Money Makers

Utilico Emerging Markets (UEM) was launched in July 2005 to invest in utilities and infrastructure stocks that operate in emerging markets. It performed strongly in the run-up to the global financial crisis, and bulked up with two large fundraises. Its performance since 2014 has been more muted, but NAV returns since inception are a respectable 9.5% a year, just ahead of the 9.2% year produced by the broader MSCI Emerging Markets index. UEM's discount widened steadily from 2014 onwards, and in May 2025, Saba Capital appeared on the register with a 6% stake. In August 2025, UEM introduced a fiv...