TIDMMATE
RNS Number : 6014Z
JPMorgan Multi-Asset Trust plc
21 May 2019
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN MULTI-ASSET TRUST PLC
ANNOUNCEMENT OF FINAL RESULTS
The Directors of JPMorgan Multi-Asset Trust plc announce the
Company's results
for the period ended 28(th) February 2019
Legal Entity Identifier:
549300C0UCY8X2QXW762
Information disclosed in accordance with DTR 4.1.
CHAIRMAN'S STATEMENT
Introduction and Performance
I am pleased to present this first Annual Report to shareholders
since the Company was launched on 2nd March 2018. The Company
raised GBP93.1 million at launch and we are very appreciative of
the support from investors, particularly the many former
shareholders of JPMorgan Income & Capital Trust plc who chose
to 'roll-over' their investment into the Company.
The Company's objective is to generate income and capital growth
through a multi-asset strategy while seeking to maintain lower
levels of portfolio volatility than an institutional equity
portfolio. Our commitment to this objective is underpinned by the
Company's distribution policy, which aims to achieve a yield of
4.0% on the Initial Issue Price of GBP1.00 per share. The Company
has used the advantages of investment trust status to access less
liquid areas of the market, such as by investing over 10% of its
portfolio in an unlisted infrastructure fund, with the aim of
generating sustainable and growing income.
For the period to 28th February 2019, the Company recorded a
positive total return of 5.1% on its opening net asset value, a
slight underperformance of 0.2% to the Company's Reference Index.
The Company's Reference Index, comprising the LIBOR one-month
Sterling rate plus 4.5%, is used instead of a benchmark, since it
is considered more closely to reflect the profile of the Company's
portfolio.
During the period under review, markets have experienced
considerable volatility due in part to trade tensions between the
United States and China, deterioration of relations between the
West and Russia and concerns over the maturity of the economic
cycle. After some declines during the last quarter of 2018, the
first two months of 2019 have seen an improvement in investor
sentiment. Overall, economic data continues generally to be
positive, with global growth supported by accommodative government
policies and muted levels of inflation which, to date, have only
resulted in small incremental rises in interest rates with little
expectation of any further increases in the year ahead. Further
details of the portfolio are provided in the investment managers'
report on page 8 of the Annual Report and Financial Statements.
Share Price Performance
During the period to 28th February 2019, the Company achieved a
total return on opening net assets of +5.1% but recorded a negative
total return of 3.9% on its opening share price. The price of the
Company's shares has traded at a discount to net asset value
throughout most of the period. On 28th February 2019, the discount
on the Company's shares was 8.3%. The average discount during the
period was 5.2% with the shares trading between a premium of 0.4%
and a discount of 8.3%. The Board has utilised its authority, as
detailed in the Company's Prospectus dated 24th January 2018, to
buy back shares with the objective of preventing the discount on
the Company's shares widening significantly in normal market
conditions. During the period the Company bought back 6,854,235
shares following its successful application for a court order to
approve the cancellation of its share premium account and filing of
audited Initial Accounts. The overall impact of these buybacks
during the period ending 28th February 2019 was to improve the
total return on its opening net assets by 0.4%.
The Directors have also been given authority to allot new
ordinary shares for cash on a non pre-emptive basis. No new shares
have been allotted during the period to 28th February 2019.
Revenue and Distributions
During the period the Company's net return on ordinary
activities after taxation was GBP4,211,000. Since the launch of the
Company, the Board has declared four interim distributions, each of
1.0 pence per share, in respect of the financial period to 28th
February 2019, making a total of 4.0 pence per share for the
period, equating to a distribution yield of 4.0% on the Initial
Issue Price. These figures are as forecast in the Company's
Prospectus dated 24th January 2018. The Company has elected to
'stream' part of the distribution and thereby pay both a dividend
and a distribution designated as a payment of interest for tax
purposes. Further details of the tax implications for shareholders
of the interest 'streaming' regime can be found on page 16 and 72
of the Annual Report and Financial Statements.
Change of Broker
In mid-August, the Board appointed Panmure Gordon as its
corporate broker.
The Board of Directors
Throughout the period, the Board consisted of five directors.
There is currently no plan to change the composition of the
Board.
During the period, the Board conducted an annual evaluation of
the Directors, the Chairman, the Committees and the working of the
Board as a whole. It was concluded that all aspects of the Board
and its procedures were operating effectively. In accordance with
corporate governance best practice, all of the directors will
retire by rotation at the Company's Annual General Meeting (AGM)
and will offer themselves for re-election.
Following a review of relative fee scales within the investment
trust sector, it was agreed that my remuneration and that of James
West, Chairman of the Audit Committee, should remain unchanged, but
that the annual fees of the other three directors should each
increase by GBP1,000 effective from 1st March 2019. Further detail
is provided on page 31 of the Annual Report and Financial
Statements.
Investment Manager
The performance of the Manager is formally evaluated by the
Board annually. Following this review for the period to 28th
February 2019, the Board concluded that the performance of the
Manager had been satisfactory and that their services should be
retained.
Annual General Meeting
The Company's first AGM will be held at 60 Victoria Embankment,
London EC4Y 0JP London at 2.30 p.m. on Tuesday, 2nd July 2019. The
meeting will include a presentation from the Investment Managers on
investment policy and performance. There will also be an
opportunity for shareholders to meet the Board and representatives
of JPMorgan after the meeting. If you wish to raise any detailed or
technical questions at the meeting, it would be helpful if you
could mention them in advance to the Company Secretary at 60
Victoria Embankment, London EC4Y 0JP. Alternatively, you can lodge
a question at the Company's website
www.jpmmultiassettrust.co.uk
Outlook
Although there are areas of uncertainty ahead, particularly a
possible escalation of trade tensions between the USA and China,
political instability in Europe and expectations that we are now in
the final stages of a decade long period of global growth, it
appears reasonable to expect that the current positive economic
environment will be maintained throughout the Company's current
financial year ending 29th February 2020. The Board believes that
the JPMorgan Investment Management team are well placed to manage
the portfolio and to achieve the objectives of generating income
and capital growth which the Company set at launch.
Sir Laurence Magnus
Chairman
20th May 2019
INVESTMENT MANAGERS' REPORT
Investment approach
We aim to construct a portfolio which is designed to be flexible
with respect to asset class, geography and sector of investments
and will seek to achieve an appropriate spread of risk by investing
in a diversified global portfolio of securities and other assets.
This flexibility allows us to take advantage of the best
opportunities to generate income and growth. We take a medium to
long term view of markets, acting on investment themes that we
believe are appropriate for such a period.
Market review
Following a remarkably calm period, market volatility made a
comeback in 2018. Investors had to balance a generally solid global
economic backdrop and accelerating earnings growth for equities
with the escalating trade tensions and concerns over European
populism. Divergence in the growth expectations across regions and
evidence that trade protectionism globally produces distinct
winners and losers, added to the uncertainty.
In the US, growth accelerated in the first half of the year as
the economy benefited from Donald Trump's looser fiscal policy.
Economic data remained strong, with low unemployment supporting a
broad based rise in wages and leading to strengthening consumer and
business surveys. However, with the fading of the fiscal boost,
growth slowed towards the year-end and volatility accelerated. This
led to global equity markets suffering their worst quarterly
performance in the fourth quarter of 2018 since the Eurozone crisis
in 2011.
For government bonds, the relatively constructive growth picture
early in the year kept upward pressure on US bond yields. As the
Fed continued to raise rates, the US yield curve flattened
materially. However, over the final quarter, sovereign bonds
rallied and the 10-year US Treasury yield fell to 2.68% due to
lower oil prices and expectations of a more moderate pace of
monetary tightening in 2019. The European Central Bank (ECB) ended
its quantitative easing programme in 2018, but acknowledged the
lack of inflation and weaker growth environment, both domestically
and globally.
The first two months of 2019 brought with it a new wave of
optimism, with equities and corporate bonds rallying strongly
across the world. Investor sentiment was buoyed by a combination of
constructive US-China trade talks, a considerably more dovish
stance from the US Federal Reserve with no expectation of US
interest rate rises in 2019 and the implementation of Chinese
stimulus measures.
Portfolio review
The Company was launched at the beginning of March with a dual
objective of delivering income and growth to shareholders. The
anchor of the Trust is our strategic asset allocation which is
driven by our long term expectations of return and volatility
across asset classes, correlations between them and our income
objectives. Core to our investment proposition is our ability to
position around this, reflecting our latest market views. Over the
last 12 months we have made significant changes in our asset
allocation.
Our total developed equity exposure has ranged from almost 65%
in the summer to a low of 48% held in the portfolio as at the end
of February. We reduced our equity exposure in both developed and
emerging markets through the second half of the year as we
identified risks to global growth and moved to a more cautious
stance. While growth sectors advanced for much of 2018, we
witnessed a reversal in the fourth quarter and defensive sectors
known for dividend distribution (e.g. financials, health care)
fared better than growth sectors. Overall since inception, our
underlying securities have performed well.
While stock selection is undertaken by our International Equity
Group, we tilt regional positioning through a dedicated portfolio
to reflect our latest views. We implement these views via index
futures, enabling us to maintain positions in high conviction,
dividend-paying stocks but adjust regional exposure to reflect
favoured markets. We have been positive on the US equity market for
much of the Company's life and have reallocated exposure away from
the higher beta European market.
We have gradually increased exposure to infrastructure, an asset
class which provides diversification to the portfolio and is
attractive in the context of prospects for both yield and capital
growth, via the Company's investment in IIF UK1LP, an
infrastructure investment fund.
In fixed income, we removed our allocation to emerging market
debt in the third quarter amid growing concerns over the trade
dispute. We maintained our high yield bond allocation which offered
attractive yield but was negatively impacted by the declining oil
price in the fourth quarter.
Our bespoke equity portfolio remains overweight financials,
utilities and real estate at the sector level. Within financials we
continue to favour the more sustainable dividends in insurance
particularly the euroepan insurers including Zurich, Swiss Re and
Munich Re which are amongst the largest active weights in the
portfolio at the end of the period. Utilities remain a key part of
the portfolio, with overweight positions in stocks such as Spanish
electricity company, Iberdrola and the Italian electricity company,
Enel. At the start of the period, energy was the most meaningful
overweight and this was reduced through trimming the size of the US
weighting after the sector's strong performance in the first half
of 2018. Positions in technology and consumer staples were
increased, for example, through the purchase of Microsoft, bought
as a result of improving margins and compelling growth in their
cutting edge cloud computing technology. Despite the addition of
companies such as PepsiCo, consumer staples remains one of the
largest underweights, along with retail. Overall on a regional
basis our stock selection, as noted above, led us to reduce
exposure to the United Kingdom and Asia Pacific regions and add to
North America, where manufacturing and consumer sentiment remains
stronger placed to deliver above trend growth.
Contribution to the Portfolio by Asset Class - From launch to
28th February 2019
Asset Class %
--------------------------------- -------
Global Equities 4.8
Emerging Market Equities (0.4)
Infrastructure 1.2
Government Bonds 0.1
Investment Grade 0.0
High Yield Bonds 0.3
Emerging Market Debt (0.2)
--------------------------------- -------
5.8
--------------------------------- -------
Ongoing charges (1.1)
Share Buybacks 0.4
--------------------------------- -------
Total Return on Net Asset Value +5.1
--------------------------------- -------
Performance
The Company delivered a positive return on net assets over the
year. The portfolio's equity exposure was the largest positive
contributor to absolute performance. Within fixed income, high
yield was the largest positive contributor to absolute performance
while government bonds also added value. By contrast, emerging
market debt was the greatest detractor over the period as many
emerging market countries have suffered from the ongoing trade war
and the strength of the U.S. Dollar. Our increased allocation to
Infrastructure provided a positive contribution to the Company.
Outlook
From a macroeconomic perspective, we believe that the
probability of a recession in the next 12 months remains low. The
recent change in policy from the US Federal Reserve, indicating
that it would pause its rate rises for the foreseeable future,
should boost global growth and help to extend the eventual length
of the business cycle. However, recent measures of economic
activity and global business surveys have moderated, which warrants
caution. While equities should be supported by beatable earnings
expectations and easy monetary policy, today's mature, late cycle
environment does not offer many catalysts for a strong upside to
earnings. The U.S. is our most preferred equity region and Europe
our least preferred; we also like emerging market stocks where the
potential for a weaker US dollar lends support. A more
accommodating US Federal Reserve means that we have a more positive
view on higher yielding assets. Broadly this means being neutral in
emerging markets debt and neutral to slightly positive on high
yield, absent a recession. We continue to like infrastructure as
the sector offers an attractive yield and return profile with
stable cash flows and is a good source of diversification.
Katy Thorneycroft
Gareth Witcomb
Investment Managers
20th May 2019
Principal 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 the Manager, the Board has drawn up a
risk matrix, which identifies the key risks to the Company. In
assessing the risks and how they can be mitigated, the Board has
given particular attention to those issues that threaten the
viability of the Company. These key risks fall broadly under the
following categories:
-- Investment and Strategy
An inappropriate investment strategy, for example asset
allocation or the level of gearing or foreign exchange exposure,
may lead to underperformance against peer companies. This may
result in the Company's shares trading on a narrower premium or a
wider discount or insufficient local currency income generation
which may lead to a cut in the dividend. The Board manages these
risks by diversification of investments through its investment
restrictions and guidelines, which are monitored and reported on by
the Manager. The Manager provides the Directors with timely and
accurate management information, including performance data,
revenue estimates, currency performance, liquidity reports and
shareholder analyses. The Board monitors the implementation and
results of the investment process with the Investment Managers, who
attend Board meetings, and reviews data which show statistical
measures of the Company's risk profile. The Investment Managers
review the Company's gearing strategically.
-- Financial
The financial risks faced by the Company include market price
risk, interest rate risk, liquidity risk and credit risk. Further
details are disclosed in note 21 on pages 57 to 62 of the Annual
Report and Financial Statements.
-- Corporate Governance and Shareholder Relations
Details of the Company's compliance with Corporate Governance
best practice, including information on relations with
shareholders, are set out in the Corporate Governance report on
pages 24 to 26 of the Annual Report and Financial Statements.
-- Operational
Loss of key staff by the Manager, such as the Investment
Managers, could affect the performance of the Company. Disruption
to, or failure of, the Manager's accounting, dealing or payments
systems or the depositary's or custodian's records could prevent
accurate reporting and monitoring of the Company's financial
position. This includes the risk of cybercrime and consequent
potential threat to security and business continuity. Details of
how the Board monitors the services provided by the Manager and its
associates and the key elements designed to provide effective
internal control are included in the Risk Management and Internal
Control section of the Corporate Governance report on pages 24 to
26 of the Annual Report and Financial Statements.
The threat of cyber attack, in all its guises, is regarded as at
least as important as more traditional physical threats to business
continuity and security. The Company benefits directly or
indirectly from all elements of JPMorgan's Cyber Security
programme. The information technology controls around the physical
security of JPMorgan's data centres, security of its networks and
security of its trading applications are tested by independent
reporting accountants and reported on every six months against the
Audit and Assurance Faculty ('AAF') standard.
-- Accounting, Legal and Regulatory
In order to qualify as an investment trust, the Company must
comply with Section 1158 of the Corporation Tax Act 2010 ('Section
1158'). Details of the Company's approval are given on page 15
above. Were the Company to breach Section 1158, it would lose its
investment trust status and, as a consequence, gains within the
Company's portfolio could be subject to Capital Gains Tax. The
Section 1158 qualification criteria are continually monitored by
the Manager and the results reported to the Board each month. The
Company must also comply with the provisions of the Companies Act
2006 and, since its shares are listed on the London Stock Exchange,
the UKLA Prospectus Rules, Listing Rules and Disclosure, Guidance
& Transparency Rules ('DTRs'). A breach of the Companies Act
could result in the Company and/or the Directors being fined or the
subject of criminal proceedings. Breach of the UKLA Listing Rules
or DTRs could result in the Company's shares being suspended from
listing which in turn would breach Section 1158. The Board relies
on the services of its Company Secretary, the Manager and its
professional advisers to ensure compliance with the Companies Act
2006, the UKLA Prospectus Rules, Listing Rules, DTRs and the
Alternative Investment Fund Managers Directive.
Transactions with the Manager and related parties
Details of the management contract are set out in the Directors'
Report on page 22 of the Annual Report and Financial Statements.
The management fee payable to the Manager for the period was
GBP513,000 of which GBPnil was outstanding at the period end.
During the period GBP35,000 was payable to the Manager for the
administration of savings scheme products, of which GBPnil was
outstanding at the period end.
Included in administration expenses in note 6 on page 50 of the
Annual Report and Financial Statementscare safe custody fees
payable to JPMorgan Chase N.A. amounting to GBP4,000 of which
GBP1,000 was outstanding at the period 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 period was GBPnil of which GBPnil was outstanding at the
period end.
The Company holds investments in funds managed by JPMAM. At the
period end these were valued at GBP15.6 million and represented
18.8% of the Company's investment portfolio. During the period the
Company made GBP19.4 million purchases and sales GBP3.7 million.
Income amounting to GBP949,000 of such investments was receivable
from these investments during the year of which GBPnil was
outstanding at the period end.
The Company holds investments in Infrastructure Investment Fund
(IIF UK 1 LP), the General Partner of IIF UK 1 LP is an affiliate
of JPMAM. At the period end these were valued at GBP9.1 million and
represented 10.9% of the Company's investment portfolio. During the
period the Company made GBP9.4 million purchases and GBPnil sales.
Income amounting to GBP405,000 of such investments was receivable
from these investments during the year of which GBP185,000 was
outstanding at the period end.
The Company also holds cash in JPMorgan Sterling Liquidity Fund,
which is managed by JPMF. At the period end, this was valued at
GBP1.0 million. Interest amounting to GBP24,000 were payable during
the period of which GBPnil was outstanding at the period end.
Handling charges on dealing transactions amounting to GBP18,000
were payable to JPMorgan Chase N.A. during the period of which
GBP2,000 was outstanding at the period end.
JPMorgan Asset Management Holdings (UK) Ltd, an affiliate of the
Company's Manager, acquired 1,639,968 ordinary shares of the
Company during the period under review. Prior to the Company's
interim financial period to 31st August 2018 JPMorgan Asset
Management Holdings (UK) Ltd had reduced its holding to nil and no
further acquisitions have been made.
At the period end, a bank balance of GBP370,000 was held with
JPMorgan Chase N.A. A net amount of interest of GBPnil was
receivable by the Company during the period from JPMorgan Chase
N.A. of which GBPnil was outstanding at the period end.
Full details of Directors' remuneration and shareholdings can be
found on page 32 and in note 6 on page 50 of the Annual Report and
Financial Statements.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the annual report
and financial statements in accordance with applicable law and
regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law, the Directors
have elected to prepare the financial statements in accordance with
United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards) and applicable law. Under Company law
the Directors must not approve the financial statements unless they
are satisfied that, taken as a whole, the annual report and
accounts are fair, balanced and understandable, provide the
information necessary for shareholders to assess the Company's
performance, business model and strategy and that they give a true
and fair view of the state of affairs of the Company and of the
total return or loss of the Company for that period. 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 estimates that are reasonable and prudent;
-- state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
-- prepare the financial statements on a 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 proper 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 to enable them to ensure that
the financial statements comply with the Companies Act 2006. They
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 accounts are published on the www.jpmmultiassettrust.co.uk
website, which is maintained by the Company's Manager. The
maintenance and integrity of the website maintained by the Manager
is, so far as it relates to the Company, the responsibility of the
Manager. The work carried out by the auditors does not involve
consideration of the maintenance and integrity of this website and,
accordingly, the auditors accept no responsibility for any changes
that have occurred to the accounts since they were initially
presented on the website. The accounts are prepared in accordance
with UK legislation, which may differ from legislation in other
jurisdictions.
Under applicable law and regulations the Directors are also
responsible for preparing a Directors' Report and Directors'
Remuneration Report that comply with that law and those
regulations.
Each of the Directors, whose names and functions are listed on
page 21 of the Annual Report and Financial Statements, confirm
that, to the best of their knowledge, the financial statements,
which have been prepared in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom Accounting
Standards and applicable law), give a true and fair view of the
assets, liabilities, financial position and return or loss of the
Company.
The Board confirms that it is satisfied that the annual report
and accounts taken as a whole are fair, balanced and understandable
and provide the information necessary for shareholders to assess
the strategy and business model of the Company.
For and on behalf of the Board
Sir Laurence Magnus
Chairman
20th May 2019
statement of comprehensive income
For the period from incorporation on 19th December 2017 to 28th
February 2019
2019
Revenue Capital Total
GBP'000 GBP'000 GBP'000
--------------------------------------------------------------------- -------- -------- --------
Gains on investments held at fair value through profit or loss - 1,991 1,991
Net foreign currency losses - (628) (628)
Income from investments 4,041 - 4,041
Interest receivable and similar income 24 - 24
--------------------------------------------------------------------- -------- -------- --------
Gross return 4,065 1,363 5,428
Management fee (180) (333) (513)
Other administrative expenses (450) - (450)
--------------------------------------------------------------------- -------- -------- --------
Net return on ordinary activities before finance costs and taxation 3,435 1,030 4,465
Finance costs (1) (2) (3)
--------------------------------------------------------------------- -------- -------- --------
Net return on ordinary activities before taxation 3,434 1,028 4,462
Taxation (273) 22 (251)
--------------------------------------------------------------------- -------- -------- --------
Net return on ordinary activities after taxation 3,161 1,050 4,211
--------------------------------------------------------------------- -------- -------- --------
Return per share (Note 2) 3.54p 1.18p 4.72p
statement of changes in equity
For the period from incorporation on 19th December 2017 to 28th
February 2019
Called
up
share Share Special Capital Revenue
capital premium reserve(1) reserves(1) reserve(1) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Period ended 28th February
2019
At 19th December 2017 - - - - - -
Issue of ordinary shares at
launch on 2nd March 2018 931 92,184 - - - 93,115
Fund launch expenses - (688) (32) - - (720)
Redesignation of share premium - (91,496) 91,496 - - -
Repurchase of shares into
Treasury - - (6,539) - - (6,539)
Net return on ordinary activities - - - 1,050 3,161 4,211
Distributions paid in the
period (note 3) - - - - (2,666) (2,666)
At 28th February 2019 931 - 84,925 1,050 495 87,401
(1) The distributable part of these reserves form the
distributable reserve of the Company and may be used to fund
distributions to investors via distribution payments.
statement of financial position
As at 28th February 2019
2019
GBP'000
------------------------------------------------------- --------
Fixed assets
Investments held at fair value through profit or loss 83,013
------------------------------------------------------- --------
Current assets
Derivative financial assets 1,978
Debtors 456
Cash and cash equivalents 3,463
------------------------------------------------------- --------
5,897
Current liabilities
Creditors: amounts falling due within one year (309)
Derivative financial liabilities (1,200)
------------------------------------------------------- --------
Net current assets 4,388
------------------------------------------------------- --------
Total assets less current liabilities 87,401
------------------------------------------------------- --------
Net assets 87,401
Capital and reserves
Called up share capital 931
Share premium -
Special reserve 84,925
Capital reserves 1,191
Revenue reserve 354
------------------------------------------------------- --------
Shareholders' funds 87,401
------------------------------------------------------- --------
Net asset value per share (Note 4) 101.3p
statement of cash flows
For the period from incorporation on 19th December 2017 to 28th
February 2019
2019
GBP'000
---------------------------------------------------------------- ----------
Net cash outflow from operations before dividends and interest (466)
Dividends received 2,640
Interest received 973
Overseas tax recovered 6
Interest paid (3)
---------------------------------------------------------------- ----------
Net cash inflow from operating activities 2,970
---------------------------------------------------------------- ----------
Purchases of investments and derivatives (132,424)
Sales of investments and derivatives 52,074
Settlement of forward foreign currency contracts (2,717)
Settlement of future contracts 191
---------------------------------------------------------------- ----------
Net cash outflow from investing activities (82,876)
---------------------------------------------------------------- ----------
Issue of ordinary shares at launch 93,115
Fund launch expenses (720)
Repurchase of shares into Treasury (6,354)
Distributions paid (2,666)
---------------------------------------------------------------- ----------
Net cash inflow from financing activities 83,375
---------------------------------------------------------------- ----------
Increase in cash and cash equivalents 3,469
---------------------------------------------------------------- ----------
Cash and cash equivalents at start of period -
Exchange movements (6)
Cash and cash equivalents at end of period 3,463
---------------------------------------------------------------- ----------
Increase in cash and cash equivalents 3,469
---------------------------------------------------------------- ----------
Cash and cash equivalents consist of:
Cash and short term deposits 2,431
Cash held in JPMorgan Sterling Liquidity Fund 1,032
---------------------------------------------------------------- ----------
3,463
---------------------------------------------------------------- ----------
Notes to the financial statements
For the period from incorporation on 19th December 2017 to 28th
February 2019
1. Accounting policies
Basis of accounting
The financial statements cover the financial results of the
Company for the period from incorporation on 19th December 2017 to
28th February 2019. 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 November 2014
and updated in February 2018.
All of the Company's operations are of a continuing nature.
The financial statements have been prepared on a going concern
basis. The disclosures on going concern on page 28 of the Annual
Report and Financial Statements form part of these financial
statements.
2. Return per share
2019
GBP'000
-------------------------------------------------------------- ------------
Revenue return 3,161
Capital return 1,050
-------------------------------------------------------------- ------------
Total return 4,211
-------------------------------------------------------------- ------------
Weighted average number of shares in issue during the period 89,193,741
Revenue return per share 3.54p
Capital return per share 1.18p
-------------------------------------------------------------- ------------
Total return per share 4.72p
-------------------------------------------------------------- ------------
3. Distributions
(a) Distributions paid and declared
2019
GBP'000
------------------------------------------------------ ---- --------
Distributions paid
First interim distribution of 1.0p(1) 929
Second interim distribution of 1.0p(2) 872
Third interim distribution of 1.0p(3) 865
Total distribution paid in the period 2,666
------------------------------------------------------------ --------
Distribution declared
Fourth interim distribution declared of 1.0p(3) 863
863
----------------------------------------------------------- --------
1 Consists of 0.9538p dividend and 0.0462p interest.
2 Consists of 0.711p dividend and 0.289p interest.
3 Consists of dividend only
All distributions paid and declared in the period are and will
be funded from the revenue and capital reserves.
(b) Distributions for the purposes of Section 1158 of the
Corporation Tax Act 2010 ('Section 1158')
The revenue available for distribution by way of dividend and
interest for the period is GBP3,159,000.
2019
GBP'000
---------------------------------------- ---- --------
First interim distribution of 1.0p(1) 929
Second interim distribution of 1.0p(2) 872
Third interim distribution of 1.0p(3) 865
Fourth interim distribution of 1.0p 863
---------------------------------------------- --------
Total 3,529
---------------------------------------------- --------
1 Consists of 0.9538p dividend and 0.0462p interest.
2 Consists of 0.711p dividend and 0.289p interest
3 Consists of dividend only
4. Net asset value per share
2019
GBP'000
--------------------------- -----------
Net assets (GBP'000) 87,401
Number of shares in issue 86,261,408
--------------------------- -----------
Net asset value per share 101.3p
--------------------------- -----------
5. Status of announcement
2019 Financial Information
The figures and financial information for 2019 are extracted
from the Annual Report and Financial Statements for the period
ended 28(th) February 2019 and do not constitute the statutory
accounts for the year. The Annual Report and Financial Statements
includes 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 Financial Statements will be delivered to the Registrar
of Companies in due course.
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.
For further information please contact:
Paul Winship
For and on behalf of
JPMorgan Funds Limited, Secretary - 020 7742 4000
20 May 2019
ENDS
Annual Report and Financial Statements
The Annual Report and Financial Statements will be posted to
shareholders on or around 28 May 2019 and will shortly be available
on the Company's website (www.jpmmultiassettrust.co.uk ) or in hard
copy format from the Company's Registered Office, 60 Victoria
Embankment London EC4Y 0JP.
A copy of the annual report will shortly be submitted to the
National Storage Mechanism and will be available for inspection at
www.morningstar.co.uk/uk/NSM
The annual report is also available on the Company's website at
www.jpmmultiassettrust.co.uk where up to date information on the
Company, including daily NAV and share prices, factsheets and
portfolio information can also be found.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR SEMFLSFUSELI
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