Utilico Emerging Markets Trust - April 2024 Monthly Update

Jacqueline Broers, Deputy Portfolio Manager at Utilico Emerging Markets provides an insight into the trust's performance for April 2024. In April, UEM's NAV total return decreased by 0.1%, underperforming the MSCI EM Index, which increased by 1.4% in Sterling terms. Global markets were mixed in April, S&P 500 Index was down 4.2% and showed that inflation is stickier than hoped. Moving onto EM, the Turkish Index was up 9.9%, Argentina also followed suit with the Merval Index up 9.1% as investor sentiment significantly improved, amid structural reforms from the Milei government. Hong Kong Hang Seng Index and the Shanghai Composite Index were both up 7.4% and 2.1% respectively. India's Sensex Index was also up 1.2% as the country's general election started. However, Vietnam's Ho Chi Minh Index was down 5.8%, higher U.S. interest rates has put pressure on the Vietnamese Dong. Moreover, Brazil's index was down 1.7% as U.S. rate cuts resulted in repricing of the yield curve. The were no changes in the UEM's portfolio for April. Read the factsheet via London South East - https://static.lse.co.uk/downloads/investment-trusts/factsheets/icm-group/trusts/utilico-emerging-markets-trust/april-2024-factsheet.pdf