Utilico Emerging Markets Share Discussion Threads

[getscenic] 21/8/2015 20:27

yep, I was in last week, and will pick up more on further drops, could be a white knuckle ride for a while, but see a lot of upside further down the line.

[bdroop] 21/8/2015 19:22

I have been following this one for ages. So with the drop I've bought in. I like the look of their stakes in Romanian utilities here too as well as the bigger holdings. Feels oversold - but I will average down if needs be..

[getscenic] 17/8/2015 20:27

Dave, you look lonely here. John Baron's website alerted me to this. Recent drop, near 12% discount and 3.5% yield is a no brainer.
Interesting to see your comparison of TEM, with the froth coming off emerging markets, utilities will be local investors flight to safety and should underpin NAV. Keep up the good work!

[davebowler] 10/4/2015 12:36

Westhouse;
Based on the NAV performance of UEM, over the last five years, we believe that it deserves
to be part of a core portfolio for investors not just looking at emerging markets but global
markets as well. The fund has persistently traded at a discount despite superior
performance vis-à-vis its peer group, which we believe is unwarranted.
Given the performance differential over the last five years, we would recommend a partial
switch from Templeton Emerging Markets (TEM) into Utilico Emerging Markets, even if UEM
was trading at parity and TEM was trading at a 12.7% discount. UEM is trading at a 9%
discount and the annualised outperformance that UEM has achieved vs. TEM over the last
five years is 9.2%, which supports our view that investors should switch into/buy UEM.

[davebowler] 18/12/2014 15:18

Utilico Emerging Markets Limited at 16-Dec-14

NAV per share (at bid market values) in GBP sterling with
prior charges at nominal value:

Ordinary shares pence

Net Asset Value - ex income 193.35

[p1nkfish] 02/9/2014 08:19

what happens when the $ starts to motor higher?

[trytotakeiteasy] 28/8/2014 14:56

what a stupid investment.... puts me off every buying UEM... this
kind of stock doesn't even appear to be part of their mandate..
which is meant to be utility/infrastructure groups in emerging
markets..

[praipus] 28/8/2014 14:44

UEM buying 3,79% of SYQ

http://uk.advfn.com/news/UKREG/2014/article/63378284

[davebowler] 21/11/2013 11:06

Westhouse;
Congratulations to the Board and management of Utilico Emerging Markets* (UEM.L, -3.0%, Buy), winners at last night's Investment Week awards. The fund has outperformed other trusts in the emerging market space over a number of years, despite it being a testing time for the asset class. Just this week, UEM reported its results for the six months to end-September 2013. During this period, the NAV dropped by 6.4%, driven by weaker currencies resulting from US tapering concerns. Nonetheless, UEM still outperformed the MSCI Emerging Markets TR Index, which fell by 8.6%.

 

Please click on the link below for the full report:

hxxp://www.westhousesecuritiesresearch.com/Research/iid/31595422425

[davebowler] 30/8/2013 13:50

Westhouse;
Utilico Emerging Markets* (UEM.L, -9.2%, Buy)
– Our current estimates indicate that UEM's
NAV is enjoying a strong bounce in pricing this mor
ning on key holdings such as My E.G.
(MYEG MK) and International Container Terminal (ICT
PM). This leaves the fund attractively
priced, particularly given the relative strength an
d consistency in NAV performance in recent
years.

[topvest] 04/7/2013 18:44

Performance fee is also interesting given that most of the out-performance has been lost post year-end. Couldn't quite work out if this got clawed-back...I think most of it should be!

[topvest] 04/7/2013 18:41

This trust continues to perform pretty well. Bit shocked at the £9.5m performance fee. I think this is a bit excessive quite frankly at 2% of net asset value in one year. The watermark is low...15% of out-performance annually on gilt yield plus inflation plus 2%.

[davebowler] 21/6/2013 09:51

Investec;
Emerging Markets

Utilico Emerging Markets (UEM) Full Year to 31 March 2013

¢ The NAV return was 20.5% over the period to 31 March 2013. This is significantly ahead of the MSCI Emerging Markets TR Index (GBP adjusted) which was up 7.6%.

¢ The revenue EPS improved substantially over the prior period which was impacted by several one-off costs, resulting in an increase to 5.20p from 4.12p. The management and administration fees payable to the Investment Manager for the year increased mainly as a result of the performance fee of £9.5m.

¢ As a Bermuda company, UEM is able to distribute both capital and income returns as dividends. The Board has declared four quarterly dividends amounting to 5.80p versus 5.50p last year, an increase of 5.5%. The final quarterly dividend of 1.525p was paid from UEM's capital reserves.

¢ UEM's investment focus continues to be on the listed markets in companies which for the most part are established and profitable. The majority of these companies are dividend paying and this is reflected in the total revenue income of £13.9m, which was up 9.7% on the prior year and represents a return on the opening investment portfolio of 3.7%.

¢ Bank debt has remained modest with net debt increasing from £6.2m to £6.6m over the twelve months. The Scotiabank facility expires next year and management are looking to extend this later in the year.

¢ Revenue income increased by 9.4% from £12.7m to £13.9m. This reflects a yield on the opening investment portfolio of 3.7%, with further improvements in revenue income over the coming year.

Investec Insight:

¢ The fund has seen lower volatility, a higher yield, and better performance over the period compared to the broader emerging markets index. Given current market conditions it does not seem as if the pure growth trade will suddenly come into favour so we maintain our positive view on the fund given its conservative approach.

[davebowler] 20/3/2013 09:49

Investec
Oceans Wilson (OCN)

¢ Results have recovered significantly in the second half of the year as a result of improved operational efficiencies.

¢ Overall Group revenue was 8% lower at US$645.3 million (2011: US$698.0 million) due principally to lower port terminal and logistics revenue and the higher average USD/BRD exchange rate during the year which is used to convert the income statement.

¢ Approximately two thirds of the group's revenue is denominated in BRD. Profit before tax increased by US$28.6 million from US$58.6 million to US$87.2 million due principally to higher gains in the investment portfolio of US$16.4 million (2011: US$27.8 million loss).

¢ The investment portfolio generated a time weighted return of 8.8% in the year. The Board declared a final dividend of 38 cents per share.

Investec Insight:

¢ OCN has opened up 52p this morning or 6%

¢ This has implications for Hansa (HANA) as its largest holding is OCN at 36.2% of its portfolio. Utilico Emerging Markets (UEM) is also a holder, although a smaller one at 5.1%.