Share Name Share Symbol Market Type Share ISIN Share Description
Jpmorgan Global Core Real Assets Limited LSE:JARU London Ordinary Share GG00BJVKW831 ORD NPV (USD)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 1.2275 1.155 1.30 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 0

JPMorgan Global Core Real Assets Ld Half-Year Results 2020

19/11/2020 1:00pm

UK Regulatory (RNS & others)

Jpmorgan Global Core Rea... (LSE:JARU)
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RNS Number : 9118F

JPMorgan Global Core Real Assets Ld

19 November 2020




Legal Entity Identifier: 549300D8JHZTH6GI8F97

Information disclosed in accordance with the DTR 4.1.3



Shareholders will not need reminding that the six month period through to 31st August 2020 was dominated by the impact of the COVID-19 pandemic and by the range of political, social and financial responses adopted by governments around the world, with varying degrees of success.

From the Company's perspective the impact of the pandemic has been mixed, with some obvious negative effects, including heightened share price volatility and a slowing of the rate at which our private fund investments have been deployed; countered by some positive effects, including proof of the resilience of our business model and the lower volatility of our net asset value ('NAV') when compared with other investment companies and risk assets.

The Company recorded a total return on net assets of -4.6% over the six months ended 31st August 2020; we do not hedge currency exposures and the weakness of the US dollar relative to sterling accounted for nearly half of this fall. On the other hand, the total return for shareholders was +9.4% over the same period, perhaps counterintuitive considering the fall in the value of our net assets, but a reflection of the very significant premium at which our shares were trading at the end of August. The Investment Manager's Report reviews the Company's performance and gives a detailed commentary on the investment strategy and portfolio construction, and their outlook for the underlying strategies.


The Company's objective is to provide shareholders with stable income and capital appreciation from exposure to a globally diversified portfolio of core real assets, being those 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 in listed real assets.

Although the portfolio has yet to be fully deployed into these private funds, the past six months have demonstrated a reassuring level of stability in the returns we expect to offer shareholders, even in challenging times.

Capital Deployment

As I wrote in my first Chairman's statement, for the period from the Company's inception to 29th February 2020, the turmoil in financial markets arising from the pandemic has delayed the deployment of capital into a number of the private funds into which the Company invests. As at the 31st August 2020 the Company had invested approximately 56% of the net proceeds arising from its Initial Public Offering ('IPO'), or some 40% of the capital raised through to the end of August. This is made up of investment into the two liquid strategies and into the Private US Real Estate strategy.

Since the period end, the Company received additional capital calls of some GBP59.4 million for the Global Core Infrastructure and Global Transport Income strategies, bringing the total amount deployed to GBP142.1 million. This represents some 99.5% of the IPO proceeds, thus meeting the commitment given in the Company's Prospectus to invest the net proceeds of the offer within 12 months following our listing.


Over the review period the Company has continued with a policy of paying a dividend of 0.75p per share each quarter. On 15th October 2020 the Company announced its third interim dividend for the Company's year ending 28th February 2021. This latest 0.75p per share dividend will be paid on 30th November, to shareholders on the register as at 30th October 2020.

These distributions are in line with the Company's target of paying during the Company's first 12 months after the date of initial admission an initial gross dividend yield of 2-3 per cent. based on the initial issue price of 100p per share.

With the recent deployment of assets into the Global Core Infrastructure and Global Transport Income strategies, which are expected to provide a higher yield than the blended portfolio yield as at 31st August 2020, the Board currently expects to meet the undertaking given in the Prospectus of providing an annual dividend yield of 4-6 per cent. following the full investment of the portfolio.

Share Issuance and Capital Raising/C Share issue

In the six month review period the Company took advantage of its premium rating and of investor demand to issue an additional 8 million shares, raising some GBP8.7 million of proceeds. This level of issuance reflects the Board's assessment of the benefits that come from additional share issuance, along with the short term disadvantages, not the least of which is the possible dilution of returns that can arise pending full deployment of its portfolio.

Throughout the period the Board has been in discussions with its Manager and other advisers with a view to accommodating the evident demand for the Company's investment policy and asset mix, whilst not encumbering existing shareholders with the dilution of income and investment returns that come from significant levels of share issuance. As a result, the Company has recently announced details of a C-Share issue, which provides investors with the opportunity to subscribe for new shares whilst insulating existing shareholders from the dilutive effects of committing capital to private funds which may take several months to deploy. Please refer to the Prospectus issued by the Company on 10th November 2020 for full details.


Despite the tumultuous events of 2020 to date, the past few months represent a 'proof of concept' for the Company, in that JARA has met its dividend and portfolio investment objectives against a very challenging background.

While we all hope that the worst of the pandemic may be behind us, this gives us the confidence to believe that the Company will generate attractive returns combined with low volatility for current and future investors from an attractive collection of real asset exposures.

John Scott


19th November 2020


Review of Markets

After an extraordinary 43 consecutive quarters of global economic growth, the onset and spread of COVID-19 resulted in a shuttering of nations and economies around the world. This created severe public market volatility as investors balanced concerns about how shutdowns would impact economic growth and corporate health with the boost provided by vast quantities of fiscal and monetary support implemented by governments. After bottoming in March, markets rebounded and initially the pace and size of the rally struck many as premature given COVID-19 continued to spread globally; nevertheless, market sentiment has generally remained positive since April allowing for a broad-base recovery of asset prices.

It is worth noting that whilst both the sell-off and rebound in public markets have been severe, pricing action in the majority of the core real asset market has been more subtle. This is somewhat driven by the natural delay these markets experience but also their longer-term, high quality nature. However, similar to the public market, broad market performance for real assets does not tell the whole story. For example, in the real asset market truly 'core' real assets - that is, assets supporting sectors which have longer term, contracted revenue and lower demand sensitivity, have remained resilient. In contrast, demand sensitive assets or assets which stray outside the traditional core sectors - such as hospitality within real estate or toll roads within infrastructure have struggled. We believe the lack of volatility of core real assets has demonstrated their worth during highly volatile underlying economic and market conditions.

The unprecedented market conditions have also emphasised the benefits of global diversification as the virus took hold of different economies at different times and with varying severity. Geographic diversification will remain important for both protecting against, and taking advantage of, some of the likely trends resulting from the pandemic. For example, the continued success/adoption of flexible working will likely vary by geography as will how certain governments may use stimulus packages to drive their carbon neutral agendas.

One of the lasting outcomes of the COVID-19 pandemic has been the scale of the world's governments', and central banks', support for their respective economies. This stimulus has pushed bond yields even lower which, in our view, further increases the attractiveness of real assets as both a diversifier and a source of income. Additionally, the Federal Reserve has now shifted its policy towards average inflation targeting, allowing inflation to run above target for a while to compensate for periods of below-target inflation. The key implication is that rates are likely to remain lower for even longer and investors may need to prepare themselves for higher inflation in the future.

Portfolio Review

Portfolio Review and Positioning

Given the disruption in the broader economy highlighted above, the Company remained predominantly invested in cash throughout the reporting period as its initial investments into a number of the target real asset strategies were delayed. At the end of the reporting period approximately 56% of initial IPO proceeds had been invested through positions in our listed real assets strategies and our Private U.S. real estate strategy. Post 31st August 2020, further investments have been made as detailed in the Capital Deployment section below.

Over the six months ended 31st August 2020, the Company recorded a total return on net assets of -4.6%, inclusive of a two 0.75p per share interim dividends. The main driver of this negative return was the US dollar's depreciation against sterling creating a foreign exchange loss for the Company. As a reminder, the Company's portfolio is unhedged and therefore, when allocating overseas, FX risk is present. Whilst in its ramp up phase, JARA's portfolio has predominantly been invested in US dollars, as the Company gets further invested its currency exposure will diversify further with a long term expectation of circa. 60% US dollar exposure. Historically, FX gains / losses have tended to cancel themselves out as they 'revert to mean' over time. Given this historical precedent; the structural risk that hedging illiquid assets can bring and the impact the cost of hedging can have on income, the decision not to hedge FX exposure was taken at IPO alongside discussion with key shareholders.

At the end of August 2020, the listed real assets strategies represented 20.7% of the portfolio, marginally above the long-term strategic asset allocation of 20% for this portion of the portfolio due to the rally in the public markets from the lows in early March. As a reminder, the Company's listed real asset allocation is made up of two distinct strategies; US all-tranche REITs and an allocation more broadly across a variety of listed real assets. Within the all-tranche REIT strategy, the Company was in a relatively risk-off position earlier in the year and this provided protection to some extent. Towards the end of March we started to add risk within the strategy capturing some of the market upside, which presented a net return of +1.0% in US dollar terms. We view the flexibility to invest in different parts of the REIT capital structure as key in providing comparative stability and income during these volatile times. This, as well as the avoidance of sectors where cash flow has been most difficult to determine, has meant the Company has significantly outperformed traditional equity REITs year to date. Within the other listed real assets allocation performance has been negative over the reporting period by -4.7% in local currency as this higher beta strategy was caught in the broader negative equity markets.

The latest NAV for US real estate is at 30th June 2020. Over the preceding quarter, total return was negative, effectively reversing the positive performance from the first quarter of 2020 and leaving this strategy broadly flat over the reporting period. Revenue declines are the primary driver of current valuation adjustments; this contrasts with the sharp increase in required returns that drove depreciation during the global financial crisis ('GFC'). Importantly, revenue collection remains robust across the industrial, residential and office sectors therefore, despite retail weakness, income is at near 90% of pre-COVID levels.

At the start of 2020, we believed the market was at a turning point. Cap rate compression and the premium on risk that drove returns for the second half of the last cycle have ended, and we believed supply and demand fundamentals would serve as the primary drivers of return. Secular trends in how our customers use our properties were afoot before COVID-19, including remote working, retailer consolidation, last-mile fulfilment and ageing millennials relocating to the suburbs. To date, our asset selection, along with our late-cycle focus on leasing and a small development pipeline, are providing a performance tailwind and shielding the Company's assets from the worst effects of the recession. Key sector and currency exposures within JARA's portfolio as at 31st August 2020, together with an estimate of exposure had the Company been fully invested at this time are detailed in the Company's Half Year Report & Financial Statements for the six months ended 31st August 2020 ('Half Year Report')

Capital Deployment

At the end of the reporting period the Company had so far invested approximately 56% of the net proceeds arising from its IPO which, since the Company has subsequently raised further capital, represents 40% of the total funds raised to date. Volatility in financial markets has meant capital has been drawn down at a slower rate than originally intended.

It was pleasing that the Company was able to announce on 24th September 2020 that a further GBP59.4 million of the Company's committed capital had been called. This capital was called by two underlying strategies, investing in infrastructure and transportation assets respectively.

Along with the Global Liquid Real Asset Strategies and the Private US Real Estate strategy that have previously been invested, a total of GBP142.1 million has now been deployed. This equates to 99.5% of initial IPO proceeds and fulfils the aim stated in the Prospectus, where the Manager believed there was capacity to 'allow the Net Initial Proceeds to be called and invested within 12 months following Initial Admission'. These two new capital calls therefore increase the Company's investment level significantly, add diversification across sectors, geographies and asset type, as well as materially bolstering the portfolio revenue. The Company is still awaiting its initial capital call into the Asia-Pacific Real Estate allocation and expects this to occur at some point during the fourth quarter of 2020. This next investment will involve significant deployment of the incremental capital raised since IPO.

Key Portfolio Themes

Within JARA's portfolio there is a number of global trends which are driving portfolio positioning across a number of strategies. Below we have highlighted three of these key trends, we intend to keep investors updated on these trends and how they impact portfolio positioning, as well as others which become apparent on an ongoing basis.

Millennial trends

The millennial generation and their preferences have created a range of 'new normals'. These are currently best reflected within the Company's real estate allocation.

-- 'Generation rent' in the United States and Asia-Pacific, has changed how we think about residential real estate with big opportunities for single-family rental development and with smaller apartments in Japan.

-- The 'e-commerce effect' has for some years made logistics assets the place to invest. Given the strength of e-commerce in the United States and Asia-Pacific, we are optimistic on the sector. We particularly favour locations closer to urban centres that enable 'last mile' distribution and the speed of delivery so many of us have come to expect.

-- Whilst definitely increasing, flexible office space still makes up a relatively small proportion of overall inventory. The majority of the office market remains a place where tenants lease directly from landlords, as opposed to sub-leasing via flexible office space providers. Overall, we think COVID-19 will have a disruptive impact on co-working/flex leasing firms but more of an evolutionary impact on the rest of the office market.

Social considerations increasing in prominence

-- The 'S' within ESG, representing social considerations, has long been one of the more difficult aspects to articulate, measure and demonstrate within a portfolio.

-- The COVID-19 pandemic has put social considerations at the top of our agenda with safety and other community considerations driving how we think, act and plan.

-- As ever, real assets provide tangible instances of how we have put this into practice, ensuring employees, crew and the communities we are part of are fully supported during this period. Examples include:

   -        Providing extra bandwidth to crewmembers for additional connection with families 
   -        Supporting crew with highest sanitation standards and social distancing policies 

- Ensuring the provision of essential service including avoiding disconnections where possible

- Local community engagement - includes examples of proactive steps to help education, finances and wellbeing during the pandemic

- Implementing practices that support safe and healthy spaces within our real estate including, enhanced cleaning protocols, signage, higher levels of security, and amenity closures.

Alternative sources of capital required

-- We believe there is a range of longer and shorter term trends that have led to a number of markets that the Company focuses on requiring an increased need for alternative sources of capital such as ours. This can often create opportunities for attractive risk-adjusted returns.

-- This need for capital is often driven by regulatory changes, such as the wave of regulation we saw coming out of the GFC, or are caused by market disruption as a result of COVID-19.

-- One market where the need for capital remains high is in Transportation. Loan volumes have increased significantly since 2006/2007 as traditional providers of capital such as banks have retreated from the market. Real estate debt is also a market where we see interesting opportunities as senior lenders maintain a prudent stance.

J.P.Morgan Asset Management's Alternative Solutions Group

Investment Managers

19th November 2020


The Company is required to make the following disclosures in its Half Year Report:

Principal and Emerging Risks and Uncertainties

The principal and emerging risks and uncertainties faced by the Company fall into eight broad categories: investment and strategy; valuation of investments; counterparty; operational and cybercrime; geopolitical events and regulatory change; over reliance on the Manager; climate change; and global pandemics. Information on each of these areas is given in the Company's Strategic Report within the Annual Report and Financial Statements for the period ended 29th February 2020.

Related Parties Transactions

During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period.

Going Concern

The Directors believe that having considered the Company's objective, risk management policies, capital management policies and procedures, the nature of the portfolio and expenditure projections, the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for a period of at least 12 months from the date of approval of this Half Year Report. They have not identified any material uncertainties to the Company's ability to continue to do so over a period of at least 12 months from the date of approval of this Half Year Report. This conclusion also takes into account the Board's assessment of the risks arising from the COVID-19 pandemic on the current and future operations of the Company.

Directors' Responsibilities

The Board of Directors confirms that, to the best of its knowledge:

(i) the condensed set of financial statements contained within the Half Year Report has been prepared in accordance with FRS104 'Interim Financial Reporting' and gives a true and fair view of the assets, liabilities, financial position and net return of the Company as required by the UK Listing Authority Disclosure and Transparency Rules ('DTR') 4.2.4R; and

(ii) the half year management report includes a fair review of the information required by DTR 4.2.7R and 4.2.8R.

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 the 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.

For and on behalf of the Board

John Scott


19th November 2020



                                                     (Unaudited)       (Audited) 
                                                      Six months    Period ended 
                                                     31st August   29th February 
                                                            2020            2020 
                                                         GBP'000         GBP'000 
--------------------------------------------------  ------------  -------------- 
 Losses on investments held at fair value through 
  profit or loss                                         (5,842)         (2,341) 
 Net foreign currency losses                             (5,197)         (3,209) 
 Investment income                                         1,268             608 
 Interest receivable and similar income                      495             894 
--------------------------------------------------  ------------  -------------- 
 Total loss                                              (9,276)         (4,048) 
 Management fee                                            (383)           (113) 
 Other administrative expenses                             (300)           (497) 
--------------------------------------------------  ------------  -------------- 
 Loss before finance costs and taxation                  (9,959)         (4,658) 
 Finance costs                                                 -             (1) 
--------------------------------------------------  ------------  -------------- 
 Loss before taxation                                    (9,959)         (4,659) 
 Taxation                                                  (126)            (69) 
--------------------------------------------------  ------------  -------------- 
 Net loss                                               (10,085)         (4,728) 
--------------------------------------------------  ------------  -------------- 
 Loss per share (note 3)                                 (4.94)p         (2.79)p 

The Company does not have any income or expense that is not included in the net loss for the period. Accordingly the 'Net loss' for the period, is also the 'Total comprehensive expense' for the period, as defined in IAS1 (revised).

All Items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.



                                                            Share    Retained 
                                                          premium    earnings      Total 
                                                          GBP'000     GBP'000    GBP'000 
------------------------------------------------------  ---------  ----------  --------- 
 Six months ended 31st August 2020 (Unaudited) 
 At 29th February 2020                                    200,574     (6,159)    194,415 
 Issue of ordinary shares                                   8,679           -      8,679 
 Share issue costs                                          (117)           -      (117) 
 Loss for the period                                            -    (10,085)   (10,085) 
 Dividends paid in the period (note 4)                          -     (3,076)    (3,076) 
------------------------------------------------------  ---------  ----------  --------- 
 At 31st August 2020                                      209,136    (19,320)    189,816 
------------------------------------------------------  ---------  ----------  --------- 
 Period ended 29th February 2020 (Audited) 
 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 
------------------------------------------------------  ---------  ----------  --------- 



                                                  (Unaudited)       (Audited) 
                                                  31st August   29th February 
                                                         2020            2020 
                                                      GBP'000         GBP'000 
-----------------------------------------------  ------------  -------------- 
 Non current assets 
 Investments held at fair value through profit 
  or loss                                              74,297          67,857 
 Current assets 
 Other receivables                                        546             550 
 Cash and cash equivalents                            115,285         126,713 
-----------------------------------------------  ------------  -------------- 
                                                      115,831         127,263 
 Current liabilities 
 Other payables                                         (312)           (705) 
-----------------------------------------------  ------------  -------------- 
 Net current assets                                   115,519         126,558 
-----------------------------------------------  ------------  -------------- 
 Total assets less current liabilities                189,816         194,415 
-----------------------------------------------  ------------  -------------- 
 Net assets                                           189,816         194,415 
 Amounts attributable to shareholders 
 Share premium                                        209,136         200,574 
 Retained earnings                                   (19,320)         (6,159) 
-----------------------------------------------  ------------  -------------- 
 Total shareholders' funds                            189,816         194,415 
-----------------------------------------------  ------------  -------------- 
 Net asset value per share (note 5)                     90.9p           96.8p 



                                                             (Unaudited)       (Audited) 
                                                        Six months ended    Period ended 
                                                             31st August   29th February 
                                                                    2020            2020 
                                                                 GBP'000         GBP'000 
-----------------------------------------------------  -----------------  -------------- 
 Operating activities 
 Loss before taxation                                            (9,959)         (4,659) 
 Deduct dividends received                                       (1,222)           (577) 
 Deduct investment income - interest                                (46)            (31) 
 Deduct deposit and liquidity fund interest 
  received                                                         (495)           (894) 
 Add interest paid                                                     -               1 
 Add losses on investments held at fair value 
  through profit or loss                                           5,775           2,341 
 Increase in prepayments and accrued income                           16            (19) 
 (Decrease)/increase in other payables                             (173)             485 
 Exchange gains on cash and cash equivalents                       5,273           3,556 
-----------------------------------------------------  -----------------  -------------- 
 Net cash (outflow)/inflow from operating activities 
  before interest and taxation                                     (831)             203 
-----------------------------------------------------  -----------------  -------------- 
 Taxation                                                          (129)            (69) 
 Interest paid                                                         -             (1) 
 Dividends received                                                1,195             526 
 Investment income - interest                                         69              15 
 Bank interest received                                              667             722 
 Purchases of investments held at fair value 
  through profit or loss                                        (22,223)        (75,415) 
 Sales of investments held at fair value through 
  profit or loss                                                   9,544           5,145 
-----------------------------------------------------  -----------------  -------------- 
 Net cash outflow from operating activities                     (11,708)        (68,874) 
-----------------------------------------------------  -----------------  -------------- 
 Financing activities 
 Issue of ordinary shares at launch on 24th 
  September 2019                                                       -         148,899 
 Share issue costs                                                 (117)         (1,713) 
 Issue of ordinary shares                                          8,679          53,388 
 Dividends paid                                                  (3,076)         (1,431) 
-----------------------------------------------------  -----------------  -------------- 
 Net cash inflow from financing activities                         5,486         199,143 
-----------------------------------------------------  -----------------  -------------- 
 Increase in cash and cash equivalents                           (6,222)         130,269 
 Cash and cash equivalents at the start of the                   126,713               - 
 Exchange movements                                              (5,273)         (3,556) 
-----------------------------------------------------  -----------------  -------------- 
 Cash and cash equivalents at the end of the 
  period                                                         115,218         126,713 
-----------------------------------------------------  -----------------  -------------- 



   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. It was admitted to the premium listing category of the Official List of the FCA and to trading on the Main Market and had its first day of trading on 24th September 2019.

The information contained within the financial statements in this half year report has not been audited or reviewed by the Company's auditors.

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.       Accounting policies 

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.

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.

The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the period ended 29th February 2020 (period from Incorporation on 22nd February 2019 to 29th February 2020).

   3.       Loss per share 
                                           (Unaudited)       (Audited) 
                                      Six months ended    Period ended 
                                      31st August 2020   29th February 
                                               GBP'000         GBP'000 
-----------------------------------  -----------------  -------------- 
 Total loss                                   (10,085)         (4,728) 
 Weighted average number of shares 
  in issue during the period               204,311,144     169,914,631 
-----------------------------------  -----------------  -------------- 
 Total loss per share                          (4.94)p         (2.79)p 
-----------------------------------  -----------------  -------------- 
   4.       Dividends paid 
                                             (Unaudited)       (Audited) 
                                        Six months ended    Period ended 
                                        31st August 2020   29th February 
                                                 GBP'000         GBP'000 
-------------------------------------  -----------------  -------------- 
 2019/2020 interim dividend of 0.75p 
  per share                                            -           1,431 
 2020/2021 First interim dividend of               1,510               - 
  0.75p per share 
 2020/2021 Second interim dividend                 1,566               - 
  of 0.75p per share 
-------------------------------------  -----------------  -------------- 
 Total dividends paid in the period                3,076           1,431 
-------------------------------------  -----------------  -------------- 

A third interim dividend of 0.75p per share, amounting to GBP1,566,000 has been declared payable on 30th November 2020 in respect of the year ending 28th February 2021.

   5.       Net asset value per share 
                                   (Unaudited)       (Audited) 
                              Six months ended    Period ended 
                              31st August 2020   29th February 
                                       GBP'000         GBP'000 
---------------------------  -----------------  -------------- 
 Net assets (GBP'000)                  189,816         194,415 
 Number of shares in issue         208,807,952     200,802,887 
---------------------------  -----------------  -------------- 
 Net asset value per share               90.9p           96.8p 
---------------------------  -----------------  -------------- 


19th November 2020

For further information, please contact:

Alison Vincent

For and on behalf of

JPMorgan Funds Limited

020 7742 4000

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.


A copy of the Half Year Report will shortly be submitted to the FCA's National Storage Mechanism and will be available for inspection at

The annual report will shortly be available on the Company's website at where up-to-date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

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