JPMorgan Global Core Real Assets Ld Quarterly Net Asset Value and Update (7445J)
December 24 2020 - 2:00AM
UK Regulatory
TIDMJARA TIDMJARU TIDMJARE
RNS Number : 7445J
JPMorgan Global Core Real Assets Ld
24 December 2020
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CORE REAL ASSETS LIMITED
QUARTERLY NET ASSET VALUE AND UPDATE
Legal Entity Identifier: 549300D8JHZTH6GI8F97
JPMorgan Global Core Real Assets Limited ("JARA" or "the
Company") announces an unaudited Net Asset Value ("NAV") as at 30th
November 2020 of 91.37 pence. Over the period there was also a
dividend of 0.75 pence, paid on 30th November 2020 to shareholders
on the register as at the close of business on 30th October 2020,
bringing total return over the period to +1.24%.
Positive returns from the Company's liquid real asset strategies
(circa 20% of NAV) over the quarter assisted performance. The
listed real asset beta strategy (circa 10% of NAV) delivered a
total return of 8.1% and the U.S. all-tranche REIT strategy (circa
10% of NAV) delivered a total return of 5.9%. The private U.S. Real
Estate strategy(1) (circa 19% of NAV) was a small negative
contributor of -0.2%, making calendar YTD returns marginally
negative for this strategy. The -0.29% depreciation of the US
dollar versus sterling over the quarter delivered a small drag to
performance.
(1) Latest performance statistics as at 30th September 2020
Investment Progress
The Company has so far invested approximately 99.5% of the net
proceeds arising from its IPO and circa 74% of the total funds
raised to date.
An update on the progress of the C-share and related timetable
will be published in the New Year.
The Company aims to provide holders of the Ordinary Shares with
a stable income and capital appreciation through exposure to a
globally diversified portfolio of Core Real Assets in accordance
with the Company's investment policy. The Company is seeking
exposure to Core Real Assets through various real asset strategies,
namely: Global Infrastructure, Global Real Estate, Global Transport
and Global Liquid Real Assets. J.P. Morgan's Alternative Solutions
Group has the primary responsibility for managing the Company's
portfolio.
Income
Income generated from the underlying portfolio is estimated to
be 0.77 pence per share, up from 0.43 pence per share over the
previous period. The income derives from its investment in cash
equivalent instruments, the Liquid Strategies, along with a
distribution from the underlying Private Property Strategy and
accrued income from the Transport and Infrastructure strategies
over part of the period. JARA has delivered on its first year
income target of 2-3 pence per share, having paid 3.0 pence per
share in the first four dividends and management is confident in
delivering the second full 12 month income target of 4-6 pence per
share.
Issuance
During the period the Company issued no new shares, with
208,807,952 shares in issue.
Currency
The main currency exposures of the portfolio (including
liquidity funds) are as follows and have diversified considerably
since the last quarter end due to the drawdown into the other
private strategies.
Currency % of NAV
USD 83.6%
---------
EUR 7.0%
---------
GBP 2.9%
---------
CAD 1.7%
---------
AUD 1.5%
---------
JPY 1.5%
---------
HKD 0.5%
---------
24th December 2020
Alison Vincent
JPMorgan Funds Limited - Company Secretary
Telephone 0207 742 4000
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