Jpmorgan Global Core Rea... Share Discussion Threads

[affemoose] 22/2/2024 15:08

Mind you - one of the DIrectors, Chris Russell has just bought 95,000 shares (6th Feb) - worth noting.

[affemoose] 22/2/2024 15:02

Sadly the event is full, or I would go. Pls do let us know if there is anything interesting.

looking at the recent flurry of marketing events/comms they are doing I'd guess that they are under pressure from the board to stimulate interest and narrow discounts to NAV. This on its own may be indicative of the board's focus.

My challenge is that 'it is not working is it - so what is the plan??'

If you do attend - if you could ask specifically 'is the board actively driving the recent uptick in events and presentations you are doing and what happens if this does not result in significant long-term narrowing of NAV' .. it would be appreciated.

It's such a shame as this asset class is excellent for long-term income - but when I log into my platform and see -30+% on a single holding since I bought it (yeah - I picked the wrong moment) - then it does tend to focus the mind.

I also hold Polar Capital Global Health (PCGH) which is also presenting. They've done well for me over the last couple of months, and it would be good to hear what they have to say, Biotech does seem to be on the rebound from its bear market.

In the meantime - collect the DIvis and use them and re-invest to average my holding down over time. But i'd like to know what exactly 'time' is in this instance. I'd prefer an orderly exit in 2024 if the FM has no answers.

[mwj1959] 20/2/2024 13:01

I'll probably attend, but I guess it's the Board rather than the fund manager who is key to the future prospects of this fund, at least until the continuation vote, so whilst interesting to hear what the FM has to say I'd rather hear some guidance from the Board as to how they're going to deal with the discount, because ultimately that is likely to determine whether this trust is here to say or not.

[davebowler] 20/2/2024 11:26

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

[neilyb675] 19/2/2024 14:52

65.00 - 66.80 (GBX) at 08:51:42
on Market (LSE)

[mwj1959] 16/2/2024 18:18

The exit - which will need to see the continuation vote fail - will more likely be a 2025 story than a 2024 one, given c.85% in private asset vehicles. And unless the Board comes up with a cunning plan to deal with the discount in the coming months that I suspect will be the likely outcome. Rather like you AM I'm happy to be patient here (for now at least) on an expectation of some sort of re-rating and the dividend, which should give a decent risk/reward. And if it weakens further I'll probably add some more.

[affemoose] 15/2/2024 10:00

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.

[mwj1959] 04/2/2024 11:02

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.

[davebowler] 31/1/2024 08:14

MONTHLY PORTFOLIO UPDATE Legal Entity Identifier: 549300D8JHZTH6GI8F97 JPMorgan Global Core Real Assets Limited, the diversified global infrastructure, transportation and real estate investment company announces a portfolio update as at 31 December 2023. Net Asset Value The Company's unaudited net asset value ('NAV') increased to 94.11 pence per share (30 November 2023 NAV: 94.06 pence per share), an increase of 0.1%. The Company's share price as at 31 December 2023 was 74.00 pence. An analysis of the components to this NAV and the relevant dates for their valuation is provided below. Portfolio Strategies NameDate of price for Strategy% of JARA's NAV as at 31 December 2023US Real Estate Equity30 September 202320.5%Transportation30 September 202319.6%Infrastructure30 September 202318.5%Asia-Pacific Real Estate Equity30 September 202315.8%US Real Estate Debt30 September 20237.6%Liquid Strategy31 December 202318.0% Exchange Rates The GBP/USD exchange rate was 1.27480 as at 31 December 2023 (30 November 2023: 1.26595). 5 January 2024

[mwj1959] 24/1/2024 17:12

MATE corporate action just highlights pro-activity from JPM in their IT range (and keeping all the assets in-house). JARA clearly on their to do list for this year given continuation vote and 25% discount.

[mwj1959] 17/1/2024 13:30

80%+ in private assets and nearly 40% in RE is what is keeping the discount wide here, but I stick with my earlier view shown below that the risk / reward for the patient looks attractive here...

I guess on a one year view the risk / reward here may be pretty attractive given the backstop of the 2024 continuation vote. If the discount doesn't narrow materially before then it's difficult to see the trust surviving. With the majority of the assets wrapped up in a few (5 according to the annual report) private collective investment schemes realising the value of the portfolio will take some time (quarters rather than years) with no guarantee that will be at the published NAV, particularly if the economic backdrop has got a lot more challenging. So there is some NAV risk, but its got to get pretty bad for it to wipe out all or even some of the discount. And at least in the meantime you're getting a near 6% DY at the current share price. Add that to some discount narrowing in advance of the continuation vote either on some board driven discount narrowing wheeze (tender offer etc.)or an increasing expectation that the vote will fail and I can easily see a one year 15 - 20%TR here (the DY plus the share price moving up to 80p). And that's being pretty conservative as at 80p the discount, subject to no further weakening in the NAV, would still be around 18%.

[davebowler] 17/1/2024 09:58

Core Real Assets Ld
05 January 2024

LONDON STOCK EXCHANGE ANNOUNCEMENT



JPMORGAN GLOBAL CORE REAL ASSETS LIMITED

(the "Company" or "JARA")



MONTHLY PORTFOLIO UPDATE





Legal Entity Identifier: 549300D8JHZTH6GI8F97



JPMorgan Global Core Real Assets Limited, the diversified global infrastructure, transportation and real estate investment company announces a portfolio update as at 31 December 2023.



Net Asset Value



The Company's unaudited net asset value ('NAV') increased to 94.11 pence per share (30 November 2023 NAV: 94.06 pence per share), an increase of 0.1%. The Company's share price as at 31 December 2023 was 74.00 pence.



An analysis of the components to this NAV and the relevant dates for their valuation is provided below.



Portfolio Strategies



Name

Date of price for Strategy

% of JARA's NAV as at 31 December 2023

US Real Estate Equity

30 September 2023

20.5%

Transportation

30 September 2023

19.6%

Infrastructure

30 September 2023

18.5%

Asia-Pacific Real Estate Equity

30 September 2023

15.8%

US Real Estate Debt

30 September 2023

7.6%

Liquid Strategy

31 December 2023

18.0%


Exchange Rates

The GBP/USD exchange rate was 1.27480 as at 31 December 2023 (30 November 2023: 1.26595).



5 January 2024

[mwj1959] 05/1/2024 11:20

Stable NAV in November, so at 72p trading at a 23% discount.

[mwj1959] 29/11/2023 10:50

The relatively imminent continuation vote against the backdrop of a substantial discount and a reasonable dividend is what attracts me to JARA. It's a 12m trade where I think the risk / reward is firmly tilted in an investor's favour at the current share price.

[adamb1978] 29/11/2023 10:11

I've exited JARA and bought HICL. Only a small, passive holding and preferred to be in something with greater scale not sure to any greataer economic returns from greater scale, but hopefully better governance resulting from it being more visible etc

[mwj1959] 29/11/2023 09:35

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.

[mwj1959] 27/11/2023 14:59

AM - Re your 106 post I was actually after the major shareholders of JARA.

[affemoose] 27/11/2023 11:14

The presentation isn't great but trust me was way better than the first one I detailed. what was interesting though was that there was a lot more focus on the Continuation vote, more info on shares buy back and NAV.

This tells me that the message has been received and they are now probably thinking 'i'd like to keep my job' - so am happy that they are taking the discount to NAV more seriously rather than it being a simple 'shrug' and blame market conditions response.

I#ve also added to my position = upped my initial investment by 20%

[affemoose] 27/11/2023 11:10

hxxps://fintel.io/so/us/jpm#:~:text=Largest%20shareholders%20include%20Vanguard%20Group,Llc%2C%20and%20Capital%20International%20Investors%20.

[affemoose] 27/11/2023 11:09

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 .

[affemoose] 27/11/2023 11:07

Board is page 42: hxxps://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-and-half-year-reports/global-core-real-ar-2023.pdf

[mwj1959] 23/11/2023 13:40

To be honest I was fairly underwhelmed by the presentation, but regardless of that have added to my position based on my earlier comments. Anyone have any information as to how the shareholder register looks like? This may be key when it comes to the continuation vote. I suspect it is stuffed with many of the usual discretionary manager suspects. What we really need is an activist investor or two getting involved to really focus the Board's mind.

[affemoose] 22/11/2023 13:56

Have a look at the presentation, they've sharpened the presentation since the last one and address the NAV, Asset Disposal and buy backs in the questions much more robustly.

[affemoose] 22/11/2023 13:47

Investor presentation - 22/11/2023:

hxxps://www.research-tree.com/events/capital-access-group/jpmorgan-global-core-real-assets-limited-webinar/1907

[mwj1959] 22/11/2023 11:30

I guess on a one year view the risk / reward here may be pretty attractive given the backstop of the 2024 continuation vote. If the discount doesn't narrow materially before then it's difficult to see the trust surviving. With the majority of the assets wrapped up in a few (5 according to the annual report) private collective investment schemes realising the value of the portfolio will take some time (quarters rather than years) with no guarantee that will be at the published NAV, particularly if the economic backdrop has got a lot more challenging. So there is some NAV risk, but its got to get pretty bad for it to wipe out all or even some of the discount. And at least in the meantime you're getting a near 6% DY at the current share price. Add that to some discount narrowing in advance of the continuation vote either on some board driven discount narrowing wheeze (tender offer etc.)or an increasing expectation that the vote will fail and I can easily see a one year 15 - 20%TR here (the DY plus the share price moving up to 80p). And that's being pretty conservative as at 80p the discount, subject to no further weakening in the NAV, would still be around 18%.