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JPMorgan European Smaller Companies Trust

Finding exciting investment opportunities

Review | Investment Companies | 22 Jun 2017

JPMorgan European Smaller Companies Trust (JESC) aims to generate long-term capital growth from a portfolio of European (ex-UK) small-cap equities. Despite a period of underperformance versus the Euromoney Smaller Europe ex-UK benchmark in 2016 due to conservative portfolio positioning, JESC's longer-term performance record remains intact. It has outperformed the benchmark over three, five and 10 years. The managers believe that the European economic backdrop is favourable, political risk has been reduced and they are finding plenty of investment opportunities, across a range of industries, including companies that are adapting in a period of rapid technological change.

JPMorgan Global Convertibles Income Fund

Positive outlook for niche asset class

Review | Investment Companies | 05 Nov 2018

JPMorgan Global Convertibles Income Fund (JGCI) is the UK’s only listed closed-end fund focused on the convertible bond market. Convertibles usually pay a coupon (like an ordinary bond) but also have an embedded option to buy the underlying equity, meaning they benefit from rising share prices, as well as downside protection from the par value of the bond being repaid at maturity. While JGCI’s NAV total return has been flat to negative over the past year and its share price has drifted lower, its managers see potential for convertible bonds to perform well in the current economic and market environment, given they tend to outperform traditional fixed income as interest rates rise. A continuation vote will take place at the 2018 AGM in November; the board has recommended that investors vote in favour, given the outlook for the asset class. JGCI currently yields c 5% and has an active discount control programme.

JPMorgan European Smaller Companies Trust

Termination of coverage

Termination | Investment Companies | 10 Sep 2018

Edison Investment Research is terminating coverage on JPMorgan European Smaller Companies Trust (JESC). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

JPMorgan Global Growth & Income

Strong long-term capital growth

Review | Investment Companies | 31 Aug 2018

JPMorgan Global Growth & Income (JPGI) is managed by Jeroen Huysinga, using J.P. Morgan Asset Management’s (JPMAM’s) global focus investment process. He aims to generate long-term capital growth from a portfolio of 50-90 equities that is diversified by geography and sector. The manager notes that stock market leadership has been narrow, led by growth and momentum stocks, which has been detrimental to JPGI’s investment performance in recent months (although the trust continues to outperform most of its peers in the AIC Global Equity Income sector). Huysinga is ‘sticking to his knitting’, buying undervalued stocks, as over the long term, cheaper companies have generated superior share price annual returns. The trust’s higher dividend policy, initiated in July 2016, appears to have found favour with investors, as JPGI’s discount has closed and its shares now regularly trade close to NAV.

JPMorgan European Smaller Companies Trust

Building on long-term positive track record

Review | Investment Companies | 16 Jul 2018

JPMorgan European Smaller Companies Trust (JESC) aims to generate long-term capital growth from a portfolio of high-quality, reasonably valued, small-cap European equities. While the European stock market, in keeping with global markets, has been more volatile year to date compared with the abnormally low levels of volatility in 2017, the managers believe that there is potential for further upside. They cite an improving European and global economy, low inflation and a benign interest rate environment, which is supportive for corporate earnings growth. JESC has a very strong investment track record, outperforming the EMIX Smaller Europe ex-UK index over the last one, three, five and 10 years. The trust currently offers a 1.7% dividend yield.

JPMorgan Global Convertibles Income Fund

Continuity of approach under new team head

Review | Investment Companies | 06 Jun 2018

JPMorgan Global Convertibles Income Fund (JGCI) is managed by the convertible bonds team at J.P. Morgan Asset Management (JPMAM), now led by Natalia Bucci following the departure of Antony Vallée in February 2018. Bucci and other members of the team have worked together for many years, and stress the continuity of a process that has been developed collaboratively over time, based on in-depth fundamental security analysis. The portfolio management team has been bolstered with the addition of Paul Levene, who joined JPMAM in 2015. JGCI continues to achieve its target yield of 4.5% and NAV progression has been broadly steady, with the share price having risen by a greater margin over 12 months, following the introduction of a discount management policy in May 2017. The team remains positive on the outlook for the global economy, which supports exposure to more equity-sensitive areas of the convertible bond market.

JPMorgan Global Growth & Income

Value-focused growth fund with 4% distributions

Review | Investment Companies | 06 Feb 2018

JPMorgan Global Growth & Income (JPGI) has enjoyed a strong period of share price performance since adopting a higher distribution policy in mid-2016. NAV returns have also kept pace with the benchmark MSCI AC World index, in spite of the trust’s focus on long-term valuations in an environment where market returns have been driven more by ‘growth at any price’. JPGI is the only UK retail investment product offering access to J.P. Morgan Asset Management’s (JPMAM’s) global focus investment process, which uses a large team of expert sector analysts to identify undervalued stocks with significant profit potential. Manager Jeroen Huysinga remains positive on the global economic outlook for at least the next 12-18 months, and has been finding particular opportunities in industrial cyclicals and financials, while being significantly underweight in technology stocks.

JPMorgan European Smaller Companies Trust

Very strong performance track record

Review | Investment Companies | 04 Dec 2017

JPMorgan European Smaller Companies Trust (JESC) was launched in 1990 and aims to generate long-term capital growth from a diversified portfolio of small-cap European equities. The investment process involves screening the c 1,500 company universe to construct a relatively concentrated portfolio of 50-75 positions in firms with positive fundamentals and reasonable valuations. JESC has a very good investment track record, outperforming its benchmark over one, three, five and 10 years. It has also performed strongly versus the average of its four peers, ranking second over one, three and five years and first over the last 10 years, where its NAV total return is 23.6pp higher than its closest peer.

JPMorgan Global Convertibles Income Fund

Steady NAV progression and a 4.5% yield

Review | Investment Companies | 28 Jul 2017

JPMorgan Global Convertibles Income Fund (JGCI) is the only UK-listed closed-end fund specialising in convertible bonds, aiming to generate income along with the possibility of capital growth. Increased investment flexibility granted to the managers in late 2015 means the fund can now invest more in the balanced to equity-like segments of the convertible bond market. NAV performance since launch in 2013 has been fairly steady, in spite of an environment of falling yields and tighter spreads on high-yield bonds. However, share price performance has been volatile at times, so the board has introduced a new discount control policy and has stepped up the pace of share buybacks. There has been a recovery in the share price since the policy was put in place in May 2017, yet JGCI still offers an attractive yield of 4.5%.

JPMorgan Global Growth & Income

Strong outperformance from focused global fund

Review | Investment Companies | 21 Jun 2017

JPMorgan Global Growth & Income (JPGI) is a 50-90 stock portfolio of global equities, chosen by manager Jeroen Huysinga from the output of a rigorous, valuation-based investment process developed by J.P. Morgan Asset Management (JPMAM). After a long period where investors were focused on defensive growth stocks, a recovery in the appetite for cyclical companies since mid-2016 has favoured JPGI's approach. The resulting resurgence in performance has seen the trust's NAV total return outperform both its MSCI AC World benchmark and all of its peers in the AIC Global Equity Income sector over one, three and five years and since 1 October 2008 (when it adopted its current strategy). Recent share price performance has been even stronger, arguably boosted by greater investor appetite for the trust since announcing a 4% annual distribution policy in July 2016.

JPMorgan European Smaller Companies Trust

Strong continuity of management

Update | Investment Companies | 09 Jan 2017

JPMorgan European Smaller Companies Trust (JESC) is managed by a dedicated, highly experienced, three-man team. The ‘best ideas' portfolio, which generally comprises 60-80 holdings, currently numbers 63. Stocks are selected on a bottom-up basis from a universe of c 1,000 companies, which constitute the Euromoney Smaller Companies ex-UK index, the trust's benchmark. Long-term performance has been strong, as evidenced by its 10- and 20-year NAV and share price returns, which comfortably outstrip the benchmark and the MSCI Europe ex-UK index.

JP Morgan Private Equity Limited

Termination of coverage

Update | Investment Companies | 07 Dec 2016

Edison Investment Research is terminating coverage on JP Morgan Private Equity (JPEL). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.