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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 | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| -0.40 | -0.55% | 71.80 | 406,322 | 08:00:29 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 71.80 | 75.80 | 71.80 | 71.80 | 71.80 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -9.17M | -11.88M | -0.0577 | -12.44 | 148.71M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:35:08 | UT | 33,247 | 71.80 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 07/10/2024 | 07:00 | UK RNS | JPMorgan Global Core Real Assets Ld MONTHLY PORTFOLIO UPDATE |
| 01/10/2024 | 12:01 | UK RNS | JPMorgan Global Core Real Assets Ld Total Voting Rights |
| 26/9/2024 | 13:05 | UK RNS | JPMorgan Global Core Real Assets Ld Closed Period Notification |
| 26/9/2024 | 07:00 | UK RNS | JPMorgan Global Core Real Assets Ld QUARTERLY NET ASSET VALUE AND PORTFOLIO.. |
| 03/9/2024 | 15:34 | UK RNS | JPMorgan Global Core Real Assets Ld Result of AGM |
| 02/9/2024 | 17:06 | UK RNS | JPMorgan Global Core Real Assets Ld Transaction in Own Shares |
| 02/9/2024 | 09:41 | UK RNS | JPMorgan Global Core Real Assets Ld Total Voting Rights |
| 30/8/2024 | 16:42 | UK RNS | JPMorgan Global Core Real Assets Ld Transaction in Own Shares |
| 27/8/2024 | 16:55 | UK RNS | JPMorgan Global Core Real Assets Ld Transaction in Own Shares |
| 23/8/2024 | 16:51 | UK RNS | JPMorgan Global Core Real Assets Ld Transaction in Own Shares |
Jpmorgan Global Core Rea... (JARA) Share Charts1 Year Jpmorgan Global Core Rea... Chart |
|
1 Month Jpmorgan Global Core Rea... Chart |
Intraday Jpmorgan Global Core Rea... Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 07/10/2024 | 17:12 | :: JPMorgan Global Core Real Assets Limited :: | 263 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 15:35:08 | 71.80 | 33,247 | 23,871.35 | UT |
| 14:46:09 | 72.33 | 4,900 | 3,544.07 | O |
| 14:30:34 | 72.33 | 2,062 | 1,491.36 | O |
| 14:27:05 | 72.32 | 1,390 | 1,005.28 | O |
| 13:52:20 | 72.32 | 26,000 | 18,803.72 | O |
| Top Posts |
|---|
Posted at 11/9/2024 10:43 by mwj1959 Just had a very good and open conversation with John, who is a very experienced IT operator. Main point he stressed was that the process to consult shareholders re JARA's future will proceed as quickly as possible with the expectation that a full liquidation will almost certainly be the final result. This may take up to a year as there is likely to be a queueing system for redemptions in some of the unlisted vehicles i.e. JARA won't be the only trying to exit these quarterly redeeming vehicles.So there will be a need for patience here, but from a 76p share price an exit at a fairly conservative 85p (8% below current NAV) would give a 12% capital return and at 90p a 18% return. There would, of course, be dividend payments on top of that. Exactly how much that would add is clearly dependent on the speed of the liquidation and what assets were liquidated when. Let's say optimistically another 4p, so slightly less than the annual dividend. Worth holding onto in my opinion and even perhaps adding to, particularly if the share price were to weaken here. The main risk is that the NAV sees material weakness during the liquidation phase, but even then at 76p it would have to fall a long way (17%) before you started to lose money. And if that was the case I would suggest that you would be losing a lot more money elsewhere in your investment portfolio! |
Posted at 06/9/2024 12:07 by mwj1959 AM - not sure the size of the PI shareholding relative to II. I suspect the majority of the votes came from IIs for whom issues such as liquidity are far more important. As you say it wasn't straightforward to vote as a PI, but I suspect the majority, particularly those nursing losses, will have voted against continuation.I emailed the Company Secretary last might with my thoughts, so will be interested to see what response she elicits. She passed my previous email to the Chairman, so I'm optimistic that there will be a response this time too. On another front you will have seen that DGI9 had a big NAV writedown today, but even with that the NAV remains 100% above the current, weaker, share price. |
Posted at 04/9/2024 14:47 by affemoose I'm casting my eyes around at other Infrastructure Trusts, as I do like the sector. My findings are below. This is the start of my research (I think i've got time to find my cash a new home!) - so any suggestions about similar but better - please do drop a note and let me know.JARA - Discount 20.51%, Yield 5.65%, MCap £0.15Bn HICL - Discount 20.29%, Yield 6.47%, MCap £2.58Bn INPP - Discount 18.41%, Yield 6.39%, MCap £2.5Bn BBGI - Discount 9.61%, Yield 5.82%, MCap £1Bn So looking at just these 4 - JARA has lowest yield and highest discount (just) But put them all into a chart next to each other and it is incredibly noticeable how volatile JARA is in comparison to the others. This speaks volumes - too small, low liquidity, large spread, large share price movements relative to NAV. Pls do let me know if there are other IT's that are aligned to this type of asset ? |
Posted at 04/9/2024 09:04 by affemoose Disappointed that the message still hasn’t been received that ‘continuation&This is, to me weasel wording not taking the spirit of the vote and has only succeeded in making me more determined to see this show wound up in its entirety. I agree with mw’s post that all things being equal the current share price is an attractive entry point and should see an attractive CG + Divi return at current price. Obv… things could all to go bits in the asset pricing but that is hard to predict. Now they just need to stop fannying about and get on with wrapping it all up and selling assets. |
Posted at 25/7/2024 15:45 by mwj1959 The reduction in RE exposure looks to me to be reactive (on back of conversations with major shareholders etc.) rather than proactive. They're trying to "save" the trust, so reducing exposure to RE, where sentiment and performance has been poor, was a fairly obvious move, albeit this has been the case for a while, so one has to question their decision making here. I agree that a reduction in RE exposure will likely reduce NAV volatility at the margin as they'll still have plenty of exposure. They are invested via private vehicles, where I believe redemptions are quarterly and subject to there being sufficient liquidity to fulfil these redemptions (a major issue for many UK open ended RE vehicles in the past couple of years). However, JARA's exposure to each fund is <5% AUM and they're only reducing not exiting, so receiving the proceeds should be relatively straightforward, unless there is a wall of redemptions from other holders.I've got a modest limit bid here at 70p, which is not far off current offer price. It will be interesting to see what share price does if the continuation vote passes. Personally I think it will push the share price lower, perhaps back to its all time lows. I'd buy more there on the basis that it has little chance of surviving a further continuation vote in 3 years time if it stays there and at least you're being paid 6.5% p.a. at that price to sit and wait. And to be honest if the discount remains significant I would expect to see activists get involved and push for wind-up, which I believe that major shareholders would also likely support. |
Posted at 25/7/2024 14:26 by affemoose Ironically I am also thinking about cycling some funds into JARA if it goes lower. Cash needs a home after all. It's currently yielding at 6%, Buy/sell is at 73/70 as I type. Thats a 4.3% spread which is not great. I'd be looking to have this discounted off the buy price before i consider going in again.The discount to NAV has dropped back through 25% and i see no reason why it cant hit 30% yet again. Thats a share price in the low 60's. The underlying assets are still good, and the cycle out of US real estate will probably help price stability. As an ex II Asset professional - is this assumption correct mw? (I am unclear why the cycle out of real estate is taking so long). Given the TEch sell off happening atm i'm a little surprised that this has not gone up - but this tells me that the concerns re size and liquidity are well founded. Too small to be noticed. |
Posted at 01/7/2024 09:46 by mwj1959 I've looked at PSH in the past, but unfortunately didn't invest despite the very attractive discount. My error! There is clearly room for the discount to narrow further, particularly with this new fund launch. I haven't looked into the new fund, but if it were to raise a significant amount and mirror invest PSH that would at the margin be supportive for the underlying share prices. But investors shouldn't forget that while there remains a discount arbitrage opportunity the main underlying driver for this share price over the LT will be the performance of the underlying stocks. At the end of the day these are equities and can go up a lot and down a lot. The discount is probably not going to help much in the latter scenario. |
Posted at 25/6/2024 10:47 by davebowler Liberum-NAV update and review of NAVs for private assets Analyst: Joachim Klement Mkt Cap £157m | Share price 75.8p | Prem/(disc) -19.3% | Div yield 5.5% Event The company released its annual report for the period to 29 February 2024 and its NAV and portfolio update as of 31 May 2024. As at 31 May 2024, the NAV was 91.96p, down from 93.92p at 29 February 2024. The NAV total return for the quarter was -1.0% and for the trailing 12 months -2.4%. Private infrastructure and transportation were significant contributors during the quarter, adding 1.4% in local currency terms, with private real estate debt flat. The private real estate equity sleeve was the most significant detractor, contributing -1.1% to performance, while liquid strategies contributed +0.4% in local currency. Sterling strengthened against underlying currencies, resulting in a net negative contribution. The current allocation to the portfolio strategies is given below. The company currently has outstanding redemption requests in request of the US Real Estate Equity and Asia Pacific Real Estate Equity strategies. As more redemptions are received, this would reduce the allocation toward the strategic target of 15.0% for each real estate equity fund. The company also confirmed its dividend target of 4.2p per share for the financial year ending 28 February 2025, for a target dividend yield of 5.5%. The company said that the portfolio management team has reviewed historical transactional data in relation to the appraisal (carrying) NAVs for JARA’s indirect investments in private real assets. This review was conducted on 20 transactions since the second quarter of 2022 across US real estate, APAC real estate, and global infrastructure. It showed that exit valuations were largely aligned with the appraisal values at the time of disposal, with an average difference of approximately 2%. The board and the investment manager of JARA believe that this affirms the quality and resilience of JARA’s NAV. This is an indication of the rigour of the valuation process which is undertaken for each of JARA’s strategies and their underlying assets. |
Posted at 25/6/2024 08:45 by mwj1959 So NAV down slightly at 92p, leaving share price at 75p at a 18% discount. Minimum 4.2p dividend for this financial year leaves it at a 5.6% yield, so a fairly modest uplift relative to the 10yrs Gilt and even less of a premium relative to cash. A very underwhelming effort by the Board to address the discount. In fact I would call it delusional. Shifting the AA slightly, continuing the modest buyback (which is only going to increase the liquidity issue for large investors) and increasing the yield isn't going to have much impact in my opinion. Share price reaction tells me as much. |
Posted at 22/3/2024 09:15 by mwj1959 Flat NAV over the quarter, so discount sitting at just under 30% at 66p share price. My buy case with the share price at current levels remains in place (see my previous posts here). I struggle to see this trust still being around in 12 months time, other than in the final vestiges of a wind-down. If that is not the case the share price will likely have moved materially higher. |
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