Jpmorgan Global Emerging... Dividends - JEMI

Jpmorgan Global Emerging... Dividends - JEMI

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Stock Name Stock Symbol Market Stock Type
Jpmorgan Global Emerging Markets Income Trust Plc JEMI London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
2.50 1.76% 144.50 16:35:26
Open Price Low Price High Price Close Price Previous Close
144.00 143.00 144.00 144.50 142.00
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Jpmorgan Global Emerging... JEMI Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

loganair: Ian Cowie: I’m happy for Asia to climb ‘wall of worry’: City cynics say the six most expensive words in the English language are: ‘It will be different this time.’ That’s worth recalling when this month marks the 20th anniversary of the 1997 Asian crisis, where a domino effect saw currencies collapse across the region and stock market shocks reverberate around the world. For example, the Hang Seng Index in Hong Kong plunged 10% in one day that July and the S&P 500 index in New York slipped by 7% in a single trading session. Lest this seem a dreary tale about events far away and long ago, it’s wise to remember that China had not yet joined the World Trade Organisation back then but is now the second-biggest economy in the world, as measured by gross domestic product. In terms of purchasing power parity, China is already the largest economy in the world, according to the International Monetary Fund. Coming down from the macro to the personal, like many investors who have diversified away from Brexit Britain and shrinking sterling, I have substantial exposure to Asia through Henderson Far East Income (HFEL) and Schroder Oriental Income (SOI) – two investment trusts yielding 5.4% and 3.5% respectively – plus JPMorgan Global Emerging Markets Income (JEMI), which yields 4%. In addition to those attractive yields, all three have delivered decent total returns over the last five years since I began buying them; 76% at Henderson and 93% at Schroder with JPMorgan still somewhat under a cloud at 34%. The one-year figures are, respectively, 32%, 25% and 20%. Then there’s my biggest single shareholding in the region, Baillie Gifford Shin Nippon (BGS), an investment trust specialising in Japanese smaller companies. This yields zip but has delivered total returns of 113% during the three years since I invested and 19% over the last year. The bad news is that Asian economies are carrying bigger debt burdens now than they were in 1997. The good news is that less of it is denominated in dollars and most Asian countries enjoy bigger foreign reserve buffers today than 20 years ago. Other significant differences across the decades include the increasing importance of domestic consumption, with the vast populations of China and India offering more potential for growth than anywhere else in the world, and less reliance on low added-value exports. This switch in emphasis is evident in the asset allocation of my Asian trusts. For example, Henderson Far East Income and Schroder Oriental both feature Samsung Electronics – the South Korean giant and global rival to Apple in their top 10 holdings, alongside major stakes in – respectively –Bank of China and HSBC. JPMorgan Global Emerging Markets Income and Schroder Oriental both list Taiwan Semiconductor in their top 10. Looking to the future, after four or five years of falling commodity prices and corporate earnings downgrades in the region, both trends have recently reversed and some analysts forecast double-digit earnings growth in 2018. True, we have heard similar talk before but the performance figures above speak for themselves and the dividends pay investors to be patient. All things considered, I expect Asia’s bull market to continue to climb a wall of fear in the months ahead, rather than revisit the shocking plunge of July, 1997. History rarely repeats itself but, less comfortingly for those of us who are fully invested, it often rhymes.
loganair: ................Fund Bench Mark Deviation Taiwan..........18.1% 12.3% 5.8% China...........16.0% 27.0% -11.0% South Africa....11.7% 6.6% 5.1% Russia...........7.5% 3.8% 3.7% Brazil...........7.2% 7.6% -0.4% Thailand.........6.0% 2.3% 3.7% Mexico...........5.9% 3.7% 2.2% South Korea......5.6% 15.1% -9.5% Turkey...........4.1% 1.0% 3.1% Czech Republic...3.1% 0.2% 2.9% Chile............2.8% 1.2% 1.6% Indonesia........1.6% 2.5% -0.9% Hungary..........1.6% 0.3% 1.3% UAE..............1.4% 0.7% 0.7% India............1.0% 8.9% -7.9% Malaysia.........1.0% 2.4% -1.4% Saudi Arabia.....0.7% 0.0% 0.7% Poland...........0.0% 1.2% -1.2% Philippines......0.0% 1.2% -1.2% Qatar............0.0% 0.8% -0.8% Colombia.........0.0% 0.4% -0.4% Peru.............0.0% 0.4% -0.4% Greece...........0.0% 0.3% -0.3% Egypt............0.0% 0.1% -0.1% Cash.............4.7% Dividend total for the year 4.9p payable February, June, August and November Discount to Nav 2.76%
loganair: Emerging markets have returned to form - time to buy? After five difficult years, emerging markets have returned to form over the past 12 months. Over the past five years there were some $80 billion (£63 billion) of outflows from emerging market equities, and the average global investor went underweight in the sector, says Bernard Moody, co-chief investment officer at Aberdeen. Last year this trend reversed, and the asset class saw some $7-8 billion of inflows as currencies stabilised. Political factors have been influential in emerging market countries: the continuing fiscal and economic reforms of India’s prime minister, Narendra Modi, who is widely seen as pro-business, for example. Favourable developments have included China’s ostensible avoidance of a ‘hard’ economic landing and the impeachment in 2016 of Dilma Rousseff, then president of Brazil, which sent the Brazilian market soaring. Commodity prices have also rebounded. Compared with 12 months ago, emerging markets look a lot more attractive, says David Stubbs, global market strategist at JPMorgan. In 2015 commodity prices and emerging market currencies were falling, but the sector started to turn a corner in early 2016. Reassuringly, he points out that two-thirds of the MCSI Emerging Markets index now consists of consumer, finance and technology businesses, which are all promising sectors for future development. Stubbs says: ‘Given the growth story, investors should consider emerging markets for the long term. The upside for emerging market currencies is now much higher than the downside.’ The current accounts of the ‘fragile five’ (Turkey, Brazil, India, South Africa and Indonesia) – so named because of their large current account deficits, which mean they rely on external investments flowing across their borders – have improved. Omar Negyal, co-manager of JPMorgan Global Emerging Markets Income Trust, says: ‘The recovery currently underway in a number of emerging economies and the stability we foresee in China this year support expectations of a broad-based turnaround in emerging market fundamentals in the medium term.’ His sentiment is echoed by Carlos Hardenberg, lead portfolio manager at Templeton Emerging Markets investment trust, who says: ‘After more than three years of languishing at depressed levels, the earnings of emerging market firms are showing signs of recovery, and that is reflected in the attitudes of companies and their managements as well as firms’ financial data.’ Recounting a recent trip to Dubai where his team met a range of companies from Africa, the Middle East and other emerging markets, Hardenberg says: ‘[They] were far more confident and open in sharing their outlook for the next 12 to 24 months.’ He argues that after a relatively bleak period for emerging markets, it seems many factors that have historically attracted investors to these markets – including stronger earnings growth than developed markets, higher GDP growth and more attractive consumer trends – may be coming back into play. Evolving story Emerging markets are evolving and not just emerging, according to Hardenberg. The kinds of emerging market companies he currently invest in are a world away from the firms his team analysed a decade or two ago. Technology and digital businesses have established themselves much more firmly in the region. He says: ‘The emerging market corporate landscape in general has undergone a significant transformation from the often plain vanilla business models of the past, which tended to focus on infrastructure, telecommunications, classic banking models and commodity-related businesses, into a new generation of highly innovative companies that are moving into technology and much higher value-added production processes.’ He adds that some very strong global brands have originated in emerging market countries. Back in the late 1990s technology-oriented companies made up just around 3 per cent of the corporate universe represented by the MCSI Emerging Markets index. Hardenberg says: ‘Even six years ago, information technology firms represented less than 10 per cent of investable companies in the index.’ Much has changed since then. Today around a quarter of companies in the MSCI Emerging Markets index are IT companies, including hardware, software and component suppliers. While much of this activity is originating in Asia – including Taiwan, South Korea and increasingly China – similar development can be seen in Latin America, Central and Eastern Europe and even Africa. Hardenberg says the IT sector can be difficult to understand and value. Business models are rapidly changing as they adapt to the shifting demands of consumers and respond to new environmental regulations. Currently, he has identified opportunities among some larger companies, but he generally tends to favour medium-sized companies with potential to outgrow the market as a whole. Companies in emerging markets have evolved rapidly, but Hardenberg is adamant that the emerging markets asset class remains one in which active management continues to play an important role. He says: ‘Emerging markets tend to have their own business rules and regulations which affect companies. Firms differ greatly in their attitude towards minority investors, governance standards vary significantly, and local intricacies determine consumer trends and habits. We often need to develop fairly close relationships to gain a better understanding of business prospects and find successful management teams that respect the rules.’ Risk worth taking Global emerging market equities remain subject to external risk, says Moody. US president Donald Trump has talked about taking jobs back to the US – although markets have shaken that off, given that his election campaign promises are proving difficult to deliver. Traditionally, a strong dollar has also been bad for emerging markets, says Stubbs, ‘but it is now less of a red flag’. He adds that the dollar is strong, but emerging market equities have done fine anyway. Negyal is more cautious. He believes that ‘dollar strength and the direction of US trade and foreign policy under Trump’s administration remain the most important risks’. Trump’s policies pose more of a risk to some emerging market countries than others. Stubbs says exports to the US represent a low proportion of Brazilian and Indian GDP, for example, but Mexico is vulnerable if Trump’s proposed border controls come into play. US rate rises are another potential hazard. However, Moody believes they are likely to arrive slowly and remain modest, and they will only happen at all against a backdrop of a robust US economy. Moody adds: ‘Of course, there will always be political risks. North Korea is sending missiles in the direction of Japan; China’s party plenum is coming up later this year.’ But there are always risks, and those who invest in emerging market equities are paid a premium for taking those risks. Could Brexit derail emerging markets? It’s unlikely, according to Moody. The eurozone and the UK are important parts of the global economy, but their significance to emerging markets is not huge. ‘Are we going to buy fewer electronic gadgets from Korea and Taiwan because of Brexit? Probably not.’ JPM global Emerging Markets Income: This trust, managed by Omer Negyal, is underweight in Korea and China, and overweight in Taiwan and South Africa. It returned 6.1 per cent over the three months to 10 April, compared with a sector average of 6 per cent. Over one year it returned 43.8 per cent, compared with a sector average of 32 per cent. Over three years it returned 26.6 per cent, compared with a sector average of 24.4 per cent. The MSCI Emerging Markets index is heavily dominated by China, which makes up 27 per cent of the index. But many active managers are underweight in China compared with the index.Negyal is one. He says: ‘We typically don’t like investing in companies with state involvement, so we have no exposure to the large banks, for example. The other large part of the market to which we have no exposure consists of internet names such as Tencent, Alibaba and Baidu. These are good companies, but they pay little or no dividend (Tencent yields just 0.2 per cent).’ His fund is also underweight in South Korea, because of domestic companies’ governance issues. He says: ‘Korean businesses are typically family run and complicated, which often means shareholders and dividends are not on their priority lists. Korea is renowned for having one of the lowest payout ratios of any market globally.’ As always, the fund’s country and sector positions are the result of individual stock decisions. He adds that his fund’s long-term approach led him to invest into weakness in Brazil, Russia and South Africa in 2015, ‘and has also led us to increase our Mexican exposure during 2016. The Mexican peso weakened throughout the year, allowing us to build positions in quality companies (Walmart de Mexico and Fibra Uno) we believe offer strong income and growth potential.’ However, following the sharp decline of the market and currency after the US election result, the headwinds faced by quality businesses hurt the fund’s performance. He says: ‘Another laggard market, Turkey, has also provided attractively valued opportunities, so we have increased our overweight there a little, with oil refiner Tupras a recent addition.’ From a sector perspective, he favours telecoms and consumer companies, while he is less keen on industrials and energy.
loganair: JPM Emerging Markets Income is lower-risk and more defensively oriented than other emerging market equity funds. Jason Broomer says: "The manager favours sustainable businesses that pay attractive yields or have strong dividend growth prospects. The fund is expected to be more resilient in falling markets."
loganair: 30th November 2015 - Portfolio analysis by JP Morgan: The trust's share price and net asset value underperformed the benchmark. South Africa and Korea were the key detractors from performance. In Korea, our positions gave back some performance having performed well year to date. From our viewpoint, the fundamentals have not changed and we continue to see relatively positive dividend stocks in a low payout market. Brazilian positions generated positive performance, notably in banks and insurance. This was helped by the Brazilian real, which rallied against the US dollar. The currency looks the cheapest of the major currencies in our universe and so we are tilted towards adding, rather than subtracting, capital from that market. Positive contributors included the longstanding underweight in India and our positions in Taiwan. We added to South Africa during the weak performance, funded by completing our sale of Radiant, the Taiwanese electronics backlight unit producer, due to our concerns over the long-term durability of its cash flow and dividend.
davebowler: Westhouse; Investment Funds - Idea - Switch to Utilico Emerging Markets* In our view, deflationary risks in emerging markets are still high and at least in the short term there remains significant downside risk to Chinese equities. We would ignore the day-to-day movements of the Shanghai Composite Index, which has consistently seen annualised volatility above 20%. Within emerging markets, we recommend investors switch part of their exposure from JPMorgan Global Emerging Markets Income Trust (JEMI), trading at parity, into Utilico Emerging Markets* (UEM), trading at a 10% discount. Over the last one, three and five years UEM has outperformed JEMI on a NAV TR basis.
tenapen: Im thinking that China's market will continue to crumble and JEMI to keep falling. Ho Hum.
tenapen: JEMI is doing alright also :). ( The share price is knocking on 115p )
gateside: Doubled up holding and bought at 115.9p on Tuesday. Been waiting for it to dip and seem to have timed it well for once! Was also just in time for the next divi - as it went ex-div on Wednesday.
davebowler: Westhouse;(for similar UEM ) Utilico Emerging Markets (UEM) posted yesterday a good set of results for the six months ended 30 September 2012. The fund continued to outperform the broad emerging markets, despite its overweight exposure to Brazil and China, which were two of the worst performing markets over the period. Two quarterly dividends of 1.375p have been declared, which are well covered by revenue earnings. On an annualised basis, the dividends amount to 5.5p, in line with last year's distributions, and give a 3.4% yield. UEM is one of only two income funds in the Global Emerging Markets equity sector. The shares currently trade on an 8.3% cum-income discount and we believe there is scope for further re-rating from these levels. The other emerging markets income fund, JPMorgan Global Emerging Markets Income (JEMI.L), which also pays dividends quarterly, currently trades on a 1.3% premium. Highlights of the results : NAV outperformance: NAV TR -0.4% vs. MSCI Emerging Markets TR of -2.6% Strong long-term performance: 11.4% average annual NAV return since inception, broadly in line with the MSCI Emerging Markets index, but with far less volatility Initiation of quarterly dividends: 1.375p paid in September 2012, 1.375p to be paid on 14 December 2012 to shareholders on register on 30 November 2012 Well covered dividend: The dividends (2.75p in total) were covered 1.23x by revenue earnings per share of 3.37p Active use of borrowing: At the end of the period, £16.9m was drawn of the £50m bank facility. Post period end, this increased to £25m as the company invested ahead of expected good company results, and then reduced to £4.0m as the managers sold into the market strength towards the end of October and early November TER at 0.9%, within the Board's target of less than 1%
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