Utilico Emerging Markets Investment Trust - January 2024 Update

In January, UEM's NAV total return eased by 0.5% in January, this was better than the MSCI EM Index, which fell by 4.3% in Sterling terms. Global stock markets were mixed in January, with the continued downward trend in inflation, resulting in more Central Banks cutting rates. In Emerging Markets we saw the Indian Sensex at an all-time high at the start of 2024. The Brazilian Bovespa started 2024 at an all-time high, retracing 4.8% over the month. Moving on to China, the Hang Seng Index was down 9.2%. Meanwhile, in currency markets, Sterling strenghtened against most EM currencies in January. Within UEM's portfolio, there were standout performances from GSPL and Powergrid India, who's shares were up 19.8% and 9.6% respectively. Both companies share prices hit all-time highs. Read more on UEM via the London South East site.