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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jpmorgan Asian Investment Trust Plc | LSE:JAI | London | Ordinary Share | GB0001320778 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 401.00 | 399.00 | 403.00 | 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
TIDMJAGI
RNS Number : 4096N
JPMorgan Asia Growth & Income PLC
20 May 2020
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN ASIA GROWTH & INCOME PLC
(formerly JPMorgan Asian Investment Trust plc)
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHSED 31ST MARCH 2020
Legal Entity Identifier: 5493006R74BNJSJKCB17
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
In the six months to 31st March 2020 the Company's return to shareholders was -6.6% compared with a decline of 9.3% for the Company's benchmark index, the MSCI All Countries Asia ex Japan Index. The net asset value ('NAV') return was -11.5% (all figures are on a total return basis). In any year, having to report negative returns is disappointing. However, whilst not immune to the significant turmoil caused by the Covid-19 pandemic as it engulfed the world, Asian stock markets have to-date generally weathered this crisis better than their European and American counterparts.
The principal reason for the Company's NAV underperformance relative to its benchmark was attributable to the portfolio's stock selection. Full detail of the Company's performance, together with a market review and outlook for the remainder of 2020 can be found in the Investment Managers' Report below.
Covid-19 and the Company's Operations
It is pleasing to report that the Company's Manager and the other service providers to the Company have all continued to operate efficiently, as they have rapidly transitioned to home working following the measures put in place by governments across the globe to restrict the spread of Covid-19.
Continuation Vote and Change of Company Name
At the Company's Annual General Meeting held in February, shareholders voted overwhelmingly in favour of the continuation of the Company for a further three year period. The Board thanks shareholders for their ongoing support.
The Company's objective remains to maximise total returns. Given the Company's enhanced distribution policy, however, the Company has moved into the AIC's Asia Pacific Income Sector. In light of this change and to better reflect our investment and dividend policies, the Company also changed its name to 'JPMorgan Asia Growth & Income plc' with effect from 14th February 2020. The change in name was completed in conjunction with a change to the Company's TIDM, the 'ticker' or identification code used to identify it on the London Stock Exchange, from 'JAI' to 'JAGI'.
Best Asia Pacific Equities Investment Trust Award
The Company was recently awarded the 'Best Asia Pacific Equities Investment Trust' at Money Observer's annual Investment Trust Awards 2020. In their commentary that accompanied the Award, Money Observer highlighted how the Company has utilised the investment trust structure to pay higher dividends to shareholders and 'outperformed its benchmark in each of the last five years, including particularly strong returns in 2017 and a resilient performance in the 2018 downturn'.
Dividend Policy and Discount Management
The Company's dividend policy aims to pay, in the absence of unforeseen circumstances, regular quarterly dividends funded from a combination of revenue and capital reserves equivalent to 1% of the Company's NAV on the last business day of each financial quarter, being the end of December, March, June and September. Shareholders are reminded that the dividend policy of the Company does not place any demand on the investment managers to seek a higher income yield from the portfolio, at the expense of total returns available to shareholders. Through dissociating the dividend policy of the Company from the split of capital and revenue returns generated from its current investment policy, the Company has the ability to generate attractive total returns with a low level of attrition to the capital base of the Company.
For the year ended 30th September 2019 dividends paid totalled 15.7 pence. In respect of the quarters to 31st December 2019 and to 31st March 2020 dividends of 4.1 pence and 3.5 pence respectively were paid. Two further dividends will be declared on the first business day after 30th June and 30th September 2020. Shareholders are further reminded that the dividends are based upon a percentage of net assets, so the dividend paid to shareholders will reflect the Company's net assets at the particular quarter end and so will be subject to market fluctuations, as witnessed by the fall in the NAV and the resulting dividend distribution in relation to the quarter ended 31st March 2020.
The discount to NAV at which the Company's shares trade reflects a number of factors, including the performance of, and demand for, the Company's shares. As highlighted above, the Company's performance remains strong over the medium to long term. This, combined with the higher dividend yield provided by the Company's shares have both contributed to a continuation of the discount tightening in recent years. Overall, the trend is encouraging with the Company's discount at the 31st March 2020 registering 5.2%, which compared to 10.0% at the end of the financial year on 30th September 2019.
Gearing
The Company has in place a multi currency loan facility with Scotiabank. A small amount of gearing was deployed by our investment managers following the market falls as a result of the Covid-19 pandemic. The Company ended the reporting period with a geared position of 0.4% and this has since increased to just under 2% at the time of writing.
Fees
The Board is pleased to note that the Company's 'Ongoing Charges' (representing the Company's management fee and all other operating expenses) are amongst the lowest within its comparable peer group of actively managed open and closed-ended investment vehicles at 0.76%. The Board continues to focus on costs incurred by the Company across all of its functions, with a view to enhancing shareholder value.
Outlook
As I write Covid-19 continues to grip the world, its health systems and its financial markets. The required social distancing and shutdowns to control the disease is creating huge disruption in supply and demand which will have significant economic cost. It remains unclear how long these disruptions will last or how significant their enduring impact will be. On top of the pandemic, the low oil price poses challenges for some Asian economies as well as the US.
Your Company invests in companies and not economies or markets. Although there are of course challenges ahead, the Manager's competitive advantage lies in the identification of, and investment into, attractively priced, quality companies across the region. There remains a wide universe of such companies, with strong business models, sound finances and quality management teams available to invest in at attractive valuations. We believe that, shorter term market movements aside, they offer the prospect of exciting returns to shareholders over the longer term.
Bronwyn Curtis OBE
Chairman
20th May 2020
INVESTMENT MANAGERS' REPORT
Introduction
In this report, we consider the Company's investment performance for the six months to 31st March 2020. We discuss the unprecedented market backdrop for the period, examine the drivers of the Company's performance, and then consider the outlook for Asian stock markets for the rest of 2020.
What has the market environment been like?
In the fourth quarter of 2019, investor sentiment improved across the Asian region and equity valuations rose, spurred on by hopes that economic momentum was turning around, with central banks cutting interest rates to aid liquidity, government policies supportive and a de-escalation of geopolitical tension all positive factors. The most notable development was the emergence of a phase one trade deal between the United States and China as well as the United Kingdom moving away from a disorderly exit from the European Union. Fears of a looming global recession were also pushed back as US economic data was better than expected, while the US Dollar weakened against Asian currencies over the quarter, both being further positive factors for Asian equities' performance.
However, in the first quarter of 2020, Asian equities fell sharply, in tandem with global equities, recording their worst performance since 2008's global financial crisis. The year began with markets marching higher as investor sentiment remained buoyant, on the back of the signing of the phase one trade deal between the US and China. However, the outbreak of the coronavirus (Covid-19), initially within China, abruptly turned sentiment negative as industrial shutdowns wreaked havoc on supply chains and commercial activity almost ground to a halt around the time of the lunar New Year celebrations. Sentiment took a further nosedive as the virus spread across countries in Asia, from Korea and Japan to Australia, before heading to Europe and eventually the US. Investors lost confidence and battened down the hatches, as evidenced by a further collapse in US 10-year treasury yields from 1.5% to 0.7% and a strengthening US Dollar.
With commercial activities severely restricted across the world, investors began to grapple with the potential global demand slippage across sectors and commodities, as opposed to a contained China or Asia-specific outbreak where demand was expected to restore quickly once lockdown measures lapsed. The Chinese economy shrunk by 6.8% over the quarter, company results were weak (as expected) and dividend suspensions and the withdrawal of corporate forward guidance statements followed.
Alongside a demand shortfall, an oil supply shock also surfaced, with Saudi Arabia initiating a price war with Russia after their production curtailment negotiations fell through; this sent the crude oil price down by more than 50%, an historic decline. Global equities corrected sharply in anticipation of a worldwide synchronised recession, alongside a liquidity crunch that sent credit markets to stressed levels and volatility indicators to record highs. The crisis prompted the world's central banks and governments to announce multiple stimulus packages, including fiscal aid, further interest rate cuts, and plans to inject more money into their economies, to alleviate market stress. Markets calmed slightly towards the end of the quarter as the wave of initiatives helped to relieve acute liquidity conditions and valuations that had almost touched trough levels last seen in the global financial crisis.
Within Asia, China was the only market to post a positive return over the six months to 31st March 2020, on the back of its seemingly successful containment of the coronavirus, expectations of further government stimulus, as well as economic activities gradually resuming towards the end of the period. Taiwan also outperformed, led by Technology stocks which were more resilient during the sell-off. The worst performing countries were Indonesia and Thailand, as the Indonesian Rupiah experienced a sharp depreciation (-12%) in March following indiscriminate selling across asset classes, while Thailand suffered a double shock due to the coronavirus outbreak and its reliance on tourism. Indian equities also performed poorly given continued disappointment in growth, rising inflation and a troubled banking sector, which saw the implosion of a bank and its subsequent bailout led by the State Bank of India along with a group of private sector banks. Sector-wise, Health Care and Communication Services were the only two sectors posting positive returns, followed by Information Technology. Cyclical sectors such as Energy, Materials and Industrials underperformed the most, followed by Utilities and Financials.
How has the Company performed over the review period?
Over the six months to 31st March 2020, the portfolio underperformed its benchmark index (the MSCI All Countries Asia ex Japan Index) largely on the back of negative stock selection, while country allocation was marginally positive. The Company's total return on net assets was -11.5%, compared with a -9.3% total return for the benchmark index, in sterling terms.
PERFORMANCE ATTRIBUTION
FOR THE SIX MONTHSED 31ST MARCH 2020
Hot Features
Premium
% %
-------------------------------------- ----- ------
Contributions to total returns
-------------------------------------- ----- ------
Benchmark return (in sterling terms) -9.3
-------------------------------------- ----- ------
Stock selection -1.7
-------------------------------------- ----- ------
Investment manager contribution -1.7
-------------------------------------- ----- ------
Dividend/residual(1) -0.1
-------------------------------------- ----- ------
Portfolio return -11.1
-------------------------------------- ----- ------
Management fee/other expenses -0.4
-------------------------------------- ----- ------
Return on net assets -11.5
-------------------------------------- ----- ------
Return to shareholders -6.6
-------------------------------------- ----- ------
(1) The dividend/residual arises principally from timing differences in the treatment of income flows.
Source: FactSet, JPMAM and Morningstar.
All figures are on a total return basis. Performance attribution analyses how the portfolio achieved its recorded performance relative to its benchmark.
What have been the major contributors and detractors to performance?
At a stock level, the headwinds were strongest in India. IndusInd Bank and HDFC Bank were the two most significant detractors as the nationwide lockdown raised concerns about the economic impact of the coronavirus, adding to persisting asset quality concerns and worries over potential capital infusions to save failing banks. IndusInd's balance sheet turned out to be lower quality than anticipated and, compounded by inadequate disclosure from management, we sold our holding. Given the severity of the macro backdrop, high quality cyclicals such as Maruti Suzuki (which sells half of all cars sold in India) and industrial conglomerate Larsen & Toubro also came under pressure. Our holdings in the energy sector, such as Thai Oil, Korea's S-Oil and PetroChina corrected sharply following the aforementioned plunge in oil prices.
Turning to contributors, North Asian internet and online gaming names Tencent and NCSoft performed strongly as more people turned to online forms of entertainment in an environment where governments have sought to limit face-to-face socialising. Our investments in the Chinese healthcare sector also contributed: Wuxi Biologics continued to rise on the back of solid fundamentals and potential business opportunities related to virus vaccine and antibody development, while Jiangsu Hengrui Medicine outperformed as the company continues to deliver strong financial results. Chinese Financials and Real Estate stocks such as China Construction Bank, China Resources Land and China Overseas Land & Investment (COLI) added to relative returns on rising expectations that stimuli from the Chinese government should be able to cushion the economy. TSMC in Taiwan was also a notable contributor, supported by solid earnings outlook, cash flow and balance sheet.
From the asset allocation perspective, the Company's zero exposure to Philippines and Malaysia, our underweight position in Thailand and our overweight to China all contributed. However, our off-benchmark exposure to Vietnam through the JPMorgan Vietnam Fund and the overweight in Indonesia detracted from overall performance.
What should investors expect for the next six months?
After a dismal quarter to the end of March and the worst start to the year for Asian equities since 1991, market sentiment is now at the crossroads of panic sentiment and compelling valuations. With new Covid-19 cases still emerging across the world at large, predicting an end to economic disruption is premature and recovery from here may be long and slow. This adds further risk to earnings forecasts, despite these having already swung to extreme levels across Asia, and to near 2008 financial crisis lows globally. Companies' revenues and supply chains are being hit whilst commodity prices and freight rates are reflecting an extremely cautious outlook with current prices indicating material demand slumps in the near term.
This backdrop certainly paints a challenging outlook for the coming months. Yet, notwithstanding the unknowns, the coordinated response we have seen from global central banks and governments provides some comfort and most Asian countries have committed to further stimuli should the demand shock become more material. The true impact of demand losses can only be gauged over time, however, valuations are arguably very attractive and there will come a point at which we are comfortable buying into such market weakness.
Some of the bigger trends that have been happening in Asia and across the globe, such as e-commerce growth, more widespread use of mobile and PC gaming, as well as lower interest rates, are mostly all being accelerated as a result of Covid-19 and its subsequent economic impact. A continuing low inflation environment remains our most likely longer-term scenario, due to changing technological trends and demographic forces. However, there is the risk that substantial and sustained government interventions could become increasingly ineffective and that central bank monetary policy may not always be able to influence the direction of the real economy as it has done historically.
As a team, we focus on seeking out Asia's best growth ideas. Amid the current gloom, having a consistent valuation framework allows us to identify where markets look to be implying a more severe impact in the near term than might reasonably be expected over a longer timeframe. Notwithstanding the short-term challenges ahead, we remain confident that our long experience and local presence in Asia's markets will allow us to keep on meeting shareholders' expectations. We will strive to navigate safely through the current 'rough waters', distinguishing between company revenues that are permanently lost as a result of Covid-19, versus those where recovery can take place once the virus risk clears. We still believe that Asian equities provide attractive growth opportunities and our focus on the fundamentals of specific stocks gives us confidence that the Company's portfolio provides attractive potential for our investors over the long-term.
Ayaz Ebrahim
Robert Lloyd
Richard Titherington
Investment Managers
20th May 2020
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its half year report:
Principal Risks and Uncertainties
The principal and emerging risks faced by the Company fall into the following broad categories: investment and strategy, political and economic, operational risk and cybercrime, climate change and global pandemic. The recent emergence and spread of coronavirus (COVID-19) has clearly raised the emerging risk of global pandemics. Information on the principal risks of the Company is given in the business review section within the 2019 Annual Report and Financial Statements.
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 during the period.
Going Concern
The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio (being mainly securities which are readily realisable) 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. This conclusion also takes into account the Board's assessment of the risks arising from the Coronavirus (COVID-19).
Continuation votes are held every three years and the next continuation vote will be put to shareholders at the Annual General Meeting in 2023.
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 March 2020, 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
Bronwyn Curtis OBE
Chairman
20th May 2020
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31ST MARCH 2020
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st March 2020 31st March 2019 30th September 2019
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
------------------------- --------- --------- --------- -------- -------- -------- -------- -------- --------
(Losses)/gains on
investments
held at fair value
through
profit or loss - (42,836) (42,836) - 17,642 17,642 - 22,940 22,940
Net foreign currency
gain - 172 172 - 17 17 - 196 196
Income from investments 2,279 - 2,279 1,549 - 1,549 8,081 - 8,081
Interest receivable
and
similar income 9 - 9 28 - 28 49 - 49
------------------------- --------- --------- --------- -------- -------- -------- -------- -------- --------
Gross return/(loss) 2,288 (42,664) (40,376) 1,577 17,659 19,236 8,130 23,136 31,266
Management fee (1,037) - (1,037) (912) - (912) (1,922) - (1,922)
Other administrative
expenses (373) - (373) (400) - (400) (753) - (753)
------------------------- --------- --------- --------- -------- -------- -------- -------- -------- --------
Net return/(loss)
before
finance costs and
taxation 878 (42,664) (41,786) 265 17,659 17,924 5,455 23,136 28,591
Finance costs (32) - (32) (24) - (24) (45) - (45)
------------------------- --------- --------- --------- -------- -------- -------- -------- -------- --------
Net return/(loss)
before
taxation 846 (42,664) (41,818) 241 17,659 17,900 5,410 23,136 28,546
Taxation (289) - (289) (88) (133) (221) (717) (133) (850)
------------------------- --------- --------- --------- -------- -------- -------- -------- -------- --------
Net return/(loss)
after taxation 557 (42,664) (42,107) 153 17,526 17,679 4,693 23,003 27,696
------------------------- --------- --------- --------- -------- -------- -------- -------- -------- --------
Return/(loss) per
share (note 3) 0.59p (45.35)p (44.76)p 0.16p 18.63p 18.79p 4.99p 24.45p 29.44p
All revenue and capital items in the above statement derive from continuing operations.
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.
Net return/(loss) after taxation represents the profit/(loss) for the period and also the total comprehensive income.
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31ST MARCH 2020
Called Exercised Capital
up
share Share warrant redemption Capital Revenue
capital premium reserve reserve Reserves(1) Reserve(1) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- -------- -------- ---------- ----------- ------------ ----------- ----------
Six months ended 31st
March 2020
(Unaudited)
At 30th September 2019 23,762 31,646 977 25,121 295,820 - 377,326
Net (loss)/return - - - - (42,664) 557 (42,107)
Dividends paid in the
period (note 4) - - - - (7,064) (557) (7,621)
--------------------------- -------- -------- ---------- ----------- ------------ ----------- ----------
At 31st March 2020 23,762 31,646 977 25,121 246,092 - 327,598
--------------------------- -------- -------- ---------- ----------- ------------ ----------- ----------
Six months ended 31st
March 2019
(Unaudited)
At 30th September 2018 23,762 31,646 977 25,121 282,800 - 364,306
Net return - - - - 17,526 153 17,679
Dividends paid in the
period (note 4) - - - - (6,997) (153) (7,150)
--------------------------- -------- -------- ---------- ----------- ------------ ----------- ----------
At 31st March 2019 23,762 31,646 977 25,121 293,329 - 374,835
--------------------------- -------- -------- ---------- ----------- ------------ ----------- ----------
Year ended 30th September
2019
(Audited)
At 30th September 2018 23,762 31,646 977 25,121 282,800 - 364,306
Net return - - - - 23,003 4,693 27,696
Dividends paid in the
year (note 4) - - - - (9,983) (4,693) (14,676)
--------------------------- -------- -------- ---------- ----------- ------------ ----------- ----------
At 30th September 2019 23,762 31,646 977 25,121 295,820 - 377,326
--------------------------- -------- -------- ---------- ----------- ------------ ----------- ----------
(1) These reserves form the distributable reserves of the Company and may be used to fund distributions to investors.
STATEMENT OF FINANCIAL POSITION
AT 31ST MARCH 2020
(Unaudited) (Unaudited) (Audited)
31st March 31st March 30th September
2020 2019 2019
GBP'000 GBP'000 GBP'000
---------------------------------------- ------------ ------------ ---------------
Fixed assets
Investments held at fair value through
profit or loss 328,810 371,869 373,976
---------------------------------------- ------------ ------------ ---------------
Current assets
Derivative financial assets - 1 -
Debtors 1,920 3,516 922
Cash and cash equivalents 230 1,207 4,404
---------------------------------------- ------------ ------------ ---------------
2,150 4,724 5,326
Creditors: amounts falling due within
one year (701) (1,757) (1,976)
Derivative financial liabilities - (1) -
---------------------------------------- ------------ ------------ ---------------
Net current assets 1,449 2,966 3,350
---------------------------------------- ------------ ------------ ---------------
Total assets less current liabilities 330,259 374,835 377,326
---------------------------------------- ------------ ------------ ---------------
Creditors: amounts falling due after (2,661) - -
more than one year
---------------------------------------- ------------ ------------ ---------------
Net assets 327,598 374,835 377,326
---------------------------------------- ------------ ------------ ---------------
Capital and reserves
Called up share capital 23,762 23,762 23,762
Share premium 31,646 31,646 31,646
Exercised warrant reserve 977 977 977
Capital redemption reserve 25,121 25,121 25,121
Capital reserves 246,092 293,329 295,820
---------------------------------------- ------------ ------------ ---------------
Total shareholders' funds 327,598 374,835 377,326
---------------------------------------- ------------ ------------ ---------------
Net asset value per share (note 5) 348.2p 398.4p 401.1p
---------------------------------------- ------------ ------------ ---------------
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31ST MARCH 2020
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st March 31st March 30th September
2020 2019 2019
GBP'000 GBP'000 GBP'000
------------------------------------------- ------------ ------------ ---------------
Net cash outflow from operations
before dividends and
interest(1) (1,445) (1,405) (2,544)
Dividends received 1,440 845 7,009
Interest received 4 18 30
Interest paid (32) (23) (45)
------------------------------------------- ------------ ------------ ---------------
Net cash (outflow)/inflow from operating
activities (33) (565) 4,450
------------------------------------------- ------------ ------------ ---------------
Purchases of investments (62,178) (71,700) (153,146)
Sales of investments 62,813 79,247 166,390
Settlement of forward currency contracts 29 33 38
------------------------------------------- ------------ ------------ ---------------
Net cash inflow from investing activities 664 7,580 13,282
------------------------------------------- ------------ ------------ ---------------
Dividends paid (7,621) (7,150) (14,676)
Drawdown of bank loans 2,830 - -
------------------------------------------- ------------ ------------ ---------------
Net cash outflow from financing
activities (4,791) (7,150) (14,676)
------------------------------------------- ------------ ------------ ---------------
(Decrease)/increase in cash and
cash equivalents (4,160) (135) 3,056
------------------------------------------- ------------ ------------ ---------------
Cash and cash equivalents at start
of period/year 4,404 1,337 1,337
Unrealised gain on foreign currency
cash and cash equivalents(1) (14) 5 11
Cash and cash equivalents at end
of period/year 230 1,207 4,404
------------------------------------------- ------------ ------------ ---------------
(Decrease)/increase in cash and
cash equivalents (4,160) (135) 3,056
------------------------------------------- ------------ ------------ ---------------
Cash and cash equivalents consist
of:
Cash and short term deposits 230 1,207 2,213
Cash held in JPMorgan US Dollar
Liquidity Fund - - 2,191
------------------------------------------- ------------ ------------ ---------------
Total 230 1,207 4,404
------------------------------------------- ------------ ------------ ---------------
(1) The unrealised exchange gain on the JPMorgan US Dollar Liquidity Fund in the comparative column has been moved from the initial 'Net cash outflow from operations' total to be disclosed separately as the "unrealised gain on foreign currency cash and cash equivalents".
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31ST MARCH 2020
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 September 2019 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 include 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
Basis of accounting
The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' of the United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with 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 October 2019.
FRS 104, 'Interim Financial Reporting', issued by the FRC in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 31st March 2020.
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 September 2019.
3. Return/(loss) per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st March 2020 31st March 2019 30th September
2019
GBP'000 GBP'000 GBP'000
----------------------------- ----------------- ----------------- ---------------
Return/(loss) per share
is based on the following:
Revenue return 557 153 4,693
Capital (loss)/return (42,664) 17,526 23,003
----------------------------- ----------------- ----------------- ---------------
Total (loss)/return (42,107) 17,679 27,696
----------------------------- ----------------- ----------------- ---------------
Weighted average number
of shares in issue 94,081,493 94,081,493 94,081,493
Revenue return per share 0.59p 0.16p 4.99p
Capital (loss)/return per
share (45.35)p 18.63p 24.45p
----------------------------- ----------------- ----------------- ---------------
Total (loss)/return per
share (44.76)p 18.79p 29.44p
----------------------------- ----------------- ----------------- ---------------
4. Dividends
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st March 2020 31st March 2019 30th September
2019
GBP'000 GBP'000 GBP'000
------------------------------- ----------------- ----------------- ---------------
Dividends paid
2019 fourth quarterly
dividend of 4.0p (2018:
3.9p) 3,763 3,669 3,669
2020 first quarterly dividend
of 4.1p (2019: 3.7p) 3,858 3,481 3,481
2019 second quarterly
dividend of 4.0p - - 3,763
2019 third quarterly dividend
of 4.0p - - 3,763
------------------------------- ----------------- ----------------- ---------------
Total dividends paid in
the period/year 7,621 7,150 14,676
------------------------------- ----------------- ----------------- ---------------
A second quarterly dividend of 3.5p has been declared for payment on 15th May 2020 for the financial year ending 30th September 2020.
Dividend payments in excess of the revenue amount will be paid out of the Company's distributable capital reserve.
5. Net asset value per share
(Unaudited) (Audited) (Audited)
Six months ended Six months ended Year ended
31st March 2020 31st March 2019 30th September 2019
---------------------- ----------------- ----------------- --------------------
Net assets (GBP'000) 327,598 374,835 377,326
Number of shares
in issue 94,081,493 94,081,493 94,081,493
---------------------- ----------------- ----------------- --------------------
Net asset value
per share 348.2p 398.4p 401.1p
---------------------- ----------------- ----------------- --------------------
JPMORGAN FUNDS LIMITED
20th May 2020
For further information, please contact:
Alison Vincent
For and on behalf of
JPMorgan Funds Limited
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.
ENDS
A copy of the annual report will shortly be submitted to the FCA's National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The annual report will shortly be available on the Company's website at www.jpmasiagrowthandincome.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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR FFFIFEDIALII
(END) Dow Jones Newswires
May 20, 2020 02:00 ET (06:00 GMT)
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