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Companies' Operational Strength Not Priced In

Utilico Emerging Markets Trust's (UEM’s), UK closed-end investment trust, manager Charles Jillings, at value-focused ICM Group, is excited about the prospects for the trust as he strongly believes that the operational strength of investee companies is not reflected in their current share prices. He has good visibility into the businesses in UEM’s portfolio, and a recent trip to Latin America reinforced his view that their management teams are taking advantage of available growth opportunities. Jillings and his team are making a dedicated effort to introduce UEM to a wider audience, including retail investors, via a greater number of presentations and an active social media presence. Up to 10% of the portfolio may be held in unlisted securities, which includes top 10 holding Petalite, whose recent revaluation has led to a meaningful uplift in UEM’s NAV.

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