Last checked at 
18 Aug 2022 07:00
London, UK, 18 August 2022
Edison issues review on Utilico Emerging Markets Trust (UEM)
Utilico Emerging Markets Trust (UEM) is managed by Charles Jillings at value-focused investment firm ICM Group. He says that the trust's high- conviction, differentiated portfolio offers exposure to attractive long-term investment opportunities. More than 95% of the fund is invested in operational assets, and greater than 90% is held in listed securities. UEM's portfolio companies have long-term assets and most of them have established regulatory frameworks. The manager stresses the importance of site visits and meeting with local employees to gain a deeper understanding of investee companies and the quality of their management teams. UEM's dividend is more than fully covered by portfolio income and the trust offers an attractive 3.7% yield.
Given UEM's portfolio of high-quality assets and long-term record of outperformance, one could argue that the trust warrants a higher valuation. Its 14.1% discount is towards the wider end of the 9.0% to 15.1% range of discounts over the last 12 months. Over the last one, three and five years, UEM's average discounts are in a range of 12.4% to 12.6%.
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