Jpmorgan Global Core Rea... Share Discussion Threads

[tommygriff] 12/5/2025 21:35:28

When the next redemption due

[tommygriff] 20/3/2025 11:28:54

Not had the redemption yet

[affemoose] 03/3/2025 09:43:52

SO far not much movement.

I'm going to take this opportunity to exit today- take the cash. I may well re-enter if there is any better guidance around the redemption timetable but I fear without something a bit more concrete this share will slowly slide back to it's previous price range as the waiting game grinds people down and better opportunities may arise.

Happy to be proven wrong!

GLA, many thanks for your help and information, i've certainly learnt things here - and maybe see you again

[2wild] 28/2/2025 21:45:10

As detailed in post 275, I paid 65.84p. A commission free 16.9% top slice at 47% premium to my purchase price, is a fantastic start. If only I had got far more. They certainly looked too good to be true at the time.

[mwj1959] 28/2/2025 11:14:32

Share price drop adjusted for redemption price is equivalent to 86p old money, so broadly unchanged from yesterday's close.

[mwj1959] 27/2/2025 10:29:57

Will be interesting to see how the share price reacts tomorrow to the partial compulsory redemption of 16.88% of the shares at 97p.

[mwj1959] 17/2/2025 15:43:22

How much further it can go is questionable, unless we see a continuing (and meaningful) uplift in NAV from the remaining assets and/or a major weakening in £, both of which I think is unlikely. I've made a decent return here (the investment thesis has unfolded just as I thought / had hoped) and it looks to me to be a source of cash for when better opportunities arise elsewhere rather than a hold for the remainder of the wind-up period.

[affemoose] 17/2/2025 15:31:21

FIngers crossed mw, tahnks again.

Nice to see JARA price climbing - spread os 86.2-87.4 today which is a level we havent seen since Summer 2023

[mwj1959] 14/2/2025 17:52:26

my comments have been passed onto the Board and they take on board my request for greater granularity. Time will tell whether more detail will follow in terms of what is being redeemed.

[affemoose] 11/2/2025 09:16:26

Thank you for trying!

We shall mushroom on!

[mwj1959] 10/2/2025 17:59:20

My attempt to get greater granularity on the wind up process, particularly around the timeline for each private fund hasn't made much progress. I got a quick response from the Company Secretary, but all she did was to refer me to the various RNSs that have been published and the latest Factsheet. I've pushed back on this, but am not optimistic!

[mwj1959] 06/2/2025 16:43:11

I'll ask the Company Secretary if she can provide greater detail. There is no reason that I can see why they can't. The individual private vehicles must have given them some sort of return of capital timeline and if they have it should be shared with more detail than we've currently received.

[affemoose] 06/2/2025 14:55:06

I Concur MW - but the way that they operate thus far is - you'll know when we choose to let you know not when you want to know. aka - Mushrooms.

As this is the first time i've been through this process I was surprised by the mechanism for the redistribution of monies - I didn't expect that|! I had assumed it would be cash, and NAV and share price would go down. So having the Shares compulsorily redeemed at NAV price is an education and a pleasant surprise.

I am still pondering what to do with the monies returned - heaven knows what the leader of the free world will do next (let's face it he has been a little spikey so far)so hard to predict even if I did have a crystal ball :-) - maybe cash maybe cash or equivalent short term money type equiv' is my route.

[mwj1959] 06/2/2025 12:37:35

So, basically at end January NAV. This is the easy part. It gets a lot more uncertain from here. I presume that they have put in redemption orders for all the other assets, so it would be nice to get a revised estimate as to what will be redeemed when and cash returned to shareholders. It may not be much different to what they outlined in earlier RNSs, but some more detail would be welcomed. Approx. 50% left in RE and 25% each in Transport and Infrastructure.

[tommygriff] 06/2/2025 07:31:18

97p redemption - nice

[affemoose] 31/1/2025 11:41:57

If you are looking for inspiration and/or diversification BBOX have just released a great annual update if anyone is looking for inspiration.

Well run, good capital controls, Nav is around 180-185 against the share price of around 143 (25-26% discount). Yield at todays price 5.12%.

They have disposed of a load of assets from buying/merging a smaller REIT last year - throwing off cash, sold at a premium to purchase price NAV of assets.

Pre-Let assets under construction and diversifying out of Logistics into Digital Infrastructure (Data Centre).

All in all well managed, I like the cash flow, I love the premium assets and i like the diversification.

I've held this for quite some time now - and continue to reinvest Divi's back into it.

[affemoose] 30/1/2025 12:48:07

Thank you mw, much appreciated, i'll have a look.

Like you I am nervous about NAV values being accurate so like to do some serious due diligence first.

CORD is a digital infrastructure REIT and is very well run imho. May be worth a look for you.

[mwj1959] 29/1/2025 18:04:55

AM - In terms of ideas they are lots of companies in the PE, Infrastructure and Renewable space trading at pretty chunky discounts and paying high single digit (and sometime double digit) divis. Most, however, have not been great investments with capital declines more than offsetting dividends. Plenty of NAV uncertainty in these (asset values, power prices, debt refinancing etc.), so its difficult to see discounts narrowing dramatically unless we see bond yields collapsing (unlikely?). I've been bottom fishing in this space with mixed success. JARA has definitely been one of the more successful.
For mixed assets look at RCP and CLDN. Both still at decent discounts, particularly the latter. Large family stake not helping there (an issue for RCP as well, albeit smaller). Both have seen discounts narrow fair bit recently, but still around 25% and 33% respectively. I own RCP.

[mwj1959] 29/1/2025 10:27:09

AM - Gilts would be fine so long as you invested in short dated ones and from a tax perspective the lower the coupon the better (you don't pay capitals gains on Gilts and the lower the coupon the more your return will be from capital rather than income). Further out the curve and you take on more IR risk and the price will likely be more volatile.

[affemoose] 28/1/2025 16:49:04

My thinking atm is 'what would I buy with the money if I sold out of JARA?

Answer atm - not a lot tbh. Gilts maybe but you could of course get caught in a value trap there too. Markets are pricey so hard to see value in equities atm. Sadly my Crystal ball never arrived so I am not having any inspiration atm!

The other Equities I hold that I would consider investing in- PSH & PHP im already overweight, BBOX, CORD I already hold enough of so cant in all reality committ more. RKW is an option - I'm impressed with Richard Stavely who runs this - I like his strategy, execution and style, he's good at Comms to boot. a refreshing change.

Hmmm!

[affemoose] 24/1/2025 22:12:26

ThxW. Decisions!

I could cope with H2 this year but the ‘unknown 2026’ freaked me
Out. lol.

Need to sleep on it

[risenfall] 24/1/2025 13:22:08

Reply
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[mwj1959] 24/1/2025 11:00:12

AM - You're right that the discount to NAV will be bigger ex the 16.4% in cash. On my calculation it would be 16% at an 83p share price If the full 16.4% in cash is paid out you'll receive just under 16p return. NAV would drop to c.80.5p. If share price just reflects the cash payout (i.e. no increase / decrease in 16% discount to remaining NAV)it would take it to just over 67p. There is still a considerable time period before the next tranches of the NAV is returned to shareholders (estimated 55 - 65% of NAV in H2 25) and there could be material changes in the NAV while the realisation process is occurring (currency, asset valuations) and of course there will be the legacy assets still to be returned by the end of 2026. So you could get more or less than 67p and I would place a +5% to -10% range around that, but it could be much wider than that, particularly on the downside. So, if you nor prepared to take the risk, selling out today at around 83p isn't a bad option. At the end of the day it's the best share price we've seen for 18 months and we've had around 6p of dividend in that period as well.

[affemoose] 24/1/2025 10:08:15

Indeed MW

The Discount to NAV of the non cash elements could probably be 16% bigger than stated as I assume (!) that the cash is being priced at 100% in the share price (No Discount), hence the rise of late.

If you follow my thinking.

My next question is if/when that cash is distributed at the end of March will the share price drop proportionately more than the 16% that the cash elements consists of due to the non discounted nature of the cash.

I guess what i'm wondering is - 'is this the best time to exit, before cash distribution'.

I would be exiting at a loss - but sometimes that is just the nature of the game. Suck it up. It's a lot smaller loss than i would have had selling a few months ago, and maybe a lot smaller than a loss in the Post Cash distribution world from April onwards. (or maybe not).

I'm nowhere near a professional in this type of thing so always value the thoughts of others who are far more clued up than me.