JPMORGAN GLOBAL GROWTH & INCOME PLC
FINAL RESULTS FOR THE YEAR ENDED 30TH JUNE 2024
Legal Entity Identifier: 5493007C3I0O5PJKR078
Information disclosed in accordance with DTR 4.2.2
JPMorgan Global Growth & Income plc (‘JGGI’ or the ‘Company’) reports its annual results for the year to 30 June 2024.
Highlights
· NAV total return of +28.0% compared with +20.1% for the MSCI AC World Index (in Sterling terms) (the ‘Benchmark’). Share price return of +28.8%.
· For five years ended 30th June 2024, NAV total return of +110.5% compared with +67.8% for the Benchmark.
· Excess returns generated over three major style rotations in markets and across a variety of sectors, while both US and International companies contributed to returns.
· Intention to pay total dividend of 22.8 pence per share for financial year commencing 1 July 2024, equivalent to 23.6% increase on previous year.
· 65 million shares issued through regular issuance in year to 30 June 2024 raising £342 million, while a placing and retail offer raised an additional £35 million.
· Prospectus to be published in October to allow issuance of up to 150 million shares during the life of the placing programme.
The Chairman of JGGI, Tristan Hillgarth, commented:
“The investment trust sector has seen an increase in consolidation activity over the past two years, due in part to the often challenging investment environment, and your Company’s size and performance track record make it a potentially attractive partner for other investment trusts. From the Board’s perspective, such consolidations can be an important means of growing the Company’s asset base and therefore reducing costs for our shareholders and providing greater liquidity in the Company’s shares.”
JGGI’s Portfolio Managers, Helge Skibeli, James Cook and Tim Woodhouse, commented that:
“We believe that global stock picking across our core investment universe remains attractive and rewarding, and we see many well-priced opportunities. The Company has exposure to a number of long-term trends, such as the rapid adoption of AI tools, cloud computing and the transition to renewable energy, which we expect will drive the market over the medium to long-term. However, our caution about the near-term outlook, and the possibility of recession, has also influenced positioning. We have increased exposure to defensive sectors, which should outperform during any slowdown.”