Utilico Emerging Markets Share Discussion Threads

[srichardson8] 10/4/2024 19:18

If you look at the small emerging market IT group they are having a dire year so far. Only the Gulf Investment Fund is an exception, continuing a very strong three years or so. But this is not a typical emerging market fund at all.
The main problem with Utilico is the widening of the discount to NAV which is so obvious from a chart comparing NAV and price (I use Trustnet). It has quite suddenly widened in the last few months and is now pretty much in line with the general deterioration in IT valuations outlined in this week-end's FT. These vehicles are just out of fashion, losing out to ETFs, UK money has been going into the USA market. I don't know what might change this, I wish I could be helpful but am concerned ITs are becominga kind of imperial relic.

[vacendak] 10/4/2024 12:46

As usual,this is sponsored research but a fair assessment. It performs well against its peers and benchmark. It is not really on fire because EMs have not been doing that great of late. It keeps to its 9-10% total return average per year since inception.

Still shedding more on China year-on-year, which is wise from my point of view.

[the deacon] 01/3/2024 13:34

Interviewed on Quoteddata today:https://youtu.be/0iuRHAZ4YjI?si=2qsxUzjUnOwADSrj

[vacendak] 04/1/2024 14:36

I have found this recently:



Nice little end of 2023 update.

[davebowler] 21/9/2023 16:23

Emerging Markets presentation featuring Charles Jillings

[srichardson8] 19/6/2023 16:44

Exactly. Ocean W has always been a mystery to me, usually very cheap but under tight insider control

[vacendak] 19/6/2023 15:33

Reading the AR23, at least Petalite has been a good bet so far. We are now above the 10% limit on unlisted companies... due to re-valuation, so nice to be in this situation indeed.

Who knew that the UK was an attractive "Emerging Market"! :)

Only one mention of Ocean Wilsons indeed in the report, the previously posted extract. So, even if we still have some, it will not be much.

[vacendak] 19/6/2023 12:12

We had held Ocean Wilsons for, like forever, and then sold it a few months before a nice uptick. :(
Oh well, I guess the crystal ball got cloudy.

[srichardson8] 19/6/2023 11:35

I thought I had better check and, yes, I was wrong. This is from the annual report
'UEM exited from PT Link Net Tbk following an offer for
the business at a premium. UEM reduced its investment
in Simpar S.A., My E.G. Services Berhad, Ocean Wilsons
Holdings Limited, Corporacion Financiera Colombiana S.A.,
China Everbright Greentech Limited, Societe Nationale des
Telecommunications du Senegal, Naver Corporation Limited
and KT Corporation, all of which fell outside the top thirty
holdings'

ref

[srichardson8] 19/6/2023 11:28

They sold this as was confirmed n the annual report which I looked at this morning. Last year was a tough one but I thouyght overall they had a pretty decent outturn.

[vacendak] 18/6/2023 18:31

Is it just me or have we just missed on the latest news/markup from Ocean Wilsons?

The latest HY23 had it at 2.3% in the portfolio in September '22.

Last mention of it was in the March factsheet:
"The majority of investments in UEM’s portfolio
posted share price increases during March. There
was one change to the top thirty holdings, following
increased investment in Shanghai International
Airport (“SHIA”), which replaced Ocean Wilsons."

Ocean Wilsons had already dropped to only 1.4% (28 in the top 30) back in the February facsheet.


This one is about the Hansa trust but it talks about Ocean Wilsons:

[srichardson8] 19/5/2023 11:39

thanks for the QD link, useful.For the record have dipped my toes here having had a rather rough ride in a more 'traditional' emerging markets fund where two of the biggest three investments by geography (c 30%) are Chinese and Taiwanese stocks.

[vacendak] 15/5/2023 09:24

Good trajectory of late.
Now, if this could hold all the way back to 250+p as it was back in 2019 before the Covid troubles, that would be perfect.

[jonwig] 05/2/2023 08:14

A differentiated appoach:

[peckers56] 20/9/2022 17:29

(1) Extract from AGM RNS: "The Board has noted that shareholder proxies representing 24.45% of the shares voted ... were against the annual re-election of Ms Susan Hansen. Ms Hansen is also a director of a company associated with the Investment Managers and is therefore not deemed to be independent." At the AGM, a shareholder (not me) pointed out that she had been on the Board for 9 years. The chairman's response was that it was "likely" that an existing Board Member (no name mentioned!!) will not be seeking re-election next year.
(2) Mr Stobart only got an 80.04% YES vote - just 0.04% over the threshold for the trust having to also "defend" him. Maybe he'll be going in 2024??

[vacendak] 16/9/2022 17:43

A bit old but only picked up recently from LinkedIn:

UTILICO EMERGING MARKETS TRUST PLC - Investor Presentation

[vacendak] 26/8/2022 14:56

A bit dated, I only just picked it up.



Nothing new, more about Charles Jillings than UEM.

[vacendak] 18/8/2022 08:54

It is good to read that UEM is seriously underweight in China compared to the MSCI Emerging Market index: 15.9% vs 32.0%.

The only Chinese position in the Top 10 is now a fund of "unlisted", we used to have China Everbright Greentech Ltd at number 9 back in January. Maybe I am reading too much into this but the geo split in January was 17.8% (and top investment) in China and latest factsheet shows 15.5% (second from top). So, it seems Jillings could be getting slightly colder feet about the ChiComs.

[vacendak] 13/6/2022 16:00

Interesting read.

[contact2fsnetcouk] 03/5/2022 11:27

Vacendak,

Thank you.

I've held both, for the income, since about 2013 and showing slight current capital gain in both despite BRFI being up and down over the time. Yield is over 4% in both and am happy with the quarterly payment from UEM.

[contact2fsnetcouk] 03/5/2022 10:14

Vacendak,

In what sense are you using "nitro-glycerine" to describe BRFI?

Is it about to explode and increase in value or end up as dust after the explosion?

TY

[jfinvestments] 28/4/2022 21:11

Haha I agree! I don't hold BRFI but it seems to be more Saudi based than I had anticipated. I do the others, I also hold HFEL but it is for the dividend and I'm not expecting anything amazing from it. China is about 11%. Have a good look, let me know which way you go.