JPMorgan Multi-Asset - Half Year Results
12/10/2023 16:14
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RNS Number : 9800P JPMorgan Multi-Asset Grwth & Income 12 October 2023
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN MULTI-ASSET GROWTH & INCOME PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED
31ST AUGUST 2023
Legal Entity Identifier:
549300C0UCY8X2QXW762
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
Introduction
The objective of the Company is to generate income and capital growth through
a multi-asset strategy, while seeking to maintain lower levels of volatility
than an equity portfolio. Our commitment to this objective is underpinned by
the Company's progressive distribution policy (adopted on 1st March 2021)
which aims to increase the dividend in line with the UK's annual Consumer
Price Index from the initial distribution level of 4p per share per annum set
at launch in 2018.
Portfolio Performance
During the half year to 31st August 2023, the Company recorded a positive
total return of 1.6% on its opening net asset value, an underperformance of
1.4% compared to the Company's Reference Index. The Company recorded a
negative share price total return to shareholders of 2.6% as the discount to
net asset value widened over the period. Although the underperformance is
disappointing it should be noted that the Company's Reference Index is a total
return of 6.0% per annum measured over a rolling five year period. Therefore,
unlike a typical benchmark, it is not a relative index and is unaffected by
the market movements experienced during this reporting period.
Despite numerous interest rate rises in the first half of 2023 a significant
slowdown in the global economy has yet to emerge. Equity markets, particularly
in the US, have responded positively to the declines in inflation that have
emerged in most leading global economies.
For further details regarding the management of the Company's portfolio please
see the Investment Managers' Report.
Discount Management
The Board recognises that it is in the interests of shareholders to maintain a
share price as close as possible to the net asset value per share. The Board
utilises share buybacks to address imbalances in supply of and demand for the
Company's shares in the market, when it believes it is in the interests of all
shareholders and subject to normal market conditions. During this six month
reporting period, the Board utilised their authority to buyback shares in the
Company to manage the discount and bought back 3,250,000 shares at an average
discount of 5.5%. The discount commenced the period under review at -0.4% but
moved wider to close on 31st August 2023 at -4.6%. The widening of the
Company's discount reflects the increasing discounts currently experienced
across the wider investment trust industry. The Company's share price on 10th
October 2023 (the last practical date before printing this document), was
89.0p per share, with a discount to net asset value of -3.9%
Revenue and Distributions
During the half year to 31st August 2023, the Company's net return of revenue
and capital after taxation was £946,000 (2022: net loss after taxation:
£5,442,000). In the period up to the filing of this half year report, the
Board has declared two interim distributions of 1.2p per share in respect of
the Company's year ending 29th February 2024. As detailed in my previous
Chairman's Statement included in the Company's annual report and financial
statements, the Board's expectation is to pay a total distribution of 4.8p per
share for the year ending 29th February 2024. This represents an increase of
9.1% on the 2023 distribution and an increase of 20.0% since the distribution
policy was adopted on 1st March 2021. This fulfils the Board's aim to help
protect shareholders' distribution income from inflation. A further two
distributions are expected to be paid to shareholders in February and May 2024
in respect of the year ending 29th February 2024.
Gearing
The Company may use gearing, in the form of borrowings and derivatives, to
seek to enhance returns over the long term. During the period the Company had
no bank loans/facilities or structured debt, but did use derivatives to
enhance portfolio returns and for efficient portfolio management. The level of
the Company's cash position at 31st August 2023 was 7.3%, (28th February 2023:
4.8%), reflecting an increase in the net cash position of the Company during
this reporting period. See page 29 of the Company's half year report and
financial statements for further details and definition of Gearing.
Outlook
Central Banks in the world's leading economies have so far managed to
successfully increase interest rates without provoking a widescale global
recession. How long this balancing act can be maintained is uncertain and
there remain significant concerns about the outlook for the global economy.
These include the continuing conflict in Ukraine which compounds the
inflationary pressure on global commodities, increasing US/China tensions and
the challenges of successful adoption of artificial intelligence.
The Board has confidence in the Investment Managers' ability to navigate these
difficult markets. The JPMorgan Multi-Asset Team have substantial resources
and experience to draw upon and the Investment Managers have the freedom and
expertise to allocate across a wide range of asset classes. The investment
trust structure is conducive to a long-term investment outlook and the
Company's progressive dividend policy, which aims to match the long term
trajectory of CPI, should provide some reassurance to shareholders in the
current environment of high levels of inflation.
Sarah MacAulay
Chairman
12th October 2023
INVESTMENT MANAGER'S REPORT
Introduction
In this report, we review the Company's investment performance for the
six-month period to 31st August 2023. This was a period when markets became
increasingly hopeful that visible signs of moderating inflation could give
central banks room to pause, or even lower policy rates, while deferring the
onset of recession as labour markets still stood strong. We examine how the
Company's diversified portfolio has performed against this market backdrop,
how positioning has evolved through the period and our views looking forward.
Setting the scene - our investment approach
We seek to achieve the best risk-adjusted returns by investing in a globally
diversified portfolio that includes company shares, bonds and other assets.
Our aim is to construct an actively managed, balanced portfolio which is
flexible with respect to asset class and geography. This flexibility allows
us to take advantage of the best opportunities to deliver an attractive total
return to our shareholders. We look to generate this through a research-based
approach, positioning assets in line with our medium to long-term view of
markets and leveraging the expertise of active managers in portfolio
construction.
Market review: Increasing confidence in a soft landing supported a broad rally
in global equities driven by slowing inflation and resilient economic data in
the U.S.
2023 started on an optimistic note as markets rallied against a backdrop of
recession risk fading in Europe, the re-opening of China's economy and market
hopes of an imminent end to major central bank's tightening cycle. However,
banking turmoil in the U.S. and Europe dominated headlines in March and
unsettled markets, triggered by the failure of Silicon Valley Bank (SVB); the
second largest bank failure in U.S. history reflecting inadequate liquidity
and insolvency issues. The first quarter of the year finished somewhat calmer
following several packages from the Treasury, Federal Reserve (Fed) and
Federal Deposit Insurance Corporation (FDIC) and buyouts of banks such as SVB
and Credit Suisse. Global equity markets posted positive returns in March as
fears of a broader contagion ultimately lessened and the market instead
focused on the potential for a more dovish shift by the Federal Reserve.
Global equity markets continued to advance in April as economic data releases
indicated that the financial sector stress appeared relatively contained.
However, risk assets lost momentum in May as the U.S. debt ceiling
negotiations caused concern, China's economic recovery faltered, and Germany
slipped into technical recession. Global fixed income returns were negative in
May as the market's shift to a less dovish outlook for the fed funds rate
weighed on both credit and government bonds. Resilient economic data in the
U.S. in June pushed back the timeline for an anticipated downturn while
corporate governance reforms in Japan rekindled investors' interest in its
equities. Both the U.S. and Eurozone CPI eased, leading markets to price in
the higher probability of a soft landing. In contrast, UK core inflation rose
to the highest level since March 1992 which prompted the Bank of England to
further raise its policy rate. The equity rally broadened in July on the back
of resilient U.S. GDP data and corporate profits, moderating inflation in the
U.S. and Europe, and emerging policy support in China. However, volatility
again returned to the markets in August, as overall, an increase in long-term
rates in the U.S., weak macroeconomic data in China and deteriorating activity
levels in Europe weighed on global stock markets. In bond markets, the
increase in U.S. treasuries issuance along with Fitch's downgrade of U.S. debt
pushed the long-term yields higher and weighed on the bond market returns.
How has the Company performed over the six-month period under review?
The Company delivered a positive return on net assets of 1.6% but lagged the
company's Reference Index which returned 3.0% over the period. The portfolio's
developed equity exposure provided the largest positive contribution to
return. Our position in China A Shares disappointed against a backdrop of
weaker than anticipated post-Covid recovery. We significantly increased the
Company's duration profile through 2023, which has proved a challenge in a
volatile environment for bond yields but should benefit the portfolio in the
environment of declining inflation that we see ahead and when traditional
correlations reassert themselves.
Portfolio review
In terms of positioning over the period, while equity levels increased, they
remained at levels below the long-term average, reflecting a degree of caution
given potential risks. For equities, stock selection is undertaken by our
in-house International Equity Group and we tilt regional positioning to
reflect our latest views. We implement this via the use of index futures. This
approach enables us to maintain positions in high conviction stocks whilst
adjusting regional exposure to reflect our favoured markets. Over the period,
we added to the US, Europe and Japan and scaled back exposure to the UK and
emerging markets. The U.S. market has displayed remarkable resilience this
year powered by robust consumer spending and a strong labour market. We added
to Japanese equities in June given improved prospects for corporate profits
and valuation expansion. We scaled back our exposure to emerging market
equities through the period, driven by our fading conviction in the China
re-opening theme, and fully redeemed our position in China A Shares in August.
We also remain underweight U.S. small caps as we think those companies are
likely to come under pressure in a higher rate environment.
Within fixed income, we increased the duration of the portfolio, selectively
adding exposure at attractive levels though the period, primarily in the US
treasury market and more recently via German government bonds. We increased
our allocation to both corporate credit and emerging market local currency
debt in the summer. As the probability of a deep recession started to recede
in July, we added to our high yield exposure and reduced our Japanese
government bond short position by half as pressure on the Bank of Japan to
adjust yield curve control measures lessened.
In our bespoke equity portfolio, performance was positive, albeit it lagged
broad equity markets as measured by the MSCI World hedging to GBP index. At a
sector level, the largest contributors to performance were stock selection in
media and an underweight position in insurance. Detractors included stock
selection in technology - semi & hardware and banks. The largest sector
changes over the period were an increase in exposure to insurance and
utilities and a reduction in automobiles & auto part and transportation.
At the end of August, the portfolio was most overweight the financial
services, technology - semi & hardware and media sectors, while it was
most underweight the consumer staples, industrial cyclical and automobiles
& auto part sectors. At-a regional level, the portfolio was overweight
emerging markets and underweight Japan and the United States.
We placed a redemption order for our Infrastructure Investment Fund holding
given the lower conviction levels in the strategy in the current market
environment.
Outlook
Market sentiment remains cautious as recession risks continue to be modestly
elevated. Our base case sees further moderation of inflation and economic
growth, but also acknowledges the underlying resilience of the U.S. economy.
This leads us to favour investments in bond markets with an attractive yield
and relative value trades within markets rather than bold directional calls,
although we believe that rates will move lower once it becomes clear that
central banks will no longer need to continue increasing interest rates.
Therefore, current yields support holding moderate levels of interest
sensitivity in our fixed income allocation and we see diversification
potential in the UK and Europe, where growth is slower, and in Australia where
interest rates are lower. In equity markets, we have a bias towards the better
earnings and cash flow outlook in the U.S. and Japan compared with Europe and
the emerging markets.
Katy Thorneycroft
Gareth Witcomb
Investment
Managers
12th October 2023
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its Half Year
Report:
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall into five
broad categories: investment and strategy; accounting, legal and regulatory;
corporate governance and shareholder relations; operational; and financial,
including the risk of geopolitical events, climate change, global pandemics
and artificial intelligence (AI). Information on each of these areas is given
in the Company's Strategic Report within the Annual Report and Financial
Statements for the period ended 28th February 2023.
Related Parties Transactions
During the first six months of the current financial year, no transactions
with related parties have taken place which have materially affected
the financial position or the performance of the Company during the period.
Going Concern
The Directors believe, having considered the Company's investment objectives,
risk management policies, capital management policies and procedures, nature
of the portfolio and expenditure projections, and the economic and operational
impact of Russia's invasion of Ukraine and Covid-19 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
relating to the Company that would prevent its ability to continue in
operational existence for at least 12 months from the date of the approval of
this interim financial report. For these reasons, they consider there is
reasonable evidence to continue to adopt the going concern basis in preparing
the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the
half yearly financial report has been prepared in accordance with FRS104
'Interim Financial Reporting' and gives a true and fair view of the assets,
liabilities, financial position and net return of the Company as required by
the UK Listing Authority Disclosure 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 4.2.8R.
In order to provide these confirmations, and in preparing these financial
statements, the Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and accounting estimates that are reasonable
and prudent;
• state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and explained in the
financial statements; and
• prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will continue in
business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Sarah MacAulay
Chairman
12th October 2023
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31st August 2023
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st August 2023 31st August 2022 28th February 2023
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/gains on investments
held at fair value through
profit or loss - (1,513) (1,513) - 573 573 - (412) (412)
Net foreign currency
gains/(losses) - 1,784 1,784 - (6,981) (6,981) - (5,757) (5,757)
Income from investments 932 - 932 1,502 - 1,502 2,459 - 2,459
Interest receivable and
similar income 44 - 44 77 - 77 143 - 143
Gross return/(loss) 976 271 1,247 1,579 (6,408) (4,829) 2,602 (6,169) (3,567)
Management fee (note 3) (40) (74) (114) (83) (154) (237) (159) (294) (453)
Other administrative expenses (187) - (187) (178) - (178) (404) - (404)
Net return/(loss) before
finance costs and taxation 749 197 946 1,318 (6,562) (5,244) 2,039 (6,463) (4,424)
Finance costs (2) (3) (5) (2) (5) (7) (4) (8) (12)
Net return/(loss) before
taxation 747 194 941 1,316 (6,567) (5,251) 2,035 (6,471) (4,436)
Taxation credit/(charge) 5 - 5 (212) 21 (191) (249) 45 (204)
Net return/(loss) after
taxation 752 194 946 1,104 (6,546) (5,442) 1,786 (6,426) (4,640)
Return/(loss) per share
(note 4) 0.99p 0.26p 1.25p 1.39p (8.26)p (6.87)p 2.27p (8.17)p (5.90)p
All revenue and capital items in the above statement derive from continuing
operations.
The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns represent supplementary
information prepared under guidance issued by the Association of Investment
Companies.
The net return/(loss) after taxation represents the profit/(loss) for the
period and also the total comprehensive income.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Called up
share Share Special Capital Revenue
capital premium reserve(1) reserves(1) reserve(1) Total
£'000 £'000 £'000 £'000 £'000 £'000
Six months ended 31st August 2023 (Unaudited)
At 28th February 2023 931 5 74,183 (356) - 74,763
Issue of shares from Treasury - 5 - (5) - -
Repurchase of shares into Treasury - - (2,986) - - (2,986)
Net return - - - 194 752 946
Distributions paid in the period (note 5) - - - (998) (752) (1,750)
At 31st August 2023 931 10 71,197 (1,165) - 70,973
Six months ended 31st August 2022 (Unaudited)
At 28th February 2022 931 - 78,776 5,971 - 85,678
Issue of shares from Treasury - 5 - 99 - 104
Repurchase of shares into Treasury - - (1,946) - - (1,946)
Net (loss)/return - - - (6,546) 1,104 (5,442)
Distributions paid in the period (note 5) - - - (583) (1,104) (1,687)
At 31st August 2022 931 5 76,830 (1,059) - 76,707
Year ended 28th February 2023 (Audited)
At 28th February 2022 931 - 78,776 5,971 - 85,678
Issue of shares from Treasury - 5 - 99 - 104
Repurchase of shares into Treasury - - (2,975) - - (2,975)
Net (loss)/return - - - (6,426) 1,786 (4,640)
Distributions paid in the year (note 5) - - (1,618) - (1,786) (3,404)
At 28th February 2023 931 5 74,183 (356) - 74,763
(1) These reserves form the distributable reserve of the Company and
may be used to fund distributions to investors.
CONDENSED STATEMENT OF FINANCIAL POSITION
At 31st August 2023
(Unaudited) (Unaudited) (Audited)
31st August 2023 31st August 2022 28th February 2023
£'000 £'000 £'000
Fixed assets
Investments held at fair value through profit or loss 65,764 70,382 71,148
Current assets
Derivative financial assets 298 614 804
Debtors 568 329 1,764
Cash and short term deposits 5,064 10,349 4,690
5,930 11,292 7,258
Current liabilities
Creditors: amounts falling due within one year (310) (3,366) (1,893)
Derivative financial liabilities (411) (1,601) (1,750)
Net current assets 5,209 6,325 3,615
Total assets less current liabilities 70,973 76,707 74,763
Net assets 70,973 76,707 74,763
Capital and reserves
Called up share capital 931 931 931
Share premium 10 5 5
Special reserve 71,197 76,830 74,183
Capital reserves (1,165) (1,059) (356)
Total shareholders' funds 70,973 76,707 74,763
Net asset value per share 95.9p 97.8p 96.7p
CONDENSED STATEMENT OF CASH FLOWS
For the six months ended 31st August 2023
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st August 2023 31st August 2022(1) 28th February 2023
£'000 £'000 £'000
Cash flows from operating activities
Net return/(loss) before finance costs and taxation 946 (5,244) (4,424)
Adjustment for:
Net losses/(gains) on investments held at fair value
through profit or loss 1,513 (573) 412
Net foreign currency (gains)/losses (1,784) 6,981 5,757
Dividend income (788) (1,230) (1,819)
Interest income (188) (321) (783)
Overseas withholding tax on unfranked investment income - (159) -
Effective interest rate amortisation on income (20) (20) (53)
Realised gain/(losses) on foreign exchange transactions 539 (163) (170)
(Decrease)/increase in accrued income and other debtors (93) 148 13
(Decrease)/increase in accrued expenses (27) (24) 21
98 (605) (1,046)
Dividends received 631 1,230 1,716
Interest received 210 321 745
Overseas tax recovered 129 11 40
Net cash inflow from operating activities 1,068 957 1,455
Purchases of investments (27,671) (54,740) (86,840)
Sales of investments 33,685 73,176 101,828
Settlement of forward foreign currency contracts 785 (6,202) (2,762)
Settlement of future contracts (2,608) (1,845) (5,421)
Net cash inflow from investing activities 4,191 10,389 6,805
Distributions paid (1,750) (1,687) (3,404)
Issue of shares from Treasury - 104 104
Repurchase of shares into Treasury (3,129) (1,945) (2,832)
Interest paid (5) (7) (12)
Net cash outflow from financing activities (4,884) (3,535) (6,144)
Increase in cash and cash equivalents 375 7,811 2,116
Cash and cash equivalents at start of period/year 4,690 2,515 2,515
Exchange movements (1) 23 59
Cash and cash equivalents at end of period/year 5,064 10,349 4,690
Cash and cash equivalents consist of:
Cash and short term deposits 1,748 3,602 3,368
Cash held in JPMorgan Sterling Liquidity Fund 3,316 6,747 1,322
Total 5,064 10,349 4,690
(1) The presentation of the Cash Flow Statement, as permitted under
FRS 102, has been changed so as to present the reconciliation of 'net
return/(loss) before finance costs and taxation' to 'net cash inflow from
operating activities' on the face of the Cash Flow Statement. Previously, this
was shown by way of note. Other than consequential changes in presentation of
the certain cash flow items, there is no change to the cash flows as presented
in previous periods.
Analysis of change in net debt
As at Exchange As at
28th February 2023 Cash flows movements 31st August 2023
£'000 £'000 £'000 £'000
Cash and cash equivalents
Cash 3,368 (1,619) (1) 1,748
Cash equivalents 1,322 1,994 - 3,316
Total 4,690 375 (1) 5,064
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 31st August 2023
1. Financial statements
The information contained within the Condensed financial statements for this
half year report has not been audited or reviewed by the Company's auditors.
The figures and financial information for the year ended 28th February 2023
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 including the
report of the auditors 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 financial statements have been prepared in accordance with the Companies
Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and
Republic of Ireland' of the United Kingdom Generally Accepted Accounting
Practice ('UK GAAP') and with the Statement of Recommended Practice
'Financial Statements of Investment Trust Companies and Venture Capital
Trusts' (the 'SORP') issued by the Association of Investment Companies in July
2022.
FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting
Council ('FRC') in March 2015 has been applied in preparing this condensed set
of financial statements for the six months ended 31st August 2023.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of financial statements
are consistent with those applied in the financial statements for the year
ended 28th February 2023.
3. Management fee
Due to an administrative error in the calculation of the management fees, the
Company over paid the management fee to the Manager for the period 2nd July
2018 to 30th June 2023 by £97,000. This amount has been adjusted against the
management fee of £114,000 shown in the Condensed Statement of Comprehensive
Income for the period ended 31st August 2023, and no restatement has been made
to prior periods in this respect. The overpayment was in respect of the excess
management fee paid to the Manager for the investment in the IIF UK LP 1 fund,
which should have been deducted from the management fee payable by the Company
during that period.
4. Return/(loss) per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st August 2023 31st August 2022 28th February 2023
£'000 £'000 £'000
Return/(loss) per share is based on the following:
Revenue return 752 1,104 1,786
Capital return/(loss) 194 (6,546) (6,426)
Total return/(loss) 946 (5,442) (4,640)
Weighted average number of shares in issue 75,683,218 79,262,566 78,605,531
Revenue return per share 0.99p 1.39p 2.27p
Capital return/(loss) per share 0.26p (8.26)p (8.17)p
Total return/(loss) per share 1.25p (6.87)p (5.90)p
5. Distributions paid
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st August 2023 31st August 2022 28th February 2023
£'000 £'000 £'000
2024 first interim distribution paid of 1.20p (2023: 1.10p) 904 871 816
2023 second interim distribution paid of 1.10p n/a n/a 871
2023 third interim distribution paid of 1.10p n/a n/a 859
2023 fourth interim distribution of 1.10p (2022: 1.025p) 846 816 858
Total distribution paid in the period 1,750 1,687 3,404
All distributions paid and declared in the period/year are and will be funded
from the revenue, capital and special reserves.
A second interim dividend of 1.20p per share, amounting to £904,000 has been
declared payable on 3rd November 2023 in respect of the year ending 29th
February 2024.
JPMORGAN FUNDS LIMITED
12th October 2023
For further information, please contact:
Paul Winship
For and on behalf of
JPMorgan Funds Limited
0800 20 40 20
END
A copy of the half year report will shortly be submitted to the FCA's National
Storage Mechanism and will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The half year report will also shortly be available on the Company's website
at www. www.jpmmultiassetgrowthandincome.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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