REG - JPMorgan EM G&I Plc - Half-year Financial Report
26/02/2026 07:00
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RNS Number : 4372U JPMorgan Emerg Mkts Growth & Income 26 February 2026
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN EMERGING MARKETS GROWTH & INCOME PLC
HALF YEAR REPORT & FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2025
Legal Entity Identifier: 5493001VPQDYH1SSSR77
Information disclosed in accordance with the DTR 4.1.3
Highlights:
JPMorgan Emerging Markets Growth & Income plc (JMGI or the 'Company')
announces its half year results for the 6-months ended 31(st) Dec 2025.
· JMGI achieved a share price total return of +21.1% for the six
months, with the NAV total return at +20.5% compared with +18.1% for the MSCI
Emerging Markets Index total return (the Benchmark).
· For the ten years ended 31 December 2025, the share price total
return was +194.5% and the NAV total return was +179.4%, both ahead of the
Benchmark's +145.9%.
· 4% enhanced dividend implemented and a second interim dividend of
1.261p per share declared in respect of the period.
· The discount to NAV narrowed from 8.2% at 30 June 2025 to 7.8% at
period end.
· During the half year, JMGI repurchased 39,551,550 shares (3.9% of
opening share capital less shares in Treasury) at an average discount of 8.8%,
at a total cost of £49.8 million.
· Ongoing charges ratio remains highly competitive at 0.80% (0.79%
at FY 30 June 2025).
Aidan Lisser, the Chair of JMGI, commented:
"There are grounds to be encouraged by the prospects for emerging markets and
several factors support a continuing positive outlook in 2026. In that
context, the companies held in your portfolio offer a combination of
demonstrable competitive advantages, attractive valuations, strong balance
sheets and good cash generation - attributes that should enable them to take
advantage of economic opportunity, whilst having the resilience to withstand
volatility and uncertainty.
We will continue to stay true to our simple investment philosophy - to find
great investment opportunities in emerging markets and hold them for as long
as possible."
Portfolio Managers Austin Forey and John Citron, commented:
"At the moment there is more positive sentiment towards emerging markets
than there has been for a long time, which is welcome. However, enthusiasm
also requires caution, and the greater the enthusiasm the greater the caution
needed; we know from experience that cycles work in both directions, and that
it is very rarely 'different this time'. Fortunately, as the last six months
have shown, there are many diverse factors at work across emerging markets."
CHAIR'S STATEMENT
This is the first report to shareholders under our new name, JPMorgan Emerging
Markets Growth & Income plc ('JMGI') and I am pleased to report good
progress on a number of fronts.
A welcome resurgence in emerging markets
After a prolonged period of underperformance versus developed markets, 2025
marked a resurgence in emerging markets. This is for several reasons,
including a period of weaker dollar performance and some re-allocation of
investors' exposure to US equities. In addition, relative valuations are
attractive, particularly versus the US. The recovery, which accelerated in
April 2025 following US trade and tariff announcements, has continued into
2026. Over the first six months of our financial year, emerging markets
equities delivered robust returns for investors, with the MSCI Emerging
Markets Index (in sterling terms), rising 18.1%. The rally was led by
companies in technology hardware (driven by the AI investment cycle),
commodities, and precious metals. Latin American and Asian markets posted
strong gains, supported by favourable currency movements and global capital
rotation, despite ongoing geopolitical uncertainties. Taiwan and Korean
markets performed particularly well, reflecting their significant technology
exposure.
JMGI Outperforms Benchmark
For the half year to 31st December 2025, JMGI's Net Asset Value ('NAV') total
return was +20.5%, materially outperforming our Benchmark by 2.4%. The
portfolio performed especially strongly in the last quarter of 2025, with our
financial and technology holdings making the largest contributions. The Share
Price total return was +21.1%, 3.0% above our Benchmark. Since the half year
end, JMGI's NAV has risen by 12.9%, matching the Benchmark's rise of the same
amount at the time of writing.
Proactive Discount Management
During the period, the Company's shares traded at an average discount to NAV
of 8.5%, and having started the period at a discount of 8.2%, ended the period
at 7.8%. We repurchased 39,551,550 shares (3.9% of opening share capital less
shares in Treasury ('OSC')) at an average discount of 8.7% and a cost of
£49.8 million. Since the period end, a further 14,510,489 shares have been
repurchased. Shares bought back are held in Treasury and will only be reissued
at a premium to NAV.
Regular and consistent buybacks are a key part of our strategy to manage the
discount between JMGI's share price and NAV per share. Buybacks are only
conducted at a discount, which increases the NAV per share for remaining
shareholders and helps reduce discount volatility. Our buyback strategy forms
part of a broader framework that includes a focus on long-term performance,
competitive fees, active marketing, three-yearly continuation votes, and a
five-year performance-related conditional tender offer (to 30th June 2029).
Together, these measures are designed to align the share price with the
Company's portfolio value and support JMGI's long-term success.
Enhanced dividend policy now in place
At our AGM on 7th November 2025, shareholders approved the change of the
Company's Articles of Association to enable distribution of capital as income,
and the new enhanced dividend policy was implemented immediately thereafter.
The Company was renamed JPMorgan Emerging Markets Growth & Income plc on
14th November 2025. JMGI now intends to pay annual dividends equal to 4% of
NAV at the end of the preceding financial year, distributed in four equal
quarterly instalments (November, February, May and August).
It is important to emphasise once again that this policy does not constrain
our Portfolio Managers or alter JMGI's investment mandate or strategy. It is
designed to broaden JMGI's appeal to investors seeking both capital growth and
a reliable income, and makes use of the benefits of the investment trust
vehicle.
The first and second quarterly dividends of 1.261 pence per share each were
paid on 14th November 2025 and 13th February 2026 respectively, based on 1% of
the 30th June 2025 NAV. The next quarterly dividend payment of the same amount
will be made in mid-May 2026. Thereafter, 4% of 30th June 2026 NAV will be
used to calculate the dividends for the following year and paid in equal
quarterly instalments.
Shareholder Engagement
We continue to focus on engaging with existing shareholders and attracting new
investors. Over the past year, we have increased our communication with
individual investors, adding portfolio manager webinars and participating in
the very well attended JPMorgan live event for private investors. We encourage
shareholders to meet us and our Portfolio Managers in person at our AGM or
join online.
The Company also maintains an active investor relations programme for wealth
managers, institutions, and other professional investors. Shareholders can
contact the Board via the Company Secretary at
jpmam.investment.trusts@jpmorgan.com
We encourage shareholders to visit our website www.jmgi.co.uk where we
regularly post videos, insights and market commentary from our portfolio
management team, as well as monthly performance and portfolio updates and
sponsored research. Existing and potential shareholders can subscribe for
regular email updates via our website, by visiting
https://tinyurl.com/JMGI-Sign-Up.
Awards and Recommendations
We are pleased to report that the Company has continued to receive recognition
in the second half of the year. Notably, JMGI was named Winner of the Emerging
Markets Equity Active category at the AJ Bell Investment Awards 2025. The
Company has also maintained a strong presence in the financial press, with
ongoing coverage and recommendations from respected outlets including
Interactive Investor, Investors Chronicle, MoneyWeek, and other
well-established financial media, all highlighting JMGI as a valuable addition
to investors' portfolios. We are proud to be featured once again in Hargreaves
Lansdown's '5 Investment Trusts to Watch for 2026' and continue to be included
in Interactive Investor's 'ii Super 60 investments' list.
Outlook
As I mentioned at the start of this report, there are grounds to be encouraged
by the prospects for emerging markets and several factors support a continuing
positive outlook in 2026. In that context, the companies held in your
portfolio offer a combination of demonstrable competitive advantages,
attractive valuations, strong balance sheets and good cash generation -
attributes that should enable them to take advantage of economic opportunity,
whilst having the resilience to withstand volatility and uncertainty.
Meanwhile, as a Board we remain watchful and vigilant, cognisant of the
turbulent environment that we are all experiencing at present. We will
continue to stay true to our simple investment philosophy, as often expressed
by Austin and John - to find great investment opportunities in emerging
markets and hold them for as long as possible.
Aidan Lisser
Chair
25th February 2026
PORTFOLIO MANAGERS' REPORT
The first half of your company's financial year saw continued gains from
emerging market equities; in the six months to the end of December the asset
class rose 18% in sterling terms. Several factors contributed to this rise,
including a weakening US dollar, an upswing in commodity prices, and above all
a surge in technology stocks. Your portfolio managed to keep ahead of this
buoyant market, thanks especially to its investments in a number of tech
hardware producers, including TSMC, SK Hynix and Samsung Electronics. These
and other similar companies are experiencing an unprecedented surge in demand
for their products as a result of heavy investment in AI (artificial
intelligence), leading to significant profit growth and upwards revisions of
profit expectations. As noted in last year's interim report, these and other
companies in Taiwan and Korea lead the world in their manufacturing
capabilities in technology hardware and are an indispensable enabler of AI
development. Your portfolio has had a meaningful exposure in this area for a
long time, though during the last six months we have been reducing positions
somewhat in response to significant share price appreciation.
The other pronounced recent trend in markets has been a big rise in certain
commodity prices, including precious metals, though notably not oil. There are
two different influences at work; some industrial metals like copper have
appreciated strongly because of demand for electrification and computing
investment; this is related to the trends seen in the technology industry.
Gold has also risen strongly, but this is explained by its status as a
currency that cannot be easily debased, and is in part the flip side of US
dollar weakness. If technology hardware was the biggest positive driver of
portfolio performance during the half year, our failure to own much in the
materials space was the biggest detractor; we spent much of the last six
months thinking that things in this sector had run too far, only to see them
run a lot further.
It is always a challenge to distil six months into a few paragraphs, and it
would be a mistake to think that only technology and commodities mattered; our
stock selection in financials contributed positively even though two of our
larger investments in the sector, HDFC Bank and Kotak, declined marginally
during the period; their share prices reflected the fact that India missed out
on the general rise in markets completely and was one of only three markets to
register a negative return over the last six months. The performance of Indian
banks serves as a reminder that banking is an overwhelmingly domestic industry
in emerging markets, and banks in different countries can produce a wide
variety of outcomes; our overweight position to financials should therefore be
much more diversified than sectors based on exporting a common commodity
around the world, whether that is oil or Dynamic Random Access Memory (DRAM)
chips.
After some significant returns from the asset class, what of the outlook? At
the moment there is more positive sentiment towards emerging markets than
there has been for a long time, which is welcome. However, enthusiasm also
requires caution, and the greater the enthusiasm the greater the caution
needed; we know from experience that cycles work in both directions, and that
it is very rarely 'different this time'. Fortunately, as the last six months
have shown, there are many diverse factors at work across emerging markets. We
may not have owned Latin American mining stocks, but bank stocks across the
region have done well too. In Korea it was important to own the leading
hardware producers, but a continued push for corporate reform helped stocks in
many other sectors deliver good outcomes as well. Domestic demand in China may
be weak, but its exports go from strength to strength and we have added to the
portfolio's industrial investments there. These are just a few examples to
make the point that, regardless of what is making headlines today, there is
always opportunity somewhere, probably in the areas that are not being talked
about so much. A consistent process and a well-resourced team, allied to an
eye for the counter-cyclical and the overlooked, should stand us in good stead
as we work to find opportunities and above all to create value for
shareholders in the future.
Austin Forey
John Citron
Portfolio
Managers
25th February 2026
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its half year
report:
Principal and Emerging Risks and Uncertainties
The principal and emerging risks and uncertainties faced by the Company
have not materially changed from those reported in the Annual Report and
Financial Statements for the year ended 30th June 2025 ('AFR') and fall into
the following broad categories: political and economic; investment
underperformance; strategy and business management; operational, counterparty
and legal; and, corporate governance and shareholder relations. Information on
each of these areas is given in the Business Review within the AFR.
The Board has also considered and kept under review emerging risks, including
but not limited to the impact of higher long-term interest rates, climate
change & ESG compliance, artificial intelligence, technological advances
in asset management and a new world order. Details of these emerging risks
are given in the Business Review within the AFR.
Related Parties Transactions
During the first six months of the current financial year, no transactions
with related parties have taken place which have materially affected the
financial position or the performance of the Company.
Going Concern
The Directors believe, having considered the Company's investment objectives,
risk management policies, capital management policies and procedures, nature
of the portfolio and expenditure projections, that the Company has adequate
resources, an appropriate financial structure and suitable management
arrangements in place to continue in operational existence for the foreseeable
future and more specifically, that there are no material uncertainties
pertaining to the Company that would prevent its ability to continue in such
operational existence for at least 12 months from the date of the approval of
this half year financial report. For these reasons, they consider there is
reasonable evidence to continue to adopt the going concern basis in preparing
the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the
half yearly financial report has been prepared in accordance with FRS 104
'Interim Financial Reporting' and gives a true and fair view of the state of
affairs of the Company and of the assets, liabilities, financial position and
net return of the Company, as at 31st December 2025 as required by the UK
Listing Authority Disclosure and Transparency Rules 4.2.4R; and
(ii) the interim management report includes a fair review of the
information required by 4.2.7R and 4.2.8R of the UK Listing Authority
Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these financial
statements, the Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and accounting estimates that are reasonable
and prudent;
• state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and explained in the
financial statements; and
• prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will continue in
business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Aidan Lisser
Chair
25(th) February 2026
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 2025 31st December 2024 30(th) June 2025
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments held at fair value through profit or loss - 244,002 244,002 - 32,390 32,390 - 34,763 34,763
Foreign currency exchange losses - (366) (366) - (58) (58) - (668) (668)
Income from investments 14,098 115 14,213 11,257 - 11,257 30,747 125 30,872
Interest receivable 162 - 162 199 - 199 264 - 264
Gross return 14,260 243,751 258,011 11,456 32,332 43,788 31,011 34,220 65,231
Management fee (1,376) (3,210) (4,586) (1,369) (3,194) (4,563) (2,676) (6,244) (8,920)
Other administrative expenses (880) - (880) (780) - (780) (1,541) - (1,541)
Net return before finance costs and taxation 12,004 240,541 252,545 9,307 29,138 38,445 26,794 27,976 54,770
Finance costs (1) (2) (3) - - - (6) (15) (21)
Net return before taxation 12,003 240,539 252,542 9,307 29,138 38,445 26,788 27,961 54,749
Taxation (1,047) (719) (1,766) (1,156) (4,177) (5,333) (2,254) (3,016) (5,270)
Net return after taxation 10,956 239,820 250,776 8,151 24,961 33,112 24,534 24,945 49,479
Return per ordinary share (note 3) 1.11p 24.29p 25.40p 0.75p 2.28p 3.03p 2.30p 2.33p 4.63p
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or
discontinued in the period.
The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns
represent supplementary information prepared under guidance issued by the
Association of Investment Companies.
The Net return after taxation, represents the profit for the period and also
the total comprehensive income.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Called up Share Capital Other Capital Revenue Total
share premium redemption reserve(1) reserves(1) reserve(1) £'000
capital account reserve £'000 £'000 £'000
£'000 £'000 £'000
Six months ended 31st December 2025 (Unaudited)
At 30th June 2025 33,091 173,631 1,665 - 1,034,169 32,867 1,275,423
Repurchase of ordinary shares into Treasury - - - - (49,832) - (49,832)
Net return - - - - 239,820 10,956 250,776
Dividends paid in the period (note 4) - - - - - (26,683) (26,683)
At 31st December 2025 33,091 173,631 1,665 - 1,224,157 17,140 1,449,684
Six months ended 31st December 2024 (Unaudited)
At 30th June 2024 33,091 173,631 1,665 69,939 1,046,311 29,392 1,354,029
Repurchase of ordinary shares into Treasury - - - - (41,774) - (41,774)
Net return - - - - 24,961 8,151 33,112
Dividends paid in the period (note 4) - - - - - (14,249) (14,249)
At 31st December 2024 33,091 173,631 1,665 69,939 1,029,498 23,294 1,331,118
Year ended 30th June 2025 (Audited)
At 30th June 2024 33,091 173,631 1,665 69,939 1,046,311 29,392 1,354,029
Repurchase of ordinary shares into Treasury - - - (69,939) (37,087) - (107,026)
Net return - - - - 24,945 24,534 49,479
Dividends paid in the year (note 4) - - - - - (21,059) (21,059)
At 30th June 2025 33,091 173,631 1,665 - 1,034,169 32,867 1,275,423
(1 ) These reserves forms the distributable reserve of the
Company and are used to fund distributions to shareholders by way of
dividends.
CONDENSED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Unaudited) (Audited)
At At At
31st December 31st December 30th June
2025 2024 2025
£'000 £'000 £'000
Fixed assets
Investments held at fair value through profit or loss 1,431,415 1,345,108 1,283,313
Current assets
Debtors 3,252 2,119 6,843
Current asset investments(1) 27,058 363 14,070
Cash at bank 223 172 4,349
30,533 2,654 25,262
Current liabilities
Creditors: amounts falling due within one year (348) (700) (20,776)
Net current assets 30,185 1,954 4,486
Total assets less current liabilities 1,461,600 1,347,062 1,287,799
Provision for liabilities(2) (11,916) (15,944) (12,376)
Net assets 1,449,684 1,331,118 1,275,423
Capital and reserves
Called up share capital 33,091 33,091 33,091
Share premium account 173,631 173,631 173,631
Capital redemption reserve 1,665 1,665 1,665
Other reserve - 69,939 -
Capital reserves 1,224,157 1,029,498 1,034,169
Revenue reserve 17,140 23,294 32,867
Total shareholders' funds 1,449,684 1,331,118 1,275,423
Net asset value per ordinary share (note 5) 149.1p 124.3p 126.1p
(1) Investment in the JPMorgan USD Liquidity Fund.
(2) Provision relating to Indian capital gains tax liability.
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 31st December 30th June
2025 2024 2025
£'000 £'000 £'000
Cash flows from operating activities
Net return before finance costs and taxation 252,545 38,445 54,770
Adjustment for:
Gains on investments held at fair value through
profit or loss (244,002) (32,390) (34,763)
Foreign currency exchange losses 366 58 668
Dividend income (14,192) (11,236) (30,851)
Interest income (162) (199) (264)
Scrip Dividends received as income (21) (21) (21)
Realised losses on foreign currency exchange transactions (151) (43) (503)
Realised foreign currency exchange (losses)/gains on
JPMorgan USD Liquidity fund (103) 21 (152)
Decrease/(increase) in other debtors 48 (6) (41)
Increase/(decrease) in accrued expenses 2 (79) (20)
Net cash outflow from operating activities before dividends,
interest and taxation (5,670) (5,450) (11,177)
Dividends received 13,712 12,745 28,869
Interest received 162 199 264
Overseas withholding tax recovered 159 559 1,080
Capital gains tax paid(1) (1,179) (765) (3,172)
Net cash inflow from operating activities 7,184 7,288 15,864
Purchases of investments (73,831) (36,221) (293,754)
Sales of investments 152,850 80,215 418,823
Net cash inflow from investing activities 79,019 43,994 125,069
Equity dividends paid (26,683) (14,249) (21,059)
Repurchase of ordinary shares into Treasury (50,543) (41,985) (106,944)
Interest paid (3) - (21)
Net cash outflow from financing activities (77,229) (56,234) (128,024)
Increase/(decrease) in cash and cash equivalents(2) 8,974 (4,952) 12,909
Cash and cash equivalents at start of period/year(2) 18,419 5,523 5,523
Foreign currency exchange movements (112) (36) (13)
Cash and cash equivalents at end of period/year(2) 27,281 535 18,419
Cash and cash equivalents consist of:(2)
Cash at bank 223 172 4,349
Investment in JPMorgan USD Liquidity Fund 27,058 363 14,070
Total 27,281 535 18,419
(1) Relating to Indian Capital Gains Tax paid.
(2) The term 'cash and cash equivalents' is used for the
purposes of the Statement of Cash Flows, and represents Cash at bank and
investment in the JPMorgan USD Liquidity Fund (shown as Current asset
investments in the Condensed Statement of Financial Position).
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the six months ended 31st December 2025
1. Financial statements
The information contained within the condensed financial statements in this
half year report has not been audited or reviewed by the Company's auditors.
The figures and financial information for the year ended 30th June 2025 are
extracted from the latest published financial statements of the Company and do
not constitute statutory accounts for that year. Those financial statements
have been delivered to the Registrar of Companies and including the report of
the auditors which was unqualified and did not contain a statement under
either section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The financial statements have been prepared under the historical cost
convention, modified to include fixed asset investments at fair value, and in
accordance with the Companies Act 2006, United Kingdom Generally Accepted
Accounting Practice ('UK GAAP'), including FRS 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland' and with the Statement
of Recommended Practice 'Financial Statements of Investment Trust Companies
and Venture Capital Trusts' (the revised 'SORP') issued by the Association of
Investment Companies in July 2022.
FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting
Council ('FRC') in March 2015 has been applied in preparing this condensed set
of financial statements for the six months ended 31st December 2025.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of financial statements
are consistent with those applied in the financial statements for the year
ended 30th June 2025.
3. Return per ordinary share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 2025 31st December 2024 30th June 2025
£'000 £'000 £'000
Return per ordinary share is based on the following:
Revenue return 10,956 8,151 24,534
Capital return 239,820 24,961 24,945
Total return 250,776 33,112 49,479
Weighted average number of ordinary shares in issue
during the period (excluding shares held in Treasury) 987,193,342 1,093,972,381 1,068,231,058
Revenue return per ordinary share 1.11p 0.75p 2.30p
Capital return per ordinary share 24.29p 2.28p 2.33p
Total return per ordinary share 25.40p 3.03p 4.63p
4. Dividends paid
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 2025 31st December 2024 30th June 2025
Pence £'000 Pence £'000 Pence £'000
Dividends paid
Final dividend in respect of prior year 1.450 14,272 1.300 14,249 1.300 14,249
First interim dividend 1.261 12,411 - - 0.650 6,810
Total dividends paid in the period/year 2.711 26,683 1.300 14,249 1.950 21,059
All dividends paid in the period have been funded from the revenue reserve.
A second interim dividend of 1.261p (2025: nil) per share amounting to
£12,228,000 (2025: £nil), was declared payable in respect of the year ending
30th June 2026. This was paid on 13th February 2026 to shareholders on the
register at the close of business on 16th January 2026. The ex-dividend date
was 15th January 2026.
5. Net asset value per ordinary share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 2025 31st December 2024 30th June 2025
Net assets (£'000) 1,449,684 1,331,118 1,275,423
Number of ordinary shares in issue (excluding shares
held in Treasury) 972,003,080 1,071,039,001 1,011,554,630
Net asset value per ordinary share 149.1p 124.3p 126.1p
6. Fair valuation of instruments
The fair value hierarchy disclosures required by FRS 102 are given below:
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 2025 31st December 2024(2) 30th June 2025
Assets Liabilities Assets Liabilities Assets Liabilities
£'000 £'000 £'000 £'000 £'000 £'000
Level 1 1,431,415 - 1,345,108 - 1,283,313 -
Level 2(1) 27,058 - 363 - 14,070 -
Level 3(3) - - - - - -
Total value of investments 1,458,473 - 1,345,471 - 1,297,383 -
(1) Current asset investments in the JPMorgan USD
Liquidity Fund.
(2) Restated to include the Current assets
investments in the JPMorgan USD Liquidity Fund.
(3) The Level 3 investment relates to the
Company's holding in the Russian stock Sberbank of Russia.
There have been no transfers between Levels 1, 2 or 3 during the period.
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 2025 31st December 2024 30th June 2025
Equity Equity Equity
Investments Total Investments Total Investments Total
Level 3(1) £'000 £'000 £'000 £'000 £'000 £'000
Opening balance - - 58 58 58 58
Change in fair value of unquoted investment
during the period/year - - (58) (58) (58) (58)
Closing balance - - - - - -
( )
(1) The Level 3 investment relates to the
Company's holding in the Russian stock Sberbank of Russia.
As at 31st December 2025, the holding in the Russian stock Sberbank of Russia
is written down to nil due to the prolonged conflict with Ukraine and the
sanctions imposed on Russia since 25th February 2022.
7. Analysis of change in net cash
Foreign
As at currency As at
30th June exchange 31st December
2025 Cash flows movements 2025
£'000 £'000 £'000 £'000
Cash and cash equivalents
Cash at bank 4,349 (4,087) (39) 223
Current asset investments(1) 14,070 13,061 (73) 27,058
Net cash 18,419 8,974 (112) 27,281
( )
(1) JPMorgan USD Liquidity Fund, a AAA rated money market fund which
seeks to achieve a return in line with prevailing money market rates whilst
aiming to preserve capital consistent with such rates and to maintain a high
degree of liquidity.
JPMORGAN FUNDS LIMITED
25(th) February 2026
For further information, please contact:
Divya Amin
For and on behalf of JPMorgan Funds Limited
Telephone: 0800 20 40 20 or or +44 1268 44 44 70 (tel:+441268444470)
E-mail: jpmam.investment.trusts@jpmorgan.com
(mailto:jpmam.investment.trusts@jpmorgan.com)
Neither the contents of the Company's website nor the contents of any
website accessible from hyperlinks on the Company's website (or any other
website) is incorporated into, or forms part of, this announcement.
ENDS
A copy of the half year will be submitted to the National Storage Mechanism
and will shortly be available for inspection
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
The Half Year Report will also shortly be available on the Company's
website www.jmgi.co.uk where up to date information on the Company,
including daily NAV and share prices, factsheets and portfolio information can
also be found.
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. END IR VELFLQLLZBBV
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