Utilico Emerging Markets has announced results for the year that ended on 31 March 2015. Over this period he fund produced a total return on net assets of 12.2%. This is marginally less than the 13.2% return generated on the MSCI Emerging Markets Index. The dividend was maintained at 6.1p.
The manager’s report analyses the movements in the portfolio by country. In China the markets and the currency were strong although the portfolio is biased to H shares rather than A shares, it is the latter that have soared in value in recent times. China Gas’ share price rose by 4.5%, China Everbright was up 21.9%, AsiaSat fell in value by 10.9% but, since UEM’s year end, this company has proposed a large special dividend. In Malaysia, Malaysia Airports fell 11.1% but MyEG Services (which manages the online interactions with the Malaysian government in various areas) rose by 96.5% on rising revenues and profits. Utilico Emerging Markets has a stake in Ocean Wilsons (the core holding in Hansa Trust) – this had a difficult year related to the poor Brazilian economy, currency and the fall in the oil price. The only other notable move was an 11.7% fall in the value of Gasco in Chile as regulators targeted its Metrogas subsidiary.
UEM : Utilico Emerging doubles its money on MyEG