JPMorgan Mid Cap - Half-Year Results - six months ended 31st Dec 2022
10/02/2023 07:00
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RNS Number : 5125P JPMorgan Mid Cap Invest Trust PLC 10 February 2023
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN MID CAP INVESTMENT TRUST PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS
ENDED 31ST DECEMBER 2022
Legal Entity Identifier: 549300QED7IGEP4UFN49
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
Performance
In the six months to 31st December 2022 the total return on net assets was
+3.0%, marginally ahead of the Company's benchmark, the FTSE 250 Index
(excluding investment trusts), which returned +2.8%. The Company's share price
total return for the period was +5.6%, reflecting a narrowing of the discount
that the Company's shares trade at relative to its Net Asset Value ('NAV').
A review of the Company's performance for the period and the outlook for the
remainder of the year is provided in the Investment Managers' report that
follows.
Share Price Rating to NAV per Share
At the end of the last financial year, the Company's shares traded at a 13.6%
discount, having widened substantially over the financial year in line with
the discount experience of its immediate peers and also of investment trusts
across many asset classes. Over the last six months the discount has narrowed
marginally, closing the half year period at 11.7%.
The Directors recognise the importance to shareholders that the Company's
share price should not differ excessively from the underlying NAV and the
Board aims to address any imbalance between supply and demand against an
overall assessment of general market trends. In the six months to
31st December 2022, the Board utilised the Company's authority to buy back
shares and repurchased a total of 457,488 shares. These shares were purchased
at an average discount to NAV of 13.4%, producing a modest accretion to the
NAV for continuing shareholders. Shares repurchased are held in Treasury and
such treasury shares and any new ordinary shares will only be sold or issued
at a premium to NAV.
Revised Management Fee Arrangements
As recently announced, with effect from 1st January 2023, the Company's
Manager has agreed to reduce its investment management fee. There are three
key changes to the fee agreement. Fees will now be based on net assets, as
opposed to total, or gross assets, the tier at which the 0.65% fee rate tapers
has been reduced from £250 million of net assets to £200 million and the
tapered fee has been reduced from 0.60% to 0.55%.
It is felt that this revised fee structure balances the need for the Company's
ongoing charges ratio to remain competitive, whilst rewarding the Manager for
its efforts.
Revenue and Dividends
Whilst the Company has a capital growth objective, dividends paid are an
important component of shareholder total return over the long term. Net
revenue after taxation for the six months to 31st December 2022 was £2.99
million (2021: £3.94 million) and earnings per share were 13.41p
(2021: 16.77p). The Board has declared an interim dividend of 8.0p (2021:
8.0p) to be paid on 25th April 2023 to shareholders on the register at the
close of business on 17th March 2023.
Due to the impact of dividend cuts made by UK companies across all indices and
sectors during the COVID-19 pandemic in 2020 and 2021, dividends uncovered by
earnings were paid in the Company's financial years ended 30th June 2020 and
2021 by utilising the revenue reserves built up in previous years to maintain
the 2019 pre-pandemic total dividend level. In 2022, the Company's dividend
was fully covered by revenue generated over that year and revenue reserves
were increased to approximately 28.1 pence per share, having fallen to
approximately 21.8 pence per share (£5,111,000) at the end of June 2021.
Your Company's revenue in any given year is determined by a combination of the
dividend performance of its investment portfolio, including the occasional
receipt of 'special dividends' and any changes that the Investment Managers
choose to make through transactions which can, in various circumstances,
either increase or decrease revenue depending on where the managers identify
the most attractive opportunities. It is important that the Investment
Managers have such freedom of action.
A decision on the level of the dividends for the current financial year will
be carefully reviewed when there is greater clarity on the net income position
of the Company for the full year.
Loan Facilities and Gearing
The Board has determined that in normal circumstances the Company's overall
gearing range is 10% net cash to 20% geared. Within this range, after due
consideration at each Board meeting, the Board normally sets a narrower, short
term gearing range for the ensuing period. The Company's gearing strategy is
implemented through the use of bank borrowing facilities. The Company
currently has access to two loan facilities totalling £55 million, with the
option of further increasing one of the facilities by £20 million (subject to
credit approval by the lender). £25 million of the debt has just been renewed
out to February 2025 and the Board will be reviewing the options available for
the replacement of the remaining £30 million ahead of its expiry in March
2024. When structuring the Company's debt, the Board considers quantum, terms
and tenure and endeavours to ensure that the Investment Managers have access
to a flexible structure to assist with the objective of enhancing shareholder
returns.
Stay Informed
The Company delivers email updates on the Company's progress with regular news
and views, as well as the latest performance. If you have not already signed
up to receive these communications and you wish to do so you can opt in via
https://tinyurl.com/UK-Mid-Cap-Sign-Up or by scanning the QR code on this
page.
Outlook
2022 was a poor year for equites on a global scale and in the UK the Mid Cap
index recorded a disappointing return and one that was, unusually,
significantly lower than the larger cap indices of UK equities. This is
reflected in high levels of outflows from UK equity funds in 2022 and widening
discounts for UK equity orientated investment trusts.
The reasons are not difficult to identify being a combination of rising energy
and commodity prices, leading to sharply higher than expected rates of
inflation which the Bank of England has responded to by beginning to raise
short term interest rates. The follow through from the resurgence in inflation
has been a rising number of labour disputes as employees seek wage rises in
line with the increase in cost of living. Some of these negotiations have
culminated in a series of strikes by workers in many key sectors.
The highly damaging political hiatus in September undermined international
confidence in UK debt markets and came about at the precise time that the Bank
of England was in the process of replacing quantitative easing with
quantitative tightening. Debt is now priced more realistically than has been
the case since 2008 and perhaps of greater import will now be less freely
available and hopefully more appropriately employed.
All of the above combined to produce an awful background for the FTSE 250 and
performance has reflected this. However, looking at long term valuations it is
clear that much of the downside may now be priced in, indeed over the past 30
years there are only three other periods where forward valuations have been
close to current levels.
The market has recession priced in and the ongoing risk is that the decline in
earnings and profits is greater than currently anticipated. Your Investment
Managers are seeing opportunities to invest in companies with excellent
underlying characteristics at valuations only very occasionally on offer. They
are seizing these opportunities and it is to be hoped that, over time, these
capital allocations will prove to be rewarding for shareholders.
John Evans
Chairman
10th February 2023
INVESTMENT MANAGERS' REPORT
Performance and Market Background
The first half of the Company's financial year endured a bleak backdrop. The
atrocious war in Ukraine raged on, energy prices and inflation remained
uncomfortably high, interest rates rose swiftly and there was a growing threat
of recession in much of the developed world. While public sector strike action
grew in the UK in response to the stark cost of living increase over the year,
towards the end of 2022 there were a few slight positives of note. China
backed down on its zero-COVID policy; inflation appeared to have peaked in the
US, UK and Europe; and in the UK the new Prime Minister calmed markets and
investors after the disastrous mini budget that was delivered in September
during the very brief reign of his predecessor.
Against this backdrop, the FTSE 250 Index (excluding investment trusts) rose
+2.8% for the six months (although it is notable that in the last three months
of 2022 it was up +12.9% as markets looked to life beyond peak inflation).
Your Company produced a total return on net assets of +3.0% in the six-month
period, and the share price total return was +5.6%, as the discount of the
share price relative to net assets narrowed slightly.
Portfolio
Among the contributors to the outperformance in the six months were two of our
large positions in the retail sector, Dunelm and JD Sports Fashion, as these
category winners reminded the market of their worth with impressive results.
In addition, our positions in Indivior, Bank of Georgia and 4imprint also
performed strongly, again supported by impressive results in spite of the
economic backdrop. On the negative side, the main detractors included the
housebuilder Vistry, Future (a media company) and Harbour Energy following the
Government's ill-thought-out extra tax levy on North Sea oil and gas
producers.
We continued to make changes to the portfolio to adapt to the economic
environment. New additions included Inchcape, the motor distributor, following
its large South American acquisition, Balfour Beatty, the infrastructure
company with significant exposure to US infrastructure, and Spectris, a
supplier of precision instrumentation and controls. We also sold out of
certain holdings including Capital & Counties, Marshalls and National
Express, on concerns over current trading and/or balance sheet strength.
Outlook
It is very easy to paint a dark and gloomy picture of the UK economy, and
therefore of its perceived stockmarket proxy, the FTSE 250 Index. However,
markets (and investors) are pre-emptive, and looking out to the next 12-18
months provides reasons to be more optimistic.
In line with most economists, we expect a mild recession in the UK in 2023. We
believe inflation has peaked in the UK, and while we expect it to remain
elevated, we do foresee a significant decline from the current 10.7% over the
course of this year. In part this is due to gas prices, which are
substantially lower than the peak in 2022, although still high versus
historical metrics. After nine increases last year and one increase on 2nd
February 2023, interest rates at 4.0% are much closer to peak. Consumer
confidence remains very weak - headlines, strikes, utility bills and potential
house price declines are all playing a part - but the unemployment rate
remains very low at 3.7% and there are still over a million job vacancies.
Freight rates have fallen significantly, and it appears that supply chains are
beginning to function more normally, aided by the re-opening of China.
This leads us to valuations. The environment is going to remain extremely
difficult for businesses and consumers to navigate this year - but a lot of
this is already reflected in valuations. While it has rallied off its 9.8x low
in October, the FTSE 250 Index price to earnings ratio is around 12x and on
our favoured free cashflow yield metric the Index is undeniably attractive on
4.5%. Your Company's free cashflow yield metric is even more so on 6.3%. As we
have said before, acquirors of UK businesses recognise this. Merger &
Acquisition ('M&A') activity continued in 2022 despite the economic
backdrop, and we strongly believe it will continue this year while valuations
remain so compelling on any sensible timeframe.
Georgina Brittain
Katen Patel
Investment Managers
10th February 2023
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its half year
report.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company have not changed
and fall into the following broad categories: investment and strategy;
financial; accounting, legal and regulatory; corporate governance and
shareholder relations; and operational and cybercrime. Information on each of
these areas is given in the Business Review within the Annual Report and
Financial Statements for the year ended 30th June 2022.
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
The Directors believe, having considered the Company's investment objectives,
risk management policies, capital management policies and procedures, nature
of the portfolio and expenditure projections, that the Company has adequate
resources, an appropriate financial structure and suitable management
arrangements in place to continue in operational existence for the foreseeable
future and, more specifically, that there are no material uncertainties
pertaining to the Company that would prevent its ability to continue in such
operational existence for at least 12 months from the date of the approval of
this half yearly financial report. For these reasons, they consider there is
sufficient evidence to continue to adopt the going concern basis in preparing
the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the
half year financial report has been prepared in accordance with FRS 104
'Interim Financial Reporting' and gives a true and fair view of the state of
affairs of the Company and of the assets, liabilities, financial position and
net return of the Company, as at 31st December 2022, as required by the UK
Listing Authority Disclosure and Transparency Rules 4.2.4R; and
(ii) the half year management report includes a fair review of the
information required by 4.2.7R and 4.2.8R of the UK Listing Authority
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 Evans
Chairman
10th February 2023
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 2022 31st December 2021 30th June 2022
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments
held at fair value through
profit or loss - 3,429 3,429 - 15,735 15,735 - (107,110) (107,110)
Net foreign currency
gains/(losses) - 5 5 - (2) (2) - (7) (7)
Income from investments 3,578 - 3,578 4,666 - 4,666 9,516 - 9,516
Interest receivable and similar
income 67 - 67 4 - 4 41 - 41
Gross return/(loss) 3,645 3,434 7,079 4,670 15,733 20,403 9,557 (107,117) (97,560)
Management fee (note 3) (227) (529) (756) (365) (851) (1,216) (673) (1,571) (2,244)
Other administrative expenses (323) - (323) (231) - (231) (675) - (675)
Net return/(loss) before finance
costs and taxation 3,095 2,905 6,000 4,074 14,882 18,956 8,209 (108,688) (100,479)
Finance costs (130) (304) (434) (95) (221) (316) (204) (476) (680)
Net return/(loss) before taxation 2,965 2,601 5,566 3,979 14,661 18,640 8,005 (109,164) (101,159)
Taxation credit/(charge) 20 - 20 (44) - (44) (68) - (68)
Net return/(loss) after taxation 2,985 2,601 5,586 3,935 14,661 18,596 7,937 (109,164) (101,227)
Return/(loss) per share (note 4) 13.41p 11.69p 25.10p 16.77p 62.49p 79.26p 34.07p (468.65)p (434.58)p
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.
The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns represent supplementary
information prepared under guidance issued by the Association of Investment
Companies.
The net return/(loss) after taxation represents the profit/(loss) for the
period/year and also the Total Comprehensive Income.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Called up Capital
share Share redemption Capital Revenue
capital premium reserve reserves(1) reserve(1) Total
£'000 £'000 £'000 £'000 £'000 £'000
Six months ended 31st December 2022 (Unaudited)
At 30th June 2022 6,350 454 3,650 201,271 11,183 222,908
Repurchase of shares into Treasury - - - (4,123) - (4,123)
Net return - - - 2,601 2,985 5,586
Dividends paid in the period (note 5) - - - - (4,767) (4,767)
At 31st December 2022 6,350 454 3,650 199,749 9,401 219,604
Six months ended 31st December 2021 (Unaudited)
At 30th June 2021 6,350 454 3,650 319,752 10,155 340,361
Net return - - - 14,661 3,935 18,596
Dividends paid in the period (note 5) - - - - (5,044) (5,044)
At 31st December 2021 6,350 454 3,650 334,413 9,046 353,913
Year ended 30th June 2022 (Audited)
At 30th June 2021 6,350 454 3,650 319,752 10,155 340,361
Repurchase of shares into Treasury - - - (9,317) - (9,317)
Net return - - - (109,164) 7,937 (101,227)
Dividends paid in the year (note 5) - - - - (6,909) (6,909)
At 30th June 2022 6,350 454 3,650 201,271 11,183 222,908
(1) These reserves form the distributable reserves of the Company and
may be used to fund distributions to investors.
CONDENSED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Unaudited) (Audited)
At At At
31st December 31st December 30th June
2022 2021 2022
£'000 £'000 £'000
Fixed assets
Investments held at fair value through profit or loss 235,518 381,313 235,322
Current assets
Debtors 688 1,081 6,921
Cash and cash equivalents 703 11,738 15,831
1,391 12,819 22,752
Current liabilities
Creditors: amounts falling due within one year (15,305) (16,219) (20,166)
Net current (liabilities)/assets (13,914) (3,400) 2,586
Total assets less current liabilities 221,604 377,913 237,908
Creditors: amounts falling due after more than one year (2,000) (24,000) (15,000)
Net assets 219,604 353,913 222,908
Capital and reserves
Called up share capital 6,350 6,350 6,350
Share premium 454 454 454
Capital redemption reserve 3,650 3,650 3,650
Capital reserve 199,749 334,413 201,271
Revenue reserve 9,401 9,046 11,183
Total shareholders' funds 219,604 353,913 222,908
Net asset value per share (note 6) 994.3p 1,508.4p 988.8p
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 31st December 30th June
2022 2021 2022
£'000 £'000 £'000
Net cash outflow from operations before dividends and
interest (note 7) (1,013) (1,488) (2,948)
Dividends received 3,891 4,448 9,286
Interest received 61 4 41
Overseas tax recovered/(paid) 72 (15) (15)
Interest paid (410) (319) (693)
Net cash inflow from operating activities 2,601 2,630 5,671
Purchases of investments (57,993) (44,178) (113,532)
Sales of investments 62,068 51,482 142,071
Net cash inflow from investing activities 4,075 7,304 28,539
Dividends paid (4,767) (5,044) (6,909)
Repurchase of shares into Treasury (4,035) - (9,317)
Repayment of bank loan (13,000) (6,000) (15,000)
Net cash outflow from financing activities (21,802) (11,044) (31,226)
(Decrease)/increase in cash and cash equivalents (15,126) (1,110) 2,984
Cash and cash equivalents at start of period/year 15,831 12,847 12,847
Exchange movements (2) 1 -
Cash and cash equivalents at end of period/year 703 11,738 15,831
Cash and cash equivalents consist of:
Cash and short term deposits 684 561 272
Cash held in JPMorgan Sterling Liquidity Fund 19 11,177 15,559
Total 703 11,738 15,831
RECONCILIATION OF NET DEBT
As at Other As at
30th June non-cash 31st December
2022 Cash flows charges 2022
£'000 £'000 £'000 £'000
Cash and cash equivalents
Cash 272 414 (2) 684
Cash equivalents 15,559 (15,540) - 19
15,831 (15,126) (2) 703
Borrowings
Debt due within one year (15,000) - - (15,000)
Debt due after one year (15,000) 13,000 - (2,000)
(30,000) 13,000 - (17,000)
Total (14,169) (2,126) (2) (16,297)
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the six months ended 31st December 2022
1. Financial statements
The information contained within the condensed financial statements in this
half year report has not been audited or reviewed by the Company's Auditor.
The figures and financial information for the year ended 30th June 2022 are
extracted from the latest published financial statements of the Company and do
not constitute statutory accounts for that year. Those financial statements
have been delivered to the Registrar of Companies and included the report of
the Auditor which was unqualified and did not contain a statement under
either section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The condensed financial statements have been prepared in accordance with the
Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in
the UK and Republic of Ireland' of the United Kingdom Generally Accepted
Accounting Practice ('UK GAAP') and with the Statement of Recommended
Practice 'Financial Statements of Investment Trust Companies and Venture
Capital Trusts' (the revised 'SORP') issued by the Association of Investment
Companies in July 2022.
FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting
Council ('FRC') in March 2015 has been applied in preparing this condensed set
of financial statements for the six months ended 31st December 2022.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of financial statements
are consistent with those applied in the financial statements for the year
ended 30th June 2022.
3. Management fee
For the six month period to 31st December 2022, the investment management fee
was based on 0.65% per annum on total assets less current liabilities,
excluding amounts held in a liquidity fund ('total assets'), up to £250
million and 0.60% on total assets over £250 million.
With effect from 1st January 2023, the annual investment management fee, will
be charged at an annual rate of 0.65% on the first £200 million of net assets
and 0.55% on net assets in excess of £200 million.
4. Return per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 2022 31st December 2021 30th June 2022
£'000 £'000 £'000
Return per share is based on the following:
Revenue return 2,985 3,935 7,937
Capital return/(loss) 2,601 14,661 (109,164)
Total return/(loss) 5,586 18,596 (101,227)
Weighted average number of shares in issue 22,248,402 23,462,770 23,293,115
Revenue return per share 13.41p 16.77p 34.07p
Capital return/(loss) per share 11.69p 62.49p (468.65)p
Total return/(loss) per share 25.10p 79.26p (434.58)p
5. Dividends paid
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 2022 31st December 2021 30th June 2022
£'000 £'000 £'000
2022 Final dividend of 21.5p (2020: 21.5p) per share 4,767 5,044 5,044
2022 Interim dividend of 8.0p per share - - 1,865
Total dividends paid 4,767 5,044 6,909
All dividends paid in the period/year have been funded from the Revenue
Reserve.
An interim dividend of 8.0p has been declared in respect of the six months
ended 31st December 2022, to be paid on 25th April 2023 to shareholders on
the register at the close of business on 17th March 2023.
6. Net asset value per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 2022 31st December 2021 30th June 2022
Net assets (£'000) 219,604 353,913 222,908
Number of shares in issue 22,086,242 23,462,770 22,543,730
Net asset value per share 994.3p 1,508.4p 988.8p
7. Reconciliation of net return before finance costs and taxation
to net cash outflow from operations before dividends and interest
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 2022 31st December 2021 30th June 2022
£'000 £'000 £'000
Net return/(loss) before finance costs and taxation 6,000 18,956 (100,479)
(Less capital return)/add capital loss before finance costs
and taxation (2,905) (14,882) 108,688
Scrip dividends received as income (23) - -
Decrease/(increase) in accrued income and other debtors 354 (108) (111)
Increase/(decrease) in accrued expenses 55 (38) (17)
Management fee charged to capital (529) (851) (1,571)
Overseas withholding tax (20) (110) (124)
Dividends received (3,891) (4,448) (9,286)
Interest received (61) (4) (41)
Realised gains/(losses) on foreign currency transactions 7 (3) (7)
Net cash outflow from operations before dividends and interest (1,013) (1,488) (2,948)
JPMORGAN FUNDS LIMITED
10th February 2023
For further information, please contact:
Alison Vincent
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
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.
JPMORGAN ASSET MANAGEMENT (UK) LIMITED
ENDS
A copy of the Half Year Report has been submitted to the National Storage
Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://secureweb.jpmchase.net/readonly/https:/lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA0MDUuMTk3NzA4MDEiLCJ1cmwiOiJodHRwczovL2RhdGEuZmNhLm9yZy51ay8jL25zbS9uYXRpb25hbHN0b3JhZ2VtZWNoYW5pc20ifQ.b7Q7NXHGRA8MjB_Ugl8Tv4JxhiU28TbcoNb04FTTMiY/br/77057565556-l)
.
The Half Year Report will also shortly be available on the Company's website
at www.jpmmidcap.co.uk (http://www.jpmmidcap.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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