JPMorgan Global Growth & Income PLC Edison reviews JPMorgan Global Growth & Income

TIDMJPGI

JPMorgan Global Growth & Income PLC

31 August 2018

London, UK, 31 August 2018

Edison issues review on JPMorgan Global Growth & Income (JPGI)

JPMorgan Global Growth & Income (JPGI) is managed by Jeroen Huysinga, using J.P. Morgan Asset Management's (JPMAM's) global focus investment process. He aims to generate long-term capital growth from a portfolio of 50-90 equities that is diversified by geography and sector. The manager notes that stock market leadership has been narrow, led by growth and momentum stocks, which has been detrimental to JPGI's investment performance in recent months (although the trust continues to outperform most of its peers in the AIC Global Equity Income sector). Huysinga is 'sticking to his knitting', buying undervalued stocks, as over the long term, cheaper companies have generated superior share price annual returns. The trust's higher dividend policy, initiated in July 2016, appears to have found favour with investors, as JPGI's discount has closed and its shares now regularly trade close to NAV.

The change in JPGI's dividend policy in mid-2016 has arguably helped to narrow the discount, which stood at c 15% following the outcome of the UK's European referendum. Its current 0.6% share price discount to cum-income NAV compares with the average discounts of the last three, five and 10 years (range of 4.2% to 5.4%). Based on the announced 12.52p total distribution for FY19, JPGI offers a prospective 3.8% dividend yield.

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