TIDMJARA TIDMJARU TIDMJARE
RNS Number : 9665D
JPMorgan Global Core Real Assets Ld
27 June 2023
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CORE REAL ASSETS LIMITED
QUARTERLY NET ASSET VALUE AND PORTFOLIO UPDATE
Legal Entity Identifier: 549300D8JHZTH6GI8F97
JPMorgan Global Core Real Assets Limited ("JARA" or the
"Company") announces an unaudited Net Asset Value ("NAV") as at
31st May 2023 of 98.39 pence per share. During the quarter,the
Company paid a dividend of 1.05 pence per share on 31st May 2023,
bringing the NAV total return for the quarter to -2.7% and to +0.5%
for the year, while the total share price return for the year to
31st May 2023 was -5.8%.
An analysis of the components to this NAV and the relevant dates
for their valuation is provided below:
Strategies
Name Date of price for % of JARA's NAV
Strategy as at 31 May 2023
US Real Estate Equity 31 March 2023 20.8 %
------------------- -------------------
Asia-Pacific Real Estate
Equity 31 March 2023 18.0%
------------------- -------------------
US Real Estate Debt 31 March 2023 7.2%
------------------- -------------------
Transportation 31 December 2022 19.0%
------------------- -------------------
Infrastructure 31 March 2023 17.5%
------------------- -------------------
Liquid Strategy 31 May 2023 17.4%
------------------- -------------------
Across both public and private allocations, and measured in
local currency, JARA's real estate exposure contributed -0.86%,
whilst infrastructure and transportation contributed +0.48%. This
again shows stable, resilient returns during a period which was
volatile for many private assets. The US dollar delivered a drag to
performance over the Company's quarter to 31st May 2023 due to its
2.4% decline versus sterling*.
* The GBP/USD exchange rate was 1.23940 as at 31st May 2023,
versus 1.21065 on 28(th) February 2023.
Dividends
The most recent quarterly dividend of 1.05 pence per share was
paid to shareholders on 31st May 2023. The Board continues to
expect the yield to be within the target range of 4 - 6% on issue
price, as set out in the Company's IPO prospectus. The current
year's expected total dividends for the financial year ending
29(th) February 2024 of 4.20 pence per share represents a yield of
4.8% on the current market price* and 4.2% on issue price.
* Based on JARA's closing share price as at 31st May 2023.
Issued Share Capital
As at 31st May 2023, there were 219,407,952 shares in issue.
Portfolio Construction
As at 31st May 2023, the Company's portfolio was valued at
GBP213.3 million and is fully invested.
Sector exposure Percentage of NAV
Total Exposure Private Asset Public Asset
Exposure Exposure
Real Estate Equity 46% 39% 7%
Real Estate Debt 10% 7% 3%
Infrastructure 22% 17% 4%
Transportation 22% 19% 3%
-------------------- --------------- -------------- -------------
Total 100% 82% 18%
As at 31st May 2023. Numbers may not sum due to rounding.
Geographical exposure percentage of NAV
30.11.22 28.02.23 31.05.23
North America 55% 54% 54%
Asia Pacific 27% 28% 28%
Europe 15% 16% 15%
UK 3% 2% 2%
Other 0% 0% 0%
Total 100% 100% 100%
As at 31st May 2023. Numbers may not sum due to rounding.
Private Asset Portfolio Metrics
Please see below for the metrics of JARA's private investments.
As at 31st May 2023, private asset exposure represented 82% of
JARA's NAV, stable compared to the previous quarter.
Investments
-- 340 private investments and, at a more granular individual
asset level, look through exposure to 1,377 individual assets (28th
February 2023: 1,230)
30.11.22 28.02.23 31.05.23
Investments 336 335 340
Assets 1,203 1,230 1,377
Private Portfolio Operating Metrics
Discount Rates
The blended average discount rate is 7.6%. The asset level
discount rate will vary by strategy as detailed below. The average
discount rate has dropped very slightly from 7.9% for the previous
quarter following a period of increases. This was primarily driven
by a drop in the real estate debt allocation.
30.11.22 28.02.23 31.05.23
Portfolio discount
rate 7.4% 7.9% 7.6%
---------------------------- --------- --------- ---------
Property 6.1% 7.5% 6.4%
Infrastructure & Transport 9.0% 9.2% 9.0%
Lease Duration
-- 4.8 years average lease duration in real estate and
transportation, with 10% expected to expire in 2023.
30.11.22 28.02.23 31.05.23
Weighted Lease
Duration (years) 5.2 4.8 4.8
Occupancy
-- 96% occupancy of leased assets in real estate and
transportation, with Q1 2023 collections being in line with
expectations. At an overall portfolio level, occupancy and income
receipts are in line with what the Manager expects.
30.11.22 28.02.23 31.05.23
Occupancy 97% 96% 96%
Loan To Value (LTV)
-- 37% portfolio weighted average loan to value across private
assets. Asset level LTVs will vary by strategy, with the real
estate average LTV of 25% and Infrastructure and Transport blended
LTV of 48%. The underlying strategies continue to take a
conservative view on overall leverage use.
30.11.22 28.02.23 31.05.23
LTV 37% 37% 37%
Debt
-- 4.1% blended average cost of debt across the strategies, with
76.4% being fixed and 23.6% floating and a weighted average
maturity of 5.8 years.
30.11.22 28.02.23 31.05.23
Debt Cost 3.4% 3.7% 4.1%
Fixed 75.5% 77.4% 76.4%
Floating 24.5% 22.6% 23.6%
Average Maturity
(years) 5.0 5.2 5.8
Development Profile
-- Each underlying strategy has the capacity to engage in a
small degree of development, with the private asset portfolio
having less than 3% exposure to development assets. This small
allocation allows the Manager, where appropriate, to capitalise on
areas where construction is a more effective way to gain access to
assets or sectors less accessible in the secondary market. The
development pipeline has moderated more recently, especially in
real estate.
We would expect construction exposure across JARA's portfolio to
remain relatively low on an aggregate basis.
30.11.22 28.02.23 31.05.23
Development Risk <3% <3% <3%
Exposure
Currency
The main currency exposures of the portfolio (including
liquidity funds) are as follows:
Currency 30.11.22 28.02.23 31.05.23
USD 66% 65% 65%
EUR 8% 11% 10%
JPY 6% 7% 7%
AUD 6% 5% 5%
RMB 3% 3% 3%
SGD 3% 3% 3%
NZD 2% 2% 2%
GBP 3% 2% 2%
CAD 1% 1% 1%
Numbers may not sum to 100% due to rounding.
27 June 2023
Emma Lamb
JPMorgan Funds Limited - Company Secretary
Telephone 0207 742 4000
Notes
The Company aims to provide holders of the Ordinary Shares with
a stable income and capital appreciation, measured on a constant
currency basis, through exposure to a globally diversified
portfolio of Core Real Assets in accordance with the Company's
investment policy. The Company obtains exposure to Core Real Assets
through various real asset strategies, namely: Global
Infrastructure, Global Real Estate, Global Transport and Global
Liquid Real Assets. J.P. Morgan's Alternative Solutions Group has
the primary responsibility for managing the Company's
portfolio.
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June 27, 2023 02:00 ET (06:00 GMT)
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