November Update Utilico Emerging Markets

John Groocock, Deputy Portfolio Manager at Utilico Emerging Markets, provides an update on how the trust has performed in November 2023.

UEM had a strong month with NAV total return increasing to 3.0% in November. However, this was slightly behind the MSCI EM total return Index, which was up 4% in Sterling terms.

Year to Date, UEM's NAV total return has increased by 9.2%, significantly outperforming the MSCI which was up 1.3% in Sterling terms over that period.

Global stock markets rallied in November, as optimism is growing that the U.S Fed has started a cutting cycle, this has resulted on a risk on environment which is highly conducive to EM performance.

In Brazil, which is UEM's highest country exposure, the Bovespa soared by 12.5% with the Mexican Bolsa up 10.2%. In Asia, the Vietnamese Ho Chi Minh index was up 6.4% with the India BSE SENSEX was up 4.9%. China remained a laggard with Shanghai Composite Index posting a decline.

For more details, including individual company performances during November, please read UEM's factsheet here.