TIDMJARA TIDMJARU TIDMJARE
RNS Number : 9048T
JPMorgan Global Core Real Assets Ld
22 March 2023
The following replaces the 'Quarterly Net Asset Value And
Portfolio Update' announcement released on 22 March 2023 at 7.00am
under RNS No 7817T.
The changes made are solely related to the share price returns
and net asset value returns quoted in the first paragraph. All
other aspects remain unchanged.
The full amended text is shown below.
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") as at
28th February 2023 of 102.16 pence per share. During the quarter to
28th February 2023 the Company paid a dividend of 1.05 pence per
share on 24th February 2023, bringing the NAV total return for the
quarter to +0.3% and +11.8% for the year, while the total share
price return for the year to 28th February 2023 was +7.0%.
An analysis of the components to this NAV and the relevant dates
for their valuation is provided below:
Strategies
Name Date of price for % of JARA's NAV
Strategy as at 28 February
2023
US Real Estate Equity 31 December 2022 21.2%
------------------- -------------------
Asia-Pacific Real Estate
Equity 31 December 2022 18.1%
------------------- -------------------
US Real Estate Debt 31 December 2022 7.1%
------------------- -------------------
Transportation 30 September 2022 18.6%
------------------- -------------------
Infrastructure 31 December 2022 17.0%
------------------- -------------------
Liquid Strategy 28 February 2023 18.0%
------------------- -------------------
Across both public and private allocations, and measured in
local currency, JARA's real estate exposure contributed -0.81%
whilst infrastructure and transportation contributed +0.14%. This
again, shows stable, resilient returns during a period which was
volatile for many private assets. This was driven by JARA's
diversification across different real asset types and geographies,
in both equity and debt. The US dollar delivered a drag to
performance over the Company's quarter to 28th February 2023 due to
its decline versus sterling*. This was offset by the positive
currency moves seen in the private strategies during their latest
quarterly cycle (quarter end dates given in the table above).
* The GBP/USD exchange rate was 1.21065 as at 28th February
2023.
Dividends
The most recent quarterly dividend of 1.05 pence per share was
paid to shareholders on 24th February 2023. This brings the total
dividends for the year to 28th February 2023 to 4.05 pence per
share which represents a current annualised yield of 4.67%*, and
4.05% on issue price . The Board continues to expect the yield to
be within the target range of 4 - 6% on issue price, as set out in
the Company's IPO prospectus.
* Based on JARA's closing share price as at 28th February
2023.
Issued Share Capital
As at 28th February 2023, there were 219,407,952 shares in
issue.
Portfolio Construction
As at 28th February 2023, the Company's portfolio was valued at
GBP221.5 million and is fully invested.
Sector exposure Percentage of NAV
Total Exposure Private Asset Public Asset
Exposure Exposure
Real Estate Equity 46% 39% 7%
Real Estate Debt 10% 7% 3%
Infrastructure 21% 17% 4%
Transportation 22% 19% 3%
-------------------- --------------- -------------- -------------
Total 100% 82% 18%
As at 28(th) February 2023. Numbers may not sum due to
rounding.
Geographical exposure percentage of NAV
31.08.22 30.11.22 28.02.23
North America 54% 55% 54%
Asia Pacific 27% 27% 28%
Europe 15% 15% 16%
UK 3% 3% 2%
Other 0% 0% 0%
Total 100% 100% 100%
As at 28(th) February 2023. Numbers may not sum due to
rounding.
Private Asset Portfolio Metrics
Please see below for the metrics of JARA's private investments.
As at 28th February 2023, private asset exposure represented 82% of
JARA's NAV, stable compared to the previous quarter.
Investments
-- 335 private investments and, at a more granular individual
asset level, look through exposure to 1,230 individual assets (30th
November 2022: 1,203)
31.08.22 30.11.22 28.02.23
Investments 309 336 335
Assets 1,168 1,203 1,230
Private Portfolio Operating Metrics
Discount Rates
The blended average discount rate is 7.9%. The asset level
discount rate will vary by strategy, with real estate, including
debt currently having a blended rate of 7.5% and Infrastructure and
Transport being 9.2%. The increase in the real estate discount rate
has been driven by the inclusion of the debt allocation in this
number. The blended average discount rate at the portfolio level
has increased over the last couple of quarters reflecting the
higher rate environment the Company now operates in.
31.08.22 30.11.22 28.02.23
Portfolio discount
rate 7.3% 7.4% 7.9%
---------------------------- --------- --------- ---------
Property 6.2% 6.1% 7.5%
Infrastructure & Transport 8.8% 9.0% 9.2%
Lease Duration
-- 4.8 years average lease duration in real estate and
transportation, with under 10% expected to expire in 2023.
31.08.22 30.11.22 28.02.23
Weighted Lease
Duration (years) 5.1 5.2 4.8
Occupancy
-- 96% occupancy of leased assets in real estate and
transportation, with Q4 2022 collections being in line with
expectations. At an overall portfolio level, occupancy and income
receipts are in line with what the Manager expects.
31.08.22 30.11.22 28.02.23
Occupancy 97% 97% 96%
Loan To Value (LTV)
-- 37% portfolio weighted average loan to value across private
assets. Asset level LTVs will vary by strategy with the real estate
average LTV of 25% and Infrastructure and Transport blended LTV of
47%. The underlying strategies continue to take a conservative view
on overall leverage use.
31.08.22 30.11.22 28.02.23
LTV 32% 37% 37%
Debt
-- 3.7% blended average cost of debt across the strategies, with
77.4% being fixed and 22.6% floating and a weighted average
maturity of 5.2 years.
31.08.22 30.11.22 28.02.23
Debt Cost 3.0% 3.4% 3.7%
Fixed 76.5% 75.5% 77.4%
Floating 23.5% 24.5% 22.6%
Average Maturity
(years) 5.0 5.0 5.2
Development Profile
-- Each underlying strategy has the capacity to engage in a
small degree of development with the private asset portfolio having
less than 3% exposure to development assets. This small allocation
allows the Manager, where appropriate, to capitalise on areas where
construction is a more effective way to gain access to assets or
sectors due to the rich pricing in the secondary market. Currently
the development allocation is mainly focused on areas such as
residential housing and energy transportation.
We would expect construction exposure across JARA's portfolio to
remain relatively low on an aggregate basis.
31.08.22 30.11.22 28.02.23
Development Risk <3% <3% <3%
Exposure
Currency
The main currency exposures of the portfolio (including
liquidity funds) are as follows:
Currency 31.08.22 30.11.22 28.02.23
USD 66% 66% 65%
EUR 10% 8% 11%
JPY 6% 6% 7%
AUD 6% 6% 5%
RMB 3% 3% 3%
SGD 3% 3% 3%
NZD 2% 2% 2%
GBP 3% 3% 2%
CAD 1% 1% 1%
Numbers may not sum to 100% due to rounding.
22nd March 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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