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Utilico Emerging Markets Trust
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==Fund profile: An emerging market equity specialist== Launched in July 2005, UEM was historically a Bermudan investment company, but redomiciled to the UK as an investment trust via a scheme of arrangement on 3 April 2018. It is listed on the Main Market of the London Stock Exchange and is managed by the ICM Group (ICM and ICM Investment Management), which is a specialist fund manager based in Bermuda and the UK with c $26.9bn of assets under management (c $2.8bn directly and c $24.1bn indirectly). UEM is managed by qualified chartered accountant Charles Jillings, who has more than 30 yearsโ experience in global financial markets. He aims to generate an attractive long-term total return from a diversified portfolio of emerging market equities, primarily in the infrastructure, utility and related sectors. Jillings employs a bottom-up stock-selection process and is unconstrained by benchmark allocations, although the MSCI Emerging Markets Index is used as a reference. To mitigate risk, there are a series of investment guidelines in place (as a maximum percentage of gross assets at the time of investment): individual investment 10%; single country 35%; individual sector 25%; unquoted investments 10%; and top 10 holdings 60%. Gearing of up to 25% of gross assets is permitted; at end-February 2022, UEM had net gearing of 2.6%. From launch to the end-February 2022, UEMโs NAV total return has compounded at 9.3% pa.
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