Trusted
A closed-end investment fund focused on a highly specialised asset class
Utilico Emerging Markets Trust plc is a UK listed closed-ended investment trust. It is uniquely focused on infrastructure and utilities in emerging markets which are benefitting from structural growth drivers accelerated by global infrastructure megatrends, delivering attractive long-term total returns.
Our benchmark agnostic, bottom-up investment approach incorporating ESG considerations means we focus investing in listed operational, cash generative assets that often pay a dividend, enabling UEM to deliver a diversified investment opportunity, providing attractive long-term investment returns.
Company Overview
Our Story
The idea for Utilico Emerging Markets Trust plc (formerly Utilico Emerging Markets Utilities Limited) arose after Charles Jillings met with investors at JO Hambro’s London offices in 2004.
Charles recognised that there was a significant level of interest and enthusiasm for the existing emerging markets investments within Utilico Investment Trust plc’s (UIT) portfolio and the attributes these investments offered investors. This posed the question: ‘Why not set up a fund entirely focused on emerging markets?’
Within months, the decision was made to reverse into UEM a number of infrastructure and utilities investments from UIT’s portfolio, amounting to c.£22.5m in value, with UIT retaining a 30% holding. A Board was assembled, ably led by Alexander Zagoreos as Chairman.
UEM subsequently listed on the London Stock Exchange (LSE) in July 2005, raising £52.5m in its initial offering from leading wealth managers in London and Edinburgh, many of whom continue to be investors today. UEM celebrated its 20th anniversary in July 2025 with a closing day ceremony at the LSE. Speaking after the ceremony, our Chairman, Mark Bridgeman, thanked the shareholders for their support and referred to UEM’s strong performance, delivering a net asset value total return over the last 20 years of 9.1% per annum, or 471.1% in aggregate, significantly outperforming the MSCI Emerging Markets Index, which was up by 325.3%. Watch this video for a summary of UEM's achievements over the period.
While trends and drivers have evolved over the years, the core attributes that the fund was built on – utilities and infrastructure assets in emerging markets – remain central to UEM’s investment approach.
Proven
An experienced, dedicated and active management team with a successful long-term track record
A Diversified Portfolio
UEM Portfolio as at 31 March 2025
Social Infrastructure
32.2%
Energy Growth and Transition
25.6%
Digital Infrastructure
25.0%
Global Trade
17.2%
Experienced Management
The portfolio is managed by an experienced, dedicated and active investment team, which has a strong long-term track record of investing successfully in this highly specialised asset class.
Our Awards
Overall rating out of 3,039 Global Emerging Markets Equity funds as of 31 July 2025.