TIDMJARA TIDMJARU TIDMJARE
RNS Number : 9118F
JPMorgan Global Core Real Assets Ld
19 November 2020
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CORE REAL ASSETS LIMITED
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHSED 31ST AUGUST
2020
Legal Entity Identifier: 549300D8JHZTH6GI8F97
Information disclosed in accordance with the DTR 4.1.3
CHAIRMAN'S STATEMENT
Introduction
Shareholders will not need reminding that the six month period
through to 31st August 2020 was dominated by the impact of the
COVID-19 pandemic and by the range of political, social and
financial responses adopted by governments around the world, with
varying degrees of success.
From the Company's perspective the impact of the pandemic has
been mixed, with some obvious negative effects, including
heightened share price volatility and a slowing of the rate at
which our private fund investments have been deployed; countered by
some positive effects, including proof of the resilience of our
business model and the lower volatility of our net asset value
('NAV') when compared with other investment companies and risk
assets.
The Company recorded a total return on net assets of -4.6% over
the six months ended 31st August 2020; we do not hedge currency
exposures and the weakness of the US dollar relative to sterling
accounted for nearly half of this fall. On the other hand, the
total return for shareholders was +9.4% over the same period,
perhaps counterintuitive considering the fall in the value of our
net assets, but a reflection of the very significant premium at
which our shares were trading at the end of August. The Investment
Manager's Report reviews the Company's performance and gives a
detailed commentary on the investment strategy and portfolio
construction, and their outlook for the underlying strategies.
Objectives
The Company's objective is to provide shareholders with stable
income and capital appreciation from exposure to a globally
diversified portfolio of core real assets, being those assets that
offer reliable, highly forecastable, long term cash flows. These
are focused on unlisted assets held in private funds investing in
the global infrastructure, real estate and transportation sectors,
alongside a more liquid element of the portfolio investing in
listed real assets.
Although the portfolio has yet to be fully deployed into these
private funds, the past six months have demonstrated a reassuring
level of stability in the returns we expect to offer shareholders,
even in challenging times.
Capital Deployment
As I wrote in my first Chairman's statement, for the period from
the Company's inception to 29th February 2020, the turmoil in
financial markets arising from the pandemic has delayed the
deployment of capital into a number of the private funds into which
the Company invests. As at the 31st August 2020 the Company had
invested approximately 56% of the net proceeds arising from its
Initial Public Offering ('IPO'), or some 40% of the capital raised
through to the end of August. This is made up of investment into
the two liquid strategies and into the Private US Real Estate
strategy.
Since the period end, the Company received additional capital
calls of some GBP59.4 million for the Global Core Infrastructure
and Global Transport Income strategies, bringing the total amount
deployed to GBP142.1 million. This represents some 99.5% of the IPO
proceeds, thus meeting the commitment given in the Company's
Prospectus to invest the net proceeds of the offer within 12 months
following our listing.
Dividends
Over the review period the Company has continued with a policy
of paying a dividend of 0.75p per share each quarter. On 15th
October 2020 the Company announced its third interim dividend for
the Company's year ending 28th February 2021. This latest 0.75p per
share dividend will be paid on 30th November, to shareholders on
the register as at 30th October 2020.
These distributions are in line with the Company's target of
paying during the Company's first 12 months after the date of
initial admission an initial gross dividend yield of 2-3 per cent.
based on the initial issue price of 100p per share.
With the recent deployment of assets into the Global Core
Infrastructure and Global Transport Income strategies, which are
expected to provide a higher yield than the blended portfolio yield
as at 31st August 2020, the Board currently expects to meet the
undertaking given in the Prospectus of providing an annual dividend
yield of 4-6 per cent. following the full investment of the
portfolio.
Share Issuance and Capital Raising/C Share issue
In the six month review period the Company took advantage of its
premium rating and of investor demand to issue an additional 8
million shares, raising some GBP8.7 million of proceeds. This level
of issuance reflects the Board's assessment of the benefits that
come from additional share issuance, along with the short term
disadvantages, not the least of which is the possible dilution of
returns that can arise pending full deployment of its
portfolio.
Throughout the period the Board has been in discussions with its
Manager and other advisers with a view to accommodating the evident
demand for the Company's investment policy and asset mix, whilst
not encumbering existing shareholders with the dilution of income
and investment returns that come from significant levels of share
issuance. As a result, the Company has recently announced details
of a C-Share issue, which provides investors with the opportunity
to subscribe for new shares whilst insulating existing shareholders
from the dilutive effects of committing capital to private funds
which may take several months to deploy. Please refer to the
Prospectus issued by the Company on 10th November 2020 for full
details.
Outlook
Despite the tumultuous events of 2020 to date, the past few
months represent a 'proof of concept' for the Company, in that JARA
has met its dividend and portfolio investment objectives against a
very challenging background.
While we all hope that the worst of the pandemic may be behind
us, this gives us the confidence to believe that the Company will
generate attractive returns combined with low volatility for
current and future investors from an attractive collection of real
asset exposures.
John Scott
Chairman
19th November 2020
INVESTMENT MANAGERS' REPORT
Review of Markets
After an extraordinary 43 consecutive quarters of global
economic growth, the onset and spread of COVID-19 resulted in a
shuttering of nations and economies around the world. This created
severe public market volatility as investors balanced concerns
about how shutdowns would impact economic growth and corporate
health with the boost provided by vast quantities of fiscal and
monetary support implemented by governments. After bottoming in
March, markets rebounded and initially the pace and size of the
rally struck many as premature given COVID-19 continued to spread
globally; nevertheless, market sentiment has generally remained
positive since April allowing for a broad-base recovery of asset
prices.
It is worth noting that whilst both the sell-off and rebound in
public markets have been severe, pricing action in the majority of
the core real asset market has been more subtle. This is somewhat
driven by the natural delay these markets experience but also their
longer-term, high quality nature. However, similar to the public
market, broad market performance for real assets does not tell the
whole story. For example, in the real asset market truly 'core'
real assets - that is, assets supporting sectors which have longer
term, contracted revenue and lower demand sensitivity, have
remained resilient. In contrast, demand sensitive assets or assets
which stray outside the traditional core sectors - such as
hospitality within real estate or toll roads within infrastructure
have struggled. We believe the lack of volatility of core real
assets has demonstrated their worth during highly volatile
underlying economic and market conditions.
The unprecedented market conditions have also emphasised the
benefits of global diversification as the virus took hold of
different economies at different times and with varying severity.
Geographic diversification will remain important for both
protecting against, and taking advantage of, some of the likely
trends resulting from the pandemic. For example, the continued
success/adoption of flexible working will likely vary by geography
as will how certain governments may use stimulus packages to drive
their carbon neutral agendas.
One of the lasting outcomes of the COVID-19 pandemic has been
the scale of the world's governments', and central banks', support
for their respective economies. This stimulus has pushed bond
yields even lower which, in our view, further increases the
attractiveness of real assets as both a diversifier and a source of
income. Additionally, the Federal Reserve has now shifted its
policy towards average inflation targeting, allowing inflation to
run above target for a while to compensate for periods of
below-target inflation. The key implication is that rates are
likely to remain lower for even longer and investors may need to
prepare themselves for higher inflation in the future.
Portfolio Review
Portfolio Review and Positioning
Given the disruption in the broader economy highlighted above,
the Company remained predominantly invested in cash throughout the
reporting period as its initial investments into a number of the
target real asset strategies were delayed. At the end of the
reporting period approximately 56% of initial IPO proceeds had been
invested through positions in our listed real assets strategies and
our Private U.S. real estate strategy. Post 31st August 2020,
further investments have been made as detailed in the Capital
Deployment section below.
Over the six months ended 31st August 2020, the Company recorded
a total return on net assets of -4.6%, inclusive of a two 0.75p per
share interim dividends. The main driver of this negative return
was the US dollar's depreciation against sterling creating a
foreign exchange loss for the Company. As a reminder, the Company's
portfolio is unhedged and therefore, when allocating overseas, FX
risk is present. Whilst in its ramp up phase, JARA's portfolio has
predominantly been invested in US dollars, as the Company gets
further invested its currency exposure will diversify further with
a long term expectation of circa. 60% US dollar exposure.
Historically, FX gains / losses have tended to cancel themselves
out as they 'revert to mean' over time. Given this historical
precedent; the structural risk that hedging illiquid assets can
bring and the impact the cost of hedging can have on income, the
decision not to hedge FX exposure was taken at IPO alongside
discussion with key shareholders.
At the end of August 2020, the listed real assets strategies
represented 20.7% of the portfolio, marginally above the long-term
strategic asset allocation of 20% for this portion of the portfolio
due to the rally in the public markets from the lows in early
March. As a reminder, the Company's listed real asset allocation is
made up of two distinct strategies; US all-tranche REITs and an
allocation more broadly across a variety of listed real assets.
Within the all-tranche REIT strategy, the Company was in a
relatively risk-off position earlier in the year and this provided
protection to some extent. Towards the end of March we started to
add risk within the strategy capturing some of the market upside,
which presented a net return of +1.0% in US dollar terms. We view
the flexibility to invest in different parts of the REIT capital
structure as key in providing comparative stability and income
during these volatile times. This, as well as the avoidance of
sectors where cash flow has been most difficult to determine, has
meant the Company has significantly outperformed traditional equity
REITs year to date. Within the other listed real assets allocation
performance has been negative over the reporting period by -4.7% in
local currency as this higher beta strategy was caught in the
broader negative equity markets.
The latest NAV for US real estate is at 30th June 2020. Over the
preceding quarter, total return was negative, effectively reversing
the positive performance from the first quarter of 2020 and leaving
this strategy broadly flat over the reporting period. Revenue
declines are the primary driver of current valuation adjustments;
this contrasts with the sharp increase in required returns that
drove depreciation during the global financial crisis ('GFC').
Importantly, revenue collection remains robust across the
industrial, residential and office sectors therefore, despite
retail weakness, income is at near 90% of pre-COVID levels.
At the start of 2020, we believed the market was at a turning
point. Cap rate compression and the premium on risk that drove
returns for the second half of the last cycle have ended, and we
believed supply and demand fundamentals would serve as the primary
drivers of return. Secular trends in how our customers use our
properties were afoot before COVID-19, including remote working,
retailer consolidation, last-mile fulfilment and ageing millennials
relocating to the suburbs. To date, our asset selection, along with
our late-cycle focus on leasing and a small development pipeline,
are providing a performance tailwind and shielding the Company's
assets from the worst effects of the recession. Key sector and
currency exposures within JARA's portfolio as at 31st August 2020,
together with an estimate of exposure had the Company been fully
invested at this time are detailed in the Company's Half Year
Report & Financial Statements for the six months ended 31st
August 2020 ('Half Year Report')
Capital Deployment
At the end of the reporting period the Company had so far
invested approximately 56% of the net proceeds arising from its IPO
which, since the Company has subsequently raised further capital,
represents 40% of the total funds raised to date. Volatility in
financial markets has meant capital has been drawn down at a slower
rate than originally intended.
It was pleasing that the Company was able to announce on 24th
September 2020 that a further GBP59.4 million of the Company's
committed capital had been called. This capital was called by two
underlying strategies, investing in infrastructure and
transportation assets respectively.
Along with the Global Liquid Real Asset Strategies and the
Private US Real Estate strategy that have previously been invested,
a total of GBP142.1 million has now been deployed. This equates to
99.5% of initial IPO proceeds and fulfils the aim stated in the
Prospectus, where the Manager believed there was capacity to 'allow
the Net Initial Proceeds to be called and invested within 12 months
following Initial Admission'. These two new capital calls therefore
increase the Company's investment level significantly, add
diversification across sectors, geographies and asset type, as well
as materially bolstering the portfolio revenue. The Company is
still awaiting its initial capital call into the Asia-Pacific Real
Estate allocation and expects this to occur at some point during
the fourth quarter of 2020. This next investment will involve
significant deployment of the incremental capital raised since
IPO.
Key Portfolio Themes
Within JARA's portfolio there is a number of global trends which
are driving portfolio positioning across a number of strategies.
Below we have highlighted three of these key trends, we intend to
keep investors updated on these trends and how they impact
portfolio positioning, as well as others which become apparent on
an ongoing basis.
Millennial trends
The millennial generation and their preferences have created a
range of 'new normals'. These are currently best reflected within
the Company's real estate allocation.
-- 'Generation rent' in the United States and Asia-Pacific, has
changed how we think about residential real estate with big
opportunities for single-family rental development and with smaller
apartments in Japan.
-- The 'e-commerce effect' has for some years made logistics
assets the place to invest. Given the strength of e-commerce in the
United States and Asia-Pacific, we are optimistic on the sector. We
particularly favour locations closer to urban centres that enable
'last mile' distribution and the speed of delivery so many of us
have come to expect.
-- Whilst definitely increasing, flexible office space still
makes up a relatively small proportion of overall inventory. The
majority of the office market remains a place where tenants lease
directly from landlords, as opposed to sub-leasing via flexible
office space providers. Overall, we think COVID-19 will have a
disruptive impact on co-working/flex leasing firms but more of an
evolutionary impact on the rest of the office market.
Social considerations increasing in prominence
-- The 'S' within ESG, representing social considerations, has
long been one of the more difficult aspects to articulate, measure
and demonstrate within a portfolio.
-- The COVID-19 pandemic has put social considerations at the
top of our agenda with safety and other community considerations
driving how we think, act and plan.
-- As ever, real assets provide tangible instances of how we
have put this into practice, ensuring employees, crew and the
communities we are part of are fully supported during this period.
Examples include:
- Providing extra bandwidth to crewmembers for additional connection with families
- Supporting crew with highest sanitation standards and social distancing policies
- Ensuring the provision of essential service including avoiding
disconnections where possible
- Local community engagement - includes examples of proactive
steps to help education, finances and wellbeing during the
pandemic
- Implementing practices that support safe and healthy spaces
within our real estate including, enhanced cleaning protocols,
signage, higher levels of security, and amenity closures.
Alternative sources of capital required
-- We believe there is a range of longer and shorter term trends
that have led to a number of markets that the Company focuses on
requiring an increased need for alternative sources of capital such
as ours. This can often create opportunities for attractive
risk-adjusted returns.
-- This need for capital is often driven by regulatory changes,
such as the wave of regulation we saw coming out of the GFC, or are
caused by market disruption as a result of COVID-19.
-- One market where the need for capital remains high is in
Transportation. Loan volumes have increased significantly since
2006/2007 as traditional providers of capital such as banks have
retreated from the market. Real estate debt is also a market where
we see interesting opportunities as senior lenders maintain a
prudent stance.
J.P.Morgan Asset Management's Alternative Solutions Group
Investment Managers
19th November 2020
HALF YEAR MANAGEMENT REPORT
The Company is required to make the following disclosures in its
Half Year Report:
Principal and Emerging Risks and Uncertainties
The principal and emerging risks and uncertainties faced by the
Company fall into eight broad categories: investment and strategy;
valuation of investments; counterparty; operational and cybercrime;
geopolitical events and regulatory change; over reliance on the
Manager; climate change; and global pandemics. 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
29th February 2020.
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 that having considered the Company's
objective, risk management policies, capital management policies
and procedures, the nature of the portfolio and expenditure
projections, the Company has adequate resources, an appropriate
financial structure and suitable management arrangements in place
to continue in operational existence for a period of at least 12
months from the date of approval of this Half Year Report. They
have not identified any material uncertainties to the Company's
ability to continue to do so over a period of at least 12 months
from the date of approval of this Half Year Report. This conclusion
also takes into account the Board's assessment of the risks arising
from the COVID-19 pandemic on the current and future operations of
the Company.
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 Year 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 half year 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 International Financial Reporting
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
John Scott
Chairman
19th November 2020
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31ST AUGUST 2020
(Unaudited) (Audited)
Six months Period ended
ended
31st August 29th February
2020 2020
GBP'000 GBP'000
-------------------------------------------------- ------------ --------------
Losses on investments held at fair value through
profit or loss (5,842) (2,341)
Net foreign currency losses (5,197) (3,209)
Investment income 1,268 608
Interest receivable and similar income 495 894
-------------------------------------------------- ------------ --------------
Total loss (9,276) (4,048)
Management fee (383) (113)
Other administrative expenses (300) (497)
-------------------------------------------------- ------------ --------------
Loss before finance costs and taxation (9,959) (4,658)
Finance costs - (1)
-------------------------------------------------- ------------ --------------
Loss before taxation (9,959) (4,659)
Taxation (126) (69)
-------------------------------------------------- ------------ --------------
Net loss (10,085) (4,728)
-------------------------------------------------- ------------ --------------
Loss per share (note 3) (4.94)p (2.79)p
The Company does not have any income or expense that is not
included in the net loss for the period. Accordingly the 'Net loss'
for the period, is also the 'Total comprehensive expense' for the
period, as defined in IAS1 (revised).
All Items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the
period.
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31ST AUGUST 2020
Share Retained
premium earnings Total
GBP'000 GBP'000 GBP'000
------------------------------------------------------ --------- ---------- ---------
Six months ended 31st August 2020 (Unaudited)
At 29th February 2020 200,574 (6,159) 194,415
Issue of ordinary shares 8,679 - 8,679
Share issue costs (117) - (117)
Loss for the period - (10,085) (10,085)
Dividends paid in the period (note 4) - (3,076) (3,076)
------------------------------------------------------ --------- ---------- ---------
At 31st August 2020 209,136 (19,320) 189,816
------------------------------------------------------ --------- ---------- ---------
Period ended 29th February 2020 (Audited)
At 22nd February 2019 - - -
Issue of ordinary shares at launch on 24th September
2019 148,899 - 148,899
Issue of ordinary shares 53,388 - 53,388
Share issue costs (1,713) - (1,713)
Loss for the period - (4,728) (4,728)
Dividends paid in the period (note 4) - (1,431) (1,431)
------------------------------------------------------ --------- ---------- ---------
At 29th February 2020 200,574 (6,159) 194,415
------------------------------------------------------ --------- ---------- ---------
STATEMENT OF FINANCIAL POSITION
AT 31ST AUGUST 2020
(Unaudited) (Audited)
31st August 29th February
2020 2020
GBP'000 GBP'000
----------------------------------------------- ------------ --------------
Assets
Non current assets
Investments held at fair value through profit
or loss 74,297 67,857
Current assets
Other receivables 546 550
Cash and cash equivalents 115,285 126,713
----------------------------------------------- ------------ --------------
115,831 127,263
Liabilities
Current liabilities
Other payables (312) (705)
----------------------------------------------- ------------ --------------
Net current assets 115,519 126,558
----------------------------------------------- ------------ --------------
Total assets less current liabilities 189,816 194,415
----------------------------------------------- ------------ --------------
Net assets 189,816 194,415
Amounts attributable to shareholders
Share premium 209,136 200,574
Retained earnings (19,320) (6,159)
----------------------------------------------- ------------ --------------
Total shareholders' funds 189,816 194,415
----------------------------------------------- ------------ --------------
Net asset value per share (note 5) 90.9p 96.8p
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31ST AUGUST 2020
(Unaudited) (Audited)
Six months ended Period ended
31st August 29th February
2020 2020
GBP'000 GBP'000
----------------------------------------------------- ----------------- --------------
Operating activities
Loss before taxation (9,959) (4,659)
Deduct dividends received (1,222) (577)
Deduct investment income - interest (46) (31)
Deduct deposit and liquidity fund interest
received (495) (894)
Add interest paid - 1
Add losses on investments held at fair value
through profit or loss 5,775 2,341
Increase in prepayments and accrued income 16 (19)
(Decrease)/increase in other payables (173) 485
Exchange gains on cash and cash equivalents 5,273 3,556
----------------------------------------------------- ----------------- --------------
Net cash (outflow)/inflow from operating activities
before interest and taxation (831) 203
----------------------------------------------------- ----------------- --------------
Taxation (129) (69)
Interest paid - (1)
Dividends received 1,195 526
Investment income - interest 69 15
Bank interest received 667 722
Purchases of investments held at fair value
through profit or loss (22,223) (75,415)
Sales of investments held at fair value through
profit or loss 9,544 5,145
----------------------------------------------------- ----------------- --------------
Net cash outflow from operating activities (11,708) (68,874)
----------------------------------------------------- ----------------- --------------
Financing activities
Issue of ordinary shares at launch on 24th
September 2019 - 148,899
Share issue costs (117) (1,713)
Issue of ordinary shares 8,679 53,388
Dividends paid (3,076) (1,431)
----------------------------------------------------- ----------------- --------------
Net cash inflow from financing activities 5,486 199,143
----------------------------------------------------- ----------------- --------------
Increase in cash and cash equivalents (6,222) 130,269
Cash and cash equivalents at the start of the 126,713 -
period
Exchange movements (5,273) (3,556)
----------------------------------------------------- ----------------- --------------
Cash and cash equivalents at the end of the
period 115,218 126,713
----------------------------------------------------- ----------------- --------------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31ST AUGUST 2020
1. General information
The Company is a closed-ended investment company incorporated in
accordance with the Companies (Guernsey) Law, 2008. The address of
its registered office is at 1st Floor, Les Echelons Court, Les
Echelons, South Esplanade, St Peter Port, Guernsey GY1 1AR.
The principal activity of the Company is investing in securities
as set out in the Company's Objective and Investment Policies.
The Company was incorporated on 22nd February 2019. It was
admitted to the premium listing category of the Official List of
the FCA and to trading on the Main Market and had its first day of
trading on 24th September 2019.
The information contained within the financial statements in
this half year report has not been audited or reviewed by the
Company's auditors.
Investment objective
The Company will seek to provide Shareholders with stable income
and capital appreciation from exposure to a globally diversified
portfolio of core real assets.
Investment policy
The Company will pursue its investment objective through
diversified investment in private funds or accounts managed or
advised by entities within J.P. Morgan Asset Management (together
referred to as 'JPMAM'), the asset management business of JPMorgan
Chase & Co. These JPMAM Products will comprise 'Private Funds',
being private collective investment vehicles, and 'Managed
Accounts', which will typically take the form of a custody account
the assets in which are managed by a discretionary manager.
2. Accounting policies
The Company's financial statements have been prepared in
accordance with International Financial Reporting Standards
('IFRS'), which comprise standards and interpretations approved by
the International Accounting Standards Board ('IASB'), the IFRS
Interpretations Committee and interpretations approved by the
International Accounting Standards Committee ('IASC') that remain
in effect and the Companies (Guernsey) Law, 2008.
These financial statements have been prepared on a going concern
basis in accordance with IAS 1, applying the historical cost
convention, except for the measurement of financial assets
including derivative financial instruments designated as held at
fair value through profit or loss ('FVTPL') that have been measured
at fair value.
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 period ended 29th February 2020
(period from Incorporation on 22nd February 2019 to 29th February
2020).
3. Loss per share
(Unaudited) (Audited)
Six months ended Period ended
31st August 2020 29th February
2020
GBP'000 GBP'000
----------------------------------- ----------------- --------------
Total loss (10,085) (4,728)
Weighted average number of shares
in issue during the period 204,311,144 169,914,631
----------------------------------- ----------------- --------------
Total loss per share (4.94)p (2.79)p
----------------------------------- ----------------- --------------
4. Dividends paid
(Unaudited) (Audited)
Six months ended Period ended
31st August 2020 29th February
2020
GBP'000 GBP'000
------------------------------------- ----------------- --------------
2019/2020 interim dividend of 0.75p
per share - 1,431
2020/2021 First interim dividend of 1,510 -
0.75p per share
2020/2021 Second interim dividend 1,566 -
of 0.75p per share
------------------------------------- ----------------- --------------
Total dividends paid in the period 3,076 1,431
------------------------------------- ----------------- --------------
A third interim dividend of 0.75p per share, amounting to
GBP1,566,000 has been declared payable on 30th November 2020 in
respect of the year ending 28th February 2021.
5. Net asset value per share
(Unaudited) (Audited)
Six months ended Period ended
31st August 2020 29th February
2020
GBP'000 GBP'000
--------------------------- ----------------- --------------
Net assets (GBP'000) 189,816 194,415
Number of shares in issue 208,807,952 200,802,887
--------------------------- ----------------- --------------
Net asset value per share 90.9p 96.8p
--------------------------- ----------------- --------------
JPMORGAN FUNDS LIMITED
19th November 2020
For further information, please contact:
Alison Vincent
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
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.
S
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 annual report will shortly be available on the Company's
website at www.jpmrealassets.co.uk where up-to-date information on
the Company, including daily NAV and share prices, factsheets and
portfolio information can also be found.
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