FOCUSED ON LONG TERM TOTAL RETURN
VIA A DIVERSIFIED PORTFOLIO OF OPERATIONAL CASH
GENERATIVE INVESTMENTS
Investments by Geography and Sector
as at 30 September 2015
Oth
er
ina
Ch
Brazil
ma
ni
Ro
a
si
a
ay
al
M
nd
ila
a
Th
Ports
Gas
Water
Airport
Satellites
Electricity
Toll Roads
Renewables
- An established closed end fund on a stable
financial footing
-S
ecuring long term returns from emerging
markets
- Proven investment strategy focused on
long term total return
-S
trong management team with impressive
track record in the sector
- Asset portfolio mitigates market risk
Financial Performance
Outperformed the MSCI Emerging Markets Total
Return Index.
Over five years, UEM achieved a total return of 20.9%
versus the MSCI Emerging Markets Index total return
(GBP adjusted) of negative 11.8%.
Comparative Performance
Dividend
per
Ordinary
Share
Dividend
per
Ordinary
Share
Rebased to 100 at 31 September 2010
150
140
130
September
asas
atat
3130
March
2013 2015
7.00p
UEM Net Asset Value total return
6.00p
MSCI Emerging Markets Index
(GBP adjusted)
5.00p
120
4.00p
110
3.00p
100
2.00p
90
1.00p
80
Sep
2010
Sep
2011
Sep
2012
Sep
2013
Sep
2014
Sep
2015
0.00p
4.80p
4.80p
4.80p
5.20p
5.50p
5.80p
6.10p
6.10p
3.15p
2.70p
1.50p
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 HY2016
2014
WINNER
Emerging Markets
GLOBAL EMERGING
MARKETS
Utilico Emerging Markets
GLOBAL EMERGING
MARKETS
Utilico Emerging Markets
For more information go to www.uem.bm
www.icm.limited
www.icmim.limited
MATURE, OPERATIONAL INVESTMENTS
WITH STRONG CASHFLOWS
Malaysia Airports Holdings Berhad
Sector: Airports
Kuala Lumpur International Airport
APT Satellite Telecommunications Holdings Limited
Sector: Satellite
Earth Station, Hong Kong
Ocean Wilsons Holdings Limited
Sector: Ports
Tecon Salvador port terminal
China Gas Holdings Limited
Sector: Gas
Natural Gas Storage Facility in Wuhu City, Anhui Province
An established closed end fund on a stable financial footing
- Launched in 2005 and listed on the London Stock Exchange
- Gross assets less current liabilities of £401.7m
- Low gearing of 3.8% (limited at 25% of gross assets) with
a £50m bank facility
- NAV annual compound total return of 10.7% since inception
- Multi award-winning performance
Proven investment strategy focused on long term total return
- Total return underpinned by operational and cash generative investments
- Investment managers focused on businesses with operational assets
rather than greenfield investments, thus “mitigating” risk
- 97.2% of portfolio invested in listed entities which are predominantly
established, profitable and paying dividends, enhancing liquidity and
transparency
- Investment decisions based on in-depth fundamental research including
financial analysis, management meetings and frequent site visits
Asset portfolio mitigates market risk
- Effective risk mitigation achieved via geographic and sector
diversification (China 28.4%, Malaysia 14.9%, Brazil 9.6%, Romania 7.6%)
- Single country exposure limited to 50% of gross assets,
with individual stock exposure at 20%
- Current largest single holding accounts for 7.9% of gross assets and the
top ten amount to 49.4%
- Majority of investments pay a dividend, providing fundamental resilience
in weak markets
This document is only directed at persons in the United Kingdom who are
investment professionals as defined in Article 19 of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005, high net worth companies,
unincorporated associations and other persons as defined in Article 49 of that
Order or others to whom this document can lawfully be distributed or given, inside
the United Kingdom, without approval of an authorised person. Any other person
should not rely on it or act on it and any investment or investment activity to which it
relates will not be engaged in with them.
The information presented on this document is solely for information purposes and
Securing long term returns from emerging markets
- Emerging markets GDP forecast to continue to outperform developed
markets
- Rapid growth of urban middle class instrumental in driving need for
better infrastructure, utilities and environmental policies, resulting in
opportunities often delivering GDP+ growth rates
- Focus on undeveloped and developing markets with positive investment
attributes such as political stability, economic development, an acceptable
legal framework and a positive disposition to foreign investment
Strong management team with impressive track record
in the sector
- Managed by ICM Investment Management Limited (“ICMIM”) and ICM
Limited (“ICM”), a strong dedicated utilities and infrastructure team
with a wealth of experience investing in emerging markets utilities and
infrastructure sectors
- ICM team travels extensively visiting investee companies and seeking new
investment opportunities
- A bespoke comprehensive database containing analysis of over 900
companies
- The global ICM team has over 30 staff in six offices managing over £1.5bn
in specialist mandates which supports the utilities and infrastructure team
* all figures as at 30 September 2015
is not intended to be, and should not be construed as an offer or recommendation
to buy and sell investments. If you are in any doubt as to the appropriate course
of action, we would recommend that you consult your own independent financial
adviser, stockbroker, solicitor, accountant or other professional adviser.
Past performance is no guide to the future. The value of investments and the
income from them may go down as well as up and investors may not get back the
full amount they originally invested. The information presented has been obtained
from sources believed to be reliable but no representation or warranty is given, or
may be implied that they are accurate or complete.
For more information go to www.uem.bm
www.icm.limited
www.icmim.limited