JPMorgan Asia G&I - Annual Financial Report
11/12/2025 07:00
RNS Number : 0949L
JPMorgan Asia Growth & Income PLC
11 December 2025
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN ASIA GROWTH & INCOME PLC
FINAL RESULTS FOR THE YEAR ENDED 30TH SEPTEMBER 2025
Legal Entity Identifier: 5493006R7BNJSKCB17
Information disclosed in accordance with the DTR 4.1.3
JPMorgan Asia Growth & Income plc ('JAGI' or the 'Company') reports its annual financial results for the year ended 30th September 2025.
Highlights:
· NAV total return of +19.9% compared with +16.8% for the MSCI Asia Pacific Index (the 'Benchmark' in sterling terms). Share price total return of +23.9%.
· Three-year cumulative NAV total return of +46.3% compared with +38.9% for the benchmark. Share price total return of +49.9%.
· Five-year cumulative NAV total return of +39.3% compared with +31.2% for the benchmark. Share price total return of +28.6%.
· Ten-year cumulative NAV total return of +202.5% compared with +154.3% for the benchmark. Share price total return of +223.2%.
· The Company continued its long-term track record, outperforming the benchmark in seven out of the last ten financial years.
· Enhanced dividend policy was increased to 1.5% of NAV per quarter, equating to a notional yield of 6% per annum effective March 2025.
· Total dividend of 23.6p per share for the 2025 financial year (2024: 16.0p), representing a dividend yield of 5.4% based on the share price at 30th September 2025.
· The Company repurchased 10.8 million shares during the year (13.7% of issued share capital), increasing NAV per share by 5.8p.
The Chairman of JAGI, Sir Richard Stagg, commented:
"I am pleased to report the Company delivered a total return on net asset value (NAV) of +19.9%, comfortably outperforming the benchmark return of 16.8%. This performance continues the Companies' robust long-term track record, outperforming its benchmark in seven of our last ten financial years. The Company continued to execute its long-term investment strategy, focusing on quality growth and income opportunities across the region."
"Looking ahead, my fellow Board members and I agree with the Portfolio Managers that the prospects for Asian economies appear somewhat brighter than they were at the time of the Half Year Report. The Board is pleased with the success of the partnership between Robert Lloyd and Pauline Ng. While, as ever, geopolitical and market risks persist, the Board is confident in the Portfolio Managers' ability to navigate these challenges and continue to deliver attractive returns to shareholders. Our Company stands out for delivering a superior, long-term returns and an enhanced dividend, rewarding shareholders for their trust and commitment."
JAGI's Portfolio Managers', Robert Lloyd and Pauline Ng, commented:
"Tariffs aside, the outlook for 2026 seems more positive than it was at the time of our Half Year Report. China's relatively strong growth should continue to support activity across the region. Markets will gain further impetus from widespread improvement in shareholder returns and from earnings growth driven by Asia's position at the centre of the AI revolution. Furthermore, the rapid development and penetration of AI should boost productivity and cut costs across most sectors for years to come. And although unexpected volatility may, at times, disturb this relatively upbeat scenario, it can also create attractive investment opportunities that enhance returns over time."
Enquiries:
JPMorgan Asia Growth & Income plc
Investor Relations - Alexandra Ellaby, JPMorgan Funds Limited
E-mail: alexandra.ellaby@jpmchase.com
Telephone: 0800 20 40 20 or +44 1268 44 44 70
Chairman's Statement
Performance and Market Background
I am pleased to present the Company's annual results for the year ended 30th September 2025. During the year, the Company delivered a total return on net asset value (NAV) of +19.9%, comfortably outperforming the benchmark return of +16.8%, expressed in sterling terms. This performance continues our robust long-term track record, with the Company outperforming the benchmark in seven of our last ten financial years. Over this period, the portfolio delivered cumulative returns of +202.5% - substantially ahead of the benchmark's +154.3%.
The Board's focus is on ensuring the best possible returns for our investors through:
• Strong and consistent performance, in particular outperforming the Index.
• An enhanced dividend, which will be paying shareholders at least a yield of 6% in our current financial year.
• Careful use of buybacks to prevent an excessive discount and preserve NAV for shareholders.
• Taking advantage of the flexibility offered by a closed-end Trust to gear where appropriate and to invest in smaller and less liquid companies (which often have the best growth prospects in the medium term).
• Keeping our charges among the lowest in the sector.
There is more detail on these below.
Over the last year, the Company continued to execute its long-term investment strategy, focusing on quality growth and income opportunities across the region. The portfolio participated in the market upswing in the second half of its financial year, benefiting from strong performances in China, Singapore, Taiwan, and Korea, while Indonesia faced notable challenges.
The Portfolio Managers' report provides further detail on performance, portfolio positioning, and the outlook for Asian markets.
Dividend Policy
The Board remains committed to delivering an attractive and sustainable income to our shareholders. In 2016, the Company introduced a policy of paying a regular, quarterly 'enhanced dividend' (funded from a combination of revenue and capital). Since then (2016) the Company has paid out dividends worth £136.7 million to our shareholders, while the NAV at the year-end was £323.8 million. Historically this dividend was set at 1% of the Company's NAV per quarter or 4% per annum. Following a review, the enhanced dividend was increased to 1.5% of NAV per quarter, equating to a notional yield of 6% per annum, effective from March 2025. This is designed to differentiate the Company from its peers and respond to evolving investor needs in a higher interest rate environment, while also generating additional demand for our shares. Dividends paid in respect of the entire 2025 financial year totalled 23.6 pence (2024: 16.0 pence). This represents a dividend yield of 5.4%, based on the share price as at 30th September 2025. The initial shareholder response to this change has been very positive.
Premium/Discount and Share Capital Management
The Board is closely focussed on the discount at which the Company's shares trade. Our aim is to attract new investors through the suite of policies described above, in order to support demand for our shares and thus narrow the discount. We also use share buybacks, to help keep supply and demand in balance and to maintain liquidity. During the financial year, we bought back 10.8 million shares (representing 13.7% of issued share capital). Share buybacks increase the NAV per share of remaining shares (adding 5.8 pence per share to the NAV during the review period). Since the end of 30th September 2025, the Company has bought back a further 709,104 shares.
The discount at which the Company's shares trade narrowed during the review period, ending at 8.7%. Encouragingly, this is lower than the discount of 11.2% at the end of the last financial year and is within the Board's targeted range of 8% to 10% in normal market circumstances. The discount is currently 7.92%.
Gearing
The Company maintained a cautious approach to gearing and had no loan facility in place during the year. The Board continues to review debt arrangements, in consultation with the Portfolio Managers and supports the use of contracts for difference (CFDs) to enhance returns. This strategy was foreshadowed in the last Annual Report. CFDs are a flexible, low-cost, capital-efficient alternative to loan facilities and thus offer considerable advantages to the Portfolio Managers. The Board will closely monitor the use and effectiveness of this form of gearing.
As of 30th September 2025, the portfolio's net gearing stood at 5.2%, up from 4.0% at the Half Year end on 31st March 2025 and negligible at 30th September 2024, primarily due to increased use of CFDs. This modest amount of leverage reflects the Portfolio Managers' generally positive view on the outlook for Asian markets.
Board Succession
As previously announced, Ms Diana Choyleva stepped down from the Board effective 4th August 2025. We would like to thank Diana for her valuable contribution during her tenure and wish her well in her future endeavours. Peter Moon will step down at the February 2026 AGM, marking the completion of his nine-year tenure as a Director. Following the AGM, Kathryn Matthews will succeed Peter as Senior Independent Director. The Board thanks Peter for his valuable guidance and leadership during his tenure and extends its best wishes for the future.
As foreshadowed in the Half Year Report, the Board is pleased to announce the appointment of George William Edward Rogers (Will Rogers) and Bulbul Barrett as Non-Executive Directors, effective 26th November 2025. Both new Directors are independent, have no relationship with the Investment Manager and do not hold shares in the Company.
Will Rogers is a qualified corporate lawyer with extensive experience advising and brokering London-listed investment companies.
Bulbul Barrett has over 30 years' experience in Asian equities, with senior roles at major financial institutions. She currently serves as a director on other investment trusts.
The Board can confirm that its current composition is compliant with all applicable diversity targets for UK companies listed on the Main Market of the London Stock Exchange. It is the Board's intention that this will continue to be the case.
The Manager and Costs
Through the remit of the Management Engagement Committee ('MEC'), the Board has reviewed the Manager's performance and its fee arrangements with the Company. Based upon its performance record and taking all factors into account, including other services provided to the Company and its shareholders, the MEC and the Board are satisfied that JPMF should continue as the Company's Manager, and that its ongoing appointment remains in the best interests of shareholders.
The Board is very pleased to note that the Company has one of the lowest, and thus most competitive, ongoing charges in the sector, and it is committed to ensuring this remains the case.
Adoption of new Articles of Association
The Company is proposing to adopt new Articles of Association which contain provisions dealing with a potential situation whereby fewer directors than the required minimum number are re-elected at an AGM. Resolution 16 seeks shareholder approval for this amendment to be made to the Company's existing Articles of Association with the adoption of the new articles. No other amendments are being proposed at this time.
Stay Informed
The Company is very keen to engage with its shareholders, and to ensure that all investors, but especially those with smaller holdings who invest via platforms, are well-informed about the progress of their Company, its performance and the market outlook. To support this goal, the Company has stepped up its efforts to make this information more accessible, including via email updates with regular news and views, as well as the latest performance data. If you have not already signed up to receive these communications, the Board would like to encourage you to opt in to these updates via https://tinyurl.com/JAGI-Sign-Up or by scanning the QR code on page 13 of the 2025 Annual Report.
Annual General Meeting
The Company's Annual General Meeting will be held on Wednesday, 25th February 2026 at 11.00 a.m. at 60 Victoria Embankment, London EC4Y 0JP. The Investment Managers will give a presentation to shareholders, reviewing the past year and commenting on the outlook for the current year.
We look forward to seeing as many shareholders as possible at the AGM. For shareholders wishing to follow the AGM proceedings, but choosing not to attend, we will be able to welcome you through conferencing software. Details on how to register, together with access details, will be available on the Company's website: www.jpmasiagrowthandincome.co.uk, or by contacting the Company Secretary at: jpmam.investment.trusts@jpmorgan.com.
As is normal practice, all voting on the resolutions will be conducted by a poll. Shareholders viewing the meeting via conferencing software will not be able to vote on the poll. We therefore strongly encourage all shareholders, and particularly those who cannot physically attend, to exercise their votes in advance of the meeting by completing and submitting their form of proxy.
If you have any detailed or technical questions, it would be helpful if you could raise them in advance with the Company Secretary at 60 Victoria Embankment, London EC4Y 0JP or via the 'Ask a Question' link on the Company's website.
Continuation Vote
At the Annual General Meeting ('AGM') of the Company held on 15th February 2023, an ordinary resolution was put to shareholders proposing that the Company continue in existence for a further three-year period. This resolution received the full support of voting shareholders, representing 99.97% of the shares voted in favour of the continuation of the Company.
At the forthcoming AGM, an ordinary resolution will again be put to shareholders that the Company continue in existence as an investment trust for a further three-year period. The Board believes that the long-term outlook for Asian markets is favourable and that the Investment Manager has the resources and processes to continue to deliver good results for shareholders, as shown by the Company's long-term performance. The Board believes that these considerations, combined with the Company's ongoing efforts to attract new investors and support, mean that the continuation of the Company is in the best interests of all shareholders.
Outlook
Looking ahead, my fellow Board members and I agree with the Portfolio Managers that the prospects for Asian economies appear somewhat brighter than they were at the time of the Half Year Report. The risks to growth, inflation and international trade relations posed by US tariffs remain, but Asian exporters are already adapting by seeking alternative markets beyond the US. Regional governments, notably in China and India, are also seeking to rebalance their economies to reduce reliance on exports. China's policy initiatives to boost domestic demand and support the property sector are especially welcome: and there is the possibility of further stimulus in 2026.
Even without any such additional encouragement, Asian economies will continue to grow more rapidly than their Western counterparts, assisted by the region's leadership in semiconductor and other AI hardware manufacturing. Asian businesses will also benefit from productivity gains and cost efficiencies arising from the rapid and widespread adoption of artificial intelligence. Finally, but of equal if not greater importance, the corporate governance reforms underway in China, Korea and other markets are delivering meaningful increases to shareholder returns, while also improving capital efficiency. All these factors point to continued opportunities for growth and income across the region.
Following changes in the portfolio management team last year, the Board is pleased with the success of the partnership between Robert Lloyd and Pauline Ng. While, as ever, geopolitical and market risks persist, the Board is confident in the Portfolio Managers' ability to navigate these challenges and continue to deliver attractive returns to shareholders.
On behalf of the Board, I thank you for your continued support and look forward to engaging with shareholders at the upcoming Annual General Meeting.
Sir Richard Stagg
Chairman
10th December 2025
Portfolio Managers' Report
The Market Environment in 2025
Asian markets rose sharply in the Company's financial year ended 30th September 2025, with the MSCI Asia Pacific Index rising by 16.8% expressed in sterling terms. China, Singapore, Taiwan and Korea all saw robust gains, while Indonesia fell sharply. China remained a focal point. The MSCI China Index rose by 27.0% as confidence in the country's economic outlook improved. After three years of economic headwinds, Beijing's leaders have made a decisive move away from fiscal conservatism and towards more accommodative monetary and fiscal policies to stabilise markets and restore confidence. This included rare mid-year budget adjustments in 2024 to boost infrastructure investment, and a commitment to a moderately loose monetary policy, including several interest rate cuts over 2024 and 2025. These policy efforts were specifically designed to address deflationary pressures and property sector weakness, which had previously weighed heavily on markets. Investors welcomed the measures, but so far, they have had a limited effect on the real economy, as real estate activity and consumer spending remain subdued.
The MSCI Singapore Index reached record highs in 2025. Key market drivers were an improvement in shareholder returns from the largest banks and strong earnings growth from tech companies. Taiwan's stock market also hit all-time highs led by tech companies including Taiwan Semiconductor Manufacturing Company (TSMC). After a period of instability and underperformance, the Korean stock market experienced a strong rally in 2025, driven by a combination of factors. Investors welcomed the return to political stability following turmoil that culminated in the impeachment of the former president in April. Korea's corporate Value Up program continues to improve shareholder returns, and there is optimism about the outlook for the technology sector. Elsewhere, the MSCI India finished the fiscal year flat. Although India's GDP grew by 7.0% over the period, the market was negatively impacted by unfavourable trade negotiations with the US and disappointing corporate earnings growth. Indonesia was the worst performing market. Economic challenges intensified with the launch of Danatara, a sovereign wealth fund established by the Indonesian government, raising concerns about potential misallocation of government funds. These challenges were most pronounced in the Indonesian equity market, though broader market volatility and macroeconomic pressures also impacted other Asian regional equity markets to a lesser degree.
As in other regions, the rapid development of artificial intelligence (AI) was an important theme in Asian markets over the year, thanks to the region's dominant role in the manufacturing supply chain crucial to the AI revolution. TSMC, a key partner for global AI leaders like NVIDIA and Apple, remains a leading innovator, producing next generation chips which improve the speed and energy-efficiency of smartphones and laptops as well as power new technologies such as advanced AI tools. Beyond chips, Taiwanese companies like Foxconn and Quanta Computer produced a staggering 90% of global AI server manufacturing capacity.
Performance
The Company outperformed its benchmark over the period, returning +19.9% on a net asset value ('NAV') total return basis, compared with a benchmark return of +16.8%, expressed in sterling terms. The Company has outperformed the benchmark in all but three of the last ten financial years, a long span of time over which market conditions have fluctuated widely. In the ten years ended 30th September 2025, the Company delivered a cumulative total return of +202.5% in NAV terms and +223.2% on a share price basis, well above the benchmark's cumulative total return of +154.3%. On an annualised returns basis, these results equate to +11.7% in NAV terms, +12.4% on a share price basis and +9.8% for the benchmark.
Performance attribution
30th September 2025
| Contributions to total returns | % | % |
| Benchmark return | 16.8 | |
| Stock selection | 2.3 | |
| Currency effect | 0.0 | |
| Gearing/(net cash) | 0.1 | |
| Investment Manager contribution | 2.4 | |
| Dividends/Residual1 | -0.3 | |
| Portfolio return | 18.9 | |
| Management fee and other expenses | -0.8 | |
| Impact of the provision for Indian capital gains tax | 0.3 | |
| Share buyback | 1.5 | |
| Return on net assetsAPM | 19.9 | |
| Effect of movement in discount over the year | 4.0 | |
| Return on share priceAPM | 23.9 |
| Principal risk | Description | Mitigating activities | Movement from prior year |
| Investment Strategy and Process | An inappropriate investment strategy, poor asset allocation or gearing, may lead to underperformance against the Company's benchmark index and peer companies, resulting in reduced demand and the Company's shares trading on a wider discount. Prolonged and substantial underperformance of significant markets such as China and India may result from various risks including restrictions on the free movement of capital, sanctions or other restrictions imposed by the UK or other governments. | The Board has delegated investment responsibilities to one of the best resourced financial institutions globally and seeks to mitigate this risk through its investment policy and guidelines, which are monitored and reported on regularly by the Manager. The Board monitors the implementation and results of the investment process with the Portfolio Managers and reviews data which detail the portfolio's holdings and risk profile. The Board holds a meeting specifically on strategy annually. Whilst the board has limited ability to mitigate the impact of market risks, these are monitored and reviewed while mitigation comes through portfolio diversification at a country, sector and stock level. In addition, the investment trust structure permits longer-term holdings and mitigates against forced sales. | The risk remains high but unchanged from 2024. |
| Geopolitical | There appears to be an increasing risk to market stability and investment opportunities from the increasing number of worldwide geopolitical conflicts. The Company and its assets may be impacted by geopolitical instability, in particular concerns over global economic growth, rising political turbulence and the heightened threat of tariffs on exported goods. Investing in China exposes the Company to idiosyncratic country risk and actions taken by the Chinese government, such as changes to regulation, or international tensions, which may lead investors to reduce or completely withdraw their investments in China. | There is little direct control of the risks from the interconnected nature of political, economic, and social factors that can impact the investment environment. However, this can be managed to some extent by diversification of investments, active monitoring, flexible investment strategies and robust due diligence on investee companies. This is aided by regular communication with the Investment Manager about in-house research, matters of investment strategy and portfolio construction. The Board also has access to a range of expert resources and strategists both within JPMAM and externally, who can provide long term insight and guidance on geopolitical developments likely to impact investments in China and elsewhere. | The risk remains high. |
| Investment Team | The departure of or a failure to replace adequately a portfolio manager or several members of the investment management team could result in a deterioration in investment performance. | The Manager has a depth of experienced investment resources and takes steps to reduce the consequences of such an event by ensuring appropriate succession planning and the adoption of a team-based approach. | The risk remains medium. The Board is comfortable with the process around changes to the investment team. |
| Discount Volatility and Corporate Activity Risk | The shares trading at an excessive discount or premium to Net Asset Value can negatively impact shareholders and, with the rise of activism, the Company itself may be at risk of some form of corporate activity, which may not be in the best interests of all shareholders. In addition, low shareholder voting turnout at AGMs (and GMs) may lead to some form of corporate activity which may not be in the best interests of all shareholders, or the inability to execute corporate activity which may be in the best interests of shareholders. | The Board monitors the Company's premium/discount level and is committed to defend a share price discount to NAV of between 8% and 10% in normal market circumstances through the use of buybacks. The Board monitors changes to its shareholder register carefully and on a timely basis, and actively seeks to engage with its shareholders directly and in conjunction with the Manager and the Company's broker. | The risk remains high. The Board regularly reviews and monitors the Company's objective and investment policy and strategy, the investment portfolio and its performance, the level of discount/premium to net asset value at which the shares trade and movements in the share register. During the year the Company continued to conduct share buybacks. |
| Operational Resilience, Controls and Security | The Company has no employees and is therefore dependent on third parties for the provision of all of its services and systems, especially those of the Manager, Depositary and Registrar. Failure to maintain effective and appropriate controls, improper access, disruption to, failure of, or inadequate service levels of these parties could result in the prevention of accurate reporting and monitoring of the Company's financial position, loss of confidential data and impact its ability to operate or result in reputational damage. This is particularly pertinent given the advent of the Internal Controls Declarations. | The Company operates through contractual agreements with its service providers, most of which the Manager is also party to. The Board's Audit Committee regularly reviews the controls reports for the Manager, Depositary and Registrar and monitors and evaluates the performance of the Company's service providers, with the assistance of the Manager. Any pertinent issues relevant to the Company are reported to the Board, including those identified by the Manager's Third Party Oversight team in conjunction with its Vendor Management team. In addition, the Manager's Business Continuity Plans ("BCP") are designed to accommodate potential threats and are regularly updated, tested, monitored and reviewed. The Manager has assured the Board that the Company benefits directly or indirectly from all elements of JPMorgan's Cyber Security programme. | The risk remains high. The Board receives updates from JPMF's information security manager. To date the Manager's cyber security arrangements have proven robust and the Company has not been impacted by any cyber attacks threatening its operations. |
| Accounting, Legal and Regulatory | A breach of regulatory rules or a failure to maintain accurate accounting records could result in loss of investment trust status, reputational damage, financial penalties, suspension of the Company's listing or a qualified audit report. | Accounting, legal and regulatory compliance are continually monitored by the Manager and the Auditors and the results reported to the Board. In addition, the Board, the Manager and its professional advisers monitor changes in legislation which may have an impact on the Company. | The risk remains medium. Changes to the regulatory landscape are inevitable. |
| Viability of Company in terms of size | As a result of both the existing discount target, pursued through buybacks, the enhanced dividend policy, and market moves, the size of the Company may fall below a level that is deemed viable, with a reduction in liquidity of its shares and an increasing cost base. This would reduce the attractiveness of the Company to investors, particularly the largest wealth managers who require greater scale and liquidity. | The Manager and Broker provide regular updates on how the Company is perceived by investors, while the Directors consider the viability of the Company over a five-year period annually as part of the going concern review. In addition, the discount target and buyback policy is reviewed annually. The Board and the Investment Manager regularly engage with the shareholders to take their views into account. | This risk has increased as a result of the level of share buybacks over the last year. |
| Widespread Social and Economic Disruption | Recent examples such as the Global Financial Crisis or the Covid-19 pandemic may have ended or abated, but disruption may reoccur for several reasons. | The Board will monitor the resilience of service providers' Business Continuity Plans. The Board also reviews reports on the Company's 'Going Concern' status. | The risk remains medium. |
| Year ended 30th September 2025 | Year ended 30th September 2024 | |||||
| Revenue | Capital | Total | Revenue | Capital | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Gains on investments held at fair value through profit or loss | - | 44,280 | 44,280 | - | 39,462 | 39,462 |
| Gains on derivative financial instruments | - | 3,254 | 3,254 | - | - | - |
| Foreign currency losses | - | (322) | (322) | - | (415) | (415) |
| Income from investments | 6,202 | 161 | 6,363 | 7,000 | - | 7,000 |
| Income from derivative financial instruments | 221 | - | 221 | - | - | - |
| Interest receivable and similar income | 119 | - | 119 | 126 | - | 126 |
| Gross return | 6,542 | 47,373 | 53,915 | 7,126 | 39,047 | 46,173 |
| Management fee | (1,620) | - | (1,620) | (1,736) | - | (1,736) |
| Other administrative expenses | (873) | - | (873) | (821) | - | (821) |
| Net return before finance costs and taxation | 4,049 | 47,373 | 51,422 | 4,569 | 39,047 | 43,616 |
| Finance costs | (288) | - | (288) | (20) | - | (20) |
| Net return before taxation | 3,761 | 47,373 | 51,134 | 4,549 | 39,047 | 43,596 |
| Taxation | (478) | (41) | (519) | (692) | (2,507) | (3,199) |
| Net return after taxation | 3,283 | 47,332 | 50,615 | 3,857 | 36,540 | 40,397 |
| Return per share | 4.54p | 65.51p | 70.05p | 4.51p | 42.75p | 47.26p |
| Called up | Exercised | Capital | |||||
| share | Share | warrant | redemption | Capital | Revenue | ||
| capital | premium | reserve | reserve | reserves1 | reserve1 | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| At 30th September 2023 | 24,449 | 46,705 | 977 | 25,121 | 247,577 | - | 344,829 |
| Repurchase ofordinaryshares into Treasury | - | - | - | - | (42,765) | - | (42,765) |
| Proceeds from share forfeiture2 Net return | - | - | - | - | 426 36,540 | - 3,857 | 426 40,397 |
| Dividends paid in the year (note 3) Forfeiture of unclaimeddividends2 | - - | - - | - - | - - | (9,403) - | (4,067) 210 | (13,470) 210 |
| At 30th September 2024 | 24,449 | 46,705 | 977 | 25,121 | 232,375 | - | 329,627 |
| Repurchase of ordinary shares into Treasury | - | - | - | - | ((41,331) | - | (41,331) |
| Net return | - | - | - | - | 47,332 | 3,283 | 50,615 |
| Dividends paid in the year (note 3) | - | - | - | - | (11,804) | (3,283) | (15,087) |
| At 30th September 2025 | 24,449 | 46,705 | 977 | 25,121 | 226,572 | - | 323,824 |
| 30th September | 30th September | |
| 2025 | 20241 | |
| £'000 | £'000 | |
| Fixed assets | ||
| Investments held at fair value through profit or loss1 | 313,019 | 327,316 |
| Investments on loan held at fair value through profit or loss1 | 8,573 | 4,936 |
| Total investments held at fair value through profit or loss | 321,592 | 332,252 |
| Current assets | ||
| Derivative financial instrument assets | 1,472 | - |
| Debtors | 1,449 | 2,948 |
| Current asset investments1 | 2,567 | 1,171 |
| Cash at bank1 | 1,140 | 2,350 |
| 6,628 | 6,469 | |
| Current liabilities | ||
| Creditors: amounts falling due within one year | (2,827) | (6,613) |
| Derivative financial instrument liabilities | (32) | - |
| Net current assets/(liabilities) | 3,769 | (144) |
| Total assets less current liabilities | 325,361 | 332,108 |
| Provision for liabilities | (1,537) | (2,481) |
| Net assets | 323,824 | 329,627 |
| Capital and reserves | ||
| Called up share capital | 24,449 | 24,449 |
| Share premium account | 46,705 | 46,705 |
| Exercised warrant reserve | 977 | 977 |
| Capital redemption reserve | 25,121 | 25,121 |
| Capital reserves | 226,572 | 232,375 |
| Total equity shareholders' funds | 323,824 | 329,627 |
| Net asset value per ordinary share | 476.0p | 417.9p |
| Year ended | Year ended | |
| 30th September | 30th September | |
| 2025 | 2024 | |
| £'000 | £'000 | |
| Cash flows from operating activities | ||
| Net return before finance costs and taxation | 51,422 | 43,616 |
| Adjustment for: | ||
| Net gains on investments held at fair value through profit or loss | (44,280) | (39,462) |
| Net gains on derivative financial instruments | (3,254) | - |
| Foreign currency losses | 322 | 415 |
| Dividend income | (6,180) | (6,852) |
| Interest and stock lending income | (119) | (98) |
| Scrip dividends received as income | (183) | (148) |
| Derivative income | (221) | - |
| Realised losses on foreign exchange transactions | (705) | (195) |
| Realised exchange gains/(losses) on JPMorgan USD Liquidity Fund | 132 | (178) |
| Decrease/(increase) in other debtors | 2 | (11) |
| Decrease in accrued expenses | (69) | (17) |
| Net cash outflow from operations before dividends, interest and taxation | (3,133) | (2,930) |
| Dividends received | 5,685 | 6,182 |
| Interest and stock lending income received | 119 | 98 |
| Overseas withholding tax recovered | 110 | 21 |
| Indian capital gains tax paid | (985) | (272) |
| Net cash inflow from operating activities | 1,796 | 3,099 |
| Purchases of investments | (301,057) | (216,601) |
| Sales of investments | 354,423 | 273,018 |
| Derivative income received on CFDs | 169 | - |
| Interest paid on CFDs | (252) | - |
| Realised gains on settlement of derivative financial instruments (CFDs) | 5,702 | - |
| Realised losses on settlement of derivative financial instruments (CFDs) | (3,888) | - |
| Settlement of forward currency contracts | (49) | - |
| Net cash inflow from investing activities | 55,048 | 56,417 |
| Dividends paid | (15,087) | (13,470) |
| Repurchase of ordinary shares into Treasury | (41,858) | (42,245) |
| Proceeds from share forfeiture | - | 426 |
| Forfeiture of unclaimed dividends | - | 210 |
| Interest paidon bank overdrafts | (13) | (23) |
| Net cash outflow from financing activities | (56,958) | (55,102) |
| (Decrease)/increase in cash and cash equivalents | (114) | 4,414 |
| Cash and cash equivalents at start of year | 3,521 | (851) |
| Foreign currency exchange movement | 300 | (42) |
| Cash and cash equivalents at end of year | 3,707 | 3,521 |
| Cash and cash equivalents consist of: | ||
| Cash at bank | 1,140 | 2,350 |
| Current asset investment in JPMorgan USD Liquidity Fund | 2,567 | 1,171 |
| Total | 3,707 | 3,521 |
| 2025 | 2024 | |||
| Pence | £'000 | Pence | £'000 | |
| Dividends paid | ||||
| Fourth quarterly dividend in respect of prior year | 4.2 | 3,284 | 3.8 | 3,450 |
| First quarterly dividend | 4.1 | 3,079 | 3.7 | 3,270 |
| Second quarterly dividend | 6.1 | 4,333 | 3.9 | 3,312 |
| Third quarterly dividend | 6.3 | 4,391 | 4.2 | 3,438 |
| Total dividends paid in the year | 20.7 | 15,087 | 15.6 | 13,470 |
| Forfeiture of unclaimed dividends over 12 years old1 | - | (210) | ||
| Net dividends paid | 20.7 | 15,087 | 15.6 | 13,260 |
| Dividends declared | ||||
| Fourth quarterly dividend declared | 7.1 | 4,828 | 4.2 | 3,288 |
| 2025 | 2024 | |||
| Pence | £'000 | Pence | £'000 | |
| First quarterly dividend paid | 4.1 | 3,079 | 3.7 | 3,270 |
| Second quarterly dividend paid | 6.1 | 4,333 | 3.9 | 3,312 |
| Third quarterly dividend paid | 6.3 | 4,391 | 4.2 | 3,438 |
| Fourth quarterly dividend paid | 7.1 | 4,828 | 4.2 | 3,288 |
| Total dividends for Section 1158 purposes | 23.6 | 16,631 | 16.0 | 13,308 |
| 2025 | 2024 | |
| £'000 | £'000 | |
| Revenue return | 3,283 | 3,857 |
| Capital return | 47,332 | 36,540 |
| Total return | 50,615 | 40,397 |
| Weighted average number of shares in issue during the year | 72,257,481 | 85,475,668 |
| Revenue return per share | 4.54p | 4.51p |
| Capital return per share | 65.51p | 42.75p |
| Total return per share | 70.05p | 47.26p |
| 2025 | 2024 | |
| Net assets (£'000) | 323,824 | 329,627 |
| Number of ordinary shares in issue | 68,031,302 | 78,868,615 |
| Net asset value per ordinary share | 476.0p | 417.9p |