Jacqueline Broers, Deputy Portfolio Manager at Utilico Emerging Markets runs through the portfolio's November performance.

UEM’s NAV total return decreased by 2.3% outperforming the MSCI Emerging Markets total return Index, which was down by 2.6% in Sterling terms.

Within the UEM portfolio there was one change to the top thirty holdings in November. Piraeus Port Authority (“PPA “) replaced Terna Energy. PPA, listed on the Athens Stock Exchange, owns the concession for Piraeus Port in Greece, operating container, cruise, coastal and car terminals.

The portfolio had mixed share price performances in November:

- TAV Airports’ share price was up by 19.1%, assisted by more positive market sentiment whilst PPA’s share price was up by 11.6%. Sunevision, the Hong Kong listed data centre was also up by 8.0% as continues to benefit from increased demand for data centres on the back of the huge growth of AI. Aguas Andinas was also up by 6.9% as the Chilian Water company finally received its long-awaited tariff increase.

- Share price weakness for the month was seen primarily with the Brazilian companies on the back of the disappointing fiscal package that was announced. Serena, the renewable energy company was impacted the hardest, down by 24.3% suffering from being a small cap with low liquidity alongside Orizon which was down by 10.0%. Ocean Wilsons was also down by 11.2% affected by the poor market sentiment and weaker Brazilian Real.

UEM’s share price was down 5.2% over the month, with the discount to NAV widening to 22.0%. UEM continued to buy back shares during the month.

UEM also declared an increased second quarterly interim dividend of 2.325p per ordinary share in respect of the year ending 31 March 2025, an uplift of 8.1% on the last quarter dividend. This will be paid on 19 December 2024.

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