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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jpmorgan Elect Plc | LSE:JPE | London | Ordinary Share | GB0008528142 | MANAGED GROWTH SHS 0.00401572P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 937.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMJPE TIDMJPEI TIDMJPEC
RNS Number : 5550D
JPMorgan Elect PLC
27 April 2017
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN ELECT PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS
ED 28 FEBRUARY 2017Legal Entity Identifier: 549300FIUYKKL39ILD07
CHAIRMAN'S STATEMENT
Dear Shareholders,
In my report to you last year I predicted bouts of volatility as negotiation on the terms and timing of Brexit unfolded. Despite this uncertainty, UK and global equities performed strongly in sterling terms during the half year to 28th February 2017, supported by the devaluation of the pound, the anticipation of fiscal stimulus that followed the outcome of the US elections and the continuation of a relatively low interest rate environment. Consequently, the total return on the Company's net assets over the period was +11.8% for the Managed Growth portfolio and +8.1% for the Managed Income portfolio, outperforming each portfolio's respective benchmarks. The total return on the Managed Cash portfolio was +0.2%.
Managed Growth
The Managed Growth portfolio has delivered a total return on net assets of +11.8%, compared with the portfolio's benchmark which returned +11.2%. The share price total return was +11.3%.
As you know, the objective of this share class is long term capital growth. The significant overseas exposure of this portfolio and improving global economic data contributed to this strong performance.
For the half year ended 28th February 2017 the Board declared dividends of 5.45p per Managed Growth share compared to 4.05p for the half year ended 28th February 2016. Since the main objective of the share class is capital appreciation, dividends may be volatile from year to year as the Managers seek to maximise total return.
Managed Income
The Managed Income portfolio has delivered a total return on net assets of +8.1% compared with the portfolio's benchmark which returned +7.0%. The share price total return was +8.6%.
The objective of the portfolio is to deliver a growing income return with the potential for long term capital growth. In the aftermath of the result of the EU referendum sterling weakened materially. This has had a positive impact on some of the key UK dividend payers, who declare their dividends in US dollars, such as the major oil stocks and the major pharmaceuticals. Whilst this has been positive, the number of special dividends received by the portfolio has declined from the prior corresponding period.
The outlook for UK dividend payments is mixed. A number of factors, including Brexit negotiations, have the potential to impact the profits and cash flow of domestic UK companies.
For the half year ended 28th February 2017 the Board declared dividends of 1.70p per Managed Income share, unchanged from the same period last year.
Managed Cash
The Managed Cash Portfolio delivered a total return on net assets of +0.2%. The share price total return was -0.7%.
The portfolio's primary objective remains capital preservation through investment in high quality liquidity funds. During the half year the Bank of England base rate remained unchanged at 0.25%.
The Managed Cash portfolio is invested in liquidity funds with AAA ratings as measured by Standard & Poor's, or an equivalent rating agency.
The Board considers this class to be an asset allocation tool which continues to benefit shareholders of all of the Company's share classes, offering the opportunity to switch into a safer share class in times of market volatility.
JPMorgan Income and Growth and M&G High Income Investment Trust
During the half year period your Board recommended that shareholders approve the issue of new shares in connection with the reconstruction of JPMorgan Income & Growth Investment Trust plc ('JPMIG') and M&G High Income Investment Trust plc ('HIIT'). The transactions resulted in the acquisition of approximately GBP21.5 million of net assets from JPMIG and GBP14 million of net assets from HIIT.
The Board are pleased with the outcome of the transactions and I would like to welcome the new shareholders to the Trust. It is our hope that over time such transactions will increase liquidity in Managed Cash Shares, Managed Growth Shares and Managed Income Shares. By spreading the fixed costs of managing the Company over a wider asset base the Ongoing Charges Ratio has been reduced.
Board Appointment
Karl Sternberg was appointed as an Independent non-executive Director of the Company on 16th December 2016. Mr. Sternberg is the former Chairman of JPMIG. His appointment follows the successful reconstruction of JPMIG and the resulting issue of new shares by the Company.
Mr. Sternberg is a director of Jupiter Fund Management, Lowland Investment Company, Monks Investment Trust, Clipstone Logistics REIT, Herald Investment Trust, Alliance Trust and Railway Pension Investments. He brings to the Board valuable leadership skills, investment insight and an in-depth knowledge of the asset management industry.
Outlook
The journey to leave the European Union involves uncertainty as the negotiations on the terms and timing of Brexit take place. These have the potential to have a profound impact on UK and European markets as do elections in Germany, France and the UK. Continued uncertainty seems likely, offering both risks and opportunity.
Angus Macpherson
Chairman 27th April 2017
MANAGED GROWTH SHARE CLASS
INVESTMENT MANAGERS' REPORT
Performance Review
The Managed Growth portfolio outperformed its benchmark over the half year period, returning +11.8% versus the benchmark return of +11.2%. Taking into account the discount, the return to shareholders was +11.3%.
Hot Features
Premium
Managed Growth 6 Mths 1 Yr 3 Yrs 5 Yrs 10 Yrs
pa pa pa
-------------------------- ------- ----- ------ ------ -------
Return on net assets (%) 11.8 25.8 9.8 13.4 7.9
Return to shareholders
(%) 11.3 25.5 10.0 13.4 7.6
Benchmark return (%) 11.2 30.0 11.5 12.0 7.8
FTSE All-Share Index (%) 8.6 22.8 6.3 9.2 5.9
FTSE World ex-UK (%) 14.1 38.4 17.4 15.4 10.1
-------------------------- ------- ----- ------ ------ -------
Robust and improving global economic data released during the first half of the financial year fuelled a rally in global equity markets, with manufacturing purchasing managers' indices in both the US and Europe hitting new highs. Markets also reacted positively to the news that Donald Trump would be the next US President and the Republicans would retain control of the House and the Senate. This outcome was priced as reflationary amid expectations for significant fiscal stimulus, boosting US growth prospects into 2017 and beyond.
Against this backdrop the return on net assets outperformed the portfolio's benchmark. The outperformance was generated by positive stock selection in the underlying strategies, boosted by a narrowing of investment trust discounts generally. Amongst the top performers in the UK were Blackrock Smaller Companies, JPMorgan Claverhouse and Fidelity Special Values.
Whilst some strategies did underperform against their benchmarks, seven out of the portfolio's 10 largest holdings outperformed over the half year period.
6 Mths to
Top 5 by absolute performance 28th February 2017
(%)
---------------------------------- -------------------
JPMorgan American 17.4
Allianz Technology Trust 17.2
JPM US Smaller Companies 17.2
JPM US Select Equity 17.0
BlackRock Smaller Companies 16.6
---------------------------------- -------------------
6 Mths to
Bottom 5 by absolute performance 28th February 2017
(%)
---------------------------------- -------------------
JPMorgan Indian 0.0
Perpetual Income & Growth 2.1
Jupiter European Opportunities 2.5
Edinburgh IT 4.6
JPM European Smaller Companies 4.7
---------------------------------- -------------------
At the period end the average discount in the investment trust sector (excluding private equity funds, hedge funds and direct property funds) was 5.8%, compared with 7.0% at the end of August 2016 (Source: Winterflood). We estimate that the Managed Growth portfolio's return was boosted by around 0.4% from this narrowing of discounts.
The portfolio benefited from being overweight in US equity strategies as sterling weakened and US equities performed well. Our underweight position in UK equities also boosted relative performance of the portfolio.
Portfolio Review
At the end of February 2017, 43% of the portfolio was invested in JPMorgan managed investment trusts, 30% in JPMorgan managed open-ended funds and 27% in investment trusts managed by third-party managers.
We remained underweight in UK equities and overweight in US equities. The most notable geographical change has been an increase in our allocation to Japanese equities, moving from an underweight to an overweight position. We reduced our European equities exposure to a neutral position.
We took profits in JPMorgan US Equity All Cap Fund, JPMorgan Smaller Companies Investment Trust, JPMorgan European Investment Trust (Growth shares) and Fidelity European Values. Proceeds were reinvested into existing holdings: Murray Income Trust, Blackrock Smaller Companies, Blackrock Frontiers Investment Trust and JPMorgan Emerging Markets.
Outlook
Broadening global growth and signs that the reflation which began in the summer of last year is gaining traction, suggest a continued positive outlook for equities in 2017. Although the US has increased interest rates, aggregate global policy remains stimulatory. Our broad exposure to global equities will be a way to benefit from this more synchronised growth. In the UK we expect something of a deceleration in growth, although a stimulative monetary policy will cushion any negative effects.
Against this backdrop we would expect the global environment for stock pickers to improve and underlying managers to find more sources of outperformance. For investment trusts, we would note that discounts to net asset value have narrowed which warrants some caution, but that in a favourable environment for equities these levels of valuation should not cause undue concern.
Katy Thorneycroft
Investment Manager 27th April 2017
MANAGED INCOME SHARE CLASS
INVESTMENT MANAGERS' REPORT
Dividend Review
Despite the positive headline level of total dividend growth from the UK stock market, this result was flattered by the impact of sterling's weakness on the dividends of some of the more internationally-oriented larger companies. Sterling weakened materially in the aftermath of the result of the EU referendum in June 2016 and this has had a positive impact on some of the more important sources of UK dividends: companies who declare their dividends in US dollars, such as the major oil stocks, and the major pharmaceuticals. However, 2016 was a year in which mining sector dividends halved (source: Capita Asset Services) as many of the mining stocks either abandoned or significantly reduced their dividend payments. The food retailers also cut their dividends.
Total UK dividends grew by 2.6% over 2016 (source: Capita Asset Services), although dividends would have fallen without the currency benefits from weaker sterling. It was another year of significant special dividends, which boosted the headline total. However, these special dividends have been less numerous in the current interim period to those that were declared in the first half of the last full financial year. To date, the portfolio has benefited from special dividends from Card Factory, Lloyds Banking Group, Taylor Wimpey and Beazley, although some of the insurers are not paying special dividends this year. The Company has GBP4.3 million of revenue reserves available to Managed Income shareholders to help smooth future dividend payments.
The outlook for UK dividend growth remains mixed, although further weakness in sterling would clearly be beneficial given the international revenues of the UK equity market, particularly for larger companies. Some companies will continue to generate sufficient cash to deliver good underlying dividend growth and/or special dividends.
Performance Review
The Managed Income portfolio outperformed its composite benchmark, delivering a total return of +8.1%, in comparison with the benchmark return of +7.0%.
Managed Income 6 Mths 1 Yr 3 Yrs 5 Yrs 10 Yrs
pa pa pa
-------------------------- ------- ----- ------ ------ -------
Return on net assets (%) 8.1 15.7 6.0 10.4 3.9
Return to shareholders
(%) 8.6 15.0 6.1 10.3 3.6
Benchmark return (%) 7.0 20.1 6.0 8.5 5.4
-------------------------- ------- ----- ------ ------ -------
For the first half of our financial year the overweight position in the most cost efficient iron ore producer, Rio Tinto, was a strong contributor to the portfolio's outperformance, as was the overweight position in Fever-Tree, the fast growing, premium mixer company that has consistently delivered strong results, ahead of market expectations. Other positive contributors included our overweight position in the electrical distributor, Electrocomponents, which performed very well as the company delivered strong results and saw further upgrades to its earnings prospects.
By contrast, not owning the mining groups, Glencore and the zero dividend paying Anglo American, detracted from performance as the mining sector rallied strongly over this six month period. Our holding in Novae, the specialist Lloyds insurance company, performed weakly on the back of large catastrophe losses and weak investment returns during 2016. Our long term overweight position in the premium dividend yielder, Imperial Brands, was also unhelpful over this period, but remains attractively valued with good dividend growth prospects. Overall, the portfolio outperformed the rising equity market over the first half of the financial year.
Portfolio Review
There has been no material change to the asset allocation of the portfolio during the half year. The portfolio remains overweight equities relative to its composite benchmark.
We assess individual investment opportunities on whether earnings estimates are being revised upwards, whether the valuation is attractive and whether the balance sheet and forecast cash flows allow for dividend growth. Portfolio construction is determined by stock selection with a focus on potential dividend growth.
Recently we bought a position in global food ingredients company, Tate & Lyle. The business has been performing well, leading management to increase their profits guidance for 2017. The outlook for profits growth over the next few years is encouraging whilst we expect dividends to grow by 4% over the next 12 months. We also bought Prudential Plc. The growth outlook is strong as its Asian business continues to expand and cash generation from its US operations remains impressive. We added Unilever to the portfolio following the rejected takeover offer from Kraft as we expect management to embark on a programme to improve returns. Other purchases were mostly concentrated on increasing our positions in existing holdings such as Rio Tinto and Card Factory.
We sold our holding in Informa. The revenue growth outlook in its key business divisions is challenging, leading to a deterioration in anticipated profit growth. We also sold our holding in outsourcing group Serco following a disappointing outlook for profitability in 2018 due to a high number of contracts subject to retendering. We reduced our positions in Booker, Direct Line and British American Tobacco.
Outlook
The UK stock market has remained healthy over recent months, with many corporates continuing to deliver good results and encouraging outlook statements. This is also the case globally, with the outlook for the corporate sector improving and growth expectations trending higher, as markets price in a gentle move towards global reflation. Although much of this improvement has been priced in with the strong rally in equity prices since early 2016, we believe that equities can still move higher albeit with more volatility likely. The outlook for UK dividend growth remains mixed, although any further weakness in sterling would clearly be beneficial given the international nature of the UK equity market, particularly amongst larger companies.
Political uncertainty is set to continue in 2017, with a number of important elections in Europe, uncertainty over the impact of Trump's policies on US economic and foreign policy, and domestically, the' Brexit' negotiations. The most recent announcement of a snap UK General Election on the 8th June 2017 merely adds to this uncertainty.
We will, of course, continue to seek out money making opportunities for the Company, with a particular focus on companies generating an attractive income return for their shareholders.
John Baker
Sarah Emly
Investment Managers 27th April 2017
MANAGED CASH SHARE CLASS
INVESTMENT MANAGER'S REPORT
It was once more a period of low returns for the Managed Cash portfolio. The Bank of England kept interest rates on hold at 0.25%, and retained the asset purchase programme at GBP435 billion. The UK government has now triggered Article 50 to formally start the process of exiting the EU. As the uncertainty around Brexit weighs on confidence, we see a risk of a period of weak data with inflation beginning to squeeze real incomes, and as a result a much reduced upward pressure on UK Gilt yields. We cannot rule out a marked rise in the public sector net borrowing requirement as a consequence of Brexit in the longer term, but it seems equally likely that the Bank of England will extend its quantitative easing programme if the data weakens significantly, in 2017. It is likely that softening economic data will ultimately dominate the outlook for UK yields.
The Managed Cash portfolio returned +0.2% for the period as interest rates remained low. The portfolio continues to retain its broad diversification across a range of the UK's leading AAA-rate sterling liquidity funds, each selected to provide a high level of capital security for shareholders.
The Bank of England is expected to keep interest rates on hold at its next meeting. While monetary policy is stimulative, the government's plans show fiscal policy pushing hard in the other direction during each of the next several years. We continue to expect a deceleration of UK growth in 2017.
Katy Thorneycroft
Investment Manager 27th April 2017
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its interim report.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall into the following broad categories: investment strategy; market; accounting, legal and regulatory; corporate governance and shareholder relations; operational and financial. Information on each of these areas is given in the Business Review within the 2016 Annual Report and Accounts.
Related Party Transactions
During the half year to 28th February 2017, no new agreements were entered into with related parties which have materially affected the financial position or the performance of the Company.
Going Concern
The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and, more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operational existence for at least 12 months from the date of the approval of this half yearly financial report. For these reasons, they consider there is reasonable evidence to adopt the going concern basis in preparing the financial statements.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the interim financial report has been prepared in accordance with FRS 104 'Interim Financial Reporting' and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 28th February 2017, as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and
(ii) the interim report includes a fair review of the information required by 4.2.7R (important events that have occurred since inception, their impact on these financial statements and a description of the principal risks facing the Company) and 4.2.8R (related party transactions since inception that have materially affected the financial position or performance of the Company) of the UK Listing Authority Disclosure and Transparency Rules.
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 accounting estimates that are reasonable and prudent;
-- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.
For and on behalf of the Board
Angus Macpherson
Chairman 27th April 2017
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 28TH FEBRUARY 2017
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
28th February 29th February 31st August
2017 2016 2016
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- -------- -------- -------- -------- --------- -------- -------- -------- --------
Gains/(losses)
on investments
held at
fair value through
profit or loss - 29,255 29,255 - (5,562) (5,562) - 20,470 20,470
Net foreign currency
gains - 26 26 - 39 39 - 57 57
Income from
investments 3,495 - 3,495 2,913 - 2,913 6,484 - 6,484
Interest receivable
and similar income 10 - 10 16 - 16 32 - 32
----------------------- -------- -------- -------- -------- --------- -------- -------- -------- --------
Gross return/(loss) 3,505 29,281 32,786 2,929 (5,523) (2,594) 6,516 20,527 27,043
Management fee (191) (414) (605) (157) (337) (494) (315) (688) (1,003)
Other administrative
expenses (282) - (282) (316) - (316) (615) - (615)
----------------------- -------- -------- -------- -------- --------- -------- -------- -------- --------
Net return/(loss)
on ordinary activities
before finance
costs and
taxation 3,032 28,867 31,899 2,456 (5,860) (3,404) 5,586 19,839 25,425
Finance costs (1) (1) (2) - - - - - -
----------------------- -------- -------- -------- -------- --------- -------- -------- -------- --------
Net return/(loss)
on ordinary
activities
before taxation 3,031 28,866 31,897 2,456 (5,860) (3,404) 5,586 19,839 25,425
Taxation - - - (6) - (6) (6) - (6)
----------------------- -------- -------- -------- -------- --------- -------- -------- -------- --------
Net return/(loss)
on ordinary
activities
after taxation 3,031 28,866 31,897 2,450 (5,860) (3,410) 5,580 19,839 25,419
----------------------- -------- -------- -------- -------- --------- -------- -------- -------- --------
Return/(loss)
per share (note
4):
Managed Growth 5.78p 71.75p 77.53p 4.37p (12.52)p (8.15)p 8.94p 55.59p 64.53p
Managed Income 1.79p 7.81p 9.60p 1.76p (2.84)p (1.08)p 4.76p 1.10p 5.86p
Managed Cash 0.13p 0.00p 0.13p 0.20p 0.00p 0.20p 0.39p 0.00p 0.39p
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 28TH FEBRUARY 2017
Called
up
share Share Other Capital Revenue
capital premium reserve reserves Reserve Total
1
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------- -------- -------- --------- --------- --------- ---------
Six months ended 28th February
2017 (Unaudited)
At 31st August 2016 24 85,425 44,694 148,307 4,550 283,000
Repurchase and cancellation
of the Company's own shares - - (23) - - (23)
Repurchase of shares into
Treasury - - (6,134) - - (6,134)
Share conversions during
the period - 420 (420) - - -
Shares issued as a result
of Company rollover
(net of costs) 2 21,294 - - - 21,296
Net return on ordinary activities - - - 28,866 3,031 31,897
Dividends paid in the period - - - - (3,183) (3,183)
----------------------------------- -------- -------- --------- --------- --------- ---------
At 28th February 2017 26 107,139 38,117 177,173 4,398 326,853
----------------------------------- -------- -------- --------- --------- --------- ---------
Six months ended 29th February
2016 (Unaudited)
At 31st August 2015 24 84,094 56,013 128,468 3,421 272,020
Repurchase and cancellation
of the Company's own shares - - (42) - - (42)
Repurchase of shares into
Treasury - - (3,682) - - (3,682)
Share conversions during
the period - 436 (436) - - -
Net (loss)/return on ordinary
activities - - - (5,860) 2,450 (3,410)
Dividends paid in the period - - - - (2,532) (2,532)
----------------------------------- -------- -------- --------- --------- --------- ---------
At 29th February 2016 24 84,530 51,853 122,608 3,339 262,354
----------------------------------- -------- -------- --------- --------- --------- ---------
Year ended 31st August 2016
(Audited)
At 31st August 2015 24 84,094 56,013 128,468 3,421 272,020
Repurchase and cancellation
of the Company's own shares - - (84) - - (84)
Issue of shares from Treasury - 5 123 - - 128
Repurchase of shares into
Treasury - - (10,032) - - (10,032) Share conversions during the year - 1,326 (1,326) - - - Net return on ordinary activities - - - 19,839 5,580 25,419 Dividends paid in the year - - - - (4,451) (4,451) ----------------------------------- -------- -------- --------- --------- --------- --------- At 31st August 2016 24 85,425 44,694 148,307 4,550 283,000 ----------------------------------- -------- -------- --------- --------- --------- ---------
1 This reserve forms the distributable reserve of the Company and may be used to fund distribution of profits to investors via dividend payments.
STATEMENT OF FINANCIAL POSITION
AT 28TH FEBRUARY 2017
(Unaudited) (Unaudited) (Audited)
28th February 29th February 31st
August
2017 2016 2016
Growth Income Cash Total Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- -------- -------- --------- -------- -------------- ------------
Fixed assets
Investments held at
fair value through
profit or loss 238,069 74,813 4,166 317,048 248,424 267,257
---------------------------- -------- -------- --------- -------- -------------- ------------
Current assets
Derivative financial
assets 495 - - 495 381 1,885
Debtors 522 763 1 1,286 1,446 1,084
Cash and cash equivalents 6,871 1,882 24 8,777 12,646 13,334
---------------------------- -------- -------- --------- -------- -------------- ------------
7,888 2,645 25 10,558 14,473 16,303
Current liabilities
Creditors: amounts falling
due within
one year (90) (441) (24) (555) (272) (124)
Derivative financial
liabilities (198) - - (198) (271) (436)
---------------------------- -------- -------- --------- -------- -------------- ------------
Net current assets 7,600 2,204 1 9,805 13,930 15,743
---------------------------- -------- -------- --------- -------- -------------- ------------
Net assets 245,669 77,017 4,167 326,853 262,354 283,000
---------------------------- -------- -------- --------- -------- -------------- ------------
Capital and reserves
Called up share capital 18 6 2 26 24 24
Share premium 30,794 56,109 20,236 107,139 84,530 85,425
Other reserve 50,139 4,121 (16,143) 38,117 51,853 44,694
Capital reserves 164,726 12,458 (11) 177,173 122,608 148,307
Revenue reserve (8) 4,323 83 4,398 3,339 4,550
---------------------------- -------- -------- --------- -------- -------------- ------------
Total equity shareholders'
funds 245,669 77,017 4,167 326,853 262,354 283,000
---------------------------- -------- -------- --------- -------- -------------- ------------
28th February 29th February 31st August
2017 2016 2016
Net Net Net asset Net Net Net
asset asset
value assets value assets value assets
(pence) GBP'000 (pence) GBP'000 (pence) GBP'000
--------------------- -------- -------- ---------- -------- ------------ --------
Net asset value per
share (note 5)
Managed Growth 736.0 245,669 593.1 206,422 664.2 224,749
Managed Income 111.9 77,017 100.4 52,192 105.7 54,456
Managed Cash 101.5 4,167 101.4 3,740 101.7 3,795
--------------------- -------- -------- ---------- -------- ------------ --------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 28TH FEBRUARY 2017
1. Financial statements
The information contained within the financial statements in this half year report has not been audited or reviewed by the Company's auditors.
The figures and financial information for the year ended 31st August 2016 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies and including the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The financial statements are prepared 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 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.
FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 28th February 2017.
The Company has elected not to prepare a statement of cash flows for the current period on the basis that substantially all of its investments are liquid and carried at market value.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 31st August 2016.
3. Dividends
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
28th February 29th February 31st August
2017 2016 2016
GBP'000 GBP'000 GBP'000
----------------------------- -------------- -------------- ------------
Dividends paid
Managed Growth 2016 2nd
interim dividend of 1.50p - - 522
Managed Growth 2016 3rd
interim dividend of 1.50p - - 515
Managed Growth 2016 4th
interim dividend of 3.15p
(2015: 1.50p) 1,066 535 535
Managed Growth 2017 1st
interim dividend of 2.90p
(2016: 2.55p) 974 892 892
Managed Income 2016 2nd
interim dividend of 0.85p - - 441
Managed Income 2016 3rd
interim dividend of 0.85p - - 441
Managed Income 2016 4th
interim dividend of 1.35p
(2015: 1.25p) 692 650 650
Managed Income 2017 1st
interim dividend of 0.85p
(2016: 0.85p) 437 441 441
Managed Cash 2016 interim
dividend of 0.35p (2015:
0.35p) 14 14 14
----------------------------- -------------- -------------- ------------
Total dividends paid in
the period(1) 3,183 2,532 4,451
----------------------------- -------------- -------------- ------------
Dividends proposed
Managed Growth shares 2016
4th interim dividend of
3.15p - - 1,066
Managed Growth 2017 2nd
interim dividend of 2.55p
(2016: 1.50p) 855 523 -
Managed Income shares 2016
4th interim dividend of
1.35p - - 692
Managed Income 2017 2nd
interim dividend of 0.85p
(2016: 0.85p) 584 441 -
Managed Cash shares 2016
interim dividend of 0.35p - - 14
----------------------------- -------------- -------------- ------------
Total dividends proposed(2) 1,439 964 1,772
----------------------------- -------------- -------------- ------------
1 All the dividends paid and declared in the period have been funded from the Revenue Reserve.
2 In accordance with the accounting policy of the Company, these dividends will be reflected in the financial statements of the following period.
4. Return per share
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
28th February 29th February 31st August
2017 2016 2016
Managed Growth GBP'000 GBP'000 GBP'000
--------------------------- -------------- -------------- ------------
Return/(loss) per Managed
Growth share is based
on
the following:
Revenue return 1,948 1,530 3,097
Capital return/(loss) 24,171 (4,387) 19,267
--------------------------- -------------- -------------- ------------
Total return/(loss) 26,119 (2,857) 22,364
--------------------------- -------------- -------------- ------------
Weighted average number
of shares in issue 33,686,904 35,036,037 34,658,666
Revenue return per share 5.78p 4.37p 8.94p
Capital return/(loss)
per share 71.75p (12.52)p 55.59p
--------------------------- -------------- -------------- ------------
Total return/(loss) per
share 77.53p (8.15)p 64.53p
--------------------------- -------------- -------------- ------------
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
28th February 29th February 31st August
2017 2016 2016
Managed Income GBP'000 GBP'000 GBP'000
--------------------------- -------------- -------------- ------------
Return/(loss) per Managed
Income share is based
on
the following:
Revenue return 1,078 912 2,467
Capital return/(loss) 4,695 (1,473) 572
--------------------------- -------------- -------------- ------------
Total return/(loss) 5,773 (561) 3,039
--------------------------- -------------- -------------- ------------
Weighted average number
of shares in issue 60,098,880 51,854,060 51,769,108
Revenue return per share 1.79p 1.76p 4.76p
Capital return/(loss)
per share 7.81p (2.84)p 1.10p
--------------------------- -------------- -------------- ------------
Total return/(loss) per
share 9.60p (1.08)p 5.86p
--------------------------- -------------- -------------- ------------
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
28th February 29th February 31st August
2017 2016 2016
Managed Cash GBP'000 GBP'000 GBP'000
--------------------------- -------------- -------------- ------------
Return per Managed Cash
share is based on
the following:
Revenue return 5 8 16
Capital return - - -
--------------------------- -------------- -------------- ------------
Total return 5 8 16
--------------------------- -------------- -------------- ------------
Weighted average number
of shares in issue 3,937,661 3,803,462 3,792,884
Revenue return per share 0.13p 0.20p 0.39p
Capital return per share 0.00p 0.00p 0.00p
--------------------------- -------------- -------------- ------------
Total return per share 0.13p 0.20p 0.39p
--------------------------- -------------- -------------- ------------
5. Net asset value per share
The net asset values per share are calculated as follows:
(Unaudited)
28th February 2017
Managed Managed Managed
Growth Income Cash
--------------------------- ----------- ----------- ----------
Net assets attributable
(GBP'000) 245,669 77,017 4,167
--------------------------- ----------- ----------- ----------
Ordinary shares in issue 33,380,291 68,847,963 4,106,040
--------------------------- ----------- ----------- ----------
Net asset value per share
(pence) 736.0 111.9 101.5
--------------------------- ----------- ----------- ----------
(Unaudited)
29th February 2016
Managed Managed Managed
Growth Income Cash
--------------------------- ----------- ----------- ----------
Net assets attributable
(GBP'000) 206,422 52,192 3,740
--------------------------- ----------- ----------- ----------
Ordinary shares in issue 34,803,702 51,990,265 3,689,255
--------------------------- ----------- ----------- ----------
Net asset value per share
(pence) 593.1 100.4 101.4
--------------------------- ----------- ----------- ----------
(Audited)
31st August 2016
Managed Managed Managed
Growth Income Cash
--------------------------- ----------- ----------- ----------
Net assets attributable
(GBP'000) 224,749 54,456 3,795
--------------------------- ----------- ----------- ----------
Ordinary shares in issue 33,838,279 51,506,786 3,731,318
--------------------------- ----------- ----------- ----------
Net asset value per share
(pence) 664.2 105.7 101.7
--------------------------- ----------- ----------- ----------
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
JPMORGAN FUNDS LIMITED
ENDS
A copy of the half year report will be submitted to the National Storage Mechanism and will be available shortly for inspection at www.morningstar.co.uk/uk/NSM
The half year report will also be available shortly on the Company's website at www.jpmelect.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 company news service from the London Stock Exchange
END
IR LLFLISRIDFID
(END) Dow Jones Newswires
April 27, 2017 06:20 ET (10:20 GMT)
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