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JMG Jpmorgan Emerging Markets Investment Trust Plc

104.20
0.80 (0.77%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Jpmorgan Emerging Markets Investment Trust Plc LSE:JMG London Ordinary Share GB00BMXWN182 ORD 2.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.80 0.77% 104.20 103.80 104.20 104.60 103.40 103.80 1,636,853 16:22:31
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Mgmt Invt Offices, Open-end 20.13M -1.91M -0.0016 -651.25 1.23B

JPMorgan Emerging Mkts Invest Trust Half-year Report (5351X)

22/02/2017 8:52am

UK Regulatory


Jpmorgan Emerging Market... (LSE:JMG)
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TIDMJMG

RNS Number : 5351X

JPMorgan Emerging Mkts Invest Trust

22 February 2017

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN EMERGING MARKETS INVESTMENT TRUST PLC

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHSED

31ST DECEMBER 2016

Chairman's Statement

Performance

The first half of the Company's financial year was a positive period for emerging markets investors. Over the six months to 31st December 2016 the Company's benchmark index, the MSCI Emerging Markets Index (in sterling terms), rose 13.0%.

For the same period, the Company produced a total return on net assets of +7.4%. Whilst this is a significant underperformance against our benchmark, it follows a period of exceptional outperformance. Our Investment Manager continues to focus on quality growth stocks and the portfolio is underweight in the more cyclical stocks in energy and resources. Therefore, in a period where these cyclical stocks performed well, the portfolio lagged behind the benchmark. Such periods of underperformance are to be expected from time to time but I would emphasise that the Investment Manager's impressive long term performance record remains intact, the Company having outperformed the benchmark index over two, three, five and ten years to 31st December 2016.

The return to shareholders over the first half of the financial year was higher, at +10.2%. This reflects a narrowing of the discount at which the Company's shares trade, from 13.2% as at 30th June 2016 to 11.7% at the half year end. A review of the Company's performance for the first six months and the outlook for the remainder of the year is provided in the Investment Manager's Report which follows.

Discount

During the first six months of this financial year, the discount on the Company's shares to their net asset value ranged between 9.6% and 14.0%, averaging 12.1%. At the period end, the discount was 11.7%.

The Board's policy on discount management remains unchanged - it is prepared to take action to try to ensure that the discount does not exceed 10.0% for an extended period, but only if the discount is out of line with our peer group and market conditions are orderly. During the six months the Company repurchased a total of 550,402 shares into Treasury at an average discount of 12.1% and a total cost of GBP3.8 million, though that was insufficient to move the discount down to levels the Board feels appropriate.

The Board

Nigel Kenny retired at the conclusion of the AGM held in November 2016. Richard Laing has succeeded him as chairman of the Audit Committee and Anatole Kaletsky has become the Senior Independent Director.

Ruary Neill was appointed a Director of the Company with effect from 1st January 2017. He worked in investment banking for 28 years where he most recently managed the multi asset sales business at UBS Investment Bank. Prior to that he spent a number of years working in the Asian Equity Markets for UBS Investment Bank and Schroder Securities. He is Chairman of The Investment Committee, Great Ormond Street Children's Charity and a member of The Advisory Council, The SOAS China Institute, London University.

As previously advised, I will stand down from the Board at the conclusion of the 2017 AGM, having been a Director of your Company for fifteen years. The Board has agreed that Sarah Arkle will succeed me as Chairman and I am sure she will prove to be an excellent choice.

Outlook

The start of the new calendar year has seen further progress by emerging markets, supported by some signs of economic progress as well as recovery in commodity markets. I need hardly add that uncertainties have increased in the post-Trump world, especially with regard to international trade so we must expect some volatility in the months ahead. Nevertheless, valuations are reasonable and the long term case for emerging markets remains solid.

Alan Saunders

Chairman

22nd February 2017

Investment Manager's Report

In last year's half year report, I addressed a period in which the Company's net asset value per share had decreased, yet done better than our benchmark index. This time, the opposite has happened; while the Company's NAV per share has increased by 7.4%, we have failed to keep up with the index, which rose by 13% over the last half year.

Such an outcome, while not welcome from our point of view, will inevitably happen from time to time, as I sought to explain in the Company's last annual report. I had hoped that my comments would not prove so immediately prophetic. We know, however, and will continue to affirm, that an outcome which differs from the benchmark is necessary if we are to add value to the Company in the long term; this means that sometimes the Company's portfolio will do worse. Shareholders should always expect that I will try to learn from individual mistakes which have affected performance, but not that I will significantly alter the investment approach that we have followed for more than twenty years, when such periods occur.

Why has this been a challenging time? Obviously part of the answer lies in the tumultuous political events of 2016, which have brought great uncertainty for investors in terms of trade and other aspects of economic policy. We do not really know what the new regimes will bring. Higher inflation, which was not widely expected a year ago, has implications for commodity prices, for the US dollar, for interest rates and for all kinds of macro-economic factors which affect the valuation of equities in emerging markets and elsewhere. Similarly, big changes in trade policy and tariffs can have consequences for exporters everywhere. One particular event which bears brief comment is the startling decision taken last November in India to cancel a significant part of the money in circulation in the country, in an attempt to demonetise the economy - in other words, to force the large informal cash economy to move into the formal financial system. This is likely to be very good for the Indian economy in the long term, reducing graft, increasing tax and helping productivity; but the abruptness with which it was announced produced a short term economic squeeze which did affect share prices and had a visible impact on our investment results; I believe this will prove to be only a temporary effect. But I do not want to use politics as an excuse; in recent months your Company's portfolio has, not unusually, lagged somewhat in a period when share prices have risen and cyclical sectors have been among the best performing areas. As well as our investments in India, some of the leading contributors to underperformance have been stable businesses in sectors like consumer staples, whose share prices have not moved much; conversely, sectors like energy and materials, which we do not find appealing on a long term view and where the portfolio has little exposure, have rallied sharply as investors have begun to think about the prospect of rising inflation ahead.

In general, however, I should emphasise that I put much more store by the achievements and results of the businesses that are owned in the portfolio than I do in trying to second guess macroeconomic trends. I believe that we have a collection of strong, and in many cases outstanding, businesses in the portfolio; in general they have continued to deliver good results in the last six months and I think they can continue to do so in the future. Unless their share prices are at very elevated levels, which I do not believe to be the case, I am happy to continue to own them.

Austin Forey

Investment Manager

22nd February 2017

Interim Management Report

The Company is required to make the following disclosures in its half year report:

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Company have not changed and fall into the following broad categories: investment underperformance; political, economic and governance; loss of investment team or investment manager; share price discount; change of corporate control of the manager; legal and regulatory; corporate governance and shareholder relations; operational and cyber crime; and financial. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 30th June 2016.

Related Parties Transactions

During the first six months of the current financial year, no transactions with related parties have taken place 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 forseeable 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 twelve months from the date of the approval of the half year financial report. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.

Directors' Responsibilities

The Board of Directors confirms that, to the best of its knowledge:

(i) the condensed set of financial statements contained within the half yearly 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 31st December 2015, as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and

(ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R 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 UK 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

Alan Saunders

Chairman

22nd February 2017

Statement of Comprehensive Income

for the six months ended 31st December 2016

 
 
 
                                 (Unaudited)                      (Unaudited)                       (Audited) 
                               Six months ended                 Six months ended                    Year ended 
                              31st December 2016               31st December 2015                 30th June 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                -    66,201    66,201          -    (59,173)    (59,173)         -    91,226    91,226 
 Net foreign currency 
  gains                         -     1,139     1,139          -          59          59         -     4,723     4,723 
 Income from 
  investments               8,373         -     8,373      6,054           -       6,054    16,978         -    16,978 
 Interest receivable 
  and similar income           71         -        71         40           -          40       141         -       141 
----------------------  ---------  --------  --------  ---------  ----------  ----------  --------  --------  -------- 
 Gross return/(loss)        8,444    67,340    75,784      6,094    (59,114)    (53,020)    17,119    95,949   113,068 
 Management fee           (1,424)   (3,322)   (4,746)    (1,203)     (2,806)     (4,009)   (2,406)   (5,613)   (8,019) 
 Other administrative 
  expenses                  (793)         -     (793)      (664)           -       (664)   (1,326)         -   (1,326) 
----------------------  ---------  --------  --------  ---------  ----------  ----------  --------  --------  -------- 
 Net return/(loss) on 
  ordinary activities 
  before finance costs 
  and taxation              6,227    64,018    70,245      4,227    (61,920)    (57,693)    13,387    90,336   103,723 
 Finance costs                  -       (1)       (1)          -           -           -         -         -         - 
----------------------  ---------  --------  --------  ---------  ----------  ----------  --------  --------  -------- 
 Net return/(loss) on 
  ordinary activities 
  before taxation           6,227    64,017    70,244      4,227    (61,920)    (57,693)    13,387    90,336   103,723 
 Taxation                   (715)         -     (715)      (439)           -       (439)   (1,251)         -   (1,251) 
----------------------  ---------  --------  --------  ---------  ----------  ----------  --------  --------  -------- 
 Net return/(loss) on 
  ordinary activities 
  after taxation            5,512    64,017    69,529      3,788    (61,920)    (58,132)    12,136    90,336   102,472 
----------------------  ---------  --------  --------  ---------  ----------  ----------  --------  --------  -------- 
 Return/(loss) per 
  share (note 4)            4.38p    50.86p    55.24p      2.95p    (48.21)p    (45.26)p     9.49p    70.63p    80.12p 
 

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by The Association of Investment Companies.

The net return/loss on ordinary activities after taxation represents the profit/(loss) for the period and also the total comprehensive income.

Statement of Changes in Equity

for the six months ended 31st December 2016

 
                          Called 
                              up                 Capital 
                           share      Share   redemption     Other     Capital      Revenue 
                         capital    premium      reserve   reserve    reserves   reserve(1)       Total 
                         GBP'000    GBP'000      GBP'000   GBP'000     GBP'000      GBP'000     GBP'000 
----------------------  --------  ---------  -----------  --------  ----------  -----------  ---------- 
 Six months ended 31st December 2016 (Unaudited) 
 At 30th June 
  2016                    33,091    173,657        1,665    69,939     634,869       21,421     934,642 
 Repurchase of 
  shares into 
  Treasury                     -          -            -         -     (3,837)            -     (3,837) 
 Net return on 
  ordinary activities          -          -            -         -      64,017        5,512      69,529 
 Dividend paid 
  in the period                -          -            -         -           -     (11,324)    (11,324) 
----------------------  --------  ---------  -----------  --------  ----------  -----------  ---------- 
 At 31st December 
  2016                    33,091    173,657        1,665    69,939     695,049       15,609     989,010 
----------------------  --------  ---------  -----------  --------  ----------  -----------  ---------- 
 Six months ended 31st December 2015 (Unaudited) 
 At 30th June 
  2015                    33,091    173,657        1,665    69,939     557,345       16,992     852,689 
 Repurchase of 
  shares into 
  Treasury                     -          -            -         -     (1,089)            -     (1,089) 
 Net (loss)/return 
  on ordinary 
  activities                   -          -            -         -    (61,920)        3,788    (58,132) 
 Dividend paid 
  in the period                -          -            -         -           -      (7,707)     (7,707) 
----------------------  --------  ---------  -----------  --------  ----------  -----------  ---------- 
 At 31st December 
  2015                    33,091    173,657        1,665    69,939     494,336       13,073     785,761 
----------------------  --------  ---------  -----------  --------  ----------  -----------  ---------- 
 Year ended 30th June 2016 (Audited) 
 At 30th June 
  2015                    33,091    173,657        1,665    69,939     557,345       16,992     852,689 
 Repurchase of 
  shares into 
  Treasury                     -          -            -         -    (12,812)            -    (12,812) 
 Net return on 
  ordinary activities          -          -            -         -      90,336       12,136     102,472 
 Dividend paid 
  in the year                  -          -            -         -           -      (7,707)     (7,707) 
----------------------  --------  ---------  -----------  --------  ----------  -----------  ---------- 
 At 30th June 
  2016                    33,091    173,657        1,665    69,939     634,869       21,421     934,642 
----------------------  --------  ---------  -----------  --------  ----------  -----------  ---------- 
 

(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 31st December 2016

 
                                   (Unaudited)     (Unaudited)   (Audited) 
                                 31st December   31st December   30th June 
                                          2016            2015        2016 
                                       GBP'000         GBP'000     GBP'000 
------------------------------  --------------  --------------  ---------- 
 Fixed assets 
 Investments held at fair 
  value through profit 
  or loss                              983,311         750,872     901,025 
 Current assets 
 Debtors                                 1,176           3,966       2,771 
 Cash and cash equivalents(1)            5,436          32,168      31,052 
------------------------------  --------------  --------------  ---------- 
                                         6,612          36,134      33,823 
 Current liabilities 
 Creditors: amounts falling 
  due within one year                    (913)         (1,245)       (206) 
------------------------------  --------------  --------------  ---------- 
 Net current assets                      5,699          34,889      33,617 
------------------------------  --------------  --------------  ---------- 
 Total assets less current 
  liabilities                          989,010         785,761     934,642 
------------------------------  --------------  --------------  ---------- 
 Net assets                            989,010         785,761     934,642 
------------------------------  --------------  --------------  ---------- 
 Capital and reserves 
 Called up share capital                33,091          33,091      33,091 
 Share premium                         173,657         173,657     173,657 
 Capital redemption reserve              1,665           1,665       1,665 
 Other reserve                          69,939          69,939      69,939 
 Capital reserves                      695,049         494,336     634,869 
 Revenue reserve                        15,609          13,073      21,421 
------------------------------  --------------  --------------  ---------- 
 Total equity shareholders' 
  funds                                989,010         785,761     934,642 
------------------------------  --------------  --------------  ---------- 
 Net asset value per share 
  (note 5)                              787.3p          612.7p      740.8p 
 

(1) This line item combines the two lines of 'Investment in liquidity fund held at fair value through profit or loss' and 'Cash and short term deposits' in the financial statements for the half year ended 31st December 2015 into one. Under FRS 102, liquidity funds are considered cash equivalents as they are held for cash management purposes.

Statement of Cash Flows

for the six months ended 31st December 2016

 
                                                                     (Unaudited)          (Unaudited)        (Audited) 
                                                                Six months ended     Six months ended       Year ended 
                                                              31st December 2016   31st December 2015   30th June 2016 
                                                                         GBP'000              GBP'000          GBP'000 
-----------------------------------------------------------  -------------------  -------------------  --------------- 
 Net cash outflow from operations before dividends and 
  interest (note 6)                                                      (4,437)              (3,003)          (4,648) 
 Dividends received                                                        9,291                7,744           15,694 
 Interest received                                                            68                   39              141 
 Overseas tax recovered                                                     (23)                   56               57 
 Interest paid                                                               (1)                    -                - 
-----------------------------------------------------------  -------------------  -------------------  --------------- 
 Net cash inflow from operating activities                                 4,898                4,836           11,244 
-----------------------------------------------------------  -------------------  -------------------  --------------- 
 Purchases of investments                                               (40,097)             (10,897)         (20,794) 
 Sales of investments                                                     24,004               13,643           28,918 
 Settlement of foreign currency contracts                                     39                   67             (37) 
-----------------------------------------------------------  -------------------  -------------------  --------------- 
 Net cash (outflow)/inflow from investing activities                    (16,054)                2,813            8,087 
-----------------------------------------------------------  -------------------  -------------------  --------------- 
 Dividends paid                                                         (11,324)              (7,707)          (7,707) 
 Repurchase of shares into Treasury                                      (3,150)                    -         (12,812) 
-----------------------------------------------------------  -------------------  -------------------  --------------- 
 Net cash outflow from financing activities                             (14,474)              (7,707)         (20,519) 
-----------------------------------------------------------  -------------------  -------------------  --------------- 
 Decrease in cash and cash equivalents                                  (25,630)                 (58)          (1,188) 
-----------------------------------------------------------  -------------------  -------------------  --------------- 
 Cash and cash equivalents at start of period                             31,052               32,219           32,219 
 Exchange movements                                                           14                    7               21 
 Cash and cash equivalents at end of period                                5,436               32,168           31,052 
-----------------------------------------------------------  -------------------  -------------------  --------------- 
 Decrease in cash and cash equivalents                                  (25,630)                 (58)          (1,188) 
-----------------------------------------------------------  -------------------  -------------------  --------------- 
 Cash and cash equivalents consist of: 
 Cash and short term deposits                                              1,354                  909              697 
 Cash held in JPMorgan US Dollar Liquidity Fund                            4,082               31,259           30,355 
-----------------------------------------------------------  -------------------  -------------------  --------------- 
 Total                                                                     5,436               32,168           31,052 
-----------------------------------------------------------  -------------------  -------------------  --------------- 
 

Notes to the Financial Statements

for the six months ended 31st December 2016

   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 30th June 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 31st December 2016.

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 30th June 2016.

   3.     Dividends paid 
 
                                                     (Unaudited)          (Unaudited)        (Audited) 
                                                Six months ended     Six months ended       Year ended 
                                              31st December 2016   31st December 2015   30th June 2016 
                                                         GBP'000              GBP'000          GBP'000 
 ------------------------------------------  -------------------  -------------------  --------------- 
  2016 Final dividend of 9.0p (2015: 6.0p)                11,324                7,707            7,707 
 ------------------------------------------  -------------------  -------------------  --------------- 
  Total dividends paid in the period/year                 11,324                7,707            7,707 
 ------------------------------------------  -------------------  -------------------  --------------- 
 

All dividends paid and declared in the period have been funded from the Revenue Reserve.

   4.     Return/(loss) per share 
 
                                                                   (Unaudited)          (Unaudited)        (Audited) 
                                                              Six months ended     Six months ended       Year ended 
                                                            31st December 2016   31st December 2015   30th June 2016 
                                                                       GBP'000              GBP'000          GBP'000 
 --------------------------------------------------------  -------------------  -------------------  --------------- 
  Return/(loss) per share is based on the following: 
  Revenue return                                                         5,512                3,788           12,136 
  Capital return/(loss)                                                 64,017             (61,920)           90,336 
 --------------------------------------------------------  -------------------  -------------------  --------------- 
  Total return/(loss)                                                   69,529             (58,132)          102,472 
 --------------------------------------------------------  -------------------  -------------------  --------------- 
  Weighted average number of Ordinary shares in issue 
   (excluding shares held in Treasury)                             125,881,804          128,447,289      127,893,440 
  Revenue return per share                                               4.38p                2.95p            9.49p 
  Capital return/(loss) per share                                       50.86p             (48.21)p           70.63p 
 --------------------------------------------------------  -------------------  -------------------  --------------- 
  Total return/(loss) per share                                         55.24p             (45.26)p           80.12p 
 --------------------------------------------------------  -------------------  -------------------  --------------- 
 
   5.     Net asset value per share 
 
                                      (Unaudited)          (Unaudited)        (Audited) 
                                 Six months ended     Six months ended       Year ended 
                               31st December 2016   31st December 2015   30th June 2016 
  Net assets (GBP'000)                    989,010              785,761          934,642 
  Number of shares in issue           125,624,301          128,248,376      126,174,703 
 ---------------------------  -------------------  -------------------  --------------- 
  Net asset value per share                787.3p               612.7p           740.8p 
 ---------------------------  -------------------  -------------------  --------------- 
 

6. Reconciliation of net return/(loss) on ordinary activities before finance costs and taxation to net cash outflow from operations before dividends and interest

 
                                                                   (Unaudited)          (Unaudited)        (Audited) 
                                                              Six months ended     Six months ended       Year ended 
                                                            31st December 2016   31st December 2015   30th June 2016 
                                                                       GBP'000              GBP'000          GBP'000 
 --------------------------------------------------------  -------------------  -------------------  --------------- 
  Net return/(loss) on ordinary activities before finance 
   costs and taxation                                                   70,245             (57,693)          103,723 
  (Less capital return)/add capital loss on ordinary 
   activities before finance costs and taxation                       (64,018)               61,920         (90,336) 
  Decrease in accrued income and other debtors                           1,546                2,198               20 
  Increase/(decrease) in accrued expenses                                   27                (116)             (60) 
  Overseas withholding tax                                               (643)                (480)          (1,286) 
  Management fee charged to capital                                    (3,322)              (2,806)          (5,613) 
  Dividends received                                                   (9,291)              (7,744)         (15,694) 
  Interest received                                                       (68)                 (39)            (141) 
  Realised gain on liquidity transactions                                1,689                1,772            4,655 
  Realised (loss)/gain on foreign exchange transactions                  (602)                 (15)               84 
 --------------------------------------------------------  -------------------  -------------------  --------------- 
  Net cash outflow from operations before dividends and 
   interest                                                            (4,437)              (3,003)          (4,648) 
 --------------------------------------------------------  -------------------  -------------------  --------------- 
 
   7.     Fair valuation of investments 

The fair value hierarchy disclosures required by FRS 102 are given below.

 
 
 
                                     (Unaudited)              (Unaudited)              (Audited) 
                                   Six months ended         Six months ended           Year ended 
                                  31st December 2016       31st December 2015        30th June 2016 
                                  Assets   Liabilities    Assets   Liabilities    Assets   Liabilities 
                                 GBP'000       GBP'000   GBP'000       GBP'000   GBP'000       GBP'000 
 ----------------------------  ---------  ------------  --------  ------------  --------  ------------ 
  Level 1                        983,311             -   750,872             -   901,025             - 
 ----------------------------  ---------  ------------  --------  ------------  --------  ------------ 
  Total value of investments     983,311             -   750,872             -   901,025             - 
 ----------------------------  ---------  ------------  --------  ------------  --------  ------------ 
 

For further information, please contact:

Jonathan Latter

For and on behalf of

JPMorgan Funds Limited, Secretary 020 7742 4000

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 will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM

The half year will also shortly be available on the Company's website at www.jpmemergingmarkets.co.uk here 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 VLLBLDLFZBBV

(END) Dow Jones Newswires

February 22, 2017 03:52 ET (08:52 GMT)

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