JP Morgan Fleming & Cap It Share Discussion Threads

[loganair] 21/2/2018 15:16

An interesting interview by Katy Thorneycroft:

hxxp://citywire.co.uk/wealth-manager/news/jpmorgan-let-mate-ride-you-through-volatile-markets/a1094505

[loganair] 21/2/2018 13:53

The JPMorgan Multi-Asset Trust (MATE) will be a globally diversified portfolio offering actively managed exposure to at least six asset classes. These will include debt and infrastructure, two of the hottest growth areas for investment companies in recent years as investors have sought to reduce their reliance on equities or shares.

It will be run by multi-asset managers Katy Thorneycroft and Gareth Witcomb. They will aim to achieve a long-term annual total return of 6% and offer a mixture of capital growth and income, with an initial yield of 4% from quarterly dividends

As an investment trust MATE will not be obliged to sell assets when investors wish to withdraw their money, allowing it to invest in more specialist and hard-to-trade assets. ‘Investing in less liquid areas of the market, such as through an allocation to infrastructure, pays well to the strengths of an investment trust’s closed-ended structure,’ said Crinage.

The launch of MATE is good news for JPI chairman Sir Laurence Magnus and his four non-executive directors who have been asked to serve on MATE.

MATE will pay JP Morgan an annual management fee of 0.65% on net assets up to £250 million, falling to 0.6% thereafter. There will be no performance fee.

The offer for subscription and placing opens on 24 January 2018, with the offer closing on 26 February 2018 and the placing ending on 27 February 2018.

[loganair] 21/2/2018 13:40

Around half of the shareholders in JPMorgan Income & Capital Trust (JPI), a split capital fund that has reached the end of its fixed term, have opted to roll over into JPMorgan Multi-Asset Trust (MATE), pushing it past the £50 million minimum it was looking to raise.

JP Morgan and Winterfloods, its broker for the launch, will now turn their attention to attracting private investors and small private client brokers to the subscription and intermediaries’; offers, which close on 26 February, and a share placing with institutional investors which shuts the following day.

MATE’s global portfolio will invest in a wide range of high-yielding shares and funds from JPMorgan and other fund managers. By diversifying across equities, bonds, debt and infrastructure it aims to offer a progressive dividend starting on a 4% yield with less volatility than traditional equity income funds.

While potentially attractive to private investors, the new trust may be less appealing to big wealth managers, who are the main buyers of investment trusts but who like to control their asset allocation rather than using a one-stop shop like MATE. This is why JPMorgan used the wind-down of Income & Capital as the launch pad. However, it needs to raise over £100 million to avoid the trust being seen as too small and illiquid for professional investors.

‘This rollover gives the new company an extremely solid base to grow on and early indications of interest from both the institutional placing and intermediary offering are looking positive too,’ said James Glover, client director at JP Morgan Asset Management.

Charles Cade of Numis Securities commented: ‘Raising over £80 million via the rollover is a good outcome for JPMorgan, in our view, and it will be interesting to see whether there is sufficient demand from new investors to reach the £150 million target.’

[pjw956] 01/2/2018 22:08

nav now around 101, and the trust being wound up at the end of this month. the option of being rolled into next fund is not so appealing as this fund has been, as it appears to be a mixed asset fund. The high level of gearing ( borrowing) has been good for the fund as share values have mostly been positive over the last year, hence the rise. BUT only other option is to take cash at nav level when fund is closed .... so I have chosen the final option and sold today at a fraction of a penny below 100p and qualify for the final 2p divi as went exdiv on 25jan. The market seems unsure of future direction at present with bonds selling off and only 4 weeks to closure I didn't want risk of nav falling too far .. my guess it will not move much from where we are today..but who knows? bird in the hand and all that !

[keith95] 16/1/2017 23:31

Compare with JPIU .... Seems 10% undervalued historically speaking so I've added.

[bowler6443] 05/1/2017 19:18

I'm confused that the NAV for JPI has risen to over 95p but the mid market price is only 78.75p. I understand that Investment Trusts often trade at a discount but 17% seems a little excessive. Could it be because the Trust winds up in Feb 18 so there is little or no demand for it? or do the zeros have to be repaid from the investments meaning that the NAV is actually overvalued. I'm hoping that someone with knowledge will be able to help me.

Thanks

[loganair] 28/10/2016 11:00

Looking into this one as I have a monthly investment set up with JP Morgan and the trusts I´m currently investing in are nearing the upper limit price I set for myself that I would stop investing to look else where.

Of all the other JP Morgan Investment trusts at the moment this does seems the best one to invest in even though over the years it has a narrowish trading range.

With reinvesting the dividends I can see myself building up a good holding in this trust.

I have noted it seems that Chase have completely sold down their 4.9% holding in JPI.

[luckymouse] 05/10/2016 17:36

8% yielder with reasonable timing here - not much capital appreciation but seems stable if you buy into dips & looking for income

[keith95] 25/5/2016 18:46

Topped up on this one past couple of weeks .... looks undervalued to me :)

[mister md] 07/11/2015 15:41

thanks for responding, now I will try to get my head around the numbers...

[lord gnome] 05/11/2015 18:45

The Zeros close out at 192.1p when the trust is wound up on 28 Feb 2018. Today's NAV for the units is 354.22p, so that means that if the trust was to close tonight, the NAV of the Income shares would be 81.06p.
In the next two years and four months, that figure could move about a lot, especially given the level of gearing. If the market is kind and goes up by 10% from here, the nav at close could be around 99p. If it falls back by 10% the nav at close could drop to around 64p. That's the range that I think we are looking at. Anyone care to check my figures?

[lord gnome] 05/11/2015 13:23

Still holding Mister MD. Divis keep on coming. Running yield on my investment is now 7.5%. Slightly down on capital having paid 90.25, but I don't see that as a major issue.
The gearing makes this a highly leveraged play on the state of the UK stock market. If it collapses next year, we could be in for a rough time. If, like me you think it will improve, then the gearing should work in our favour. What level of risk are you comfortable with? If you are risk averse, then avoid split level trusts with high gearing. A return to anything like the 7000 level on the FTSE100 would have me smiling broadly.

[mister md] 05/11/2015 13:08

anyone still in this - has always been a great dividends-payer. I'd like to know about these daily gearing RNS statements though, gearing 112% seems extremely high ?

[lord gnome] 27/12/2013 08:48

Hardly the most active board on advfn! I've joined you this morning (assuming anyone else is still here).
These offer a nice 6.6% yield, paid quarterly and a good discount to NAV. I took a long hard look at the numbers and felt the risk / reward ratio was about right (nothing scientific). The core holdings are all good, solid FTSE large cap stocks, the hurdle rate is now around 2% and if you (like me) reckon that the FTSE could finally reach new highs next year then this looks a solid and highly geared bet.

[oniabsta] 03/10/2012 08:36

would anyone know if this has this gone exd today? There was one this time last yr.
Can't find current divi announcement.

[mister md] 20/6/2012 14:28

great share for a spread of large caps with a superb dividend yield

[moon goddess] 05/4/2006 13:51

Hello to all fellow JPI investors - what's cooking in the world of JPI?