London, UK, 21 June 2017
Edison issues review on JPMorgan Global Growth & Income (JPGI)
JPMorgan Global Growth & Income (JPGI) is a 50-90 stock portfolio of global equities, chosen by manager Jeroen Huysinga from the output of a rigorous, valuation-based investment process developed by J.P. Morgan Asset Management (JPMAM). After a long period where investors were focused on defensive growth stocks, a recovery in the appetite for cyclical companies since mid-2016 has favoured JPGI's approach. The resulting resurgence in performance has seen the trust's NAV total return outperform both its MSCI AC World benchmark and all of its peers in the AIC Global Equity Income sector over one, three and five years and since 1 October 2008 (when it adopted its current strategy). Recent share price performance has been even stronger, arguably boosted by greater investor appetite for the trust since announcing a 4% annual distribution policy in July 2016.
At 19 June 2017, JPGI's shares traded at a 1.6% discount to cum-income NAV. This is well below the one-, three- and five-year averages of 7.2%, 7.8% and 7.4%, respectively. The discount has narrowed sharply since the announcement of the new distribution policy in July 2016, and reached a five-year narrowest point of 0.9% in April. After a period of very strong NAV performance, the 4% distribution for FY18 is likely to be significantly higher in absolute terms than the 9.8p (3.2p in respect of FY16 and 6.6p in respect of FY17) paid out during FY17.
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