REG - Utilico Emerging Mkt - Publication of monthly factsheet

Utilico Emerging Markets TrustAnnouncement

Mon 12:45

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RNS Number : 6851K  Utilico Emerging Markets Trust PLC  08 December 2025

8 December 2025

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
(https://www.uemtrust.co.uk/investor-relations/factsheet-archive)

 

Monthly commentary

 

PERFORMANCE

In November, UEM's NAV total return was up by 2.7%. This was a strong
outperformance compared to the MSCI Emerging Markets total return Index which
declined by 3.2% in Sterling terms, as some of the gains in AI and technology
stocks in recent months were reversed.

 

Whilst there was some weakness in the middle of the month, markets were
generally positive for November as a whole, buoyed by solid corporate results,
the end of the US governmental shutdown and the potential for a US rate cut in
December. In contrast to recent months, there was a rotation in sentiment
towards smaller cap, commodity and value stocks and some weakness in
technology stocks, with concerns raised about technology company valuations
and their depreciation policies. Markets with more of a technology focus, such
as the NASDAQ, Korea and Taiwan declined in November.

 

Brazil's market was especially strong in November, with the Ibovespa Index
rising by 6.4% as investors anticipate interest rate cuts in the New Year and
foreign investors continue to be net buyers. Chile's IPSA Index gained 7.4%
following the first round of the presidential election, which is now expected
to be won by Jose Antonio Kast in December's second round. He is a pro-Trump
right wing candidate. Mexico's Bolsa IPC Index gained 1.3% in November and
Argentina's Merval Index was up by 0.8%.

 

In Asia, there was a positive performance in many markets including Vietnam,
where the Ho Chi Minh Index gained 3.1%, Indonesia's JCI Index moved up by
4.2%, India's Nifty Index gained 1.9% and the PSEi Index in the Philippines
was up 1.6%. In contrast, Korea's KOSPI Index fell 4.4% and Taiwan's TWSE
Index declined by 2.1%, giving up some of October's technology sector driven
gains. China was also a little weaker with the Shanghai Composite Index down
by 1.7% and the Hang Seng Index down 0.2%.

 

In Europe, the Greek market was particularly strong with the ASE Index up by
4.4%. Poland's WIG Index gained 0.3% in November.

 

PORTFOLIO

There was one change to the top thirty holdings in November, with Grupo
Aeroportuario del Pacifico ("GAP") replacing Kunlun Energy.

 

GAP is Mexico's largest private airport operator with twelve airports in
Mexico and two in Jamaica.  GAP's shares gained 14.3% in the month on the
back of strong Q3 results and the announcement that it will acquire an
additional stake in the Cross Border Xpress terminal which is located in San
Diego, California and is connected by a walkway to Tijuana International
Airport.

 

Other significant share price movements during the month included Orizon,
which rose by 15.5% after strong Q3 results and Axia Energia (formerly
Eletrobras) increased by 12.7% after solid Q3 results and positive trends in
energy prices.

 

Kinx gained 11.8% after a Korean activist fund announced a tender offer for
shares in its parent Gabia. Anhui Expressway was up by 12.6% as Chinese
investors sought out high yield stocks. Manila Water gained 10.2%, bouncing
back after its shares sold off in October in the wake of Maynilad Water's
IPO.

 

Significant fallers included SUNeVision, which fell by 14.9% as market
concerns over its near-term growth outlook persisted following its FY25
results and NHPC declined by 9.7% as adverse weather effects impacted Q226
results and delayed commissioning of the Subansiri Lower project.

 

Portfolio purchases amounted to £21.3m and total realisations were £23.0m.

 

DEBT

UEM's total debt exposure in Sterling terms decreased from £21.9m to £16.8m
in November primarily due to the repayment of £5.0m borrowed in Sterling. The
outstanding other loans of EUR 7.5m and USD 13.5m remained unchanged.

 

OTHER

UEM's share price increased by 4.3% in November, ending the month at 268.00p
with the discount to NAV narrowing from 12.1% to 10.8%.

 

UEM bought back 1.2m shares at an average price of 262.58p in the month taking
the total number of shares bought back since its year end to 8.2m shares,
equivalent to 4.4% of its share capital as at 31 March 2025.

 

UEM declared the second quarterly dividend of 2.42p per ordinary share in
respect to the year ending 31 March 2026, which will be paid on 23 December
2025 to shareholders on the register on 5 December 2025.

 

After the month end, UEM joined the FTSE 250 Index on 4 December 2025. The
FTSE 250 Index is one of the UK's main stock market indices which consists of
the 101st to the 350th largest companies listed on the London Stock Exchange.

 

 

Name of contact and telephone number for enquiries:

ICM Investment Management
Limited
+44(0)1372 271486

Charles Jillings, Jacqueline Broers, Alastair Moreton

 

Montfort Communications

Gay Collins, Alex
Everett
+44 (0) 7798 626282

utilico@montfort.london

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