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
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