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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 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 Global Convertibles Income Fund

Low-volatility, income-tilted convertibles portfolio

Review | Investment Companies | 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 Companies | 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 Companies | 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 Companies | 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 Companies | 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.

JPMorgan Global Convertibles Income Fund

Balancing equity upside with downside protection

Review | Investment Companies | 01 Aug 2014

JPMorgan Global Convertibles Income Fund Limited (JGCI) targets income and capital growth through investment in a globally diversified portfolio of convertible securities. The fund's yield of over 4% is above the MSCI World and FTSE All-Share equity indices by close to two percentage points and one point respectively. A key attraction of convertibles is that they are seen to offer downside protection in a market downturn and a degree of participation in a stronger equity market, with lower volatility. As a closed-ended fund, JGCI is able to invest in more illiquid convertibles generally offering a higher return; this is likely to have helped the fund achieve an NAV total return performance at a similar level to equity markets since it was launched in June 2013.

JPMorgan Global Convertibles Income Fund

Income from a niche market

Review | Investment Companies | 27 Jan 2014

JPMorgan Global Convertibles Income Fund Limited (JGCI) targets income and capital growth through investment in a globally diversified portfolio of convertible securities. The fund's yield of over 4% is roughly two percentage points above the world index and one percent above the FTSE All-Share. A key attraction of convertibles is that they offer potential downside protection in the event of a market downturn and a degree of participation in a stronger equity market, with lower volatility.

Utilico Emerging Markets

Infrastructure and utilities in growth markets

Initiation | Investment Companies | 03 Oct 2013

Utilico Emerging Markets (UEM) is a closed end investment company investing in utilities, infrastructure and related companies in emerging markets. Unusually among funds investing in this area, it offers a yield of over 3%, reflecting investment in cash-generative businesses. Following a period of weakness for emerging markets earlier this year, investors may wish to consider using UEM to gain exposure to companies that are integral to the development of these long-term growth markets.

JPMorgan Global Convertibles Income Fund

Analyst Interview - JPMorgan Global Convertibles Income Fund

Edison TV: | Investment Companies | 19 Jul 2013

JPMorgan Global Convertibles Income Fund is a new investment company targeting a 4.5% yield on the 100p issue price, as well as long-term capital growth through investment in a globally diversified portfolio of convertible securities. In the context of the global equity market, the yield premium would be roughly two percentage points, while convertibles offer potential downside protection in the event of a market downturn and some degree of participation in a stronger equity market.