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(1) Total return is calculated based on NAV per ordinary share plus dividends reinvested from the payment date and adjusted for the exercise of subscription shares
Investors should exercise caution towards HSBC as it winds down share buybacks; notable insider buying activity recorded at six other companies
· Utilico Emerging Markets Limited's ("UEM") net asset value ("NAV") total return per ordinary share was positive at 13.3% in the six months to 30 September 2016.
I am pleased to report UEM recovered nearly all the losses suffered in the first six months of the financial year and ended the year to 31 March 2016 almost unchanged at 202.52p. Based on a total return to an ordinary shareholder who received one subscription share for every five shares held, the total return on basic NAV over the twelve months was positive at 1.4%. The diluted NAV per ordinary share total return was negative 0.