24th Jun 2014 09:26
LONDON (Alliance News) - Utilico Emerging Markets Ltd Tuesday said it outperformed its comparative index in its last financial year, even though its net asset value declined by 3.4% on a total return basis.
Its benchmark, the MSCI Emerging Markets Total Return Index, adjusted for sterling, declined by 9.9% in the year to the end of March.
"The biggest headwind faced by UEM over the twelve months has been the strength of sterling. Had exchange rates remained constant over the period, the NAV would have been GBP61.6 million higher. This loss of 14.2% significantly held back UEM's performance. It should be noted this translation loss is largely unrealised," UEM Chairman Alexander Zagoreos said in a statement.
"Emerging market economies continue to achieve gross domestic product growth and their outlook is positive. Despite this, the world's economic activity remains subdued, as the challenges facing western economies remain largely unresolved. The performance from UEM's stock selection process has been positive for investors and the Investment Manager expects to be able to continue to identify attractive investments," the Chairman added.
Utilico Emerging Markets shares were Tuesday quoted at 186.38 pence, down 0.3%.
By Samuel Agini; [email protected]; @samuelagini
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