LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN GLOBAL CORE REAL ASSETS LIMITED

QUARTERLY NET ASSET VALUE AND PORTFOLIO UPDATE

Legal Entity Identifier: 549300D8JHZTH6GI8F97

JPMorgan Global Core Real Assets Limited ("JARA" or the "Company") announces an unaudited Net Asset Value ("NAV") as at 31st May 2023 of 98.39 pence per share. During the quarter,the Company paid a dividend of 1.05 pence per share on 31st May 2023, bringing the NAV total return for the quarter to -2.7% and to +0.5% for the year, while the total share price return for the year to 31st May 2023 was -5.8%.

An analysis of the components to this NAV and the relevant dates for their valuation is provided below:

Strategies

Across both public and private allocations, and measured in local currency, JARA's real estate exposure contributed -0.86%, whilst infrastructure and transportation contributed +0.48%. This again shows stable, resilient returns during a period which was volatile for many private assets. The US dollar delivered a drag to performance over the Company's quarter to 31st May 2023 due to its 2.4% decline versus sterling*.

* The GBP/USD exchange rate was 1.23940 as at 31st May 2023, versus 1.21065 on 28^th February 2023.

Dividends

The most recent quarterly dividend of 1.05 pence per share was paid to shareholders on 31st May 2023. The Board continues to expect the yield to be within the target range of 4 - 6% on issue price, as set out in the Company's IPO prospectus. The current year's expected total dividends for the financial year ending 29^th February 2024 of 4.20 pence per share represents a yield of 4.8% on the current market price* and 4.2% on issue price.

* Based on JARA's closing share price as at 31st May 2023.

Issued Share Capital

As at 31st May 2023, there were 219,407,952 shares in issue.

Portfolio Construction

As at 31st May 2023, the Company's portfolio was valued at £213.3 million and is fully invested.

Sector exposure Percentage of NAV

As at 31st May 2023. Numbers may not sum due to rounding.

Geographical exposure percentage of NAV

As at 31st May 2023. Numbers may not sum due to rounding.  

Private Asset Portfolio Metrics

Please see below for the metrics of JARA's private investments. As at 31st May 2023, private asset exposure represented 82% of JARA's NAV, stable compared to the previous quarter.

Investments

·    340 private investments and, at a more granular individual asset level, look through exposure to 1,377 individual assets (28th February 2023: 1,230)

Private Portfolio Operating Metrics

Discount Rates

The blended average discount rate is 7.6%. The asset level discount rate will vary by strategy as detailed below. The average discount rate has dropped very slightly from 7.9% for the previous quarter following a period of increases. This was primarily driven by a drop in the real estate debt allocation.

Lease Duration

·    4.8 years average lease duration in real estate and transportation, with 10% expected to expire in 2023.

Occupancy

·    96% occupancy of leased assets in real estate and transportation, with Q1 2023 collections being in line with expectations. At an overall portfolio level, occupancy and income receipts are in line with what the Manager expects.

Loan To Value (LTV)

·    37% portfolio weighted average loan to value across private assets. Asset level LTVs will vary by strategy, with the real estate average LTV of 25% and Infrastructure and Transport blended LTV of 48%. The underlying strategies continue to take a conservative view on overall leverage use.

Debt

·    4.1% blended average cost of debt across the strategies, with 76.4% being fixed and 23.6% floating and a weighted average maturity of 5.8 years.

Development Profile

·    Each underlying strategy has the capacity to engage in a small degree of development, with the private asset portfolio having less than 3% exposure to development assets. This small allocation allows the Manager, where appropriate, to capitalise on areas where construction is a more effective way to gain access to assets or sectors less accessible in the secondary market. The development pipeline has moderated more recently, especially in real estate.

We would expect construction exposure across JARA's portfolio to remain relatively low on an aggregate basis.

Currency

The main currency exposures of the portfolio (including liquidity funds) are as follows:

Numbers may not sum to 100% due to rounding.

27 June 2023

Emma Lamb

JPMorgan Funds Limited - Company Secretary

Telephone 0207 742 4000

Notes

The Company aims to provide holders of the Ordinary Shares with a stable income and capital appreciation, measured on a constant currency basis, through exposure to a globally diversified portfolio of Core Real Assets in accordance with the Company's investment policy. The Company obtains exposure to Core Real Assets through various real asset strategies, namely: Global Infrastructure, Global Real Estate, Global Transport and Global Liquid Real Assets. J.P. Morgan's Alternative Solutions Group has the primary responsibility for managing the Company's portfolio.