11th Oct 2013 13:57
LONDON (Alliance News) - JPMorgan Global Emerging Markets Income Trust PLC Friday said it outperformed its benchmark over the year, giving a return of 14.7% on net assets.
The return beat the trust's benchmark index, the MSCI Emerging Markets Index, which gave a return of 5.4%.
The trust's investments held at fair value increased in value to GBP309.7 million from GBP207.2 million in 2012. That was the main driver behind the trust's net asset value increase to GBP288.5 million, up 48%.
As a result, the trust's net asset value per share increase to 123.1 pence, compared with 112.0 pence last year.
In addition, the trust reported a net return on ordinary activities of GBP30.0 million for the year ended July 31, up some way from last year's GBP8.6 million.
Two key managers behind the fund said market pessimism about emerging markets had driven recent underperformance of emerging market stocks, but that current valuations are attractive entry points for long term investors.
"We believe strongly that current market pessimism and depressed valuations present an opportunity for long term investors like ourselves, even if the short term outlook is somewhat less clear," Investment Manager, Richard Titherington and Deputy Portfolio Manager, Omar Negyal said in a joint statement.
JPMorgan Global Emerging Markets Income Trust shares were Friday quoted at 123.06 pence each, up 0.81 pence, up 0.7%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Jpmorgan Glob