Jpmorgan Global Core Rea... Share Discussion Threads

[jonwig] 14/11/2020 11:40

Adam - will come back to you on Monday (assuming results then). Investments are largely PE style, so they should have an idea of returns expected. We can then only evaluate after the event!

[adamb1978] 14/11/2020 11:01

Hi Jonwig

I stumbled upon this at the end of last week. Question for you - how do you find evidence of their ability to meet those objectives? for an operating business, doing some due diligence is easier but for an investment fund, unless you can find expected returns for the underlying asset classes, I think its difficult.

So then it comes down to the manager's brand, reputation plus fee levels etc. I'd be interested to hear how you find the evidence which you're looking for.
thanks

Adam

[jonwig] 14/11/2020 07:03

tommy - to subscribe, I'd need to be confident that the shares can continue to trade at a decent premium to nav.

The 30/09 nav is surely out of date: say it's now 95p and for the fully-invested C shares it's 99p. Then conversion would be 104 new ords for every 100 C shares. I'd need to do a bit more research before committing, but I wouldn't want many.

I don't have a target price as such, but I do look for evidence of:

The Company aims to provide investors with a long-term target NAV return of 7 - 9 per cent. per annum once fully invested, inclusive of a dividend yield of 2 - 3 per cent. in respect of the first year following listing, increasing to 4 - 6 per cent. per annum once the Company is fully invested.

The HY results are due on or around 16 Nov, so I'll be looking at those before I decide.

[tommygriff] 13/11/2020 21:51

What's your thoughts Jon things going to plan? What's your target price over next 3 years

[jonwig] 13/11/2020 15:53

Intention to issue 'C' shares at 100p.
Latest NAV is 91p at 30/09.

Intention:


Prospectus:

[jonwig] 20/10/2020 20:08

Summary of progress:

[jonwig] 05/5/2020 06:21

Yes, they said they would be in the 23/04 Dividend Declaration and Update RNS.

[tommygriff] 04/5/2020 22:38

Hopefully JARA have put some of the cash to work in the downturn

[steve c1] 18/3/2020 09:30

Yes i agree and they are holding a lot of cash ready to deploy.

[tommygriff] 28/2/2020 12:52

Anyone received there dividend yet?

[boxster rob] 23/1/2020 10:30

The IPO will be complete 18th July 2020 or when 1bn shares have been issued which may be earlier than that date.

[jonwig] 20/1/2020 12:01

When demand for them dries up, or when the shares move to a NAV discount, or when they find nothing to invest in. The last is unlikely, as they have JPM's pipeline in place.

[wingrove4] 20/1/2020 11:17

Does Anyone have any thoughts when they're going to stop issuing new shares because I would think this is suppressing the share price.

[jonwig] 11/11/2019 16:39

JPMorgan Global Core Real Assets Limited announces that today it issued 1,536,628 new Ordinary shares for cash at 105.00 pence per share, pursuant to its Placing Programme of up to 1 billion Ordinary Shares and/or C shares (excluding any Ordinary Shares issued pursuant to the Issue), as described in the Prospectus.

Following this issue, the Company's issued share capital consists of 155,214,797 Ordinary shares.

[jonwig] 29/10/2019 07:23

Investment update:

JPMorgan Global Core Real Assets Limited is pleased to announce that one of its underlying real estate strategies has called the capital committed by the Company with a funding date no later than Friday 8th November 2019. This capital called equates to $35,518,000 and represents 19.5 per cent. of the initial proceeds and is in line with the indicative asset allocation detailed in the prospectus. Along with the Global Liquid Real Asset Strategy this will mean that close to 40 per cent. of the Company's initial proceeds are now invested. The Company remains on track to have 80 per cent. of its proceeds invested within 6 months, with all net initial proceeds invested within 12 months.

Once fully invested, the net proceeds of the Issue will be invested with the view of providing holders of the Ordinary Shares with stable income and capital appreciation through exposure to a globally diversified portfolio of Core Real Assets in accordance with the Company's investment policy. The Company will initially seek exposure to Core Real Assets through various real asset strategies, namely; Global Infrastructure, Global Real Estate, Global Transport and Global Liquid Real Assets. J.P. Morgan's Alternative Solutions Group will have the primary responsibility for managing the Company's portfolio.

[jonwig] 28/10/2019 13:59

Just come across this, dated pre-IPO (31/07):

[jonwig] 17/10/2019 18:00

riverman - they are just accessing existing institutional funds rather than single Investments, I believe.

[riverman77] 17/10/2019 17:25

This has been on a very nice run since listing. Clearly a strong demand for the asset class. Would be good to get an update to see how they're getting on investing the proceeds.

[jonwig] 27/9/2019 17:01

Hi, robow - thanks.

A poor size to start with, but it's just accessing existing insti-only funds, so that doesn't really matter. The promise of low volatility should be a help.

[robow] 27/9/2019 16:42

Thanks for setting up thread. So far so good

[jonwig] 23/9/2019 10:38

Successful offer - but a bit disappointing at £148m:



Dealings tomorrow, opening NAV 99.01p. (They're investing in existing JPM funds, so set-up quite cheap.)

[jonwig] 17/9/2019 09:37

Offer closes 19/09.
Minimum raise, £100m (shares at 100p.)

[jonwig] 17/9/2019 07:02

. .


Significant Holdings (total 150,474,889 shares, Oct 2019):

Premier Fund Managers .... 6,910,000 4.6%