TIDMJARA TIDMJARU TIDMJARE
RNS Number : 4484S
JPMorgan Global Core Real Assets Ld
16 November 2021
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CORE REAL ASSETS LIMITED
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHSED 31ST AUGUST
2021
Legal Entity Identifier: 549300D8JHZTH6GI8F97
Information disclosed in accordance with the DTR 4.1.3
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the interim report for JPMorgan Global
Core Real Assets Limited (the 'Company', or 'JARA') for the six
months ended 31st August 2021.
Over the period economic activity and business confidence have
increased, largely on the back of the successful roll-out of
Covid-19 vaccines - at least in developed markets. The gradual
return to something approaching normal life has already delivered
benefits to the sectors in which your Company invests. The real
estate sectors, in both the public and private markets, and the
transportation markets have all seen more activity, resulting in
strong utilisation levels. JARA's listed allocation supplemented
its exposure to private businesses by providing strong positive
performance over the six months.
The Company recorded a total return on net assets of +6.5% over
the six months ended 31st August 2021. The total return for
shareholders was -2.8% over the same period as a result of the
premium to net asset value narrowing, moving from 10.6% at the
previous year end to 0.9% at 31st August 2021. The Investment
Managers' 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 and Features
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 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.
The Company aims to provide investors with a long-term NAV
return of 7 to 9% per annum, inclusive of a dividend yield (based
on the initial issue price of 100p per share) of 4 to 6% per
annum.
Capital Deployment
As I wrote in my Chairman's statement for the year ended 28th
February 2021, the Company was 90% invested at the start of the
latest six month period. There were a number of capital calls from
the funds into which we invest over the period, including $12
million into the Global Transport Strategy and a smaller call into
the Global Infrastructure Strategy (including a post period
Infrastructure investment of $0.8 million). A further $15.8 million
of capital has been called into Global Real Estate, primarily in
the Asia-Pacific markets. During the period, there was also a
maiden commitment to JPMorgan's US Real Estate Mezzanine Debt
Strategy which aims to capture the attractive returns currently
available in that sector and will serve to boost the income
receivable by JARA.
After taking into account the share issuance in the period, the
Company had 95% of shareholders' funds invested at 31st August
2021, with uncalled commitments of $20.9 million.
Dividends
Over the review period the Company has declared and paid two
quarterly dividends, both for 1 penny per share. Based on the
closing share price as at 31st August 2021, this represents an
annualised yield of 4.4%.
Share Issuance and Capital Raising
In the six month review period the Company took advantage of
investor demand to issue an additional 8.6 million shares, raising
some GBP7.8 million of proceeds. This level of issuance reflects
the Board's assessment of the benefits that come from additional
share issuance, the new shares being issued at a premium to NAV to
compensate existing shareholders for any possible dilution of
returns that can arise when new capital is waiting to be deployed.
After talking to existing shareholders, the Board and Manager
maintain their view that periodic issuance of new shares at a
modest premium when client demand and market opportunities arise is
a sound way to grow JARA.
Outlook
Given the pandemic that we sailed into and which has had such a
profound effect on the world for the past 18 months, it is clear
that the decision to launch an investment fund in September 2019
with significant exposure to sectors such as transportation and
real estate has ensured that JARA has had a baptism of fire. Not
only were many of our target sectors severely affected by what was
to come, we also experienced significant delays in the deployment
of our funds, being forced to sit with cash at a time when interest
rates were effectively zero. The fact that our reference currency
is sterling, which has appreciated against almost every currency in
which our underlying assets are valued, has provided a further
brake on our performance when reported in sterling.
Fortunately, our Investment Managers held their nerve and JARA
is now seeing the benefits of their patience and expertise. I am
very encouraged both by the speed of the recovery we are seeing in
so many of the sectors where our shareholders' money has been
deployed; and by the way our revenue account has been growing, thus
allowing us to make quarterly distributions in line with what was
offered at the time of our 2019 IPO. After what I have already
referred to as a baptism of fire, I believe that we are remarkably
well placed to profit from the next phase of the recovery in the
world economy and that our shareholders will continue to capture
the benefits of the high quality, internationally diversified
portfolio of real assets in which we are invested.
John Scott
Chairman
16th November 2021
INVESTMENT MANAGERS' REPORT
Review of Markets
In the prior six months, many developed economies made
sufficient progress on vaccination levels to allow them to ease
COVID-related restrictions significantly - enabling greater
mobility and for activity levels to pick up. As a result of this,
more economically sensitive parts of the market, such as equities
and real estate, rose strongly. The relaxation of pandemic-related
restrictions was achieved despite the highly contagious Delta
variant spreading across much of the world. Winter brings with it
further uncertainty in relation to COVID's transmissibility and if
hospitalisations do increase further, the economic recovery could
be impeded though, in our view, not derailed.
As a result of the reopening, economic data over the period was
generally very strong, especially in the US, which posted an
annualised growth rate in excess of 6% in both the first and second
quarters of 2021. Although the Eurozone economy contracted by 0.6%
in the first quarter, it was able to grow strongly in Q2 owing in
no small part to an accelerated vaccination effort. Despite supply
side strain, indicators point to continued economic growth over the
remainder of the year.
The reopening of economies and the quick rebound in activity has
met with some production and transportation bottlenecks -
constraining growth and fuelling inflation in some countries. The
US consumer price index increased over 5% year on year and whether
or not supply side issues can ease and whether inflation will be
with us for a while are the big questions for investors. Whilst the
Federal Reserve continues to see this inflation increase as
transitory, it has recently become slightly more hawkish, as have
other central banks, meaning quicker tapering and earlier rate
rises are being discussed. Importantly for investors, in an
environment where inflation is running above trend, gaining a
positive real return is a challenge. As such, assets that can
increase their cash flows as a result of inflation or nominal GDP
growth - something real assets are typically well positioned to do
- should become a valuable quality within investors'
portfolios.
The other significant driver of markets in the last six months
has been politics and regulation. Examples of what investors have
had to deal with recently include: new regulation in China;
changing governments in Japan and Germany; and the wide variety of
policies in the name of greener, more sustainable economies. Real
assets are an asset class where regulation and/or political
interference can have an impact and this is something of which we
are mindful when we invest. Nevertheless, in our view,
diversification across many countries and regulatory regimes
remains the best way of protecting a portfolio from these issues
and is a major focus of our portfolio construction approach.
Portfolio Review
Portfolio Review and Positioning
The first six months of this financial year represent JARA's
first two quarters of being significantly invested. Over the
period, the Company's portfolio had a total return in GBP of +6.5%,
inclusive of two 1 quarterly dividends of 1 penny per share. The
annualised yield, based on the NAV as at 31st August 2021, was 4.4%
and this is within the Company's 4 to 6% target range. This strong
positive NAV return aligns with JARA being a more fully invested
portfolio which is well positioned to generate positive real
returns over the long term.
The Company started the year with an investment level of 90% and
finished the period at 95%. During the six months the Company
invested $27.8 million of additional capital primarily into
Transportation and Asia-Pacific Real Estate markets with smaller
investments in the US Real Estate and Infrastructure markets.
JARA's initial commitment to Real Estate Mezzanine Debt has also
been made - an attractive sub-sector of real estate which offers a
strong yield from more senior securities. This commitment, which
has yet to be funded, will represent just over 5% of JARA and the
allocation will be funded from cash and the Company's existing real
estate allocation.
JARA Sector Exposures
JARA has now achieved its target of being a globally diversified
portfolio. The Company currently has 51% of its portfolio in North
America, 30% in Asia-Pacific, 16% in Europe and 3% in the UK. With
this portfolio comes currency exposure, and whilst the strength of
sterling has been a negative influence on returns since inception
we would highlight that the majority of return in the past six
months was driven by strong local currency asset return, with
currency as a slight tailwind. Over the six months JARA's real
estate, infrastructure and transportation allocations were positive
contributors to the portfolio.
JARA entered the year with a slight overweight to real estate -
something we were comfortable with due to real estate being a
slightly more economically sensitive asset class and therefore one
we feel should benefit over the next 12-18 months from a favourable
economic environment. This positioning had positive outcomes as we
saw real estate provide the largest contribution to the portfolio -
with the Company's industrial and residential exposure leading the
way. Across the portfolio we continue to have a pipeline of over 11
million square feet in industrial assets, helping to build on this
high conviction area. Further investments into Asia deepen the
exposure in markets where we expect strong economic and demographic
growth during the next cycle, as well as further diversifying the
currency exposure.
The infrastructure and transportation markets continued their
consistent run, with a +3.6% and a +2.5% performance, respectively.
Similar to real estate, the transportation market is benefiting
from the increase in economic activity with measures such as port
call data and utilisation levels looking strong. As a core investor
in the asset class the Company is focused on access to this market
through longer term contracts, which are less affected by spot
rates, but the portfolio takes advantage of attractive economics
when renewing lease rates or acquiring new vessels. This addition
of new vessels at higher rates serves to benefit the overall
portfolio and we have targeted new capital towards the
containership market and new build assets in the Liquid Natural Gas
sector. In Infrastructure the focus remains on smaller, bolt on
acquisitions and these continue to be made in the utilities and
renewable energy areas.
The portfolio is focused on achieving positive environmental,
social and governance benefits across its real assets - something
we believe to be vitally important given the assets are often
fundamental to the societies in which they operate. With this in
mind, we are reviewing the Company's emissions footprint with a
view to providing investors with a full understanding of the
portfolio, as well as how we will improve this over time. In this
vein we would like to highlight that across the Company's real
estate portfolio we are targeting a reduction of energy and
emissions by 25% over ten years in alignment with the Paris Accord
and reduce water and waste by 15% over the decade. In the past year
these targets were achieved and we were also able to avoid 4
million metric tonnes of emissions as a result of the renewable
energy generated.
Other Portfolio metrics/exposures
Please refer to the Company's Half Year Report & Financial
Statements ('Half Year Report') for various graphics highlighting
other portfolio metrics, exposures and key portfolio themes.
J.P.Morgan Asset Management's Alternative Solutions Group
Investment Managers
16th November 2021
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
28th February 2021.
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
16th November 2021
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31ST AUGUST 2021
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Period ended
31st August 31st August 28th February
2021 2020 2021
GBP'000 GBP'000 GBP'000
------------------------------------- ----------------- ----------------- --------------
Gains/(losses) on investments
held at fair value through profit
or loss 7,315 (5,842) (9,297)
Net foreign currency gains/(losses) 1,093 (5,197) (5,290)
Investment income 4,653 1,268 3,049
Interest receivable and similar
income 8 495 565
------------------------------------- ----------------- ----------------- --------------
Total return/(loss) 13,069 (9,276) (10,973)
Management fee (337) (383) (703)
Other administrative expenses (654) (300) (642)
------------------------------------- ----------------- ----------------- --------------
Return/(loss) before finance
costs and taxation 12,078 (9,959) (12,318)
Taxation (128) (126) (412)
------------------------------------- ----------------- ----------------- --------------
Net return/(loss) 11,950 (10,085) (12,730)
------------------------------------- ----------------- ----------------- --------------
Return/(loss) per share (note
3) 5.67p (4.94)p (6.16)p
The Company does not have any income or expense that is not
included in the net return/(loss) for the period/year. Accordingly
the 'Net return/(loss) for the period/year, is also the 'Total
comprehensive income/(expense)' for the period/year, as defined in
IAS1 (revised).
All Items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the
period/year.
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31ST AUGUST 2021
Share Retained
premium earnings Total
GBP'000 GBP'000 GBP'000
----------------------------------------------- -------- ---------- ----------
Six months ended 31st August 2021 (Unaudited)
At 28th February 2021 209,136 (25,619) 183,517
Issue of ordinary shares 7,987 - 7,987
Net return for the period - 11,950 11,950
Dividends paid in the period (note 4) - (4,260) (4,260)
----------------------------------------------- -------- ---------- ----------
At 31st August 2021 217,123 (17,929) 199,194
----------------------------------------------- -------- ---------- ----------
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)
Net 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
----------------------------------------------- -------- ---------- ----------
Year ended 28th February 2021 (Audited)
At 29th February 2020 200,574 (6,159) 194,415
Issue of ordinary shares 8,679 - 8,679
Share issue costs (117) - (117)
Net loss - (12,730) (12,730)
Dividends paid in the year (note 4) - (6,730) (6,730)
----------------------------------------------- -------- ---------- ----------
At 28th February 2021 209,136 (25,619) 183,517
----------------------------------------------- -------- ---------- ----------
STATEMENT OF FINANCIAL POSITION
AT 31ST AUGUST 2021
(Unaudited) (Unaudited) (Audited)
31st August 31st August 28th February
2021 2020 2021
GBP'000 GBP'000 GBP'000
--------------------------------------- ------------ ------------ --------------
Assets
Non current assets
Investments held at fair value
through profit or loss 187,983 74,297 163,450
Current assets
Other receivables 485 546 814
Cash and cash equivalents 11,185 115,285 19,867
--------------------------------------- ------------ ------------ --------------
11,670 115,831 20,681
Liabilities
Current liabilities
Other payables (459) (312) (614)
--------------------------------------- ------------ ------------ --------------
Net current assets 11,211 115,519 20,067
--------------------------------------- ------------ ------------ --------------
Total assets less current liabilities 199,194 189,816 183,517
--------------------------------------- ------------ ------------ --------------
Net assets 199,194 189,816 183,517
--------------------------------------- ------------ ------------ --------------
Amounts attributable to shareholders
Share premium 217,123 209,136 209,136
Retained earnings (17,929) (19,320) (25,619)
--------------------------------------- ------------ ------------ --------------
Total shareholders' funds 199,194 189,816 183,517
--------------------------------------- ------------ ------------ --------------
Net asset value per share (note
5) 91.6p 90.9p 87.9p
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31ST AUGUST 2021
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st August 31st August 28th February
2021 2020 2021
GBP'000 GBP'000 GBP'000
---------------------------------------- ----------------- ----------------- --------------
Operating activities
Return/(loss) before finance
costs and taxation 12,078 (9,959) (12,318)
Deduct dividends received (4,583) (1,222) (2,972)
Deduct investment income - interest (70) (46) (77)
Deduct deposit and liquidity
fund interest received (8) (495) (565)
(Less gains)/add losses on investments
held at fair value
through profit or loss (7,315) 5,842 9,297
Decrease/(increase) in prepayments
and accrued income 15 16 (16)
Increase/(decrease) in other
payables 34 (173) (93)
Add exchange (losses)/gains
on cash and cash equivalents (166) 5,273 3,981
Taxation (240) (129) (414)
---------------------------------------- ----------------- ----------------- --------------
Net cash outflow from operating
activities before interest (255) (893) (3,177)
---------------------------------------- ----------------- ----------------- --------------
Dividends received 4,952 1,195 2,318
Investment income - interest 103 69 124
Deposit and liquidity fund interest
received 8 667 737
Purchases of investments held
at fair value through profit
or loss (79,396) (22,223) (128,334)
Sales of investments held at
fair value through profit or
loss 62,013 9,544 23,635
---------------------------------------- ----------------- ----------------- --------------
Net cash outflow from operating
activities (12,575) (11,641) (104,697)
---------------------------------------- ----------------- ----------------- --------------
Financing activities
Issue of ordinary shares 7,987 8,679 8,679
Share issue costs - (117) (117)
Dividends paid (4,260) (3,076) (6,730)
---------------------------------------- ----------------- ----------------- --------------
Net cash inflow from financing
activities 3,727 5,486 1,832
---------------------------------------- ----------------- ----------------- --------------
Decrease in cash and cash equivalents (8,848) (6,115) (102,865)
Cash and cash equivalents at
the start of the period/year 19,867 126,713 126,713
Exchange movements 166 (5,273) (3,981)
---------------------------------------- ----------------- ----------------- --------------
Cash and cash equivalents at
the end of the period/year(1) 11,185 115,285 19,867
---------------------------------------- ----------------- ----------------- --------------
(1) Presented under Cash and cash equivalents in Statement of
Financial Position.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31ST AUGUST 2021
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 year ended 28th February 2021.
3. Return/(loss) per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Period ended
31st August 31st August 28th February
2021 2020 2021
GBP'000 GBP'000 GBP'000
---------------------------- ----------------- ----------------- --------------
Total return/(loss) 11,950 (10,085) (12,730)
Weighted average number
of shares in issue during
the
period/year 211,009,854 204,311,144 206,541,068
---------------------------- ----------------- ----------------- --------------
Total return/(loss) per
share 5.67p (4.94)p (6.16)p
---------------------------- ----------------- ----------------- --------------
4. Dividends paid
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Period ended
31st August 31st August 28th February
2021 2020 2021
GBP'000 GBP'000 GBP'000
-------------------------- ----------------- ----------------- --------------
2021/2022 First interim
dividend of 1.00p
(2020/2021: 0.75p) per
share 2,088 1,510 1,510
2021/2022 Second interim
dividend of 1.00p
(2020/2021: 0.75p) per
share 2,172 1,566 1,566
2020/2021 Third interim
dividend of 0.75p - - 1,566
2020/2021 Fourth interim
dividend of 1.00p - - 2,088
-------------------------- ----------------- ----------------- --------------
Total dividends paid in
the period 4,260 3,076 6,730
-------------------------- ----------------- ----------------- --------------
A third interim dividend of 1.00p per share, amounting to
GBP2,174,000 has been declared payable on 29th November 2021 in
respect of the year ending 28th February 2022.
5. Net asset value per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Period ended
31st August 2021 31st August 28th February
2020 2021
GBP'000 GBP'000 GBP'000
--------------------------- ----------------- ----------------- --------------
Net assets (GBP'000) 199,194 189,816 183,517
Number of shares in issue 217,407,952 208,807,952 208,807,952
--------------------------- ----------------- ----------------- --------------
Net asset value per share 91.6p 90.9p 87.9p
--------------------------- ----------------- ----------------- --------------
JPMORGAN FUNDS LIMITED
16th November 2021
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.
ENDS
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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