REG - JPMorgan India G&I - Annual Financial Report
17/12/2025 07:00
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RNS Number : 8382L JPMorgan India Growth & Income PLC 17 December 2025
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN INDIA GROWTH & INCOME PLC
FINAL RESULTS FOR THE YEAR ENDED 30TH SEPTEMBER 2025
Legal Entity Identifier: 549300OHW8R1C2WBYK02
Information disclosed in accordance with the DTR 4.1.3
JPMorgan India Growth & Income plc ('JIGI' or the 'Company') reports its
annual results for the year ended 30th September 2025.
Highlights
· NAV total return of -11.4% compared with -13.5% for the MSCI
India Index in Sterling terms (the 'Benchmark'). Share price total return of
-1.8%.
· For three years cumulative ended 30th September 2025, NAV total
return of +5.9% compared with +11.3% for the Benchmark. Share price total
return of +20.8%.
· For five years cumulative ended 30th September 2025, NAV total
return of +61.2% (annualised +10%) compared with +77.7% (annualised +12.2%)
for the Benchmark. Share price total return of +76.7%.
· For ten years cumulative ended 30th September 2025, NAV total
return of +93.5% (annualised +6.8%) compared with +168.6% for the Benchmark
(annualised +10.4%). Share price total return of +101.2%.
· The Company outperformed the benchmark, primarily due to positive
stock selection and the favourable effect of capital gains tax credits arising
from the market's decline.
· First quarterly interim dividend of 11.08p per share was declared
and paid to shareholders on 1st December 2025. Enhanced dividend policy
targets annual dividends of at least 4% of prior year-end NAV, paid in four
equal instalments.
· The Company completed a 30% tender offer, repurchasing 19.7
million shares, and bought back an additional 3.9 million shares during the
year, significantly narrowing the share price discount to NAV to 8.9% at
year-end (2024: 17.8%).
Jeremy Whitley, Chairman, commented:
"The Board considers that the investment case for Indian equities remains very
strong. My fellow board members and I are confident that the Portfolio
Managers' approach, supported by the deep research resources of the Investment
Manager, will provide shareholders with consistent, attractive returns and a
competitive income as India realises its significant long-term potential."
Amit Mehta & Sandip Patodia, Portfolio Managers
"While in the near-term markets may continue to remain range-bound, the
longer-term outlook for India is attractive. The country should remain one of
the fastest growing economies globally backed by political stability and an
excellent supply-side macro-economic set-up. We are watching for signs of
policy actions translating into a pick-up in growth thereby allowing the
mid-cycle pause to transition into a reacceleration in earnings growth…India
is a high quality, defensive and growing haven amidst a volatile and uncertain
global environment."
CHAIRMAN'S STATEMENT
Performance
Over the 12 months ending 30th September 2025, the Company's return on net
assets was -11.4% in sterling terms. Its share price return declined by 1.8%.
This compares with a return of -13.5% for the Company's benchmark, the MSCI
India Index. The Company, therefore, outperformed the benchmark, thanks to
positive stock selection and the favourable effect of capital gains tax
credits arising from the market's decline.
Given that the Portfolio Managers have a long-term investment focus and make
investment decisions on the expectation that positions will be maintained for
five or more years, it is more meaningful to judge their performance over a
longer time frame. On this basis, the portfolio made an annualised return of
+10.0% in NAV terms over the five years to end September 2025 and averaged a
return of +6.8% per annum over the corresponding ten-year period. These are
solid returns, but this performance nonetheless lagged the benchmark's
annualised returns of +12.2% over five years and +10.4% over ten years. This
is in significant part due to the fact that the benchmark does not include the
adverse effects of capital gains tax during periods of market strength, the
accrual of which has depressed the Company's net asset value. The impact of
capital gains tax is detailed on page 7 of the Annual Report.
In their report on pages 13 to 17 of the Annual Report, the Portfolio Managers
provide a detailed commentary on performance over the 12-month review period.
They also discuss portfolio activity and their outlook for the Indian market
over the coming year and beyond.
Outcome of a comprehensive review of the Company's future strategy and options
During the financial year, the Board undertook a detailed review of options
for the future of the Company, exploring a number of initiatives to help
identify and address the drivers of underperformance and the persistent
discount at which the Company's shares traded relative to its net asset value.
Working closely with the Company's advisers, Manager, and through engagement
with shareholders, on 19th May 2025 we announced a series of proposals aimed
at enhancing the Company's appeal to both current and prospective
shareholders, with the goal of reducing the discount to a consistently lower
level.
Tender offer
A tender offer for up to 30% of the Company's outstanding share capital
(excluding shares held in treasury), providing a cash exit at the tender price
(the 'First Tender Offer') was approved by shareholders at a General Meeting
held on 8th July 2025. A total of 19,678,346 shares were repurchased by the
Company under the Tender Offer, at a price of 1,167.22 pence per share.
Triennial Tender Offer
A triennial tender offer for 100% of the Company's outstanding share capital
at a 3% discount to the prevailing NAV (the 'Triennial Tender Offers') will be
made to shareholders. The first offer is expected to be launched in Q2 2028.
Feedback from shareholders has made it clear that maintaining the Company's
size and scale is crucial for their continued engagement. Accordingly, the
Board reserves the right to withdraw the Triennial Tender Offer if the level
of shares tendered would result in the Company's NAV falling below £150
million. Should this occur, the Board would expect to propose resolutions to
shareholders to wind up the Company. Additionally, the Board notes that the
next continuation vote will be presented to shareholders at the Company's AGM
in 2029.
Single Digit Discount Target
The Company has made a commitment to target a single digit discount through
active market buybacks, utilising the 14.99% buyback authority approved by
shareholders at the AGM in February 2025. Since completion of the First Tender
Offer in July 2025 as at the period end the Company has bought back 553,262
shares.
Enhanced Dividend Distribution Policy
The Company has implemented an enhanced dividend distribution policy to pay
dividends each financial year totalling at least 4% of the NAV of the Company
at the end of the preceding financial year.
Dividends will be paid by way of four equal interim dividends in December,
March, June and September each year. A first quarterly interim dividend of
11.08 pence per share has been declared by the Board, which was paid on 1st
December 2025 to shareholders on the register at the close of business on 7th
November 2025.
The Board believes that the enhanced dividend distribution policy, funded by a
combination of available net income each financial year and other reserves,
will make effective use of the Company's investment structure and set it apart
from its peers. It is noteworthy that the Company is currently the only Indian
investment trust paying a dividend. The Board hopes that the enhanced dividend
distribution policy will attract a broader range of investors and is mindful
of the success that other JPMF managed investment trusts have experienced in
generating increased investor demand for their shares after adopting similar
enhanced dividend distribution policies.
The Board is pleased to announce that, starting with the second quarterly
interim dividend to be declared in January 2026, the Company will introduce a
Dividend Reinvestment Plan ('DRIP') for shareholders. Further details about
the DRIP scheme will be provided to shareholders in due course by the
Company's Registrar, Computershare Investor Services PLC.
Revised Management Fee Arrangements
With effect from 1st October 2025 the annual investment management fee is now
calculated as 0.65% on the first £300 million of the lower of the Company's
market capitalisation or net assets, and 0.55% in excess of £300 million,
instead of 0.75% on the first £300 million of market capitalisation and 0.60%
in excess of £300 million.
Name Change to JPMorgan India Growth & Income plc
In line with the Company's enhanced dividend distribution policy, the Board
resolved to change the name of the Company to JPMorgan India Growth &
Income plc and its ticker to JIGI. The changes were effective from 2nd October
2025.
Discount and Share Repurchases
As mentioned above, at the AGM held in February 2025 shareholders gave
approval for the Company to renew the Directors' authority to repurchase up to
14.99% of the Company's shares for cancellation or transfer into Treasury.
The Board is cognisant that it is in shareholders' interests that the
Company's share price should not differ excessively from the underlying NAV
under normal market conditions, and, as such, it constantly considers the
merits of buying back shares, in line with the Company's share buyback policy,
to manage the absolute level and volatility of the discount. During the year
the Company adopted a policy to target a single digit discount. Over the 12
months to 30th September 2025, 3,862,881 shares were repurchased, in addition
to those bought back through the tender offer. This represents 4.8% of the
shares in issue, including the shares held in Treasury. Since the financial
year end the Company has purchased a further 359,663 shares. As shares are
only repurchased at a discount to the prevailing net asset value, share
buybacks benefit shareholders, as they increase the net asset value per share
of the remaining shares.
Over the review period, the discount at which the Company's shares trade
versus its NAV narrowed significantly to 8.9% (2024: 17.8%). The discount on
15th December 2025 stands at 7.2%.
The Board believes that the share buyback facility is an important tool in the
management of both the level and the volatility of the discount and is,
therefore, seeking approval from shareholders to renew the authority to
repurchase the Company's shares at the forthcoming AGM in February 2026.
Board
The Board reviews its composition on a regular basis, taking into account the
need to refresh its membership and maintain diversity, whilst also ensuring
the necessary degree of continuity of Board experience. Charlotta Ginman
assumed the role of Chair of the Audit and Risk Committee at the end of the
Company's 2025 AGM, succeeding Jasper Judd upon his retirement. On behalf of
the Board, I would like once again to express our gratitude to Jasper for his
commitment and for the consistently valuable and constructive contributions he
has made.
The Board supports the annual re-election for all Directors, as recommended by
the AIC Corporate Governance Code, and therefore all the Directors will stand
for re-election at the forthcoming AGM in 2026.
Stay Informed
The Company delivers email updates on the Company's progress with regular news
and views, as well as the latest performance data. If you have not already
signed up to receive these communications and you wish to do so, you can opt
in via tinyurl.com/JIGI-Sign-Up or by scanning the QR code on page 11 of the
Annual Report.
Annual General Meeting
The Company's thirty-second AGM will be held at 60 Victoria Embankment, London
EC4Y 0JP on 10th February 2026 at 1.00 p.m. We are delighted to invite
shareholders to join us in person for the Company's AGM, to hear directly from
the Portfolio Managers. Their presentation will be followed by
a question-and-answer session. Shareholders wishing to follow the AGM
proceedings but choosing not to attend in person will be able to view
proceedings live and ask questions (but not vote) through conferencing
software. Details on how to register, together with access details, will be
available shortly on the Company's website at jpmindiagrowthandincome.co.uk,
or by contacting the Company Secretary at
jpmam.investment.trusts@jpmorgan.com.
My fellow Board members, representatives of JPMorgan and I look forward to the
opportunity to meet and speak with shareholders after the formalities of the
meeting have been concluded.
As is best practice, all voting on the resolutions will be conducted on a
poll. Your Board encourages all shareholders to support the resolutions
proposed. Please note that shareholders viewing the meeting via conferencing
software will not be able to vote on the poll and we therefore encourage all
shareholders, and particularly those who cannot attend physically, to exercise
their votes in advance of the meeting by completing and submitting their
proxy. Proxy votes can be lodged in advance of the AGM either by post or
electronically; detailed instructions are included in the Notes to the Notice
of Annual General Meeting on pages 90 to 92 of the Annual Report.
If there are any changes to the above AGM arrangements, the Company will
update shareholders through an announcement to the London Stock Exchange, and
on the Company's website.
Outlook
The Indian equity market has faced several challenges over the past year -
most notably, disappointing corporate earnings and punitive US tariffs.
Nonetheless, the Board considers that the investment case for Indian equities
remains very strong. Despite recent events, the economy is still forecast to
outpace almost all other major economies over the next few years. In addition,
the Indian government and central bank have implemented policies to boost the
domestic economy and ease the burden on sectors most affected by US tariffs
such as automotives, clothing and electronics.
More importantly, the market's very positive long-term growth trajectory
remains in place, supported by several major structural changes such as
increased lifestyle upgrades by the country's growing middle class, rising
demand for financial services and ongoing investment in technology and
infrastructure. China is the only other major economy with any prospect of
achieving comparable rates of growth over the next decade.
This positive outlook will keep generating many exciting opportunities for
patient, long-term investors such as your Company to invest in quality
companies, with superior growth prospects, at the right price. Indeed, the
market's recent underperformance versus other emerging markets has increased
the number of such opportunities. My fellow board members and I remain
confident that the Portfolio Managers' approach, supported by the deep
research resources of JPMorgan Asset Management, will continue to provide
shareholders with consistent, attractive returns, and a competitive income, as
India realises its significant long-term potential.
We thank you for your ongoing support.
Jeremy Whitley
Chairman
16th December 2025
INVESTMENT MANAGER'S REPORT
Market review
During the 12 months to end September 2025, the MSCI India Index (the 'Index')
delivered a negative return of -13.5% in GBP and -6% in local currency. Small
and mid-cap stocks (SMID) saw modest underperformance vs the broader market.
The period witnessed elevated levels of global uncertainty induced by the
imposition of tariffs by the US, geopolitical tensions, weak outlook on global
trade, high US bond yields and a negative outlook on inflation in the US.
However, equity markets in the US and most of the emerging markets fared much
better, mainly on account of the strength of the share prices of names exposed
to Artificial Intelligence ('AI') related capex/value chain in the US and
selectively in Asian markets, coupled with a resurgence in the Chinese
markets. India witnessed headwinds from the normalisation in economic growth
from a high base, earnings downgrades, unexpectedly high tariff pressure from
the US and subdued consumption and corporate capex trends. The Indian
government and the RBI (Reserve Bank of India) undertook several policy
measures to support growth, including income tax cuts, 100bps of rate cuts,
injection of surplus liquidity into the banking system, GST (indirect tax)
rationalisation and reduction of risk weights for bank loans to Non-Banking
Financial Companies (NBFCs), etc.
Despite the weak year, the valuation of the Indian stock market remains
elevated versus historical levels and fundamentals, with the magnitude of
earnings downgrades outpacing price and time correction. Financial services
and communication services were the only two major sectors to deliver a
(marginal) positive return over the last 12 months in local currency.
Meanwhile, utilities, IT and real estate sectors witnessed more than 20%
declines in local currency. Domestic mutual funds continue to witness strong
inflows from households' savings shift to equities, supporting the markets and
acting as a 'domestic put' amidst large FII (Foreign Institutional Investors)
outflows, while absorbing substantial selling by private equity investors and
promoters.
Indian markets may remain range-bound in the near-term given a mix of
headwinds and tailwinds that will largely balance each other out. We remain
cautious in the short term given the uncertain external environment, delay in
the private investment cycle picking up, unrealistically high earnings growth
projections for FY27 and elevated valuations. On the positive side, a stable
domestic macro environment, an improvement in earnings sentiment, the likely
recovery in consumption aided by GST rationalisation, income tax cuts and
lower interest rates, FII flows coming back and any reduction in US-India
tariff rates, along with any potential actions on policy reforms that the
policymakers may additionally implement, should be able to more than offset
the headwinds to a large extent. The long-term structural investment case for
India remains on track and any correction might create opportunities for us to
buy names where demanding valuations have previously precluded us from
investing.
Against this backdrop, over the year your company made a negative outright
return of -11.4% but outperformed the Index on a net asset value basis. The
share price return over the period was -1.8%, reflecting a significant
narrowing of the discount to NAV.
In this report we review the main drivers of recent performance, discuss
portfolio positioning, and consider the long-term outlook for Indian equities.
Performance review
In a weak market, we outperformed the benchmark index by 2.1%. However, we
underperformed by 0.7% the India ETF (Exchange Traded Fund). As we said in the
last annual report, capital gains tax (CGT) in India is a real cost to the
Company's net asset value, which does not impact the benchmark. As such, we
believe the India ETF is a more realistic comparison for the Company because
it replicates the returns of the underlying Index while accounting for the CGT
impact.
The drivers of underperformance against the ETF can be broken down into three
areas (a) continued style rotation away from the 'quality' and 'growth' stocks
we favour to 'value', possibly due to a step change in interest rates as
inflation rose dramatically post-Covid, (b) stock selection - both errors of
omission and commission particularly in the auto sector and (c) errors of
omission in a few high quality names (more on this below).
With regards to specific stock impact, we would highlight three names which
have been disappointing on a relative basis:
• Bajaj Auto: The domestic two-wheeler market saw
underwhelming growth over the year given cyclical challenges amid urban
inflationary pressure. In a weak market Bajaj Auto lost market share to peers
and supply chain disruptions for its electric two wheelers compromised
production timelines. Weak domestic performance was exacerbated by volatility
in export markets. All these factors, together with a high starting valuation,
contributed to its underperformance.
• Tata Motors: Negative implications on the Jaguar Land Rover
business from US/EU tariffs and weaker demand for premium SUVs in China
tempered the outlook for free cash flow generation from this business. A loss
of market share in the domestic EV segment, the cyclical slowdown in the
domestic commercial vehicle business and question marks on capital allocation
after the announcement of their acquisition of Iveco, the Italian commercial
vehicle business, also weighed on the share price.
• Colgate-Palmolive: A slowdown in urban demand and aggressive
pricing from competitors led to weak operating performance. This, combined
with elevated valuations, led to the stock underperforming versus the broader
index.
On the positive side, our stock selection in out of favour sectors like IT/BPO
(Coforge, ExlService and WNS), banking (ICICI Bank, Kotak Mahindra Bank), life
insurance (Max Financial) and logistics (Delhivery) generated strong returns.
Our long-standing positions in Multi Commodity Exchange (MCX) and Mahindra
& Mahindra continued to deliver positive returns on the back of strong
execution and new product launches.
Performance Attribution
For the year ended 30th September 2025
% %
Benchmark Total Return (13.5)
Stock and sector allocation 0.4
Gearing/net cash 0.6
Investment Manager contribution 1.0
Impact of Indian capital gains tax(1) 1.0
Portfolio Total Return (11.5)
Management Fees and Other Administrative Expenses (0.8)
Share Repurchases 0.9
Net Asset Value Per Ordinary Share Total Return (11.4)
Effect of share price discount to net asset value 9.6
Share Price Total Return (1.8)
(1) See note 8 and 14 in the Annual Report for the decrease in the deferred
tax liability for Indian capital gains tax which has had a positive impact on
performance. The benchmark index does not take into account the effect of
capital gains tax.
Source: Factset, Morningstar and J.P.Morgan. All figures are on a total return
basis.
Performance attribution analyses how the Company achieved its recorded
performance relative to its benchmark index.
A glossary of terms and alternative performance measures is provided on pages
93 to 95 of the Annual Report.
Select Portfolio changes
Before we delve into changes made to the portfolio, a reminder of our
investment strategy - we invest in high quality businesses led by outstanding
management teams that trade at reasonable/attractive valuations. We think
about our investments in that order, by first answering the question whether
it's a good business and only then looking at valuation. With that in mind,
below are select portfolio changes we made since we last reported at the half
year end.
New initiations
• Bharti Airtel: The consolidation of the telecom market has
benefited the second largest player, Airtel, immensely given its profit pool
mindset and ROE focus. The anticipated increase in industry average revenue
per user (ARPU) should further improve its financials. Any reduction in capex
intensity over the medium term offers visibility for an improving free cash
flow trajectory. The stock was trading at a reasonable free cash flow yield,
which we took advantage of to start a position.
• Trent: This brick & mortar fashion retailer with two
main brands Westside and Zudio is expanding via an asset-light and vertically
integrated business model. We started a small active position given the steep
fall in share price since September last year that led to a sharp multiple
de-rating. This is just a starting position with room to top up if valuations
become more palatable.
• Bajaj Finance: We added to this holding to increase our
underlying aggregate active exposure to Bajaj Finance given that we already
have indirect exposure to the stock via Bajaj Finserv (the holding company)
which derives roughly 80% of its value from Bajaj Finance. The latter has
strong visibility on AUM growth in the medium term especially given the
consumption boost from the government, without compromising on asset quality.
• Shree Cement: Shree is a cost-efficient, innovative and
higher-margin cement player with a focus on return on invested capital (ROIC),
lean operations and unit level profitability. Over the medium-to-long-term
Shree--s brownfield capacity expansion, with limestone reserves backing,
should ensure low capex-intensity expansion. While Shree is experiencing some
market share loss due to its focus on value over volume, its strategy is
deliberate in an oversupplied market. Despite Shree's potential near-term
market share loss, its focus on ROIC and lower capex intensity positions it
well for medium to long-term profitable growth.
• SBFC Finance: SBFC is a small, fast-growing non-banking
financial company (NBFC) focused on lending against property (LAP) collateral
to micro, small and medium enterprise (MSME) customers located in tier-2/3
cities. It has a large total addressable market in an underpenetrated market
with a leader formerly at HDFC Bank, who is focused on strong unit level
economics. SBFC Finance has a decent track-record on underwriting and its high
capital ratio can support high growth expectations.
• ABB India: We started a position in this quality diversified
industrials name with exposure to the broader capex theme, including
fast-growing areas like electrification and data centre-related investments.
Normalisation of margins from previous cyclical highs had led
to a correction in multiples, making valuations reasonable for this strong
ROE company with medium-to-long-term growth tailwinds.
Complete sales
• Tata Steel: We sold out of this lower quality commodity
producer where prices are decided globally as it has a material exposure in
lower return European markets.
• United Breweries: The company's premiumisation strategy is
leading to margin dilution; in addition, there are regulatory headwinds in
place. These factors, together with high valuations, makes the company an
unattractive proposition.
• Shriram Finance: Given asset quality issues in the SME
space, we sold the holding to consolidate our position in higher quality NBFCs
and financials.
• WNS: We sold the position given the takeover of the company
by Cap Gemini.
• Vishal Mega Mart: Having initiated a position in this
quality value retailer at its IPO, we exited our holding following strong
stock price performance and the lack of upside to intrinsic value. Valuations
were looking stretched even as the company has delivered an exceptional
operating performance since listing and the outlook is positive.
• Cummins: We sold the holding to start a position in ABB.
This is a more diversified industrials business compared to Cummins, which has
a narrower end market and product exposure.
• Kajaria: We exited the holding given our low conviction on
the quality of business and elevated valuations after the recent rally in its
share price.
Indian markets taking a mid-cycle breather
The upswing in domestic economic activity, and consequently in Indian equity
markets post Covid, was driven by structural reforms along with
counterintuitive yet effective supply-side measures by the government. This
started running out of steam from September 2024 onwards. Domestic growth
slowed down as fiscal stimulus in the form of government spending transitioned
into fiscal consolidation. A lack of pick up in private consumption has meant
that corporates have not fully increased spending on capex yet. Added to these
factors are external pressures from (1) global trade and tariff tantrums with
India being at the receiving end of the bargain, (2) elevated valuations and
(3) a dearth of AI-beneficiary investment themes. This perfect storm exerted
downward pressure on the economy and markets. However, structural and strong
domestic flows into equities from households came to the rescue ensuring a
sideways consolidation of the market rather than a full-blown correction. The
Indian economy is currently taking a mid-cycle breather before on-going
actions by policymakers should translate into a reacceleration in growth.
Tariff tantrums have induced urgency amongst policymakers
The external environment for India remains challenging on two fronts with the
US focused on cutting its trade deficit and China offloading its excess
capacity to the rest of the world, leading to dampeners on growth from weak
exports, a price deflator to GDP growth and likely pressures on the capital
account. To negate the impact of external pressures and slowing domestic
growth, policymakers in India have been pro-active, implementing 100bps of
rate cuts and putting through an estimated $60 billion of demand stimulus via
indirect plus direct tax cuts and some handouts. The stimulus should boost
consumption in the near-term but sustenance has to be seen given the
government's stance on fiscal consolidation. Corporate capex recovery amidst a
weak trade situation and Chinese excess capacity is primarily predicated on
domestic demand recovery. Broad-based recovery will likely take time to come
through as the government implements more reforms and potentially further
loosens its purse strings with a more pragmatic stance on fiscal measures
(given India's supply side is supportive) along with potentially additional
rate cuts from the central bank. In summary, despite a challenging trade
environment, recent policy actions and prospective measures by policymakers
should lift growth in India, albeit with a lag.
AI and India
Unlike the US and most of the Emerging Markets, which are benefiting from
exuberance in AI-theme stocks, India currently has a dearth of companies
directly benefiting from AI. In fact, IT service companies in India are widely
expected to be disrupted by AI with news of machines replacing
people. However, it reminds us of the famous quote from Mark Twain - "The
reports of my death have been greatly exaggerated". We believe that while the
IT services sector may face some revenue pressures in the near-term on account
of having to pass on productivity benefits from AI, over the
medium-to-long-term they will most likely benefit from AI delivering stronger
growth for them as any new technology requires a large pool of skilled IT
labour force for successful implementation and IT service budgets of companies
will inevitably have to increase. Growth in IT services as an enabler for AI
implementation will come with a lag, in our opinion.
Consumption and capex
India has experienced weak aggregate consumption over the last few years with
a K-shaped recovery post Covid. This has been a function of 1) flat exports of
goods and services as a percentage of GDP 2) the lack of job creation from
manufacturing as corporates have been reluctant to spend on capex until
visibility on demand comes through and 3) the government's fiscal
consolidation agenda, which means it has been spending less than tax receipts
collected, effectively pulling demand from the system. However, this construct
is now changing - 100bps of rate cuts will provide some relief to households'
interest payments, and lower income tax and GST will mean more income in the
hands of consumers and cheaper goods. All these actions and the reform agenda
should start to lift consumption. However, for consumption to sustain job
creation will have to follow. Ultimately, any pickup in domestic consumption
and incentive/reforms by the government should lead to private capex
improving. There are pockets of capex activity in India that are seeing strong
growth including electronics, defence and power. Over time, we expect more
broad-based capex and fixed capital creation not only to absorb the large
labour force in the hinterland doing agricultural work currently but also to
deliver productivity benefits for the economy.
Flows that keep giving
Indian equity markets have been supported by the significant increase in
household savings going into equities. This is the 'domestic put' providing a
cushion or floor on valuations. SIP or Systematic Investment Plans in India
provide a disciplined, sticky stream of retail flows of around
$3 billion/month; this is akin to the 401k movement in the US. There has been
a significant shift in households' allocation of financial savings away from
bank deposits to equities - currently at 7% of total household savings in the
country - with considerable room to expand from current levels. In our view,
the implications and effects of this are: (1) lower volatility and greater
resilience of the equity markets despite relentless selling by FIIs this year;
(2) higher valuations sustaining for longer despite some time correction; and
(3) demand for equities has attracted a supply of equity from issuers leading
to elevated levels of capital markets activity in the form of IPOs and capital
raisings by corporates and stake sales by promoters and private equity
sponsors. The equity raising has been a blessing because it is largely
absorbing the excess retail flows into mutual funds, absent which valuations
would have gone up further.
Outlook
While in the near-term markets may continue to remain range-bound, the
longer-term outlook for India is attractive. The country should remain one of
the fastest growing economies globally backed by political stability and an
excellent supply-side macro-economic set-up. We are watching for signs of
policy actions translating into a pick-up in growth thereby allowing the
mid-cycle pause to transition into a reacceleration in earnings growth.
Expected time correction to valuations should offer us opportunities to add
high quality names that we have been waiting to include in the portfolio. We
worry about risks of global exuberance in AI stocks and geopolitical tensions
playing spoilsport. However, India is a high quality, defensive and growing
haven amidst a volatile and uncertain global environment.
For and on behalf of
J.P. Morgan Asset Management (UK) Limited
Investment Manager
Amit Mehta
Sandip Patodia
Portfolio Managers
16th December 2025
PRINCIPAL AND EMERGING RISKS
The Board has overall responsibility for reviewing the effectiveness of the
Company's system of risk management and internal controls. The Board is
supported by the Audit and Risk Committee in the management of risk. The risk
management process is designed to identify, evaluate, manage, and mitigate the
risks faced by the Company. Although the Board believes that it has a robust
framework of internal controls in place, this can provide only reasonable, and
not absolute, assurance against material financial misstatement or loss and is
designed to manage, not eliminate, risk.
The Directors confirm that they have carried out a robust assessment of the
principal risks facing the Company, including those that would threaten its
business model, future performance, solvency or liquidity. With the assistance
of the Manager, the Audit and Risk Committee has drawn up a risk matrix and
heatmap, which identifies the principal and emerging risks to the Company.
These are reviewed and noted by the Board through the Audit and Risk
Committee, which includes the ways in which these risks are managed or
mitigated.
During the review period, the Audit and Risk Committee acknowledged the new
AIC Corporate Governance Code published in August 2024, with particular
attention to Provision 34, which takes effect for financial periods starting
on or after 1st January 2026. Provision 34 requires boards to monitor and
annually review the effectiveness of the company's risk management and
internal control framework, covering all material controls-financial,
reporting, operating, and compliance. The Annual Report must include: a
description of how the Board has monitored and reviewed the framework's
effectiveness; a declaration of the effectiveness of material controls at the
balance sheet date; and details of any material controls that have not
operated effectively, along with actions taken or proposed to address these
issues.
In preparation for reporting against Provision 34, the Audit and Risk
Committee has scrutinised the Company's principal risk matrix and narrowed it
down to five principal risks impacting the Company. Additionally, the Audit
and Risk Committee has also introduced a risk appetite statement assessing the
appetite and tolerance for each principal risk. The risk appetite framework
guides the Company's approach to risk by categorising appetite into four
levels: Open, Flexible, Minimal, and Averse. Each level defines the
willingness to accept risk, from fully anticipated and justified risks to
strong avoidance and extremely low tolerance. This structure supports
decision-making by clearly outlining the Company's risk preferences and
tolerances.
Change in risk
Principal risk assessment over the Risk
and Uncertainties Mitigation last financial year Appetite
Poor and Ineffective Execution ä Flexible
Poor execution of the strategy, for example, due to poor stock selection, poor Ø The Board has set investment guidelines and restrictions that are
sector allocation, inappropriate risk controls, poor gearing decisions or a monitored and reported on by the Company's secretarial team. The Investment
combination of these factors, may lead to under-performance against Manager operates within these parameters, following the Board's directives on
the Company's benchmark index and competitor funds. Persistent risk appetite, gearing, and the use of derivatives.
under-performance could lead to a loss of investor confidence in the Company,
resulting in reduced demand for its shares and a widening of the discount. Ø The Board continuously monitors the implementation of the investment
process and constructively challenges the Portfolio Managers during Board
meetings.
Ø The Investment Manager ensures the Board receives timely and accurate
management information, including performance data, attribution analysis,
revenue estimates, liquidity reports, and shareholder analysis. This
comprehensive information enables the Board to review statistical data and
effectively assess the Company's risk profile. In addition, JPMAM's Investment
Directors conduct a quarterly review of the Company's investment strategy,
providing further oversight and guidance to support robust risk management and
strategic decision-making.
Ø The Board has implemented a buyback policy aiming to maintain a
single-digit discount.
Discount - share price significantly lags NAV áâ Flexible
Poor execution of the strategy, for example, due to poor stock selection, poor Ø The Manager maintains regular communication with investors to gauge
sector allocation, inappropriate risk controls, poor gearing decisions or a current sentiment.
combination of these factors, may lead to under-performance against
the Company's benchmark index and competitor funds. Persistent Ø The Board sets buyback parameters and regularly reviews peer discounts,
under-performance could lead to a loss of investor confidence in the Company, while the Company's broker monitors the share discount daily, reports
resulting in reduced demand for its shares and a widening of the discount. findings, and executes buybacks in accordance with the Board's strategy,
providing ongoing advice to support effective discount management.
Ø The Board reviews sales and marketing activities aimed at increasing
demand for the Company's shares.
Ø Shareholders benefit from a three-yearly 100% exit opportunity and an
enhanced dividend, which is expected to increase the Company's appeal to
retail investors.
Ø 4% annual dividend yield in place to enhance attraction to stickier
retail market.
Geopolitical risks pose threats to markets áâ Flexible
Political, socio-economic, and cultural events, including the imposition of Ø The Board has limited direct control over external events but maintains
sanctions, can negatively impact the value of the Company's assets. oversight by regularly questioning the Portfolio Managers and reviewing
Geopolitical risks increase the likelihood of market volatility and material economic or market changes at each Board meeting.
instability, which may limit the growth opportunities for Indian equities and
adversely affect investment performance. In addition, breaches of sanctions Ø The Manager, supported by JPMAM's sanctions compliance team, continually
could result in financial penalties and reputational damage, while the monitors global developments and ensures compliance with relevant regulations.
enforcement of sanctions may lead to the write-down of affected assets,
further diminishing their value.
Cyber incidents - disruption to systems and loss of data áâ Minimal
A cyber incident, including cybercrime, affecting the systems of JPMAM or any Ø The Company benefits from the Manager's comprehensive cyber security
of the Company's other service providers could have serious consequences. The program, with updates provided to the Board by the Manager's cyber team.
impact would depend on the nature and severity of the event, but such Additionally, the Manager's IT controls are independently audited and reported
incidents are likely to disrupt the Company's operations and may also cause every six months against the AAF standard; the Board maintains oversight by
reputational damage, potentially leading to a decline in the share price and reviewing these internal controls reports
reduced demand for the Company's shares.
Ø The Manager reviews all service providers to ensure they have robust
procedures to prevent and address cyber attacks.
Breach of Legal/Regulatory Rules áâ Averse
Failure to comply with Section 1158 of the Corporation Tax Act 2010 could Ø The Manager continuously monitors the Section 1158 qualification criteria
result in the loss of investment trust status, causing gains within the and provides regular reports on this monitoring at each Board meeting.
Company's portfolio to become liable for capital gains tax. Additionally, a
breach of the Companies Act 2006 may expose the Company and its Directors to Ø The Board relies on the expertise of the Company Secretary, Investment
fines or even criminal proceedings. Further, failure to comply with the FCA Manager, and professional advisers to ensure compliance with all relevant laws
Listing Rules or the Disclosure, Guidance & Transparency Rules (DTRs) and regulations.
could lead to the suspension of the Company's shares from listing.
Change Key Risk appetite/tolerance framework Key
ã Heightened Appetite Description Tolerance
áâ Unchanged Open Willing to take justified risk Fully anticipated
ä Reduced Flexible Will take strongly justified risk Expect some
Minimal Extremely conservative Low
Averse Avoidance of risk Extremely low
EMERGING RISKS
The AIC Code of Corporate Governance also requires the Audit and Risk
Committee to put in place procedures to identify emerging risks. Emerging
risks, which are not deemed to represent an immediate threat, are considered
by the Audit and Risk Committee as they come into view and are incorporated
into the existing review of the Company's risk register. The Board considers
the following to be an emerging risk:
Climate Change
Climate change is increasingly recognised as an emerging risk that could
significantly impact the operations of the Company's investee companies, the
Investment Manager, and third-party service providers. There is the risk that
the climate change position of the Company does not align to peer group or
shareholder expectations. The risk also includes JPMorgan not meeting
regulatory disclosure requirements on behalf of the Company. In addition there
is the risk of negative reputational impact of being invested in a company
which undergoes poor climate press coverage, which could also result in a
reduction in the Company's market rating. Although India remains committed to
UN goals on net emissions, the key benchmark of global climate mitigation, the
country, in particular, faces growing vulnerability to severe weather
conditions, including extreme heat, shifting rainfall patterns, and droughts.
A rise in temperature could fuel environmental degradation, more frequent
natural disasters, and weather extremes, which in turn may lead to food and
water insecurity and economic disruption. As these risks continue to evolve
they have the potential to affect the resilience and performance of the
Company's investments and operations.
TRANSACTION WITH THE MANAGER AND RELATED PARTIES
Details of the management contract are set out in the Directors' Report on
page 41 of the Annual Report.
The management fee payable to the Manager for the year was £4,325,000 (2024:
£5,321,000) of which £nil (2024: £nil) was outstanding in the financial
statements at the year end.
Included in other administration expenses in note 6 on page 72 of the Annual
Report are safe custody fees payable to JPMorgan Chase Bank, N.A. as custodian
of the Company amounting to £504,000 (2024: £557,000) of which £62,000
(2024: £151,000) was outstanding at the year end.
The Manager carries out some of its dealing transactions through group
subsidiaries. These transactions are carried out at arms' length. The
commission payable to JPMorgan Securities for the year by the Company was
£11,000 (2024: £12,000) of which £nil (2024: £nil) was outstanding in
Company's financial statements at the year end.
Other capital charges payable on dealing transactions undertaken by overseas
sub custodians on behalf of the Company amounted to £20,000 (2024: £14,000)
during the year, of which £3,000 (2024: £3,000) was outstanding at the year
end.
At the year end, the Company did not hold cash in the JPMorgan GBP Liquidity
Fund a triple A-rated money market fund managed by JPMorgan Asset Management
(Europe) S.à r.l. (2024: £13,700,000). During the year, the Company made
purchases in this fund amounting to £48,527,000 (2024: £217,680,000) and
sales on this fund amounting to £62,227,000 (2024: £225,190,000). Income
receivable from this fund amounted to £75,000 (2024: £1,170,000) of which
£nil (2024: £nil) was outstanding at the year end. JPMorgan earns no
management fee on this fund.
At the year end, the Company held bank balances of £23,000 and a short-term
settlement overdraft of £342,000, resulting in net overdrawn amount of
£319,000 (2024: bank balances of £509,000 and £nil overdraft) with JPMorgan
Chase Bank N.A.A net amount of interest of £36,000 (2024: £9,000) was
receivable by the Company during the year, of which £nil (2024: £nil) was
outstanding at the year end.
Details of the Directors' shareholdings and the remuneration payable to
Directors are given in the Directors' Remuneration Report on pages 52 to 54 of
the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the Annual Report and the
financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each
financial year. Under that law the Directors have prepared the financial
statements in accordance with UK-adopted international accounting standards.
Under company law, Directors must not approve the financial statements unless
they are satisfied that they give a true and fair view of the state of affairs
of the company and of the profit or loss of the company for that period. In
preparing the financial statements, the Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• state whether applicable UK-adopted international accounting
standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
• make judgements and accounting estimates that are reasonable
and prudent; and
• prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the company will continue in
business.
The Directors are responsible for safeguarding the assets of the company and
hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
The Directors are also responsible for keeping adequate accounting records
that are sufficient to show and explain the company's transactions and
disclose with reasonable accuracy at any time the financial position of the
company and enable them to ensure that the financial statements and the
Directors' Remuneration Report comply with the Companies Act 2006.
The Directors have delegated the maintenance and integrity of the Company's
website (jpmindiagrowthandincome.co.uk) to the Company's Manager. Legislation
in the United Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Directors' confirmations
Each of the Directors, whose names and functions are listed in the Directors'
Report confirm that, to the best of their knowledge:
• the company financial statements, which have been prepared in
accordance with UK-adopted international accounting standards, give a true and
fair view of the assets, liabilities, financial position and result of the
company; and
• the Strategic Report and Directors' Report includes a fair
review of the development and performance of the business and the position of
the company, together with a description of the principal risks and
uncertainties that it faces.
The Board confirms that it is satisfied that the annual report and financial
statements taken as a whole are fair, balanced and understandable and provide
the information necessary for shareholders to assess the Company's position
and performance, business model and strategy.
For and on behalf of the Board
Jeremy Whitley
Chairman
16th December 2025
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30th September 2025
2025 2024
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments held at fair value
through profit or loss - (96,885) (96,885) - 161,223 161,223
Net foreign currency losses - (357) (357) - (528) (528)
Income from investments 8,021 120 8,141 8,756 - 8,756
Interest receivable and similar income 111 - 111 1,179 - 1,179
Total income/(loss) 8,132 (97,122) (88,990) 9,935 160,695 170,630
Management fee (4,325) - (4,325) (5,321) - (5,321)
Other administrative expenses (1,335) - (1,335) (1,225) - (1,225)
Profit/(loss) before finance costs and taxation 2,472 (97,122) (94,650) 3,389 160,695 164,084
Finance costs (19) - (19) - - -
Profit/(loss) before taxation 2,453 (97,122) (94,669) 3,389 160,695 164,084
Taxation (798) 7,698 6,900 (1,006) (35,793) (36,799)
Net profit/(loss) 1,655 (89,424) (87,769) 2,383 124,902 127,285
Earnings/(loss) per ordinary share 2.68p (144.65)p (141.97)p 3.35p 175.39p 178.74p
The Company does not have any income or expense that is not included in the
net profit/(loss) for the year. Accordingly the 'Net profit/(loss)' for the
year, is also the 'Total comprehensive income' for the year, as defined in
IAS1 (revised).
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.
The 'Total' column of this statement represents the Company's Statement of
Comprehensive Income, prepared in accordance with IFRS.
The supplementary 'Revenue' and 'Capital' columns are prepared under guidance
published by the Association of Investment Companies.
Details of revenue and capital items, together with the associated reserves
are contained in note 16 of the Annual Report.
All of the Net profit/(loss) and total comprehensive income is attributable to
the equity shareholders of the Company. There are no minority interests.
The notes on pages 69 to 84 of the Annual Report form an integral part of
these financial statements.
STATEMENT OF CHANGES IN EQUITY
For the year ended 30th September 2025
Called up Share Exercised Capital
share premium warrant redemption Capital Revenue
capital account reserve reserve reserves(1) reserve(1) Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30th September 2023 24,868 97,316 5,886 12,898 649,399 (14,770) 775,597
Repurchase of shares into Treasury - - - - (41,995) - (41,995)
Profit for the year - - - - 124,902 2,383 127,285
At 30th September 2024 24,868 97,316 5,886 12,898 732,306 (12,387) 860,887
Repurchase of shares for cancellation - tender offer (4,919) - - 4,919 (231,659) - (231,659)
Repurchase of shares into Treasury - - - - (39,213) - (39,213)
Profit/(loss) for the year - - - - (89,424) 1,655 (87,769)
At 30th September 2025 19,949 97,316 5,886 17,817 372,010 (10,732) 502,246
( )
(1) These reserves form the distributable reserves of the Company and
may be used where there are reserves available.
STATEMENT OF FINANCIAL POSITION
At 30th September 2025
2025 2024
£'000 £'000
Non current assets
Investments held at fair value through profit or loss 518,076 888,542
518,076 888,542
Current assets
Other receivables 2,869 583
Cash and cash equivalents 23 14,209
2,892 14,792
Current liabilities
Other payables (889) (841)
Net current assets 2,003 13,951
Total assets less current liabilities 520,079 902,493
Non current liabilities
Deferred tax liability for Indian capital gains tax (17,833) (41,606)
Net assets 502,246 860,887
Amounts attributable to shareholders
Called up share capital 19,949 24,868
Share premium account 97,316 97,316
Exercised warrant reserve 5,886 5,886
Capital redemption reserve 17,817 12,898
Capital reserves 372,010 732,306
Revenue reserve (10,732) (12,387)
Total shareholders' funds 502,246 860,887
Net asset value per ordinary share 1,108.2p 1,250.1p
STATEMENT OF CASH FLOWS
For the year ended 30th September 2025
2025 2024(1)
£'000 £'000
Operating activities
Profit/(loss) before taxation (94,669) 164,084
Deduct dividends receivable (8,141) (8,756)
Deduct interest receivable (111) (1,179)
Add interest paid 19 -
Add losses/(deduct gains) on investments held at fair value through profit or 96,885 (161,223)
loss
Add losses on net foreign currency 357 528
(Increase)/decrease in prepayments, VAT and other receivables (33) 16
Decrease in other payables (141) (57)
Net cash outflow from operating activities before dividends, interest and (5,834) (6,587)
taxation
Interest paid (19) (6)
Overseas withholding tax paid (673) (942)
Dividends received 8,154 8,910
Interest received 111 1,179
Net cash inflow from operating activities 1,739 2,554
Investing activities
Purchases of investments held at fair value through profit or loss (171,238) (253,363)
Sales of investments held at fair value through profit or loss 442,257 297,172
Indian capital gains tax paid(1) (16,075) (11,837)
Net cash inflow from investing activities 254,944 31,972
Financing activities
Repurchase of shares for cancellation - tender offer(2) (230,837) -
Other expenses relating to tender offer (822) -
Repurchase of shares into Treasury(2) (39,195) (41,833)
Net cash outflow from financing activities (270,854) (41,833)
Decrease in cash and cash equivalents (14,171) (7,307)
Cash and cash equivalents at the start of the year 14,209 22,044
Exchange movements (357) (528)
Cash and cash equivalents at the end of the year (319) 14,209
Cash and cash equivalents consist of:
Cash at bank 23 509
JPMorgan GBP Liquidity Fund - Money market fund - 13,700
Bank overdraft (included as part of current liabilities in note 13 of the (342) -
Annual Report)
Total cash, cash equivalents and bank overdraft per the Statement of Cash (319) 14,209
Flows
(1) The Indian capital gains tax paid has been reclassified from
'operating activities' to 'investing activities', with the 2024 comparative
figures adjusted accordingly. This reclassification has been made to comply
with the requirements of International Accounting Standard (IAS) 7 - Statement
of Cash Flows. The impact on the prior year comparative is as follows: the
'Net cash outflow from operating activities' has been restated from
£(9,283,000) to £2,554,000, and the 'Net cash inflow from investing
activities' has been restated from £43,809,000 to £31,972,000. There is no
overall impact on the 'Decrease in cash and cash equivalents' or the 'Cash and
cash equivalents' as reported at 30th September 2024.
(2) Including stamp duty payable on the repurchase of shares.
NOTES TO THE FINANCIAL STATEMENTS
1. Material Accounting Policies and Basis of Preparation
(a) Basis of accounting
The financial statements of the Company have been prepared under historical
cost convention, modified to include fixed asset investments at fair value,
and in accordance with UK-adopted International Accounting Standards and with
the requirements of the Companies Act 2006 as applicable to companies
reporting under those standards. Where presentational guidance set out in the
Statement of Recommended Practice 'Financial Statements of Investment Trust
Companies and Venture Capital Trusts' (the 'SORP') issued by the Association
of Investment Companies ('AIC') in July 2022 is consistent with the
requirements of IFRS, the Directors have sought to prepare the financial
statements on a basis compliant with the recommendations of the SORP. The
accounting policies adopted are consistent with those of the previous
financial year. The principal accounting policies adopted are set out below.
The financial statements have been prepared on the going concern basis. The
disclosures on going concern in the Audit and Risk Committee's Report on page
50 of the Annual Report form part of these financial statements. The Board
has, in particular, considered the nature of the portfolio and the Company's
expenditure projections, taking into account the heightened market volatility,
and concluded that the Company has adequate resources, an appropriate
financial structure and suitable management arrangements in place, and does
not believe the Company's going concern status is affected.
In preparing these financial statements the Directors have considered the
impact of climate change risk as set out on page 32 of the Annual Report,
under Principal and Emerging Risks, and have concluded that there was no
impact of climate change to be taken into account as the investments are
valued based on market pricing, which incorporates the market's perception of
climate risk.
The Company's share capital is denominated in sterling and this is the
currency in which its shareholders operate and expenses are generally paid.
The Directors have therefore determined the functional currency to be
sterling.
2. Non current assets
(a) Investments held at fair value through profit or loss
2025 2024
£'000 £'000
Investments listed on a recognised stock exchange 518,076 888,542
Total investments held at fair value through profit or loss 518,076 888,542
2025 2024
£'000 £'000
Opening book cost 653,417 619,285
Opening investment holding gains 235,125 151,672
Opening valuation 888,542 770,957
Movements in the year:
Purchases at cost 171,067 253,534
Sales proceeds (444,668) (297,186)
Gains/(Losses) on investments (96,865) 161,237
Closing valuation 518,076 888,542
Closing book cost 457,401 653,417
Closing investment holding gains 60,675 235,125
Total investments held at fair value through profit or loss 518,076 888,542
The Company received £444,668,000 (2024: £297,186,000) from investments sold
in the year. The book cost of these investments when they were purchased was
£367,083,000 (2024: £219,402,000).
These investments have been revalued over time and until they were sold, any
unrealised gains/losses are included in the fair value of the investments.
(b) Transaction costs
2025 2024
£'000 £'000
Transaction costs on purchases 297 501
Transaction costs on sales 341 517
638 1,018
The above costs comprise mainly brokerage commission.
(c) Gains/(Losses) on investments held at fair value through profit or
loss
2025 2024
£'000 £'000
Realised gains on sales of investments 77,585 77,784
Net change in unrealised gains and losses on investments (174,450) 83,453
Other capital charges (20) (14)
Total gains/(losses) on investments held at fair value through profit or loss (96,885) 161,223
3. Earnings/(loss) per ordinary share
2025 2024
£'000 £'000
Earnings per ordinary share is based on the following:
Revenue profit/(loss) 1,655 2,383
Capital profit/(loss) (89,424) 124,902
Total profit/(loss) (87,769) 127,285
Weighted average number of ordinary shares in issue 61,823,966 71,214,156
Revenue earnings per ordinary share 2.68p 3.35p
Capital earnings/(loss) per ordinary share (144.65)p 175.39p
Total earnings/(loss) per ordinary share(1) (141.97)p 178.74p
( )
(1) Represents both the basic and diluted earnings per ordinary share
and excludes shares held in Treasury.
4. Net asset value per ordinary share
2025 2024
Net assets (£'000) 502,246 860,887
Number of ordinary shares in issue excluding shares held in Treasury 45,322,880 68,864,107
Net asset value per ordinary share 1,108.2p 1,250.1p
JPMORGAN FUNDS LIMITED
17th December 2025
For further information, please contact:
Sachu Saji
For and on behalf of
JPMorgan Funds Limited
Telephone: 0800 20 40 20 or or +44 1268 44 44 70
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 Annual 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 Annual Report will also shortly be available on the Company's website at
jpmindiagrowthandincome.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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