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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jpmorgan Global Core Real Assets Limited | LSE:JARA | London | Ordinary Share | GG00BJVKW831 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.20 | 1.69% | 72.00 | 71.20 | 72.80 | 72.60 | 69.20 | 69.20 | 488,249 | 16:35:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 27.84M | 23.83M | 0.1132 | 6.41 | 152.78M |
From Apr 2021 to Apr 2024
TIDMJARA TIDMJARU TIDMJARE
RNS Number : 5906E
JPMorgan Global Core Real Assets Ld
08 July 2021
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CORE REAL ASSETS LIMITED
FINAL RESULTS FOR THE YEARED 28TH FEBRUARY 2021
Legal Entity Identifier: 549300D8JHZTH6GI8F97
Information disclosed in accordance with the DTR 4.1.3
CHAIRMAN'S STATEMENT
I am pleased to present the second Annual Report & Financial Statements for JPMorgan Global Core Real Assets Limited (the 'Company' or 'JARA') for the 12 months to 28th February 2021, this being the first annual report which covers a complete financial year.
Year In Review
Having obtained a premium listing on the London Stock Exchange on 24th September 2019 following a successful initial public offering ('IPO'), your Company entered this financial year with 200,802,887 shares in issue and GBP194.4 million in net assets. Over the course of the year, the Company grew its share capital by 4.0% through the issue of 8,005,065 new shares at a premium to their prevailing net asset value and, as at 28th February 2021, the Company had 208,807,952 shares in issue and net assets of GBP183.5 million. Over the year 3.25p in dividends were declared and paid to shareholders.
Objective and Features
The Company's objective is to provide shareholders with stable income and capital appreciation through exposure to a globally diversified portfolio of 'core real assets', by which we mean real assets that offer reliable, highly forecastable, long term cash flows. These are focused on unlisted assets held in private funds investing in the global infrastructure, real estate and transportation sectors, alongside a more liquid element of the portfolio investing directly in listed real assets.
Through these private funds and accounts managed by J.P. Morgan Asset Management, the Company provides diversified access to what is currently over 200 private investments with exposure to over 800 underlying private real assets.
The Company aims to provide investors with a long-term NAV return of 7 to 9% per annum, inclusive of a dividend yield (based on the initial issue price of 100p per share) of 4 to 6% per annum, now that the Company is close to fully invested.
Capital Deployment
Although the COVID-19 pandemic slowed the Company's capital deployment, particularly at the height of the uncertainty between February and August 2020, from September the pace of capital deployment picked up significantly, allowing the Company to meet initial deployment targets. Your Company has now invested 100% of the proceeds arising from its IPO and has invested the major part of the capital raised from subsequent share issuance, which we were able to put to work at a much faster pace than the IPO proceeds. At year end, the Company had invested 90% of shareholder funds and since then further investments have increased to 96% invested. The Investment Manager's report provides more detail on the timing of the deployments and the subsequent geographical and currency exposures of the Company.
Investment and Share Price Performance
The net asset value total return over the period, measured in pound sterling, was -5.9% inclusive of the 3.25p per share dividends paid to shareholders, while share price total return was -1.0%. The Company's share price was 97.2p per share at the financial year end and in the year under review the shares traded in a range of 112.5p to 73.5p per share, reflecting the heightened volatility in equity markets in the first half of 2020 as the effect of the pandemic shook investor confidence. The low point was reached on 19th March 2020 when world equity markets were in a pandemic-induced freefall and it was gratifying to see how fast the share price recovered once central banks intervened to inject liquidity and steady markets.
Since the majority of JARA's assets are US dollar denominated, reported returns have been adversely affected by sterling's 9.5% appreciation against the US dollar over the year. While this exposure has been a negative contributor to date, one of JARA's unique attributes is that it offers shareholders access to real assets globally and with this comes a global currency exposure. Whilst this currency impact has moved against the Company over the last year, one would expect that over the long term currency moves will represent a neutral impact for shareholder returns. It is pleasing to note that the three private strategies in which the Company was invested over the year (transportation and infrastructure assets only in the last few months) and the more liquid strategies all posted positive returns in their local currencies - a testament to the resilience of the underlying strategies in what has a truly testing year.
The Investment Manager's Report reviews the Company's performance and gives a detailed commentary on the investment strategy and portfolio construction, and an outlook for the strategies.
Revenue and Dividends
The Company has weathered a number of headwinds over the last year regarding the portfolio income, with delays to deployment and sterling strength presenting significant hurdles, but the Board is pleased to note that this has not prevented JARA from achieving both its first year target dividend yield of 2 to 3p per share, and is now on track to hit its fully invested run rate of 4 to 6p per share, with both targets based on the initial issue price of 100p per share. Over the year the Board declared in respect of the Company's year ending 28th February 2021 the following dividends:
-- First quarterly interim dividend of 0.75p per share, which was paid on 28th May 2020 -- Second quarterly interim dividend of 0.75p per share, which was paid on 31st August 2020 -- Third quarterly interim dividend of 0.75p per share, which was paid on 30th November 2020 -- Fourth quarterly interim dividend of 1.0p per share, which was paid on 25th February 2021
Over the longer term, however, the ability to maintain and grow the dividend will depend on the rate at which the Company can invest and in the continuing success of the underlying strategies. The Directors intend to maintain the current level of dividend payments and review the level of dividend cover in the coming quarters and have declared a first dividend for the 2021/22 financial year of 1 penny per share, which was paid to shareholders on 27th May. Your Board is hopeful that over the longer term the success of the underlying businesses into which we invest will facilitate a steadily growing level of dividends.
Placing Programme and Share Issuance
Since IPO, the Company has taken advantage of the premium to NAV at which the shares have traded over the period to issue an additional 59,833,063 shares, and over the past financial year 8,005,065 new shares were issued pursuant to the placing programme, raising gross proceeds of GBP8.7 million. These proceeds are invested in line with the Company's investment policies across the underlying investment strategies. Share issuance is always executed at a premium to the prevailing cum-income NAV per share and so is accretive to the returns of existing shareholders. If conditions are appropriate, the Company will continue to issue new shares which, as well as assisting with premium management, will also enhance liquidity and continue to underpin the Company as an attractive investment.
C-Share Capital Raise
The Company published a prospectus on 10th November 2020 looking to raise new capital. This prospectus remains active and the Company continues to explore a number of fund raising opportunities and when the market environment allows, this will be conducted either via a C-Share or placing. The Manager believes there are a number of opportunities across the JPMorgan real asset platform that are attractive and would offer accretive additions to the Company's portfolio and return profile.
Corporate Governance
The Board is committed to maintaining and demonstrating high standards of corporate governance, which is essential to foster the long-term, strategic thinking that will create and protect value for all stakeholders. The Board has considered the principles and provisions of the 2019 Association of Investment Companies Code of Corporate Governance (the 'AIC Code'). The AIC Code addresses all the principles and provisions set out in the UK Corporate Governance Code, as well as setting out additional principles and provisions on issues that are of specific relevance to investment companies. The Board considers that reporting in accordance with the principles and provisions of the AIC Code provides relevant and comprehensive information to shareholders.
I am pleased to report that throughout the year ended 28th February 2021, the Company complied with the recommendations of the AIC Code.
The Board
In accordance with the Company's Articles of Incorporation and corporate governance best practice, all Directors will be retiring and seeking re-election by shareholders at the Company's Annual General Meeting ('AGM'). The Board's knowledge and experience is detailed on page 36 of the Company's Annual Report & Financial Statements for the year ended 28th February 2021 ('2021 Annual Report').
Annual General Meeting
The Company's second AGM will be held on 3rd August 2021 at 12.30 p.m. at Les Echelons Court, Les Echelons, South Esplanade, St Peter Port, Guernsey GY1 1AR. At the time of writing, it is unclear whether social distancing measures will be in place at the time of the AGM. We therefore intend to hold the AGM as a formal meeting simply to conduct the business of the meeting and without presentations or refreshments.
Currently Guernsey based shareholders are permitted to attend the AGM in person, shareholders from outside of the Bailiwick of Guernsey are strongly encouraged to appoint the chairman of the AGM as their proxy. Shareholders from outside of the Bailiwick of Guernsey are encouraged to raise any questions in advance of the meeting with the Company Secretary at the Company's registered address, or via the 'Ask Us a Question' link which can be found in the 'Contact Us' section on the Company's website, or by writing to the Company Secretary at the address on page 91 of the 2021 Annual Report or via email to invtrusts.cosec@jpmorgan.com.
Should circumstances change and restrictions be further eased or tightened prior to the date of the AGM, the Company will announce, via its website and, as appropriate, through an announcement on the London Stock Exchange, any change in the arrangements which it feels would be reasonable and practical to implement.
Outlook
The Company has developed significantly from when I wrote to shareholders in my last annual statement. It has hit its dividend targets and its assets have seen no material disruption or lasting impact from the COVID-19 pandemic. Given our extensive exposure to the international property and transportation sectors, our asset managers would appear to have weathered the storm with very little damage suffered. Our only real headwind has been the current strength of pound sterling relative to most foreign currencies, an issue which many regard as a 'high quality problem' and one which may well correct itself in the medium term.
The world around us is likely to continue to change, both as a result of the pandemic but also from technological and societal forces. The Company's portfolio diversity should be a strength during these times as its exposure to any one sector or asset type is well dispersed. This is typified by the movement seen in the property allocations over the last year as the strength in the allocations to logistics and suburban housing - sectors positively impacted by how people's shopping and living preferences have changed as a result of the pandemic - served to offset any weakness in the small retail exposures. It is also exciting to see how the Company is exposed to a number of global trends throughout its portfolio including: the energy transition, e-commerce acceleration and changing living preferences. One of the criteria that define real assets as being 'core' is the extent to which the asset acts as a fundamental building block to a well-functioning society. Thus it makes sense that, as society evolves, so will the definition of what we consider to be core real assets. The Company's diversification, and ability to adapt to find opportunities globally, should act as an exciting strength in this time.
John Scott
Chairman
7th July 2021
INVESTMENT MANAGER'S REPORT
The Investment Management Team
The Company's portfolio is managed by the Alternative Solutions Group ('ASG') of J.P. Morgan Asset Management ('JPMAM'). This team manages over GBP50 billion of real assets - investments with predictable cash flows and stable capital values.
With over 25 years of experience in managing real assets, the team is made up of over 30 investment professionals based primarily in London, New York, Hong Kong and Singapore. Senior members of the ASG team are responsible for implementing the Company's investment policy via an Investment Committee which brings together the ASG's experience, insights and analytics to manage JARA's portfolio for the benefit of shareholders.
Portfolio Review
Over the year, the Company's NAV total return measured in pounds sterling was -5.9%, whilst JARA's return measured in source currency of the investments was +2.1%. The main driver of the Company's negative NAV return was sterling's appreciation versus most major currencies, particularly towards year end. Of particular note was sterling strengthening by 9.5% against the US dollar.
As a reminder, the Company's portfolio is unhedged and, therefore, when allocating to overseas assets denominated in currencies other than sterling, there is a foreign exchange risk which can act to the detriment as well as the benefit of shareholders. Non-sterling assets comprise the vast majority of the potential investment opportunities open to the Company, so this risk is inherent in the Company's investment aims and policies. The ASG notes that some of this sterling strength has stabilised since year-end and that JARA's currency mix is now more diversified than it was during 2020.
Through the year, the Company invested US$131 million (GBP93 million) in private core real assets in line with its investment objective. The deployment of initial IPO proceeds was somewhat delayed as a result of COVID-19 pandemic uncertainties and constraints in the March to August 2020 period. In addition to creating valuation uncertainties, the pandemic placed constraints on travel which limited the extent to which the investment managers where able to carry out the due diligence necessary to complete underlying investments. However, from September, investment progress picked up substantially and JARA has now invested all IPO proceeds and a significant portion of subsequently raised capital. This involved new investments being made across infrastructure, transportation and Asia-Pacific real estate.
As shown below, JARA is now well diversified across a range of different sectors throughout the Real Asset spectrum. This sectoral allocation evolved significantly over the last 12 months, with JARA's initial private allocations being initiated to many sectors including: Utilities, Renewable Energy, Maritime and Energy Logistics. An important aspect of JARA's focus is its diversification which aims to ensure no over-exposure to any one sector, asset or counterparty. Over the year JARA has gone a long way towards achieving this.
Sector % Allocation ----------------------------- ------------- Office 14% ----------------------------- ------------- Industrial/Logistics 12% ----------------------------- ------------- Residential 8% ----------------------------- ------------- Retail 6% ----------------------------- ------------- Other Real Estate 6% ----------------------------- ------------- Total Real Estate 46% ----------------------------- ------------- Utilities 12% ----------------------------- ------------- Renewable Energy 5% ----------------------------- ------------- Liquid Bulk Storage 3% ----------------------------- ------------- Fixed transportation Assets 2% ----------------------------- ------------- Conventional Energy 2% ----------------------------- ------------- Total Infrastructure 24% ----------------------------- ------------- Maritime 9% ----------------------------- ------------- Energy Logistics 4% ----------------------------- ------------- Aviation 4% ----------------------------- ------------- Rolling Stock 3% ----------------------------- ------------- Total Transportation 20% ----------------------------- ------------- Total Invested Portfolio 90% ----------------------------- -------------
As of 28th February 2021. Note sector allocation includes both public and private assets.
Having started its financial year with c. 65% in cash (predominantly held in US dollars) there has also been significant progress in diversifying the Company's geographic exposure following further deployment of its assets. JARA's currency exposure has also developed since the start of the year when US dollar exposure was 92%, compared with 66% at the year-end (see chart below). This US dollar bias in the Company's asset allocation is expected to persist with a long term exposure of approximately 60%.
Private real estate allocations represented 33% of the portfolio at year end and, in local currency terms, contributed a marginally positive return to JARA's portfolio over the year. The majority of this came from the US real estate exposure. Real estate markets started and finished the year well which offset the negative returns over the middle of the year coinciding with the height of the pandemic. The private real estate allocation focused in four primary sectors - Industrial, Office, and Residential and Retail. The top and bottom performing sectors were Industrial and Retail, respectively - sectors which are on either side of the e-commerce trend which has been accelerated by the pandemic. Performance in the Office and Residential markets was relatively flat but with some significant intra-sector dispersion. For example, suburban residential and specialised offices (e.g. life sciences) performed well, whilst luxury residential and offices serving the finance and legal professions were impacted to a greater extent by the pandemic.
Following initial investments in October 2020, JARA's private infrastructure and transportation allocation contributed to JARA's performance only towards the end of its financial year. Both, however, contributed positively during this period to returns in local currency terms and look well positioned to continue this trend in the Company's current financial year. Importantly, prior to JARA's investment, both strategies exhibited resilience in the face of the pandemic with the contracted and regulated income streams remaining robust and delivering the majority of expected return. However, not all parts of the market were immune, with sectors like aviation (both aircraft and airports) and other demand-sensitive sectors in infrastructure, such as toll roads, suffering. Even if some of this pandemic-led disruption continues through the current financial year, these sectors are a relatively small part of JARA's asset mix at 4% and this exposure is expected to reduce during 2021.
At year end, the liquid real assets strategies collectively represented 22.6% of the portfolio. As a reminder, JARA's listed real asset allocation is made up of two distinct strategies: U.S. all-tranche REITs and an allocation more broadly across a variety of other listed real assets. In source currency terms these allocations produced returns of +9.6% and +3.6% respectively. The allocation to the listed strategies was increased during the middle of the last financial year whilst public market prices were still deemed to be depressed. The continued market rally has meant that this allocation now represents a marginal overweight compared to the target allocation and, in addition to its ability to generate returns, this is expected to be a useful source of liquidity to re-cycle into private opportunities at some point during the current financial year.
At the beginning of the period the listed allocation unsurprisingly witnessed some volatility; it did, however, fulfil its role in the portfolio as both a liquidity source and a diversifier to complement the private assets. In particular, the all-tranche REIT allocation has flexibility to invest in different parts of the REIT capital structure, allowing it to provide comparative capital value and income stream stability during volatile periods. The benefit of this was seen over the period where it was able to produce a similar performance to REIT equity, but with a lower level of volatility.
Real Asset Market Outlook
There are many aspects which help define what 'core real assets' are, but one is that they provide essential services which make up the key building blocks and networks of society. As society changes, so will the definition, use of and opportunities within the core real asset market. Societal change is afoot, accelerated by the COVID-19 pandemic and by the adoption of new technologies. The way we work, live and consume energy is changing and this impacts the investment landscape and presents new and exciting opportunities in the real asset market.
Notwithstanding these changes, core real assets are as essential as ever to investors' portfolios. With traditional fixed income yields still near all-time lows, core real assets can help investors seeking income and diversification. In addition, core real assets tend to be inflation sensitive assets with opportunity for upside participation, given the pass-through structure of many of the underlying contracts. Therefore, to the extent an economic recovery leads to levels of inflation closer to historical norms, it should be positive for asset class returns.
Set out below is the outlook for each of the major real asset categories within JARA: Real Estate, Infrastructure and Transportation.
Real Estate
COVID-19 has accelerated a number of technologically driven mega-trends that were already underway in the real estate market. The Industrial and Logistics sector has been the greatest beneficiary of this but the sector's relative success, and our positive outlook, is not limited to the benefits of e-commerce. Other forces include the need to update warehousing for modern supply chain management; rapid infrastructure advances, population growth/change and supportive government policies all provide opportunities for JARA, but present challenges for the unprepared. We take the view that opportunities vary by country and there are also opportunities in more targeted markets such as 'last-mile' logistics.
Retail and Office are also highly impacted sectors. We expect the headwinds for Retail to continue, albeit the pace of the shift to e-commerce may soften this in the short-term. The outlook for the Office market is less clear. Collaboration is essential to productivity, especially in industries for which innovation is a competitive necessity and perhaps surprisingly even in those industries traditionally thought of as most susceptible to remote work, such as technology, which have been relatively strong proponents of returning to the office1. Therefore, whilst we believe that the Office market will evolve as a result of the pandemic, wholesale reduction in all office use is not our base case. We also emphasise a differentiation between different types of Office assets. For example, there are regional differences in the pace of the move to return to work, with some countries, regions and sectors reverting more quickly than others. Similarly, in some specialist Office categories such as life sciences, space is in high demand and cannot easily be replaced by remote working due to regulatory and safety limitations.
Looking ahead, the case for global real estate remains consistent and simple. The addressable market is far larger and much more diverse than in the UK or European markets alone, allowing investors to benefit from different underlying return drivers. At the same time, the rapid growth of certain markets in Asia, such as China, is transforming the global core market and providing a multitude of attractive investment opportunities. We initiated a Chinese-based logistics allocation in 2020 and expect to see opportunities to expand such investments over time.
Infrastructure
As shown below, private core infrastructure returns held up well in 2020, supported by robust income, reflecting the essential and long-term contracted/regulated nature of many core infrastructure assets. Nevertheless the asset class was not immune to the pandemic's headwinds. The pre-COVID-19 environment had in part been characterised by an expansion of the definition of core infrastructure to include assets where the robustness of income streams had not been tested. When pandemic lockdowns hit, many (though not all) of these higher risk infrastructure assets, such as demand based toll roads (to which JARA has no exposure) struggled, highlighting the varied risk profiles of the asset types.
The challenges posed by the pandemic also underlined the importance of owning a controlling stake in assets. A majority owner can more often than not make needed changes - and move with the requisite speed to tackle issues that arise in a crisis. In the 'batten down the hatches' environment of Q2 2020, investors with control positions were able quickly to coordinate their actions with their companies' management teams to address the environment they were facing. Similarly, the COVID-19 crisis also emphasised the importance of proactive stakeholder engagement. For example, in the early weeks of the pandemic shutdowns, regulated utilities agreed not to disconnect any customers for non-payment and provided employees with Personal Protective Equipment ('PPE') along with new operating procedures to keep them safe. These actions were not only the right thing to do, they were also exactly what regulators were looking for and foster a positive long term relationship.
COVID-19 has also accelerated the energy transition. Several governments (and prospective governments), particularly across the EU, have pledged commitments to a 'green recovery,' promising environmentally friendly stimulus measures to mitigate the effects of the coronavirus recession and future concerns over global warming. We expect this to lead to an acceleration in the construction of solar and wind energy generation capacity and increased adoption of renewable sources by electric utilities. This transition will provide continued investment opportunities. We also expect that there will be necessary complementary investments to upgrade existing transmission grids and build storage capacity to complement growth in intermittent renewable sources.
Transportation
The maritime transportation industry has experienced a decade-long correction to what was, at the peak of the Global Financial Crisis ('GFC'), a severe supply order book overhang of 55% of the then on-the-water fleet. The current order book levels are at an attractive 7.6% of the global fleet, with this amount set for delivery over the next four years (see below). This level is not expected to be sufficient to support industry scrappage plans and growth requirements. This, coupled with strong post COVID-19 demand - e.g. cargo volume growth of 4.7% is expected in 2021, following a -3.8% decline in 2020 - provides strong fundamentals for transport owners.
This situation, combined with an increasing focus on new carbon reduction initiatives and the technologies needed to support these, is leading to a market populated by fewer, consolidated, more financially robust participants. It also paves the way for opportunities in new ESG-aligned transportation assets. Examples include technologies which allow for a wider variety of 'fuels' to be used, including LNG, battery powered propulsion and perhaps hydrogen. The companies driving this transformation are reliant on investors like JARA who are seen as long term, financially stable partners who can provide the capital to finance assets which are critical to their supply chain.
Conclusion
The Company has met its income and investment objectives despite disruptions caused by the COVID-19 pandemic, with we believe, no material impact to the portfolio. An important aspect of the JARA's focus is its diversification, which aims to ensure no over-exposure to any one sector, asset or counterparty. The Company has gone a long way towards achieving this, having fully invested both its IPO proceeds and the majority of capital raised post IPO, and the portfolio is now well positioned to deliver on its objective of providing shareholders with stable income and capital appreciation from exposure to its portfolio of core real assets.
Investment Manager
J.P. Morgan Asset Management's Alternative Solutions Group
7th July 2021
PRINCIPAL AND EMERGING RISKS
The Directors confirm that they have carried out a robust assessment of the principal risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity. With the assistance of JPMF, the Audit Committee and Market Risk Committee, chaired by Helen Green and Simon Holden, respectively, have drawn up a risk matrix, which identifies the key risks to the Company. These are reviewed and noted by the Board. The principal and emerging risks identified and the broad categories in which they fall, and the ways in which they are managed or mitigated are summarised below. The AIC Code of Corporate Governance requires the Audit Committee to put in place procedures to identify emerging risks and also provide an explanation of how these are managed or mitigated.
Hot Features
Premium
Principal Risk Description Mitigating Activities
Investment Management
and Performance
------------------------- ---------------------------------------- -------------------------------------
Underperformance Poor implementation of the The Board manages these risks
investment strategy, for by diversification of investments
example as to thematic exposure, and through its investment
sector allocation, undue restrictions and guidelines,
concentration of holdings, which are monitored and reported
factor risk exposure or the on by the Manager. The Manager
degree of total portfolio provides the Directors with
risk, may lead to the Company timely and accurate management
not achieving its investment information, including performance
objective of providing a data, revenue estimates,
stable income and capital liquidity reports and shareholder
appreciation, and/or underperformance analyses.
against the Company's peer
companies.
------------------------- ---------------------------------------- -------------------------------------
Income Generation There is a risk that the The Board reviews quarterly
Risk Company fails to generate detailed estimates of revenue
sufficient income from its income and expenditure prepared
investment portfolio to meet by the Manager and, if required,
the Company's target annual challenges the Manager as
dividend yield of 4 to 6%, to the underlying assumptions
based on the initial issue made in earnings from the
Foreign Exchange price of 100.0p per share. underlying strategies and
Risk to Income the Company's expenditure.
There is a risk that material Under Guernsey company law,
sterling strength or volatility the Company is permitted
will result in a diminution to pay dividends despite
of the value of income received losses provided solvency
when converted into sterling. tests are performed and passed
ahead of dividend declaration.
------------------------- ---------------------------------------- -------------------------------------
Investment Delay Investment into underlying The Manager monitors and
strategies could be delayed reports to the Board on 'queue'
resulting in loss of expected length and the underlying
income and capital growth pattern of deployment in
opportunity. the underlying strategies.
Any slowing of deployment
patterns is reported to Board
and the income impact is
modelled.
------------------------- ---------------------------------------- -------------------------------------
Discount Control Investment company shares The Board monitors the level
Risk often trade at discounts of both the absolute and
to their underlying NAVs, sector relative premium/discount
although they can also trade at which the shares trade.
at a premium. Discounts and The Board reviews both sales
premiums can fluctuate considerably and marketing activity and
leading to volatile returns sector relative performance,
for shareholders. which it believes are the
primary drivers of the relative
premium/discount level. In
addition, the Company has
authority, when it deems
appropriate, to buy back
its existing shares to enhance
the NAV per share for remaining
shareholders and to reduce
the absolute level of discount
and discount volatility.
------------------------- ---------------------------------------- -------------------------------------
Operational Risks
------------------------- ---------------------------------------- -------------------------------------
Counterparty Risk The nature of the contractual The Board is able to seek
frameworks that underpin information from the Manager
many of the real assets within in relation to counterparty
the underlying strategies concentration and correlation
necessitate close partnerships of providers. As counterparty
with a range of counterparties. quality is key to maintaining
In addition to the financial predictable income streams,
risks arising from exposure the Manager seeks regular
to customers, client and contact with key counterparties
lenders, there are a large throughout the supply chain
number of operational counterparties and with revenue-providing
including construction and counterparties, while also
maintenance subcontractors. actively monitoring the financial
Such counterparties to which strength and stability of
the Company is ultimately all these entities.
exposed will increase as
the Company's assets continue
to be deployed. Counterparty
risk would primarily manifest
itself as either counterparty
failure or underperformance
of contractors.
------------------------- ---------------------------------------- -------------------------------------
Valuation of Investments The Company's portfolio is The judgements on valuations
mainly comprised of direct for the underlying private
investments in unquoted, funds are based upon the
hard-to-value assets and, audited financial statements
in particular, investments and quarterly valuations
in private funds on the JPMAM from the underlying unquoted
platform holding unquoted investments. These are adjusted
assets. There is a risk of based on material changes
variation between the Company's in benchmarks and other industry
estimated valuations and data, FX movements and net
the realisable values of income generation, to obtain
investments. Accordingly, an estimated valuation at
the quarterly NAV figures the period end for the Company's
issued by the Company should reporting requirements.
be regarded as indicative From the Company's year ended
only and investors should 28th February 2021 going
be aware that the realisable forward, the Company has
NAV per share may be materially engaged BDO LLP to assist
different from those figures. with the valuations for the
The Board is reliant upon Company's holdings in its
the valuations of the underlying private collective investment
investments through the publication schemes. The valuations produced
of their audited annual results. by the Manager and using
However, given that the underlying input from BDO LLP are ultimately
strategies do not have contemporaneous approved by the Board.
reporting periods with that
of the Company, there will
be timing issues and judgements
on pricing have to be undertaken
by the Manager in the production
of the Company's Annual Report
and ultimately by the Board.
------------------------- ---------------------------------------- -------------------------------------
Outsourcing Disruption to, or failure Details of how the Board
of, the Manager's accounting, monitors the services provided
dealing or payments systems by JPM and its associates
or the Depositary or Custodian's and the key elements designed
records may prevent accurate to provide effective risk
reporting and monitoring management and internal control
of the Company's financial are included within the Risk
position or a misappropriation Management and Internal Controls
of assets. section of the Corporate
Governance Statement on pages
39 to 42 of the 2021 Annual
Report.
The Manager has a comprehensive
business continuity plan
which facilitates continued
operation of the business
in the event of a service
disruption (including and
disruption resulting from
the COVID-19 pathogen). Since
the introduction of the COVID-19
restrictions, Directors have
received assurances that
the Manager and its key third
party service providers have
all been able to maintain
service levels.
------------------------- ---------------------------------------- -------------------------------------
Regulatory Risks
------------------------- ---------------------------------------- -------------------------------------
Cyber Crime The threat of cyber attack, The Company benefits directly
in all guises, is regarded and/or indirectly from all
as at least as important elements of JPMorgan's Cyber
as more traditional physical Security programme. The information
threats to business continuity technology controls around
and security. physical security of JPMorgan's
In addition to threatening data centres, security of
the Company's operations, its networks and security
such an attack is likely of its trading applications,
to raise reputational issues are tested by independent
which may damage the Company's auditors and reported every
share price and reduce demand six months against the AAF
for its shares. Standard.
------------------------- ---------------------------------------- -------------------------------------
Regulatory Change Various legal and regulatory The Manager and its advisers
changes may adversely impact continually monitor any potential
the Company and its underlying or actual changes to regulations
investments. This could take to ensure its assets and
the form of legislation impacting service providers remain
the supply chain or contractual compliant. Most social and
costs or obligations to which transportation infrastructure
the underlying strategies concessions provide a degree
are exposed. Certain investments of protection, through their
in the underlying strategies contractual structures, in
are subject to regulatory relation to changes in legislation
oversight. Regular price which affect either the asset
control reviews by regulators or the way the services are
determine levels of investment provided. Regulators seek
and service that the portfolio to balance protecting customer
company must deliver and interests with making sure
revenue that may be generated. that investments have enough
Particularly severe reviews money to finance their functions.
may result in poor financial
performance of the affected
investment.
The Company invests in real
assets via a series of private
funds. The operation of these
entities including their
ability to be bought, held
or sold by investors across
a number of jurisdictions
and the taxation suffered
within the funds and by investors
into the funds depend on
a complex mix of regulatory
and tax laws and regulations
across a wide range of countries.
These may be subject to change
that may threaten the Company's
access to and returns earned
from the private funds.
------------------------- ---------------------------------------- -------------------------------------
Environmental Risks
------------------------- ---------------------------------------- -------------------------------------
Climate Change Climate change is one of In the Company's and Manager's
the most critical emerging view, investments that successfully
issues confronting asset manage climate change risks
managers and their investors. will perform better in the
Climate change may have a long-term. Consideration
disruptive effect on the of climate change risks and
business models and profitability opportunities is an integral
of individual investments, part of the investment process.
and indeed, whole sectors. The Manager aims to influence
The Board is also considering the management of climate
the threat posed by the direct related risks through engagement
impact of climate change and voting with respect to
on the operations of the the equity portion of the
Manager and other major service portfolio, and is a participant
providers. of Climate Action 100+ and
Although mitigated to some a signatory of the United
extent by contracted lease Nations Principles for Responsible
commitments, the Company Investment.
may be exposed to substantial Generally, the Manager (or,
risk of loss from environmental in the case of an investment
claims arising in respect made by a JPMAM product,
of its underlying real assets the relevant manager) performs
that have environmental problems, market practice environmental
and the loss may exceed the due diligence of all of the
value of such underlying investments to identify potential
assets. Furthermore, changes sources of pollution, contamination
in environmental laws and or other environmental hazard
regulations or in the environmental for which such investment
condition of investments may be responsible and to
may create liabilities that assess the status of environmental
did not exist at the time regulatory compliance.
of acquisition of an underlying
asset and that could not
have been foreseen. It is
also possible that certain
underlying assets to which
the Company will be exposed
could be subject to risks
associated with natural disasters
(including fire, storms,
hurricanes, cyclones, typhoons,
hail storms, blizzards and
floods) or non climate related
manmade disasters (including
terrorist activities, acts
of war or incidents caused
by human error).
------------------------- ---------------------------------------- -------------------------------------
Pandemic Risks
------------------------- ---------------------------------------- -------------------------------------
Pandemics The emergence of COVID-19 The Board receives reports
has highlighted the speed on the business continuity
and extent of economic damage plans of the Manager and
that can arise from a pandemic. other key service providers.
While current hopes that The effectiveness of these
vaccination programmes will measures have been assessed
control the virus appear throughout the course of
well-placed, there is the the COVID-19 pandemic and
risk that emergent strains the Board will continue to
may not respond to current monitor developments as they
vaccines and may be more occur and seek to learn lessons
lethal and that they may which may be of use in the
spread as global travel opens event of future pandemics.
up again.
------------------------- ---------------------------------------- -------------------------------------
Economic Responses The response to the Pandemic The Board seeks to manage
to the COVID-19 by the UK and other governments these risks through: a broadly
Pandemic may potentially fail to mitigate diversified portfolio, appropriate
the economic damage created asset allocation, reviewing
by the Pandemic and public key economic and political
health responses to it, or events and regulatory changes,
may create new risks in their active management of risk
own right. and the application of relevant
-- Failure of Mitigation policies on gearing and liquidity.
The emergence of a number
of vaccines gives hope that
the world will be able eventually
to live with the COVID-19
pandemic, but meeting the
costs of recent support measures
may see an increase in taxation
which could be detrimental
to investments, the appeal
of savings and investment
products (such as the Company)
and to shareholders themselves.
-- Inflation/Deflation/Depression
Risks
Government support measures
could also result in either
significant levels of inflation
in the medium term with a
knock on effect on valuations
and/or growth; or if they
are not sufficient they could
lead to continued depressed
levels of demand and deflation.
------------------------- ---------------------------------------- -------------------------------------
Global Risks
------------------------- ---------------------------------------- -------------------------------------
Technological and The returns generated from The Board manages these risks
Behavioural Change the underlying investment through maintaining a diversified
strategies in which the Company portfolio of investments,
is invested may be materially ensuring the underlying investment
affected by new or emerging team consider these threats
changes in technology which in portfolio construction
change the behaviour of individuals and investment plans and
or corporations, or may require are aware of the investment
substantial investment in opportunities as well as
new or replacement technologies. the threats presented by
Such changes may include these shifts in the sectors
the decline in demand for in which they invest.
office space as remote working
technologies become widespread,
material changes in transport
technologies and new technologies
for the generation and transmission
of energy.
------------------------- ---------------------------------------- -------------------------------------
Geopolitical Risk The Company's investments This risk is managed to some
are exposed to various geopolitical extent by diversification
and macro-economic risks of investments and by regular
incidental to investing. communication with the Manager
Political, economic, military on matters of investment
and other events around the strategy and portfolio construction
world (including trade disputes) which will directly or indirectly
may impact the economic conditions include an assessment of
in which the Company operates, these risks. The Board can,
by, for example, causing with shareholder approval,
exchange rate fluctuations, look to amend the investment
interest rate changes, heightened policy and objectives of
or lessened competition, the Company to gain exposure
tax advantages or disadvantages, to or mitigate the risks
inflation, reduced economic arising from geopolitical
growth or recession, and instability although this
so on. Such events are not is limited if it is truly
in the control of the Company global.
and may impact the Company's
performance.
------------------------- ---------------------------------------- -------------------------------------
TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES
Details of the management contract are set out in the Directors' Report on page 37 of the 2021 Annual Report. The management fee payable to the Manager for the year was GBP703,000 (period ended 29th February 2020: GBP113,000) of which GBP203,000 (period ended 29th February 2020: GBP107,000) was outstanding at the year end.
The Company holds cash in JPMorgan Sterling Liquidity Fund, which is managed by JPMF. At the year end, this was valued at GBP0.3 million (period ended 29th February 2020: GBP3.4 million). Interest amounting to GBP6,000 (period ended 29th February 2020: GBP10,000) was receivable during the year of which GBPnil (period ended 29th February 2020: GBP2,000) was outstanding at the year end.
The Company holds cash in JPMorgan US Dollar Liquidity Fund, which is managed by JPMF. At the year end, this was valued at GBP18.6 million (period ended 29th February 2020: GBP122.7 million). Interest amounting to GBP559,000 (period ended 29th February 2020: GBP850,000) was receivable during the year of which GBP4,000 (period ended 29th February 2020: GBP172,000 was outstanding at the year end.
Included in administrative expenses in note 7 on page 66 of the 2021 Annual Report are safe custody fees amounting to GBP94,000 (period ended 29th February 2020: GBP17,000) payable to JPMorgan Chase N.A. of which GBP1,000 (period ended 29th February 2020: GBP17,000) was outstanding at the year end.
Handling charges on dealing transactions amounting to GBP21,000 (period ended 29th February 2020: GBP19,000) were payable to JPMorgan Chase N.A. during the year of which GBP2,000 (period ended 29th February 2020: GBP12,000) was outstanding at the year end.
At the year end, a bank balance of GBP976,000 (period ended 29th February 2020: GBP570,000) was held with JPMorgan Chase N.A. A net amount of interest of GBPnil (period ended 29th February 2020: GBP34,000) was receivable by the Company during the year from JPMorgan Chase N.A. of which GBPnil (period ended 29th February 2020: GBPnil) was outstanding at the year end.
Full details of Directors' remuneration and shareholdings can be found on pages 45 and 46 and in note 7 on page 66 of the 2021 Annual Report. Directors received a dividend from their shares over the reporting period commensurate with their shareholdings.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the Annual Report & Financial Statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare the Financial Statements for each financial year. Under that Law, the Directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards to meet the requirements of applicable law and regulations. Under company Law the Directors must not approve the Financial Statements unless they are satisfied that, taken as a whole, the Annual Report & Financial Statements are fair, balanced and understandable, provide the information necessary for shareholders to assess the Company's position, performance, business model and strategy and that they give a true and fair view of the state of affairs of the Company and of the total return or loss of the Company for that period. In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently; -- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable International Financial Reporting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business
and the Directors confirm that they have done so.
The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies (Guernsey) Law, 2008. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The accounts are published on the www.jpmrealassets.co.uk website, which is maintained by the Company's Manager. The maintenance and integrity of the website maintained by the Manager is, so far as it relates to the Company, the responsibility of the Manager. The work carried out by the Auditor does not involve consideration of the maintenance and integrity of this website and, accordingly, the Auditor accepts no responsibility for any changes that have occurred to the accounts since they were initially presented on the website. The accounts are prepared in accordance with International Financial Reporting Standards.
Under applicable law and regulations the Directors are also responsible for preparing a Directors' Report, Strategic Report, Corporate Governance Statement and Directors' Remuneration Report that comply with that law and those regulations.
Each of the Directors, whose names and functions are listed on page 36 of the 2021 Annual Report confirms that, to the best of their knowledge:
-- the financial statements, which have been prepared in accordance with International Financial Reporting Standards and applicable law, give a true and fair view of the assets, liabilities, financial position and return or loss of the Company; and
-- the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal and emerging risks and uncertainties that it faces.
The Board also confirms that it is satisfied that the Strategic Report and Directors' Report include a fair review of the development and performance of the business, and the position of the Company, together with a description of the principal and emerging risks and uncertainties that the Company faces.
For and on behalf of the Board
John Scott
Chairman
7th July 2021
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 28TH FEBRUARY 2021
Year ended Period ended
28th February 29th February
2021 2020
GBP'000 GBP'000
-------------------------------------------------- -------------- --------------
Losses on investments held at fair value through
profit or loss (9,297) (2,341)
Net foreign currency losses (5,290) (3,209)
Investment income 3,049 608
Interest receivable and similar income 565 894
-------------------------------------------------- -------------- --------------
Total loss (10,973) (4,048)
Management fee (703) (113)
Other administrative expenses (642) (497)
-------------------------------------------------- -------------- --------------
Loss before finance costs and taxation (12,318) (4,658)
Finance costs - (1)
-------------------------------------------------- -------------- --------------
Loss before taxation (12,318) (4,659)
Taxation (412) (69)
-------------------------------------------------- -------------- --------------
Net loss for the year/period (12,730) (4,728)
-------------------------------------------------- -------------- --------------
Loss per share (6.16)p (2.79)p
The Company does not have any income or expense that is not included in the net loss for the year/period.
Accordingly the 'Net loss for the year/period, is also the 'Total comprehensive loss' for the year/period, as defined in IAS1 (revised).
All Items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year/period.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 28TH FEBRUARY 2021
Share Retained
premium earnings Total
GBP'000 GBP'000 GBP'000
-------------------------------------------- --------- ---------- ---------
Period ended 29th February 2020
At 22nd February 2019 - - -
Issue of ordinary shares at launch on 24th
September 2019 148,899 - 148,899
Issue of ordinary shares 53,388 - 53,388
Share issue costs (1,713) - (1,713)
Loss for the period - (4,728) (4,728)
Dividends paid in the period (note 4) - (1,431) (1,431)
-------------------------------------------- --------- ---------- ---------
At 29th February 2020 200,574 (6,159) 194,415
-------------------------------------------- --------- ---------- ---------
Year ended 28th February 2021
At 29th February 2020 200,574 (6,159) 194,415
Issue of ordinary shares 8,679 - 8,679
Share issue costs (117) - (117)
Net loss - (12,730) (12,730)
Dividends paid in the year (note 4) - (6,730) (6,730)
-------------------------------------------- --------- ---------- ---------
At 28th February 2021 209,136 (25,619) 183,517
-------------------------------------------- --------- ---------- ---------
STATEMENT OF FINANCIAL POSITION
AS AT 28TH FEBRUARY 2021
2021 2020
GBP'000 GBP'000
-------------------------------------------------- --------- ---------
Assets
Non current assets
Investments held at fair value through profit or
loss 163,450 67,857
-------------------------------------------------- --------- ---------
Current assets
Other receivables 814 550
Cash and cash equivalents 19,867 126,713
-------------------------------------------------- --------- ---------
20,681 127,263
Liabilities
Current liabilities
Other payables (614) (705)
-------------------------------------------------- --------- ---------
Net current assets 20,067 126,558
-------------------------------------------------- --------- ---------
Total assets less current liabilities 183,517 194,415
-------------------------------------------------- --------- ---------
Net assets 183,517 194,415
-------------------------------------------------- --------- ---------
Amounts attributable to shareholders
Share premium 209,136 200,574
Retained earnings (25,619) (6,159)
-------------------------------------------------- --------- ---------
Total shareholders' funds 183,517 194,415
-------------------------------------------------- --------- ---------
Net asset value per share 87.9p 96.8p
Incorporated in Guernsey with the company registration number: 66082.
STATEMENT OF CASH FLOWS
FOR THE YEARED 28TH FEBRUARY 2021
Year ended Period ended
28th February 29th February
2021 2020
GBP'000 GBP'000
------------------------------------------------------- -------------- --------------
Operating activities
Loss before taxation (12,318) (4,659)
Deduct dividend income (2,972) (577)
Deduct investment income - interest (77) (31)
Deduct deposit and liquidity fund interest income (565) (894)
Add interest expense - 1
Add losses on investments held at fair value through
profit or loss 9,297 2,341
Increase in prepayments and accrued income (16) (19)
(Decrease)/increase in other payables (93) 485
Add exchange losses on cash and cash equivalents 3,981 3,556
Taxation (414) (69)
------------------------------------------------------- -------------- --------------
Net cash inflow from operating activities before
interest and taxation (3,177) 134
------------------------------------------------------- -------------- --------------
Interest paid - (1)
Dividends received 2,318 526
Investment income - interest 124 15
Deposit and liquidity fund interest received 737 722
Purchases of investments held at fair value through
profit or loss (128,334) (75,415)
Sales of investments held at fair value through
profit or loss 23,635 5,145
------------------------------------------------------- -------------- --------------
Net cash outflow from operating activities (104,697) (68,805)
------------------------------------------------------- -------------- --------------
Financing activities
Issue of ordinary shares at launch on 25th September
2019 - 148,899
Issue of ordinary shares 8,679 53,388
Share issue costs (117) (1,713)
Dividends paid (6,730) (1,431)
------------------------------------------------------- -------------- --------------
Net cash inflow from financing activities 1,832 199,143
------------------------------------------------------- -------------- --------------
(Decrease)/increase in cash and cash equivalents (102,865) 130,269
Cash and cash equivalents at start of year/period(1) 126,713 -
Exchange movements (3,981) (3,556)
------------------------------------------------------- -------------- --------------
Cash and cash equivalents at the end of the period(1) 19,867 126,713
------------------------------------------------------- -------------- --------------
1 Cash and cash equivalents includes liquidity funds.
NOTES TO THE FINANCIAL STATEMENTS
1. General information
The Company is a closed-ended investment company incorporated in accordance with the Companies (Guernsey) Law, 2008. The address of its registered office is at 1st Floor, Les Echelons Court, Les Echelons, South Esplanade, St Peter Port, Guernsey GY1 1AR.
The principal activity of the Company is investing in securities as set out in the Company's Objective and Investment Policies. The Company was incorporated on 22nd February 2019. The Company was admitted to the Main market of the London Stock Exchange and had its first day of trading was on 24th September 2019.
Investment objective
The Company will seek to provide Shareholders with stable income and capital appreciation from exposure to a globally diversified portfolio of core real assets.
Investment policy
The Company will pursue its investment objective through diversified investment in private funds or accounts managed or advised by entities within J.P. Morgan Asset Management (together referred to as 'JPMAM'), the asset management business of JPMorgan Chase & Co. These JPMAM Products will comprise 'Private Funds', being private collective investment vehicles, and 'Managed Accounts', which will typically take the form of a custody account the assets in which are managed by a discretionary manager.
2. Summary of significant accounting policies
Basis of Preparation
(a) Statement of compliance
The Company's financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS'), which comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), the IFRS Interpretations Committee and interpretations approved by the International Accounting Standards Committee ('IASC') that remain in effect and the Companies (Guernsey) Law, 2008.
(b) Basis of accounting
These financial statements have been prepared on a going concern basis in accordance with IAS 1, applying the historical cost convention, except for the measurement of financial assets including derivative financial instruments designated as held at fair value through profit or loss ('FVTPL') that have been measured at fair value.
All of the Company's operations are of a continuing nature.
3. Loss per share
2021 2020
GBP'000 GBP'000
-------------------------------------------- ------------ ------------
Total loss (12,730) (4,728)
Weighted average number of shares in issue
during the period 206,541,068 169,914,631
-------------------------------------------- ------------ ------------
Total loss per share (6.16)p (2.79)p
-------------------------------------------- ------------ ------------
4. Dividends
2021 2020
GBP'000 GBP'000
----------------------------------------------------- -------- --------
Dividends paid
2019/2020 interim dividend of 0.75p per share - 1,431
2020/2021 first interim dividend of 0.75p per share 1,510 -
2020/2021 second interim dividend of 0.75p per 1,566 -
share
2020/2021 third interim dividend of 0.75p per share 1,566 -
2020/2021 fourth interim dividend of 1.00p per 2,088 -
share
----------------------------------------------------- -------- --------
Total dividends paid in the period 6,730 1,431
----------------------------------------------------- -------- --------
Dividend declared
2021/2022 first interim dividend declared of 1.00p
(2020: 0.75p) 2,088 1,506
----------------------------------------------------- -------- --------
The first interim dividend proposed in respect of the period ended 29th February 2020 amounted to GBP1,506,000. However the amount paid amounted to GBP1,510,000 due to shares issued after the balance sheet date but prior to the share register record date.
5. Net asset value per share
2021 2020
------------------------------ ------------ ------------
Shareholders funds (GBP'000) 183,517 194,415
Number of shares in issue 208,807,952 200,802,887
------------------------------ ------------ ------------
Net asset value per share 87.9p 96.8p
------------------------------ ------------ ------------
6. Status of announcement
2020 Financial Information
The figures and financial information for 2020 are extracted from the Annual Report and Financial Statements for the period ended 29th February 2020 and do not constitute the statutory accounts for the year. The Annual Report & Financial Statements includes the Report of the Independent Auditors which is unqualified.
2021 Financial Information
The figures and financial information for 2021 are extracted from the published Annual Report and Financial
Statements for the year ended 28th February 2021 and do not constitute the statutory accounts for that year. The Annual Report and Financial Statements include the Report of the Independent Auditors which is unqualified.
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
7th July 2021
For further information:
Alison Vincent,
JPMorgan Funds Limited
020 7742 4000
ENDS
A copy of the annual report will shortly be submitted to the FCA's National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The annual report will shortly be available on the Company's website at www.jpmrealassets.co.uk where up-to-date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.
JPMORGAN FUNDS LIMITED
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