Utilico Emerging Markets : UEM – results

Utilico Emerging Markets has announced its results covering the year that ended 31 March 2014. The net asset value fell over the period but outperformed the MSCI Emerging Markets total Return Index (which fell by 9.6% vs. UEM’s fall of 3.4%). They say Sterling strength took 14.2% off their performance for the year. Revenue declined as a portion of the portfolio was shifted from Brazil to China (swapping high yield for low yield) but the dividend was increased to 6.1p from 5.8p. They considered, but rejected after conversations with shareholders, issuing 10 year debt and, with effect from 1 April, rejigged the management fee structure.

Strong contributions to performance included MYEG, a Malaysian government outsourcing company, APT Satellite Holdings (HK based satellite operator), China Everbright (waste treatment and alternative energy) and China Gas Holdings.

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