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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Jpmorgan Global Core Real Assets Limited | JARA | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 83.00 | 15:39:20 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 82.80 | 82.80 | 83.00 | 83.00 | 83.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 05/11/2024 13:46 by mwj1959 I'm guessing we'll get much more information with the Circular and/or Interims, but you can always email the Company Secretary with these questions. She has been pretty good in responding to mine. For now she may not be able to say much, but making the fees point is definitely worth flagging to her.My thoughts on your Qs: A) I would think they have included the 15% listed in the time line information. They could, of course, sell these tomorrow and return the cash instantly. B) I suspect returns will be via a capital return rather than being paid out as dividends, but not sure what they can and cannot do legally. Clearly a capital return is a much more attractive way of doing this from a tax perspective as there won't be CGT issues for most investors. C) Completely agree here, particularly once the liquid listed stocks are sold. |
Posted at 07/10/2024 16:12 by mwj1959 All of that currency decline has been recovered MTD as £/$ under 1.31 currently compared to end of August at 1.314. But it does highlight the sensitivity of the NAV to the exchange rate with c.58% US$ exposure. £ exposure is only 22% of total NAV. It remains one of the two key risks to returns in any wind-up, alongside underlying asset performance. They should definitely consider hedging some of the risk out. I'll suggest it to them. Pretty certain I know what their response will be!With such a large proportion of global assets denominated in £ currency strength remains a major risk across the board for global investors, albeit at worst I struggle to see £ get above 1.40. |
Posted at 04/9/2024 11:08 by mwj1959 I can't see how they will be able to get away with a reconstruction / reorganisation without offering a cash out option to those who don't want to participate (which will be the majority in my opinion). There are no vehicles in the current JPM IT range that would be natural homes for the underlying assets held in JARA, so I can't see any sort of "internal" merger happening on an asset basis. All the Boards are independent, so should not be influenced by what JPM might want to do, but clearly if they could hoover up some cash looking for a home there might be merit in facilitating that. What they could do to enable that to happen (I think)is realise all the assets and then offer shareholders the option of taking the cash or shares in another trust. I believe that this has been done in the past with other trust closures. The problem with JARA is the quarterly redemptions on most of its assets, so as I've said in previous posts this will take some time. However, the eventual discount narrowing and dividend means that we are are being paid to wait.I seem to have managed to have some sort of contact with the Board, so once I have the details of the vote I'll re-engage with them with my thoughts. Clearly they will be more interested in what the larger II shareholders think, but at the end of the day many of them must have voted not to continue. Having been one of these II investors in the past I would be thinking along the lines of what I've outlined in the first paragraph, with a preference for the cash out option. The Board have got it badly wrong here. The strategic allocation changes were not nearly enough and reactive not proactive(and they had failed to deliver any NAV growth, albeit I recognise that the macro backdrop has not been helpful) and anyway the main issue was that the trust is too small, so whatever they did most IIs would struggle to want to continue to invest in it from a liquidity perspective, while attracting new investors would be equally challenging. I'll keep the BB posted on any progress engaging with the company. They need to get a move on. |
Posted at 19/7/2024 09:05 by affemoose CONTINUATION vote is up and running. Have your say.Hargreaves Lansdown have the votes available under the Shareholder Actions area. The Continuation Vote is buried at #12 of the various actions. FWIW I voted AGAINST the continuation. For me 'enough is enough' - this trust is too small to be attractive to large Wealth Managers and their clients and most Institutional Investors - I believe that this will mean it will keep languishing at daft discounts and not really return the value that it holds as NAV. It's a shame, it's a great set of assets, across an interesting Asset class that is hard to find elsewhere. But... it's just not big enough to be viable. Obv you may have other opinions. |
Posted at 10/7/2024 08:05 by mwj1959 If it manages to survive the forthcoming continuation vote! And even then I suspect it will struggle to survive beyond the subsequent continuation vote (3 years time)unless we see some combination of decent NAV growth, sustained discount narrowing, improved liquidity and/or a more compelling dividend (particularly relative to Gilts/Cash). I remain to be convinced on a number of these, hence why I'll vote against continuation. The problem is it's too small and illiquid for most discretionary/instit |
Posted at 01/7/2024 08:46 by mwj1959 I've looked at PSH in the past, but unfortunately didn't invest despite the very attractive discount. My error! There is clearly room for the discount to narrow further, particularly with this new fund launch. I haven't looked into the new fund, but if it were to raise a significant amount and mirror invest PSH that would at the margin be supportive for the underlying share prices. But investors shouldn't forget that while there remains a discount arbitrage opportunity the main underlying driver for this share price over the LT will be the performance of the underlying stocks. At the end of the day these are equities and can go up a lot and down a lot. The discount is probably not going to help much in the latter scenario. |
Posted at 29/6/2024 10:03 by affemoose On a seperate note there may be a sort of Arbitrage opportunity in PSHPSH is UK / Amsterdam listed fund by Pershing Square Capital. Current price is £41.82, NAV is £55.04 ($69.84) So what you may say...discount to NAV in London IT's is hardly news... indeed. But .. Pershing Square are launching a new fund in New York that will closely mirror the UK fund. This alone will draw attention to the UK fund and invite US investors to buy the same assets as NY but at a discount. The NY fund will launch with an initial share price of $50, which means nothing on it's own, but who would buy that if they can buy the same stuff for a discount in the UK? Add in some rebalancing of charges - the US fund should reduce the UK funds charges, it's complex, read the RNS's. But this has to be good news. The US fund will charge a flat 2% fee, waived for first 12 months. In short - I expect the Discount to Narrow over the coming weeks/months until fund launch in NY. May be an opportybity to make a few quid. Be interested in knowing what you think of this mwj - you are far more switched on than me. Disclaimer alert - I own a chunk of PSH, it's one of my better investments and i'm up 60% on my original investment. I top slices out to rebalance a year ago and kinda wish i hadn't but that's the way it goes. I plan to hold or maybe add here. I may even take a punt on the US fund once it gets launched and the price delta's sort themselves out. |
Posted at 03/5/2024 08:35 by mwj1959 Under two months now for the Board to come up with a plan, and a good and sustainable one at that, to justify shareholders continuing to own this Trust. With the current yield (5.8%) giving only a modest pickup to cash / Gilts and capital NAV performance being poor since launch it is difficult to see why investors would vote for a continuation with the share price still trading at a substantial 23% discount. |
Posted at 15/3/2024 11:38 by affemoose Thanks mw - interesting, i'll have a look.Cast your eye over PSH - big discounts to NAV and some drivers to change this - aggressive buy backs, planned fee reduction and a launch in US of a 'sister' fund that may bring PSH discount to NAV to US investors vision. |
Posted at 10/11/2023 15:43 by affemoose There's a guy on LSE who contacted JARA - I've copied his email below - could be useful:These webcasts are directed at the professional investor audience only on the website. As a self-directed investor you should enter the website through this link and select ‘personal investor’ when prompted. I appreciate this will be a frustrating response. We are taking part in two live online presentations in the coming of weeks. These are deliberately aimed at giving personal investors access to our investment trusts. Firstly, with Mello on Tuesday 14 November - hxxps://melloevents. Secondly, with capital access group on Wednesday 22 November - hxxps://www.research Both of these events should also have a recording available by the hosts. We hosted an in person event at our offices on 29 Sept which had the portfolio manager present on stage and meet with investors afterwards – I mention this because we are providing more opportunities to engage with our investment trusts, the best way to hear about future opportunities if this is of interest is to subscribe to the communication options for the trusts that are relevant to you – you can do this here |
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