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- UEM posts positive growth against a more gloomy emerging markets
Utilico Emerging Markets (UEM) has released its annual results for its fincial year ending 31 March 2023.
UEM’s chairman commented:
“The year to 31 March 2023 has continued to be truly challenging for all, including investors. From the war in Ukraine through to inflation and sharply higher central bank interest rates; to rising geopolitical friction; and to the challenges on climate change and significant natural disasters. Understandably, volatility in most markets has been elevated as uncertainty has dominated.
“There are numerous headwinds currently faced by the markets, each of which is challenging in its own right. We have historically discussed a number of these and they largely remain unresolved. We continue to witness a significant rise in nationalism, wealth inequality and global immigration. All of these issues and challenges no doubt tear at the fabric of our societies and institutions.
“One positive is that Covid looks to be behind us. The World Health Organisation finally declared the Covid emergency over in May 2023. At the time of publishing UEM’s half yearly report in November 2022, we were deeply concerned about the challenges faced by China given their zero Covid policy. The about-turn by China on Covid was a surprise in both its timing and approach. We had expected China to vaccinate its population and slowly lift restrictions in the summer this year.
“Unfortunately the same cannot be said of the war in Ukraine. It remains devastating on a number of levels. The harshness of the Russian army will be a wound on liberal societies for decades to come.
“The megatrends driving much of the global growth in emerging markets are strengthening. We see UEM’s portfolio as well placed to benefit from these megatrends.
“The investee company’s management teams have demonstrated an enviable ability to seize the opportunity even in these challenging markets. We remain optimistic for UEM.”
UEM: UEM posts positive growth against a more gloomy emerging markets
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