REG - JPMorgan Global E.M. - Half-year Report
04/04/2025 07:00
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RNS Number : 6066D JPMorgan Global Emerging Mkts I.T. 04 April 2025
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL EMERGING MARKETS INCOME TRUST PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS
ENDED 31ST JANUARY 2025
Legal Entity Identifier: 549300OPJXU72JMCYU09
Information disclosed in accordance with the DTR 4.2.2
JPMorgan Global Emerging Markets Income Trust plc (the 'Company' or 'JEMI')
announces its half year results for the six months period ended 31st January
2025. The full half year report and financial statements can be accessed via
the Company's website at www.jpmglobalemergingmarketsincome.co.uk
(http://www.jpmglobalemergingmarketsincome.co.uk) .
Highlights
· NAV total return of +5.9% compared with +4.9% for the MSCI Emerging
Markets Index with net dividends reinvested (in sterling terms) (the
'Benchmark'). The total return to shareholders was +3.4% reflecting a
widening of the discount to net asset value ('NAV') from 10.5% as at 31st July
2024 to 12.9% as at 31st January 2025.
· Outperformance (in NAV terms) was due to the Portfolio Manager's
asset allocation decisions and share buybacks, which were accretive to the NAV
of the remaining shares.
· For five years cumulative ended 31st January 2025, NAV total return
of +39.5% compared with +23.2% for the Benchmark. Total return to shareholders
of +31.3%.
· Two interim dividends of 1.0p per share were declared for the six
months ended 31st January 2025. The first interim dividend was paid on 24th
January 2025, and the second interim dividend will be paid on 22nd April 2025.
· Buybacks in the six months ended 31st January 2025 of 9.4 million
shares at a cost of £12.7 million and an average discount of 12.8%, adding
1.8 pence per share to the NAV.
· The Board has decided to introduce a five-year performance-based
conditional tender offer with effect from 1st August 2025 (the 'Tender
Offer'). The Tender Offer would be made to shareholders for up to 25% of the
Company's issued share capital (excluding shares held in Treasury) at the
time, at a price equal to a 2% discount to the prevailing NAV (less associated
costs), in the event the Company's audited NAV total return does not exceed
the total return of the Company's Benchmark on a cumulative basis over the
five years from 1st August 2025.
Elisabeth Scott, Chair of the Company, commented:
"The Board shares the Portfolio Manager's ongoing enthusiasm for the many
exciting investment opportunities offered by Emerging Markets, and the
potential rewards remain significant, especially for those investors willing
to take a long-term view and tolerate some volatility along the way."
"Investors always face some uncertainties, especially in Emerging Markets.
Foremost among these at present are the risk of a debilitating global trade
war triggered by widespread US tariffs, and the adverse implications this may
have for the US's global trading relationships."
"The Board is reassured by the Investment Manager's long-term track record,
which amply demonstrates the team's ability to navigate whatever challenges
are thrown up by geopolitical, economic or financial market developments. The
investment process is robust and resilient and is supported by the Investment
Manager's deep and extensive Emerging Markets research resources".
Omar Negyal, Portfolio Manager of JEMI, commented:
"We remain excited by the many opportunities we see across Emerging Markets.
Our focus has remained unchanged since the Company's inception: we seek out
businesses that can produce attractive returns on equity, generate healthy
free cash flow, and pay reliable dividends to shareholders. By identifying
stocks with these characteristics, and buying them at appealing valuations, we
have built a portfolio with both value and quality attributes, which gives
shareholders an attractive yield while also providing them with the
opportunity to participate in Emerging Markets growth."
CHAIR'S STATEMENT
Before I report on your Company's performance, I would like to begin my
statement by taking the opportunity to thank our former Board colleague,
Caroline Gulliver, who stepped down as a Director and Chair of the Audit &
Risk Committee at the Company's last Annual General Meeting, for her wise
counsel and significant contribution to the Company during her tenure. Ranjan
Ramparia, who joined the Board in March 2024, has taken on the role of Chair
of the Audit & Risk Committee.
Performance
I am pleased to report that the positive performance of both Emerging Markets
and your Company, which began in the second half of the financial year ended
31st July 2024, continued over the six months ended 31st January 2025, and
furthermore, that your Company outpaced its benchmark, the MSCI Emerging
Markets Index with net dividends reinvested (in sterling terms) (the
'Benchmark') over this period. In the six months to 31st January 2025, your
Company recorded a total return on net assets of +5.9%, outperforming the
Benchmark return of +4.9%. The total return to shareholders (which includes
both the share price return and dividends) was +3.4%, reflecting a widening of
the discount to net asset value ('NAV') at which the Company's shares trade,
from 10.5% as at 31st July 2024 to 12.9% as at 31st January 2025.
The Company's outperformance in NAV terms was due in part to the Portfolio
Manager's asset allocation decisions, and the result of share buybacks
undertaken to support the share price, as buybacks are accretive to the value
of remaining shares. I discuss this in more detail further below. The table
below provides a full breakdown of performance attribution.
Positive outright gains and outperformance such as we have seen over the past
six months are, of course, always to be welcomed. However, the volatile nature
of Emerging Markets, combined with the Investment Manager's long-term
investment approach, means that it is more appropriate for shareholders to
judge performance over longer time frames. On this basis, it is satisfying to
note that the Company's NAV total return over the three- and five-year periods
to end January 2025 and over longer periods has been significantly ahead of
the Benchmark. Please see the full Half Year Report for long-term performance
figures.
The Investment Manager's Report, which can be found below, reviews the market
environment and the Company's performance over the reporting period in more
detail and comments on the investment strategy and outlook for Emerging
Markets. My key takeaways from Omar's report are the reversal of the relative
performance of the Indian and Chinese equity markets: with China's economy
stabilising and India suffering from a degree of over-optimism. This trend has
helped the relative performance of the portfolio, although I note Omar's
comments about the outperformance of stocks that are not held in the portfolio
due to their lack of dividend payout. It is clear that Artificial Intelligence
('AI') is driving developments in Emerging Markets as it is in the rest of the
world, and DeepSeek's demonstration that AI can be done more cheaply than had
hitherto been thought possible, was an important milestone.
Continuation Vote
On behalf of the Board, I would like to extend my gratitude to all our
shareholders for your unwavering support and participation in the Company's
recent continuation vote. Your confidence in the Company and its strategy is
invaluable. The positive outcome of the vote reaffirms our commitment to
enhancing shareholder value and navigating the ever-evolving market landscape
with diligence and foresight. We are excited to continue this journey
together, and we remain dedicated to upholding the highest standards of
governance and performance whilst doing so.
Revenue and Dividends
The Company's net revenue earnings for the six months to 31st January 2025
amounted to 1.48p per share (six months to 31st January 2024: 1.78p per
share). Similar to prior years, the Company expects to earn the bulk of its
dividend income during the second half of its financial year.
In the last financial year ended 31st July 2024, the Board paid a total
dividend of 5.4p per share, a modest increase from 5.3p per share in 2023.
This dividend was fully covered by income. During the six months ended 31st
January 2025, the Board declared two interim dividends of 1.0p per share with
respect to the current financial year ending 31st July 2025. This is
consistent with dividend payments made over the same period last year. The
first interim dividend was paid on 24th January 2025. The second interim
dividend will be paid on 22nd April 2025 to shareholders on the register as at
the close of business on 7th March 2025. The ex-dividend date was 6th March
2025. Two further interim dividend payments for the current financial year are
expected to be paid in July and October 2025.
The Board reviews dividend receipts at each Board meeting, given their
importance to the Company's strategy. The Board carefully considers the
outlook for dividend receipts with the Portfolio Manager on a regular basis,
including a sensitivity analysis of the impact of currency movements on
revenue receipts. As shareholders are aware, the Company receives dividends in
the currencies of developing countries and US dollars but pays dividends in
sterling. It has not been the Company's policy to hedge currency risk as this
is expensive and, for many currencies, impracticable. This policy inevitably
means that the Company's asset values, and cash flows, may be damaged by
adverse currency movements (if sterling strengthens) and flattered by
favourable moves (if sterling weakens) relative to Emerging Market currencies
and the US dollar.
Despite any such currency fluctuations, your Board and the Investment Manager
are of the view that over the long term, Emerging Markets offer attractive
income prospects alongside the prospects for strong earnings growth.
Gearing and Loan Facilities
The Board believes that gearing can be used to enhance long-term shareholder
returns. Gearing levels are discussed with the Portfolio Manager at each Board
meeting.
This gearing strategy is funded by the Company's debt facilities. During the
period, the Company repaid its US$20 million two-year revolving loan facility
with Mizuho Bank Limited ('Mizuho'), which matured in November 2024. It also
made early repayment of its US$20 million two-year revolving loan facility
with ING Bank ('ING'). As I reported in my previous statement, the Company
negotiated a US$40 million revolving credit facility, along with flexibility
to borrow an additional US$20 million, provided by Industrial and Commercial
Bank of China Limited (London) Plc ('ICBC') for two years, maturing in
November 2026, with two one-year extension options.
While borrowing costs may be a concern to some shareholders, it is essential
to recognise the strategic benefits that gearing can offer, particularly for
an income-focused investment trust. By leveraging the Company's investment
capacity through gearing, the Investment Manager is able to access a broader
range of income-generating opportunities that have the potential to enhance
the portfolio's overall yield. This approach allows them to capitalise on
investments that can deliver robust dividends, thereby supporting the
Company's commitment to providing a steady and attractive income stream to
shareholders. The cost of the Company's borrowing is expected to decline over
time given its floating nature and the outlook for rate cuts by the Federal
Reserve and Bank of England during the course of 2025 and beyond.
As at 31st January 2025, gearing stood at 7.2%, somewhat higher than the 6.1%
level at 31st July 2024. This increase in gearing reflects the number of
attractive investment opportunities currently available within the Company's
investment universe.
Share Repurchases
Over the six months to 31st January 2025, the Company's share price traded at
an average discount to NAV of 13.0%. The Board regularly considers the merits
of buying back shares in order to manage the level and volatility of the
discount. The Company will only buy back shares if doing so is considered to
be in the best interests of shareholders.
The Company has been actively engaged with share buybacks, and during the
reporting period, the Company repurchased 9,368,500 shares into Treasury at a
weighted average discount of 12.8% and at a total cost of £12.7 million. It
did not issue any shares. Such purchases underscore your Board's belief that
there is attractive value in the investments held by the Company. At this
level of discount, they are value accretive for shareholders, and share
buybacks increased the NAV per share by 1.8 pence during the review period.
All shares repurchased are held in Treasury rather than cancelled so that they
may be reissued at a premium to NAV at a later date.
At the time of writing, the discount stands at 12.2%(1). The Board will
continue to actively manage the Company's discount in support of its
commitment to seek a narrower discount over the short-term whilst ultimately
seeking a premium over the longer-term. In the period since the end of the
half year and 3rd April 2025, the Company has repurchased an additional
4,075,000 shares into Treasury.
(1) As at 2nd April 2025.
Introduction of Conditional Tender Mechanism
As referenced above, the Board has an active approach to the management of the
discount to NAV at which the Company's shares trade. Furthermore, the Board is
also aware of the challenges that are facing the Investment Trust sector, and
the increasing number of additional mechanisms, including tenders and other
forms of redemptions, being offered to shareholders to assist with discount
management.
In view of the Board's commitment to shareholders and to upholding the highest
standards of governance, the Board has determined that now is the right time
to implement a five-year performance-based conditional tender offer with
effect from 1st August 2025 (the "Tender Offer"). This would provide
shareholders with the opportunity to redeem a portion of their shares at a
price close to the NAV, contingent upon the Company's performance over the
five year period.
The Tender Offer would be made to shareholders for up to 25% of the Company's
issued share capital (excluding shares held in Treasury) at the time, at a
price equal to a 2% discount to the prevailing NAV (less the associated
costs), in the event that the Company's audited NAV total return does not
exceed the total return of the Company's Benchmark on a cumulative basis over
the five years from 1st August 2025.
The Tender Offer is contingent on the Company having the required shareholder
approval at the relevant time, and also on the passing of the Company's
existing three-year continuation vote at its Annual General Meetings in 2027
and 2030. It should be noted that the Company successfully passed its recent
continuation vote at the 2024 Annual General Meeting with 99.5% of votes cast
in favour.
It should be noted that the Company has outperformed the Benchmark over the
longer-term, as referenced in the full Half Year Report. The introduction of
the Tender Offer will not change the Board's current approach to discount
management. It will also not impact the Investment Manager's investment
process, strategy and management of the portfolio.
Investment Team
As previously announced, Isaac Thong, a portfolio manager for the Company
since 2020, has resigned from JPMorgan Asset Management. Omar Negyal, who has
managed the portfolio since 2012 and became the lead portfolio manager in
2014, will continue to manage the assets of the Company, supported by the
Investment Manager's extensive team of analysts across Global Emerging
Markets. Recruitment efforts to replace Isaac are under way, with JPMorgan
Asset Management looking both internally and externally for suitable
candidates, and an update will be given later in the year.
We would like to thank Isaac for his contribution to the management of the
Company's assets and wish him the very best in his future endeavours.
Environmental, Social and Governance Factors
The Investment Manager incorporates Environmental, Social and Governance
('ESG') considerations into its investment process, as these factors may have
a financially material impact on a company's ability to deliver shareholder
value. Your Board shares the Investment Manager's belief in the importance of
ESG factors for long-term investments and supports the Portfolio Manager's
efforts to maintain continuous engagement with investee companies.
The Investment Manager's Investment Stewardship Priorities, which may be of
interest to shareholders, can be found at:
https://am.jpmorgan.com/gb/en/asset-management/adv/about-us/investment-stewardship/
(https://am.jpmorgan.com/gb/en/asset-management/adv/about-us/investment-stewardship/)
Stay Informed
The Board would like to ensure that all shareholders are kept well-informed,
and we would like to encourage those who have not already done so to consider
signing up for our email updates, which include 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/JEMI-Sign-Up (https://tinyurl.com/JEMI-Sign-Up) .
Outlook
The Board shares the Portfolio Manager's ongoing enthusiasm for the many
exciting investment opportunities offered by Emerging Markets, and the
potential rewards remain significant, especially for those investors willing
to take a long-term view and tolerate some volatility along the way. There are
many good reasons to be positive. In addition to the strong long-term growth
prospects of Emerging Market economies, their favourable demographics and the
innovative, entrepreneurial nature of many businesses, there is huge potential
for the AI revolution to support tech and other AI-related stocks across all
markets, including Emerging Markets, over the foreseeable future. Other
sectors are likely to benefit from the productivity gains AI promises to
deliver over the longer term. India, one of the largest and most vibrant
Emerging Markets, is now looking more attractive after its recent pull back.
In China, there are finally signs of improvement in investor sentiment thanks
in part to the authorities' efforts to stabilise the property sector and
support consumer demand. In addition, valuations of Chinese stocks are
attractive, shareholder returns are improving, and the early success of
DeepSeek is also bolstering confidence in this market.
Investors always face some uncertainties, especially in Emerging Markets.
Foremost among these at present are the risk of a debilitating global trade
war triggered by widespread US tariffs, and the adverse implications this may
have for the US's global trading relationships. The Trump administration's
policies may also exert upward pressure on US inflation, potentially
strengthening the US dollar, and this could tighten financial conditions in
Emerging Markets (although any appreciation in the US dollar or Emerging
Markets currencies would support portfolio income).
Despite these and other unforeseen risks, the Board is reassured by the
Portfolio Manager's long-term track record, which amply demonstrates the
team's ability to navigate whatever challenges are thrown up by geopolitical,
economic or financial market developments. Their investment process is robust
and resilient, and is supported by the Investment Manager's deep and extensive
Emerging Markets research resources. All this leaves my fellow directors and I
confident in your Company's ability to continue providing shareholders with
exposure to the many and varied opportunities offered by Emerging Markets,
while also building on its track record of delivering attractive long-term
returns and dividend income to shareholders.
On behalf of the Board, I would like to thank you for your ongoing support and
commitment to the Company.
Elisabeth Scott
Chair
3rd April 2025
INVESTMENT MANAGER'S REPORT
Introduction
For the six month period ended 31st January 2025, the Company's total return
on net assets, including dividends, was +5.9%. This compares favourably with
our Benchmark, with dividends reinvested, which returned +4.9%. The return to
shareholders, including dividends, was +3.4%. Over the three-, five-, and
ten-year periods ended 31st January 2025, the Company made annualised returns
of +3.3%, +6.9% and +6.8% respectively in NAV terms, comfortably ahead of
corresponding Benchmark annualised returns of +1.9%, +4.3% and +5.7%. As
highlighted in the full Half Year Report, cumulative returns have been
positive and higher than the Benchmark over the long term.
Investment environment
Emerging Markets provided a positive return over the review period, helped by
a recovery in Chinese equities.
This positive return occurred despite the risk of US tariffs being implemented
following the US elections and concerns that they would trigger a damaging
global trade war. The US President, Donald Trump, has already imposed a
variety of tariffs, including a 20% tariff on Chinese goods and a 25% tariff
on all steel and aluminium imports, which will impact Brazil, Mexico and South
Korea - several of the largest suppliers of steel and aluminium to the US. The
new Trump administration has also announced further 25% tariffs on Mexico and
Canada. However, at the time of writing, the US policy around tariffs is fast
changing and therefore the longer term impacts are more difficult to predict.
China has already imposed a mix of retaliatory measures, including counter
tariffs, and countries, including the European Union, have responded with
their own tariff measures.
Despite persistent trade tensions between China and the US, Chinese equities
made gains in the past six months. Investors welcomed a broad and co-ordinated
stimulus package implemented by the People's Bank of China and the Politburo
during the autumn, and the promise of fiscal stimulus to come, in the hope
that these measures would address structural issues within the property sector
and boost weak consumer demand. Market sentiment was further bolstered by the
launch of Chinese artificial intelligence ('AI') company DeepSeek, which
appears to offer a viable and cheaper alternative to Large language models
('LLM's') developed by western companies. This boosted the Chinese equity
market, with particularly improving sentiment towards the more growth-oriented
stocks.
Another significant development in Emerging Markets over the past six months
has been the weakness of the Indian market. The Indian economy has been
growing rapidly, fuelling extreme optimism about the prospects for
locally-based businesses. This has driven very significant gains in Indian
stock indices in recent years. However, expectations began to run ahead of
reality, especially when the pace of economic growth showed signs of slowing,
and in recent months the market has experienced a modest correction as
investors reset their estimates for growth and earnings to more realistic
levels.
The past six months saw continued focus on AI across all major markets.
Companies will need to invest in AI-related capex to stay competitive and take
full advantage of the commercial potential of this new technology. The main
beneficiaries of such expenditure include semiconductor manufacturers and tech
companies, and these stocks remained key drivers for markets over the review
period. Within Emerging Markets, this influence was most important in Korea
and Taiwan. However, the launch of DeepSeek, which was meaningfully cheaper to
develop and train, gave investors pause as they considered its potential
long-term impact on the global market for AI-powered tools and products.
Performance attribution
for the six months ended 31st January 2025
% %
Benchmark total return 4.9
Asset allocation 0.7
Stock selection -0.3
Gearing/cash 0.1
Investment Manager contribution 0.5
Portfolio total return 5.4
Management fees and other expenses -0.5
Impact of provision for capital gains tax 0.1
Impact of finance costs -0.3
Share buy-backs 1.2
Other effects 0.5
Cum income NAV total return 5.9
Share price total return 3.4
Source: JPMAM and Morningstar. All figures are on a total return basis.
Performance attribution analyses how the Company achieved its recorded
performance relative to its Benchmark.
Performance drivers
If we consider the portfolio from a country perspective, the largest
contributor to relative performance in the period was India (both the
portfolio's underweight to the market as well as stock selection). Our
underweight positioning was motivated by our concerns that valuations were at
extreme levels, despite the country's strong growth outlook. It remained
difficult to find Indian stocks offering an attractive yield, and therefore we
typically found better value opportunities elsewhere. This strategy paid off
in the past six months as the market corrected. Strong Indian stock selection
also added to returns over the period.
An overweight to Thailand also contributed, thanks mainly to our investments
in Thai financials, notably our positions in SCB X and Tisco Financial.
Although the country faces some long-term secular challenges, Thai banks trade
on low valuations, and could benefit from the potential for credit cost
normalisation. Shareholder returns are also improving, thanks to higher
dividend payouts and share buybacks - a trend gathering momentum across Asia.
These factors supported Thai financials over the period, as the risk reward
outcome began to skew to the upside.
Lastly, our overweight exposure to Taiwan added to returns. Taiwanese
semiconductor manufacturers and related tech businesses are benefiting from an
increase in demand as businesses build out their AI capabilities. Our
investments in companies such as ASE Technology and Accton Technology
performed well over the period.
On the negative side, stock selection within China detracted in the six month
period. We have discussed previously that since 2020 we have been increasingly
interested in China due to a combination of lower valuations and increasing
moves by companies to be more shareholder friendly (including paying more
dividends). This led us to move overweight in China during 2024. This was
a positive move to make but in the six month period, performance was
negatively impacted as the portfolio's China stocks rose relatively less than
the market. Although we saw strong performance from stocks such as Fuyao Glass
Industry and China Merchants Bank, our lack of ownership in Xiaomi and Meituan
acted as a drag as they performed well. We note neither of these stocks pay
dividends and hence do not fit our investment strategy.
Our overweight in South Korea also detracted from returns, in part due to
recent dramatic political developments in the country - though the political
situation now looks calmer once again. However, we think the outlook for South
Korea is still favourable, as the arrest of President Yoon after his
declaration of martial law is a clear signal that the judicial system is
sufficiently robust to enforce the rule of law and ensure political and social
stability. There were also some stock specific concerns with portfolio
holdings such as Samsung Electronics as investors worried about its
competitive advantage in memory semiconductor production. Here we remain
optimistic about the company's prospects and think valuations look supportive.
Samsung's announcement of a share buyback scheme is also good news for
investors.
Top five contributors Top five detractors
1. Fuyao Glass Industry 1. Xiaomi (not owned)
2. Reliance Industries (not owned) 2. Walmart de Mexico
3. China Merchants Bank 3. Alibaba
4. SCB X 4. Meituan (not owned)
5. Tisco Financial 5. Vanguard International Semiconductor
The most significant contributor to performance at the stock level was our
holding in Fuyao Glass Industry. This Chinese company is one of the world's
largest auto glass manufacturers, and enjoys superior profitability versus its
peers, thanks to its manufacturing excellence and its heavy investment in
R&D. The business has performed well, delivering on its investment thesis,
and we are upbeat about its prospects. Demand for electric vehicles (EVs) is
increasing (which drives higher glass content in cars) and Fuyao's competitive
advantages are enabling it to grow its market share.
The second largest contributor to performance at the stock level was our
decision not to own Reliance Industries. This Indian conglomerate's multiple
business lines include oil and energy, retail, telecommunications, and media.
Although Reliance's outlook is constructive, with multiple avenues for growth,
the stock had simply become too expensive, and underperformed accordingly.
Aside from its excessive valuation, our decision not to hold this name is also
driven by the fact that it does not fit with our investment strategy, as it
does not pay sufficient dividends.
China Merchants Bank was another outperformer that enhanced relative returns
over the period. The stock had been experiencing muted performance due to
concerns about the adverse impact of slow Chinese growth on the country's
banks. However, it recovered in response to the government's recent stimulus
measures. We took the opportunity provided by this rebound to trim our
position, bearing in mind that returns on equity across Chinese banks are
likely to be structurally lower than in the past.
Our positions in two Thai financial names - SCB X and Tisco Financial - also
added to relative returns. SCB is one of Thailand's largest banks, while Tisco
is a small financial institution focused on auto finance. Both have
experienced some operating challenges, but we believe their risk/reward
outlook is favourable. In our view, their valuations reflected most downside
risks, and when these risks began to subside, and sentiment regarding the
sector began to improve, both businesses performed well.
The most significant detractor to relative performance at the stock level in
the past six months was our decision not to own Xiaomi. This Chinese company
is one of the world's top smartphone brands. It also sells other consumer
electronic goods, and has ventured into the EV business. As with Reliance, our
decision not to hold this stock is based on Xiaomi's dividend policy (up till
now it has not paid any dividends). However, the stock performed well
following continued growth in earnings and early success in the EV market.
An overweight to Walmart de Mexico, a food, clothing and general merchandise
retailer, also hurt performance. The company's share price declined following
a slowdown in consumption spending in Mexico, as government financial aid to
low-income consumers decreased after the country's June 2024 elections.
However, we have retained our position, as the stock is attractively priced
and is a solid compounder.
An underweight in China's internet retailer Alibaba also detracted. The stock
rallied as investor sentiment towards Chinese AI beneficiaries improved after
the release of DeepSeek. In addition, Alibaba announced a successful upgrade
to its own LLM, based on DeepSeek. In hindsight, we were too slow to increase
our position size, and thus experienced some opportunity cost by being
underweight when the stock experienced its recent rebound.
Our decision not to hold another Chinese internet stock, Meituan, again due to
its failure to pay dividends, also hurt performance. This stock did well
during the period, supported by its market leadership in food delivery,
in-store services, and on-demand retail delivery.
Lastly, our holding in Taiwan's Vanguard International Semiconductor came
under protracted pressure during the past six months, following the
announcement of a large, multi-year investment plan which will take time to
boost performance. Furthermore, demand for Vanguard's core product weakened
due to its links to the auto industry cycle. However, the stock is now
attractive on a valuations basis, and we expect demand to eventually recover,
so we retain our position.
Portfolio positioning and changes
We build the portfolio on a bottom-up basis, selecting stocks based on their
sound fundamental qualities, strong balance sheets and capacity to pay
dividends over the long term. Naturally, some areas within Emerging Markets
offer more investment opportunities than others, and this results in tilts
within the portfolio towards some sectors and countries. From a sectoral
viewpoint, we tend to find the most attractive income opportunities within
Information Technology, Consumer Staples and Financials, so these are the
portfolio's three key sector overweights, while historically, the portfolio is
usually underweight in Basic Materials, Industrials, and Healthcare.
At the country level, significant portfolio overweights include Indonesia,
Mexico, and South Korea. As with our sector allocations, these country
weightings are driven by the many individual stock opportunities which we view
as attractive from an income investor's perspective. In contrast, our largest
country underweight is India. India's long-term growth prospects are very good
and investor interest in this market is high. However, as mentioned above,
this is reflected in valuations, which makes it difficult for us to find
attractive income paying stocks.
For China we think stock selection should be the key driver from here. From an
overall viewpoint, China still faces some challenges, including weak consumer
demand, a stricken property market and a fractious relationship with the US,
as discussed above. But we also see many stocks looking more attractive from a
valuation viewpoint and in many cases shareholder returns are rising up
management teams' priority lists, clearly something that we see positively.
The portfolio changes we have implemented over the past six months have mainly
been motivated by individual stock considerations. One to highlight in China
was our initiation of a position in Alibaba, the Chinese internet company.
This, along with our purchase of Tencent earlier in 2024, represented
a symbolic moment for the portfolio as we had never owned these Chinese
internet stocks in the past. The severe valuation derating we had seen over
many years led us to think the stock looked more attractive. We also thought
management initiatives on e-commerce in particular looked positive, while
shareholder return activity was clearly positive (both dividends and
buybacks). Therefore, we bought a position early in the review period. The
stock has performed particularly well since then. Moving forward, we will
continue to assess the position size based on our views on the fundamentals
and valuation.
We also purchased National Bank of Greece, as we like its fundamental
turnaround story. More than a decade after the sovereign debt crisis which hit
Greece so badly, the country's banks have finally completed the process of
repairing their balance sheets. National Bank of Greece is one of Greece's
highest quality banks, with a large deposit base and best in class capital
ratios, which provides ample room for higher dividend payments down the line
(having restarted dividends in 2024).
In addition, we took advantage of better valuations to add to several existing
positions across markets and sectors. Examples include HDFC Bank, the largest
private sector bank in India, and Walmart de Mexico. Conversely, we trimmed
positions where we thought valuations were beginning to look more stretched
after relatively strong performance, for instance Infosys, one of India's top
three IT services' exporters. This business remains an interesting investment
given the long-term prospects for outsourcing business processes and software
development. However, we recognise that the stock's performance has reduced
its yield and inflated valuations, so we want to manage the position size. We
are also monitoring the potentially adverse impact of AI on Infosys's business
model.
One notable disposal over the past year was the closure of our position in
Accton Technology, a Taiwanese communications equipment supplier. This
business has done well over the years, consistent with our expectations, and
following recent good performance we decided to take profits and rotate into
more attractive opportunities elsewhere.
Environmental, social and governance issues
We believe that sound environmental, social and governance ('ESG') practices
are extremely important to the resilience of business models, and we welcome
signs that more Emerging Market companies are explicitly recognising this and
improving their practices accordingly. Financially material ESG considerations
are therefore integral to our investment process.
We place particular emphasis on governance, and we draw a direct link between
a company's dividend policy and the quality of its governance. In our view, a
company's willingness to return cash to shareholders is a tangible and
positive governance indicator. We have engaged with many companies on this
issue over time, to understand their motivations and capital allocation
objectives. We also discuss the magnitude of returns to shareholders and the
rationale behind any split between dividends and buybacks.
Dividends
Our portfolio companies continue to pay dividends in line with our
expectations; the nature of dividend payment timing means that the bulk of
annual dividends will come through in the second half of the financial year.
In terms of issues which will broadly affect dividend delivery, recent
developments around tariffs will likely introduce more friction into global
trade with consequences for growth and cash flow for companies.
As a reminder, the Company receives dividends from portfolio companies in
local currencies and pays out dividends in pound sterling. Currency movements
therefore have an impact on revenue receipts year-on-year. All else being
equal, a falling pound increases revenue receipts from Emerging Markets, and
vice versa.
Outlook
As ever, we expect Emerging Markets to be subject to multiple influences, both
positive and negative. Key amongst these over the coming year will be the
possible consequences of the Trump administration's policies. Perhaps most
importantly, US tariffs would act as a headwind to the outlook for Emerging
Markets. In addition, Trump's pro-US growth stance could put upwards pressure
on US inflation and support the dollar, which would tighten financial
conditions in Emerging Markets. On the other hand, key Emerging Markets
central banks have already begun to ease monetary policy and any softening in
US inflation could lead to further cuts from the US Federal Reserve, which
would provide a supportive environment for Emerging Markets equities.
From a sector perspective, the arrival of DeepSeek has raised some concerns
about the sustainability of AI-related capital expenditure as it raises the
prospects of lesser spending being required to achieve positive results. The
major US AI infrastructure spenders such as Meta and Google have continued to
forge ahead with their capex plans, but investors continue to wonder about the
magnitude of return on these investments. This has implications across the
technology sector and is a key area of analysis within our team.
At the country level, the outlook for China remains mixed. September's policy
announcements suggest policymakers seem to be doing enough to prevent a
further serious deterioration in the property sector and consumer sentiment.
However, monetary policy remains tight, and the follow-through on promised
fiscal stimulus has so far disappointed markets. On the other hand,
idiosyncratic stories such as China's burgeoning capabilities in AI and
technology are supporting parts of the economy. In addition, valuations of
many stocks look attractive and shareholder returns are improving thanks to
increased dividend payouts and share buybacks. In India, the market's unique
structural growth outlook remains compelling. With nominal growth slowing and
earnings expectations being downgraded, associated stock price declines may
provide opportunities to buy interesting companies at more reasonable
valuations.
Ultimately, we build the portfolio from the bottom up, and we remain excited
by the many opportunities we see across Emerging Markets. Our focus has
remained unchanged since the Company's inception: we seek out businesses that
can produce attractive returns on equity, generate healthy free cash flow, and
pay reliable dividends to shareholders. By identifying stocks with these
characteristics, and buying them at appealing valuations, we have built a
portfolio with both value and quality attributes, which gives shareholders an
attractive yield while also providing them with the opportunity to participate
in Emerging Markets growth.
For and on behalf of
JPMorgan Asset Management
Investment Manager
Omar Negyal
Portfolio
Manager
3rd April 2025
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its interim
report.
Principal Risks and Uncertainties
The principal risk and uncertainties, and emerging risks faced by the Company
have not changed from those reported in the Annual Report and Financial
Statements for the year ended 31st July 2024 and fall into the following broad
categories: investment; strategy; financial; operational and cybercrime;
accounting, legal and regulatory; political and economic; and environmental,
social and governance.
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.
Details of related party transactions are contained within the 2024 Annual
Report and Financial Statements.
Going Concern
The Directors believe, having considered the Company's investment objective,
risk management policies, capital management policies and procedures, nature
of the portfolio, including an analysis of the portfolio's liquidity, 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.
In reaching that view, the Board was mindful of the economic outlook and
geopolitical landscape, and the longer term impact this may have on the global
economy, including Emerging Markets and the sectors in which the Company
operates.
The Directors have also reviewed the Company's compliance with its debt
covenants. In addition, the Board noted the full support from 99.5% of voting
shareholders for the continuation vote at the Company's Annual General Meeting
held in November 2024. For these reasons, they consider it reasonable to
continue to adopt the going concern basis in preparing the financial
statements.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the half
yearly financial report has been prepared in accordance with FRS 104 'Interim
Financial Reports' and gives a true and fair view of the state of the affairs
of the Company and of the assets, liabilities, financial position and net
return of the Company, as at 31st January 2025, as required by the Disclosure
Guidance and Transparency Rules ('DTR') 4.2.4R; and
(ii) the interim management report includes a fair review of the
information required by DTR 4.2.7R and DTR 4.2.8R of the Disclosure Guidance
and Transparency Rules.
In order to provide these confirmations, and in preparing these financial
statements, the Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and accounting estimates that are reasonable and
prudent;
• state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and explained in the
financial statements;
• 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
Elisabeth Scott
Chair
3rd April 2025
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st January 2025 31st January 2024 31st July 2024
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 - 21,559 21,559 - (13,657) (13,657) - 13,406 13,406
Net foreign currency losses - (902) (902) - (185) (185) - (76) (76)
Income from investments 5,893 104 5,997 6,919 - 6,919 20,948 275 21,223
Interest receivable and similar
income 132 - 132 142 - 142 227 - 227
Gross return/(loss) 6,025 20,761 26,786 7,061 (13,842) (6,781) 21,175 13,605 34,780
Management fee (493) (1,151) (1,644) (467) (1,090) (1,557) (962) (2,246) (3,208)
Other administrative expenses (525) - (525) (422) - (422) (895) - (895)
Net return/(loss) before finance
costs and taxation 5,007 19,610 24,617 6,172 (14,932) (8,760) 19,318 11,359 30,677
Finance costs (332) (768) (1,100) (355) (830) (1,185) (696) (1,623) (2,319)
Net return/(loss) before taxation 4,675 18,842 23,517 5,817 (15,762) (9,945) 18,622 9,736 28,358
Taxation (430) 234 (196) (558) (158) (716) (2,036) (896) (2,932)
Net return/(loss) after taxation 4,245 19,076 23,321 5,259 (15,920) (10,661) 16,586 8,840 25,426
Return/(loss) per share (note 3) 1.48p 6.65p 8.13p 1.78p (5.38)p (3.60)p 5.64p 3.01p 8.65p
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 after taxation represents the profit or loss for the period and
also the total comprehensive income.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Called up Capital
share Share redemption Other Capital Revenue
capital premium reserve reserve(1) reserve(1) reserve(1) Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Six months ended 31st January 2025 (Unaudited)
At 31st July 2024 2,973 222,582 13 90,611 102,329 20,116 438,624
Repurchase of shares into Treasury - - - (12,689) - - (12,689)
Net return - - - - 19,076 4,245 23,321
Dividends paid in the period (note 4) - - - - - (9,789) (9,789)
At 31st January 2025 2,973 222,582 13 77,922 121,405 14,572 439,467
Six months ended 31st January 2024 (Unaudited)
At 31st July 2023 2,973 222,582 13 99,644 93,489 19,145 437,846
Repurchase of shares into Treasury - - - (1,374) - - (1,374)
Net (loss)/return - - - - (15,920) 5,259 (10,661)
Dividends paid in the period (note 4) - - - - - (9,768) (9,768)
At 31st January 2024 2,973 222,582 13 98,270 77,569 14,636 416,043
Year ended 31st July 2024 (Audited)
At 31st July 2023 2,973 222,582 13 99,644 93,489 19,145 437,846
Repurchase of shares into Treasury - - - (9,033) - - (9,033)
Net return - - - - 8,840 16,586 25,426
Dividends paid in the year (note 4) - - - - - (15,615) (15,615)
At 31st July 2024 2,973 222,582 13 90,611 102,329 20,116 438,624
(1) These reserves form the distributable reserve of the Company and
may be used to fund distributions to investors.
CONDENSED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Unaudited) (Audited)
At At At
31st January 31st January 31st July
2025 2024(1) 2024(1)
£'000 £'000 £'000
Fixed assets
Investments held at fair value through profit or loss 471,044 446,918 465,364
Current assets
Debtors 553 561 2,804
Current asset investments(1) 879 647 2,459
Cash at bank 343 229 701
1,775 1,437 5,964
Current liabilities
Creditors: amounts falling due within one year (32,461) (16,321) (16,110)
Net current liabilities (30,686) (14,884) (10,146)
Total assets less current liabilities 440,358 432,034 455,218
Non current liabilities
Creditors: amounts falling due after more than one year (322) (15,706) (15,571)
Provision for Indian capital gains tax (569) (285) (1,023)
Net assets 439,467 416,043 438,624
Capital and reserves
Called up share capital 2,973 2,973 2,973
Share premium 222,582 222,582 222,582
Capital redemption reserve 13 13 13
Other reserve 77,922 98,270 90,611
Capital reserve 121,405 77,569 102,329
Revenue reserve 14,572 14,636 20,116
Total shareholders' funds 439,467 416,043 438,624
Net asset value per share (note 5) 156.8p 140.9p 151.4p
(1 ) For the period ended 31st January 2024 and year ended 31st July
2024, the 'Cash and cash equivalents' line item in the Statement of Financial
Position has been revised to 'Cash at bank' and 'Current asset investments.'
In accordance with the statutory format required by the Companies Act 2006,
this revision separately reports holdings in the JPMorgan USD Liquidity Fund,
a money market fund, as 'Current asset investments'. This adjustment does not
affect any other line items in the Statement of Financial Position or the
total current assets.
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st January 31st January 31st July
2025 2024 2024
£'000 £'000 £'000
Cash flows from operating activities
Net return/(loss) before finance costs and taxation 24,617 (8,760) 30,677
Adjustment for:
Net (gains)/losses on investments held at fair value
through profit or loss (21,559) 13,657 (13,406)
Net foreign currency losses 902 185 76
Dividend income (5,997) (6,917) (21,221)
Interest income (86) (134) (209)
Scrip dividends received as income - (2) (2)
Realised gains/(losses) on foreign exchange transactions 87 (109) (239)
Realised exchange gains on the JPMorgan USD Liquidity Fund 124 220 191
(Increase)/decrease in accrued income and other debtors (28) 12 30
Decrease in accrued expenses (19) (93) (2)
Net cash outflow from operating activities before dividends,
interest and taxation (1,959) (1,941) (4,105)
Dividends received 7,382 8,451 19,310
Interest received 86 134 209
Overseas withholding tax recovered 55 51 51
Indian capital gains tax (paid)/recovered (219) 3 3
Net cash inflow from operating activities 5,345 6,698 15,468
Purchases of investments (56,417) (43,505) (124,379)
Sales of investments 72,700 46,356 135,473
Settlement of forward currency contracts 1 - -
Net cash inflow from investing activities 16,284 2,851 11,094
Dividends paid (9,789) (9,768) (15,615)
Repurchase of shares into Treasury (12,687) (1,248) (9,032)
Repayment of loan (31,935) - -
Drawdown of loan 31,870 - -
Interest paid (1,027) (1,159) (2,256)
Net cash outflow from financing activities (23,568) (12,175) (26,903)
Decrease in cash and cash equivalents (1,939) (2,626) (341)
Cash and cash equivalents at start of period/year 3,160 3,475 3,475
Exchange movements 1 27 26
Cash and cash equivalents at end of period/year 1,222 876 3,160
Cash and cash equivalents consist of:
Cash at bank 343 229 701
Current asset investment in the JPMorgan USD Liquidity Fund 879 647 2,459
Total 1,222 876 3,160
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 31st January 2025.
The Company is a listed public limited company incorporated in England and
Wales. The registered office is detailed in the full half year report.
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 31st July 2024 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 are under the historical cost convention,
modified to include fixed asset investments at fair value, and in accordance
with the Companies Act 2006, United Kingdom Generally Accepted Accounting
Practice ('UK GAAP'), including FRS 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland' and with the Statement of
Recommended Practice 'Financial Statements of Investment Trust Companies and
Venture Capital Trusts' (the '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, and updated in March 2018, has been applied in
preparing this condensed set of financial statements for the six months ended
31st January 2025.
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 31st July 2024.
3. Return/(loss) per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st January 2025 31st January 2024 31st July 2024
£'000 £'000 £'000
Return per share is based on the following:
Revenue return 4,245 5,259 16,586
Capital return/(loss) 19,076 (15,920) 8,840
Total return/(loss) 23,321 (10,661) 25,426
Weighted average number of shares in issue during
the period/year (excluding shares held in Treasury) 286,897,860 295,815,677 294,183,867
Revenue return per share 1.48p 1.78p 5.64p
Capital return/(loss) per share 6.65p (5.38)p 3.01p
Total return/(loss) per share 8.13p (3.60)p 8.65p
4. Dividends paid and declared
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st January 2025 31st January 2024 31st July 2024
Pence Pence Pence
per share £'000 per share £'000 per share £'000
Dividends paid
Fourth interim dividend in respect of prior year 2.40 6,930 2.30 6,813 2.30 6,813
First interim dividend 1.00 2,859 1.00 2,955 1.00 2,955
Second interim dividend - - - - 1.00 2,944
Third interim dividend - - - - 1.00 2,903
Total dividends paid in the period/year 3.40 9,789 3.30 9,768 5.30 15,615
All dividends paid and declared in the six months period to 31st January 2025
have been funded from the revenue reserve. All dividends paid for the previous
periods ended 31st January 2024 and 31st July 2024 were funded from the
revenue reserve.
A second interim dividend of 1.00p per share, amounting to £2,790,000 has
been declared and will be paid on 22nd April 2025 to shareholders on the
register on the record date of 7th March 2025 in respect of the year ending
31st July 2025.
5. Net asset value per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st January 2025 31st January 2024 31st July 2024
Net assets (£'000) 439,467 416,043 438,624
Number of shares in issue (excluding shares
held in Treasury) 280,314,088 295,372,588 289,682,588
Net asset value per share 156.8p 140.9p 151.4p
6. Fair valuation of investments
The fair value hierarchy disclosures required by FRS 102 are given below:
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st January 2025 31st January 2024 31st July 2024
Assets Liabilities Assets Liabilities Assets Liabilities
£'000 £'000 £'000 £'000 £'000 £'000
Level 1 471,044 - 446,892 - 465,338 -
Level 3(1) - - 26 - 26 -
Total value of investments 471,044 - 446,918 - 465,364 -
(1) The Level 3 investments relates to the Company's holdings in the
Russian stocks as listed in the full Half Year Report, which have been valued
at nil as at 31st January 2025.
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st January 2025 31st January 2024 31st July 2024
Equity Equity Equity
Investments Total Investments Total Investments Total
£'000 £'000 £'000 £'000 £'000 £'000
Level 3(1)
Opening balance 26 26 26 26 26 26
Change in fair value of investment
during the period/year (26) (26) - - - -
Total - - 26 26 26 26
(1) The Level 3 investment relates to the Company's holdings in the
Russian stocks, as listed in the full Half Year Report.
As at 31st January 2025, the Company's holdings in the Russian stocks have
been written down to nil due to the prolonged conflict with Ukraine and the
sanctions imposed on Russia since 25th February 2022. For the previous periods
ended 31st January 2024 and 31st July 2024, the fair value of these stocks
was determined by taking the close of day market price as at 25th February
2022 (i.e. when the market was still trading normally) and applying a 99%
reduction to the valuation.
7. Analysis of changes in net debt
As at Other As at
31st July non-cash 31st January
2024 Cash flows charges(2) 2025
£'000 £'000 £'000 £'000
Cash and cash equivalents:
Cash at bank 701 (355) (3) 343
Current asset investments(1) 2,459 (1,584) 4 879
3,160 (1,939) 1 1,222
Borrowings:
Debt due within one year
US Dollar 20m revolving rate loan with
Mizuho - matured November 2024 (15,571) 15,968 (397) -
US Dollar 20m revolving rate loan with
ING - repaid November 2024 (15,571) 15,967 (396) -
Debt due after more than one year
US Dollar 40m revolving rate loan with
ICBC-maturing November 2026 - (31,870) (322) (32,192)
(31,142) 65 (1,115) (32,192)
Net debt (27,982) (1,874) (1,114) (30,970)
1 JPMorgan USD Liquidity Fund, a AAA rated money market fund which seeks
to achieve a return in line with prevailing money market rates whilst aiming
to preserve capital consistent with such rates and to maintain a high degree
of liquidity.
2 Other non-cash charges include foreign exchange movements and
amortisation adjustment.
JPMORGAN FUNDS LIMITED
4th April 2025
For further information, please contact:
Emma Lamb
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 half year report will be submitted to the National Storage
Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
The half year report will also shortly be available on the Company's website
at www.jpmglobalemergingmarketsincome.co.uk
(http://www.jpmglobalemergingmarketsincome.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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