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JPMorgan Global Convertibles Income Fund

Positive outlook for niche asset class

Review | Investment trusts | 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 Global Growth & Income

Strong long-term capital growth

Review | Investment trusts | 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 trusts | 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 trusts | 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 trusts | 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 Global Convertibles Income Fund

Steady NAV progression and a 4.5% yield

Review | Investment trusts | 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 trusts | 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 Global Convertibles Income Fund

Low-volatility, income-tilted convertibles portfolio

Review | Investment trusts | 22 Nov 2016

JPMorgan Global Convertibles Income Fund (JGCI) is the only UK-listed closed-end fund focusing on convertible bonds. While its primary aim is to provide investors with an income, the fund has recently moved to a more total return-orientated approach to meeting its objective, taking advantage of attractive risk/reward opportunities in the balanced segment of the market. Although fundamentally a bond portfolio, the equity participation offered by convertibles could prove defensive for JGCI investors if the recent fixed income sell-off becomes protracted. The NAV performance of the sterling-hedged fund has been steady while funds with unhedged overseas portfolios have seen material gains post-Brexit; JGCI's managers note that currency volatility is a two-edged sword.

JPMorgan Global Growth & Income

Long-term growth, now with higher distributions

Initiation | Investment trusts | 27 Sep 2016

JPMorgan Global Growth & Income (JPGI), previously JPMorgan Overseas IT, uses a disciplined and research-intensive approach to identifying 50-90 ‘best ideas' from around the world, with the aim of achieving capital appreciation in excess of the MSCI AC World index. It has recently adopted a new distribution policy whereby at the start of each year it will announce a dividend equivalent to at least 4% of NAV, to be paid in quarterly instalments. The board and management see this level of distribution o which may come from capital or income returns o as sustainable, and the predictability of the income stream as well as the higher yield should increase the attraction of the trust from investors who seek income as well as growth, potentially leading to a narrowing in the discount.

JPMorgan Global Convertibles Income Fund

Bitesize Briefings - JPMorgan Global Convertibles Income Fund

Edison TV: | Investment trusts | 02 May 2016

In this two minute video Edison Analyst Sarah Godfrey discusses the main points of this review note on JPMorgan Global Convertibles Income Fund.

JPMorgan Global Convertibles Income Fund

Seeking opportunity in more difficult conditions

Review | Investment trusts | 10 Feb 2016

JPMorgan Global Convertibles Income Fund (JGCI) is the only UK-listed fund investing in convertible bonds. It aims to produce income with the potential for capital growth from a diversified global portfolio. A difficult period recently for the sector has seen the fund experience some share price volatility, although NAV has largely been protected by avoiding the capital risk inherent in some very high yielding issues. Over the past year the number of securities in the portfolio has risen as a further element of diversification and risk reduction, and a new hire to the team has facilitated greater exposure to the under-researched Asia Pacific market. The current wider-than-average level of discount and 5%+ yield may represent an opportunity for investors prepared to weather continued near-term volatility.

JPMorgan Global Convertibles Income Fund

Total returns from underappreciated asset class

Review | Investment trusts | 01 May 2015

JPMorgan Global Convertibles Income Fund Limited (JGCI), launched in mid-2013, seeks to provide investors with income (current yield of 4.4%) and long-term capital growth potential by investing globally in convertible bonds, which combine a degree of equity upside with the regular income and capital preservation characteristics of bonds. It is the only closed-end fund of its kind in the UK, and has so far delivered on its income objective, paying a 4.5p dividend in its first year. Unfavourable conditions in the higher-yield segment of the convertibles market have made total returns harder to achieve in recent months, but the managers see catalysts for recovery and performance year to date in 2015 has been positive.