JPMorgan Global Growth & Income PLC Edison reviews JPMorgan Global Growth & Income

TIDMJGGI

JPMorgan Global Growth & Income PLC

13 March 2020

London, UK, 13 March 2020

Edison issues review on JPMorgan Global Growth & Income (JGGI)

JPMorgan Global Growth & Income (JGGI) seeks capital growth from a portfolio of c 50-90 attractively valued stocks drawn from the best ideas of J.P. Morgan Asset Management's (JPMAM's) large team of research-driven global equity analysts. The portfolio is managed by the new team of Helge Skibeli, Raj Tanna and Tim Woodhouse (co-manager alongside Jeroen Huysinga, who retired in Q219). While recent returns have inevitably been hit by the global stock market sell-off, JGGI's NAV total return of +9.5% is ahead of the benchmark MSCI AC World index (+8.8%) over 12 months to 29 February 2020, and broadly in line over one, three and six months. The trust also seeks to reward investors through a high distribution policy, paying out c 4% of the previous year-end NAV in quarterly instalments.

Since adopting its higher distribution policy at the start of FY17, JGGI has regularly traded at a premium to cum-income NAV. Although there was a brief spike to a discount in late February (see chart above), the trust is once again trading above NAV, at a premium of 5.2% on 12 March compared with a one-year average of 2.4%. The higher yield (currently 4.7%) has been a major factor in the re-rating.

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March 13, 2020 09:14 ET (13:14 GMT)