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LONDON - Utilico Emerging Markets Trust PLC (UEM) posted a 1.3% increase in net asset value (NAV) total return for September, underperforming the MSCI Emerging Markets total return Index which rose 7.5% in Sterling terms, according to a monthly factsheet released Friday.
The company, which focuses on infrastructure and utility investments in emerging markets, attributed the underperformance primarily to its limited exposure to artificial intelligence investments that drove broader market gains.
For the first half of its financial year ending March 31, 2026, UEM recorded a 12.7% total return compared to the benchmark’s 18.8% gain.
Among UEM’s top holdings, Brazilian utility Eletrobras was a standout performer with a 16.3% increase after announcing a capital allocation strategy expected to boost dividends. South Korean data center operator Kinx rose 15.8%, benefiting from positive AI market sentiment, while telecommunications infrastructure company Helios Towers gained 13.7%.
Several holdings experienced declines, with Polish parcel locker operator Inpost falling 15.9% despite in-line quarterly results, due to concerns about a key client relationship and integration issues with its UK Yodel acquisition. Hong Kong data center provider SUNevision dropped 10.1% following disappointing new orders.
The trust’s debt position increased from £17.1 million to £21.6 million during the month, drawn in British pounds, euros, and US dollars.
UEM’s share price rose 2.0% to 255.00p in September, with its discount to NAV narrowing from 11.9% to 10.5%. The company repurchased 1.1 million shares at an average price of 250.82p.
At its annual general meeting in September, shareholders voted 97.6% in favor of continuing the trust for another five years until 2030.
The information in this article is based on a press release statement from Utilico Emerging Markets Trust.
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