REG - JPMorgan Global Core JPM Glbl Core - JARU JPM Glbl Core - JARE - Half-year Financial Report
28/11/2025 07:00
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RNS Number : 3614J JPMorgan Global Core Real Assets Ld 28 November 2025
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CORE REAL ASSETS LIMITED
UNAUDITED HALF YEAR REPORT & FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31ST AUGUST 2025
Legal Entity Identifier: 549300D8JHZTH6GI8F97
JPMorgan Global Core Real Assets Limited (the 'Company' or 'JARA') announces
its half year results for the six-months ended 31st August 2025.
Enquiries:
JPMorgan Global Core Real Assets Limited - Chairman Contact via Company Secretary
JPMorgan Funds Limited
William Talkington
Tel: +44 (0) 20 7742 4000
JPMorgan Funds Limited (Company Secretary)
Tel: 0800 20 40 20 or +44 1268 44 44 70
E-mail: jpmam.investment.trusts@jpmorgan.com
(mailto:jpmam.investment.trusts@jpmorgan.com)
CHAIRMAN'S STATEMENT
I am pleased to present the Company's half-year report for the six months
ended 31st August 2025 (the 'Period') as we continue to progress through our
managed wind-down process, following shareholder approval at an Extraordinary
General Meeting of the Company held on 20th December 2024 to adopt a new
investment objective and enter a managed wind-down.
Managed Wind-Down and Redemptions
As I have previously reported, redemption requests have been submitted in all
of the Company's underlying strategies. The Company has now liquidated its
holdings in the listed real assets (with the exception of a small holding in
Home REIT plc) and Mezzanine debt strategies, as well as the majority of its
holdings in both the Infrastructure and Transportation strategies.
Following these realisations, the Company made its first compulsory partial
redemption of shares and returned approximately £33.7 million
to shareholders on 28th February 2025. The Company redeemed 34,748,578 shares
for cancellation at a redemption price of 97.0465p per share. A second
compulsory partial redemption of shares followed on 8th August 2025 with the
Company returning approximately £85 million. The Company redeemed 95,613,410
shares for cancellation at a redemption price of 89.116731p per share. There
remain 75,458,150 shares in issue, representing around 40% of those in issue
as at 20th December 2024.
These two redemptions accounted for approximately 60% of the Company's assets
as at 31st December 2024, exceeding the targeted redemption of 55% of the
assets by the end of 2025, as outlined in the Company's announcement made on
19th June 2025. At the end of the Period, the Company remained invested in the
Real Estate, Transportation and Infrastructure strategies. It is our
intention, once the distributable cash balance reaches approximately £7.5
million to make a further distribution to shareholders at the end of Q1 2026,
subject to retaining sufficient cash to cover the Company's running expenses.
The Board is aware that shareholders are eager to understand the likely timing
and quantum of future capital distributions. At the end of the Period, the
Company had 78% of its assets in the Real Estate strategies. As we have
previously reported, the redemptions from these strategies are taking longer
than originally envisaged. The Board continues to target the return of more
than 80% of assets (held as 31st December 2024) by the end of 2026, but we are
aware that the timing of redemptions from illiquid assets is influenced by a
range of factors, which are outside the control of the Board and the
Investment Manager. These include prevailing redemption queues, transaction
activity, market conditions, exchange rates, and commercial considerations at
the underlying strategy level, which determine the timing and Sterling value
of the redemption receipts. In consequence, any estimates regarding the
quantum and timetable of redemptions are, and will continue to be, subject to
revision.
The Board continues to monitor the costs of operating the Company in its
current form and, with that in mind, the Company's listing will be maintained
only for so long as the Directors believe it to be cost-effective and in the
interests of shareholders. We have no plans for an imminent delisting, but we
will review this option again at the end of 2026.
Performance
JARA's return on net asset value ('NAV') for the Period was -1.5%, primarily
attributable to the adverse impact of the weakening of the US dollar against
Sterling. Given the fall in the Company's share price from 84.8p on 1st March
2025 to 70.0p on 31st August 2025, the return to shareholders over the Period
was -17.5%. At close of business on 26th November 2025, the Company's share
price was 77.6p, representing a discount to NAV of 19.2%.
The Investment Managers' Report reviews the Company's performance and gives
commentary on the investment strategy and portfolio performance over the
Period.
Dividends
As previously stated, the Company has ceased to pay dividends. Any income
generated and accumulated from the remaining holdings will be distributed as
part of the Company's capital redemption process.
Currency Exposure
In view of the impact of currency movements on the Company's capital (as
previously reported to shareholders) any cash received by the Company as part
of the realisation process will be converted into Sterling as soon as
practicable and will be held by the Company as cash on deposit and/or in
Sterling liquid cash equivalents securities pending its return to
shareholders.
Discount and Share Buybacks
Over the Period, the Company's discount to NAV widened, ending at 25.1%. As
previously stated, the Board has taken the decision to suspend buybacks of the
Company's own shares and accordingly did not seek shareholder authority at the
Company's Annual General Meeting to buy back shares.
Stay Informed
The Company will continue to release monthly NAVs to the market, as well as
quarterly NAVs with more detailed commentary at the end of November, February,
May and August, all via the London Stock Exchange's Regulatory News Service
for the remaining strategies.
I would like to thank our shareholders for their support and understanding as
we continue to manage the wind-down of the Company in the most speedy and
cost-efficient manner, while also being dependent on returns from the
strategies.
John Scott
Chairman
27th November 2025
INVESTMENT MANAGERS' REPORT
Market review
From 1st March to 31st August 2025, both the U.S. and the U.K. navigated an
environment of resilient growth, paired with elevated policy and inflation
risks. Growth remained stronger in the U.S., while the U.K. faced more
headwinds.
U.S. GDP and labour-market indicators held up, inflation hovered just under 3%
year-on-year, and the Federal Reserve kept rates unchanged, signalling
patience. U.K. growth slowed noticeably, inflation remained stickily above
target, and the Bank of England maintained a cautious stance amid the mixed
outlook. U.S. equities outperformed, fuelled by earnings momentum and
technology/growth strength; domestically focused U.K. stocks lagged, weighed
by weak growth and inflation concerns. Elevated valuations and policy risk
suggest greater selectivity is required. For fixed income, U.S. yields edged
higher on inflation- and policy-related uncertainty, while investment-grade
credit spreads tightened modestly. In the U.K., gilt yields stayed elevated
amid weak growth and inflation tension, leaving fixed income as a nuanced
opportunity set rather than a broad safe haven.
After a surge of fear and uncertainty post 'Liberation Day', the U.S. economy
and capital markets appear to have calmed down, with most metrics back to
levels prior to the tariff announcements. Real estate capital markets have
also settled down. Not only are spreads back to 2024 levels, but for the first
time since 2022 borrowing is available for all major property types. U.S. real
estate saw improving transaction volumes and signs of recovery, with five
consecutive quarters of positive returns since Q3 2024.
The performance of APAC real estate was largely positive. Most industrial
markets experienced steady occupiers' demand, however Greater China faced
challenges due to weaker consumption. In the office sector, leasing activity
in Korea and Singapore remained resilient, and Japan's multi-family sector
maintained stronger rent growth momentum, supported by favourable fundamentals
and solid wage growth. Additionally, with borrowing costs reducing, some APAC
markets are beginning to experience a slight compression in yields.
Performance Review
In terms of performance, the portfolio's asset composition changed
significantly during the Period as a result of the two capital redemptions to
investors. To provide greater clarity and transparency, we review performance
across each of the two quarters within the six-month Period.
Over the three months to 31st May 2025, JARA's NAV total return measured in
sterling was -5.5%. In local currency terms all strategies delivered positive
returns, with private transportation contributing +1.3%, private real estate
equity contributing +0.9%, and private infrastructure contributing +0.1%(1).
Sterling(2) strengthened against the underlying currencies in the portfolio,
resulting in a net negative currency impact over the Company's quarter to 31st
May 2025.
Over the three months to 31st August 2025, JARA's NAV total return in GBP was
+4.2%. In local currency terms, all strategies delivered positive returns,
with private transportation contributing +0.3%, private real estate equity
contributing +0.7%, and private infrastructure contributing minimally due to
its limited remaining allocation(3). Whilst Sterling(4) marginally
strengthened against the US dollar in the quarter, on a look through basis
Sterling weakened against the underlying currencies in the portfolio,
resulting in a net positive currency impact over the Company's quarter to 31st
August 2025.
(1) The local return contribution is calculated based on the NAV
snapshot as of 31st May 2025, excluding cash held in JPM Liquidity Funds.
(2) The GBP/USD exchange rate was 1.34855 as at 31st May 2025, versus
1.25915 as at 28th February 2025. Currency impact does not factor in an
offsetting gain/loss from the hedged infrastructure strategy, which is priced
as at 31st March 2025.
(3) The local return contribution is calculated based on the NAV
snapshot as of 31st August 2025, excluding cash held in JPM Liquidity Funds.
(4) The GBP/USD exchange rate was 1.35105 as at 31st August 2025,
versus 1.34855 as at 31st May 2025. Currency impact does not factor in an
offsetting gain/loss from the hedged infrastructure strategy, which is priced
as at 30th June 2025.
Portfolio Positioning
Please see below JARA' s allocation by strategy and currency as of 31st August
2025.
% of JARA's NAV
Date of price as at 31st August
Strategies for Strategy 2025
Real Estate Equity 30th June 2025 78.5
Transportation 30th June 2025 11.9
Infrastructure 30th June 2025 3.7
Net current assets including cash and cash equivalents held in Sterling 31st August 2025 5.9
31st August
Currency exposure 2025
USD 54%
GBP 4%
AUD 9%
JPY 12%
SGD 9%
NZD 4%
Others 8%
As noted in the Chairman's Statement, since the start of the wind-down, the
Company has returned two tranches of capital to shareholders: approximately
£34 million in February 2025 and approximately £85 million in August 2025.
As of August 2025, JARA had requested redemptions for all underlying
strategies and is expected to return more than 80% of assets to shareholders
by the end of calendar 2026, with the balance of unredeemed investments being
represented predominantly by real estate holdings. This is consistent with the
previous managed wind-down update.
The Company's remaining portfolio consists of illiquid strategies, which will
be realised over varying timeframes. The timing of redemptions from these
illiquid assets is influenced by a range of factors. These factors include
prevailing redemption queues, transaction activity, market conditions,
exchange rates, and commercial considerations at the underlying strategy
level, all of which affect both the timing and the sterling value of
redemption receipts. As a result, any estimates regarding the amount and
schedule of redemptions are, and will continue to be, subject to revision.
Investment Managers
Alternatives Solutions Group Investment Committee
Security Capital Research & Management Inc. and J.P. Morgan Alternative
Asset Management Inc.
27th November 2025
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its half year
report.
Principal and Emerging Risks
The principal and emerging risks faced by the Company fall into the following
broad categories: investment management and performance, operational,
regulatory, environmental and global. Information on each of these areas is
given in the Company's Strategic Report within the Annual Report and Financial
Statements for the year ended 28th February 2025.
Since the year end, following the redemptions in some of the strategies, the
Board has identified concentration risk as a principal risk as the number of
Company's holdings reduce. The estimated redemption timetable will ultimately
result in two strategies being held in the portfolio. Whilst there is little
that the Board can do to mitigate this risk, the Board is comforted that the
assets within the strategies are diversified across sectors and geographies.
The Board acknowledges that at the 2024 Annual General Meeting, the Company's
continuation vote did not pass, and has made the decision to place the Company
into a managed wind-down. Please refer to the Chairman's Statement above.
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 during the period.
Going Concern
Notwithstanding that the Company is in a managed wind-down the Directors have
prepared the interim financial statements on a going concern basis, focusing
on the Company's financial viability. They are required to assess whether the
Company has adequate resources to continue operations for at least 12 months.
In making this assessment, the Directors considered the Company's revenue
forecast and net cash position. The Company meets its liquidity needs through
cash resources and ongoing quarterly income from the strategies in which the
Company remains invested.
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 International Accounting
Standards 34 '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 loss of the Company, as at 31st August 2025, as required by
the Disclosure Guidance 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 Disclosure Guidance 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
John Scott
Chairman
27th November 2025
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st August 31st August 28th February
2025 2024 2025
£'000 £'000 £'000
(Losses)/gains on investments held at fair value through
profit or loss (8,814) (6,550) 1,758
Foreign currency losses (305) (19) (73)
Income from investments 2,682 4,584 10,348
Interest receivable and similar income 707 51 256
Total (loss)/return (5,730) (1,934) 12,289
Management fee (156) (266) (555)
Other administrative expenses (273) (388) (734)
(Loss)/return before finance costs and taxation (6,159) (2,588) 11,000
Finance costs - (2) (2)
(Loss)/return before taxation (6,159) (2,590) 10,998
Taxation (373) (667) (1,160)
Net (loss)/return after taxation (6,532) (3,257) 9,838
(Loss)/return per share (note 3) (4.12)p (1.56)p 4.75p
The Company does not have any income or expense that is not included in the
net return for the period/year. Accordingly, the 'Net return for the
period/year, is also the 'Total comprehensive income' for the period/year, as
defined in IAS1 (revised).
All items in the above statement derive from continuing operations. No
operations were acquired or discontinued in the period/year.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Share Retained
premium earnings Total
£'000 £'000 £'000
Six months ended 31st August 2025 (Unaudited)
At 28th February 2025 219,278 (56,967) 162,311
Partial redemption of shares(1) - (85,207) (85,207)
Net loss for the period - (6,532) (6,532)
At 31st August 2025 219,278 (148,706) 70,572
Six months ended 31st August 2024 (Unaudited)
At 29th February 2024 219,278 (22,867) 196,411
Repurchase of shares into Treasury - (3,461) (3,461)
Net loss for the period - (3,257) (3,257)
Dividends paid in the period (note 4) - (4,375) (4,375)
At 31st August 2024 219,278 (33,960) 185,318
Year ended 28th February 2025 (Audited)
At 29th February 2024 219,278 (22,867) 196,411
Repurchase of shares into Treasury - (3,499) (3,499)
Partial redemption of shares(1) - (33,722) (33,722)
Costs in respect of partial redemption - (181) (181)
Net return for the year - 9,838 9,838
Dividends paid in the year (note 4) - (6,536) (6,536)
At 28th February 2025 219,278 (56,967) 162,311
( )
(1) The Company returned monies to shareholders by way of a compulsory
partial redemption of shares.
CONDENSED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Unaudited) (Audited)
At 31st August At 31st August At 28th February
2025 2024 2025
£'000 £'000 £'000
Assets
Non current assets
Investments held at fair value through profit or loss 66,412 183,334 160,112
Current assets
Debtors 1,082 301 1,146
Cash and cash equivalents 3,360 2,254 35,260
4,442 2,555 36,406
Liabilities
Current liabilities
Other payables (282) (571) (34,207)
Net current assets 4,160 1,984 2,199
Total assets less current liabilities 70,572 185,318 162,311
Net assets 70,572 185,318 162,311
Amounts attributable to shareholders
Share premium 219,278 219,278 219,278
Retained earnings (148,706) (33,960) (56,967)
Total shareholders' funds 70,572 185,318 162,311
Net asset value per share (note 5) 93.5p 90.0p 94.9p
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st August 2025 31st August 2024 28th February 2025
£'000 £'000 £'000
Cash flows from operating activities
(Loss)/return before taxation (6,159) (2,590) 10,998
Deduct dividends received (2,682) (4,543) (10,270)
Deduct investment income - interest - (41) (78)
Deduct deposit and liquidity fund interest income (707) (51) (256)
Add interest paid - 2 2
Add losses/(deduct gains) on investments held at fair value
through profit & loss 8,814 6,550 (1,758)
Add foreign currency exchange losses on cash and
cash equivalents 305 19 73
Decrease in prepayments and accrued income 24 30 6
(Decrease)/increase in other payables (142) 44 (75)
Tax paid (368) (667) (1,159)
Net cash outflow from operating activities before interest (915) (1,247) (2,517)
Dividends received 3,563 5,299 10,179
Interest received - 34 83
Deposit and liquidity fund interest received 569 49 256
Interest paid - (2) (2)
Investing activities
Purchases of investments held at fair value through profit or loss - (7,843) (11,311)
Sales of investments held at fair value through profit or loss 84,178 10,064 45,073
Net cash inflow from operating and investing activities 87,395 6,354 41,761
Financing activities
Dividends paid - (4,375) (6,536)
Repurchase of shares into treasury - (3,388) (3,499)
Partial redemption of shares (118,929) - -
Costs in respect of partial redemption of shares (61) - (75)
Net cash outflow from financing activities (118,990) (7,763) (10,110)
(Decrease)/increase in cash and cash equivalents (31,595) (1,409) 31,651
Cash and cash equivalents at the start of the period/year 35,260 3,682 3,682
Exchange movements (305) (19) (73)
Cash and cash equivalents at end of period/year(1) 3,360 2,254 35,260
( )
(1) Cash and cash equivalents includes liquidity funds.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the six months ended 31st August 2025.
1. General information
The Company is a closed-ended investment company incorporated in accordance
with the Companies (Guernsey) Law, 2008. The address of its registered office
is Level 3, Mill Court, La Charroterie, St Peter Port, Guernsey GY11EJ.
The principal activity of the Company is to realise all existing assets in the
Company's portfolio in an orderly manner and make timely returns of capital to
shareholders.
The Company was incorporated on 22nd February 2019. It was admitted to the
premium listing category of the Official List of the Financial Conduct
Authority and to trading on the Main Market and had its first day of trading
on 24th September 2019. Following shareholder approval, the Company was placed
into a managed wind down in December 2024.
The information contained within the condensed financial statements in this
half year report has not been audited or reviewed by the Company's auditor.
Investment objective
The Company's investment objective is to realise all existing assets in the
Company's portfolio in an orderly manner and make timely returns of capital to
shareholders.
Investment policy
The Company will pursue its investment objective by effecting an orderly
realisation of its assets. The Company will cease to make any new investments
in private funds or managed accounts managed or advised by entities within
J.P. Morgan Asset Management. The Company will cease to undertake capital
expenditure except as deemed necessary or desirable by the Board in connection
with the realisation.
Going concern
At the fifth Annual General Meeting, the Company, in line with its Articles of
Incorporation, was subject to a continuation vote by its shareholders. The
vote did not pass, indicating a lack of support for the future of the
Company's operations. Consequently, the Board, having consulted with the
Company's major shareholders and considered all options available, made the
decision to place the Company into a managed wind-down. Subsequently, on 20th
December 2024, shareholders approved a change in investment objective and
investment policy, allowing the Company to undergo an orderly realisation of
assets, returning capital to shareholders.
The assessment of the Company's going concern status considers two distinct
aspects. First, no material uncertainties related to the Company's ability to
meet its liabilities as they fall due have been identified. The Company
presently has sufficient resources to cover its foreseeable financial
obligations.
Second, uncertainty exists regarding the timeframe for the Company's continued
operations as a going concern during the voluntary wind-down period. This
uncertainty arises from the inherent challenges in predicting the timing and
successful completion of redemptions from the underlying strategies necessary
to return proceeds to shareholders. The speed and efficiency of these
divestments will significantly impact the length of time the Company remains
operational. As at the date of this report, based on the Investment Manager's
latest estimates, the Board now expects that the orderly realisation of the
remaining real assets will extend into calendar year 2027, at the very least.
Notwithstanding the decision to place the Company into a managed wind-down,
the Directors have prepared the financial statements on a going concern basis,
focusing on the Company's financial viability. They are required to assess
whether the Company has adequate resources to continue operations for at least
12 months. In making this assessment, the Directors considered the Company's
revenue forecast for income from the strategies in which the Company remains
invested and its net cash position. In terms of the longer viability of the
Company, the Board has assessed its current position and the period over which
its assets are likely to be realised and agreed that a three year period
ending 28th February 2028 was appropriate. There is however, no guarantee on
this timeline.
The Board has therefore determined that it is appropriate to continue to
prepare these financial statements on a going concern basis.
2. Material accounting policy information
Basis of preparation
The Company's financial statements have been prepared in accordance with
International Financial Reporting Standards ('IFRS'), which comprise standards
and interpretations approved by the International Accounting Standards Board
('IASB'), the IFRS Interpretations Committee and interpretations approved by
the International Accounting Standards Committee ('IASC') that remain in
effect and the Companies (Guernsey) Law, 2008.
These financial statements have been prepared on a going concern basis in
accordance with IAS 1, applying the historical cost convention, except for the
measurement of financial assets including derivative financial instruments
designated as held at fair value through profit or loss ('FVTPL') that have
been measured at fair value.
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 28th February 2025.
3. Loss/(return) per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st August 31st August 28th February
2025 2024 2025
£'000 £'000 £'000
Total (loss)/return (6,532) (3,257) 9,838
Weighted average number of shares in issue during the period/year 158,600,246 208,601,334 207,127,101
Total (loss)/return per share (4.12)p (1.56)p 4.75p
4. Dividends
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st August 2025 31st August 2024 28th February 2025
Pence £'000 Pence £'000 Pence £'000
Dividends paid
First interim dividend - - 1.05 2,207 1.05 2,207
Second interim dividend - - 1.05 2,168 1.05 2,168
Third interim dividend - - - - 1.05 2,161
Fourth interim dividend - - - - - -
Total dividends paid in the period/year - - 2.10 4,375 3.15 6,536
As the Company has implemented a managed wind-down, no further dividends are
proposed. In respect of the year ended 28th February 2025, only the first,
second and third interim dividends of 1.05p each, have been paid. Any income
generated and accumulated from the remaining holdings will be distributed as
part of the Company's capital redemption process.
5. Net asset value per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st August 31st August 28th February
2025 2024 2025
Shareholders' funds(1) (£'000) 70,572 185,318 162,311
Number of shares in issue 75,458,150 205,870,138 171,071,560
Net asset value per share 93.5p 90.0p 94.9p
( )
(1) Net assets are also referred to Shareholders' funds.
6. Disclosures regarding financial instruments measured at fair value
The disclosures required by the IFRS 13: 'Fair Value Measurement' are given
below. The Company's financial instruments within the scope of IFRS 13 that
are held at fair value comprise its investment portfolio and derivative
contracts.
The investments are categorised into a hierarchy consisting of the following
three levels:
Level 1 - valued using unadjusted quoted prices in active markets for
identical assets and liabilities.
Level 2 - valued by reference to valuation techniques using other observable
inputs not included within Level 1.
Level 3 - valued by reference to valuation techniques using unobservable
inputs.
Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant asset.
The recognition and measurement policies for financial instruments measured at
fair value are consistent with those disclosed in the last annual financial
statements.
The following tables set out the fair value measurements using the IFRS 13
hierarchy at the relevant period end:
(Unaudited)
31st August 2025
Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Financial instruments held at fair value through
profit or loss
As at 31st August 2025
Equity investments - - 16 16
Private Collective Investment Schemes(1) - - 66,396 66,396
Liquidity fund(2) 2,624 - - 2,624
2,624 - 66,412 69,036
( )
(1) Consists of the Private Collective Investment Schemes:
Infrastructure Investments Fund UK 1 LP, Strategic Property Fund FIV5 (Lux)
SCSp, Strategic Property Fund Asia SCSp and Global Transport Income Fund
Master Partnership.
(2) Presented under Cash and cash equivalents in Statement of
Financial Position.
There were no transfers between level 1, 2 or 3 during the period.
A reconciliation of the movement in level 3 financial instruments for the
period ended 31st August 2025 is set out below.
(Unaudited)
31st August 2025
Private Collective
Investment
Equity Schemes Total
£'000 £'000 £'000
Level 3
At 28th February 2025 16 160,096 160,112
Sale or redemption of units in the year(1) - (84,876) (84,876)
Dividend distributions(2) - (593) (593)
Equalisation adjustment(3) - (10) (10)
Unrealised loss on investments - (8,221) (8,221)
Closing balance as at 31st August 2025 16 66,396 66,412
( )
(1) In respect of Infrastructure Investments Fund UK 1 LP, Strategic
Property Fund FIV5 (Lux) SCSp, Strategic Property Fund Asia SCSp, Global
Transport Income Fund Master Partnership and U.S. Real Estate Mezzanine Debt
Fund Feeder (Lux) SCSp.
(2) In respect of Strategic Property Fund FIV5 (Lux) SCSp.
(3) In respect of Global Transport Income Fund Feeder Partnership
SCSp, Infrastructure Investments Fund UK 1 Hedged LP, Strategic Property Fund
Asia SCSp, and U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp.
(Unaudited)
31st August 2024
Private Collective
Investment
Equity Schemes Total
£'000 £'000 £'000
Level 3
At 29th February 2024 16 163,232 163,248
Sale or redemption of units in the year(1) - (1,294) (1,294)
Dividend distributions(2) - (691) (691)
Equalisation adjustment(3) - (264) (264)
Unrealised loss on investments - (7,114) (7,114)
Closing balance as at 31st August 2024 16 153,869 153,885
( )
(1) In respect of Strategic Property Fund FIV5 (Lux) SCSp, Strategic
Property Fund Asia SCSp.
(2) In respect of Strategic Property Fund FIV5 (Lux) SCSp.
(3) In respect of Global Transport Income Fund Feeder Partnership
SCSp, Infrastructure Investments Fund UK 1 Hedged LP, Strategic Property Fund
Asia SCSp, and U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp.
(Audited)
28th February 2025
Private Collective
Investment
Equity Schemes Total
£'000 £'000 £'000
Level 3
At 29th February 2024 16 163,232 163,248
Sale or redemption of units in the year(1) - (3,500) (3,500)
Dividend distributions(2) - (1,373) (1,373)
Equalisation adjustment(3) - (692) (692)
Unrealised (loss)/gain on investments - 2,429 2,429
Closing balance as at 28th February 2025 16 160,096 160,112
( )
(1) In respect of Strategic Property Fund Asia SCSp and SPF FIV5 (Lux)
SCSp (Strategic Property Fund FIV5 (Lux) SCSp).
(2) In respect of SPF FIV5 (Lux) SCSp (Strategic Property Fund FIV5
(Lux) SCSp).
(3) In respect of Global Transport Income Fund Feeder Partnership
SCSp, IIF UK 1 Hedged LP (Infrastructure Investments Fund UK 1 Hedged LP),
Strategic Property Fund Asia SCSp and U.S. Real Estate Mezzanine Debt Fund
Feeder (Lux) SCSp.
The Level 3 financial instruments consist of the Private Collective Investment
Schemes: Global Transport Income Fund Feeder Partnership SCSp, Infrastructure
Investments Fund UK 1 Hedged LP, Strategic Property Fund Asia SCSp, Strategic
Property Fund FIV5 (Lux) SCSp and U.S. Real Estate Mezzanine Debt Fund Feeder
(Lux) SCSp.
As at 31st August 2025 As at 28th February 2025
Date of valuation Date of valuation
provided by the provided by the
Private Fund Private Fund
Fund Manager Manager
Strategic Property Fund FIV5 (Lux) SCSP 30th June 2025 31st December 2024
Infrastructure Investments Fund UK 1
Hedged LP 30th June 2025 31st December 2024
Strategic Property Fund Asia SCSP 30th June 2025 31st December 2024
Global Transport Income Fund Master
Partnership 30th June 2025 30th September 2024
U.S. Real Estate Mezzanine Debt Fund
Feeder (Lux) SCSp 30th June 2025 31st December 2024
If the price per unit varied by 1%, this would result in a change of £664,000
(year ended 28th February 2025: £1,601,000) to the valuation of the level 3
financial instruments.
JPMORGAN FUNDS LIMITED
28th November 2025
For further information, please contact:
JPMorgan Funds Limited - Company Secretary
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 report 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
at www.jpmrealassets.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 DBBDBUXDDGUR
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