24th Feb 2014 16:03
LONDON (Alliance News) - JPMorgan Emerging Markets Investment Trust PLC Monday said it underperformed against its benchmark in its first-half ending the calendar year 2013.
The investment company said its portfolio return net of fees and expenses was -5.7%, as compared to the total return from its benchmark index, the MSCI Emerging Markets Index of -1.4%.
It said the principal causes of the outcome were currency weakness during the late summer, especially in India, where it had large exposure and some individual effects in stock selection.
The company said that, whilst disappointing, its long term record remains strong after positive returns in the previous financial year ending June 30 2013.
However, the company said that as it moves into 2014, market conditions are not recovering and currency weakness in emerging markets has become more prevalent.
JPMorgan Emerging Markets shares shares were up 0.8% to 512.22 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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