UIL

What UIL does

UIL Limited is an exempted closed-end investment company incorporated in Bermuda and listed on the London Stock Exchange (ticker: UTL), established in 2007 as the successor to Utilico Investment Trust plc. The company's stated investment objective is to maximize shareholder returns by identifying and holding compelling long-term investments worldwide where underlying value is not fully recognized. It does not develop technology products; its core activity is capital allocation and portfolio management.

UIL's product set is its listed securities: ordinary shares (UTL) and two series of Zero Dividend Preference (ZDP) shares — UTLH maturing in 2026 with a 5.88% gross redemption yield, and UTLI maturing in 2028 with a 6.14% gross redemption yield, both issued via UIL Finance Limited, a Bermuda special-purpose vehicle. The company pays quarterly dividends of 2.00p per ordinary share, a level maintained since 2019. Investment management is outsourced to ICM Investment Management Limited, a UK-regulated alternative investment fund manager with offices in Bermuda, the UK, Australia, and Canada.

The portfolio (on a look-through basis) is diversified across geographies and asset categories: Horizon Gold Limited and Roxmore Resources Inc in gold exploration/development; Resimac Group Limited in Australian/NZ alternative lending; W1M Group Limited in UK wealth management; Utilico Emerging Markets Trust plc in emerging-markets infrastructure; and Allectus Quantum Holdings Limited, a wholly-owned vehicle whose sole investment is Diraq Pty Ltd, a silicon quantum-computing company that has secured CHIPS R&D funding from the US Department of Commerce and collaborates with NVIDIA, DARPA, and Fermilab. Recent M&A activity includes the compulsory acquisition of Zeta Resources (October 2024), the take-private of Carebook (February 2025), and plans to divest a £99.5 million stake in Somers (announced 2025). The target customer base comprises institutional and retail investors seeking exposure to a diversified global portfolio of undervalued assets through a closed-end structure.

Name

UIL

Legal name

UIL Limited

Website

https://uil.limited

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Short description

UIL Limited is a Bermuda-domiciled closed-end investment company listed on the London Stock Exchange (LSE:UTL) that invests shareholder capital globally in undervalued long-term opportunities across gold, alternative lending, wealth management, emerging-markets infrastructure, and quantum technology.

Ownership category

akta.pro rank

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Investment Returns and Dividends: UIL generates returns through capital appreciation and dividend income from its portfolio of investments. The company is a closed-end investment trust that invests in undervalued companies globally, seeking to maximize shareholder returns by identifying investments where underlying value is not fully recognized.
2. Dividend Income: UIL pays quarterly dividends to shareholders. The dividend history shows consistent quarterly payments of 2.00p per ordinary share since 2019, having increased from 1.875p quarterly payments in prior years.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

UIL Limited is an exempted closed-end Bermuda-incorporated investment company that pools shareholders' funds and invests them globally in undervalued long-term opportunities across infrastructure, utilities, emerging markets, gold exploration, alternative lending, wealth management, and quantum technology. Investors gain exposure through ordinary shares listed on the London Stock Exchange (LSE:UTL) and through Zero Dividend Preference shares (2026 UTLH and 2028 UTLI) issued via UIL Finance Limited. The company is managed externally by ICM Investment Management Limited and pursues long-term total return through capital appreciation and quarterly dividends.

Product overview

UIL Limited is an exempted closed-end Bermuda incorporated investment company that operates as a single, unified investment vehicle rather than a platform-plus-modules architecture. The company offers its ordinary shares (UTL) listed on the London Stock Exchange and zero dividend preference shares (ZDP shares) issued through UIL Finance Limited, including the 2026 UTLH and 2028 UTLI tranches. The investment strategy focuses on identifying and investing in undervalued long-term investments worldwide, with a portfolio spanning infrastructure, utilities, emerging markets, gold exploration, wealth management, alternative lending, and quantum technology sectors through both listed and private holdings.

Differentiator

Problem solved

Functional benefit

Brands

• ICM: ICM Group - Investment management and advisory services for UIL Limited
• ICM Investment Management Limited
• ICM Capital Research

Products and services

• Ordinary Shares (LSE:UTL) Ordinary shares of UIL Limited listed on the London Stock Exchange under the ticker UTL, representing the primary equity investment instrument of the closed-end investment company focused on identifying undervalued long-term investments worldwide. As of June 2026 the share price was 200.00p.
• ZDP Shares 2026 (LSE:UTLH) Zero Dividend Preference shares with a 2026 maturity date issued by UIL Finance Limited, offering a fixed return through a 5.88% gross redemption yield, priced at 148.50p. These debt instruments provide structured returns ahead of ordinary shareholders ahead of the 2026 redemption.
• ZDP Shares 2028 (LSE:UTLI) Zero Dividend Preference shares with a 2028 maturity date issued by UIL Finance Limited, offering a gross redemption yield of 6.14%, priced at 132.40p. These debt instruments provide fixed returns at a higher yield than the 2026 ZDP shares.

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• ICM Investment Management LimitedcoreStrategic or Co-development PartnerICM Investment Management Limited is the investment manager for UIL Limited, providing investment management, research, and administrative services. ICM is based in Bermuda with offices in the UK, Australia, and Canada.
• NVIDIAcoreStrategic or Co-development PartnerDiraq (UIL's portfolio company via Allectus Quantum) collaborates with NVIDIA on hybrid quantum-HPC (High Performance Computing) for utility scale applications. This includes AI for scaling silicon-based quantum computers.
• DARPAcoreStrategic or Co-development PartnerDiraq leads an Australian-UK-US consortium for DARPA's Quantum Benchmarking Initiative. Diraq has advanced to the next phase of DARPA's Utility-Scale Quantum Computing Initiative.
• Fermilab (US Department of Energy)coreStrategic or Co-development PartnerDiraq's collaboration with Fermilab was awarded the Quandarum project by the US DOE Office of Science. The project focuses on quantum technology for dark matter research.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Caledonia Investments plc: UK-listed investment trust holding a diversified portfolio of global listed and private investments. Operates with permanent capital and a multi-decade horizon similar to UIL, with comparable exposure to private growth assets and quoted equities.
• Personal Assets Trust plc: UK investment trust focused on multi-asset, inflation-protected long-term returns via global equities, index-linked bonds, and gold. Comparable to UIL in its defensive permanent-capital structure, valuation discipline, and broad cross-sector mandate.
• Utilico Emerging Markets Trust plc: Sister company also managed by ICM Investment Management and chaired by the same executives. UEM is a UK closed-end investment trust focused on infrastructure, utilities, and related sectors in emerging markets — making it the most directly comparable peer given shared management, governance, and investment philosophy.
• RIT Capital Partners plc: Large UK-listed investment trust focused on long-term global capital growth via a diversified, actively managed portfolio. Like UIL, it employs a flexible value-oriented mandate with significant latitude across asset classes and geographies, and trades at a discount to NAV.
• Hansa Investment Company Ltd: UK-listed investment company focused on global equities with a value bias. Comparable to UIL in its small market cap, concentrated stock-picking mandate, and exposure to undervalued opportunities worldwide.

Broad incumbents

• Scottish Mortgage Investment Trust plc: Large UK investment trust focused on long-term global growth equities including significant private holdings. A larger and more growth-tilted incumbent operating in the same UK investment-trust category with comparable listed/private blend and emerging-tech exposure.
• JPMorgan Global Growth & Income plc: UK-listed global investment trust managed by JPMorgan with dividend focus and global equity mandate. Comparable broad-investor audience and dual focus on income and capital growth, though managed by a large incumbent asset manager.

Regional players

• Worldwide Healthcare Trust plc: UK-listed investment trust providing global healthcare exposure. A thematic UK investment trust comparable in structure to UIL but operating in a different sector vertical; useful as a peer for benchmarking UK closed-end fund vehicle economics.
• Templeton Emerging Markets Investment Trust plc: UK-listed emerging markets investment trust managed by Franklin Templeton. Comparable to UIL's emerging-markets exposure via Utilico Emerging Markets, though focused on listed EM equities rather than the infrastructure/utilities tilt of UEM/UIL.

Emerging players

• Herald Investment Trust plc: UK investment trust focused on technology and smaller-growth companies. Comparable to UIL's technology optionality (via Diraq) and small/mid-cap value exposure, but with a more concentrated tech tilt.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries6 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about UIL