26th Oct 2023 16:24
JPMorgan Global Emerging Markets Income Trust PLC - invests in emerging market companies with higher than average dividend yields - Total return on net assets in the financial year that ended July 31 is 9.2%, beating its benchmark's 2.5% return. Total return to shareholders is even better, at 12.6%, due to a narrowing of the discount of the share price to net asset value over the past year to 9.3% on July 31 from 11.6% a year before.
"China's economy was the key driver of emerging market performance over the past year, giving investors a bumpy and uncomfortable ride," comments Chair Elisabeth Scott. "Optimism sparked by China's unexpectedly rapid abandonment of its harsh zero Covid restrictions late in 2022 saw Chinese equity markets rise sharply in Q422. However, during the first half of 2023, hope gave way to disappointment and renewed market weakness, with China's recovery proving shallower and more hesitant than most expected."
Current stock price: 117.00 pence, down 1.7% in London on Thursday
12-month change: up 5.9%
By Tom Waite, Alliance News editor
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