23rd Jan 2014 12:46
LONDON (Alliance News) - Utilico Emerging Market Ltd said Thursday that it had outperformed its benchmark in the quarter ended November 19.
The closed-ended investment company saw a total return on net asset value of 3.6%, outperforming the MSCI Emerging Markets Total Return Index which was down 0.4%.
Utilico noted that currency headwinds had impacted its Sterling-denominated net asset value, and it would have seen a total return of 7.4% if currencies had remained stable.
The company said its investment outlook remained challenging, as the steep devaluation of many emerging markets currencies during 2013 had had an impact on inflation, financing costs, capital availability and business confidence in those countries. However, it remained positive about its long term prospects.
Shares in Utilico were trading down 0.08%, or 0.15 pence, at 180.98 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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