UIL - Investing for long-term value creation
UIL Limited’s (UIL’s) value-focused manager, Charles Jillings, is supported by a seasoned global team of sector specialists. The company has experienced a difficult spell of relative performance during a period of economic uncertainty and stock market volatility. Also, growth stock valuation multiples have come under pressure due to rising interest rates. However, the manager has high conviction that over the longer term significant value can be realised from UIL’s portfolio companies. Financial companies Resimac and Waverton Investment Management are the two largest exposures in the fund. Despite robust fundamentals, Resimac’s share price has languished and Jillings considers its 5.6x P/E multiple and 8.7% dividend yield to be very appealing.
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