10th Mar 2016 15:39
LONDON (Alliance News) - JPMorgan Emerging Markets Investment Trust PLC Thursday said it outperformed its benchmark index in the half year to end-December.
JPMorgan Emerging Markets reported a negative total return on net asset value of 6.2%, compared to a negative return of 11.8% from its benchmark, the MSCI Emerging Markets Index.
JPMorgan Emerging Markets attributed its performance in the first half to tough market conditions, hit by the continued fall in commodity prices, the strength of the dollar, and uncertainty surrounding the Chinese economy.
The trust said that the market environment for emerging markets remains challenging, and "there can be little doubt that this volatility could continue for some time."
"At some stage, however, the selling pressure will abate and markets begin to recover. While valuations may not have reached capitulation levels, there is no doubt that markets look relatively cheap against developed markets. Assuming the long-term bull case for emerging markets remains intact, as the board believes it does, then the companies we invest in look good value in the long run," the trust said in a statement.
Shares in JPMorgan Emerging Markets were trading up 0.5% at 555.00 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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