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 30th November 2023 of 94.06 pence per share. During the quarter, the Company paid a dividend of 1.05 pence per share on 29th November 2023, bringing the NAV total return for the quarter to -0.3% and to -4.6% for the preceding 12 months, while the total share price return for the 12 months to 30th November 2023 was -20.1%.

The Company repurchased 5,712,814 shares in the quarter to 30th November 2023. The shares were repurchased at a weighted average discount of c. 28% and these repurchases added approximately 0.7p to NAV performance. The programme is ongoing.

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

Strategies

Private infrastructure and transportation was a significant contributor during the period adding 0.8% with private real estate debt contributing +0.1% in local currency. The private real estate equity sleeve was the most significant detractor contributing -0.6% to performance while liquid strategies contributed -0.2% in local currency.

A stronger US dollar marginally helped performance over the Company's quarter to 30th November 2023 with approximately 0.1% appreciation versus sterling*.

*The GBP/USD exchange rate was 1.26595 as at 30th November 2023, versus 1.26715 as at 31st August 2023

Dividends

The most recent quarterly dividend of 1.05 pence per share was paid to shareholders on 29th November 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 29th February 2024 of 4.20 pence per share represents a yield of 5.8% on the current market price*.

* Based on JARA's closing share price as at 30th November 2023.

Issued Share Capital

As at 30th November 2023, there were 212,295,138 shares in issue.

Portfolio Construction

As at 30th November 2023, the Company's portfolio was valued at £199.7million.

Sector exposure Percentage of NAV

As at 30th November 2023. Numbers may not sum due to rounding. Cash level at quarter end was <2%

Geographical exposure percentage of NAV

As at 30th November 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 30th November 2023, private asset exposure represented 84% of JARA's NAV, stable compared to the previous quarter.

Investments

·    348 private investments and, at a more granular individual asset level, look through exposure to 1,402 individual assets. (31st August 2023: 1,409)

Private Portfolio Operating Metrics

Discount Rates

The blended average discount rate is 8.0%. The asset level discount rate will vary by strategy as detailed below. The average discount rate has risen marginally from 7.9% for the previous quarter. This was primarily driven by an increase in the infrastructure and transportation discount rates.

Lease Duration

·    5.4 years average lease duration in real estate and transportation, with just over 10% expected to expire in 2024.

Occupancy

·    96% occupancy of leased assets in real estate and transportation, with Q3 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)

·    38% portfolio weighted average loan to value across private assets. Asset level LTVs will vary by strategy, with the real estate average LTV of 33% and Infrastructure and Transport blended LTV of 49%. The underlying strategies continue to take a conservative view on overall leverage use.

Debt

·    4.6% blended average cost of debt across the strategies, with 65.7% being fixed and 34.3% floating and a weighted average maturity of 5.3 years.

Development Profile

Each underlying strategy has the capacity to engage in a small degree of development, with the private asset portfolio having a relatively minimal 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:

Other currencies also represent <2% of NAV. Numbers may not sum to 100% due to rounding.

The above reflects the changes in currency exposure following the allocation to the hedged vehicle of the Infrastructure strategy on 3rd July 2023.

21st December 2023

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.

For Further Information

JPMorgan Funds Limited - Company Secretary

Emma Lamb

Telephone 0207 742 4000

Buchanan Communications - Financial PR

[email protected]

0207 466 5000