Half-year Report
29/11/2023 16:46
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RNS Number : 1158V JPMorgan European Grwth & Inc PLC 29 November 2023
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN EUROPEAN GROWTH & INCOME PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED
30TH SEPTEMBER 2023
Legal Entity Identifier: 549300D8SPJFHBDGXS57
Information disclosed in accordance with DTR 4.1.
CHAIR'S STATEMENT
Introduction
In this six month reporting period to the 30th September 2023 it is pleasing
to report that the Company continued to outperform its benchmark. In what has
been an uncertain period, the Board believes the robust proposition of the
Company allows the Investment Managers the freedom to navigate European
markets, whilst delivering to our shareholders the best of capital growth
combined with a consistent income.
During this reporting period, very sadly the devastating conflict in Ukraine
rages on and as I write this, we witness the terrible events in Israel and
Palestine. It seems resolution and peace are a long way off. Surprisingly
global stock markets have mostly taken these latest events in their stride.
However other factors are taking their toll on the growth of the European
economies. There has been a period of interest rate hikes by the central banks
of the main Western economies including the European Central Bank (ECB) to
bring inflation under control. Germany, the region's largest economy, has been
particularly affected. Tensions with China persisted and the failure of Credit
Suisse added to an increasingly fragile geopolitical situation and negative
economic pressures.
Performance
Return on net assets (NAV) and return to shareholders
The Company's net assets outperformed its benchmark by 1.8% in the period
under review (debt at fair value). Despite the favourable performance, the
Company's net assets recorded a negative return for the period, unable to
completely offset the broad decline of the benchmark.
The total return on net assets was -0.2% (debt at fair value). As stated, both
of these returns compare well with the benchmark which recorded a total return
in sterling terms of -2.0%. Strong relative stock selection was the main
reason for this. In their Report on page 11 of the Company's half year report
and financial statements, the Investment Managers review in more detail some
of the factors underlying the performance of the Company as well as commenting
on the economic and market background over the period in question.
For an explanation of the calculation of the Company's NAV, please see the
Glossary of Terms and Alternative Performance Measures on page 27 of the
Company's half year report and financial statements.
The total return to shareholders, which takes into account the movement of the
share price over the period, outperformed the benchmark though by a smaller
margin delivering a return of -1.2%.
The Company's restructuring in February 2022 has resulted in some of the
performance and dividend data for periods prior to this reporting period being
calculated on a transitional basis as detailed in various footnotes throughout
this report.
Dividends
One of the aims of the Company is to provide shareholders with a predictable
dividend income at a level that is consistent and frequent. This has been set
at 4% of the preceding year NAV payable in July, October, January and March.
In line with the above aim, in respect of the year ending 31st March 2024, the
Company has paid the first interim dividend of 1.05 pence per Ordinary share
and declared the second interim dividend of 1.05 pence per Ordinary share.
Between the end of this six month reporting period and the release of this
report, the Company's Board declared a third interim dividend of 1.05 pence
per Ordinary share. The Board is expecting to declare the fourth interim
dividend in February 2024. As in 2023, brought forward revenue reserves will
be utilised to partially cover the dividend for the financial year ending 31st
March 2024.
Although not expected to be required in the financial year ending 31st March
2024, the Company's Articles also permit the Company's dividends to be paid
from distributable capital reserves.
Gearing
There has been no change in the Investment Manager's permitted gearing range,
as previously set by the Board, of between 10% net cash to 20% geared. At 30th
September 2023 the Company was modestly geared at 3.3% (31st March 2023:
3.1%).
Discounts, Share Issuance and Repurchase
During the period under review, the average discount across the Investment
Trust sector has remained elevated. Particular signs of stress are evident in
those Trusts with significant unquoted assets due to illiquidity concerns as
investors deliberate their level of confidence in underlying Net Asset Values.
Despite the liquidity and transparency of the markets in which your Company
invests, its sector and the Company itself have been tarred with this
nervousness. The Board remain vigilant and active, addressing imbalances in
the supply of and demand for the Company's shares through a buy-back of
shares. The Board does not wish to see the discount widen beyond 10% under
normal market conditions (using the cum-income NAV with debt at fair) on an
ongoing basis. The precise level and timing of repurchases is dependent on a
range of factors including prevailing market conditions. In the period under
review, 3,468,338 Ordinary shares were bought into Treasury. From 1st October
2023 to 27th November 2023, 1,200,059 Ordinary shares were bought into
Treasury. No Ordinary shares were issued.
The Company's Ordinary share discount as at 30th September 2023 was 11.8% to
NAV with debt at fair value. The average discount of a peer group of six
companies as at the same date was 10.1%. On 27th November, 2023, the
Company's Ordinary share discount was 10.2%, which compares to an average
discount of the same peer group of 10.0% as at the same date, though hides
variation in strategy and performance across the sector.
Board of Directors
In line with the Company's Board Succession Plan, Jutta af Rosenborg will be
retiring as Director and Audit Committee Chair on reaching her nine-year
tenure next year. An independent search agency has been engaged to undertake a
search for a suitable replacement Director and Audit Chair, with the aim of
appointment in early 2024.
AIC Investment Week Award 2023
I am delighted that the Company was voted the best investment company in the
European sector at the annual AIC Investment Week Award ceremony held on 16th
November 2023. The judges commended the Company's performance and the benefits
provided by its simplified and shareholder focused structure.
Outlook
The already fragile geopolitical outlook was further weakened in October 2023
by the vicious escalation of hostilities between Israel and Palestine. The
economic impact that this latest tragedy will have on European equity markets
is uncertain but has the potential to develop into a wider regional conflict
which could further exacerbate already elevated energy prices. The recent run
of increases in interest rates by the major economies central banks, including
the ECB, seems to have ended as the desired reduction in inflation rates has
so far been achieved. Whether the current rates of interest will precipitate a
global recession remains to be seen.
Despite these challenges the Board has confidence the Company's Investment
Managers remain dedicated to their strategy and have the agility to navigate
these tricky times. Our optimism for European equities over the long term
remains undimmed.
Rita Dhut
Chair
29th November 2023
INVESTMENT MANAGERS' REPORT
Market Background
Following a strong finish to the Company's last financial year our benchmark
index fell 2.0% in the six months to the end of September. It is clear that,
as expected, inflation has peaked as lower energy prices and the easing of
supply chain issues helped. By September the rate of consumer price increases
in the Eurozone had slowed to 4.3%.
By the end of the half year under review the European Central Bank (ECB) had
hiked interest rates for the tenth consecutive time in its efforts to control
inflation. While it has now indicated that it may pause it also reiterated
that it expects to keep rates high for some time. Bank lending to households
in the eurozone rose by 1.3% year-on-year, the lowest growth rate since
November 2015, as the deceleration in credit demand persisted due to the
unprecedented policy tightening enforced by the ECB over the past months.
Despite a growing belief that a recession in Europe had been avoided, or at
least pushed out into 2024 economic growth has started to weaken. For example,
the Eurozone Composite Purchasing Managers' Index (PMI) fell to 47.2 in
September, suggesting economic contraction across the bloc's private sector
economy. While manufacturing has been weak for some time the decline in the
services side of the economy is a newer problem. Although the employment
backdrop remains robust consumer confidence has started to decline again.
Portfolio Performance
The Company outperformed its benchmark index by 1.8% based on NAV with debt
valued at fair value, in the first half of its financial year. Within
pharmaceuticals Novo Nordisk was again a top contributor to performance as its
anti-obesity drugs continued to exceed expectations. Various clinical trials
have shown a positive impact from its anti-obesity products on other
conditions such as major adverse cardiovascular events and chronic kidney
disease in diabetes patients. It has now raised earnings guidance three times
this year. The portfolio has also been overweight in the bank sector with
companies such as UniCredit in Italy contributing positively to performance.
As interest rates have risen net interest margins have expanded leading to
frequent earnings upgrades. Despite this, valuations have remained modest and
with well capitalised balance sheets UniCredit, and others in the sector, have
been able to return money to shareholders by raising dividends and buying back
equity.
During the six months under review we increased the weighting to the Materials
sector by adding to our position in Air Liquide which is the number two player
in industrial and healthcare gases. The top three companies control 70% of the
market giving them a quasi-oligopoly with rational pricing and often long term
take or pay contracts. The backlog is strong, and the growth rate is
accelerating. At a sector level the biggest reduction was in Consumer Durables
where we reduced overweight positions in LVMH and Richemont. Both companies
have seen earnings estimates stall with concerns about Chinese growth
resurfacing and both companies, particularly LVMH, were on high valuations
when bond yields were continuing to rise.
By the end of the half year the Company's top three overweight sectors were
Banks, Energy and Semi-Conductors and the bottom three underweights were
Healthcare Equipment, Financial Services and Food, Beverage and Tobacco.
Overall, the portfolio remains cheaper than the benchmark, with better quality
and momentum characteristics.
Outlook
Recent statements from both the ECB and the Federal Reserve have given markets
the hope that the monetary tightening phase is drawing to an end, although it
is too soon to expect interest rates to be lowered again. It is likely that
the economic data will be somewhat contradictory for some time which may lead
to further volatility in both bond and equity markets. At some stage markets
will start to worry that Central Banks have tightened too much, and recession
fears will rise. As mentioned above there are signs that both the
manufacturing and services side of European economies are slowing. However, we
continue to find exciting investment opportunities across a range of sectors.
When yields, and especially real yields, have peaked that will provide support
for valuations particularly of longer duration assets.
Alexander Fitzalan Howard
Zenah Shuhaiber
Tim Lewis
Investment Managers
29th November 2023
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its half year
report:
Principal Risks and Uncertainties
The Principal Risks and uncertainties faced by the Company fall into the
following broad categories: investment; operational; regulatory;
discount/premium to NAV; strategy; pandemic risk; climate change; geopolitical
and economic concerns; artificial intelligence ('AI'). Information on each of
these areas is given in the Business Review within the Annual Report and
Accounts for the year ended 31st March 2023.
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,
future cash flow projections, risk management policies, liquidity risk,
principal and emerging risks, capital management policies and procedures,
nature of the portfolio and expenditure projections and the economic and
operational impact of Russia's invasion of Ukraine other conflicts and
geopolitical tensions and Covid-19 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 relating to the Company
that would prevent its ability to continue in such operation existence for at
least 12 months from the date of the approval of this half yearly 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 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
Rita Dhut
Chair
29th November 2023
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30th September 2023
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 2023 30th September 2022 31st March 2023
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/gains on investments
and derivatives held at fair
value through profit or loss - (12,354) (12,354) - (47,326) (47,326) - 32,295 32,295
Foreign exchange
(losses)/gains on liquidity
fund - (82) (82) - 877 877 - 1,141 1,141
Net foreign currency
gains/(losses) - 334 334 - (2,268) (2,268) - (2,795) (2,795)
Income from investments 12,026 - 12,026 10,942 - 10,942 15,138 - 15,138
Interest receivable and similar
income 128 - 128 34 - 34 48 - 48
Gross return/(loss) 12,154 (12,102) 52 10,976 (48,717) (37,741) 15,186 30,641 45,827
Management fee (356) (832) (1,188) (332) (775) (1,107) (668) (1,560) (2,228)
Other administrative expenses (276) - (276) (239) - (239) (557) - (557)
Net return/(loss) before finance
costs and taxation 11,522 (12,934) (1,412) 10,405 (49,492) (39,087) 13,961 29,081 43,042
Finance costs (172) (402) (574) (178) (416) (594) (359) (837) (1,196)
Net return/(loss) before taxation 11,350 (13,336) (1,986) 10,227 (49,908) (39,681) 13,602 28,244 41,846
Taxation (1,048) - (1,048) (1,127) - (1,127) (1,248) - (1,248)
Net return/(loss) after taxation 10,302 (13,336) (3,034) 9,100 (49,908) (40,808) 12,354 28,244 40,598
Return/(loss) per share: (note 3) 2.38p (3.08)p (0.70)p 2.08p (11.43)p (9.35)p 2.83p 6.48p 9.31p
All revenue and capital items in the above statement derive from continuing
operations.
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. Net return/(loss) after taxation represents the profit/(loss) for
the period/year and also the total comprehensive income
CONDENSED STATEMENT OF CHANGES IN EQUITY
Called up Capital
share Share redemption Capital Revenue
capital premium reserve reserves(1) reserve(1) Total
£'000 £'000 £'000 £'000 £'000 £'000
Six months ended 30th September 2023 (Unaudited)
At 31st March 2023 2,185 131,163 18,273 299,679 3,946 455,246
Repurchase of shares into Treasury - - - (3,228) - (3,228)
Net (loss)/return - - - (13,336) 10,302 (3,034)
Dividend paid in the period (note 4) - - - - (4,556) (4,556)
At 30th September 2023 2,185 131,163 18,273 283,115 9,692 444,428
Six months ended 30th September 2022 (Unaudited)
At 31st March 2022 4,605 131,163 15,853 273,876 13,837 439,334
Repurchase and cancellation of the Company's
own shares (2) - 2 (258) - (258)
Repurchase of shares into Treasury - - - (940) - (940)
Net return - - - (49,908) 9,100 (40,808)
Dividends paid in the period (note 4) - - - - (9,181) (9,181)
At 30th September 2022 4,603 131,163 15,855 222,770 13,756 388,147
Year ended 31st March 2022 (Audited)
At 31st March 2022 4,605 131,163 15,853 273,876 13,837 439,334
Reclassification of shares cancelled in respect of
the restructure in the prior year (2,418) - 2,418 - - -
Repurchase and cancellation of the Company's
own shares (2) - 2 (258) - (258)
Repurchase of shares into Treasury - - - (2,183) - (2,183)
Net return - - - 28,244 12,354 40,598
Dividends paid in the year (note 4) - - - - (22,245) (22,245)
At 31st March 2023 2,185 131,163 18,273 299,679 3,946 455,246
(1) These reserves form the distributable reserve of the Company and
may be used to fund distribution of profits to investors.
CONDENSED STATEMENT OF FINANCIAL POSITION
At 30th September 2023
(Unaudited) (Unaudited) (Audited)
30th September 30th September 31st March
2023 2022 2023
£'000 £'000 £'000
Fixed assets
Investments held at fair value through profit or loss 459,127 400,475 469,173
Current assets
Derivative financial assets 216 292 12
Debtors 4,807 3,813 4,782
Cash and cash equivalents 23,980 28,881 25,523
29,003 32,986 30,317
Current liabilities
Creditors: amounts falling due within one year (473) (1,576) (364)
Derivative financial liabilities (5) (20) (101)
Net current assets 28,525 31,390 29,852
Total assets less current liabilities 487,652 431,865 499,025
Creditors: amounts falling due after more than one year (43,224) (43,718) (43,779)
Net assets 444,428 388,147 455,246
Capital and reserves
Called up share capital 2,185 4,603 2,185
Share premium 131,163 131,163 131,163
Capital redemption reserve 18,273 15,855 18,273
Capital reserves 283,115 222,770 299,679
Revenue reserve 9,692 13,756 3,946
Total shareholders' funds 444,428 388,147 455,246
Net asset value per share (note 5) 103.1p 89.1p 104.8p
CONDENSED STATEMENT OF CASH FLOWS
For the six months ended 30th September 2023
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 30th September 31st March
2023 20221 2023
£'000 £'000 £'000(1)
Cash flows from operating activities
Total (loss)/return on ordinary activities (1,412) (39,087) 43,042
Adjustment for:
Net (losses)/gains on investments held at fair value through
profit or loss 12,354 47,326 (32,295)
Foreign exchange (losses)/gains on Liquidity fund 82 (877) (1,141)
Net foreign currency gains/(losses) (334) 2,268 2,795
Dividend income (12,026) (10,942) (15,138)
Interest income (115) (1) (2)
Realised gain/(loss) on foreign exchange transactions 6 (37) 494
Realised exchange gain/(loss) on Liquidity fund 193 (26) 648
Decrease in accrued income and other debtors 22 66 27
Decrease/(increase) in accrued expenses 25 (70) (41)
(1,205) (1,380) (1,611)
Dividends received 10,842 9,733 12,264
Interest received 51 1 2
Overseas withholding tax recovered 153 47 661
Net cash inflow from operating activities 9,841 8,401 11,316
Purchases of investments and derivatives (67,519) (51,977) (120,395)
Sales of investments and derivatives 65,216 53,707 131,716
Settlement of foreign currency contracts (533) (887) (1,531)
Net cash (outflow)/inflow from investing activities (2,836) 843 9,790
Equity dividends paid (4,556) (9,181) (22,245)
Repurchase of shares for Cancellation - (258) (258)
Repurchase of shares into Treasury (3,141) (940) (2,089)
Interest paid (576) (571) (1,170)
Net cash outflow from financing activities (8,273) (10,950) (25,762)
Decrease in cash and cash equivalents (1,268) (1,706) (4,656)
Cash and cash equivalents at start of period/year 25,523 29,685 29,685
Unrealised gain on foreign currency cash and cash equivalents (275) 902 494
Cash and cash equivalents at end of period/year 23,980 28,881 25,523
Cash and cash equivalents consist of:
Cash and short term deposits 421 670 280
Cash held in JPMorgan Euro Liquidity fund 23,559 28,211 25,243
Total 23,980 28,881 25,523
(1) The presentation of the Cash Flow Statement, as permitted under
FRS 102, has been changed so as to present the reconciliation of 'net
return/(loss) before finance costs and taxation' to 'net cash inflow from
operating activities' on the face of the Cash Flow Statement. Previously, this
was shown by way of note. Interest paid has also been reclassified to
financing activities, previously shown under operating activities, as this
relates to loans. Other than consequential changes in presentation of the
certain cash flow items, there is no change to the cash flows as presented in
previous periods.
Analysis of changes in net (debt)/cash
As at As at
31st March Exchange Other 30th September
2023 Cash flows movements non-cash charges 2023
£'000 £'000 £'000 £'000 £'000
Cash and cash equivalents
Cash 280 141 - - 421
Cash equivalents - Liquidity fund 25,243 (1,409) (275) - 23,559
25,523 (1,268) (275) - 23,980
Borrowings
Debt due after one year (43,779) - 561 (6) (43,224)
Total net debt (18,256) (1,268) 286 (6) (19,244)
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the six months ended 30th September 2023
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 31st March 2023 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 in accordance with the Companies
Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and
Republic of Ireland' of the United Kingdom Generally Accepted Accounting
Practice ('UK GAAP') 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 30th September 2023.
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 31st March 2023.
3. Return per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 30th September 31st March
2023 2022 2023
£'000 £'000 £'000
Return per share is based on the following:
Revenue return 10,302 9,100 12,354
Capital (loss)/return (13,336) (49,908) 28,244
Total (loss)/return (3,034) (40,808) 40,598
Weighted average number of shares in issue 433,129,680 436,629,740 435,967,427
Revenue return per share 2.38p 2.08p 2.83p
Capital (loss)/return per share (3.08)p (11.43)p 6.48p
Total (loss)/return per share (0.70)p (9.35)p 9.31p
4. Dividends
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 30th September 31st March
2023 2022 2023
£'000 £'000 £'000
Dividends paid
2022 Growth & Income first interim dividend of 1.10p - 4,812 4,812
2024 Growth & Income first interim dividend of 1.05p (2023: 1.00p) 4,556 4,369 4,369
2023 Growth & Income second interim dividend of 1.00p - - 4,358
2023 Growth & Income third interim dividend of 1.00p - - 4,354
2023 Growth & Income fourth interim dividend of 1.00p - - 4,352
Total dividends paid in the period 4,556 9,181 22,245
All dividends paid and declared in the period have been funded from the
Revenue Reserve.
The Company's second interim dividend of 1.05p per share was paid on 27th
October 2023 at a cost of £4,529,000.
5. Net asset value per share
The net asset value per Ordinary share and the net asset value attributable to
the Ordinary shares at the period/year end are shown below. These were
calculated using 430,969,508 (30th September 2022: 435,821,962; 31st March
2023: 434,437,846) Ordinary shares in issue at the period/year end (excluding
Treasury shares).
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 2023 30th September 2022 31st March 2023
Net asset Net asset Net asset
value attributable value attributable value attributable
£'000 pence £'000 pence £'000 pence
Net asset value - debt at par 444,428 103.1 388,147 89.1 455,246 104.8
Add: amortised cost of the Euro 50 million Private
Placement Note with Metlife, repayable on
26th August 2035 43,224 10.0 43,718 10.0 43,779 10.1
Less: Fair Value of the Euro 50 million Private
Placement Note with Metlife, repayable on
26th August 2035 (39,005) (9.1) (43,366) (10.0) (41,579) (9.6)
Net asset value - debt at fair value 448,647 104.0 388,499 89.1 457,446 105.3
6. Fair valuation of instruments
The fair value hierarchy analysis for Financial Instruments held at fair value
at the period end is as follows:
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th September 2023 30th September 2022 31st March 2023
Assets Liabilities Assets Liabilities Assets Liabilities
£'000 £'000 £'000 £'000 £'000 £'000
Level 1 459,127 - 400,475 - 469,173 -
Level 2(1) 216 (5) 292 (20) 12 (101)
Total 459,343 (5) 400,767 (20) 469,185 (101)
(1) Forward foreign currency contracts.
JPMORGAN FUNDS LIMITED
29(th) November 2023
For further information, please contact:
Paul Winship
For and on behalf of
JPMorgan Funds Limited
0800 20 40 20
ENDS
A copy of the half year will be submitted to the National Storage Mechanism
and will shortly be available for inspection at www.hemscott.com/nsm.do
The half year will also shortly be available on the Company's website at
www.jpmeuropean.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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