Source - RNS
RNS Number : 1991M
JPMorgan Glb Emerging Mkts Inc Tst
11 October 2016
 

LONDON STOCK EXCHANGE ANNOUNCEMENT

 

JPMORGAN GLOBAL EMERGING MARKETS INCOME TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 31ST JULY 2016

 

 

Chairman's Statement

Performance

For the year ended 31st July 2016 the Company recorded a total return on net assets of +16.9%. This compares with a return on the benchmark index, the MSCI Emerging Markets Index with net dividends reinvested (in sterling), of +16.7%. The total return to shareholders including dividends was +21.3%, as the Company's share price increased from 100.3p to 115.3p over the financial year. Since year-end the share price has risen.

Underpinning this performance have been strong returns from emerging market equities and a rally in these currencies over the latter half of the year. The Investment Managers' Report reviews these issues at some length. The Company's income objective results in a composition of the portfolio that is very different to the composition of the benchmark index. This means that the pattern of returns in any given period, may vary meaningfully from the benchmark index, which the Board understands and accepts. The fact that the outturn for the full year was almost in line with the benchmark is unusual and should not be seen as predictive.

Revenue and Dividends

As explained in the Investment Manager's Report, dividend receipts over the year to 31st July 2016 were below levels of the prior year. Gross revenue return for the year amounted to £17.2million (2015: £21.4 million). Net revenue return per Ordinary share for the year, calculated on the average number of shares in issue, was 4.79p (2015: 5.85p).

In the current financial year the Board paid three interim dividends of 1.0p per share and has announced the payment of a fourth interim dividend of 1.9p per share. This brings the total dividend for the year to 4.9p, unchanged from last year. The Board continues the approach of paying four interim dividends, reflecting the support we have received from shareholders for a regular and timely income stream. At 31st July 2016, the Company held a revenue reserve of £9.8 million. This compares with £10.2 million as at 31st July 2015. For the financial year ended 31st July 2016, the Company paid dividends to shareholders of £14.4 million. The Board has therefore drawn on the revenue reserve to the extent of £0.4 million.

As shareholders are aware, the Company receives dividends in the currencies of developing countries and US dollars, but pays dividends in sterling. It is not the Company's policy to hedge currency risk. This policy inevitably means that the Company's asset values and cash flows will be buffeted by adverse currency movements and flattered by favourable ones. Over the financial year, sterling weakened against the US dollar and Emerging Markets' currencies, especially immediately following the Brexit vote. This factor boosted asset values in sterling by approximately 16%.

Share Capital

During the year, the Company repurchased 199,277 shares at a cost of £163,000 at an average discount to the capital only net asset value of 7.3%. These shares are now held in Treasury. The Board will continue to monitor closely imbalances between the supply of and demand for the Company's shares. When appropriate, the Board may buy back more shares and in certain circumstances may resolve to issue shares, but only if the share price reflects a premium to net asset value that justifies the cost of issuance.

The Board is seeking shareholder authority at the forthcoming Annual General Meeting to issue up to a further 10% of the Company's issued share capital. We consider 10% to be the appropriate level in order to allow maximum flexibility for share issuance, given that the Company's shares are currently trading at, or close to, parity with net asset value. This is a facility that may or may not be used.

The Board is also seeking renewed authority to repurchase up to 14.99% of the Company's shares. This authority will permit repurchased shares to be held in Treasury or cancelled. This would only be used in appropriate circumstances, to enhance shareholder value and manage imbalances between the supply and demand of the Company's shares.

Key Performance Indicators ('KPIs')

The Board tracks a series of KPIs. Further details may be found on pages 16 and 17 of the Annual Report and Accounts for the year ended 31st July 2016 (the "Annual Report"). The Board pays particular attention to performance, ongoing charges, gearing, income available to pay dividends and the investment risk of the portfolio.

Gearing

The Company has two US$20 million loan facilities with National Australia Bank, due to mature in October 2018 and October 2020. As at 31st July 2016, gearing stood at 4.7% (31st July 2015 : 6.6%)

Corporate Governance

In accordance with corporate governance best practice, all Directors will seek reappointment at this year's Annual General Meeting. Shareholders who wish to contact the Chairman or other members of the Board may do so through the Company Secretary or the Company's website, details of which appear below. Shareholders are assured that these communications are forwarded to the Chairman accordingly.

Investment Manager

With effect from 1st August 2016 Jeffrey Roskell took over from Richard Titherington and will work closely with Omar Negyal and Amit Mehta.

Day to day portfolio responsibility remains with Omar Negyal.

Board Changes

Caroline Gulliver assumed the role of Audit & Risk Committee Chairman on 19th November 2015. Sarah Fromson was appointed Senior Independent Director on the same date. On 22nd March 2016 it was resolved to establish the Nomination Committee as a separate Committee, chaired by Sarah Fromson.

Annual General Meeting

The Annual General Meeting will be held at 60 Victoria Embankment, London EC4Y 0JP, on Thursday, 24th November 2016 at 2.00 p.m. The meeting will include a presentation from the Investment Managers on investment policy and performance. There will also be an opportunity for shareholders to meet the Board and representatives of JPMorgan after the meeting. It would be helpful if shareholders seeking answers to detailed questions put them in writing beforehand, addressed to the Company Secretary at JPMorgan Funds Limited, 60 Victoria Embankment, London EC4Y 0JP. Alternatively, questions may be submitted via the Company's website (www.jpmglobalemergingmarketsincome.co.uk). Shareholders who are unable to attend the Annual General Meeting in person are encouraged to use their proxy votes. Proxy votes may be lodged electronically, whether shares are held through CREST or in certificate form and full details are set out on the form of proxy.

Outlook

In my report last year I noted that the prospects for the Company were improving, despite the various hazards to be navigated. The picture this year is slightly improved again, although both macro-economic and political trends remain challenging.

 

Andrew Hutton

Chairman

10th October 2016

 

Investment Managers' Report

Introduction

In the 12 months to 31st July 2016, the Company's return to shareholders (including dividends) was 21.3%, while on a net asset value basis the return was 16.9%. The Company marginally outperformed its benchmark, the MSCI Emerging Markets Index, which returned 16.7% (on a total return (net) basis, in sterling terms).

Market review

Emerging market equities delivered a strong positive return in the 12 months to 31st July 2016. The first half of the review period was challenging for the asset class, as sentiment was hit by concerns over China's economic slowdown and uncertainty surrounding the path of interest rate rises in the US. With China being the largest constituent of the MSCI Emerging Markets Index and a major trading partner for other emerging markets, the slower outlook for the Chinese economy as well as the start by the Chinese government to manage the depreciation of the Renminbi, caused investors to reassess their expectations for emerging market growth and corporate profits. Meanwhile, expectations for higher US interest rates caused international investors to move some of their capital out of higher‑yielding, riskier assets like emerging market equities.

Emerging market currency weakness was another dominant theme in the first half of the review period. By the end of 2015, with the dollar boosted by higher interest rate expectations and emerging market growth under pressure, emerging market currencies had fallen to valuation levels not seen since the 1998 emerging market crisis. However, emerging market equities recovered sharply in the second half of the review period. Sentiment towards the asset class was boosted by a reduction in US interest rate expectations, a pickup in commodity prices and a stabilisation in Chinese data, while more monetary easing from the European Central Bank and Bank of Japan boosted global liquidity, helping to provide a further tailwind to both emerging market equities and currencies.

Although the better sentiment in 2016 has seen emerging market equities and currencies strengthen slightly from cheap levels, a recovery in corporate earnings is needed for the current rally in emerging markets to be sustained.

Performance review

The Company's share price and net asset value outperformed the benchmark in the 12‑month period. Asset allocation was a bigger contributor to relative performance than usual in the review period. This was partly due to the fact that we took advantage of significant dislocations in South Africa and Brazil, which recovered sharply in 2016 after suffering severe weakness in 2015. We added to positions in both markets in the period to take advantage of higher dividend yields and attractive valuation opportunities, and our overweight positioning contributed positively to the Company's performance.

From a country perspective, our significant underweight in China also contributed positively to relative performance. Although China remains an important driver of emerging market equities as a whole, from a stock and dividend perspective we feel that there are more attractive opportunities outside of China. Our underweight positioning - which we increased in the period - was beneficial for performance as the Chinese market underperformed emerging markets overall.

Stock selection and an overweight position in Taiwan also contributed positively. The Company's country weightings are driven by our individual stock decisions. Our largest overweight is in Taiwan, where we have found several attractive stocks with high returns on capital and positive free cash flow, and where we have confidence in the dividend payout. The positive performance from stock selection in Taiwan was driven by some of our technology holdings, in particular Vanguard and Siliconware Precision Industries. In a difficult operating environment, Vanguard held its dividend in the year, while Siliconware Precision Industries was the subject of a takeover bid by a competitor (an indicator that non‑financial market participants saw attractive valuations in the market).

Stock-level detractors from performance included an overweight holding in MTN, a telecoms company operating in South Africa and Nigeria, which was hit by a large regulatory fine. Our view on future dividends deteriorated due to the magnitude of the fine, as well as our concern that the operating environment for the company was more difficult than we had initially judged. We exited the stock in the year, but it was one of the biggest detractors from performance overall.

An overweight position in China Resources Power also held back relative returns. The utility company has stable cash flows and a good dividend payout policy. However, the stock suffered as growth concerns in China led to a reduction in demand for - and subsequent oversupply of - thermal power, denting the profitability of utility companies. Although the stock lagged, we added to our overweight position as we believe the yield is attractive, while our meetings with the company have reassured us of the sustainability of its future dividend payouts.

From a sector perspective, underweight exposure to energy and materials was negative for performance, as both sectors have performed well on the back of a rise in commodity prices this year.

Dividends

The Company's approach, which is to invest in a diversified portfolio of relatively high-yielding stocks to receive dividends from across sectors and countries, remains unchanged. However, emerging market dividends remain under pressure, as companies struggle to increase their payouts against a challenging growth backdrop. Dividends across emerging markets declined in the financial year and we saw dividend receipts from the Company's investments also decline. However, the Company held its dividend as the Board utilised part of the revenue reserve that we had built up in previous years and sterling, our reporting currency, was especially weak. Our expectation is that payout ratios will be held steady by emerging market companies, but the overall earnings environment remains weak, which means we should still be cautious when considering the trajectory of dividend receipts from the portfolio in the near term.

Portfolio changes

Portfolio changes over the year have been modest. This is consistent with our desire to invest for the long term and benefit from the continued dividend streams of the companies which we hold.

Sales (whether outright or position size reduction) in the year can generally be divided into three types:

1.       Dividend payout disappointments

With our research focus on understanding dividend policies, dividend payout disappointments tend to be rare.

An example in the financial year was Turkcell, the Turkish mobile phone operator. Although Turkcell's management declared a dividend in line with our expectations, this was not ratified at the company's annual general meeting following a dispute between two major shareholders. We sold out of the stock due to a lack of clarity around its dividend payment.

2.       Companies where our fundamental view on dividend sustainability or growth deteriorated relative to other opportunities

We sold out of Advanced Info Services, a telecom operator in Thailand. The dividend outlook for the company worsened after a frequency auction resulted in very high prices being paid for spectrum by domestic competitors. Although Advanced Info itself participated in a more rational manner, this episode highlighted the threat of increasing competition in Thailand and potential downside to margins.

3.       Companies where our view on dividends remained positive but valuations had increased to the extent that the stocks looked less attractive

For example, Banco do Brasil. The Brazilian market rallied strongly in early 2016 on the back of hopes for an improvement in the country's political situation. As a result of price appreciation Banco do Brasil's dividend yield declined, prompting us to reduce our position.

Purchases have been driven by individual stock opportunities, but overall we have not made dramatic changes to the Company's portfolio. We continue to find many attractive dividend-paying companies in emerging markets.

New names added to the portfolio include:

FirstRand: a high-quality South African bank. We were able to take advantage of the sell-off in the South African market and currency in 2015 to purchase this at an attractive dividend yield.

HKT Trust: an Asian telecom stock with a compelling 5% dividend yield and a management team directly targeting dividend payments.

Bolsa Mexicana: the Mexican stock exchange, which offers an attractive return on capital profile, generates a large amount of free cash flow and has a clear dividend policy.

Outlook

The outlook for emerging markets remains difficult, but there are positive signs. Some currencies are rising from their low levels and trade balances improving, although there are still few signs of a true earnings recovery taking hold. We stick to our philosophy and disciplined approach, continuing to look for individual stocks that generate attractive returns on equity, produce positive free cash flow and have clear and understandable dividend policies. Even in an uncertain environment, we are able to identify many stocks with attractive dividend yields, which we think bodes well for returns to shareholders over the long term.

 

Omar Negyal

Jeffrey Roskell

Amit Mehta

Investment Managers

10th October 2016

 

Principal Risks

With the assistance of the Manager, the Board has drawn up a risk matrix, which identifies the key risks to the Company. These key risks fall broadly into the following categories:

•  Investment and Strategy: an inappropriate investment strategy, for example asset allocation or the level of gearing or foreign exchange weakness, may lead to underperformance against the Company's benchmark index and peer companies. This may result in the Company's shares trading on a narrower premium or a wider discount or insufficient local currency income generation which may lead to a cut in the dividend. The Board manages these risks by diversification of investments through its investment restrictions and guidelines, which are monitored and reported on by the Manager. The Manager provides the Directors with timely and accurate management information, including performance data and attribution analyses, revenue estimates, currency performance, liquidity reports and shareholder analyses. The Board monitors the implementation and results of the investment process with the Investment Managers, who attend Board meetings, and reviews data which show statistical measures of the Company's risk profile. The Investment Managers employ the Company's gearing strategically, within a range set by the Board.

•  Financial: the financial risks faced by the Company include market price risk, interest rate risk, liquidity risk and credit risk. Further details are disclosed in note 21 on pages 51 to 56 of the Annual Report.

•  Corporate Governance and Shareholder Relations: Details of the Company's compliance with Corporate Governance best practice, including information on relations with shareholders, are set out in the Corporate Governance report on pages 24 to 28 of the Annual Report.

• Operational: Loss of key staff by the Manager, such as the Investment Managers, could affect the performance of the Company. Disruption to, or failure of, the Manager's accounting, dealing or payments systems or the depositary's or custodian's records could prevent accurate reporting and monitoring of the Company's financial position. This includes the risk of cybercrime and consequent potential threat to security and business continuity. Details of how the Board monitors the services provided by the Manager and its associates and the key elements designed to provide effective internal control are included in the Risk Management and Internal Control section of the Corporate Governance report on pages 24 to 28 of the Annual Report.

•  Accounting, Legal and Regulatory: in order to qualify as an investment trust, the Company must comply with Section 1158 of the Corporation Tax Act 2010 ('Section 1158'). Details of the Company's approval are given under 'Business of the Company' above. Were the Company to breach Section 1158, it would lose its investment trust status and, as a consequence, gains within the Company's portfolio could be subject to Capital Gains Tax. The Section 1158 qualification criteria are continually monitored by the Manager and the results reported to the Board each month. The Company must also comply with the provisions of the Companies Act and, since its shares are listed on the London Stock Exchange, the UKLA Listing Rules and the Disclosure & Transparency Rules ('DTRs'). A breach of the Companies Act could result in the Company and/or the Directors being fined or the subject of criminal proceedings. Breach of the UKLA Listing Rules or DTRs could result in the Company's shares being suspended from listing which in turn would breach Section 1158. The Board relies on the services of its Company Secretary, the Manager and its professional advisers to ensure compliance with the Companies Act, the UKLA Listing Rules, DTRs and the Alternative Investment Fund Managers Directive.

 

Related Parties Transactions

During the 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 year.

 

Statement of Directors' Responsibilities

The Directors are responsible for preparing the annual report and accounts in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) including FRS 102 'The Financial Reporting Standard applicable in the UK Republic of Ireland' and applicable law. Under Company law the Directors must not approve the financial statements unless they are satisfied that, taken as a whole, the annual report and accounts are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position and performance, business model and strategy and that they give a true and fair view of the state of affairs of the Company and of the total return or loss of the Company for that period. 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 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 a 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.

The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The accounts are published on the www.jpmglobalemergingmarketsincome.co.uk website, which is maintained by the Manager. The maintenance and integrity of the website maintained by the Manager is, so far as it relates to the Company, the responsibility of the Manager. The work carried out by the Auditor does not involve consideration of the maintenance and integrity of this website and, accordingly, the Auditor accepts no responsibility for any changes that have occurred to the accounts since they were initially presented on the website. The accounts are prepared in accordance with UK legislation, which may differ from legislation in other jurisdictions.

Under applicable law and regulations the Directors are also responsible for preparing a Directors' Report and Directors' Remuneration Report that comply with that law and those regulations.

Each of the Directors, whose names and functions are listed on page 20 of the Annual Report confirm that, to the best of their knowledge the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and return or loss of the Company.

The Board confirms that it is satisfied that the annual report and accounts taken as a whole are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position and performance, business and strategy.

The Board also confirms that it is satisfied that the Strategic Report and Directors' Report include a fair review of the development and performance of the business, and the position of the Company, together with a description of the principal risks and uncertainties that the Company faces.

 

For and on behalf of the Board
Andrew Hutton
Chairman

10th October 2016

 

Statement of Comprehensive Income

for the year ended 31st July 2016

 

2016

2015

 

Revenue

Capital

Total

Revenue

Capital

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

Gains/(losses) on investments held at fair value through profit or loss

-

 41,205

 41,205

-

 (39,635)

 (39,635)

Net foreign currency losses

-

 (3,669)

 (3,669)

-

 (1,369)

 (1,369)

Income from investments

 17,136

-

 17,136

 21,338

-

 21,338

Interest receivable

 32

-

 32

 17

-

 17

Gross return/(loss)

 17,168

37,536

54,704

 21,355

(41,004)

(19,649)

Management fee

 (933)

 (2,176)

 (3,109)

 (1,025)

 (2,391)

 (3,416)

Other administrative expenses

 (721)

-

 (721)

 (799)

-

 (799)

Net return/(loss) on ordinary activities before finance costs and taxation

 15,514

35,360

50,874

 19,531

(43,395)

(23,864)

Finance costs

 (234)

 (545)

 (779)

 (242)

 (565)

 (807)

Net return/(loss) on ordinary activities before taxation

 15,280

 34,815

 50,095

 19,289

 (43,960)

 (24,671)

Taxation

 (1,179)

 (448)

 (1,627)

 (2,316)

 373

 (1,943)

Net return/(loss) on ordinary activities after taxation

 14,101

 34,367

 48,468

 16,973

 (43,587)

 (26,614)

Return/(loss) per share (Note 3)

4.79p

11.68p

16.47p

5.85p

(15.01)p

(9.16)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 return/(loss) on ordinary activities after taxation represents the profit/(loss) for the year and also the total comprehensive income.

 

Statement of Changes in Equity

for the year ended 31st July 2016

 

Called up

Capital

 

 

 

 

 

 

share

redemption

Share

Other

Capital

Revenue

 

 

capital

reserve

premium

reserve

reserves

reserve1

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 31st July 2014

2,785

13

199,593

101,276

21,229

7,321

332,217

Issue of Ordinary shares

158

-

18,956

-

-

-

19,114

Expenses of new share issues

-

-

 (52)

-

-

-

(52)

Net (loss)/return from ordinary activities

-

-

-

-

(43,587)

16,973

(26,614)

Dividends paid in the year

-

-

-

-

-

(14,129)

(14,129)

At 31st July 2015

2,943

13

218,497

101,276

(22,358)

10,165

310,536

Repurchase of shares into Treasury

-

-

-

(163)

-

-

 (163)

Net return on ordinary activities

-

-

-

-

 34,367

 14,101

 48,468

Dividends paid in the year

-

-

-

-

-

 (14,418)

 (14,418)

At 31st July 2016

 2,943

 13

218,497

 101,113

 12,009

 9,848

 344,423

1      This reserve forms the distributable reserve of the Company and may be used to fund distribution of profits to investors via dividend payments.

 

Statement of Financial Position

at 31st July 2016

 

2016

2015

 

£'000

£'000

Fixed assets

 

 

Investments held at fair value through profit or loss

 360,612

 327,817

Current assets

 

 

Derivative financial assets

 1

-

Debtors

 5,612

 3,476

Cash and cash equivalents1

 11,663

 5,206

 

 17,276

 8,682

Current liabilities

 

 

Creditors: amounts falling due within one year

 (3,337)

 (13,145)

Derivative financial liabilities

-

 (1)

Net current assets/(liabilities)

 13,939

 (4,464)

Total assets less current liabilities

 374,551

 323,353

Creditors: amounts falling due after more than one year

 (30,128)

 (12,817)

Net assets

 344,423

 310,536

Capital and reserves

 

 

Called up share capital

 2,943

 2,943

Capital redemption reserve

 13

 13

Share premium

 218,497

 218,497

Other reserve

 101,113

 101,276

Capital reserves

 12,009

 (22,358)

Revenue reserve

 9,848

 10,165

Total shareholders' funds

 344,423

 310,536

Net asset value per share (Note 4)

117.1p

105.5p

1      This line item combines the two lines of 'Investment in liquidity fund held at fair value through profit or loss' and 'Cash and short term deposits' in the financial statements into one for the year ended 31st July 2015. Under FRS 102, liquidity funds meet the conditions of cash equivalents as they are held for cash management purposes, are short term, and are convertible to known amount of cash.

 

Notes to the Financial Statements 

for the year ended 31st July 2016

1.     Accounting policies

(a)     Basis of accounting

The financial statements are prepared 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 November 2014.

All of the Company's operations are of a continuing nature.

The financial statements have been prepared on a going concern basis. The disclosures on going concern on page 21 of the Directors' Report of the Annual Report form part of these financial statements.

2.     Dividends

(a)     Dividends paid and proposed

 

 

2016

2015

 

 

£'000

£'000

 

2015 Fourth interim dividend paid of 1.90p (2014: 1.90p)

5,592

5,324

 

First interim dividend paid of 1.00p (2015: 1.00p)

2,944

2,919

 

Second interim dividend paid of 1.00p (2015: 1.00p)

2,941

2,943

 

Third interim dividend paid of 1.00p (2015: 1.00p)

2,941

2,943

 

Total dividends paid in the year

14,418

14,129

 

Dividend proposed

 

 

 

Fourth interim dividend declared of 1.90p (2015: 1.90p)

5,589

5,592

(b)     Dividend for the purposes of Section 1158 of the Corporation Tax Act 2010 ('Section 1158')

The requirements of Section 1158 are considered on the basis of the dividend proposed in respect of the financial year, shown below. The revenue available for distribution by way of dividend for the year is £14,101,000 (2015: £16,973,000).

 

 

2016

2015

 

 

£'000

£'000

 

First interim dividend paid of 1.00p (2015: 1.00p)

2,944

2,919

 

Second interim dividend paid of 1.00p (2015: 1.00p)

2,941

2,943

 

Third interim dividend paid of 1.00p (2015: 1.00p)

2,941

2,943

 

Fourth interim dividend declared of 1.90p (2015: 1.90p)

5,589

5,592

 

Total dividends for Section 1158 purposes

14,415

14,397

The revenue reserve after paying the proposed dividend will be £4,259,000.

3.     Return/(loss) per share

 

 

2016

2015

 

 

£'000

£'000

 

Revenue return

14,101

16,973

 

Capital return/(loss)

34,367

(43,587)

 

Total return/(loss)

48,468

(26,614)

 

Weighted average number of shares in issue during the year

294,242,522

290,335,671

 

Revenue return per share

4.79p

5.85p

 

Capital return/(loss) per share

11.68p

(15.01)p

 

Total return/(loss) per share

16.47p

(9.16)p

4.     Net asset value per share

 

 

2016

2015

 

Net assets (£'000)

 344,423

310,536

 

Number of shares in issue

 294,140,161

294,339,438

 

Net asset value per share

117.1p

105.5p

 

5.     Status of announcement

     2015 Financial Information

      The figures and financial information for 2015 are extracted from the Annual Report and Accounts for the year ended 31st  July 2015 and do not constitute the statutory accounts for that year.  The Annual Report and Accounts has been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

      2016 Financial Information

The figures and financial information for 2016 are extracted from the Annual Report and Accounts for the year ended 31st  July 2016 and do not constitute the statutory accounts for that year.  The Annual Report and Accounts includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

JPMORGAN FUNDS LIMITED 

10th October 2016

For further information please contact:

Juliet Dearlove

For and on behalf of

JPMorgan Funds Limited, Company Secretary                                                                                                                                                                                                                                                                                                       

020 7742 4000

 

ENDS

 

A copy of the Annual Report will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM    The Annual Report will also be available on the Company's website at www.jpmorganglobalemergingmarkets.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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JPMorgan Gbl Emerging Mkts Inc Tst (JEMI)

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