October 2023 Update Utilico Emerging Markets

Jacqueline Broers, Deputy Portfolio Manager at Utilico Emerging Markets, provides an update on last month's trust's performance. UEM's NAV total return for October 2023 decreased by 4.7% Vs the MSCI Emerging Markets ("MSCI EM") index of a decrease of 3.4%, in sterling terms. UEM's total NAV return YTD was 6%, significantly outperforming the MSCI EM Index, which is down 2.5% over the same period. The current geopolitics in the Middle East has fuelled downward pressure for Emerging Markets, Asian markets were down including China and Vietnam. Latin American markets were also bruised, including Mexican and Brazilian markets despite yet another interest rate cut during the period. UEM's portfolio was clearly affected, particularly by the 'higher for longer' narrative coming from the U.S. For more details, including individual company performances during October, please read UEM's factsheet via London South East.