REG - Utilico Emerging Mkt - Publication of monthly factsheet

Utilico Emerging Markets TrustAnnouncement

09/02/2026 12:00

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RNS Number : 2737S  Utilico Emerging Markets Trust PLC  09 February 2026

9 February 2026

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

2026 started strongly with UEM's NAV total return up by 6.4% for the month of
January, marginally underperforming the MSCI Emerging Markets total return
Index which was up 6.8% in Sterling terms. The MSCI EM Index benefitted from
global inflows into emerging markets following the series of US interest rate
cuts in recent months and concerns about US equity valuations.

 

Geopolitical tensions remained elevated. January started with the US capturing
Venezuela's president Nicolás Maduro, and political control of Venezuela
itself, with President Trump signalling that the US wants to "restore American
pre-eminence" in the Americas, including his desired acquisition of Greenland.
The US also built up military assets in the Middle East as President Trump
threatened to strike Iran unless a nuclear deal was reached. Both the Canadian
and UK Prime Ministers visited China signalling an increasing openness to
strengthening ties with Beijing, in a world where President Trump's America is
seen as an increasingly unreliable partner.

 

The S&P 500 Index started the year positively, with a 1.4% gain during the
month and the NASDAQ composite was up 0.9%. However, this was an
underperformance compared to most global equity markets, especially when
considering the weakness of the US Dollar which fell by 2.0% against Sterling.

 

Many emerging markets were strong. President Trump's actions in Venezuela
seemed to have a positive impact on capital flows into Latin America.
Colombia's COLCAP Index surged 19.7% seemingly on hopes that the US can also
effect change on that country's left wing regime. Brazil's Ibovespa Index
gained 12.6%, Chile's IPSA Index gained 9.0% and Mexico's Bolsa Index rose by
5.1% in January. The Brazilian market was also helped by expectations of an
interest rate cut in March despite the Selic rate being held at 15%. The
Brazilian Real gained 2.6% against Sterling and 4.4% against the US Dollar.

 

In Asia, technology and especially semiconductors, continued to be the key
theme, with Korea's KOSPI Index starting the year with a 24.0% gain in the
month and Taiwan's TWSE Index gained 10.7%. China's markets were also positive
with the Shanghai Composite Index up by 3.8% and the Hang Seng Index gaining
6.9% in January. Other Asian markets were generally positive with the
exceptions of India and Indonesia.

 

In Indonesia, the JCI Index declined by 3.7% after MSCI threatened to
downgrade the country's index weighting, potentially with demotion to the
Frontier Index, on transparency concerns relating to free-float disclosures.
India's Nifty Index declined by 3.1% in January as foreign investors continued
to be net sellers.

 

Central and Eastern Europe witnessed a strong month, with the Romanian market
gaining 11.3%, Greece's ASE Index was up by 9.2% and Poland's WIG Index
advanced by 6.5%. Turkey's BIST Index surged 22.9% in local currency terms and
the Bulgaria Stock Exchange Sofix Index was up by 18.9% as the country joined
the Eurozone on 1 January 2026.

 

PORTFOLIO

There was one change to the top thirty holdings in January, with Equatorial
replacing Public Power Corporation. Equatorial is a Brazilian multi-utility
company operating electricity distribution, sanitation and renewable energy
assets.

 

There were nine stocks in the top thirty that advanced more than 10% in the
month.

 

Inpost's share price was up 27.3% after it announced that it had received an
indicative takeover offer. SUNeVision bounced strongly by 44.9% as mainland
Chinese investor sentiment turned positive towards the data centre sector. In
Korea, KINX gained a further 10.3% with further buying reported by US Fund
Miri Capital Management.

 

Telelink's share price gained 17.7% reflecting the strength of the Bulgarian
market. TAV gained 16.7% with the price helped by TAV securing a five-year
extension of its Tbilisi and Batumi Airport concessions in Georgia.

 

ICT rose 13.2% continuing the momentum seen in recent months. In Latin
America, ISA's share price gained 22.5%, Corp Financiera Colombiana was up
10.1% and Motiva gained 11.0%, due to positive market sentiment.

 

Only six stocks in the top thirty declined in January, with the largest
decliner, Piraeus Port Authority, declining by 2.9%.

 

Portfolio purchases amounted to £19.6m and total realisations were £19.7m.

 

DEBT

UEM's total debt exposure in Sterling terms went from £16.6m to £16.3m on
positive FX movements, with the loans outstanding remaining at EUR 7.5m and
USD 13.5m.

 

OTHER

UEM's share price ended the month at 288.00p, up 7.1% in January, with the
discount to NAV narrowing from 10.2% to 9.7%.

 

UEM bought back 0.5m shares at an average price of 282.82p in the month taking
the total number of shares bought back since its year end to 8.7m shares,
equivalent to 4.7% of its share capital as at 31 March 2025.

 

 

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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