JPMorgan Global Core Real Assets Ld Quarterly Net Asset Value and Portfolio Update (2191B)
June 09 2021 - 2:00AM
UK Regulatory
TIDMJARA TIDMJARU TIDMJARE
RNS Number : 2191B
JPMorgan Global Core Real Assets Ld
09 June 2021
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CORE REAL ASSETS LIMITED
QUARTERLY NET ASSET VALUE AND PORTFOLIO UPDATE
Legal Entity Identifier: 549300D8JHZTH6GI8F97
JPMorgan Global Core Real Assets Limited ("JARA" or "the
Company") announces an unaudited Net Asset Value ("NAV") per share
as at 31st May 2021 of 88.01 pence. During the quarter to 31st May
2021 the Company paid a dividend of 1 penny per share on 27th May
2021 , bringing the total return for the quarter to +1.2%.
Across both public and private allocations, and measured in
local currency, JARA's real estate, infrastructure and
transportation allocations returned 3.8%, 2.3% and 1.2%
respectively over the three month period . This local currency
return is in line with JARA's long term return targets. The 1.7%
depreciation of the US dollar versus sterling* over the quarter
delivered a drag to performance.
Of particular note was how the gradual global reopening
benefited a range of real estate sectors in both the public and
private markets, including those which have struggled most as a
result of the pandemic. The transportation market has also
benefited from the increase in economic activity with measures such
as port call data and utilization levels looking strong. The
Company's listed allocation provided notably strong positive
performance over the period.
* The GBP/USD exchange rate was 1.4215 as at 31st May 2021.
Portfolio
As at 31st May 2021, the Company's invested portfolio was valued
at GBP176.1 million. The Company has uncalled commitments of GBP8.1
million.
During the period a further $13.8 million of committed capital
was called by the Asia-Pacific Real Estate Strategy and this will
serve to materially increase the exposure to industrial/ logistics
assets within the property allocation whilst further increasing
JARA's revenue. This capital call brought JARA to 96% invested.
Sector exposure
Exposure (% Private asset Public asset
of NAV) exposure (% exposure (%
of NAV) of NAV)
Real Estate 53% 38% 15%
Infrastructure 24% 18% 6%
Transportation 20% 15% 5%
---------------- ------------ -------------- -------------
Total 96% 71% 25%
As at 31st May 2021
Main Geographical exposures
Exposure (% of NAV)
North America 49%
Asia Pacific 29%
Europe 15%
UK 3%
--------------- --------------------
Total 96%
As at 31st May 2021
Private asset portfolio metrics (as at 31st May 2021)
-- 232 investments (28th February 2021: 235), and at a more granular individual asset level, look through exposure
to 880 individual assets (28th February 2021: 831). As the underlying strategies are actively managed, the
managers will, if appropriate, look to buy or sell private investments to take advantage of accretive
opportunities they see in the market. This may impact the number of investments held between quarters.
-- 7.6% average discount rate (28th February 2021: 7.5%).
-- 4.9 years average lease duration in real estate and transportation (28th February 2021: 4.9 years), with just 7%
of JARA's portfolio leases due to expire in 2021.
-- 97% occupancy of leased assets in real estate and transportation (28th February 2021: 96%), of which 97% payed
income as expected in Q1 of 2021, in line with optimal portfolio performance.
-- 40% portfolio weighted average loan to value (28th February 2021: 42%). Real estate blended LTV of 30% and
Infrastructure and Transport blended LTV of 51%. The underlying strategies generally take a conservative view on
overall leverage use and this approach has benefitted them over the last year of COVID related volatility.
-- 3.1% blended average cost of debt across the strategies (28th February 2021: 3.3%), with 81% being fixed and 19%
floating and a weighted average maturity of 5.9 years (28th February 2021: 4.8 years).
-- The private asset portfolio had less than 3% exposure to development assets (28th February 2021: <3%), focused
within the property strategies, taking advantage of the disparity between logistics and infill assets pricing
when compared with their construction costs.
Dividends
The most recent quarterly dividend of 1 penny per share was paid
to investors on 2 7th May 2021, representing an annualized yield of
4.0 pence per share. In the absence of unforeseen circumstances,
the Board expects the ongoing yield to be within the target range
of 4 - 6% yield on issue price as set out in the Company's IPO
prospectus.
Issued share capital
There was no change in the number of shares in issue during the
quarter. As at 31st May 2021, there were 208,807,952 shares in
issue.
Currency
The main currency exposures of the portfolio (including
liquidity funds) are as follows:
Currency % of NAV
USD 60.5%
EUR 11.3%
AUD 7.7%
JPY 6.8%
RMB 3.6%
GBP 2.8%
SGD 2.3%
CAD 2.1%
NZD 1.9%
As at 31 May 2021
9th June 2021
Alison Vincent
JPMorgan Funds Limited - Company Secretary
Telephone 0207 742 4000
Notes
The Company aims to provide holders of the Ordinary Shares with
a stable income and constant currency 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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NAVGZGGVKRNGMZM
(END) Dow Jones Newswires
June 09, 2021 02:00 ET (06:00 GMT)
Jpmorgan Global Core Rea... (LSE:JARU)
Historical Stock Chart
From Jul 2024 to Aug 2024
Jpmorgan Global Core Rea... (LSE:JARU)
Historical Stock Chart
From Aug 2023 to Aug 2024