ICM Limited

Strengthening Our Commitment to Shareholders - We continually strive to deliver value to our investors through disciplined management and proactive initiatives. We are pleased to announce a series of measures designed to enhance shareholder returns and improve engagement, including:   · New conditional tender offer structure: a performance-related tender offer benchmarked against the MSCI Emerging Markets Total Return Index ("Benchmark") and measured over a five-year period, for up to 25% of UEM's issued share capital, equivalent to £126 million of UEM's net asset value ("NAV") at 31 July 2025; · Share buyback commitment: the Board intends to continue using its buyback programme to seek to address the discount to NAV at which UEM's shares may trade from time to time, with the ambition of maintaining a single-digit discount in normal market conditions on a sustainable basis. In the three financial years ended 31 March 2025, UEM has repurchased 28.2 million shares for £62.2 million; · Progressive dividend policy: a continuation of the commitment to increase the total annual dividend, paid quarterly. Having increased the dividend year on year since 2016, UEM paid an annual dividend of 9.125 pence per share for the year ended 31 March 2025, equating to a distribution of £17.0 million. UEM is targeting future annual rises; and · Advancement of the 2026 continuation vote: it is proposed that the planned 2026 continuation vote be brought forward to be held on or around the date of the 2025 AGM and at subsequent five-yearly intervals thereafter, subject to shareholder approval. Mark Bridgeman, Chairman of UEM, commented: "While UEM's long-term performance has been impressive and the share price discount at which the Company's shares have been trading has narrowed significantly over recent months, UEM's 20th anniversary is an opportune time to review certain features of the Company's structure and distribution policy, to ensure alignment with the current environment and to help drive increased value for shareholders from their investment in UEM."   Charles Jillings & Jacqueline Broers, Joint Portfolio Managers of UEM added: "For 20 years, UEM has focused on carefully researched, strategically targeted, bottom-up investing in emerging market infrastructure and utilities companies which are well placed to benefit from the global infrastructure megatrends. We continue to remain highly confident of the investment strategy's potential to continue its 20-year track record of long-term outperformance." For full details, please see our latest announcement: https://lnkd.in/gTRncy2K #UEMTrust #EmergingMarkets #InvestmentTrust #ShareholderValue #CorporateGovernance #SustainableGrowth

In June, the Pentagon High Conviction Bond Fund (the “Fund”) increased by 2.4%, versus a return of 1.8% for the Bloomberg USD Hedged Global High Yield Index. The Bloomberg USD Hedged Global High Yield Index is a multi-currency flagship measure of the global high-yield debt market. The index represents the US High Yield, the PanEuropean High Yield, and Emerging Markets (EM) Hard Currency High Yield Indices. Year-to-date, the Fund has returned 5.4%, compared to 4.7% for the Bloomberg USD Hedged Global High Yield Index. Since its inception, the Fund has returned over 181.3% in total, or 8.7% annually, which is way in excess of the 88.4% return of the Bloomberg USD Hedged Global High Yield Index. According to Morningstar, the Fund is five-star rated out of 653 Global High-Yield Bond Funds over the past five years. The Fund is in the 3rd percentile for performance over the past five years

$12m Equity Raising to advance the Gum Creek Feasibility Study and complete high priority resource drilling, comprising $5m private placement and $7m entitlement offer. “The funds raised under the Offer will go towards completing the Feasibility Study, which will build on the compelling March 2024 Scoping Study undertaken using a gold price of A$2,900/oz and to undertake drilling on free milling open pit and high-grade underground resource targets” said Managing Director Leigh Ryan. Read more: https://lnkd.in/gx6vAn3S #gold #goldmining #mining #resources #investing

Utilico Emerging Markets significantly outperforms MSCI Emerging Markets Index as it celebrates 20th anniversary of listing on the London Stock Exchange. UEM's 20 Year anniversary highlights include: · Aggregate NAV return of 471.7%, surpassing MSCI EM's 325.3%, driven by decades of ICM team expertise; · The only emerging market trust to consistently raise dividends annually for the past decade, joining The Association of Investment Companies (AIC)'s next generation "dividend heroes"; · The Portfolio Managers' enthusiasm is as strong as it has ever been about the potential for the portfolio; and · This conviction is evidenced by UEM's long-term buyback strategy, enhancing NAV and shareholder value, with £179.8m repurchased since inception.   The ICM team brings decades of bottom-up emerging markets investing. Charles has managed the trust since its 2005 IPO, and in early 2024, Jacqueline joined as joint PM, having been with ICM since 2010 and previously deputy manager. Both remain optimistic about the portfolio’s growth, citing expanding opportunities since inception.   Mark Bridgeman, Chairman of UEM said: "UEM's focus on infrastructure and utilities in emerging markets is highly differentiated from both the MSCI Emerging Markets Index and the Global Emerging Markets AIC peer group and is expertly managed by a disciplined, bottom-up approach from its Investment Manager, ICM.   "The defensive nature of UEM's infrastructure and utilities portfolio, supported by global infrastructure megatrends and the manager's disciplined stock selection, demonstrates the clear differentiation of this investment strategy. This investment approach aims to generate consistent total returns for shareholders with typically lower volatility than the index while providing an attractive dividend income." Charles Jillings & Jacqueline Broers, added: "For 20 years, UEM has focused on well researched, carefully targeted, bottom-up investing in emerging market infrastructure and utilities companies which are well placed to benefit from the global infrastructure megatrends. Whilst we have seen high levels of economic and political uncertainty, especially in recent years, we have remained focused on our investment strategy, which we believe will continue to deliver significant value for shareholders.   "Emerging markets are widely expected to benefit from a rotation in investor sentiment away from the US market that is gaining momentum. Whilst macro volatility remains, this often provides investment opportunities to secure attractive long-term holdings at compelling valuations. We therefore continue to remain highly confident that the investment strategy is well placed to continue its 20-year track record of long-term outperformance." Sourced from UEM's RNS release: https://lnkd.in/gyVY2mdg  

Celebrating 20 Years: Utilico Emerging Markets Trust began trading on the London Stock Exchange on 20th July 2005. Over the last 20 years, our investment objective has remained the same – we are focused on investing in infrastructure and utilities, predominantly in emerging markets. Click below to see a short summary of where we began, what we have achieved over the last 20 years, and our view of what is to come. #investmenttrusts #infrastructure #utilities #emergingmarkets #globaltrade #socialinfrastructure #energytransition #digitalinfrastructure The Association of Investment Companies (AIC) Charles Jillings Jacqueline Broers

🌍 focusIR Fundamentals: Investing in Emerging Markets – Past, Present & Future Emerging markets (EM) now account for over half of global GDP in 2024, and nearly two-thirds of GDP growth over the past decade. For investors, ignoring this opportunity is no longer an option. But how do you navigate this fast-evolving, diverse space? We spoke to three seasoned investors who are tapping into the megatrends, innovation, and structural shifts transforming EM. 🎙 In this focusIR interview, you'll learn: - How improved governance, local capital markets, and market depth are reshaping EM investing - Why demographics, digital adoption, and global trade realignment create long-term tailwinds - How bottom-up stock selection identifies growth beyond benchmarks - How macro headwinds like tariffs are creating new opportunities - What makes today’s EM landscape more resilient and investable than ever before 💡 Meet the panel: 🔹 Charles Jillings – CEO, ICM Investment Management & Portfolio Manager, Utilico Emerging Markets Trust (UEM). Backed by a strong analyst team and co-manager Jacqueline Broers, UEM targets 4 megatrends – social/digital infrastructure, energy growth/transition, and global trade – across EMs. With a bottom-up, benchmark-agnostic approach, UEM has delivered 8.8–8.9% annual NAV returns since launch, alongside a ~4% dividend yield. 🔹 Ian Simmons – Portfolio Manager, Fiera Emerging Markets Fund Fiera Capital With top-decile performance over 1, 3, and 5 years, Ian leads a 10-person team focused on high-conviction EM opportunities. He’s run the strategy since 2018, building on a legacy since 2010. 🔹 Thuy Anh Nguyen – Director, Dragon Capital (Vietnam Enterprise Investment Ltd - VEIL) VEIL focuses exclusively on Vietnamese equities with strong growth/value metrics and governance standards. Since Feb 2024, under lead manager Tuan Anh Le, the fund has posted double-digit NAV and share price returns, driven by mid-caps, banks, and domestic consumption. 🔗 Watch the full discussion: https://lnkd.in/ekA75HjB 📌 Why add EMs to your radar? - EMs are embracing reform, better governance, and growing dividend culture - The investable universe is broader, more tech-driven, and increasingly aligned with global standards - Structural trends like AI, infrastructure, and digitalisation offer multi-decade opportunities - Market inefficiencies + strong local insight = real potential for alpha 👉 If you're thinking long-term, it's time to look East, South—and everywhere beyond the developed world. Charles Jillings, Manager at Utilico Emerging Markets, Thuy Anh Nguyen, Director at Dragon Capital, and Ian Simmons, Portfolio Manager at Fiera Capital, were interviewed by John Hughman for FocusIR. #Investing #EmergingMarkets #focusIR #GlobalGrowth #Vietnam #Infrastructure #Digitalisation #ESG #AI #FieraCapital #DragonCapital #ICM #UEM #AssetManagement

✴ 11am, Friday 11th July 2025 ✴ Tune in here: https://lnkd.in/e5weME4z Joining QuotedData's James Carthew – Co-founder and Head of investment company research – this Friday on 'QuotedData's In The HotSeat' is Charles Jillings from Utilico Emerging Markets Trust. Join us with Charles - don't forget to submit your questions! We will be live streaming our In The HotSeat on YouTube. Subscribe here https://lnkd.in/gguCv5Wy if you haven't already. #QuotedData #Interview #News #Discussion #Investments #UEM #UtilicoEmergingMarkets #Investing