London, UK, 26 February 2018
Edison issues review on Utilico Emerging Markets (UEM)
Utilico Emerging Markets (UEM) aims to generate long-term growth in capital and income from a portfolio of 60-90 emerging market equities. Exposure is diversified by geography, with a large concentration in infrastructure, utility and related sectors. Manager Charles Jillings is bullish on the outlook for emerging market equities in 2018 due to a widespread economic improvement, which should result in another year of robust corporate profits. UEM has announced that it is proposing to change its domicile from Bermuda to the UK, which has the potential to improve investor perception and may lead to a narrower discount.
UEM's current 13.1% share price discount to cum-income NAV is wider than the averages of the last one, three, five and 10 years of 11.5%, 10.6%, 9.0% and 8.8%. The trust's imminent simplified capital structure (the final exercise of subscription rights is 28 February 2018) and the proposed re-domicile have the potential to lead to a narrower discount. UEM has a progressive dividend policy; the annual distribution has been increased or maintained each year since the trust's launch.
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