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Utilico Emerging Markets Trust
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==Valuation: Board still aspires for a sub-10% discount== UEM’s discount is narrowing gradually, but Jillings comments that it remains stubbornly above 10%. The trust’s current 14.5% share price discount to cum-income NAV compares with a 9.0% to 14.5% range over the last 12 months and average discounts of 12.1%, 12.4%, 12.3% and 10.2% over the past one, three, five and 10 years respectively. The board typically repurchases UEM’s shares when the discount has widened to more than 10% in normal market conditions. So far in FY22, c 5.3m shares (c 2.4% of the share base) have been bought back at a cost of c £11.3m.
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