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JARA Jpmorgan Global Core Real Assets Limited

65.00
0.20 (0.31%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Jpmorgan Global Core Rea... Investors - JARA

Jpmorgan Global Core Rea... Investors - JARA

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
0.20 0.31% 65.00 16:35:14
Open Price Low Price High Price Close Price Previous Close
65.60 65.00 65.80 65.00 64.80
more quote information »
Industry Sector
EQUITY INVESTMENT INSTRUMENTS

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Top Posts
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 13/3/2024 11:55 by mwj1959
AM - The Continuation Vote will happen at the AGM, which last year was 2 Aug, but clearly investors will vote in advance of that and I would expect the Board to have come up with proposals by the time Annual Results are published at the very latest, which should be the end of June. We didn't discuss Instl intentions at all as I'm sure most of them won't decide on what they want to do until the Board comes up with a proposal. Clearly, the Board will be consulting with major holders (Quilters are the largest)in advance of this, which will have a strong bearing on what they ultimately decide to do. It may be that they go straight to winding up the Trust, if there are no other realistic options, and so the Continuation Vote would become irrelevant
Posted at 13/3/2024 10:07 by affemoose
Thank you mj1959. Your update is truly appreciated.

May I check re: the continuation Vote timing - It would be at the AGM this year, anticipated August timeframe?

Did you get any feeling in your conv' about the appetite/voting intentions of the institutional investors holding JARA on a continuation vote? i.e. Are they guessing what their voting intentions will be or is the assumption based on more solid feedback from them?
Posted at 13/3/2024 09:19 by mwj1959
I had a lengthy conversation with the manager and JPM sales person post their presentation. Here's what I extracted.
Discount - they're clearly frustrated by the scale of the discount and solutions to resolving that were being discussed by the Board / Manager. They agreed that some sort of plan needed to be put forward by the time Final Results were published in late June, ahead of the continuation vote. Their expectation was that the discount would start to narrow ahead of these events, but recognised, and agreed with me, that a solution to sustainably narrow the discount without a return of capital might be difficult to find given the nature of the investments in the trust. Some sort of tender offer was unlikely to happen given the size of the trust, although I wouldn't fully discount that (I don't think it would work or be appropriate). They said that historically if it has been the right thing to return cash to shareholders that is what they have done and would likely do this time, if that was felt it was the right thing to do.
Wind-down - In terms of how easy it would be to realise the assets in the trust, and in particular the private funds, they said that would likely take a number of quarter as redemption requests were met. They are through the lock-up periods in these vehicles, so there is no issue on that front, while JARA owns under 5% in each fund. That shouldn't cause any problems from a redemption perspective unless there is a wall of redemptions from other investors at the same time.
Share liquidity - There isn't much at present, so getting institutional buyers to take advantage of the discount is challenging, particularly when its difficult to see why any current holder would sell at such a wide discount with the continuation vote on the near horizon.
My overall conclusion remains that the risk / reward at current levels is an attractive one given the time horizons involved. The main risk is that we see a collapse in the NAV, but I think that is highly unlikely given the current macro backdrop and the 30% discount provides a good deal of downside protection.
I bought more this morning at 65p.
Posted at 20/2/2024 11:26 by davebowler
Come along to the Shares and AJ Bell Investor Evening in London on 12 March. Barings Emerging EMEA Opportunities, Ecora Resources, Jadestone Energy, JPMorgan Global Core Real Assets and Polar Capital Global Financials Trust will present their latest plans
Posted at 15/2/2024 10:00 by affemoose
Looks like a long ish wait until I get my reward here - NAV discount now over 30% again. This trust seems to be out of ideas re: reducing the discount. I await an orderly exit in 2024. Maybe i'll see some value returned then.

In the meantime, i'll take the chunky Divi as a payment to be patient.

i'd love them to get very aggressive on buy backs if i'm honest, but somehow i don't see that happening.

Sigh - the asset class is a good one but they've failed to capture the investor sentiment that it probably deserves.
Posted at 04/2/2024 11:02 by mwj1959
Drifting back into buying territory (I've added) if you believe that the large discount will need to be addressed by the Board in the not too distant future given the looming continuation vote. And encouraged by the fact that JPM have been pro-active recently elsewhere in their range (UK Sm and Mid Cap merger and MATE being folded into JGGI). However, I suspect there are no obvious internal merger candidates given the nature and type of JARA's assets, so some sort of orderly realisation is probably the best bet from an investor perspective. That's certainly what I'm investing on the basis of, whilst recognising that any realisation won't be straightforward given the private nature of c.85% of the assets.
Posted at 29/11/2023 09:35 by mwj1959
I've now got the major shareholders list from Bloomberg. Quilter 15.5%, EFG Harris Allday 10.7%, Brewins 7.4%, JRS Asset Mgmt (Swedish Multi-Family office)7.1%, Charles Stanley 6.6%, JPM 5.2%, BlackRock 2.2%. So that's around 55% wrapped up in these names. As I said before many of the usual UK Discretionary suspects. None have either increased or decreased position recently. I doubt any of them (other than JPM!) will vote for continuation unless there is a serious positive narrowing of the discount (i.e. from a share price rise not from a material decline in the NAV). This will either happen naturally as investors see an increasing likelihood of the vote not passing or from some drastic action from the board (no doubt guided by both JPM and the thoughts of the major shareholders) to ensure a sustained narrowing of the discount.
Posted at 27/11/2023 11:09 by affemoose
JPMorgan Chase & Co. (US:JPM) has 5196 institutional owners and shareholders that have filed 13D/G or 13F forms with the Securities Exchange Commission (SEC). These institutions hold a total of 2,311,976,887 shares. Largest shareholders include Vanguard Group Inc, BlackRock Inc., State Street Corp, VTSMX - Vanguard Total Stock Market Index Fund Investor Shares, VFINX - Vanguard 500 Index Fund Investor Shares, Morgan Stanley, Geode Capital Management, Llc, Bank Of America Corp /de/, Fmr Llc, and Wellington Management Group Llp .
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.com/mello-investment-trusts-and-funds-tuesday-14th-november-2023/

Secondly, with capital access group on Wednesday 22 November - hxxps://www.research-tree.com/events/capital-access-group/jpmorgan-global-core-real-assets-limited-webinar/1907

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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