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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| JPMor. I&G | LSE:JIGI | London | Ordinary Share | GB00B1G3N114 | INCOME SHS 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 102.50 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 102.50 | GBX |
JPMor. I&G (JIGI) Share Charts1 Year JPMor. I&G Chart |
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1 Month JPMor. I&G Chart |
Intraday JPMor. I&G Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 06/12/2016 | 14:12 | JPMORGAN INC & GRW INCOME SHS | 32 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 01/12/2015 15:53 by tiltonboy JIGI now into their final year! |
Posted at 14/10/2014 07:52 by skyship Sorry - didn't post on all the threads of all the stocks I sold when moving to 50% cash!In the event though my timing was impeccable, my selection of which to sell and which to hold was fairly indifferent. I still like JIGI as an effective liquidation play; but their underlying portfolio seems to fairly accurately track the FTSE so the redemption price obviously vulnerable to any major correction. I see the surplus represented by the capital shares NAV has now been entirely eroded. |
Posted at 14/7/2014 15:49 by skyship As a matter of interest, to reduce the JIGI payment to the offer price of 96p would require a FTSE100 fall to c5850 - a 13.3% fall from the current 6750. |
Posted at 14/7/2014 14:44 by kenny Skyship - surely you intended to state that a 4.84% fall in the markets takes us to redemption value of 103.6p. We would need a much bigger fall - which is not recovered by November 2016 - to bring us down to only receiving the current price in the market of about 96p. |
Posted at 11/7/2014 14:16 by skyship Here are the recent CAPITAL share NAV movements resulting from the recent FTSE moves:# 6866.....8.44p # 6823.....7.66p # 6738.....6.35p # 6718.....5.84p So, after the close yesterday @ 6672, I calculated on a straight comparison basis that the NAV return today would be 5.03p. And so it proved - 5.03p. So, using the same progression, the NAV falls to 0.00p @ 6386; a figure rather higher than I thought - no doubt due to the gearing - as pointed out by others! So a further fall of 4.84% is all it takes to wipe out the Capital share surplus. No matter, still happy with JIGI at its current yield and discount. |
Posted at 07/7/2014 09:15 by skyship Here is how I see it as of 4th Jul'14. I'm still not certain about the allocation of the 1.72p Revenue Reserve mentioned by Tiltonboy; a little piece of hidden upside perhaps. I'll post further on that when I have clarification from the Company.INTRODUCTION: Finding value stocks with a yield is proving more and more difficult; so I'm pleased to have come across JPMorgan Income & Growth Trust plc (JIGI). From their website: "JIGI is a Split Capital trust which invests in a portfolio of approximately 60% UK equities and 40% global equities and bonds, with the aim of providing leveraged long-term capital growth for holders of capital shares, or an attractive income for holders of income shares." The Company's investment objectives are to meet the final capital entitlement of the Income Shareholders (103.6p on 30th Nov'16) and to provide them with a regular quarterly income (1.10p/Qtr; 4.40p/year); as well as to provide capital growth for Capital Shareholders. THE VALUE: The reason for buying the Income shares at the offer price of 94p is that as at 3rd July the Trust holds a portfolio valued at a net £70.3m. To pay out the full entitlement of 103.6p to the Income shareholders the Trust needs £63.8. The excess capital accrues to the benefit of the Capital shareholders; but also effectively provides a cushion against Market falls for the Income shareholders. That cushion of currently £6.5m means that the 103.6p entitlement is currently protected from a 9.2% Market fall before being chipped away by any further falls. In effect the Income shareholder return is protected from falls in the FTSE100 back to c6230. The 4.4p dividend provides a current yield of 4.68%. Add the redemption yield to maturity of 4.04% and the Gross Redemption Yield = a very acceptable 8.72%. THE LIMITATIONS: 1. Assuming the Trust hits the Nov'16 requirement of £63.8m to pay out the Full Entitlement, then the GRY will have been 8.72%; with perhaps some small upside or downside due to a dividend variation. HOWEVER, to all intents and purposes that 8.72% will not be exceeded; so for many investors the return may not be high enough. 2. As with any equity investment there is of course an element of RISK. I've explained the mitigating factor of the Reserve built up for the benefit of the Capital shareholders. This Reserve needs to be monitored should Markets decline. SUMMARY: JIGI offers a prospective return which is extremely attractive versus, say, the ever-reducing GRY returns from Zero Dividend Preference shares, where 4%pa is now hard to achieve. That 9% "Cushion" protecting the 8.7% return suggests to me that JIGI merits a corner of a SIPP. In my case not the Maximum 10% allocation; but I'm certainly comfortable with a 6.5% allocation. |
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