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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Jpmorgan Global Convertibles Income Fund Limited | JGCI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 85.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 85.00 | 85.00 |
| Top Posts |
|---|
Posted at 01/9/2014 12:32 by davebowler Attractive income, cautious exposure to equitiesJPMorgan Global Convertibles Income has enjoyed a strong start to its life, having consistently traded at a premium to NAV and grown its market capitalisation to £183m. Convertible bonds have the potential to provide an attractive yield as well as an element of participation in equity upside, while also retaining some downside protection. The portfolio is generally focused on higher yielding convertibles and the fund’s structure allows the manager to take advantage of some of the universe’s smaller, less liquid investment opportunities. In our view, the fund benefits from JPMorgan’s significant resource and consequent access to new issuance. We therefore believe it represents an attractive option for investors seeking an above‐market yield combined with defensive exposure to equities. n JPMorgan Global Convertibles was launched in June 2013 when it raised £136m. It invests globally in convertible bonds and is managed by Antony Vallee, Global Head of Convertible Bonds at JPMorgan Asset Management. We believe the fund benefits from JPMorgan’s significant resource and access to new issuance. n Convertibles provide participation in equity upside with the downside protection of a bond. The fund is largely invested in “bond like” and “balanced convertibles”, which offer higher yields with lower equity sensitivity. However, small and mid‐cap companies in which the fund is invested are likely to have a higher beta to the wider market. In our view, the fund therefore represents an attractive option for investors seeking an above market yield with cautious exposure to equity markets. n The portfolio’s duration is relatively short at only 3.8 years, mitigating a degree of interest rate risk. The equity optionality of convertibles could offset the detrimental impact of rising interest rates on bond valuations. n The fund is unique within the UK listed closed‐ended fund universe. It also makes good use of the closed‐ended fund structure, which allows the manager to take advantage of smaller, less liquid investment opportunities. This is reflected in the portfolio’s average credit rating, with only 20% being investment grade. However, the weighting to smaller companies with higher yields also allows it to target a dividend of 4.5p per share in its first financial year. This prospective dividend yield of 4.0%, compares favourably to that of broader equity markets. *JPMorgan Global Convertibles Income Fund is a corporate broking client of Winterflood Securities |
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