16th Dec 2019 17:53
(Alliance News) - JPMorgan Chinese Investment Trust PLC on Monday said it managed to beat its benchmark in its recently-ended financial year.
The trust's net asset value per share was 348.1 pence as at September 30, up from 303.90p a year ago.
In "volatile market conditions", the company posted a total return of 16.0% on net assets with dividends reinvestments. This compares to its benchmark index, MSCI China, returning 1.7%.
"The market volatility was primarily driven by the continuing trade dispute between China and the US with sentiment fluctuating as expectations of a trade deal ebbed and flowed. Trade issues have been a significant factor combined with pressures on domestic consumer demand and deleveraging of the economy leading to a downturn in China growth forecasts," the company said.
While the outlook remains "highly uncertain", JPMorgan Chinese Investment Trust said it remains confident that Chinese government initiatives can stimulate the country's "cooling" economy.
The board is recommending a dividend of 2.5p in respect of the recently-ended financial year, down from 3.5p a year ago.
Shares in JPMorgan Chinese Investment Trust closed down 1.4% at 321.00 pence in London on Monday.
By Lucy Heming; [email protected]
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