TIDMMATE
RNS Number : 9800P
JPMorgan Multi-Asset Grwth & Income
12 October 2023
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN MULTI-ASSET GROWTH & INCOME PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHSED
31ST AUGUST 2023
Legal Entity Identifier:
549300C0UCY8X2QXW762
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
Introduction
The objective of the Company is to generate income and capital
growth through a multi-asset strategy, while seeking to maintain
lower levels of volatility than an equity portfolio. Our commitment
to this objective is underpinned by the Company's progressive
distribution policy (adopted on 1st March 2021) which aims to
increase the dividend in line with the UK's annual Consumer Price
Index from the initial distribution level of 4p per share per annum
set at launch in 2018.
Portfolio Performance
During the half year to 31st August 2023, the Company recorded a
positive total return of 1.6% on its opening net asset value, an
underperformance of 1.4% compared to the Company's Reference Index.
The Company recorded a negative share price total return to
shareholders of 2.6% as the discount to net asset value widened
over the period. Although the underperformance is disappointing it
should be noted that the Company's Reference Index is a total
return of 6.0% per annum measured over a rolling five year period.
Therefore, unlike a typical benchmark, it is not a relative index
and is unaffected by the market movements experienced during this
reporting period.
Despite numerous interest rate rises in the first half of 2023 a
significant slowdown in the global economy has yet to emerge.
Equity markets, particularly in the US, have responded positively
to the declines in inflation that have emerged in most leading
global economies.
For further details regarding the management of the Company's
portfolio please see the Investment Managers' Report.
Discount Management
The Board recognises that it is in the interests of shareholders
to maintain a share price as close as possible to the net asset
value per share. The Board utilises share buybacks to address
imbalances in supply of and demand for the Company's shares in the
market, when it believes it is in the interests of all shareholders
and subject to normal market conditions. During this six month
reporting period, the Board utilised their authority to buyback
shares in the Company to manage the discount and bought back
3,250,000 shares at an average discount of 5.5%. The discount
commenced the period under review at -0.4% but moved wider to close
on 31st August 2023 at -4.6%. The widening of the Company's
discount reflects the increasing discounts currently experienced
across the wider investment trust industry. The Company's share
price on 10th October 2023 (the last practical date before printing
this document), was 89.0p per share, with a discount to net asset
value of -3.9%
Revenue and Distributions
During the half year to 31st August 2023, the Company's net
return of revenue and capital after taxation was GBP946,000 (2022:
net loss after taxation: GBP5,442,000). In the period up to the
filing of this half year report, the Board has declared two interim
distributions of 1.2p per share in respect of the Company's year
ending 29th February 2024. As detailed in my previous Chairman's
Statement included in the Company's annual report and financial
statements, the Board's expectation is to pay a total distribution
of 4.8p per share for the year ending 29th February 2024. This
represents an increase of 9.1% on the 2023 distribution and an
increase of 20.0% since the distribution policy was adopted on 1st
March 2021. This fulfils the Board's aim to help protect
shareholders' distribution income from inflation. A further two
distributions are expected to be paid to shareholders in February
and May 2024 in respect of the year ending 29th February 2024.
Gearing
The Company may use gearing, in the form of borrowings and
derivatives, to seek to enhance returns over the long term. During
the period the Company had no bank loans/facilities or structured
debt, but did use derivatives to enhance portfolio returns and for
efficient portfolio management. The level of the Company's cash
position at 31st August 2023 was 7.3%, (28th February 2023: 4.8%),
reflecting an increase in the net cash position of the Company
during this reporting period. See page 29 of the Company's half
year report and financial statements for further details and
definition of Gearing.
Outlook
Central Banks in the world's leading economies have so far
managed to successfully increase interest rates without provoking a
widescale global recession. How long this balancing act can be
maintained is uncertain and there remain significant concerns about
the outlook for the global economy. These include the continuing
conflict in Ukraine which compounds the inflationary pressure on
global commodities, increasing US/China tensions and the challenges
of successful adoption of artificial intelligence.
The Board has confidence in the Investment Managers' ability to
navigate these difficult markets. The JPMorgan Multi-Asset Team
have substantial resources and experience to draw upon and the
Investment Managers have the freedom and expertise to allocate
across a wide range of asset classes. The investment trust
structure is conducive to a long-term investment outlook and the
Company's progressive dividend policy, which aims to match the long
term trajectory of CPI, should provide some reassurance to
shareholders in the current environment of high levels of
inflation.
Sarah MacAulay
Chairman 12th October 2023
INVESTMENT MANAGER'S REPORT
Introduction
In this report, we review the Company's investment performance
for the six-month period to 31st August 2023. This was a period
when markets became increasingly hopeful that visible signs of
moderating inflation could give central banks room to pause, or
even lower policy rates, while deferring the onset of recession as
labour markets still stood strong. We examine how the Company's
diversified portfolio has performed against this market backdrop,
how positioning has evolved through the period and our views
looking forward.
Setting the scene - our investment approach
We seek to achieve the best risk-adjusted returns by investing
in a globally diversified portfolio that includes company shares,
bonds and other assets. Our aim is to construct an actively
managed, balanced portfolio which is flexible with respect to asset
class and geography. This flexibility allows us to take advantage
of the best opportunities to deliver an attractive total return to
our shareholders. We look to generate this through a research-based
approach, positioning assets in line with our medium to long-term
view of markets and leveraging the expertise of active managers in
portfolio construction.
Market review: Increasing confidence in a soft landing supported
a broad rally in global equities driven by slowing inflation and
resilient economic data in the U.S.
2023 started on an optimistic note as markets rallied against a
backdrop of recession risk fading in Europe, the re-opening of
China's economy and market hopes of an imminent end to major
central bank's tightening cycle. However, banking turmoil in the
U.S. and Europe dominated headlines in March and unsettled markets,
triggered by the failure of Silicon Valley Bank (SVB); the second
largest bank failure in U.S. history reflecting inadequate
liquidity and insolvency issues. The first quarter of the year
finished somewhat calmer following several packages from the
Treasury, Federal Reserve (Fed) and Federal Deposit Insurance
Corporation (FDIC) and buyouts of banks such as SVB and Credit
Suisse. Global equity markets posted positive returns in March as
fears of a broader contagion ultimately lessened and the market
instead focused on the potential for a more dovish shift by the
Federal Reserve.
Global equity markets continued to advance in April as economic
data releases indicated that the financial sector stress appeared
relatively contained. However, risk assets lost momentum in May as
the U.S. debt ceiling negotiations caused concern, China's economic
recovery faltered, and Germany slipped into technical recession.
Global fixed income returns were negative in May as the market's
shift to a less dovish outlook for the fed funds rate weighed on
both credit and government bonds. Resilient economic data in the
U.S. in June pushed back the timeline for an anticipated downturn
while corporate governance reforms in Japan rekindled investors'
interest in its equities. Both the U.S. and Eurozone CPI eased,
leading markets to price in the higher probability of a soft
landing. In contrast, UK core inflation rose to the highest level
since March 1992 which prompted the Bank of England to further
raise its policy rate. The equity rally broadened in July on the
back of resilient U.S. GDP data and corporate profits, moderating
inflation in the U.S. and Europe, and emerging policy support in
China. However, volatility again returned to the markets in August,
as overall, an increase in long-term rates in the U.S., weak
macroeconomic data in China and deteriorating activity levels in
Europe weighed on global stock markets. In bond markets, the
increase in U.S. treasuries issuance along with Fitch's downgrade
of U.S. debt pushed the long-term yields higher and weighed on the
bond market returns.
How has the Company performed over the six-month period under
review?
The Company delivered a positive return on net assets of 1.6%
but lagged the company's Reference Index which returned 3.0% over
the period. The portfolio's developed equity exposure provided the
largest positive contribution to return. Our position in China A
Shares disappointed against a backdrop of weaker than anticipated
post-Covid recovery. We significantly increased the Company's
duration profile through 2023, which has proved a challenge in a
volatile environment for bond yields but should benefit the
portfolio in the environment of declining inflation that we see
ahead and when traditional correlations reassert themselves.
Portfolio review
In terms of positioning over the period, while equity levels
increased, they remained at levels below the long-term average,
reflecting a degree of caution given potential risks. For equities,
stock selection is undertaken by our in-house International Equity
Group and we tilt regional positioning to reflect our latest views.
We implement this via the use of index futures. This approach
enables us to maintain positions in high conviction stocks whilst
adjusting regional exposure to reflect our favoured markets. Over
the period, we added to the US, Europe and Japan and scaled back
exposure to the UK and emerging markets. The U.S. market has
displayed remarkable resilience this year powered by robust
consumer spending and a strong labour market. We added to Japanese
equities in June given improved prospects for corporate profits and
valuation expansion. We scaled back our exposure to emerging market
equities through the period, driven by our fading conviction in the
China re-opening theme, and fully redeemed our position in China A
Shares in August. We also remain underweight U.S. small caps as we
think those companies are likely to come under pressure in a higher
rate environment.
Within fixed income, we increased the duration of the portfolio,
selectively adding exposure at attractive levels though the period,
primarily in the US treasury market and more recently via German
government bonds. We increased our allocation to both corporate
credit and emerging market local currency debt in the summer. As
the probability of a deep recession started to recede in July, we
added to our high yield exposure and reduced our Japanese
government bond short position by half as pressure on the Bank of
Japan to adjust yield curve control measures lessened.
In our bespoke equity portfolio, performance was positive,
albeit it lagged broad equity markets as measured by the MSCI World
hedging to GBP index. At a sector level, the largest contributors
to performance were stock selection in media and an underweight
position in insurance. Detractors included stock selection in
technology - semi & hardware and banks. The largest sector
changes over the period were an increase in exposure to insurance
and utilities and a reduction in automobiles & auto part and
transportation. At the end of August, the portfolio was most
overweight the financial services, technology - semi & hardware
and media sectors, while it was most underweight the consumer
staples, industrial cyclical and automobiles & auto part
sectors. At-a regional level, the portfolio was overweight emerging
markets and underweight Japan and the United States.
We placed a redemption order for our Infrastructure Investment
Fund holding given the lower conviction levels in the strategy in
the current market environment.
Outlook
Market sentiment remains cautious as recession risks continue to
be modestly elevated. Our base case sees further moderation of
inflation and economic growth, but also acknowledges the underlying
resilience of the U.S. economy. This leads us to favour investments
in bond markets with an attractive yield and relative value trades
within markets rather than bold directional calls, although we
believe that rates will move lower once it becomes clear that
central banks will no longer need to continue increasing interest
rates. Therefore, current yields support holding moderate levels of
interest sensitivity in our fixed income allocation and we see
diversification potential in the UK and Europe, where growth is
slower, and in Australia where interest rates are lower. In equity
markets, we have a bias towards the better earnings and cash flow
outlook in the U.S. and Japan compared with Europe and the emerging
markets.
Katy Thorneycroft
Gareth Witcomb
Investment Managers 12th October 2023
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its
Half Year Report:
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall
into five broad categories: investment and strategy; accounting,
legal and regulatory; corporate governance and shareholder
relations; operational; and financial, including the risk of
geopolitical events, climate change, global pandemics and
artificial intelligence (AI). Information on each of these areas is
given in the Company's Strategic Report within the Annual Report
and Financial Statements for the period ended 28th February
2023.
Related Parties Transactions
During the first six months of the current financial year, no
transactions with related parties have taken place which have
materially affected the financial position or the performance of
the Company during the period.
Going Concern
The Directors believe, having considered the Company's
investment objectives, risk management policies, capital management
policies and procedures, nature of the portfolio and expenditure
projections, and the economic and operational impact of Russia's
invasion of Ukraine and Covid-19 that the Company has adequate
resources, an appropriate financial structure and suitable
management arrangements in place to continue in operational
existence for the foreseeable future and, more specifically, that
there are no material uncertainties relating to the Company that
would prevent its ability to continue in operational existence for
at least 12 months from the date of the approval of this interim
financial report. For these reasons, they consider there is
reasonable evidence to continue to adopt the going concern basis in
preparing the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its
knowledge:
(i) the condensed set of financial statements contained within
the half yearly financial report has been prepared in accordance
with FRS104 'Interim Financial Reporting' and gives a true and fair
view of the assets, liabilities, financial position and net return
of the Company as required by the UK Listing Authority Disclosure
and Transparency Rules ('DTR') 4.2.4R; and
(ii) the interim management report includes a fair review of the
information required by DTR 4.2.7R and 4.2.8R.
In order to provide these confirmations, and in preparing these
financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Sarah MacAulay
Chairman 12th October 2023
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31st August 2023
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st August 2023 31st August 2022 28th February
2023
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ -------- -------- -------- -------- --------- --------- -------- --------- ---------
(Losses)/gains on
investments
held at fair value
through
profit or loss - (1,513) (1,513) - 573 573 - (412) (412)
Net foreign currency
gains/(losses) - 1,784 1,784 - (6,981) (6,981) - (5,757) (5,757)
Income from investments 932 - 932 1,502 - 1,502 2,459 - 2,459
Interest receivable and
similar income 44 - 44 77 - 77 143 - 143
------------------------ -------- -------- -------- -------- --------- --------- -------- --------- ---------
Gross return/(loss) 976 271 1,247 1,579 (6,408) (4,829) 2,602 (6,169) (3,567)
Management fee (note
3) (40) (74) (114) (83) (154) (237) (159) (294) (453)
Other administrative
expenses (187) - (187) (178) - (178) (404) - (404)
------------------------ -------- -------- -------- -------- --------- --------- -------- --------- ---------
Net return/(loss)
before
finance costs and
taxation 749 197 946 1,318 (6,562) (5,244) 2,039 (6,463) (4,424)
Finance costs (2) (3) (5) (2) (5) (7) (4) (8) (12)
------------------------ -------- -------- -------- -------- --------- --------- -------- --------- ---------
Net return/(loss)
before
taxation 747 194 941 1,316 (6,567) (5,251) 2,035 (6,471) (4,436)
Taxation
credit/(charge) 5 - 5 (212) 21 (191) (249) 45 (204)
------------------------ -------- -------- -------- -------- --------- --------- -------- --------- ---------
Net return/(loss) after
taxation 752 194 946 1,104 (6,546) (5,442) 1,786 (6,426) (4,640)
------------------------ -------- -------- -------- -------- --------- --------- -------- --------- ---------
Return/(loss) per share
(note 4) 0.99p 0.26p 1.25p 1.39p (8.26)p (6.87)p 2.27p (8.17)p (5.90)p
------------------------ -------- -------- -------- -------- --------- --------- -------- --------- ---------
All revenue and capital items in the above statement derive from
continuing operations.
The 'Total' column of this statement is the profit and loss
account of the Company and the 'Revenue' and 'Capital' columns
represent supplementary information prepared under guidance issued
by the Association of Investment Companies.
The net return/(loss) after taxation represents the
profit/(loss) for the period and also the total comprehensive
income.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Called
up
share Share Special Capital Revenue
capital premium reserve(1) reserves(1) reserve(1) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------ -------- -------- ----------- ------------ ----------- --------
Six months ended 31st August
2023 (Unaudited)
At 28th February 2023 931 5 74,183 (356) - 74,763
Issue of shares from Treasury - 5 - (5) - -
Repurchase of shares into Treasury - - (2,986) - - (2,986)
Net return - - - 194 752 946
Distributions paid in the period
(note 5) - - - (998) (752) (1,750)
------------------------------------ -------- -------- ----------- ------------ ----------- --------
At 31st August 2023 931 10 71,197 (1,165) - 70,973
------------------------------------ -------- -------- ----------- ------------ ----------- --------
Six months ended 31st August
2022 (Unaudited)
At 28th February 2022 931 - 78,776 5,971 - 85,678
Issue of shares from Treasury - 5 - 99 - 104
Repurchase of shares into Treasury - - (1,946) - - (1,946)
Net (loss)/return - - - (6,546) 1,104 (5,442)
Distributions paid in the period
(note 5) - - - (583) (1,104) (1,687)
------------------------------------ -------- -------- ----------- ------------ ----------- --------
At 31st August 2022 931 5 76,830 (1,059) - 76,707
------------------------------------ -------- -------- ----------- ------------ ----------- --------
Year ended 28th February 2023
(Audited)
At 28th February 2022 931 - 78,776 5,971 - 85,678
Issue of shares from Treasury - 5 - 99 - 104
Repurchase of shares into Treasury - - (2,975) - - (2,975)
Net (loss)/return - - - (6,426) 1,786 (4,640)
Distributions paid in the year
(note 5) - - (1,618) - (1,786) (3,404)
------------------------------------ -------- -------- ----------- ------------ ----------- --------
At 28th February 2023 931 5 74,183 (356) - 74,763
------------------------------------ -------- -------- ----------- ------------ ----------- --------
(1) These reserves form the distributable reserve of the Company
and may be used to fund distributions to investors.
CONDENSED STATEMENT OF FINANCIAL POSITION
At 31st August 2023
(Unaudited) (Unaudited) (Audited)
31st August 31st August 28th February
2023 2022 2023
GBP'000 GBP'000 GBP'000
---------------------------------------- ------------ ------------ --------------
Fixed assets
Investments held at fair value through
profit or loss 65,764 70,382 71,148
---------------------------------------- ------------ ------------ --------------
Current assets
Derivative financial assets 298 614 804
Debtors 568 329 1,764
Cash and short term deposits 5,064 10,349 4,690
---------------------------------------- ------------ ------------ --------------
5,930 11,292 7,258
Current liabilities
Creditors: amounts falling due within
one year (310) (3,366) (1,893)
Derivative financial liabilities (411) (1,601) (1,750)
---------------------------------------- ------------ ------------ --------------
Net current assets 5,209 6,325 3,615
---------------------------------------- ------------ ------------ --------------
Total assets less current liabilities 70,973 76,707 74,763
---------------------------------------- ------------ ------------ --------------
Net assets 70,973 76,707 74,763
---------------------------------------- ------------ ------------ --------------
Capital and reserves
Called up share capital 931 931 931
Share premium 10 5 5
Special reserve 71,197 76,830 74,183
Capital reserves (1,165) (1,059) (356)
---------------------------------------- ------------ ------------ --------------
Total shareholders' funds 70,973 76,707 74,763
---------------------------------------- ------------ ------------ --------------
Net asset value per share 95.9p 97.8p 96.7p
---------------------------------------- ------------ ------------ --------------
CONDENSED STATEMENT OF CASH FLOWS
For the six months ended 31st August 2023
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st August 31st August 28th February
2023 2022(1) 2023
GBP'000 GBP'000 GBP'000
-------------------------------------------- ------------ ------------ --------------
Cash flows from operating activities
Net return/(loss) before finance costs
and taxation 946 (5,244) (4,424)
Adjustment for:
Net losses/(gains) on investments held
at fair value
through profit or loss 1,513 (573) 412
Net foreign currency (gains)/losses (1,784) 6,981 5,757
Dividend income (788) (1,230) (1,819)
Interest income (188) (321) (783)
Overseas withholding tax on unfranked - (159) -
investment income
Effective interest rate amortisation
on income (20) (20) (53)
Realised gain/(losses) on foreign exchange
transactions 539 (163) (170)
(Decrease)/increase in accrued income
and other debtors (93) 148 13
(Decrease)/increase in accrued expenses (27) (24) 21
-------------------------------------------- ------------ ------------ --------------
98 (605) (1,046)
Dividends received 631 1,230 1,716
Interest received 210 321 745
Overseas tax recovered 129 11 40
-------------------------------------------- ------------ ------------ --------------
Net cash inflow from operating activities 1,068 957 1,455
Purchases of investments (27,671) (54,740) (86,840)
Sales of investments 33,685 73,176 101,828
Settlement of forward foreign currency
contracts 785 (6,202) (2,762)
Settlement of future contracts (2,608) (1,845) (5,421)
-------------------------------------------- ------------ ------------ --------------
Net cash inflow from investing activities 4,191 10,389 6,805
Distributions paid (1,750) (1,687) (3,404)
Issue of shares from Treasury - 104 104
Repurchase of shares into Treasury (3,129) (1,945) (2,832)
Interest paid (5) (7) (12)
-------------------------------------------- ------------ ------------ --------------
Net cash outflow from financing activities (4,884) (3,535) (6,144)
Increase in cash and cash equivalents 375 7,811 2,116
Cash and cash equivalents at start
of period/year 4,690 2,515 2,515
Exchange movements (1) 23 59
-------------------------------------------- ------------ ------------ --------------
Cash and cash equivalents at end of
period/year 5,064 10,349 4,690
Cash and cash equivalents consist
of:
Cash and short term deposits 1,748 3,602 3,368
Cash held in JPMorgan Sterling Liquidity
Fund 3,316 6,747 1,322
-------------------------------------------- ------------ ------------ --------------
Total 5,064 10,349 4,690
-------------------------------------------- ------------ ------------ --------------
(1) The presentation of the Cash Flow Statement, as permitted
under FRS 102, has been changed so as to present the reconciliation
of 'net return/(loss) before finance costs and taxation' to 'net
cash inflow from operating activities' on the face of the Cash Flow
Statement. Previously, this was shown by way of note. Other than
consequential changes in presentation of the certain cash flow
items, there is no change to the cash flows as presented in
previous periods.
Analysis of change in net debt
As at Exchange As at
28th February Cash flows movements 31st August
2023 2023
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- -------------- ----------- ---------- ------------
Cash and cash equivalents
Cash 3,368 (1,619) (1) 1,748
Cash equivalents 1,322 1,994 - 3,316
--------------------------- -------------- ----------- ---------- ------------
Total 4,690 375 (1) 5,064
--------------------------- -------------- ----------- ---------- ------------
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 31st August 2023
1. Financial statements
The information contained within the Condensed financial
statements for this half year report has not been audited or
reviewed by the Company's auditors.
The figures and financial information for the year ended 28th
February 2023 are extracted from the latest published financial
statements of the Company and do not constitute statutory accounts
for that year. Those financial statements have been delivered to
the Registrar of Companies and including the report of the auditors
which was unqualified and did not contain a statement under either
section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The financial statements have been prepared in accordance with
the Companies Act 2006, FRS 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland' of the United Kingdom
Generally Accepted Accounting Practice ('UK GAAP') and with the
Statement of Recommended Practice 'Financial Statements of
Investment Trust Companies and Venture Capital Trusts' (the 'SORP')
issued by the Association of Investment Companies in July 2022.
FRS 104, 'Interim Financial Reporting', issued by the Financial
Reporting Council ('FRC') in March 2015 has been applied in
preparing this condensed set of financial statements for the six
months ended 31st August 2023.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of
financial statements are consistent with those applied in the
financial statements for the year ended 28th February 2023.
3. Management fee
Due to an administrative error in the calculation of the
management fees, the Company over paid the management fee to the
Manager for the period 2nd July 2018 to 30th June 2023 by
GBP97,000. This amount has been adjusted against the management fee
of GBP114,000 shown in the Condensed Statement of Comprehensive
Income for the period ended 31st August 2023, and no restatement
has been made to prior periods in this respect. The overpayment was
in respect of the excess management fee paid to the Manager for the
investment in the IIF UK LP 1 fund, which should have been deducted
from the management fee payable by the Company during that
period.
4. Return/(loss) per share
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st August 31st August 28th February
2023 2022 2023
GBP'000 GBP'000 GBP'000
----------------------------- ------------ ------------ --------------
Return/(loss) per share
is based on the following:
Revenue return 752 1,104 1,786
Capital return/(loss) 194 (6,546) (6,426)
----------------------------- ------------ ------------ --------------
Total return/(loss) 946 (5,442) (4,640)
----------------------------- ------------ ------------ --------------
Weighted average number
of shares in issue 75,683,218 79,262,566 78,605,531
Revenue return per share 0.99p 1.39p 2.27p
Capital return/(loss) per
share 0.26p (8.26)p (8.17)p
----------------------------- ------------ ------------ --------------
Total return/(loss) per
share 1.25p (6.87)p (5.90)p
----------------------------- ------------ ------------ --------------
5. Distributions paid
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st August 31st August 28th February
2023 2022 2023
GBP'000 GBP'000 GBP'000
---------------------------------- ------------ ------------ --------------
2024 first interim distribution
paid of 1.20p (2023: 1.10p) 904 871 816
2023 second interim distribution
paid of 1.10p n/a n/a 871
2023 third interim distribution
paid of 1.10p n/a n/a 859
2023 fourth interim distribution
of 1.10p (2022: 1.025p) 846 816 858
---------------------------------- ------------ ------------ --------------
Total distribution paid
in the period 1,750 1,687 3,404
---------------------------------- ------------ ------------ --------------
All distributions paid and declared in the period/year are and
will be funded from the revenue, capital and special reserves.
A second interim dividend of 1.20p per share, amounting to
GBP904,000 has been declared payable on 3rd November 2023 in
respect of the year ending 29th February 2024.
JPMORGAN FUNDS LIMITED
12th October 2023
For further information, please contact:
Paul Winship
For and on behalf of
JPMorgan Funds Limited
0800 20 40 20
A copy of the half year report will shortly be submitted to the
FCA's National Storage Mechanism and will be available for
inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The half year report will also shortly be available on the
Company's website at www. www.jpmmultiassetgrowthandincome.co.uk
where up to date information on the Company, including daily NAV
and share prices, factsheets and portfolio information can also be
found.
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
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IR MZMMGKZZGFZM
(END) Dow Jones Newswires
October 12, 2023 11:14 ET (15:14 GMT)
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