29th Sep 2022 13:30
(Alliance News) - JPMorgan Global Growth & Income PLC on Thursday said it is prepared for short-term market volatility after combining assets with Scottish Investment Trust PLC, and outperformed its benchmark index in its recent financial year.
JPMorgan Global is an investment fund managed by JPMorgan Asset Management which invests in a high-conviction portfolio of 50 to 90 global stocks.
The merger was completed on September 1 through a scheme of reconstruction.
At June 30, the firm's net asset value per share was 403.10 pence, down from 432.30p a year prior.
In the financial year ended June 30, JPMorgan Global's net asset value return was negative 3.4%. This compares favourably to a return of negative 4.2% for the company's benchmark index, the MSCI AC World Index.
The firm said it concentrated on higher growth companies with large addressable markets and avoided speculative areas of the market, including the software sector.
JPMorgan Global declared a final dividend of 17.00p per share, up from 16.96p a year prior.
Chair Tristan Hillgarth said JPMorgan Global's returns were impacted by the markets' reaction to Russia's invasion of Ukraine at the beginning of the year and subsequent increases in commodity and energy prices.
He added that although the company's second-half performance was disappointing, it was "well-placed to deliver good performance". He was confident that the merger with Scottish Trust would lead to an enlarged asset base, benefitting shareholders.
As of August, JPMorgan Global was admitted into the FTSE 250 Index.
JPMorgan Global shares were trading 0.5% lower at 410.50p in London on Thursday afternoon.
By Holly Beveridge; [email protected]
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