15
January 2025
UIL
LIMITED
(LEI
Number: 213800CTZ7TEIE7YM468)
Publication of monthly factsheet
The latest monthly factsheet for UIL
Limited ("UIL" or the "Company") will shortly be available through
the Company's website at:
https://www.uil.limited/investor-relations/factsheet-archive
Monthly commentary
PERFORMANCE
UIL's net asset value ("NAV") total
return increased by 0.4% in December outperforming the FTSE All
Share total return Index which decreased by 1.2% over the month.
For the six months to 31 December 2024, UIL's NAV total return was
up 9.5% compared to a 1.9% gain in the FTSE All Share total return
Index.
Global markets in December continued
to be dominated by speculation about what the incoming Trump
administration might mean for US domestic economic policies and
international geopolitics and consequently what the resulting
impact on trade flows, interest rates, exchange rates and commodity
prices might be. The Federal Reserve cut interest rates in December
by 25bps but hinted that committee members had slowed their
expectations for future rate cuts since their November meeting. The
S&P 500 Index declined by 2.5% during the month and the US
Dollar strengthened.
The European Central Bank also cut
rates by 25bps in December and expects to continue to reduce rates
in 2025, given the current weak economic outlook and political
uncertainty in many countries including Germany and France.
Interest rates were left unchanged by the Bank of England,
following a rise in UK inflation to 2.6% in November.
In the emerging markets, China held
interest rates in December 2024 and tangible signs of the stimulus
measures announced in September 2024 remain largely elusive so far.
Demand for Chinese treasury bonds was high, resulting in sharply
reduced yields as investors sought a safe haven amid fears of a
potential deflationary cycle in the country. China's weakness also
impacted sentiment in Australia, where the ASX Index declined by
3.3% in December and the Australian Dollar declined by 3.5% against
Sterling.
Commodities were mixed, with Brent
Crude oil up by 2.3% for the month whilst copper was down by 1.3%.
Nickel declined by 3.7% during the month and gold was down by
0.7%.
PORTFOLIO UPDATE
UIL's top ten holdings are disclosed
on a look through basis, taking into account the
underlying
investments of Somers Limited and Zeta
Resources Limited. There were no changes to the top ten holdings in
December 2024.
Resimac remains the largest holding,
and its share price was up by 4.3% during the month. The share
price of Utilico Emerging Markets gained 6.5% in December
2024.
ORDINARY SHARES
The share price of the ordinary shares
declined by 2.2% to 110.00p in December 2024. UIL bought back
19,331 shares during the month at an average price of
109.00p.
ZDP
SHARES
The share price of the 2026 ZDP shares
was up by 0.4% whilst the 2028 ZDP shares decreased by 0.4% during
the month.
Name
of contact and telephone number for enquiries:
Charles Jillings
ICM Investment Management
Limited
+44(0)1372 271486
