TIDMJAGI
RNS Number : 2762L
JPMorgan Asia Growth & Income PLC
11 January 2021
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN ASIA GROWTH & INCOME PLC
FINAL RESULTS FOR THE YEARED 30TH SEPTEMBER 2020
Legal Entity Identifier: 5493006R74BNJSJKCB17
Information disclosed in accordance with the DTR 4.1.3
The Directors of JPMorgan Asia Growth & Income plc announce
the Company's results for the year ended 30th September 2020.
chairman's statement
Performance and the Company's Improved Rating
In the year to 30th September 2020 the Company's return to
shareholders was +22.3% compared with a return of +12.3% in
sterling terms for the Company's benchmark index, the MSCI All
Countries Asia ex Japan Index. The net asset value ('NAV') return
was +9.3% (all figures are on a total return basis). Such returns
would have been hard to envisage at the Company's six month mark,
when I reported a return to shareholders of -6.6% and a NAV return
of -11.5% as the effect of the COVID-19 pandemic took hold of
economies throughout the globe. This remarkable turnaround reflects
the significant recovery of East Asian countries in the second half
of the Company's financial year, which to date have generally
weathered the COVID-19 pandemic better than most other regions in
the world.
The considerable +22.3% return to shareholders is comprised of
an increase in the Company's net assets, but more significantly a
substantial narrowing of the Company's discount from 10.0% at the
start of the period to a premium of 0.6%. Shareholders are reminded
that the discount/premium to NAV at which the Company's shares
trade reflects a number of factors, including the performance of,
and demand for, the Company's shares. Demand for the Company's
shares has increased both because of strong performance but also
the introduction of the higher dividend yield paid to shareholders
since the beginning of the Company's financial year ended 2017.
Demand from retail investors has been particularly strong, with
such investors now holding just over 40% of the Company's share
capital; such investors representing circa. 26% of the register in
September 2016. The Board is delighted with the Company's improved
share price rating. Since the year end, the Company has continued
to trade at a premium to NAV (with the exception of two days) and
the Board has taken the opportunity to authorise the issue of
265,000 shares from Treasury. The Board does believe that expanding
the trust has benefits to its existing shareholders in terms of
increased liquidity and lower costs per share, although we do not
intend aggressively to pursue growth for its own sake. Shareholders
are reminded that shares will only be issued at a premium to NAV so
not to dilute the price for existing shareholders.
The principal reason for the Company's NAV underperformance
relative to its benchmark was attributable to the portfolio's stock
selection, with a marginal shift in the bias of the portfolio
towards 'value' stocks detracting from performance, as 'growth'
investing continues to outperform, with the gap in returns between
these investment styles now at its widest point in 25 years. Full
detail of the Company's performance, together with a market review
and outlook for 2021 can be found in the Investment Managers'
Report below.
Dividend Policy
The Company's dividend policy aims to pay, in the absence of
unforeseen circumstances, regular quarterly dividends funded from a
combination of revenue and capital reserves equivalent to 1% of the
Company's NAV on the last business day of each financial quarter,
being the end of December, March, June and September. For the year
ended 30th September 2020 dividends paid totalled 15.8 pence (2019:
15.7 pence). Despite an increase in the Company's net assets over
the year of 5.1%, there was not a commensurate increase on the
prior year total dividend payment owing to the reduced second
quarter dividend, that was based upon the Company's net assets as
at 31st March 2020, the date on which the Company's NAV fell to
almost its lowest point during the COVID-19 sell-off.
Continuation Vote and Change of Company Name
At the Company's Annual General Meeting held in February 2020,
shareholders voted overwhelmingly in favour of the continuation of
the Company for a further three year period. The Board thanks
shareholders for their ongoing support.
Given the Company's enhanced distribution policy, as detailed
above, the Company was moved into the AIC's Asia Pacific Income
Sector. In light of this change and to better reflect the Company's
investment and dividend policies, the Board authorised a change of
the Company's name to 'JPMorgan Asia Growth & Income plc'. This
change took effect from 14th February 2020 and was completed in
conjunction with a change to the Company's TIDM, the 'ticker' or
identification code used to identify it on the London Stock
Exchange, from 'JAI' to 'JAGI'. Investors are reminded that the
Company's key objective remains to maximise total returns.
Best Asia Pacific Equities Investment Trust Award
The Company was recently awarded the 'Best Asia Pacific Equities
Investment Trust' at Money Observer's annual Investment Trust
Awards 2020. In their commentary that accompanied the Award, Money
Observer highlighted how the Company has utilised the investment
trust structure to pay higher dividends to shareholders and
'outperformed its benchmark in each of the last five years,
including particularly strong returns in 2017 and a resilient
performance in the 2018 downturn'.
Gearing
The Company has in place a multi-currency loan facility with
Scotiabank. The Investment Managers utilise draw downs from this
loan facility to gear the portfolio. The Company deployed some
limited gearing post the COVID-19 sell off in March 2020. At the
time of writing the Company was not geared.
Environmental, Social and Governance ('ESG') Issues
As detailed in the Investment Managers' report, environmental,
social and governance ('ESG') considerations are integral to the
Manager's investment process and ESG considerations are core to how
it selects stocks in companies in the Asian region. Please refer to
the separate ESG Report within the Company's Annual Report &
Financial Statements for the Year Ended 30th September 2020 ('2020
Annual Report') which provides much more comprehensive information
on this integration.
Corporate Governance
The AIC Code of Corporate Governance for investment companies
was revised and reissued in early 2019, in conjunction with the
revision of the FRC UK Corporate Governance Code in 2018. The Board
has procedures in place to ensure that the Company complies fully
with the AIC Code on Corporate Governance, where applicable, and
the relevant disclosures in this Annual Report & Financial
Statements reflect the new disclosure requirements.
Board of Directors
The results of this year's Board evaluation process confirmed
that all Directors possessed the experience and attributes to
support a recommendation to shareholders that they retire and seek
re-appointment at the Company's forthcoming Annual General Meeting.
In line with the AIC Code of Corporate Governance, additional
statements to support the re-appointment of each Director are
included in the 2020 Annual Report.
To ensure that the Company can continue to attract quality
candidates to the Board, Directors fees have been increased from
1st October 2020 having last been increased in October 2017. For
full details please refer to the Directors' Remuneration Report
within the 2020 Annual Report.
The Manager and Other Third Party Service Providers
The Board is pleased to report that, since the on-set of the
pandemic, the Manager and the Company's other service providers
have been able to adjust their business models to accommodate the
working from home requirements with limited disruption. The Board
has received assurances that the Company's operations, to include
the management of the portfolio and the maintenance of a strong
controls environment, have continued as normal with no issues being
identified.
Through the remit of the Management Engagement Committee
('MEC'), the Board has reviewed the Manager's performance and its
fee arrangements with the Company. Based upon its performance
record and taking all factors into account, including other
services provided to the Company and its shareholders, the MEC and
the Board are satisfied that JPMF should continue as the Company's
Manager and that its ongoing appointment remains in the best
interests of shareholders.
The Board continues to focus on costs incurred by the Company
across all of its functions, with a view to enhancing shareholder
value. The Board is pleased to note that the Company's 'Ongoing
Charges' (representing the Company's management fee and all other
operating expenses) are the lowest within its comparable peer group
of actively managed open and closed-ended investment vehicles at
0.74%, ensuring that the Company remains on a competitive
footing.
In an effort to improve the efficiency of the maintenance of the
Company's share register, the Board seeks shareholder approval to
adopt new Articles of Association (the 'New Articles') in order to
update the Company's current Articles of Association (the 'Existing
Articles') so that they reflect best practice in relation to
untraced shareholders and, in particular, to clarify that the
consideration, if any, received by the Company upon the sale of any
shares pursuant to the untraced shareholder or share forfeiture
provisions, will belong to the Company. For full details please
refer details in the 2020 Annual Report and in the AGM Notice of
Meeting.
Annual General Meeting
The Company's forthcoming Annual General Meeting will be held at
60 Victoria Embankment, London EC4Y 0JP on Wednesday, 17th February
2021 at 12.00 noon. Despite the very encouraging news on the roll
out of vaccinations in the UK, due to the COVID-19 restriction
tiers in place at the time of writing and ongoing public health
concerns which are not likely to abate until well into 2021, the
Board has reluctantly decided to limit attendance at the Annual
General Meeting in person to Directors, their proxies and
representatives from JPMorgan. This will ensure a quorum is in
place and that the formal business of the Company will be able to
proceed. Anyone seeking to attend the meeting will be refused
entry.
However, in advance of the meeting, we will be uploading to the
Company's website a presentation from the Investment Managers,
reviewing the past year and discussing the outlook for Asian
markets. Shareholders are invited to address any questions they
have for the Investment Managers or the Board by writing to the
Company Secretary at the address within the 2020 Annual Report or
via email to invtrusts.cosec@jpmorgan.com
As shareholders will not be able to attend the Annual General
Meeting, the Board strongly encourages all shareholders to exercise
their votes by completing and returning their proxy forms in
accordance with the notes to the Notice of Meeting.
If there are any changes to the above Annual General Meeting
arrangements, the Company will update shareholders through the
Company's website and, as appropriate, through an announcement on
the London Stock Exchange.
The Board would like to thank shareholders for their
understanding and co-operation at this difficult time. We very much
hope that you and your families are safe and well and look forward
to meeting with you in 2022 when we hope normality has
returned.
Outlook
The Investment Managers provide a detailed commentary on the
outlook for Asian markets and the Company's portfolio over the
coming 12 months and beyond below. Despite the challenging global
backdrop highlighted by the investment team, the Board remains
committed to the Company's investment proposition which, short term
market movements aside, offers the prospect of rewarding investors
over the longer term.
Bronwyn Curtis OBE
Chairman
11th January 2021
INVESTMENT MANAGERS' REPORT
Introduction
In this report, we consider the Company's investment performance
for the year to 30th September 2020. We review the complex market
backdrop for the period and examine the key stock and sector
stories that impacted relative performance. Finally, we look at
what could lie ahead for Asian equities over the coming year.
What has the market environment been like over the year?
What a difference a year can make; Asian equities ended 2019 on
a strong note, supported by positive investor sentiment, backed by
incremental central bank liquidity, supportive government policies
and the unwinding of trade and geopolitical tensions. Notable
developments included the emergence of a phase one trade deal
between the United States and China, as well as the United Kingdom
moving away from a disorderly exit from the European Union.
The constructive macro backdrop was rudely disrupted in the
first quarter of 2020 by the outbreak of the coronavirus pandemic
('COVID-19'), with Asian equities dropping sharply along with other
global markets. However, equally remarkable was the sharp rebound
from late March, fuelled by an unprecedented level of monetary and
fiscal stimulus offered by central banks and governments globally.
Unlike in the previous market cycle, the driver for the market
rebound was not cyclical stocks, but structural growth sectors such
as Information Technology, e-commerce and Healthcare: businesses
which proved less vulnerable to the pandemic, or where demand
actually accelerated as a result of it.
Asian equities continued to edge up in the run-up to the end of
the Company's fiscal year, with investor sentiment anchored by the
expectation of continued policy support as well as the prospect of
the global economy recovering; these expectations rose as countries
gradually eased social distancing measures, shrugging off resurgent
US-China tensions (especially over technology), US election
uncertainties, and a 'second wave' of COVID-19 cases in many global
territories. These concerns drove the valuation spread between
companies with the potential to outperform over time ('growth
stocks') and those appearing to be trading below what they are
really worth ('value stocks') to a new high as investor appetite
for areas such as healthcare, e-commerce and mobile gaming
continued to grow.
How has the Company performed over the year under review?
Against this highly volatile macro and market backdrop, the
Company's return on net assets for the year to 30th September 2020
was +9.3%, compared with a +12.3% return for the benchmark index,
the MSCI AC Asia-ex Japan, in sterling terms. The value of the
Company's shares rose by 22.3% over the year, largely because of
the discount narrowing from 10% at the start of the period to a
premium of 0.6% at the year-end.
What have been the major contributors and detractors to
performance?
China was one of the best performing markets, along with Taiwan,
thanks to effective government interventions on COVID-19 and
therefore a faster recovery in economic activity.
Our stock selection was mixed; Wuxi Biologics, a leading CRO
(Contract Research Organisation), was one of the leading
contributors as the pandemic significantly accelerated the Research
& Development (R&D) outsourcing trend to China. Tencent was
another clear winner from the pandemic. Shenzhou International, a
leading textile manufacturer for clients such as Nike and Uniqlo,
continued its strong run and benefitted from market consolidation.
However, underweight positions in several e-commerce players such
as Meituan Dianping and JD.com (a stock not held) detracted. Postal
Savings Bank underperformed along with other state-owned large
Chinese banks on concerns that policy makers were encouraging banks
to conserve capital and support the broader economy. China Overseas
Land Investment (COLI) fell, along with the Chinese property sector
as a whole, as the government has been increasingly reticent to
stimulate growth via the property sector and its current
controlling measures are likely to remain in place.
In Taiwan, returns were boosted by the Company's holdings in
Technology stocks. TSMC, the world's largest semiconductor
manufacturer (providing chips for everything from mobile phones to
electric vehicles), was among the top contributors. TSMC continued
to deliver strong results whilst forecasting bullish revenues going
forward, which prompted significant earnings upgrades. The company
also benefitted from the announcement by US-based Intel that it was
having problems with its internal manufacturing processes, leading
to speculation that TSMC might see demand increase further.
Other notable contributors include SEA Ltd., South-East Asia's
leading e-commerce and gaming business. COVID-19 has driven online
sales upwards and SEA gained market share from competitors that are
short of capital to invest in their digital propositions. The
company also reported strong growth in its Fintech platform. While
competition remains fierce in e-commerce, we see multiple options
in fintech businesses and a long runway for growth across this
populous region.
In India, Financials continued to struggle as the macro outlook
remained highly challenging. Our exposure to IndusInd Bank and HDFC
Bank were among the worst detractors. Additionally, not owning
Reliance Industries detracted as the stock continued to re-rate on
the back of investments into its new ventures from leading global
internet firms, such as Amazon buying a stake in its retail
business.
In Hong Kong, months of anti-government protests were followed
by the outbreak of the pandemic which hit the tourism industry
hard. Diversified conglomerate Swire Pacific fell as several of its
underlying businesses, which include Cathay Pacific Group, were
among the worst impacted by the pandemic.
Our holdings in the Energy sector such as Thai Oil and S-Oil
(Korea) detracted on oil price weakness; at its current level, the
oil price is uneconomic for many oil producers.
How has the COVID-19 pandemic influenced the country, sector and
stock holdings in the Company's portfolio?
The pandemic accelerated many of the structural trends we were
already observing, such as digital transformation, the shift to the
cloud and the adoption of online alternatives; all of which
benefitted the Company's holdings in the video gaming, e-commerce,
and hardware technology sectors. The crisis also forced
consolidation across many sectors where firms with leveraged
balance sheets were struggling, while favouring industry leaders
with strong balance sheets and competitive positions. Consolidation
in sectors such as restaurants, textiles and Chinese real-estate
benefitted the best and largest players. The Company's exposure to
Information Technology and Consumer Discretionary increased over
the year, with the latter being our largest overweight sector;
having previously been the allocation to Financials.
On the flipside, the pandemic hit the more macro-sensitive
cyclical sectors, such as banking and energy, the hardest. Unlike
2008's global financial crisis, the financial sector is not at the
epicentre of the current downturn, however banks have had to
conserve capital, extend credit and cut shareholder benefits. This
was most notable among large state-owned banks in China. Energy has
been hit because of the sharp decline in travel and our holdings
across the region were negatively impacted. We have reduced
significantly the Company's exposure to Financials over the course
of the year, however remain overweight compared to benchmark; this
positioning has enabled us to consolidate our investments in high
quality franchises with attractive valuations and positive earnings
outlooks.
PERFORMANCE ATTRIBUTION
FOR THE YEARED 30TH SEPTEMBER 2020
% %
---------------------------------------------- ----- -----
Contributions to total returns
Benchmark return 12.3
Stock selection -2.7
Currency effect -0.1
Gearing/(net cash) 0.5
---------------------------------------------- ----- -----
Investment Manager contribution -2.3
Portfolio return 10.0
Management fee/Other expenses -0.7
Return on net assets(APM) 9.3
Effect of movement in discount over the year 13.0
Return to shareholders(APM) 22.3
---------------------------------------------- ----- -----
Source: FactSet, JPMAM and Morningstar. All figures are on a
total return basis.
Performance attribution analyses how the Company achieved its
recorded performance relative to its benchmark index.
(APM) Alterative Performance Measure ('APM').
A glossary of terms and APMs is provided within the 2020 Annual
Report.
Are there any common themes in portfolio holdings?
Asia boasts some of the global leaders in Technology Hardware.
The aforementioned TSMC is now an undisputed global leader in
cutting edge semiconductor production technology, while Samsung
Electronics and SK Hynix in Korea are the two dominant players in
the memory storage market which has undergone significant industry
consolidation over the past decade.
Another area of increasing focus for us is on Environmental.
Social & Governance (ESG) leaders in sub-industries such as
Textiles, where ESG considerations are becoming ever more critical
and could bring significant financial consequences. Here, we have
identified Shenzhou International (see below) and Crystal
International as clear sub-industry leaders.
Finally, shifting consumer preferences for premium brands remain
a structural growth driver in Asia and we have taken advantage of
this by investing in high quality consumer franchises such as Yum
China which operates KFC and Pizza Hut, and Budweiser which is
growing fast due to its dominance in China's premium beer market as
well as in South Korea. Yum China held its own during lockdown and
has benefitted hugely from its engaged digital audience and a
material increase in online orders and delivery during 2020.
From an ESG perspective are there examples where you have
engaged with an investee company and instigated change or chosen to
disinvest because a company refused to acknowledge your
concerns?
We held a meeting with Shenzhou International to review their
ESG practices. In our view, Shenzhou continues to maintain high
standards in water treatment and recycling, air and chemical
emission management, labour management and worker safety. However,
we believe it can improve its disclosure on carbon emissions and
long-term targets as well as introducing employee incentive
schemes. We provided feedback and suggestions such as introducing
'natural carbon offset' as a path to meet the zero net emission
goal until an improved infrastructure is made available in places
such as Vietnam. We also suggested introducing incentive schemes to
motivate employees, especially middle management, and to attract
talented individuals. The company has acknowledged our suggestions,
and we will continue to engage and monitor further
developments.
What common misconceptions have you come across recently when
speaking to investors?
Many investors believe that China is a risky place to invest,
however we believe it is quite the opposite; a belief that is
reflected in the fact that just under 55% of the portfolio is now
invested in China and Hong Kong. Firstly, the economy is still
growing at a healthy pace compared to its global peers, as measured
by Gross Domestic Product (GDP), and will be one of the few
economies to post positive growth in calendar year 2020 (China
+1.9%, US -4.3%, Japan -5.3%, Eurozone -8.3%). China is likely to
continue to deliver superior nominal economic growth relative to
other markets over the next decade, and as a result, we believe
China's share of global GDP will continue to rise accordingly - as
will China's share of global equity market indices. The investment
universe in China continues to expand, increasingly driven by
innovative businesses in areas such as Technology, Healthcare and
e-commerce. Last but not least, China is also home to some of the
top technology companies in the world, including Alibaba and
Tencent.
How concerned should investors be about geopolitical pressures
in the region, in particular US/China relations?
Although the trade wrangles between the US and China remain a
source of uncertainty, the Chinese government continues to open up
selected areas of its economy to foreign investors. Areas such as
insurance, banking, asset management and automotive production are
gradually being liberalised and becoming more accessible, with
strong interest from foreign investors.
Increasing geopolitical pressures have also meant that Chinese
companies in particular are increasingly raising capital in local
markets instead of the US, with many existing US-listed firms
issuing new capital in Hong Kong and China.
From a bottom-up stock selection perspective, there are many
businesses which are driven by domestic demand, irrespective of
geopolitical tensions. Rising incomes in such an enormous country
that is undergoing economic transformation is leading the shift to
a consumer-led economy resulting in many attractive stock
opportunities.
What should investors expect for the next 12 months?
After such a landmark year dominated by human and economic shock
and its aftermath, predicting the outlook for the coming year is
rather challenging. The continued spread of COVID-19 in some parts
of the world whilst other territories see a gradual normalisation
in household mobility and spending epitomises our conundrum in
forecasting what lies ahead. However, it is clear that investors
are already considering the potential for recovery. At the time of
writing, valuations have risen to the higher end of their 10-year
historical range, while earnings expectations continue their own
recovery, with positive revisions apparent in more sectors and
countries.
As the world attempts to adjust to some sort of 'normal order',
we believe that the pre-existing structural trends in Asian
equities will reassert themselves. The fundamental backdrop remains
favourable, as the secular growth trends that we have witnessed in
this region have either remained intact this year or even
accelerated as a direct result of COVID-19. Examples include the
growth in e-commerce and online gaming, increasing adoption of
industrial automation, and surging demand for semiconductors.
Furthermore, governments and central banks in Asia are committed to
maintaining their accommodative policy stances which should cushion
their respective economies in what remains of this economic
downturn.
Whilst we remain broadly optimistic on the long-term outlook for
Asian equities, the current environment renders it crucial that we
exercise caution. The road to recovery from the pandemic remains
uncertain whilst the gradual withdrawal of stimulus programmes
(such as unemployment benefits and fiscal aid) may create a
roadblock along the way. It is also important to highlight that
valuations are above-trend and that it may become more challenging
to beat market expectations given that the low hanging fruit on
consensus upgrades have already been factored into prices. As a
team, we adopt a patient approach and having a valuation framework
is vital in that respect, allowing us to look beyond short-term
trends in order to identify attractive long-term growth
opportunities.
The quality of growth from companies trading at rich multiples
will become more important as those corporates that fail to meet
market expectations may see their heady valuations come under
pressure. We mentioned earlier that the spread between growth and
value stocks is at an all-time high. The key, in our view, is to
identify higher quality cyclical candidates, by focusing on the
fundamental qualities of specific stocks.
As a team, we continue unhindered in our search for Asia's very
best growth ideas. Despite the challenging global situation, we
remain confident that our long experience and local presence
provides us with optimum access to Asia's fast-growing markets.
Against the macro backdrop we have highlighted in our report, we
remain broadly optimistic on the outlook for Asian equities and
confident that the Company's investment strategy will continue to
reward patient investors over the long-term.
Ayaz Ebrahim
Robert Lloyd
Richard Titherington
Investment Managers
11th January 2021
PRINCIPAL AND EMERGING RISKS
The Directors confirm that they have carried out a robust
assessment of the principal risks facing the Company, including
those that would threaten its business model, future performance,
solvency or liquidity. With the assistance of JPMF, the Audit
Committee has drawn up a risk matrix, which identifies the key
risks to the Company. The risks identified and the broad categories
in which they fall, and the ways in which they are managed or
mitigated are summarised below. The AIC Code of Corporate
Governance requires the Audit Committee, for the first time this
year, to put in place procedures to identify emerging risks. The
key emerging risks identified are also summarised below. The Board
believes the coronavirus (COVID-19) pandemic and Brexit to be
existing risks, rather than emerging risks. Their impact is
considered within the relevant sections below.
Principal Risk Description Mitigating Activities
Investment Management
and Performance
--------------------------------- -------------------------------------------------
Underperformance Poor implementation The Board manages these risks by diversification
of the investment of investments and through its investment
strategy, for example restrictions and guidelines, which
as to thematic exposure, are monitored and reported on by the
sector allocation, Manager. The Manager provides the
stock selection, Directors with timely and accurate
undue concentration management information, including
of holdings, factor performance data and attribution analyses,
risk exposure or revenue estimates, liquidity reports
the degree of total and shareholder analyses. The Board
portfolio risk, monitors the implementation and results
may lead to underperformance of the investment process with the
against the Company's Investment Managers, at least one
benchmark index of whom usually attends all Board
and peer companies. meetings, and reviews data which show
measures of the Company's risk profile.
The Investment Managers employ the
Company's gearing tactically, within
a strategic range set by the Board.
The Board holds a separate meeting
devoted to strategy each year.
--------------------------------- -------------------------------------------------
Widening Discount A disproportionate The Board monitors the level of premium/discount
widening of the at which the shares trade and the
discount relative Company has authority to buy back
to the Company's its existing shares to enhance the
peers could result NAV per share for remaining shareholders
in loss of value when deemed appropriate.
for shareholders.
--------------------------------- -------------------------------------------------
Market and Economic Market risk arises The Board believes that shareholders
Risk from uncertainty expect that the Company will and should
about the future be fairly fully invested in Asian
prices of the Company's equities at all times. The Board therefore
investments, which would normally only seek to mitigate
might result from market risk through guidelines on
economic, fiscal, gearing given to the Manager. The
climate, regulatory, Board receives regular reports from
etc change. It represents the Manager's strategists and Investment
the potential loss Managers regarding market outlook
the Company might and gives the Investment Mangers discretion
suffer through holding regarding acceptable levels of gearing
investments in the and/or cash, currently the Company's
face of negative gearing policy is to operate within
market movements. a range of 10% net cash to 20% geared.
The Board considers In particular also the Board receives
thematic and factor ESG reports from the Manager on the
risks, stock selection portfolio and the way ESG considerations
and levels of gearing are integrated into the investment
on a regular basis decision-making.
and has set investment
restrictions and
guidelines which
are monitored and
reported on by the
Manager.
--------------------------------- -------------------------------------------------
Change of Corporate Change of corporate The Board holds regular meetings with
Control of the Manager control of Manager senior representatives of the Manager
or similar event in order to obtain assurance that
that changes focus the Manager continues to demonstrate
of JPMAM. a high degree of commitment to its
asset management and investment trust
business.
--------------------------------- -------------------------------------------------
Loss of Investment A sudden departure The Board seeks assurance that the
Team or Portfolio of a Portfolio Manager Manager takes steps to reduce the
Manager or several members risk arising from such an event by
of the investment ensuring appropriate succession planning
management team and the adoption of a team based approach,
could result in as well as special efforts to retain
a short term deterioration key personnel. The Board engages with
in investment performance. the senior management of the Manager
in order to mitigate this risk.
--------------------------------- -------------------------------------------------
Operational Risks
--------------------------------- -------------------------------------------------
Outsourcing Disruption to, or Details of how the Board monitors
failure of, the the services provided by JPM and its
Manager's accounting, associates and the key elements designed
dealing or payments to provide effective risk management
systems or the Depositary and internal control are included
or Custodian's records within the Risk Management and Internal
may prevent accurate Controls section of the Corporate
reporting and monitoring Governance Statement within the 2020
of the Company's Annual Report.
financial position The Manager has a comprehensive business
or a misappropriation continuity plan which facilitates
of assets. continued operation of the business
in the event of a service disruption
(including and disruption resulting
from the COVID-19 pathogen. Since
the introduction of the COVID-19 restrictions,
Directors have received assurances
that the Manager and its key third
party service providers have all been
able to maintain service levels.
--------------------------------- -------------------------------------------------
Cyber Crime The threat of cyber The Company benefits directly and/or
attack, in all guises, indirectly from all elements of JPMorgan's
is regarded as at Cyber Security programme. The information
least as important technology controls around physical
as more traditional security of JPMorgan's data centres,
physical threats security of its networks and security
to business continuity of its trading applications, are tested
and security. by independent auditors and reported
every six months against the AAF Standard.
--------------------------------- -------------------------------------------------
Corporate Governance
--------------------------------- -------------------------------------------------
Loss of Investment In order to qualify The Section 1158 qualification criteria
Trust Status as an investment are continually monitored by the Manager
trust, the Company and the results reported to the Board
must comply with each month.
Section 1158 of
the Corporation
Tax Act 2010 ('Section
1158').
Were the Company
to breach Section
1158, it may lose
investment trust
status and, as a
consequence, gains
within the Company's
portfolio would
be subject to Capital
Gains Tax.
--------------------------------- -------------------------------------------------
Corporate Governance
--------------------------------- -------------------------------------------------
Statutory and Regulatory The risk of not The Board relies on the services of
Compliance meeting and being its Company Secretary, the Manager
in compliance with and its professional advisers to ensure
legal and regulatory compliance with the Companies Act
responsibilities. 2006, the UKLA Listing Rules, DTRs,
MAR and AIFMD. Details of the Company's
compliance with Corporate Governance
best practice, are set out in the
Corporate Governance Statement 2020
Annual Report.
--------------------------------- -------------------------------------------------
Environmental
--------------------------------- -------------------------------------------------
Climate Change Climate change, Financial returns for long-term diversified
which barely registered investors should not be jeopardised
with investors a given the investment opportunities
decade ago, has created by the world's transition
today become one to a low-carbon economy. The Board
of the most critical is also considering the threat posed
issues confronting by the direct impact on climate change
asset managers and on the operations of the Manager and
their investors. other major service providers. As
Investors can no extreme weather events become more
longer ignore the common, the resiliency, business continuity
impact that the planning and the location strategies
world's changing of the Company's services providers
climate will have will come under greater scrutiny.
on their portfolios, In particular also the Board receives
with the impact ESG reports from the Manager on the
of climate change portfolio and the way ESG considerations
on returns now inevitable. are integrated into the investment
decision-making.
--------------------------------- -------------------------------------------------
Economic and Geopolitical
--------------------------------- -------------------------------------------------
Global Geopolitical There is significant The Board regularly discusses the
Risk exposure to the global geo-political issues and general
economic cycles economic conditions and developments
and political movements with the Investment Managers. Political
of the markets in tensions between and changes within
which the underlying the US, China, Europe and UK continue
investments are the uncertainty and volatility in
listed. financial markets. The medium and
Political and economic longer term impacts of COVID-19 on
risk, political this risk, for example the unprecedented
change or protectionism levels of fiscal stimulus and travel
may have an adverse restrictions will continue to be assessed
effect on underlying in light of how they may affect the
valuations, such Company's portfolio and the economic
as a US-led trade and geopolitical environment in which
war, North Korean the Company operates within overall.
conflict, and other The potential consequences of Brexit
political tensions continue to be monitored through existing
both in Asia and control systems. Since the portfolio
closer to home to has no investments in the UK or Europe
include tensions the Board does not believe that there
in the Eurozone is likely to be any significant or
and Brexit risks. direct impact on the operation of
the Company or the structure of the
portfolio.
--------------------------------- -------------------------------------------------
Emerging Risk Description Mitigating Activities
--------------------------------- -------------------------------------------------
Global
--------------------------------- -------------------------------------------------
Social Dislocation Social dislocation/civil The Manager's market strategists are
& Conflict unrest may threaten available for the Board and can discuss
global economic market trends. External consultants
growth and, consequently, and experts can be accessed by the
companies in the Board. The Board can, with shareholder
portfolio. approval, look to amend the investment
policy and objectives of the Company
to gain exposure to or mitigate the
risks arising from geopolitical instability
although this is limited if it is
truly global.
--------------------------------- -------------------------------------------------
Inappropriate Monetary/Fiscal Inappropriate Government/Central The Manager's market strategists are
Policies banks fiscal or available for the Board and can discuss
monetary responses market trends. External consultants
to the Covid-19 and experts can be accessed by the
pandemic result Board.
in excessively loose The Board can, with shareholder approval
economic conditions look to amend the investment policy
resulting in the and objectives of the Company, if
medium term risk required, to enable investment in
of significant levels companies or assets which offer more
of inflation or, appealing risk/return characteristics
alternatively, are in prevailing economic conditions.
ineffective in stimulating
a recovery resulting
in deflation and
depression.
--------------------------------- -------------------------------------------------
Rising Competition China is emerging The Board has access to a range of
between China and as a challenger expert resources and strategists in
Western Economies to the western hegemony the UK and in the Asian region to
of recent decades. provide long term insight and guidance
This brings with on geopolitical developments.
it increased competition The Managers investment process incorporates
in political and non-financial measures and risks in
military affairs the assessment of investee companies
alongside the development to allow the portfolio to adapt to
of a major trading changing competitive and political
bloc operating to landscapes.
different cultural,
legal political
and technological
norms and standards.
These areas of conflict
may give rise to
geopolitical crises
that threaten the
markets in which
investee companies
operate and fragment
previously global
markets into more
isolated trading
blocs which may
limit the opportunity
of investee companies
to grow and thrive.
--------------------------------- -------------------------------------------------
TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES
Details of the management contract are set out in the Directors'
Report on page xx. The management fee payable to the Manager for
the year was GBP2,084,000 (2019: GBP1,922,000) of which GBPnil
(2019: GBPnil) was outstanding at the year end.
During the year GBPnil (2019: GBP48,000), was payable to the
Manager for the administration of savings scheme products, of which
GBPnil (2019: GBPnil) was outstanding at the year end.
Safe custody fees amounting to GBP149,000 (2019: GBP161,000)
were payable to JPMorgan Chase Bank N.A. during the year of which
GBP25,000 (2019: GBP28,000) was outstanding at the year end.
The Manager may carry out some of its dealing transactions
through group subsidiaries. These transactions are carried out at
arm's length. The commission payable to JPMorgan Securities Limited
for the year was GBP1,000 (2019: GBP5,000) of which GBPnil (2019:
GBPnil) was outstanding at the year end.
Handling charges on dealing transactions amounting to GBP22,000
(2019: GBP32,000) were payable to JPMorgan Chase Bank N.A. during
the year of which GBP5,000 (2019: GBP7,000) was outstanding at the
year end.
During the year the Company held cash in the JPMorgan US Dollar
Liquidity Fund, which is managed by JPMorgan. At the year end this
was valued at GBP1,160,000 (2019: 2,191,000). Interest amounting to
GBP6,000 (2019: GBP25,000) was receivable during the year of which
GBPnil (2019: GBPnil) was outstanding at the year end.
Stock lending income amounting to GBP17,000 (2019: GBP21,000)
were receivable by the Company during the year.
JPMAM commissions in respect of such transactions amounted to
GBP2,000 (2019: GBP3,000).
At the year end, total cash of GBP2,806,000 (2019: GBP2,213,000)
was held with JPMorgan Chase Bank N.A. A net amount of interest of
GBP3,000 (2019: GBP3,000) was receivable by the Company during the
year of which GBPnil (2019 GBPnil) was outstanding at the year
end.
Full details of Directors' remuneration and shareholdings can be
found 2020 Annual Report.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable law and
regulation.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have prepared the financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards, comprising FRS 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland' and
applicable law). Under company law the Directors must not approve
the financial statements unless they are satisfied that they give a
true and fair view of the state of affairs of the Company and of
the profit or loss of the Company for that period. In preparing the
financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- state whether applicable United Kingdom Accounting Standards,
comprising FRS 102, have been followed, subject to any material
departures disclosed and explained in the financial statements;
-- make judgements and accounting estimates that are reasonable and prudent; 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.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the financial statements and the Directors' Remuneration Report
comply with the Companies Act 2006.
The Directors are also responsible for safeguarding the assets
of the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the Company's website. Legislation in the United Kingdom
governing the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.
Under applicable law and regulations the Directors are also
responsible for preparing a Strategic Report, a Directors' Report
and Directors' Remuneration Report that comply with the law and
those regulations.
Each of the Directors, whose names and functions are listed in
Directors' Report confirm that, to the best of their knowledge:
-- the Company's financial statements, which have been prepared
in accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards, comprising FRS 102
'The Financial Reporting Standard applicable in the UK and Republic
of Ireland', and applicable law), give a true and fair view of the
assets, liabilities, financial position and profit of the Company;
and
-- the Directors' Report includes a fair review of the
development and performance of the business and the position of the
Company, together with a description of the principal risks and
uncertainties that it faces.
The Directors consider that the Annual Report & Financial
Statements, taken as a whole, is fair, balanced and understandable
and provides the information necessary for shareholders to assess
the Company's performance, business model and strategy.
For and on behalf of the Board
Bronwyn Curtis OBE
Chairman
11th January 2021
statement of comprehensive income
for the year ended 30th September 2020
2020 2019
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- --------- -------- --------- --------- -------- ---------
Gains on investments held
at fair value
through profit or loss - 29,604 29,604 - 22,940 22,940
Net foreign currency gains - 116 116 - 196 196
Income from investments 7,906 - 7,906 8,081 - 8,081
Interest receivable and similar
income 26 - 26 49 - 49
--------------------------------- --------- -------- --------- --------- -------- ---------
Gross return 7,932 29,720 37,652 8,130 23,136 31,266
Management fee (2,084) - (2,084) (1,922) - (1,922)
Other administrative expenses (666) - (666) (753) - (753)
--------------------------------- --------- -------- --------- --------- -------- ---------
Net return before finance
costs and
taxation 5,182 29,720 34,902 5,455 23,136 28,591
Finance costs (111) - (111) (45) - (45)
--------------------------------- --------- -------- --------- --------- -------- ---------
Net return before taxation 5,071 29,720 34,791 5,410 23,136 28,546
Taxation (710) (90) (800) (717) (133) (850)
--------------------------------- --------- -------- --------- --------- -------- ---------
Net return after taxation 4,361 29,630 33,991 4,693 23,003 27,696
--------------------------------- --------- -------- --------- --------- -------- ---------
Return per share (note 2) 4.64p 31.49p 36.13p 4.99p 24.45p 29.44p
A fourth quarterly dividend of 4.2p (2018: 4.9p) per share has
been declared in respect of the year ended 30th September 2020,
totalling GBP3,951,000 (2019: GBP3,763,000). Further details are
given in note 10 on page 58 of the 2020 Annual Report.
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
in the year.
The 'Total' column of this statement is the profit and loss
account of the Company and the 'Revenue' and 'Capital' columns
represent supplementary information prepared under guidance issued
by the Association of Investment Companies.
The net return after taxation represents the profit for the year
and also the total comprehensive income.
statement of changes in equity
for the year ended 30th September 2020
Called Exercised Capital
up
share Share warrant redemption Capital Revenue
capital premium reserve reserve reserves reserve Total
(1) (1)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- -------- -------- ---------- ----------- ---------- --------- ----------
At 30th September
2018 23,762 31,646 977 25,121 282,800 - 364,306
Net return - - - - 23,003 4,693 27,696
Dividend paid in the
year (note 3) - - - - (9,983) (4,693) (14,676)
---------------------- -------- -------- ---------- ----------- ---------- --------- ----------
At 30th September
2019 23,762 31,646 977 25,121 295,820 - 377,326
Net return - - - - 29,630 4,361 33,991
Dividend paid in the
year (note 3) - - - - (10,316) (4,361) (14,677)
---------------------- -------- -------- ---------- ----------- ---------- --------- ----------
At 30th September
2020 23,762 31,646 977 25,121 315,134 - 396,640
---------------------- -------- -------- ---------- ----------- ---------- --------- ----------
(1) These reserves form the distributable reserves of the
Company and may be used to fund distribution of profits to
investors via dividend payments.
statement of financial position
as at 30th September 2020
2020 2019
GBP'000 GBP'000
------------------------------------------------------- --------- ---------
Fixed assets
Investments held at fair value through profit or loss 394,141 373,976
------------------------------------------------------- --------- ---------
Current assets
Derivative financial assets 5 -
Debtors 1,032 922
Cash and cash equivalents 3,966 4,404
------------------------------------------------------- --------- ---------
5,003 5,326
Current liabilities
Creditors: amounts falling due within one year (2,504) (1,976)
------------------------------------------------------- --------- ---------
Net current assets 2,499 3,350
------------------------------------------------------- --------- ---------
Total assets less current liabilities 396,640 377,326
------------------------------------------------------- --------- ---------
Net assets 396,640 377,326
------------------------------------------------------- --------- ---------
Capital and reserves
Called up share capital 23,762 23,762
Share premium 31,646 31,646
Exercised warrant reserve 977 977
Capital redemption reserve 25,121 25,121
Capital reserves 315,134 295,820
------------------------------------------------------- --------- ---------
Total shareholders' funds 396,640 377,326
------------------------------------------------------- --------- ---------
Net asset value per share 421.6p 401.1p
------------------------------------------------------- --------- ---------
STATEMENT OF CASH FLOWS
for the year ended 30th September 2020
2020 2019
GBP'000 GBP'000
---------------------------------------------------------- ----------- -----------
Net cash outflow from operations before dividends and
interest(1) (2,816) (2,544)
Dividends received 6,878 7,009
Interest received 9 30
Interest paid (110) (45)
---------------------------------------------------------- ----------- -----------
Net cash inflow from operating activities 3,961 4,450
---------------------------------------------------------- ----------- -----------
Purchases of investments (161,482) (153,146)
Sales of investments 171,566 166,390
Settlement of forward currency contracts 72 38
---------------------------------------------------------- ----------- -----------
Net cash inflow from investing activities 10,156 13,282
---------------------------------------------------------- ----------- -----------
Dividends paid (14,677) (14,676)
Repayment of bank loans (8,848) -
Drawdown of bank loans 9,114 -
---------------------------------------------------------- ----------- -----------
Net cash outflow from financing activities (14,411) (14,676)
---------------------------------------------------------- ----------- -----------
(Decrease)/increase in cash and cash equivalents (294) 3,056
---------------------------------------------------------- ----------- -----------
Cash and cash equivalents at start of year 4,404 1,337
Unrealised (loss)/gain on foreign currency cash and cash
equivalents(1) (144) 11
Cash and cash equivalents at end of year 3,966 4,404
---------------------------------------------------------- ----------- -----------
(Decrease)/increase in cash and cash equivalents (294) 3,056
---------------------------------------------------------- ----------- -----------
Cash and cash equivalents consist of:
Cash and short term deposits 2,806 2,213
Cash held in JPMorgan US Dollar Liquidity Fund 1,160 2,191
---------------------------------------------------------- ----------- -----------
Total 3,966 4,404
---------------------------------------------------------- ----------- -----------
(1) The unrealised exchange gain on the JPMorgan US Dollar
Liquidity Fund in the comparative column has been moved from the
initial 'Net cash outflow from operations' total to be disclosed
separately as the 'unrealised (loss)/gain on foreign currency cash
and cash equivalents'.
Notes to the financial statements
for the year ended 30th September 2020
1. Accounting policies
Basis of accounting
The financial statements are prepared under the historical cost
convention, modified to include fixed asset investments at fair
value, and in accordance with the Companies Act 2006, United
Kingdom Generally Accepted Accounting Practice ('UK GAAP'),
including FRS 102 'The Financial Reporting Standard applicable in
the UK and Republic of Ireland' and with the Statement of
Recommended Practice 'Financial Statements of Investment Trust
Companies and Venture Capital Trusts' (the 'SORP') issued by the
Association of Investment Companies in October 2019.
All of the Company's operations are of a continuing nature.
The financial statements have been prepared on a going concern
basis. In forming this opinion, the directors have considered any
potential impact of the COVID-19 pandemic on the going concern and
viability of the Company. They have considered the potential impact
of COVID-19 and the mitigation measures which key service
providers, including the Manager, have in place to maintain
operational resilience particularly in light of COVID-19. The
Directors have reviewed the compliance with debt covenants in
assessing the going concern and viability of the Company. The
Directors have reviewed income and expense projections and the
liquidity of the investment portfolio in making their assessment.
The disclosures on going concern within the 2020 Annual Report form
part of these financial statements.
The policies applied in these financial statements are
consistent with those applied in the preceding year.
2. Return per share
2020 2019
GBP'000 GBP'000
--------------------------------------------------- ------------ ------------
Revenue return 4,361 4,693
Capital return 29,630 23,003
--------------------------------------------------- ------------ ------------
Total return 33,391 27,696
--------------------------------------------------- ------------ ------------
Weighted average number of shares in issue during
the year 94,081,493 94,081,493
Revenue return per share 4.64p 4.99p
Capital return per share 31.49p 24.45p
--------------------------------------------------- ------------ ------------
Total return per share 36.13p 29.44p
--------------------------------------------------- ------------ ------------
3. Dividends
(a) Dividends paid and declared
2020 2019
GBP'000 GBP'000
----------------------------------------------------- -------- --------
Dividends paid
2019 fourth quarterly dividend of 4.0p (2018: 3.9p) 3,763 3,669
First quarterly dividend of 4.1p (2019: 3.7p) 3,858 3,481
Second quarterly dividend of 3.5p (2019: 4.0p) 3,293 3,763
Third quarterly dividend of 4.0p (2019: 4.0p) 3,763 3,763
----------------------------------------------------- -------- --------
Total dividends paid in the period 14,677 14,676
----------------------------------------------------- -------- --------
Dividend declared
Fourth quarterly dividend declared of 4.2p (2019:
4.0p) per share 3,951 3,763
----------------------------------------------------- -------- --------
A fourth quarterly dividend of 4.2p has been declared and was
paid on 12th November 2020 for the financial year ended 30th
September 2020. In accordance with the accounting policy of the
Company, this dividend will be reflected in the financial
statements for the year ending 30th September 2021.
(b) Dividend for the purposes of Section 1158 of the Corporation
Tax Act 2010 ('Section 1158')
The requirements of Section 1158 are considered on the basis of
the dividend proposed in respect of the financial year, shown
below. The aggregate of the distributable reserves is
GBP225,349,000 (2019: GBP221,283,000).
2020 2019
GBP'000 GBP'000
--------------------------------------------------- -------- --------
First quarterly dividend of 4.1p (2019: 3.7p) 3,858 3,481
Second quarterly dividend of 3.5p (2019: 4.0p) 3,293 3,763
Third quarterly dividend of 4.0p (2019: 4.0p) 3,763 3,763
Fourth quarterly dividend declared of 4.2p (2019:
4.0p) 3,951 3,763
--------------------------------------------------- -------- --------
Total dividends for Section 1158 purposes 14,865 14,770
--------------------------------------------------- -------- --------
The aggregate of the distributable reserves after the payment of
the final dividend will amount to GBP221,398,000 (2019:
GBP217,520,000).
4. Net asset value per share
2020 2019
--------------------------- ------------ ------------
Net assets (GBP'000) 396,640 377,326
Number of shares in issue 94,081,493 94,081,493
--------------------------- ------------ ------------
Net asset value per share 421.6p 401.1p
--------------------------- ------------ ------------
5. Status of results announcement
2019 Financial Information
The figures and financial information for 2019 are extracted
from the Annual Report and Accounts for the year ended 30th
September 2019 and do not constitute the statutory accounts for the
year. The Annual Report and Accounts include the Report of the
Independent Auditors which is unqualified and does not contain a
statement under either section 498(2) or section 498(3) of the
Companies Act 2006. The Annual Report and Accounts will be
delivered to the Register of Companies in due course.
2020 Financial Information
The figures and financial information for 2020 are extracted
from the published Annual Report and Accounts for the year ended
30th September 2020 and do not constitute the statutory accounts
for that year. The Annual Report and Accounts has been delivered to
the Registrar of Companies and included the Report of the
Independent Auditors which was unqualified and did not contain a
statement under either section 498(2) or section 498(3) of the
Companies Act 2006.
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.
11th January 2021
For further information:
Alison Vincent
JPMorgan Funds Limited
020 7742 4000
ENDS
A copy of the 2020 Annual 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 2020 Annual Report will shortly be available on the
Company's website at www.jpmasiagrowthandincome.co.uk where
up-to-date information on the Company, including daily NAV and
share prices, factsheets and portfolio information can also be
found.
JPMORGAN FUNDS LIMITED
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