Publication of monthly factsheet

10 November 2025

UTILICO EMERGING MARKETS TRUST PLC

(LEI Number: 2138005TJMCWR2394O39)

Publication of monthly factsheet

The latest monthly factsheet for Utilico Emerging Markets Trust plc ("UEM" or the "Company") will shortly be available through the Company's website at:

https://www.uemtrust.co.uk/investor-relations/factsheet-archive

Monthly commentary

PERFORMANCE

In October, UEM's NAV total return was up by 2.6%, although this was an underperformance compared to the MSCI Emerging Markets total return Index which was up by 6.8% in Sterling terms. The performance of the MSCI EM Index in October was driven by continued strong share price gains for AI and technology stocks, sectors outside of UEM's infrastructure and utility focus.

Whilst there was some volatility during the month, most markets ended October in positive territory, with gains in particular in the US and Asia being driven primarily by mega-cap tech stocks whilst the broader markets remained in the shadows. There was increasing rhetoric on trade between China and the US during the month, although this calmed at the end of the month after President Trump and President Xi met in South Korea, resulting in the US reducing tariffs on Chinese goods. The Federal Reserve cut US interest rates at the end of the month and the US governmental shutdown continued. The S&P 500 Index rose 2.3% and the NASDAQ Composite Index rose by 4.7%.

In Asia, semiconductor names in particular drove a 19.9% gain in Korea's KOSPI Index. Taiwan's TWSE Index advanced by 9.3% and the Nikkei Index in Japan was up by 16.6% in October. China's markets were more muted after a strong September, with a gain of 1.9% in the Shanghai Composite Index and the Hang Seng Index fell by 3.5%. Elsewhere in Asia, Vietnam's Ho Chi Minh Index declined by 1.3%, whilst in Indonesia, the Jakarta Stock Exchange Index gained 1.3%. India's Nifty Index advanced by 4.5%. European markets were generally positive with Poland's WIG Index up 4.8% although Greece's ASE Index declined by 1.9%.

Within LatAm, performance was generally positive. The Brazilian Ibovespa Index was up by 2.3% and the Brazilian Real strengthened against Sterling by 1.3%. In the Colombian market, the COLCAP Index was up by 6.1% and the Chilean IPSA Index was up 5.1%. The Mexican Mexbol Index declined by 0.2% after reporting very strong gains in September. After a much stronger than predicted electoral result for President Milei, the Argentine Merval Index surged by 69.3% in the month.

PORTFOLIO

There were two changes to the top thirty holdings in October, with Kenya Electricity Generating Company ("KenGen") and TAV Airports replacing Athens International Airport and Vietnam Holding Limited.

UEM took profit on its position in Athens Airport and tendered part of its holding in Vietnam Holding Limited. KenGen's price appreciated by 18.6% in the month and TAV's share price was up by 11.0%.

In addition to the strong gains in KenGen and TAV Airports, there were strong share price gains of 12.3% for ICT, following a positive court decision regarding its Durban container terminal concession and 11.5% for FPT Corp after announcing stronger growth in its order book than has been seen in recent quarters. Copel gained 8.1% and Axia Energia (formerly Eletrobras) was up by 7.1%. Anhui Expressway gained 7.3%, Interconexion Electrica rose by 6.1% and Corp Financiera Colombiana was up by 5.3%. 

The largest decliners were SUNeVision, which declined by 12.1% on continued concerns over near term growth and Manila Water declined by 9.2% ahead of the IPO of a peer, Maynilad Water. ASUR's share price decreased by 5.1% in the month.

Portfolio purchases amounted to £16.4m and total realisations were £23.0m.

DEBT

UEM's total debt exposure in Sterling terms increased from £21.6m to £21.9m in October due to foreign exchange movements, but remained drawn as GBP 5.0m, EUR 7.5m and USD 13.5m.

OTHER

UEM's share price increased by 0.8% in October, ending the month at 257.00p with the discount to NAV widening from 10.5% to 12.1%.

UEM bought back 1.2m shares at an average price of 253.87p in the month taking the total number of shares bought back since its year end to 7.0m shares, equivalent to 3.7% of its share capital as at 31 March 2025.

Name of contact and telephone number for enquiries:

ICM Investment Management Limited +44(0)1372 271486

Charles Jillings, Jacqueline Broers, Alastair Moreton

Montfort Communications

Gay Collins, Alex Everett +44 (0) 7798 626282

[email protected]