TIDMJRS
RNS Number : 3572A
JPMorgan Russian Securities PLC
20 January 2020
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN RUSSIAN SECURITIES PLC
ANNOUNCEMENT OF FINAL RESULTS
The Directors of JPMorgan Russian Securities plc announce the
Company's results
for the year ended 31st October 2019
HIGHLIGHTS
- Total return to shareholders +45.4%
- Return on net assets +31.7% (Benchmark +32.5%)
- Ordinary dividend 35.0p (2018: 26.0p)
Legal Entity Identifier:
549300II3MHI98ZLVH37
Information disclosed in accordance with DTR 4.1.
CHAIRMAN'S STATEMENT
Performance and Overview
I am pleased to report that in the year to 31st October 2019 the
Company's total return to shareholders comfortably outperformed the
benchmark, with a rise of 45.4%. The outperformance was
attributable to the significant narrowing of the discount at which
the Company's shares trade relative to its net asset value. As at
31st October 2019 the Company's discount was 11.1%. Over the
reporting period, the discount averaged 14.9%, and ranged from 8.9%
to 19.0%. The narrowing discount is welcome and has been assisted
by the Board's share buy back programme. From the Company's
financial year end to 15th January 2020, the benchmark index rose
12.9% and the Company's return to shareholders rose 14.1%, and the
discount stood at 10.0%.
The Company's total return on a net assets basis was 31.7%,
slightly underperforming its benchmark, the RTS Index in sterling
terms, by 0.8%. To put into context the positive performance of the
Company, it is worth noting that the Company's net asset value
performance has ranked number one, ahead of all its peers not just
in the year under review, but also in the three and five year
periods. The Company's peer group includes eleven other funds,
including ETFs and open ended funds.
The Russian economy grew although at a slower rate than the
previous year and oil prices, which are a key factor in the
performance of the Russian economy, were lower than the previous
year. Consumer demand remained subdued and stocks reliant on the
domestic market performed less well than exporters. The investment
manager continued to focus on holding stocks that have strong
balance sheets, good governance and are likely to maintain a high
pay out ratio. Thus the focus in the portfolio on energy and
materials.
The economic sanctions that the US and European Union applied to
Russia in 2014 continue to weigh on the Russian market although
there are signs that the Russian economy has adjusted to the
situation. JPMorgan Asset Management's compliance & investment
functions monitors all investments and the Company is assured by
JPMorgan Asset Management that processes are in place to ensure
that the Company remains compliant with the current sanctions
regime. In addition, the political and economic developments and
risks in the region are closely monitored. The Board carries out
regular reviews of the Company's risk profile during the year and
you will see details of what we judge to be the key risks set out
on page 20 of the Company's Annual Report and Financial Statements.
The Company's Manager maintains a diversified portfolio which
adheres to the Company's investment and risk control
guidelines.
Objective and Strategy of the Company
Each year the Board reviews the strategy of the company in the
context of the external environment in which it operates. There has
been no change in the Strategy of the company which remains to
deliver the maximum total return from a diversified portfolio of
investments predominantly in Russia. This year we paid particular
attention to how the Manager takes into account Environmental,
Social and Governance issues (ESG) when making investments. More
details of this are given below. Whilst the Manager is seeking to
maximise total return and is not specifically seeking income
producing stocks, in recent years the level of pay out from Russian
stocks has risen considerable so materially contributing to the
total return on the portfolio. This year the yield on the Company's
shares, based on the closing share price for the year was 5.0% and
the outlook for dividends remains positive as the Russian state, a
major shareholder in many of the stocks we hold, looks for higher
levels of dividend payments. More information is given on this in
the Manager's Report.
The Board reviewed the work undertaken by JPMorgan on
environmental, social and governance matters (ESG) in relation to
the portfolio your Company is invested in. An increasingly broad
spectrum of investors now rightly focus on ESG issues when
considering their investments. The Company is aware of this trend.
For many years the Company's Investment Managers have taken them
into account in their investment process, particularly governance
factors to ensure that shareholder and manager's interests are as
closely aligned as possible. The Investment Managers regularly
engage on ESG issues in meetings with company management. We
believe that companies that address ESG issues and adopt
sustainable business practices are better placed to generate
sustainably strong performance and create enduring value for
shareholders. Further details regarding the Company's approach to
ESG can found on pages 10 and 22 of the Company's Annual Report and
Financial Statements. The Manager also exercises the Company's
proxy votes in a prudent and diligent manner in the interests of
our shareholders. Further details of the Company's approach to
Proxy Voting and Stewardship/Engagement can be found on page 30 of
the Company's Annual Report and Financial Statements.
The Board has again reviewed the marketing strategy of the
company as we have a long standing wish to increase the demand for
the shares which should narrow the discount at which the company
trades to NAV, and to diversify the shareholder base. Whilst
investing in Russia is not for everyone we feel that the growth
prospects that Russia offers, combined with the substantial level
of dividends from leading companies should make it attractive to
more potential shareholders. We continue to press JPMorgan to
market the trust more vigorously.
Dividends
Revenue for the year, after taxation, was GBP19,139,000 (2018:
GBP15,077,000) and the revenue return per share, calculated on the
average number of shares in issue, was 40.04p (2018: 29.58p). Based
upon the revenue generated by the portfolio, an interim dividend of
25.0p per share in respect of the year ended 31st October 2019 was
paid on 25th October 2019. The Company receives the most of its
dividend income well before the end of its financial year ending
31st October, and hence it considers it appropriate to distribute
the large majority of its net income as an interim dividend. The
Board now proposes a final dividend of 10.0p per share in respect
of the year ended 31st October 2019, making a total of 35.0p per
share for the year (2018: 26.0p per share). The final dividend is
proposed to be paid on 13th March 2020 to ordinary shareholders on
the register at the close of business on 7th February 2020. If
approved by shareholders, the final dividend will amount to
GBP4,615,000, 10.0p per share (2018: GBP2,905,000, 6.0p per share).
The Board reviews income expectations throughout the year. Should
income receipts permit, the Company will continue to make payment
of an interim dividend, as well as a final dividend in 2020.
Discount Control
The Board continues to use the share repurchase authority to
assist in managing any imbalance between supply and demand for the
Company's shares, thereby reducing the volatility of the discount.
Following discussion with the Company's major shareholders in 2017
the Board agreed that, subject to market conditions, it would
increase its buy back activity with a view to buying back at least
6.0% of its issued share capital per annum. During the course of
the recent 12 month period 2,945,604 shares were bought back,
approximately 6.3% of the Company's issued share capital at 31st
October 2018. As identified in the Performance Attribution table on
page 11 of the Company's Annual Report and Financial Statements,
this added 1.0% to the Company's NAV return. The average discount
at which these shares were bought back was 14.7% and these buybacks
represented approximately 16.1% of traded market volume during the
period in which they were undertaken. The policy was initiated in
January 2018 and it is pleasing that this year the buy back policy
has had its desired effect of narrowing the discount for much of
the year. The Board will seek authority to renew the Company's
share issuance and buyback powers at the forthcoming Annual General
Meeting ('AGM').
Board of Directors
As mentioned in my Chairman's Statement for the Company's Half
Year to 30th April 2019, in accordance with the Company's
Succession Plan we engaged an independent search consultancy to
recommence the search for a non-executive director to replace
George Nianias. On the 1st November 2019 the Company announced that
both George Nianias and Alexander Easton were retiring as
non-executive directors on 31st October 2019. George had joined the
Company as a director in 2008 and Alex in 2010. The Board would
like to thank then both for their very considerable contributions
to the Company over the years, and in particular for providing
invaluable insight into the Russian business environment and
markets. After consideration of a strong selection of candidates,
the Board was very pleased to announce on 1st November 2019, that
Nick Pink and Ashley Dunster were appointed as a non-executive
directors on the same day. Nick Pink has extensive senior
management experience in financial services with previous roles at
UBS Investment Bank including Global Head of Research, Head of
European Research, Head of Asia Research and Head of European
Equities. Ashley Dunster has extensive investment management
experience of funds investing in Russian companies and was Chief
Investment Officer of Capital Group's Private Equity business until
the end of 2018 when he retired after 21 years service. In
compliance with corporate
governance best practice, all Directors will be standing for
re-appointment at the forthcoming AGM. Following the Company's
annual evaluation of the existing Directors, the Chairman, the
Board and its Committees, the Board recommends to shareholders that
all directors standing, including the two recently appointed, be
reappointed.
The Company's Directors fees were last increased with effect
from 1st November 2018. The Board has agreed that the current fees
should remain unchanged.
Investment Manager
Oleg Biryulyov and Habib Saikaly continue to be the Company's
Investment Managers. They are supported by JPMorgan Asset
Management's Emerging Markets and Asia Pacific equities team
(EMAP), which consists of approximately 100 investment
professionals. Oleg and Habib attend each Board meeting and the
Strategy day to enable an appropriate level of challenge and debate
to occur. In addition, the Board reviews the performance of all the
other services provided by the Investment Manager each year and I
am pleased to say that the service the Trust receives from JPMorgan
is generally excellent.
Annual General Meeting
The Company's AGM will be held on Monday, 2nd March 2020 at 2.30
p.m., at 60 Victoria Embankment, London EC4Y 0JP. In addition to
the formal part of the meeting, there will be a presentation from
Oleg Biryulyov, who will be available to answer questions on the
portfolio and performance. There will also be an opportunity to
meet the Board, the Investment Manager and representatives of JPMF
and JPMAM. I look forward to seeing as many of you as possible at
this meeting. Shareholders are asked to submit in writing any
detailed or technical questions that they wish to raise at the AGM
in advance to the Company Secretary at 60 Victoria Embankment,
London EC4Y 0JP. Alternatively you can lodge questions on the
Company's website at www.jpmrussian.co.uk.
Outlook
This year the Russian equity market performed well ahead of
expectations with its return of 49% beating global markets
including its emerging market competitors. Whilst companies have
been performing well, and the level of dividends paid out has risen
substantially, this is still a striking performance which we would
not expect to see repeated at this elevated level. Nevertheless,
the fundamentals of the market remain strong as even after this
price rise, the market trades on a PE much lower than developed
markets. Given the continuing low level of interest rates in most
major economies, the level of dividend payouts by Russian companies
should continue to attract investors. We are optimistic that the
market, and our portfolio in particular, should be resilient. That
said, there are still many uncertainties in the global economic and
political environment that could cause upsets, not least the trend
to protectionism that will not be good for international trade and
hence economic development. All markets are to a degree
unpredictable and the Russian one is more so than most given the
political positioning of Russia in the world and its domestic
politics, as illustrated by the recent resignation of the Russian
Government following the President's proposed constitutional
reforms. At the time of writing this change is not expected to have
any significant impact on the Russian market. However the country
has high quality companies and if sentiment towards the country
improves this should be reflected in the long term performance of
the market.
Gill Nott
Chairman
20th January 2020
investment managers' report
Economic backdrop: uncertainty prevails but sanctions fears
recede
The health of the broader global economy dominated minds over
the year to 31st October 2019, with a marked economic slowdown and
ongoing political and geopolitical upheaval creating an uncertain
environment for investors. The year was characterised by a
cavalcade of global issues rather than local ones. In Russia, the
economy still grew but at a slower pace. The ongoing trade wrangles
between China and the United States dominated news flow, although
the shift in US monetary policy, the strength of the US dollar and
the trajectory of oil price movements were also significant
influencers. Although the thorny topic of Russian sanctions did not
disappear and remains fluid, optimism increased that the worst of
this particular storm may have been weathered: there were no fresh
sanctions from the United States this year so the spotlight of
attention shifted to the Chinese-US wrangles, allowing Russian
investment markets to progress relatively unhindered.
Economic growth was fragile across most of the world. The
Russian economy still grew - albeit at a more moderate rate than
last year, with negative sanctions noise and concerns over
corporate governance both still casting a shadow. However, there
are tentative signs of recovery, with more recent stability in oil
and currency prices positive indicators. Rising dividend payments
from several of Russia's largest companies, as part of a broader
transformation of distribution policy, have been significant
drivers and dividend yields in aggregate are significantly higher
than for other emerging markets. Energy giant Gazprom soared this
year, as we will discuss later, and its enhanced dividend policy
announcement was the key.
Oil prices, so pivotal to the fortunes of the Russian economy,
trended lower: the average price of Brent crude oil over the review
period was US$56 compared with US$65 for the Company's previous
financial year.
Whilst it is true that domestic consumption is likely to be
constrained by relatively low incomes in the short-term and that
the rouble could remain weaker than it should be (in the aftermath
of sanctions) these factors do not deter stock pickers like
ourselves. We can counter any negative and uncertain conditions by
sticking to quality and income-generating businesses and by
prioritising exporters that can source growth opportunities from
elsewhere in the world over domestic names where we are
underweight.
Although global trade fears cast their shadow over the whole of
the Company's review period, sentiment did improve somewhat after
the US Federal Reserve led other central bank policy makers in
changing direction and cutting interest rates. Russia's central
bank followed suit, cutting rates four times so far in 2019, in an
attempt to offset other risks, kick-start the economy and reduce
household bills. Despite this, consumers and businesses remained
risk-averse and wary on the uncertain economic outlook.
Market review: Russian markets make considerable progress
Against this uncertain macro backdrop, and a deteriorating
global economic outlook, Russian stock market valuations defied
expectations, outperforming their emerging market peers by a
considerable margin. Returns were amongst the biggest anywhere in
the world, with high and increasing dividend yields a real
attraction for investors seeking higher-paying assets.
For the year to 31st October 2019, the Company's net asset value
rose by 31.7% on a total return basis, marginally behind the
benchmark, the RTS Index, which rose by an equivalent 32.5%. The
total return to shareholders was an emphatic 45.4% in sterling
terms, partly reflecting a narrowing of the discount over the year
to 11.1% (31st October 2018: 19.0%).
Our approach to uncovering value
The Company remains the only investment trust providing pure
exposure to the ongoing transformation of the Russian economy and
we strive to uncover the value in Russian equities. We aim to build
a balanced portfolio of stocks from across the Russian market, with
a focus on companies that demonstrate the best long-term growth
opportunities. To do this, we actively manage the portfolio and
continue to build up our internal research capabilities and a
growing team of analysts with deep expertise in this complex and
under-researched market. We base our decisions on a proven
investment process that analyses the specific characteristics of
stocks. We believe that an active approach makes sense when
investing in Russia, given the market concentration and corporate
governance issues.
Integrating ESG into the investment process
Investors want to know that their managers are aware of ESG
issues, that they take them into account in building their
portfolios and that they raise issues directly with investee
companies. Simplistic negative or positive screening has dwindled
in popularity. Investors expect to see an integrated approach to
ESG and that this approach is clearly linked to driving financial
returns, both through portfolio construction and stewardship.
JPMorgan Asset Management has long been a leader in using such an
integrated approach, seeking companies that run their businesses in
a sustainable way, treating minority shareholders fairly and
engaging in practices likely to enhance the company's reputation,
not compromise it.
We believe that ESG factors, particularly those related to
governance, will play a critical role in a long-term investment
strategy. Companies that address ESG issues and adopt sustainable
business practices are better placed to maximise their performance
and create enduring value for shareholders.
In our view, corporate governance issues have the most direct
bearing on the risk/reward profile of the Company's portfolio; as
such it is the area most integrated into our investment process.
However, environmental concerns are an ever-increasing part of the
investment landscape in part due to the impact they can have on
investment returns and cash flows; where relevant we make an
assessment of environmental issues and include them in our
decision-making process. Where social issues are relevant, again
the focus is on the economic impact of the involvement.
We use an active bottom-up process, with emphasis placed on
direct contact with companies. ESG is fully integrated into the
investment process, with ESG factors systematically and explicitly
considered through a Risk Profile analysis on the economics,
duration (which includes sustainability) and governance of a
company; this is to ensure there is due focus on potential risks.
Three quarters of the issues addressed focus on governance and
specific ESG questions, including shareholder returns, management
strength and the track record on environmental and social issues.
Through this process, we seek to understand the company specific or
external factors which could negatively impact the company and
identify issues to be addressed in future engagements.
We have recently enhanced our Risk Profile process, and a
Strategic Classification of Premium, Quality or Trading is assigned
to portfolio companies. This is an assessment of a company's
potential for long term value creation, referencing the number of
issues or 'red flags' identified through the Risk Profile
analysis.
Whilst acknowledging that the majority of the Company's
portfolio is held in energy companies, we seek to identify investee
companies that run their businesses in a sustainable and efficient
way, with high quality board decision-making, and aim to influence
their behaviour and encourage best practice through dialogue. While
we are always focussed on efficient use of capital and efficient
capital structures we have engaged broadly on multiple topics that
affect valuation and propriety.
How have specific stocks and sectors fared over the year?
In this section, we consider how specific stock decisions over
the year under review impacted portfolio performance.
Stock rotations were made over the period to adjust the overall
risk level of the portfolio. Given the ongoing volatility of the
global geopolitical and economic backdrop we have been reducing our
exposure to smaller, less liquid stocks in favour of larger,
better-placed alternatives - high quality companies that can
generate earnings sustainably over the long-term. As always, the
characteristics of individual stocks are more significant to us
than sectoral decisions. Looking ahead, there are various
destabilising concerns that could continue to unsettle markets so
our focus will remain on proven 'best of breed' stocks.
Our holdings in the Energy sector dominate the Company's
portfolio; more than half of the portfolio's value is invested
here, including five of our Top Ten holdings. We ended the year
marginally overweight to the sector relative to the benchmark index
and our Energy stocks in aggregate delivered robust performance,
although there were individual stock success stories and
disappointments across the portfolio.
PERFORMANCE ATTRIBUTION
YEARED 31ST OCTOBER 2019
% %
---------------------------------------------- ----- -----
Contributions to total returns
Benchmark return 32.5
Asset allocation 1.5
Stock selection -1.0
Gearing/(net cash) -0.4
Investment Manager contribution -0.5
Portfolio return 32.0
Management fee/other expenses -1.3
Share buyback 1.0
Return on net assets 31.7
Effect of movement in discount over the year 13.7
Return to shareholders 45.4
---------------------------------------------- ----- -----
Leading state gas producer - and lynchpin of Russia's
energy-reliant economy - Gazprom ended the period as the Company's
largest holding. Its July announcement of record dividends for its
shareholders (equivalent to 27% of net profits for 2018) delivered
a huge surprise and a share price surge that lifted the entire
market. Gazprom's shares make up more than 10% of the index and the
company's move followed pressure from Russia's finance ministry
that state companies should pay out at least 50% of net profits in
dividends. We already held an active position in the stock before
the rally commenced so we were fully able to participate in the
market's powerful reaction. Significantly, with markets remaining
hesitant, we think Gazprom shares still offer very good value, on
both a price-to-earnings ratio and dividend yield basis.
Elsewhere in the Energy sector, we exited oil and gas company
Surgutneftegas completely after receiving dividend payments from
the stock. The company's subsequent share price spike (driven by
speculation on how it may invest the huge cash pile on its books
rather than any concrete evidence on its future strategic plan) was
a very negative, short-term hit for us and a notable detractor from
overall performance. Surgutneftegas may be one of Russia's largest
companies but it is also one of the country's most secretive
entities, with limited disclosure of its ownership structure,
broader governance and strategic plans - specifically how it plans
to invest the circa $47 billion in currency deposits it has been
accumulating over many years. Following our earlier optimism over
the company's potential we now prefer to remain on the sidelines
until it presents a clear investment case. We are not alone in this
stance, which, in our case, was also influenced by currency
movements that caused foreign exchange losses of $2.5 billion in
the first half of 2019 and is bound to be detrimental to future
dividend prospects. In 2018, dividends were equivalent to a 22%
yield whereas for 2019 they could plummet as low as 1.5-2%, well
below the 7% from Gazprom and a potential 8-10% from Rosneft or
Tatneft.
We are overweight to the Materials sector, thanks to our
investments in Polyus, Norilsk Nickel and Polymetal, which are all
Top Ten holdings. We still see good value in these names based on
the outlook for Gold, Nickel and Silver as well as these companies'
high dividend yields. We sold out of diamond mining group Alrosa on
the back of a disappointing pricing cycle and the potential for the
company's dividends to be downgraded. We sold steel producer MMK
for similar reasons, as we see future pressure on earnings coming
from stronger raw material prices and a potential squeeze on
margins. We continue to avoid aluminium group RUSAL for corporate
governance reasons and Ferrexpo and Kaz Minerals because we are
more cautious on both stocks' prospects than the market
consensus.
Our underweight positions in the Utilities, Telecoms and
Consumer sectors are based on their negative earnings outlooks and
a lack of attractive corporate stories. We undertake regular 'on
the ground' research trips so our positioning is kept under
constant review and will change if we feel that our sectoral
positioning risks us missing out on potentially compelling
opportunities.
Notable stock-level detractors included energy name Novatek. We
increased our position in this stock as it was rebalanced in the
benchmark index. Unfortunately, however, our timing meant that we
did not manage to benefit fully from the stock's price swing
upwards, so we lost some relative performance to the index.
Earlier, we commented that we were intent on reducing our
exposure to smaller, less liquid stocks. This is very much a work
in progress, and we continue to see some of our existing holdings
across a range of sectors underperforming the market and dragging
down returns. Examples include several stocks that are not in the
Company's benchmark index, such as automobile company Sollers, road
freight transport business Globaltruck Management, health care
provider MDMG, footwear manufacturer Obuv Rossii and real estate
developer Etalon Group. Although these holdings do not present us
with operational risks, we have been endeavouring to reduce our
positions whenever there has been sufficient liquidity in the
market for us to do so.
Amongst the more notable stock level contributors was our
decision to reduce our exposure to local oil player Tatneft. In
last year's annual report, we reported that we had taken advantage
of the stock's share price strength to take some profits from our
holding. This year we continued to reduce our exposure further and
our timing was beneficial, prior to the index rebalancing, after
which the stock's share price came under pressure.
Once Russia's largest food retailer and one of the market's most
favoured stocks, Magnit is an out-of-favour business that we don't
hold, a decision vindicated by its poor market performance this
year. The company endured a difficult time following a change of
ownership, management and strategy. Its turnaround plan to regain
market dominance failed to impress investors and we expect its
recovery to be difficult and prolonged.
Longstanding shareholders will know that Sberbank has long been
one of our favoured investments - it was our very largest holding
just two years ago - but it underperformed the market this year. We
continue to be impressed by the bank's dynamism and innovation, but
it is an example of a domestically-focused stock that we do not
favour at present. We had already begun trimming our holding during
an earlier period of share price strength, a decision that
benefitted relative performance.
Investments in former Soviet Union Republics: up to 10% of the
Company's gross assets can be invested in companies operating out
of former Soviet Union Republics although our only holding that
falls into this category currently is Belarus-based, global
software engineering and IT consulting player EPAM (approximately
1.2% of portfolio assets); this follows our exit from Georgia's TBC
Bank and Kazakhstan's Nostrum over the course of the year.
Prior to our exit, Georgian lender TBC Bank had detracted from
performance. The company had been under considerable regulatory
pressure relating to investigations into an historical business
case as well as governance concerns over its board composition.
Investigations by the National Bank of Georgia and the Office of
the Public Prosecutor resulted in a board reshuffle, aiming to
deliver an enhanced governance structure and ensure future
stability. However, the removal of senior board members altered the
bank's entrepreneurial style which, when combined with the economic
slowdown (and slowing loan growth) in Georgia, increased the
stock's risk profile and made it less appealing for the
portfolio.
Our decision to sell out of Kazakhstan's Nostrum Oil & Gas
towards the end of 2018 was prompted by both operational and
governance factors. Whilst several of the company's wells were
presenting geological challenges it was high profile legal issues
relating to Nostrum's largest investor that materially changed our
investment outlook.
Outlook
Our investment approach, with its focus on identifying long-term
growth opportunities from individual stocks, has delivered robust
returns to shareholders over recent reporting periods, even though
the underlying economic and geographic fundamentals have been
challenging. The risks of slowing global growth, trade tensions and
a stubbornly strong US dollar are lingering concerns, but central
banks may be able to offset these risks with further interest rate
cuts, which have gathered pace in Russia and around the world in
2019.
Looking ahead, our views have not changed materially since we
wrote to shareholders in June. We continue to believe that the
market in Russia provides a good long-term investment opportunity,
particularly if sentiment towards Russia becomes more positive. We
expect to see:
-- Firmer oil prices in 2020, driven by production cuts and
politics, which will be positive for the earnings of Russian
companies.
-- The Central Bank of Russia reducing its key interest rate
(currently 6.5%) by a further 1 to 1.5% over the next 18 months in
order to stimulate spending and investment. This would buoy the
market and, notwithstanding unforeseen political/economic concerns,
the Central Bank is targeting a 2.5-3% gap with the US Fed's key
interest rate. The rouble is likely to appreciate moderately in
such an environment but not to the extent that it would impact
exporters.
-- Deflationary pressures remaining in 2020, following the fall
in Russian inflation in 2019. However, we also expect to see some
green shoots of economic growth appear on the back of the Central
Banks's monetary policy.
-- After an overall positive 2019, starting from a higher base
in 2020 will make earnings growth more challenging. It is feasible
that the majority of returns will be driven by dividends which
provides valuation support and, in this world of low interest
rates, this is something we expect markets will appreciate over the
coming year.
-- The environment around sanctions remaining fluid, and we will
continue to monitor the situation. Economic links with the European
Union will be pivotal to resolving the Russia-Ukraine stalemate and
a 'Minsk treaty' now looks a realistic prospect, as Ukraine's
recently elected president has started to support the idea.
Alongside this, EU links with Russia are improving: France is
pushing fellow EU members to rebuild economic relationships with
Russia while German companies have started to attend economic
forums in Russia, after a five-year absence.
We believe the fundamentals for investing in Russia remain
attractive for those investors prepared to take the risk. Our
portfolio is underpinned by several 'dividend hero' stocks whose
dividend track records are expected to remain strong. With local
Russian investors becoming bigger participants in the equity
market, we expect the hunt for income sourced from dividends to
become more prevalent. As part of our selection criteria, we will
continue endeavouring to add value for shareholders by basing
investment decisions on relatively strong and improving
fundamentals, which we believe will reassert themselves as the
primary drivers of returns over time.
Oleg I. Biryulyov
Habib Saikaly
Investment Managers
20th January 2020
Principal Risks
The Directors confirm that they have carried out a robust
assessment of the principal risks facing the Company, including
those that would threaten its business model, future performance,
solvency or liquidity. The risks identified and the ways in which
they are managed or mitigated are summarised as follows:
With the assistance of the Manager, the Board has drawn up a
risk matrix, which identifies the key risks to the Company and the
Company's actions to manage the risks.
In the year under review the Board monitored the risks arising
which included continuing sanctions against Russia which have
impacted market sentiment.
These key risks fall broadly under the following categories:
-- Investing in Russia
Investors should note that there are significant risks inherent
in investing in Russian securities not typically associated with
investing in securities of companies in more developed countries.
In terms of gauging the economic and political risk of investing in
Russia, it frequently appears in the higher risk categories when
compared with most Western countries. The value of Russian
securities, and therefore the net asset value of the Company, may
be affected by uncertainties such as economic, political or
diplomatic developments, social and religious instability, taxation
and interest rates, currency repatriation restrictions, crime and
corruption and developments in the law or regulations in Russia
and, in particular, the risks of expropriation, nationalisation and
confiscation of assets and changes in legislation relating to the
level of foreign ownership.
The Board, with the assistance of the Manager, monitors the
Company's activities to ensure that they remain compliant with the
current sanctions regime including the specific requirements
applicable to the Manager as a company subject to the laws of the
United States of America and other jurisdictions that it operates
in. The Board acknowledges the negative impact of sanctions on the
wider market although the current sanctions regime has not
prevented the Company from operating within its investment
guidelines.
-- Share Price Discount to Net Asset Value ('NAV') per Share
If the share price of an investment trust is lower than the NAV
per share, the shares are said to be trading at a discount. The
widening of the discount can be seen as a disadvantage of
investment trusts which could discourage investors. Although it is
common for an investment trust's shares to trade at a discount,
particular events can negatively impact market sentiment. The Board
monitors the Company's discount level and seeks, where deemed
prudent, to address imbalances in the supply and demand of the
Company's shares through a programme of share buybacks.
For details of the Company's Continuation Vote and Tender and
Discount Control arrangements, see Key Features at the front of
this document.
-- Investment Underperformance and Strategy
An inappropriate investment strategy, for example asset
allocation or the level of gearing, may lead to underperformance
against the Company's benchmark index and peer companies. The Board
manages these risks by diversification of investments through its
investment restrictions and guidelines, which are monitored and
reported on by the Manager. The Manager provides the Directors with
timely and accurate management information, including performance
data and attribution analyses, revenue estimates, liquidity reports
and shareholder analyses. The Board monitors the implementation and
results of the investment process with the investment managers, who
attend all Board meetings, and reviews data which show statistical
measures of the Company's risk profile.
Possible actions that the Board may consider to address
underperformance include changing the portfolio manager or
selecting another manager.
-- Failure of Investment Process
A failure of process could lead to losses. The Manager mitigates
this risk through internal controls and monitoring. Fraud requires
immediate notification to the Board and regular reports are
provided on control processes.
-- Loss of Investment Team or Investment Manager
The sudden departure of the investment manager or several
members of the wider investment management team could result in a
short term deterioration in investment performance. The Manager
takes steps to reduce the likelihood of such an event by ensuring
appropriate succession planning and the adoption of a team based
approach, as well as special efforts to retain key personnel.
-- Operational and Cyber Crime
Disruption to, or failure of, the Manager's accounting, dealing
or payments systems or the Depositary or custodian's records could
prevent accurate reporting and monitoring of the Company's
financial position. Under the terms of its agreement, the
Depositary has strict liability for the loss or misappropriation of
assets held in custody. See note 20(c) of the Company's Annual
Report and Financial Statements for further details on the
responsibilities of the Depositary. Details of how the Board
monitors the services provided by JPMF and its associates and the
key elements designed to provide effective internal control are
included within the Internal Control section of the Corporate
Governance report on page 29 of the Company's Annual Report and
Financial Statements. The threat of Cyber attack is increasing and
regarded as having the ability to cause equivalent disruption to
the Company's business as more traditional business continuity and
security threats. The Company benefits from JPMorgan's Cyber
Security Programme. The information technology controls around the
physical security of JPMorgan's data centres, security of its
networks and security of its trading applications are
tested by independent auditors PricewaterhouseCoopers and
reported every six months against the AAF standard.
-- Board Relationship with Shareholders
The risk that the Company's strategy and performance does not
align with shareholders expectations is addressed by the Manager
and includes the organisation of a programme of visits to major
shareholders, and the provision of an extensive range of investor
information including nationwide presentations by sales teams.
Feedback from shareholders is received directly and via brokers
which is fed back to the Board regularly.
-- Political and Economic
Changes in financial or tax legislation, including in the
European Union, may adversely affect the Company. The Manager makes
recommendations to the Board on accounting, dividend and tax
policies and the Board seeks external advice where appropriate. In
addition, the Company is subject to administrative risks, such as
the imposition of restrictions on the free movement of capital. A
widening of the capital controls by the Russian Government could
negatively impact the Company. The introduction of limitations on
the ability of Russian companies to distribute dividends to foreign
companies could materially reduce the Company's revenue and amount
available for distribution to shareholders.
-- Regulatory and Legal
Breach of regulatory rules could lead to suspension of the
Company's Stock Exchange listing, financial penalties, or a
qualified audit report. Loss of investment trust status could lead
to the Company being subject to tax on capital gains. The Directors
seek to comply with all relevant regulation and legislation and
rely on the services of its Company Secretary, the Manager, and its
professional advisors to monitor compliance with all relevant
requirements.
-- Market and Financial
The Company's assets consist of listed securities and it is
therefore exposed to movements in the prices of individual
securities and the market generally. The Board considers asset
allocation and stock selection on a regular basis and has set
investment restrictions and guidelines, which are monitored and
reported on by the Manager. The financial risks faced by the
Company include market price risk, interest rate risk, foreign
currency risk, liquidity risk and credit risk. Further details are
disclosed in note 20 on pages 60 to 64 of the Company's Annual
Report and Financial Statements. The Manager regularly monitors the
liquidity of the portfolio including determining the market
valuation of securities held, the average daily volume and number
of days to liquidate a holding. As can be seen in Note 19 on page l
of the Company's Annual Report and Financial Statements, all the
Company's assets are categorised as Level 1 as they have quoted
prices in an active market.
Transactions with the Manager and related parties
Details of the management contract are set out in the Directors'
Report on page 25 of the Company's Annual Report and Financial
Statements. The management fee payable to the Manager for the year
was GBP3,288,000 (2018: GBP3,102,000) of which GBPnil (2018:
GBPnil) was outstanding at the year end.
During the year GBP25,000 (2018: GBP25,000), including VAT, was
payable to the Manager for the administration of savings scheme
products, of which GBPnil (2018: GBP8,000) was outstanding at the
year end.
Included in note 6 on page 53 of the Company's Annual Report and
Financial Statements are safe custody fees amounting to GBP134,000
(2018: GBP150,000) payable to JPMorgan Chase Bank N.A. during the
year of which GBP23,000 (2018: GBP24,000) was outstanding at the
year end.
The Manager may carry out some of its dealing transactions
through group subsidiaries. These transactions are carried out at
arm's length. The commission payable to JPMorgan Securities Limited
for the year was GBP18,000 (2018: GBP32,000) of which GBPnil (2018:
GBPnil) was outstanding at the year end.
The Company was also holding cash in the JPMorgan US Dollar
Liquidity Fund, which is managed by JPMF. At the year end this was
valued at GBPnil (2018: GBP332,000). Interest amounting to
GBP88,000 (2018: GBP33,000) was receivable during the year of which
GBPnil (2018: GBPnil) was outstanding at the year end.
Handling charges on dealing transactions amounting to GBP189,000
(2018: GBP199,000) see note 3 on page 52 of the Company's Annual
Report and Financial Statements were payable to JPMorgan Chase Bank
N.A. during the year of which GBP12,000 (2018: GBP1,000) was
outstanding at the year end.
Dividend Charges of GBP368,000 (2018: GBP410,000) identified in
Note 6 of the Company's Annual Report and Financial Statements.
Other administrative expenses include GBP10,000 (2018: GBP4,000) of
costs charged by the JPMorgan Chase Bank N.A. for American
Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs).
JPMorgan Chase Bank N.A. cost is 'passed through' with no
additional margin added.
At the year end, total cash of GBP2,060,000 (2018: GBP2,665,000)
was held with JPMorgan Chase Bank, N.A.. A net amount of interest
of GBP6,000 (2018: GBP4,000) was receivable by the Company during
the year from JPMorgan Chase.
Full details of Directors' remuneration and shareholdings can be
found on page 35 and in note 6 on page 53 of the Company's Annual
Report and Financial Statements.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the annual report
and financial statements, and the Directors' Remuneration Report in
accordance with applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law, the Directors
have prepared the financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards and applicable law) and Financial Reporting
Standard (FRS) 102. Under company law the Directors must not
approve the financial statements unless they are satisfied that,
taken as a whole, the annual report and financial statements
provide the information necessary for shareholders to assess the
Company's performance, business model and strategy and that they
give a true and fair view of the state of affairs of the Company
and of the total return or loss of the Company for that period. In
addition, to provide these confirmations, and in preparing these
financial statements, the Directors must be satisfied that, taken
as a whole, the annual report and financial statements are fair,
balanced and understandable. In order to provide these
confirmations and in preparing these annual 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 they have done so.
The Directors are responsible for keeping proper accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
Under applicable law and regulations the Directors are also
responsible for preparing a Strategic Report, a Directors' Report,
Directors' Remuneration Report and Statement of Corporate
Governance that comply with that law and those regulations.
Each of the Directors, whose names and functions are listed in
the Directors' Report, confirms that, to the best of their
knowledge:
-- select suitable accounting policies and then apply them consistently;
-- the financial statements, which have been prepared in
accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards) and applicable law,
give a true and fair view of the assets, liabilities, financial
position and return or loss of the Company; and
-- The Directors confirm that, taken as a whole, the annual
report and financial statements are fair, balanced and
understandable and provide the information necessary for
shareholders to assess the strategy and business model of the
Company.
-- That the Strategic Report and Directors Report include a fair
review of the development and performance of the business and the
position of the Company together with a description of the
principal risks and uncertainties that the Company faces.
The Board confirms it is satisfied that the annual report and
financial statements taken as a whole are fair, balanced and
understandable and provide the information necessary for
shareholders to assess the performance, business model and strategy
of the Company.
The report and financial statements are published on the
www.jpmrussian.co.uk website which is maintained by the Company's
Manager. The maintenance and integrity of the website maintained by
the Manager is, so far as it relates to the Company, the
responsibility of the Manager. The work carried out by the Auditors
does not involve consideration of the maintenance and integrity of
this website and, accordingly, the Auditors accept no
responsibility for any changes that have occurred to the financial
statements since they were initially presented on the website. The
financial statements are prepared in accordance with UK
legislation, which may differ from legislation in other
jurisdictions.
For and on behalf of the Board
Gill Nott
Chairman
20th January 2020
statement of comprehensive income
for the year ended 31st October 2019
2019 2018
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------- -------- -------- -------- --------- --------- ---------
Gains on investments held at fair value
through profit or loss - 72,431 72,431 - 19,505 19,505
Net foreign currency (losses)/gains - (621) (621) - 111 111
Income from investments 24,931 - 24,931 19,170 - 19,170
Interest receivable 94 - 94 37 - 37
----------------------------------------- -------- -------- -------- --------- --------- ---------
Gross return 25,025 71,810 96,835 19,207 19,616 38,823
Management fee (1,315) (1,973) (3,288) (620) (2,482) (3,102)
Other administrative expenses (978) - (978) (1,012) - (1,012)
----------------------------------------- -------- -------- -------- --------- --------- ---------
Net return before taxation 22,732 69,837 92,569 17,575 17,134 34,709
Taxation (3,593) 678 (2,915) (2,498) - (2,498)
----------------------------------------- -------- -------- -------- --------- --------- ---------
Net return after taxation 19,139 70,515 89,654 15,077 17,134 32,211
----------------------------------------- -------- -------- -------- --------- --------- ---------
Return per share 40.04p 147.53p 187.57p 29.58p 33.62p 63.20p
statement of changes in equity
for the year ended 31st October 2019
Called
up Capital
share redemption Other Capital Revenue
capital reserve Reserve(1) Reserves(1) Reserve(1) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- -------- ----------- ----------- ------------ ----------- ----------
At 31st October 2017 523 78 46,838 245,854 7,068 300,361
Repurchase and cancellation
of the
Company's own shares (32) 32 (16,400) - - (16,400)
Net return - - - 17,134 15,077 32,211
Dividends paid in the year - - - - (12,983) (12,983)
----------------------------- -------- ----------- ----------- ------------ ----------- ----------
At 31st October 2018 491 110 30,438 262,988 9,162 303,189
Repurchase and cancellation
of the
Company's own shares (29) 29 (17,910) - - (17,910)
Net return - - - 70,515 19,139 89,654
Dividends paid in the year - - - - (14,593) (14,593)
----------------------------- -------- ----------- ----------- ------------ ----------- ----------
At 31st October 2019 462 139 12,528 333,503 13,708 360,340
----------------------------- -------- ----------- ----------- ------------ ----------- ----------
(1) Other reserve, revenue reserve and the capital reserves form
the distributable reserves of the Company and may be used to fund
distributions to investors. See note 14 on page 58 of the Company's
Annual Report and Financial Statements for details.
statement of financial position
at 31st October 2019
2019 2018
GBP'000 GBP'000
------------------------------------------------------- -------- --------
Fixed assets
Investments held at fair value through profit or loss 357,455 299,101
Current assets
Debtors 1,500 1,221
Cash and cash equivalents 2,060 2,997
------------------------------------------------------- -------- --------
3,560 4,218
Current liabilities
Creditors: amounts falling due within one year (674) (130)
Derivative financial liabilities (1) -
------------------------------------------------------- -------- --------
Net current assets 2,885 4,088
------------------------------------------------------- -------- --------
Total assets less current liabilities 360,340 303,189
------------------------------------------------------- -------- --------
Net assets 360,340 303,189
------------------------------------------------------- -------- --------
Capital and reserves
Called up share capital 462 491
Capital redemption reserve 139 110
Other reserve 12,528 30,438
Capital reserves 333,503 262,988
Revenue reserve 13,708 9,162
------------------------------------------------------- -------- --------
Total shareholders' funds 360,340 303,189
------------------------------------------------------- -------- --------
Net asset value per share 780.8p 617.6p
statement of cash flows
for the year ended 31st October 2019
2019 2018
GBP'000 GBP'000
---------------------------------------------------------------- ---------- ----------
Net cash outflow from operations before dividends and interest (4,886) (3,937)
Dividends received 21,693 16,228
Interest received 94 37
Overseas tax paid - (6)
---------------------------------------------------------------- ---------- ----------
Net cash inflow from operating activities 16,901 12,322
---------------------------------------------------------------- ---------- ----------
Purchases of investments (71,421) (86,415)
Sales of investments 85,541 105,236
Settlement of forward currency contracts (10) (60)
---------------------------------------------------------------- ---------- ----------
Net cash inflow from investing activities 14,110 18,761
---------------------------------------------------------------- ---------- ----------
Repurchase and cancellation of the Company's own shares (17,354) (16,402)
Dividends paid (14,593) (12,972)
---------------------------------------------------------------- ---------- ----------
Net cash outflow from financing activities (31,947) (29,374)
---------------------------------------------------------------- ---------- ----------
(Decrease)/increase in cash and cash equivalents (936) 1,709
---------------------------------------------------------------- ---------- ----------
Cash and cash equivalents at start of year 2,997 1,281
Exchange movements (1) 7
Cash and cash equivalents at end of year 2,060 2,997
---------------------------------------------------------------- ---------- ----------
(Decrease)/increase in cash and cash equivalents (936) 1,709
---------------------------------------------------------------- ---------- ----------
Cash and cash equivalents consist of:
Cash and short term deposits 2,060 2,665
Cash held in JPMorgan US Dollar Liquidity Fund - 332
---------------------------------------------------------------- ---------- ----------
Total 2,060 2,997
---------------------------------------------------------------- ---------- ----------
Notes to the financial statements
for the year ended 31st October 2019
1. Accounting policies
Basis of accounting
The financial statements are prepared under the historical cost
convention, modified to include fixed asset investments at fair
value, and in accordance with the Companies Act 2006, United
Kingdom Generally Accepted Accounting Practice ('UK GAAP'),
including 'the Financial Reporting Standard applicable in the UK
and Republic of Ireland' ('FRS 102') 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.
The revised SORP issued in October 2019 is applicable for
accounting periods beginning on or after 1st January 2019. The
Company has chosen not to early adopt the revised SORP.
All of the Company's operations are of a continuing nature.
The financial statements have been prepared on a going concern
basis. The disclosures on going concern on page 25 of the
Directors' Report in the Company's Annual Report and Financial
Statements form part of these financial statements.
The policies applied in these financial statements are
consistent with those applied in the preceding year.
2. Return per share
2019 2018
GBP'000 GBP'000
------------------------------------------------------------ ----------- -----------
Revenue return 19,139 15,077
Capital return 70,515 17,134
------------------------------------------------------------ ----------- -----------
Total return 89,654 32,211
------------------------------------------------------------ ----------- -----------
Weighted average number of shares in issue during the year 47,795,970 50,961,280
Revenue return per share 40.04p 29.58p
Capital return per share 147.53p 33.62p
------------------------------------------------------------ ----------- -----------
Total return per share 187.57p 63.20p
------------------------------------------------------------ ----------- -----------
3. Dividends
(a) Dividends paid and proposed
2019 2018
GBP'000 GBP'000
---------------------------------------------- -------- --------
Dividends paid
2018 final dividend of 6.0p (2017: 6.0p) 2,905 3,119
2019 interim dividend of 25.0p (2018: 20.0p) 11,688 9,864
---------------------------------------------- -------- --------
14,593 12,983
Dividend proposed
2019 final dividend of 10.0p (2018: 6.0p) 4,615 2,946
---------------------------------------------- -------- --------
The dividend proposed in respect of the year ended 31st October
2018 amounted to GBP2,946,000. However the amount paid amounted to
GBP2,905,000 due to shares repurchased after the balance sheet date
but prior to the share register record date.
The dividend proposed in respect of the year ended 31st October
2019 is subject to shareholder approval at the forthcoming Annual
General Meeting. In accordance with the accounting policy of the
Company, this dividend will be reflected in the financial
statements for the year ending 31st October 2020.
(b) Dividends for the purposes of Section 1158 of the
Corporation Tax Act 2010 ('Section 1158')
The requirements of Section 1158 are considered on the basis of
the dividend proposed in respect of the financial year, shown
below. The revenue available for distribution by way of dividend is
GBP19,139,000 (2018: GBP15,077,000).
2019 2018
GBP'000 GBP'000
---------------------------------------------- -------- --------
2019 interim dividend of 25.0p (2018: 20.0p) 11,688 9,864
2019 final dividend of 10.0p (2018: 6.0p) 4,615 2,946
---------------------------------------------- -------- --------
Total dividends for Section 1158 purposes 16,303 12,810
---------------------------------------------- -------- --------
All dividends paid and proposed in the period are funded from
the revenue reserve.
The revenue reserve after payment of the final dividend will
amount to GBP9,093,000 (2018: GBP6,216,000).
4. Net asset value per share
2019 2018
--------------------------- ----------- -----------
Net assets (GBP'000) 360,340 303,189
Number of shares in issue 46,147,780 49,093,384
--------------------------- ----------- -----------
Net asset value per share 780.8p 617.6p
--------------------------- ----------- -----------
5. Status of announcement
2018 Financial Information
The figures and financial information for 2018 are extracted
from the Annual Report and Accounts for the year ended 31st October
2018 and do not constitute the statutory accounts for the year. The
Annual Report and Accounts includes the Report of the Independent
Auditors which is unqualified and does not contain a statement
under either section 498(2) or section 498(3) of the Companies Act
2006. The Annual Report and Accounts will be delivered to the
Registrar of Companies in due course.
2019 Financial Information
The figures and financial information for 2019 are extracted
from the Annual Report and Accounts for the year ended 31st October
2019 and do not constitute the statutory accounts for the year. The
Annual Report and Accounts includes the Report of the Independent
Auditors which is unqualified and does not contain a statement
under either section 498(2) or section 498(3) of the Companies Act
2006. The Annual Report and Accounts will be delivered to the
Registrar of Companies in due course.
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
announcement.
For further information please contact:
Paul Winship
For and on behalf of
JPMorgan Funds Limited, Secretary - 020 7742 4000
20(th) January 2020
ENDS
Annual Report and Financial Statements
The Annual Report and Financial Statements will be posted to
shareholders on or around 27 January 2020 and will shortly be
available on the Company's website (www.jpmrussian.co.uk ) or in
hard copy format from the Company's Registered Office, 60 Victoria
Embankment London EC4Y 0JP.
A copy of the annual report will shortly be submitted to the
National Storage Mechanism and will be available for inspection at
www.morningstar.co.uk/uk/NSM
The annual report is also available on the Company's website at
www.jpmrussian.co.uk where up to date information on the Company,
including daily NAV and share prices, factsheets and portfolio
information can also be found.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR BSGDBISDDGGG
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