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JMC Jpmorgan Chinese Investment Trust Plc

351.50
0.00 (0.00%)
24 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Jpmorgan Chinese Investment Trust Plc LSE:JMC London Ordinary Share GB0003435012 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% 351.50 347.00 356.00 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

JPMorgan Chinese Inv Tst PLC Half-year Report (1046A)

24/05/2019 7:25am

UK Regulatory


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TIDMJMC

RNS Number : 1046A

JPMorgan Chinese Inv Tst PLC

24 May 2019

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN CHINESE INVESTMENT TRUST PLC

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHSED 31ST MARCH 2019

Legal Entity Identifier: 549300S8M91P5FYONY25

Information disclosed in accordance with DTR 4.2.2

The Directors announce the Company's results for the six months ended 31st March 2019.

CHAIRMAN'S STATEMENT

Performance

For the six months period ended 31st March 2019, the Company's total return on net assets of +8.1% (with net dividend reinvested) outperformed the benchmark, the MSCI China Index, which delivered +5.1% (in sterling terms). The total return to shareholders for this period was +9.9%.

The basis of this performance is explained in the Investment Managers' report which provides a detailed commentary on the portfolio positioning and the positive outlook for investing in China.

Loan Facility and Gearing

The Investment Managers have been given the flexibility by the Board to manage the gearing tactically within a range set by the Board of 10% net cash to 20% geared. During the period the Company's gearing ranged from 19% to 9.5%, ending the half year at 9.5% geared as our managers reacted to the strong market rally over the first three months of 2019.

On 18th April 2019 the Board renewed the loan facility with a reduced commitment of GBP40 million for a further 364 days and a lower margin of 75 bps. GBP34.5 million was drawn down on the Company's loan facility as at 31st March 2019.

Share Repurchases and Issues in the Period

At the time of writing, the Company's issued share capital consists of 72,703,188 Ordinary shares, excluding shares held in Treasury. During the six months reporting period the Company did not repurchase or issue any shares.

Board of Directors

You will recall that Ms Kathryn Matthews retired following the Annual General Meeting ('AGM') in January 2019 and Mr David Graham was appointed Senior Independent Director going forward. In addition, Mrs Alexandra Mackesy who had been appointed to the Board in 2018 was appointed by shareholders at the AGM. We continue to have a Board of four Directors with a wealth of experience of investing in China.

Outlook and Strategy

This half-year has demonstrated the volatility that is an inherent risk when investing in China, in large part driven by the trade frictions between China and the U.S., which continue. Our investment managers, supported by a well-resourced research team, continue to be able to find interesting companies to invest in that are consistent with the structural growth bias of the investment strategy. We remain confident that our investment strategy, combined with the depth of resources in our investment team, will enable us to deliver superior long-term capital growth.

John Misselbrook

Chairman

24th May 2019

investment managers' report

Performance commentary

During the six months ending 31st March 2019, the Company delivered a total return on net assets of +8.1% compared to a benchmark total return of +5.1%. This was very much a period of two halves. Onshore and offshore China equities declined in the fourth quarter of 2018, amid ongoing U.S. and China trade tensions and a global equity sell-off. Meanwhile, weak Chinese economic data also weighed on sentiment, with the December manufacturing PMI falling to the weakest level since early 2016.

This was a challenging environment for the portfolio, impacting both stock selection and sector allocation.

Given the backdrop of trade tensions, it is unsurprising that technology names such as Hikvision and Han's Laser were impacted negatively. Likewise, health care names CSPC Pharmaceutical and Sino Biopharm fell as they were impacted by worse-than-expected drug pricing cuts as part of the centralized procurement program.

In December the Chinese government held the Central Economic Work Conference, which emphasized more flexible monetary policy and proactive fiscal policy, including large-scale tax cuts and more special purpose government bond issuances. The People's Bank of China cut the bank reserve requirement and lowered the funding cost for commercial banks as part of efforts to support the economy without putting direct pressure on the currency. This helped to set the stage for a sharp rally for equities in the first quarter of 2019, amid signs of an easing in the U.S. and China trade tensions and a global equity recovery on the back of a more dovish Federal Reserve. Some weak economic data strengthened investor expectations of more decisive action from the Chinese government: most significantly, the government announced a reduction in VAT taxes. Chinese stocks also received a boost from the local regulator, which is taking an increasingly market-friendly approach, and from MSCI, which announced that the inclusion factor used for the newly-added A-shares in the EM index will be raised from 5% to 20% in stages over 2019.

This provided a substantial boost to performance over the January to March quarter, resulting in outperformance for the review period as a whole relative to the index. Our continued structural growth bias worked well: it was positive to be underweight communication services and energy, and to be overweight Consumer Discretionary names. Stock selection was particularly positive within Health Care, Information Technology, Industrials, and Financials.

Stock selection in Health Care, which had been a challenge in the fourth quarter of 2018, rebounded sufficiently strongly in early 2019 that Health Care stocks finished as top contributors for the half year. Holdings in Jiangsu Hengrui and Hangzhou Tigermed, which are more insulated from the drug pricing cuts, performed strongly. Technology names which stood out included Luxshare Precision and two recently initiated software names: Venustech (a beneficiary of the structural growth potential in China's cybersecurity market) and Thunisoft (a key player in the China government's upgrade of the judiciary IT system).

Within financials, a combination of what we did and didn't own drove relative returns. Our lack of exposure to the largest state owned banks such as China Construction Bank helped, as did holdings in China Merchants Bank (buoyed by greater exposure to the consumer) and Bank of Ningbo.

Conversely Baidu, Meituan Dianping and Focus Media were unable to recover sufficient ground and detracted for the period under review.

The Company's largest position, Tencent, also faced a challenging period. However, despite the regulatory headwinds on its gaming business in the last year, it has an unchanged consumer franchise and with expected improved visibility going forwards, we believe it is likely to be a winner in the structural internet story across China.

Positioning

The portfolio remains exposed to structural growth companies in the Consumer, Health Care and Information Technology sectors whilst it is still underweight in those companies in low growth, low quality sectors. In the consumer space, our preferred exposures include A-share listed liquor company Kweichow Moutai and ecommerce group Alibaba, which we believe will continue to be a leader in the Chinese internet space along with Tencent. Key Technology positions include Kingdee International Software and in Health Care, notable positions include Wuxi Biologics and Jiangsu Hengrui Medicine.

In terms of portfolio changes during the period under review, in Health Care we exited Sino Biopharm on the back of deteriorating economics for generic drugs amid larger-than-expected price cuts during the latest centralized procurement program and reinvested some of these proceeds into Clinical Research Organizations (CROs) such as Wuxi Biologics and Hangzhou Tigermed, which are benefiting from increased research and development outsourcing from the pharmaceutical industry.

Within Technology, we have increased software names, notably Kingdee, Venustech, and Thunisoft, due to the attractive structural opportunities, and reduced Baidu given rising margin pressure from investment in traffic acquisition and slower than expected recovery in online advertising spend. In the Financials sector we rotated our positioning in banks, adding Ping An Bank which we feel offers a strong play on consumers' unmet demand, and trimmed China Merchants Bank and Bank of Ningbo.

It is worth highlighting that certain Global Industry Classification Standard (GICS) sector definitions were changed in September 2018 by MSCI, leading to the reclassification of Tencent and Alibaba from Information Technology to Communication Services and Consumer Discretionary, respectively. This contributed to noticeable changes in the Company's sector exposure over the period despite no change in our underlying stock level exposures.

Outlook

We believe the Chinese government will continue to promote more coordinated pro-growth policies and deepen reform measures in order to deal with cyclical (domestic) headwinds and structural (external) challenges, although the magnitude of such supportive policies will be dependent on the actual outcome and timing of the China-U.S. trade negotiations. At the time of writing these negotiations continue to rumble on. While a positive conclusion is still widely expected, there remain areas of disagreement around structural issues, including forced technology transfer and intellectual property protection, which still need to be resolved.

On the domestic front, we expect the personal and corporate tax cuts, along with more market oriented reforms around resource allocation, to support domestic consumption and private sector productivity.

Given the strong rebound we have seen through the start of 2019, which takes the market closer to average long-term valuations, we remain broadly optimistic on the outlook of the China equities, though less so than three months ago. We will continue to use market volatility as an opportunity to add to quality, structural growth names with high expected returns and more quantifiable regulatory risks.

Howard Wang

Rebecca Jiang

Investment Team

24th May 2019

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 fall into the following broad categories: investment underperformance; strategy/business management/political; loss of Investment Team or Investment Manager; share price discount; market; governance; legal and regulatory; corporate governance and shareholder relations; operational risk and cybercrime; and financial. Information on each of these areas is given in the Business Review within the Annual Report and Financial Statements for the year ended 30th September 2018.

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 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 twelve months from the date of the approval of this half yearly 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 March 2019, as required by the UK Listing Authority Disclosure and Transparency Rule ('DTR') 4.2.4R; and

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

John Misselbrook

Chairman

24th May 2019

STATEMENT OF COMPRehENSIVE INCOME

For the six months ended 31st March 2019

 
                                   (Unaudited)                    (Unaudited)                      (Audited) 
                                 Six months ended               Six months ended                   Year ended 
                                 31st March 2019                31st March 2018               30th September 2018 
                           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                 -    19,410    19,410         -     23,333     23,333         -    (1,330)    (1,330) 
 Net foreign 
  currency 
  (losses)/gains                 -      (76)      (76)         -      1,221      1,221         -    (2,091)    (2,091) 
 Income from 
  investments                   93         -        93       126          -        126     4,625          -      4,625 
 Interest receivable 
  and similar 
  income                       324         -       324       113          -        113       299          -        299 
------------------------  --------  --------  --------  --------  ---------  ---------  --------  ---------  --------- 
 Gross return/(loss)           417    19,334    19,751       239     24,554     24,793     4,924    (3,421)      1,503 
 Management 
  fee                        (306)     (918)   (1,224)     (348)    (1,043)    (1,391)     (713)    (2,139)    (2,852) 
 Other administrative 
  expenses                   (266)         -     (266)     (243)          -      (243)     (500)          -      (500) 
------------------------  --------  --------  --------  --------  ---------  ---------  --------  ---------  --------- 
 Net (loss)/return 
  on ordinary 
  activities 
  before finance 
  costs and taxation         (155)    18,416    18,261     (352)     23,511     23,159     3,711    (5,560)    (1,849) 
 Finance costs               (164)     (492)     (656)      (70)      (209)      (279)     (254)      (761)    (1,015) 
------------------------  --------  --------  --------  --------  ---------  ---------  --------  ---------  --------- 
 Net (loss)/return 
  on ordinary 
  activities 
  before taxation            (319)    17,924    17,605     (422)     23,302     22,880     3,457    (6,321)    (2,864) 
 Taxation charges              (1)         -       (1)      (16)          -       (16)     (305)          -      (305) 
------------------------  --------  --------  --------  --------  ---------  ---------  --------  ---------  --------- 
 Net (loss)/return 
  on ordinary 
  activities 
  after taxation             (320)    17,924    17,604     (438)     23,302     22,864     3,152    (6,321)    (3,169) 
------------------------  --------  --------  --------  --------  ---------  ---------  --------  ---------  --------- 
 (Loss)/return 
  per share (note 
  3)                       (0.44)p    24.65p    24.21p   (0.60)p     31.95p     31.35p     4.32p    (8.67)p    (4.35)p 
 

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 (loss)/return on ordinary activities after taxation represents the (loss)/return for the period and also the total comprehensive

income.

STATEMENT OF CHANGES IN EQUITY

For the six months ended 31st March 2019

 
                             Called up             Exercised      Capital 
                                 share     Share     warrant   redemption     Other    Capital      Revenue 
                               capital   premium     reserve      reserve   reserve   reserves   reserve(1)      Total 
                               GBP'000   GBP'000     GBP'000      GBP'000   GBP'000    GBP'000      GBP'000    GBP'000 
--------------------------  ----------  --------  ----------  -----------  --------  ---------  -----------  --------- 
 Six months ended 31st 
 March 2019 (Unaudited) 
 At 30th September 2018         19,481    13,321           3          581    37,392    146,151        4,033    220,962 
 Net return/(loss) on 
  ordinary activities                -         -           -            -         -     17,924        (320)     17,604 
 Dividend paid in the 
  period (note 4)                    -         -           -            -         -          -      (2,545)    (2,545) 
--------------------------  ----------  --------  ----------  -----------  --------  ---------  -----------  --------- 
 At 31st March 2019              9,481    13,321           3          581    37,392    164,075        1,168    236,021 
--------------------------  ----------  --------  ----------  -----------  --------  ---------  -----------  --------- 
 Six months ended 31st 
 March 2018 (Unaudited) 
 At 30th September 2017         19,481    13,321           3          581    37,392    153,136        2,048    225,962 
 Net return/(loss) on 
  ordinary activities                -         -           -            -         -     23,302        (438)     22,864 
 Dividend paid in the 
  period (note 4)                    -         -           -            -         -          -      (1,167)    (1,167) 
--------------------------  ----------  --------  ----------  -----------  --------  ---------  -----------  --------- 
 At 31st March 2018             19,481    13,321           3          581    37,392    176,438          443    247,659 
--------------------------  ----------  --------  ----------  -----------  --------  ---------  -----------  --------- 
 Year ended 30th September 
 2018 (Audited) 
 At 30th September 2017         19,481    13,321           3          581    37,392    153,136        2,048    225,962 
 Repurchase of shares into 
  Treasury                           -         -           -            -         -      (664)            -      (664) 
 Net (loss)/return on 
  ordinary activities                -         -           -            -         -    (6,321)        3,152    (3,169) 
 Dividends paid in the 
  year (note 4)                      -         -           -            -         -          -      (1,167)    (1,167) 
--------------------------  ----------  --------  ----------  -----------  --------  ---------  -----------  --------- 
 At 30th September 2018         19,481    13,321           3          581    37,392    146,151        4,033    220,962 
--------------------------  ----------  --------  ----------  -----------  --------  ---------  -----------  --------- 
 

(1) This reserve forms the distributable reserves of the Company and may be used to fund distribution to investors via dividend payments.

STATEMENT OF FINANCIAL POSITION

At 31st March 2019

 
                                                              (Unaudited)       (Unaudited)             (Audited) 
                                                          31st March 2019   31st March 2018   30th September 2018 
                                                                  GBP'000           GBP'000               GBP'000 
-------------------------------------------------------  ----------------  ----------------  -------------------- 
 Fixed assets 
 Investments held at fair value through profit or loss            258,540           288,773               260,541 
 Current assets 
 Debtors                                                            2,729                73                   785 
 Cash and cash equivalents                                         10,716             2,940                 7,174 
-------------------------------------------------------  ----------------  ----------------  -------------------- 
                                                                   13,445             3,013                 7,959 
 Current liabilities 
 Creditors: amounts falling due within one year(1)               (35,964)          (44,127)              (47,538) 
-------------------------------------------------------  ----------------  ----------------  -------------------- 
 Net current liabilities                                         (22,519)          (41,114)              (39,579) 
-------------------------------------------------------  ----------------  ----------------  -------------------- 
 Total assets less current liabilities                            236,021           247,659               220,962 
-------------------------------------------------------  ----------------  ----------------  -------------------- 
 Net assets                                                       236,021           247,659               220,962 
-------------------------------------------------------  ----------------  ----------------  -------------------- 
 Capital and reserves 
 Called up share capital                                           19,481            19,481                19,481 
 Share premium                                                     13,321            13,321                13,321 
 Exercised warrant reserve                                              3                 3                     3 
 Capital redemption reserve                                           581               581                   581 
 Other reserve                                                     37,392            37,392                37,392 
 Capital reserves                                                 164,075           176,438               146,151 
 Revenue reserve                                                    1,168               443                 4,033 
-------------------------------------------------------  ----------------  ----------------  -------------------- 
 Total shareholders' funds                                        236,021           247,659               220,962 
-------------------------------------------------------  ----------------  ----------------  -------------------- 
 Net asset value per share (note 5)                                324.6p            339.6p                303.9p 
 

(1) As at 31st March 2019, GBP34.5 million (31st March 2018: GBP41.1 million; 30th September 2018: GBP46.7 million) was drawn down from the loan facility.

STATEMENT OF CASH FLOWS

For the six months ended 31st March 2019

 
                                                                   (Unaudited)       (Unaudited)             (Audited) 
                                                               31st March 2019   31st March 2018   30th September 2018 
                                                                       GBP'000           GBP'000               GBP'000 
------------------------------------------------------------  ----------------  ----------------  -------------------- 
 Net cash outflow from operations before dividends and 
  interest (note 6)                                                    (1,282)           (1,680)               (3,307) 
 Dividends received                                                        421               536                 4,363 
 Interest received                                                          45                 4                    11 
 Overseas tax recovered                                                      -                 -                    45 
 Interest paid                                                           (685)             (226)                 (909) 
------------------------------------------------------------  ----------------  ----------------  -------------------- 
 Net cash (outflow)/inflow from operating activities                   (1,501)           (1,366)                   203 
------------------------------------------------------------  ----------------  ----------------  -------------------- 
 Purchases of investments                                             (36,404)          (95,255)             (187,015) 
 Sales of investments                                                   56,294            79,632               172,261 
 Settlement of foreign currency contracts                                 (25)                17                    10 
------------------------------------------------------------  ----------------  ----------------  -------------------- 
 Net cash inflow/(outflow) from investing activities                    19,865          (15,606)              (14,744) 
------------------------------------------------------------  ----------------  ----------------  -------------------- 
 Dividends paid                                                        (2,545)           (1,167)               (1,167) 
 Repurchase of shares into Treasury                                          -                 -                 (664) 
 Drawdown of bank loan                                                       -            21,723                24,209 
 Repayment of bank loan                                               (12,289)           (2,544)               (2,544) 
------------------------------------------------------------  ----------------  ----------------  -------------------- 
 Net cash (outflow)/inflow from financing activities                  (14,834)            18,012                19,834 
------------------------------------------------------------  ----------------  ----------------  -------------------- 
 Increase in cash and cash equivalents                                   3,530             1,040                 5,293 
------------------------------------------------------------  ----------------  ----------------  -------------------- 
 Cash and cash equivalents at start of period                            7,174             1,890                 1,890 
 Exchange movements                                                         12                10                   (9) 
 Cash and cash equivalents at end of period                             10,716             2,940                 7,174 
------------------------------------------------------------  ----------------  ----------------  -------------------- 
 Increase in cash and cash equivalents                                   3,530             1,040                 5,293 
------------------------------------------------------------  ----------------  ----------------  -------------------- 
 Cash and cash equivalents consist of: 
 Cash and short term deposits                                            2,121             1,229                   464 
 Cash held in JPMorgan US Dollar Liquidity Fund                          8,595             1,711                 6,710 
------------------------------------------------------------  ----------------  ----------------  -------------------- 
 Total                                                                  10,716             2,940                 7,174 
------------------------------------------------------------  ----------------  ----------------  -------------------- 
 

NOTES TO THE FINANCIAL STATEMENTS

For the six months ended 31st March 2019

   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 2018 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 included 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 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 revised 'SORP') issued by the Association of Investment Companies in November 2014, and updated in February 2018.

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 March 2019.

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 2018, with the following exception:

Change in allocation of expenses

With effect from 1st October 2017, the management fee and finance costs incurred by the Company have been allocated 75% to capital and 25% to revenue. In previous periods, these charges were allocated 100% to revenue. In line with the guidance provided in the SORP, this change is not considered to be a matter of accounting policy and consequently no prior period restatements have been made.

   3.     (Loss)/return per share 
 
                                                      (Unaudited)              (Unaudited)                   (Audited) 
                                                 Six months ended         Six months ended                  Year ended 
                                                  31st March 2019          31st March 2018         30th September 2018 
                                                          GBP'000                  GBP'000                     GBP'000 
----------------------------------------  -----------------------  -----------------------  -------------------------- 
       (Loss)/Return per share is based 
        on the following: 
       Revenue (loss)/return                                (320)                    (438)                       3,152 
       Capital return/(loss)                               17,924                   23,302                     (6,321) 
----------------------------------------  -----------------------  -----------------------  -------------------------- 
       Total return/(loss)                                 17,604                   22,864                     (3,169) 
----------------------------------------  -----------------------  -----------------------  -------------------------- 
       Weighted average number of shares 
        in issue during the period/year                72,703,188               72,928,162                  72,887,822 
       Revenue (loss)/return per share                    (0.44)p                  (0.60)p                       4.32p 
       Capital return/(loss) per share                     24.65p                   31.95p                     (8.67)p 
----------------------------------------  -----------------------  -----------------------  -------------------------- 
       Total return/(loss) per share                       24.21p                   31.35p                     (4.35)p 
----------------------------------------  -----------------------  -----------------------  -------------------------- 
 
   4.     Dividends paid 
 
                                                      (Unaudited)              (Unaudited)                   (Audited) 
                                                 Six months ended         Six months ended                  Year ended 
                                                  31st March 2019          31st March 2018         30th September 2018 
                                                          GBP'000                  GBP'000                     GBP'000 
----------------------------------------  -----------------------  -----------------------  -------------------------- 
 2018 Final dividend of 3.5p (2017: 
  1.6p)                                                     2,545                    1,167                       1,167 
----------------------------------------  -----------------------  -----------------------  -------------------------- 
 

No interim dividend has been declared in respect of the six months ended 31st March 2019 (2018: nil).

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

   5.     Net asset value per share 
 
                                               (Unaudited)              (Unaudited)                   (Audited) 
                                          Six months ended         Six months ended                  Year ended 
                                           31st March 2019          31st March 2018         30th September 2018 
---------------------------------  -----------------------  -----------------------  -------------------------- 
       Net assets (GBP'000)                        236,021                  247,659                     220,962 
       Number of shares in issue                72,703,188               72,928,162                  72,703,188 
---------------------------------  -----------------------  -----------------------  -------------------------- 
       Net asset value per share                    324.6p                   339.6p                      303.9p 
---------------------------------  -----------------------  -----------------------  -------------------------- 
 

JPMORGAN FUNDS LIMITED

24th May 2019

For further information, please contact:

Lucy Dina

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.

JPMORGAN ASSET MANAGEMENT (UK) 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.hemscott.com/nsm.do

The half year will also shortly be available on the Company's website at www.jpmchinese.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

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