29th Jan 2021 13:54
Jupiter Emerging & Frontier Income Trust PLC - investment trust focused on companies in emerging and frontier markets worldwide - Ends September 2020 with net asset value of 87.91 pence per share, down 16% versus 104.21p at the same point a year before. Annual dividend is improved to 5.8p per share from 4.4p. NAV total return is negative 10%, compared to benchmark, MSCI Emerging Markets Index, growing 12%.
Jupiter's Fund Manager Ross Teverson says: "A number of the company's holdings performed well over the period, particularly those in the Technology sector. However, this was more than offset by the weak share price performance of holdings in markets such as Mexico, India and Kenya."
He explains further: "The largest detractors from relative performance included some of the large index constituents that are not held in the portfolio. Over the period, the share prices of Chinese internet giants Tencent and Alibaba performed strongly. While these businesses proved to be resilient in the Covid-19 environment, we believe that there are more compelling opportunities elsewhere in the emerging and frontier markets investment universe - in companies that also offer significant long-term growth potential but where that potential is not currently reflected in valuations."
Current stock price: 104.48 pence
Year-to-date change: up 8.8%
By Paul McGowan; [email protected]
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