Jon Groocock, Deputy Portfolio Manager at Utilico Emerging Markets (UEM), provides a market overview and a portfolio update on UEM's performance for March 2024.
This month, UEM's NAV total return increased by 2.8% in March, outperforming the MSCI EM Index which increased by 2.5% in Sterling terms.
Since March '23, the trust's NAV total return increased to 12.8% - well ahead of the MSCI EM index which was up 5.8%.
Global markets were mostly positive in March as sentiment improved on the economic backdrop with some emerging markets reporting impressive growth figures.
India reported GDP Growth of 8.4% for 4Q23, with the Sensex Index hitting another all-time high; Vietnam GDP Growth of 5.7% in 1Q24 with the Ho Chi Minh index rising 2.5% this month; and a small recovery in the Shanghai Composite Index.
With regards to UEM’s portfolio, there were 3 new entrants into the top 10 holdings in March with many of the fund’s holdings reporting annual results during the month driving some strong share price performances.
UEM now trading at a NAV discount of 19.3%, near a 5-year high.
Read/learn more about UEM here.
Utilico Emerging Markets (UEM)