined by 11.8% on political uncertainty and question marks arising around the creation of the new sovereign wealth fund Danantara. The Thai SET Index fell by 8.4%. In the Philippines, the PSEi Index recovered a little of January’s decline, rising 2.6% in February. Latin American markets were mixed with Brazil’s Bovespa Index declining by 2.6% and Argentina’s Merval Index falling by 14.0%, reversing the gains recorded in December and January. Despite President Trump’s flip-flopping on tariffs, Mexico’s Bolsa IPC Index did have a positive month, with the index gaining 2.2% and Colombia’s market was strong, with a 5.6% gain in the COLCAP Index. Sterling strengthened against most currencies, gaining 1.3% against both the US Dollar and Euro. Sterling was around 3% stronger against the Vietnamese Dong, Indonesian Rupiah, Thai Baht and Turkish Lira. PORTFOLIO There were two changes to the top thirty holdings in February. Egyptian Satellites and Athens International Airport replaced Citic Telecom International and Santos Brasil. Egyptian Satellites, also known as Nilesat, is a satellite owner and operator, and a leading distributor of satellite television broadcasts across the MENA region. Athens International Airport, which listed in 2024, operates Greece’s largest international airport. Portfolio performance was mixed with just over half of the top thirty stocks gaining in local currency terms during the month. The most notable riser in February was Sunevision, a leading data centre company in Hong Kong. Sunevision’s shares re-rated, gaining 130.9% in the month, with investors seeing the company as a beneficiary of increased digital infrastructure spending for AI applications. Strong results and a bullish outlook from management also helped sentiment. In Brazil, Serena Energia was up by 25.6% on advancements of the funding negotiations on its wind farms in the USA and rumours of a potential tender offer. ISA advanced 11.5% echoing strong performance of the Colombian market and Manila Water was up 10.7% on the back of strong results and a higher than expected increase in its dividend. Greece’s Piraeus Port also advanced by 8.0%. The most notable decliners were TAV, which was down 10.1% and FPT which fell by 8.5% reflecting general market sentiment in Turkey and Vietnam respectively. Vietnam Holding’s share price was down by 6.3% and Rumo’s share price declined by 7.9% in February. Portfolio purchases amounted to £22.1m and total realisations were £27.1m. DEBT UEM reduced its debt by £7.2m during February to £17.4m repaying its USD 15.0m loan in full and drawing down GBP 5.0m. At the end of February the loan facility was drawn as EUR 15.0m and GBP 5.0m. OTHER UEM’s share price increased by 4.7% in February, ending the month at 223.00p. The discount to NAV decreased from 19.8% to 16.8%. UEM bought back 59,518 shares at an average price of 212.34p in the month, taking the total shares bought back in the eleven months to 28 February 2025 to 4.2m shares, equivalent to 2.2% of the share capital as at 31 March 2024. A third quarterly interim dividend of 2.325p per ordinary share in respect of the year ending 31 March 2025, was declared and will be paid on 28 March 2025 to shareholders on the register on 7 March 2025. 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 | February 2025 ## Market and portfolio performance