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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
|
|
|---|---|---|---|---|---|
| -0.20 | -0.25% | 79.40 | 230,369 | 16:35:16 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 78.80 | 80.00 | 78.80 | 78.40 | 78.40 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -9.17M | -11.88M | -0.0577 | -13.66 | 163.83M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:35:16 | UT | 74 | 79.40 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 03/12/2024 | 07:00 | UK RNS | JPMorgan Global Core Real Assets Ld PUBLICATION OF SHAREHOLDER CIRCULAR |
| 27/11/2024 | 12:13 | ALNC |  JPMorgan Global Core Real Assets interim loss narrows amid wind-down |
| 27/11/2024 | 07:00 | UK RNS | JPMorgan Global Core Real Assets Ld Half-year Report |
| 18/11/2024 | 07:00 | UK RNS | JPMorgan Global Core Real Assets Ld MONTHLY PORTFOLIO UPDATE |
| 05/11/2024 | 07:00 | UK RNS | JPMorgan Global Core Real Assets Ld Managed Wind-Down of the Company |
| 22/10/2024 | 15:30 | UK RNS | JPMorgan Global Core Real Assets Ld Holding(s) in Company |
| 16/10/2024 | 06:00 | UK RNS | JPMorgan Global Core Real Assets Ld Dividend Declaration |
| 07/10/2024 | 06:00 | UK RNS | JPMorgan Global Core Real Assets Ld MONTHLY PORTFOLIO UPDATE |
| 01/10/2024 | 11:01 | UK RNS | JPMorgan Global Core Real Assets Ld Total Voting Rights |
| 26/9/2024 | 12:05 | UK RNS | JPMorgan Global Core Real Assets Ld Closed Period Notification |
Jpmorgan Global Core Rea... (JARA) Share Charts1 Year Jpmorgan Global Core Rea... Chart |
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1 Month Jpmorgan Global Core Rea... Chart |
Intraday Jpmorgan Global Core Rea... Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 09/12/2024 | 17:09 | :: JPMorgan Global Core Real Assets Limited :: | 313 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2024-12-12 16:35:16 | 79.40 | 74 | 58.76 | UT |
| 2024-12-12 16:17:35 | 79.50 | 15,879 | 12,623.81 | O |
| 2024-12-12 16:08:48 | 79.50 | 75 | 59.63 | O |
| 2024-12-12 15:56:33 | 79.50 | 900 | 715.50 | O |
| 2024-12-12 14:55:58 | 78.80 | 505 | 397.94 | AT |
| Top Posts |
|---|
Posted at 12/12/2024 08:20 by Jpmorgan Global Core Rea... Daily Update Jpmorgan Global Core Real Assets Limited is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker JARA. The last closing price for Jpmorgan Global Core Rea... was 79.60p.Jpmorgan Global Core Rea... currently has 205,820,138 shares in issue. The market capitalisation of Jpmorgan Global Core Rea... is £162,186,269. Jpmorgan Global Core Rea... has a price to earnings ratio (PE ratio) of -13.66. This morning JARA shares opened at 78.40p |
Posted at 03/12/2024 17:11 by mwj1959 Your 5% yielding share could go down as well as up and I suspect is almost certain to be more volatile than JARA's NAV, but ultimately its all about opportunity cost of remaining in JARA, particularly at the current discount. If it was at 30% it would be a much easier call!There will still be some dividend income coming in, but not being paid out, and it would be interesting to know what the various private UCITs actually yield. So let's say a further 2-3p accrues over the remaining life of the trust. This would add a little bit more upside to the NAV, albeit some of it would be used to cover expenses etc. Flip side of that is that moves in the underlying assets/currency are ultimately going to be more important variables in determining the final return. For now I'm probably going to hang on, but if the share price was to move north of 80p I'd definitely be tempted to unload some. Where to put the money is the next challenge. All my holdings are in SIPPs/ISAs, so there is no issue around holding higher yielding assets, whether they be equities, trusts/funds or FI. Depends how much risk one wants to take. |
Posted at 03/12/2024 15:21 by affemoose I've just done some Excel modelling comparing selling all today vs. waiting 2 yearsIF I sold all JARA today and bought a 5% yield share elsewhere I would end up after 2 years 3.225% down compared to if i'd waited for the JARA asset returns to finalise in Q4 2026. So Jara is offering a 3.225% premium to selling and buying elsewhere. this is assuming JARA NAV's hold at 90pence per share. Obviously NAV of assets can go up and down etc etc - and nothing is guaranteed. BUT... not exactly compelling is it?? IF we had all our cash back by Q4 2025 i'd be looking at a 7.84% premium by holding JARA. Any suggestions? |
Posted at 18/11/2024 12:32 by 2wild NAV as at 31 October 2024 is 91.11 pence per share (30 September 2024 NAV: 88.85 pence per share), an increase of 2.5%. The US dollar appreciated by approximately 4% against Sterling, which positively impacted the NAVperformance. The Company's share price as at 31 October 2024 was 65.60 pence and the discount to NAV was 28.0%. Analysis of the components to this NAV and the relevant dates for their valuation is provided below: Infrastructure 30 June 2024 21.4% Transportation 30 June 2024 21.3% Real Estate Equity - US 30 September 2024 17.5% Real Estate Equity - Asia-Pacific 30 June 2024 15.5% US Real Estate Debt 30 September 2024 7.7% Liquid Strategy 31 October 2024 16.6% The GBP/USD exchange rate was 1.28565 as at 31 October 2024 (30 September 2024: 1.34135). |
Posted at 31/10/2024 09:30 by mwj1959 I'm in a similar position and sitting on a small capital loss at current pricing (average in price around 70p). However, if it were to fall further from here I would definitely add more at the margin as I would be pretty confident that we'll make a decent return here eventually. Two lingering concerns are RE and currency risk to NAV, which may negatively impact the level of return we ultimately receive. I'm particularly nervous around the former, which makes up over 50% of assets. But it's going to have to get pretty awful for losses to be made from the current share price. And if it does get that bad returns from other assets are going to look even worse. |
Posted at 17/10/2024 08:31 by affemoose WIth Consumer Price inflation below 2% and wage inflation back into a more acceptable rate we can be certain of a drop in UK interest rates v soon, and despite the traditional underlying winter bump in process (gas etc) - the trend now seems to be very firmly downwards. barring disasters, major wars (!) etc we are in a better place for lowering interest rates. If Oil stays low it is a major factor in keeping inflation down.Most JARA assets are USD denominated so while this interest rate landscape is not necessarily directly relevant to asset values it should start to influence the USD:GBP exchange rate - and this will help the underlying £ NAV. One also hopes that a stabilisation of lower inflation will also improve asset prices, improve the appeal of Infrastructure shares that pay significant dividends etc vs. GILT and Treasury yields. All in - looking positive for JARA IMHO BUT.... given the wind down vote - will the market care? Will these positive factors manifest themselves in the SP? What will JARA do - so many questions.......... we really need answers. As always - these are just my musings so DYOR and always welcome different insights. |
Posted at 11/9/2024 09:43 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 04/9/2024 13:47 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 25/7/2024 14:45 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 25/6/2024 09:47 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 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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