London, UK, 10 March 2023
Edison issues review on UIL (UTL)
UIL Limited (UIL) is managed by Charles Jillings at deep-value investor ICM. The portfolio reflects his three medium-term views: the world's financial markets are over indebted; technological change offers strong investment upside; and emerging markets offer better GDP growth opportunities than developed markets. Despite a difficult macroeconomic backdrop, characterised by the war in Ukraine and central banks raising interest rates to combat higher inflation, the manager has a high degree of confidence in the prospects for UIL's investee companies. He believes that they are well placed to trade through the current uncertain period and emerge the other side as even stronger businesses.
UIL's headline share price discount to cum-income net asset value (NAV) of 37.3% does not tell the whole story, as some of its platform companies are also trading at a discount, thereby affording UIL's shareholders a 'double discount'. For example, at end-February 2023, Zeta Resources (15.1% of the fund) was trading at a 24.6% discount to net tangible assets and Utilico Emerging Markets Trust (12.2% of the fund) was trading at a 13.7% discount to NAV.
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