REG - JPMorgan Global Core JPM Glbl Core - JARU JPM Glbl Core - JARE - Quarterly NAV and Portfolio Update

JPMorgan Global Core Real AssetsAnnouncement

Thu 10:15

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RNS Number : 2030L  JPMorgan Global Core Real Assets Ld  11 December 2025

LONDON STOCK EXCHANGE ANNOUNCEMENT

 

JPMORGAN GLOBAL CORE REAL ASSETS LIMITED

("JARA" or the "Company")

 

QUARTERLY NET ASSET VALUE AND PORTFOLIO UPDATE

 

 

Legal Entity Identifier: 549300D8JHZTH6GI8F97

 

 

Net Asset Value

The Company announces its unaudited Net Asset Value ("NAV") as at 30th
November 2025 of 95.42 pence per share (31st August 2025: NAV 93.46 pence per
share). In line with the Company's previously stated policy, the Company paid
no dividend during the three-month period to 30th November 2025. The NAV total
return for the quarter is +2.1% and -0.1% for the preceding 12 months, while
the total share price return for the 12 months to 30th November 2025 was
+0.8%.

 

A snapshot of the components to this NAV and the relevant date for their
valuation is provided below.

 

Strategies

 Name                                                  Date of price for Strategy  % of JARA's NAV as at 30th November 2025
 Real Estate Equity                                    30th September 2025         76.4%
 Transportation                                        30th September 2025         12.0%
 Infrastructure                                        30th September 2025         2.8%
 Net current assets including cash - held in Sterling  30th November 2025          8.8%

 

During the three months to 30th November 2025, all strategies delivered
positive returns in local currency terms, with private transportation
contributing +0.3%, private real estate equity contributing +0.6%, and private
infrastructure contributing minimally due to its limited remaining
allocation(1). During the quarter, the US dollar strengthened against
Sterling(2) and the underlying currencies in the portfolio, resulting in a net
positive currency impact over the Company's quarter to 30th November 2025.

 

(1) The local return contribution is calculated based on the NAV snapshot as
of 30th November 2025, excluding cash held in JPM Liquidity Funds.

(2)The GBP/USD exchange rate was 1.32500 as at 30th November 2025, versus
1.35105 as at 31st August 2025. Currency impact does not factor in an
offsetting gain/loss from the hedged infrastructure strategy, which is priced
as at 30th September 2025.

 

Issued Share Capital

As at 30th November 2025, there were 75,458,150 shares in issue.

 

Portfolio Construction

As at 30th November 2025, the Company's portfolio was valued at £65.7 million
(excluding cash held in JPM Liquidity Funds).

 

 

Geographical exposure percentage of NAV(3)

 

                31.05.25  31.08.25  30.11.25
 North America  45%       48%       47%
 Asia Pacific   41%       46%       47%
 Europe         14%       6%        6%
 UK             ~0%       ~0%       ~0%
 Total          100%      100%      100%

 

(3) As at 30th November 2025. 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 2025, private asset exposure represented 91% of JARA's NAV.

 

Investments

·    326 private investments and, at a more granular individual asset
level, look through exposure to 1,454 individual assets. (31st August 2025:
326 private investments and 1,445 individual assets).

 

              31.05.25  31.08.25  30.11.25
 Investments  321       326       326
 Assets       1,413     1,445     1,454

 

 

Currency

 

The main currency exposures(4) of the portfolio are as follows:

 

 Currency          31.05.25  31.08.25  30.11.25
 USD               68%       54%       56%
 JPY               8%        12%       12%
 AUD               6%        9%        9%
 SGD               6%        9%        9%
 CNH               3%        5%        5%
 NZD               3%        4%        4%
 GBP               3%        4%        3%

 

(4) Other currencies represent approximately 3% in aggregate. Numbers may not
sum to 100% due to rounding.

 

11th December 2025

 

For Further Information

 

JPMorgan Funds Limited - Company Secretary

Telephone: 0800 20 40 20 or +44 1268 44 44 70

E-mail: jpmam.investment.trusts@jpmorgan.com
(mailto:jpmam.investment.trusts@jpmorgan.com)

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