Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

JPMorgan European Growth net asset value down; confident of recovery

25th Nov 2022 10:05

(Alliance News) - JP Morgan European Growth & Income PLC said on Friday its net asset value per share was down, but it was confident fund managers could manage significant market challenges.

The London-based investment fund said its NAV per share was 89.10 pence on September 30, down 11% from 100.50 pence on March 31.

Shares in JP Morgan European Growth were down 0.5% to 87.28 pence in London on Friday morning.

It also said its NAV total return was negative 9.4%, though it said this performed well against its benchmark of negative 10.5% due to strong stock selection.

Gross revenue was up 15% to GBP11.0 million from GBP9.6 million a year prior.

Chair Rita Dhut said she remained confident JP Morgan European Growth's fund managers would continue to stick to a "proven investment process", assuring shareholders of a recovery.

This is despite the general market continuing to be "buffeted by significant challenges", while the duration of inflationary pressures remained uncertain despite energy price falls in recent months.

"The extent of interest rate rises by the European Central Bank, along with counterparts elsewhere in the world leaves commentators unclear as to the impact on consumer confidence and the potential severity of a looming global recession exacerbated by supply chain issues. We hope to see an easing in the tragic events taking place in Ukraine, but it seems likely that the future will offer much uncertainty and continued volatility in asset markets," said Dhut.

JPMorgan European Growth also declared an interim dividend of 1.00 pence, unchanged.

By Greg Rosenvinge; [email protected]

Copyright 2022 Alliance News Limited. All Rights Reserved.

FTSE 100 Latest
Value7,952.62
Change0.00