Utilico Emerging Markets Share Discussion Threads

[vacendak] 21/6/2020 14:32

Yes, the half-year report reads well. The dividend is covered and they would also have some extra money for it if needed from capital reserves due to the court ruling about not being able to transfer the revenue reserves from UEM Bermuda to EUM UK back when they re-domiciled. Some tax shenanigans I assume.

A lot of movement in the portfolio due to exiting Argentina. They have also lightened a lot on the airport sector, which is a good conservative choice considering the current climate.

[vacendak] 28/2/2020 13:36

The blood is still gushing out of the severed arteries because of COVID-19.
I shall give it another few weeks or so before topping up.

Sitting tight, not selling.

[panshanger1] 28/2/2020 09:15

Lookout interesting at this level

[jonwig] 11/2/2020 06:42

Research note:

[vacendak] 12/8/2019 17:13

@jonwig
Yes indeed, only around 3.1% there according to the June factsheet and this as well, again back in May/June.

"In Latin America, Argentina’s MERVAL was the
standout performer, climbing 23.1% over the
month as trading conditions remained volatile
ahead of elections. Markets were pleasantly
surprised by President Macri’s decision to name
the moderate Peronist Miguel Angel Pichetto as
his vice-presidential candidate in what appears
to be a concerted effort to broaden his voter
base."

Well, President Macri's decision did not really work out as intended I guess.

Kirchner is likely running to keep herself out of prison.

[jonwig] 12/8/2019 17:04

EJ - at 31/03 they said;

The following investments were scaled back and are no longer top twenty holdings: Bolsas Y Mercados Argentinos S.A., the Argentine stock exchange; Malaysia Airports Holdings Berhad, the operator of airports in Malaysia and Turkey; Transelectria S.A., the Romanian electricity distribution company; Transportadora de Gas del Sur S.A., the Argentinian gas transportation company; and Pampa Energia S.A., the Argentinian electricity generation and transportation company.

No other Arg references. So 'minimal' would describe it, I guess.

[vacendak] 01/8/2019 11:55

Sorry you are right.

With UIL LTd, Jillings had been exchanging shares between himself - and his wife - with Mitre Investments, which he controls and/or manages. I generalised a bit too quickly to UEM.

This one was indeed a transaction between Saville and Jillings.

The transaction was off-market, so they can do as they please I assume and by definition it did not affect the market price.

These two must be friends and seem to be joined at the hip when it comes to UIL Ltd, Utilico Emerging Markets, ICM, ICMIM, Somers, Zeta, Allectus, etc.

My guess is that the lower price is likely linked to taxation/fees and whatnots.

[konkel] 01/8/2019 11:28

He wasn't selling to himself...he was selling to Charles Jillings, the other manager of the Fund. In any case the price transacted seems ridiculous.

[vacendak] 01/8/2019 10:54

Duncan Saville controls Mitre Investments Limited. In the RNS you mentioned, he was in effect selling to himself.

If you want to learn more about the circular ownership of ICM/Mitre Investment/Duncan Saville/General Provincial Life Pension Fund Limited (GPLPF),it is discussed at length on the UIL Ltd thread (UTL):



Circular in the sense that Duncan Saville controls/manages or own most of the companies managed by ICM. Mr Saville has been shifting his UIL Ltd share ownership to Mitre Investment Limited as well.

Note that I do not have anything against him, he has a lot of his own money invested in the company he runs. Having held some of the ICM managed stocks for a while (albeit on a far smaller scale than he does) I cannot complain.

UEM is one of the few "normal" funds run by ICM, with enough different shareholders to make it actually a Plc.

[konkel] 01/8/2019 06:21

One Manager selling to another at 213p when the shares are 255p in the market?

[vacendak] 15/7/2019 12:56

Factsheet for June 2019:

[vacendak] 11/7/2019 19:47

25% return on a rolling 52 weeks basis today.
NAV climbing steadily.
Nice.

Discount still stupidly stuck around 12% though.

[vacendak] 24/6/2019 19:19

Funny how this thing can stay within a band for months doing virtually nothing beyond paying a divi, then shoots up every now and then.

I topped up at 194.25 last October, which was pure genius and nothing to do with luck of course. :)