17th Apr 2014 15:02
LONDON (Alliance News) - JPMorgan Elect PLC said Thursday that it had outperformed its benchmark in its managed growth and managed income portfolios in the half year ended February 28.
In its managed growth portfolio, the trust posted a return on net asset value per share of 12.3% in the half year, outperforming its benchmark which saw a return of 6.8%. JPMorgan Elect's benchmark is a composite of the FTSE All-Share and FTSE World (ek-UK) indices.
Small and mid cap equities outperformed larger equities during the period, particularly in the UK and Europe, which the company said benefited its managed growth portfolio.
The trust said that it had two major risks over the coming months: the risk of yield curves steepening ahead of growth in development markets, and the credit cycle in emerging markets becoming more difficult.
In its managed income portfolio, the company saw a return on net asset value per share of 12.5%, outperforming its benchmark which saw a total return of 8.1%. Its benchmark is a composite comprising 85% FTSE All-Share Index and 15% Barclay's Capital Global Corporate Bond Index.
The trust said that UK economic recovery is expected to outpace expectations, as the gap between earnings growth and inflation narrows.
Finally, its managed cash portfolio posted a total return of 0.1%. There was a weighted average maturity of 49 days at the end of February, and the seven day gross yield was 0.51%.
The company said it expects to see a slight increase in yields over the coming months.
Shares in JPMorgan Elect were trading up 0.7% at 541.00 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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