London, UK, 23 April 2021
Edison issues review on UIL (UTL)
UIL Limited (UIL) is a specialist leveraged fund managed by long-term, deep-value investor ICM. The team, led by Charles Jillings, aims to generate strong total returns by investing in undervalued businesses across the globe. Around 80% of the portfolio is held in collective investment vehicles managed by ICM known as 'platforms', each of which has a specific mandate, while the other positions are direct investments. The fund's three largest sector exposures are financial services, resources and technology (c 75%), while the largest geographic weighting is Australia (c 40%). Jillings is upbeat about UIL's future prospects; he believes that over the last year the quality of the fund's assets and its funding structure have improved, and he is encouraged by the company's strong level of income and reserves.
UIL's shares are currently trading at a 32.1% discount to cum-income NAV, which is narrower than the 39.4% to 40.2% range of average discounts over the last one, three and five years. Strong NAV performance, a focus on reducing the discount, a lower level of gearing and regular quarterly dividends support the potential for a higher valuation. UIL currently offers investors an attractive 3.4% yield.
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