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JGCI Jpmorgan Global Convertibles Income Fund Limited

85.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Jpmorgan Global Convertibles Income Fund Limited LSE:JGCI London Ordinary Share GG00B96SW597 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 85.00 87.80 88.60 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Jpmorgan Global Converti... Share Discussion Threads

Showing 26 to 46 of 50 messages
Chat Pages: 2  1
DateSubjectAuthorDiscuss
31/10/2019
12:05
Read the RNSs - its being liquidated with cash returned to shareholders.
topvest
31/10/2019
10:15
The trust is suspended from 25th October. Can not find any announcement.
Reason? What would we expect?

contoul
12/7/2019
19:04
Another trust throwing in the towel. That's 3 in a month. Establishment Trust, Martin Currie Unconstrained and now this. Not too disappointed on this one as the approach is not really working. Hopefully, a decent roll-over option will be available. There is a reasonable arbitrage opportunity on this for anyone interested.
topvest
14/9/2017
14:14
13 September
2017
THE NET ASSET VALUE PER SHARE
IN PENCE, INCLUDING INCOME
WITH DEBT AT PAR VALUE: 102.2

davebowler
20/10/2016
13:20
Winterfloods;
Defensive income with capital upside potential

JPMorgan Global Convertibles Income initially performed strongly following its launch in 2013, having benefited from rising equity and credit markets. However, performance was negatively impacted by widening credit spreads during the second half of 2015. Having traded at a premium since launch, this more difficult period for markets coincided with a de-rating of the fund’s shares. In addition, currency exposure is fully hedged and as such, despite its very significant exposure to the US and Europe, the fund’s NAV has not benefited from the recent devaluation of Sterling. While share price returns have therefore been disappointing, the NAV has proved relatively defensive during periods of volatility and the fund’s prospective dividend yield of 4.9% is undoubtedly attractive. Moreover, the Board has stated that it would expect to buy back shares if the discount to NAV “exceeds 5% for any significant period of time”. We think that downside discount risk is therefore limited and that the current discount of 9% represents an attractive entry point. Taking all of this into account we continue to recommend the fund within the fixed income allocation of our model portfolio.

n Portfolio diversification has been increased over recent months and, with the approval of the Board, the managers have adopted a greater focus on total returns. While the fund’s portfolio yield has therefore fallen, the managers are confident that the investment strategy is capable of generating the necessary returns to achieve the targeted dividend. The Chairman has previously stated that it is “both achievable and desirable to maintain the dividend at the current level, even if it occasionally requires the use of capital” and in the fund’s recent annual results he re-iterated that it is the Board’s intention to maintain the aggregate annual dividend at 4.5p per share.

n Convertibles provide the potential for participation in equity upside with the downside protection of a bond. JPMorgan Global Convertibles Income is largely invested in “bond like” and “balanced̶1; convertibles, which offer higher yields with lower equity sensitivity. It also makes good use of the closed-ended fund structure, which allows the managers to take advantage of smaller, less liquid investment opportunities. The portfolio’s duration is relatively short at only 3.3 years, mitigating a degree of interest rate risk. The equity optionality of convertibles could offset the detrimental impact of rising interest rates on bond valuations. Transparency has significantly improved since the fund’s launch with portfolio holdings now published on a monthly basis.

davebowler
24/8/2016
01:18
Nice 5% yield here
luckymouse
03/4/2016
06:37
Thanks - I've more or less stopped following this. So it has 104 holdings, and will behave as a tracker of convertibles. So many are sub-investment grade and I don't think a target dividend of 4.5p is all that attractive.

I've worked out that management fees are about 0.5% of net assets - reasonable. If there's a performance fee, it doesn't look likely to be awarded any time soon.

jonwig
02/4/2016
20:07
Holdings disclosed in interim report...
spacecake
11/2/2016
07:26
Another Edison note out today.

I agree there is no good reason for the lack of disclosure of any individual holdings - I suppose Guernsey rules allow this?
I see investment grade securities are now down to 16% of the portfolio.

jonwig
07/7/2015
06:00
Falling trust share price, discount to NAV, unknown holdings.
spacecake
25/1/2015
20:50
Why on earth would the managers keep the holding a secret in this fund, all that blarney about the competition might copy the managers style. Investing is about confidence and hiding the holdings in a black box in a coal cellar don't do it for me.
spacecake
15/10/2014
18:49
Thats quite a tumble over the last few days.
spacecake
12/9/2014
18:54
"income chase" interesting idea seen elsewhere in the QE driven world CAL look worthy of a look thanks Jonwig.
praipus
12/9/2014
16:31
A chase for income "at any price". Convertibles are supposed to be safer than equities on the downside, less upside push of course.

I passed this over in favour of Calamos Convertible and High Income Fund [NASDAQ:CAL] ... 7% yield after US withholding tax, though it has gearing. This has done well in sterling terms, reasonably in dollars.

jonwig
12/9/2014
14:12
Do they arbitrage their convertibles?

Why the premium?

praipus
01/9/2014
11:32
Attractive income, cautious exposure to equities

JPMorgan Global Convertibles Income has enjoyed a strong start to its life, having consistently traded at a premium to NAV and grown its market capitalisation to £183m. Convertible bonds have the potential to provide an attractive yield as well as an element of participation in equity upside, while also retaining some downside protection. The portfolio is generally focused on higher yielding convertibles and the fund’s structure allows the manager to take advantage of some of the universe’s smaller, less liquid investment opportunities. In our view, the fund benefits from JPMorgan’s significant resource and consequent access to new issuance. We therefore believe it represents an attractive option for investors seeking an above‐market yield combined with defensive exposure to equities.



n JPMorgan Global Convertibles was launched in June 2013 when it raised £136m. It invests globally in convertible bonds and is managed by Antony Vallee, Global Head of Convertible Bonds at JPMorgan Asset Management. We believe the fund benefits from JPMorgan’s significant resource and access to new issuance.



n Convertibles provide participation in equity upside with the downside protection of a bond. The fund is largely invested in “bond like” and “balanced convertibles”, which offer higher yields with lower equity sensitivity. However, small and mid‐cap companies in which the fund is invested are likely to have a higher beta to the wider market. In our view, the fund therefore represents an attractive option for investors seeking an above market yield with cautious exposure to equity markets.



n The portfolio’s duration is relatively short at only 3.8 years, mitigating a degree of interest rate risk. The equity optionality of convertibles could offset the detrimental impact of rising interest rates on bond valuations.



n The fund is unique within the UK listed closed‐ended fund universe. It also makes good use of the closed‐ended fund structure, which allows the manager to take advantage of smaller, less liquid investment opportunities. This is reflected in the portfolio’s average credit rating, with only 20% being investment grade. However, the weighting to smaller companies with higher yields also allows it to target a dividend of 4.5p per share in its first financial year. This prospective dividend yield of 4.0%, compares favourably to that of broader equity markets.



*JPMorgan Global Convertibles Income Fund is a corporate broking client of Winterflood Securities

davebowler
13/3/2014
09:42
jonwig my knowledge of bond markets is fairly limited but i'm beginning to take an interest as sooner or later i feel we're going to see a significant market correction and although all asset classes will get hurt perhaps bonds will provide safer exposure.

My guess would be the ideal time to buy bonds would be when interest rates have risen and you anticipate them falling thereby increasing the value of the bond for sale in the market. The income on the bond remaining in line with inflation and hence interest rates thoughout it's duration to redemption.

So it seems to me we need a good dose of inflation! Followed by a transfer out of equities to bonds maybe, if i've got that right!

I've added on JRS this morning

Woody

woodcutter
13/3/2014
06:43
Woodcutter - I think you're right, but people will pay a premium for yield these days.

Holding non-investment grade will be their only chance to keep the dividend high.

By the way, I bought Calamos High Yield and Convertible Fund (NASDAQ:CHY).

jonwig
12/3/2014
22:13
i hold a number of JPM IT's, have held some of them for years and done very well from those investments typically JESC, JUSC and MRC and a few others too. Currently looking at these and possibly top up of my JRS too. But these look a little expensive at this price 108p.

Experience of new JPM IT's leads me to believe it will rise early on then come back to reality at some point, note JPB. This isn't the same risk perhaps but the principle is the same, only buyers early on as it gets recommended by IFA's etc.

Perhaps a good share to hold when the inevitable correction comes, it's on my watch list.

The quality grade is interesting, it's not without risk!

Investment grade 14.3 %
Sub-Investment grade 36.2 %
Non Rated 49.5 %

The non rated bonds may or may not be risky, perhaps the issuer isn't prepared to pay the cost to have them graded.

Woody

woodcutter
27/1/2014
10:43
Interesting Sector choices.
philo124
20/11/2013
12:21
No, the premium isn't evaporating at all!
jonwig
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