JPMorgan Global Core Real Assets Ld Monthly Net Asset Value (3527Q)
February 20 2023 - 2:00AM
UK Regulatory
TIDMJARA TIDMJARU TIDMJARE
RNS Number : 3527Q
JPMorgan Global Core Real Assets Ld
20 February 2023
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CORE REAL ASSETS LIMITED
(the "Company" or "JARA")
MONTHLY NET ASSET VALUE
Legal Entity Identifier: 549300D8JHZTH6GI8F97
The Company announces that the unaudited net asset value ('NAV')
as at 31 January 2023 was 100.97 pence per share.
An analysis of the components to this NAV and the relevant dates
for their valuation is provided below. Given elevated levels of
market volatility, additional commentary is also provided in this
NAV release.
Strategies
Name Date of price for % of JARA's NAV
Strategy as at 31 January
2023
US Real Estate Equity 31 December 2022 21.1%
------------------- ------------------
Asia-Pacific Real Estate
Equity 30 September 2022 17.0%
------------------- ------------------
US Real Estate Debt 31 December 2022 7.1%
------------------- ------------------
Transportation 30 September 2022 18.5%
------------------- ------------------
Infrastructure 31 December 2022 17.0%
------------------- ------------------
Liquid Strategy 31 January 2023 19.3%
------------------- ------------------
Exchange rates
The GBP/USD exchange rate was 1.2311 as at 31 January 2023.
Commentary
Overall, the Company's NAV declined by 0.8% over the month,
primarily driven by the -2.3% depreciation of USD against GBP over
the month. The Board and Manager are pleased with the NAV
performance, given background market conditions. JARA's diversified
portfolio is acting as it was intended, with areas of strength,
some of which are a direct beneficiary of increased interest rates
and higher inflation, offsetting write-downs in other areas of the
portfolio.
Three private strategies have reported their quarterly
valuations as at 31 December 2022. The decline in the valuation of
the US Real Estate Equity allocation was offset by gains in the US
Real Estate Debt and the Infrastructure strategies, both of which
delivered a positive return over the quarter. The Real Estate Debt
strategy was fully drawn down on 23 February 2022 to capitalise on
the pronounced market dislocation post COVID and is now benefitting
from rising rates. Collectively this resulted in a -2.8% USD return
from the Company's US real estate exposure in Q4. The Company notes
that the real estate debt exposure has helped reduce the volatility
in the US property allocation and speaks to the diversification of
JARA's portfolio. JARA's portfolio has no exposure to private real
estate in Europe or the UK, where rising rates have particularly
impacted real estate valuations. The Liquid strategy delivered a
positive return over the month.
The valuations for the two remaining private asset strategies
(Transportation and Asia-Pacific Real Estate) as at 31 December
2022 are expected to be incorporated into the Company's February
NAV. Core transportation has historically been a resilient market
during periods of stress and the capital market adjustments which
have driven a lot of the repricing in US real estate should have
less of an effect in Asia-Pacific markets, where interest rate
regimes differ significantly and cap rates were at less compressed
levels compared to the US and Europe.
20 February 2023
Emma Lamb
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 capital appreciation, measured on a constant
currency basis, through exposure to a globally diversified
portfolio of Core Real Assets in accordance with the Company's
investment policy. The Company obtains 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.
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END
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