We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now


It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

JMG Jpmorgan Emerging Markets Investment Trust Plc

-0.60 (-0.59%)
05 Dec 2023 - 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 Shares Traded Last Trade
  -0.60 -0.59% 101.20 1,892,765 16:35:13
Bid Price Offer Price High Price Low Price Open Price
100.80 101.00 101.60 100.80 101.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Mgmt Invt Offices, Open-end 20.13M -1.91M -0.0016 -630.00 1.19B
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:13 O 134,245 101.20 GBX

Jpmorgan Emerging Market... (JMG) Latest News (2)

Jpmorgan Emerging Market... (JMG) Discussions and Chat

Jpmorgan Emerging Market... Forums and Chat

Date Time Title Posts
03/1/202309:45JPMorgan Emerging Markets74

Add a New Thread

Jpmorgan Emerging Market... (JMG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type

Jpmorgan Emerging Market... (JMG) Top Chat Posts

Top Posts
Posted at 05/12/2023 08:20 by Jpmorgan Emerging Market... Daily Update
Jpmorgan Emerging Markets Investment Trust Plc is listed in the Mgmt Invt Offices, Open-end sector of the London Stock Exchange with ticker JMG. The last closing price for Jpmorgan Emerging Market... was 101.80p.
Jpmorgan Emerging Market... currently has 1,178,497,230 shares in issue. The market capitalisation of Jpmorgan Emerging Market... is £1,187,925,208.
Jpmorgan Emerging Market... has a price to earnings ratio (PE ratio) of -630.00.
This morning JMG shares opened at 101p
Posted at 14/4/2021 09:59 by halfpenny
JMG IS NOW Great opportunity. 140-150p DUE SOON.
Posted at 08/2/2021 10:04 by halfpenny
JMG IS NOW Great opportunity. 140p DUE SOON.
Posted at 05/12/2020 14:54 by loganair
JPMorgan Emerging Markets:

The two big beasts of this sector, the £1.4bn JPMorgan Emerging Markets (JMG) and £2bn Templeton Emerging Markets (TEM), have been slugging it out but despite a concerted effort by Chetan Sehgal and Andrew Ness at Franklin Templeton, who took over the latter in 2018, it is JMG’s Austin Forey who has come out on top for a second year.

Forey, who has managed JMG since 1994, grew the trust’s portfolio by 25.9% in the three years to August, which against the performance of the MSCI Emerging Markets index gives it a credible 1.24 information ratio that puts runner-up Templeton and a dozen other contenders in the shade.

JMG’s returns have spiked in the past 18 months, with its long-term, low turnover backing of stocks with high returns on equity putting it in some of the technology and internet names that have prospered during this year’s lockdowns. It should all bode well for the company when shareholders meet later this month for its triennial continuation vote.
Posted at 06/11/2020 09:54 by taylor20
Share split 10 for 1
Posted at 25/4/2018 22:32 by loganair
Investment trust awards 2018: Best emerging markets trust - Winner: JPMorgan Emerging Markets Investment Trust

JPMorgan Emerging Markets Investment Trust (JMG) is one of the largest global emerging market trusts and it boasts highly competitive NAV total returns over three, five and 10 years. Its costs are reasonable and it deserves to trade on a tighter discount than the 10 per cent its board tends to defend.

The trust’s universe has expanded hugely since Austin Forey became manager in 1994. In particular, it now includes far more technology-based businesses and Chinese ‘A’ shares (issued by companies traded on mainland China exchanges rather than in Hong Kong). Forey says there are now more A shares than quoted companies in all other emerging markets combined, and that choosing them correctly is critical to success.

JPMorgan is well placed for the challenge, as it started expanding its emerging markets research team 12 years ago. Having merged this with its Asia research team and added 10 China-focused analysts, the team is now more than 30-strong, split between London, New York, Singapore and Hong Kong.

Forey asks the team to forecast how firms will develop over at least five years and what compound returns they might produce. His favourite metric is the dividend yield, on the basis that companies can’t manipulate this. He explains that ‘companies that are growing their dividends faster than average tend to have higher returns on capital’.

Forey has concentrated JMG’s portfolio down to 62 holdings, which must have been difficult, as he likes to run his winners indefinitely. ‘The holdings you keep the longest tend to go on working,' he says.

His largest country weightings are China, India, South Africa, Brazil and Taiwan. The trust’s largest sector weightings are to financials and technology.
Posted at 10/2/2017 09:19 by loganair
Why investors should stick with emerging markets:

Alex Wolf, senior emerging economist at Standard Life Investments, said the conditions which began the sector’s recovery last year are largely still intact.

This comes despite investment veterans warning that Mr Trump’s policies could wipe out the healthy returns which emerging markets enjoyed last year.

Yet across both commodity and manufacturing exporters, the upswing in activity has continued.

Emerging market fund group Ashmore posted a huge 94 per cent rise in pre-tax profits last year, despite seeing outflows of $700m (£558m).

Mr Wolf pointed out that manufacturing levels have improved in both India and across the ASEAN region last month, while Brazil’s trade and production data has been stronger than expected.

Yet he said the biggest piece of the emerging market equation, China, does not post reliable data until after the Chinese New Year.

“Although there is little to derail the EM recovery in the near term, the outlook remains highly uncertain,” he said, adding the factors that drove economic and market performance of the sector are now at risk of receding.

Flows into emerging markets had previously been boosted by stronger-than-expected Chinese demand, stronger external demand from the US and Europe, a stable dollar and interest rate environment, and a rebound in the global tech cycle.

“With industrial growth set to slow in China and the Fed continuing to hike rates, the supportive environment could begin to show cracks.”

At the moment, conditions in emerging markets look positive, but the Standard Life economist said the biggest question is sustainability.

“Potentially damaging US policies and an unclear Chinese industrial outlook leave emerging market growth hanging in the balance.”

He also said investors seldom predict the outcomes of geopolitical events, or draw the correct conclusion for asset price movements.

“This is not usually because of a lack of knowledge, but because they are attempting to delineate other people’s emotional reaction to an event that has not yet happened. “

He claimed the “only rational answer” is to focus on the long-term, pointing to Morningstar analysis which indicates that emerging markets have a positive yield and pay-out growth rate going forward.
Posted at 25/11/2016 11:19 by loganair
Carlos Hardenberg portfolio manager of Templeton Emerging Markets Investment Trust:

India's corporate governance has come a long way. The financial industry at large has generally recognised India as a model of good corporate governance in the emerging markets realm, and there has been a marked increase in transparency by many listed companies.

China is the other behemoth of emerging markets. Its economy is undergoing a dramatic transformation from investment- to consumption-driven growth, and that is going to have tremendous implications for every part of its economy.

China's economic transition, along with the incredible economic growth already experienced, has resulted in a much larger economy, and its influence today on even highly developed markets is immense.

Cautious on China:

In general today we are cautious on China and very selective in our stockpicking. We think the Chinese have the ability to manage their economy at this stage - they have a lot of resources and are managing their currency - but we are concerned about the banking sector in China.

We are worried about the transparency of the banks, as some of the accounting numbers we are getting are questionable. We are also concerned about the shadow banking system. We think the Chinese will be able to handle that process, but that the adjustment phase will take some time.

As we look back at the development of emerging markets over the past two decades, it's interesting too to consider the emerging markets of tomorrow.

We expect many of these to come from the current crop of frontier markets, many of which are growing rapidly and quickly assimilating the latest technological advances, particularly in the areas of mobile finance and e-commerce.

Generally, more youthful and growing populations mean consumer power is on the rise and the middle class is growing rapidly.

However, these smaller markets are being ignored in general by global emerging market investors, partially because of liquidity problems there and partly because they are misunderstood.

There is a lot of potential in Africa, but also in some of the smaller Asian countries.

Reasons to be upbeat:

Looking back over the past 21 years, we believe the welcoming of foreign capital and the trend towards privatisation have been key to the growth and development of emerging markets.

We are conscious and concerned that in some countries there is evidence that those trends could be reversed, but we remain upbeat today about the potential emerging markets offer, for three main reasons:

• Emerging markets in general have been growing three to five times faster than developed countries. Many frontier markets have seen even higher growth.

• Emerging markets generally have greater foreign reserves than most developed countries.

• Emerging markets' debt-to-gross domestic product ratios are generally much lower than those in developed markets.

Put all these strengths together, and there is good reason to be optimistic about the future for emerging and frontier markets. We are confident their share of the global investable universe will continue to grow.
Posted at 07/10/2016 08:17 by loganair

Objectively, EM economies are rapidly becoming the only 'normal' countries left on the planet, in the sense that they have regular business cycles, use conventional policies, have reasonable debt burdens, sensible asset price valuations and so forth.

Moreover, EM countries have recently demonstrated considerable resilience. They have just come through a hurricane of headwinds - the start of the Fed hike cycle, the US dollar rally, the taper tantrum and falling commodity prices - without a major pickup in defaults.

EM resilience is rooted in fundamentals that are quite simply much, much stronger than those in developed economies, in regard to debt levels, FX reserves, growth rates, demographics, the room to ease monetary policies and fiscal room.

EM economies are reforming far more than developed economies, especially in the last few years. In short, the conditions of vulnerability that make Fed policy changes such an important risk in developed economies are simply not present in EM.

EM asset prices have also become far less correlated with Fed fears. By contrast, sensitivity to Fed hikes in developed market bonds is not only higher but has been growing steadily since last year.

This relationship alone ought to be a clincher for those who still struggle with the Fed hike question. But if that is not enough, remember that EM bonds also pay 6.26 per cent yield for the same duration that in the US pays just 1.26 pe cent and which in Germany pays -0.51 per cent.
Posted at 27/9/2016 16:16 by loganair
Emerging markets recover, but now for the hard part by Michelle McGagh:

Emerging markets have been strong performers this year, but now earnings need to improve, say investment trust managers.

Emerging markets have only entered the first leg of a recovery and company earnings need to improve before a genuine turnaround can take hold.

Emerging markets have had a rocky few years but investments trusts focused on the sector are among the best performers of 2016. Shares in these trusts have risen 31% on average since the start of the year.

The outcome of the EU referendum in June provided a further boost to emerging market investments as the value of sterling fell, however, it is only just the start of the recovery.

Carlos Hardenberg, manager of the Templeton Emerging Markets investment trust, said the ‘pendulum was swinging back’ in favour or emerging markets. Shares in the trust are up 42.8% this year, making up all the ground lost in a torrid 2015. Hardenberg took control the fund from veteran emerging market manager Mark Mobius last September.

‘The market always over reacts when the general consensus turns negative,’ said Hardenberg. ‘Share prices are more volatile than underlying earnings. We are seeing industrial production, as a measure of recovery, increasing in emerging markets...if you go country by country, there is a healthy degree of orders.

‘GDP growth is slowly improving and over the next two years markets like Russia and Brazil will see the biggest relative improvements.’

Omar Negyal, manager of the JPMorgan Global Emerging Markets Income trust, targets income rather than capital growth in his fund and said the real recovery in emerging markets will have begun when company earnings stabilise.

‘What we are seeing in emerging markets is the first leg of recovery,’ he said.

‘China is stabilising and there is an improvement in trade balances in emerging markets. For the second leg [of recovery] to come through, earnings have to start to improve. We are at the start of that,' he said.

He said improved earnings would help the ‘rerating of high yield equities in the asset class’.

China has been the main problem for emerging markets, with slowing growth dragging the sector down.

Hardenberg holds 19% of his trust in the country. He said there were still concerns around housing and ‘over capacity in steel and cement that will have to be dealt with in future’.

‘The big negative for emerging markets is the overall impact of global uncertainty and demand and supply in commodity markets,’ said Hardenberg.

Former chief economist at the International Monetary Fund Ken Rogoff has also warned of the threat China poses to the global economy due to its high levels of debt. He said there was ‘no question’ that ‘China is the greatest risk’.

‘China has been the engine of global growth,’ he said. ‘China has been really important. But China is going through a big political revolution. And I think the economy is slowing down much more than the official figures show,’ he said.

However, the good news is that sentiment towards other emerging markets is becoming more positive and local emerging market currencies are ‘slowly recovery’ and companies are finally keeping ‘capital expenditure down and concentrating on cost management’, said Hardenberg.

Emerging companies in mid and small cap - there are more opportunities there,’ said Hardenberg, adding that many tech companies - of which he has been a fan - were ‘leap-frogging’ more established businesses.

In particular, Hardenberg said he looked for companies ‘that have sustainable business models in an area with a high barrier to entry’.

‘We are expecting that emerging markets will see a sideways development over the next 12 months and there is a clear risk from China...and there is some danger already priced in,’ he said.

Although Asia is the largest geographic weighting in his trust, Hardenberg said he did not ‘have exposure to Chinese banks or insurance companies’ because of their poor asset quality and concerns the companies were ‘hiding how they are restructuring’.

China is the concern for Negyal, whose trust has mounted a recovery almost as impressive as Templeton's this year, with the shares up 38.6%.

‘China is very important for emerging markets at a quarter of the asset class and for the rest of the emerging markets it is vital... because it drives the rest of the emerging markets via trade links,’ he said.

‘That’s commodity prices in Latin America or manufactured goods in the rest of Asia. There are very few emerging markets that are isolated from China. From an economic perspective, Latin America will benefit from stabilisation [in China].’

Also important for Negyal is for emerging markets ‘to re-enter growth territory’ to ensure companies can continue to pay dividends.

‘Emerging market dividends and earnings have been under pressure,’ he said. ‘The near term outlook for dividends is still a concern and it is something we want to be cautious about but in the mid and long-term growth opportunities can be seen as well,’ said Negyal.
Posted at 23/9/2016 08:43 by loganair
Is this turnaround time for emerging markets? by Graham Smith, Market Commentator:

It isn’t the picture we had at the beginning of this year. Back then, emerging markets were reeling from heightened concerns about China’s economy and currency as well as a plunging oil price. After several years of poor performance, emerging markets were certainly not at the top of investors’ shortlists.

How this summer has changed all that. A tide to lift all ships, borne of an increasingly sanguine view of US interest rates, better news out of China and a generally more stable performance from commodities, has manifested itself in a sizeable rally.

Data out last week showed Chinese industrial output increased at a 6.3% annual rate in August while retail sales rose by 10.6%. Not bad for an economy still in the throes of a protracted readjustment process.

Such things are important for the world’s commodity producing developing countries – from Brazil through South Africa to Russia – and arguably even a comfort to big energy consumers like India, that have no interest in a world where confidence has been shaken by too-low an oil price.

In fact, confidence may have been the biggest winner this summer. The world recovered from June’s Brexit vote seemingly none the worse off – though these are early days – and expectations about US interest rates seem to have receded from multiple rises this year to perhaps one or none.

Higher rates in the US are an anathema to emerging markets. If they lift the value of the US dollar, they also inflate the size of the dollar debts held by emerging market borrowers.

Not only that, they encourage global investors looking for higher quality and lower risk returns to allocate more funds to US dollar assets like Treasuries.

However, government bond markets are not what they used to be. With yields across great swathes of the bond universe negative and with prices falling in major markets like the US and Japan this summer, “safe” assets suddenly look less safe with unattractive income returns to boot.

The latest available data suggests the return to emerging markets is on, with sales of European funds investing in emerging markets reportedly rising in July to its highest since 2013.

Yet while the big picture today is of returning confidence and improved returns from formerly out-of-favour sectors like commodities, if ever there was an asset class suited to a bottom-up, stock-picking approach over the longer term, this has to be it.

Underdeveloped markets with growth potential attract entrepreneurs keen to shake up incumbents or create new markets with ideas drawn from the west.

Compared with the rest of the world, the principal asset emerging markets have on their side is their growth advantage.

It could also be that, in recent years, investors have paid a bit too much attention to US monetary policy. That was the case certainly in 2013, when the so-called “taper tantrum” saw billions of dollars withdrawn from emerging markets.

The last time US interest rates were rising though – in the period 2003 to 2006 – emerging markets were rising with them4. Admittedly, the world still had a seemingly relentless China growth story to go on back then. However, the implication is that, so long as rising interest rates coincide with healthy growth, they might not be quite as bad for emerging markets as our very recent experiences would suggest.

Emerging markets may have enjoyed a positive summer, yet you might not know it from their valuations alone. The nice surprise in these days of valuations tending to the high end of their normal ranges for developed markets, is that emerging markets look attractively valued, especially in view of their expected growth rates.

At the end of last month, the MSCI Emerging Markets Index traded at just 15 times the earnings of the companies it represents, and at a 25% discount to world markets generally. The valuation gap is more or less maintained when using forecast earnings – 12 times for emerging markets versus 16 times for the world.

So investors today can buy into the long-term growth emerging markets provide for less than the price of slower growth in the west, the trade-off being the higher risks associated with countries with lower credit ratings and the likelihood of volatile episodes to test the nerves. Whether or not China devalues its currency again remains a particular possible catalyst to volatility.

However, if the International Monetary Fund is right – it expects emerging markets to grow by about 4% to 5% every year for the next five years – then 2016 could turn out to have been an attractive entry point for long-term investors looking to supplement the growth profile of their portfolios.
Jpmorgan Emerging Market... share price data is direct from the London Stock Exchange

Your Recent History

Delayed Upgrade Clock

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 |