Utilico Emerging Markets Share Discussion Threads

[davebowler] 29/1/2013 12:54

Comparison with JPMorgan Em Markets;

[davebowler] 17/1/2013 13:31

From iii ;
Utilico Emerging Markets

Jean Matterson of Rossie House Investment Management joins Keiran Drake in looking overseas for income.

She made Utilico Emerging Markets (UEM) her income pick last year, and is pleased that its net asset value and its earnings per share have picked up well. It has paid dividends totalling 1.375p for the first half of the current financial year, and should provide an annual yield of around 3%, and Matterson is sticking with it.

"It offers a reasonable level of dividend and prospects for dividend growth. It also gives exposure to emerging markets where I see greater growth prospects than in the West," she says.

[davebowler] 21/11/2012 16:23

Westhouse;


Utilico Emerging Markets (UEM) posted yesterday a good set of results for the six months ended 30 September 2012. The fund continued to outperform the broad emerging markets, despite its overweight exposure to Brazil and China, which were two of the worst performing markets over the period. Two quarterly dividends of 1.375p have been declared, which are well covered by revenue earnings. On an annualised basis, the dividends amount to 5.5p, in line with last year's distributions, and give a 3.4% yield. UEM is one of only two income funds in the Global Emerging Markets equity sector. The shares currently trade on an 8.3% cum-income discount and we believe there is scope for further re-rating from these levels. The other emerging markets income fund, JPMorgan Global Emerging Markets Income (JEMI.L), which also pays dividends quarterly, currently trades on a 1.3% premium.

Highlights of the results:

NAV outperformance: NAV TR -0.4% vs. MSCI Emerging Markets TR of -2.6%
Strong long-term performance: 11.4% average annual NAV return since inception, broadly in line with the MSCI Emerging Markets index, but with far less volatility
Initiation of quarterly dividends: 1.375p paid in September 2012, 1.375p to be paid on 14 December 2012 to shareholders on register on 30 November 2012
Well covered dividend: The dividends (2.75p in total) were covered 1.23x by revenue earnings per share of 3.37p
Active use of borrowing: At the end of the period, £16.9m was drawn of the £50m bank facility. Post period end, this increased to £25m as the company invested ahead of expected good company results, and then reduced to £4.0m as the managers sold into the market strength towards the end of October and early November
TER at 0.9%, within the Board's target of less than 1%

[davebowler] 09/8/2012 15:37

Westhouse;

First quarterly dividend declared, 3.4% yield and continued outperformance

In its last annual report, UEM announced its intention to increase the frequency of its dividend distributions from semi-annually to quarterly, starting in the current financial year. The first quarterly dividend has now been announced - 1.375p will be paid on 7 September 2012 to shareholders on register at 24 August 2012. This is in line with a total dividend of 5.5p paid in the financial year ended 31 March 2012 and equates to a 3.4% yield on the shares.

The Board have been actively working on enhancing the company's profile - the introduction of quarterly dividend distributions is one of the measures taken to increase the fund's appeal to a larger investor base.

UEM is one of only two income funds in the Global Emerging Markets equity sector. The shares currently trade on a 7.4% cum-income discount and we believe there is scope for further re-rating from these levels. The other emerging markets income fund, JPMorgan Global Emerging Markets Income (JEMI.L), which also pays dividends quarterly, currently trades on a 1.5% premium.

The fund's rating should further be supported by its recent inclusion in the FTSE 250 index and its strong track record of lower volatility market and peer beating returns - UEM is currently either the best or the second best performing fund in its peer group in NAV total return terms year-to-date and over 1 year and 3 years, with its portfolio having held up better than the MSCI Emerging Markets index in every period of material market decline.

*Westhouse Securities acts as broker and/or advisor to this company

[davebowler] 07/6/2012 09:56

westhouse;
Utilico Emerging Markets (UEM.L), the fund investing in utilities, infrastructure and related sectors in emerging markets, was one of two funds to be promoted to the FTSE 250 index. UEM has made much progress since first announcing its intention, in August 2011, to seek a listing on the Official List and become a FTSE All Share index constituent. The purpose of the Main Market listing was to increase the liquidity of the shares, enhance the company's profile and widen the pool of potential investors. The new FTSE 250 index constituent status, together with the very strong track record and attractive yield should further help the company appeal to a larger investor base, improve liquidity and support its rating. UEM is unique in the Global Emerging Markets equity sector, investing in companies that by their nature tend to be more resilient than the overall market. This has enabled the company to deliver market and peer beating returns, but with lower volatility. UEM is currently the best performing fund in its peer group in NAV total return terms year-to-date and over 1 year and 3 years, with its portfolio having held up better than the MSCI Emerging Markets index in every period of material market decline. UEM is also one of only two income funds in the Global Emerging Markets equity sector. The shares currently pay a 3.2% yield and trade on a 8.2% cum-income discount. We believe there is scope for further re-rating from these levels. The other emerging markets income fund, JPMorgan Global Emerging Markets Income (JEMI.L), currently trades on a small premium.

[praipus] 24/5/2012 23:00

Utilico UEM picking up a 3.37% chunk of PEW

[praipus] 22/5/2012 11:40

BTC holding mentioned

[davebowler] 22/5/2012 09:55

Investec view- see conclusion;
Hansa Trust (HAN) is still at -22.5% discount compared to its one year average of 19.5% and offers a compelling entry point into a UK growth fund with a Brazilian twist.



¢ The Brazilian element comes from of its holding of Oceans Wilson (40.6%) which itself has 58.3% exposure to Brazilian port operations. The remaining portion of HAN is invested in smaller mainstream UK equity (56%).



¢ Hansa Trust represents a cheap way into Oceans Wilson compared to buying it directly.



¢ Brazil has been hit hard during the last couple of months, with shares recently officially entering a bear market, although the Bovespa did rally over 3% yesterday and given the diversified nature of Hansa it is an interesting one.



¢ Alternatively you could purchase exposure to Oceans Wilsons directly, although this involves purchasing it on the Bermudan exchange under the ticker OCH BH or you could also buy it by proxy as it is held in Utilico Emerging Markets (UEM) (7.3%), which is one of our favoured emerging market funds due to the lower volatility.

[praipus] 17/4/2012 17:49

Hi Clusium, ditto, also following liquidations and arbitrage



Praipus

[clusium] 17/4/2012 15:53

Good afternoon, Praipus. I still hold here, along with some water, Pennon mainly.

Hope all is well with you. Clusium

[davebowler] 23/1/2012 10:06

Yes -it was!

[topvest] 20/1/2012 14:59

wrong thread?

[davebowler] 08/12/2011 10:18

Westhouse
FTSE quarterly index review


Following the last quarterly FTSE index review, the results of which were announced last night, it was confirmed that Utilico Emerging Markets (UEM.L) would be included in the FTSE All-Share and FTSE Small-Cap indices. The index changes become effective on Monday 19 December 2011. Additionally, UEM is now on the reserve list for inclusion in the FTSE-250.



This is a positive development for UEM, as we expect the FTSE membership to broaden the shares' appeal to a wider range of investors, which should help improve liquidity and narrow the discount.

[praipus] 03/11/2011 09:44

Teliti EPIC TEL.L