Source - RNS
RNS Number : 8686M
JPMorgan Income & Capital Trust PLC
18 October 2016
 

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN INCOME & CAPITAL TRUST PLC

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED
31ST AUGUST 2016

Chairman's Statement

Introduction and Performance

During the six months ended 31st August 2016, the total return on shareholder's funds was 6.3%, compared with a return of 12.4% recorded by the composite benchmark (comprising 90% FTSE 350 Index and 10% Bloomberg Barclays Global Aggregate Corporate Bond Index in sterling terms).

This relative underperformance is disappointing. It resulted from the portfolio having too much domestic exposure and therefore missing out on the 'post-Brexit' rally in UK stocks with overseas earnings prompted by the decline in the exchange rate. In addition, some of the domestic focused shares that the Company holds experienced very sharp falls immediately following the 'Brexit' vote. The Company remains predominantly invested in equities and therefore a rise in bond prices during the period also reduced the relative performance against the benchmark.

The Bank of England's decision to halve its Base Rate from 0.5% to 0.25% and to resume quantitative easing helped support confidence in UK financial markets during the period. The result has been that the FTSE350 Index has overcome the initial turbulence following the 'Brexit' vote in June and is currently experiencing an upward trend.

The Investment Managers provide a detailed commentary covering market developments and your Company's portfolio in their report.

Share Price Performance

Despite the performance of the portfolio, the price of the Company's ordinary shares increased by 13% (as the discount to net asset value narrowed) and the price of units (each comprising two ordinary shares and one ZDP share) fell by 1% over the period.

The prices of the Company's two classes of share and of its units were at a premium/(discount) to net asset value at 31st August 2016 and at previous period end dates as follows:


31st August 2016

29th February 2016

31st August 2015

 


Share

Premium/

Share

Premium/

Share



prices

(discount)

prices

(discount)

prices

Premium

ZDP

182.5p

4.8%

176.0p

4.4%

174.0p

6.6%

Ordinary

82.0p

(9.7)%

72.5p

(15.9)%

96.3p

0.0%

Units

322.0p

(9.5)%

325.0p

(4.7)%

361.5p

1.6%

At 17th October 2016, the prices of the Ordinary shares and Units were at discounts of (7.6)% and (7.4)% respectively whilst the ZDP share price was at a premium of 4.5%.

Statement of Comprehensive Income and Dividends

Revenue after tax and before dividends for the period was £4.1 million and the revenue return per Ordinary share was 5.9 pence.

The capital return per Ordinary share was 2.7 pence, reflecting the impact of the rise in the value in our shareholdings. The total return per Ordinary Share was therefore 8.6 pence.

The Board has declared two quarterly interim dividends for the first six months of the Company's financial year ending 28th February 2017, each of 1.8 pence per Ordinary Share, paid/payable to Ordinary shareholders and Unit holders respectively on 22nd July 2016 and 21st October 2016. The Board intends, in the absence of unforeseen circumstances, to maintain the current level of quarterly dividends to Ordinary shareholders and Unit holders for the remainder of the financial year ending 28th February 2017.

The undistributed revenue reserves, after allowing for the payment of the second interim dividend, amounts to £5.6 million.

Hurdle Rate

The Hurdle Rate measures the amount by which the total assets of the Company have to grow each year in order to return the current share price to Ordinary shareholders when the Company winds up in February 2018. At 31st August 2016, the Hurdle Rate required to return the Ordinary share price of 82.0 pence was 1.1% per annum and the Hurdle Rate required to return an Ordinary share price of 100.0 pence was 6.7% per annum. At 31st August 2016, the Hurdle Rate required to return the Final Capital Entitlement of the ZDP shares of 192.13 pence was minus 27.0% per annum.

At 17th October 2016, the Hurdle Rate required to return the current Ordinary share price of 84.5 pence was 1.5% per annum, to return an ordinary share price of 100 pence was 6.8% per annum and to return the Final Capital Entitlement of the ZDP shares of 192.13 pence was minus 29.6% per annum.

The Board

As referred to in my Chairman's Statement included in the Company's Annual Report and Accounts for the year ended 29th February 2016, Roderick Collins will be stepping down as a Director of the Company in December 2016. The Board and I would like to reiterate our gratitude to Roderick for his valuable contribution as a Director since his appointment when the Company was launched in 2008. The Nomination Committee is conducting a search for a replacement non-Executive Director with the assistance of an independent search consultancy.

 

Outlook

There is anxiety surrounding the longer term impact of the 'Brexit' vote on the UK economy, with many significant unanswered questions regarding the terms of the UK's future access to European markets. The extent to which stock markets around the world can sustain their current levels without substantial central bank support is also a cause for concern.

Although investors have had to contend with considerable uncertainty since the financial crash in 2008, there are some particularly major issues worrying market commentators as they look to the months ahead. These include the 'Brexit' negotiations, political developments in Continental Europe (with elections due in France, Germany and Italy and continuing financial instability in Greece), tension between Russia and NATO, the war in the Middle East, the forthcoming presidential election in the USA and the continuing threats from terrorism. Taken together with increasing concern that some central banks are close to exhausting their ability to stimulate markets, it is not surprising that the outlook is unclear.

Your Board and the Managers are managing the Company's portfolio with the objective of meeting the final capital entitlement of the ZDP shareholders and providing income and capital growth for Ordinary shareholders. They continue to believe that shareholders are best served through keeping the portfolio predominantly invested in equities, selecting companies with strong balance sheets, good operational cash flows and with business models which are well placed in these uncertain times to prosper.

 

Sir Laurence Magnus

Chairman                                                                                                                                                                                            18th October 2016



 

Investment managers' report

Market Review

UK stocks rose sharply over the six months to 31 August 2016, with the FTSE 350 (excluding investment trusts) Index up 13.0% . Sterling corporate bonds rose in the period, with the Bloomberg Barclays Global Aggregate Corporate Bond Index up 7.6%, as demand for yield remained robust given the ongoing low interest rate environment.

The dominant event in the six-month period was the 'Brexit' referendum, with the surprise outcome in favour of leaving the EU announced on the 24th June 2016. UK stocks fell heavily in the immediate aftermath of the referendum result, compounding the losses suffered ahead of the ballot, while sterling sank against the US dollar and the euro following the vote. Sentiment indicators suggested that the result had caused an economic shock, with both business and consumer confidence plunging in July, although purchasing managers' indices (PMIs) bounced back sharply in August.

The PMIs for both services and manufacturing jumped to 52.9 and 53.3 respectively in August, well above market expectations and firmly in expansionary territory, while industrial production grew by a stronger-than-predicted 2.1% year on year in July. Retail sales grew at the fastest pace in 10 months in July, on an annual basis, while the unemployment rate was unchanged in the three months to June and the number of people claiming unemployment benefits fell in July. Meanwhile, the UK economy grew by a better-than-forecast 0.6% in the second quarter, marking the strongest year on year pace in 12 months. Therefore, despite many political and market commentators forecasting doom and gloom ahead if the UK voted to leave the EU, the data suggested that the economy may be holding up better than expected in the wake of the 'Brexit' vote.

Both UK stocks and sterling rallied sharply following the release of better-than-expected economic data, and were further supported by action from the Bank of England (BoE). The BoE held off on changing monetary policy in July, presumably waiting for definitive signs of slowdown before acting. However, at its August meeting the BoE announced a package of measures designed to prevent a 'post-Brexit' recession. It cut interest rates for the first time since 2009 and restarted its Gilt-buying programme, while also introducing measures designed to support lending to UK companies. The action represented a significant step towards supporting growth and employment in the UK in the aftermath of the 'Brexit' vote.

UK dividend growth surprised positively in the review period driven by an unexpected flurry of large special dividends. The headline payout was 7.6% higher year on year, with 22 companies paying a special dividend in the quarter-the largest number on record for any quarter. All industries saw dividend payouts increase, with the exception of basic materials, which is largely comprised of miners.

Portfolio Review

Ahead of the June referendum we reduced the portfolio's exposure to UK equities given the uncertainty of the outcome. This increased cash holdings to approximately 9% of the portfolio's assets. Subsequently, we reinvested some of this cash giving a period end equity exposure of approximately 95%. Therefore at the close of the Company's half year we are overweight equities relative to the composite benchmark. We believe UK equities are attractively valued and offer a large yield premium to bonds.

We assess individual investment opportunities on whether earnings estimates are being revised up, whether the valuation is attractive and whether the balance sheet and forecast cash flows allow for dividend growth. As such, portfolio construction is determined by bottom up stock selection. We constantly analyse each of our holdings to ensure they satisfy these criteria whilst also assessing new investment opportunities against these criteria.

Our view going into the referendum was that we were confident in the long term outlook for our holdings whilst acknowledging that a vote to leave could result in significant volatility given a high proportion of domestically focused companies in the portfolio. Whilst many of the companies we hold are cyclical we have always sought to match profit and loss account sensitivity with balance sheet strength. Therefore, we remain confident that our holdings are in companies that have cash flow streams which are visible and predictable. The imperative course of action is to assess on an ongoing basis the individual holdings as events unfold, but avoid taking 'panicked' steps. Behaviourally this is difficult but the strength of our investment approach is that stock fundamentals drive our investment process and so long as these remain robust we will maintain our position. Panicked reaction more often than not leads to trading at prices not consistent with inherent value.

We are encouraged that subsequent to the vote our companies have by and large delivered reassuring results and more importantly have said that they have experienced no impact from 'Brexit' to date. This is true for domestically exposed companies as much for companies whose earnings are predominantly overseas.

During the period we bought new positions in 888 Holdings, Serco and MicroFocus amongst others. 888 Holdings is an on-line gaming company with a consistent track record of beating earnings estimates and returning excess cash to shareholders via special dividends. Serco is an outsourcing company whose activities include running prisons, schools and hospitals. Following a long period of contract difficulties the company's profitability has begun to recover and the outlook is improving as evidenced by earnings upgrades. We also bought MicroFocus which is a multinational software and information technology company. The company is highly cash generative which allows for either cash returns to shareholders or the acquisition of growth opportunities.

Conversely, our sales included BT Group, Ashtead and Easyjet. BT Group is facing an increasingly competitive environment with the launch of mobile services by Sky and regulatory pressure on prices. Ashtead is an equipment rental company whose business is mainly conducted in the US. This market was showing evidence of oversupply leading to lower rental rates and consequently earnings for the full year were revised down. Easyjet was sold when it warned that profits for the full year would be lower than expected for reasons that included 'Brexit'.

Performance Review

In the six month period to the 31st August the Company's return was+ 6.3%. However, this was disappointing relative to the composite benchmark's return of +12.4%. The poor performance was predominantly a function of a large rally in mining shares, and emerging market exposed companies such as Standard Chartered Bank which we did not own. Secondly, returns were hurt by the impact of the 'Brexit' referendum result on our holdings in the house construction, retail and media sectors. For instance, Taylor Wimpey which is a long term holding in the portfolio, fell 40% in the two days subsequent to the referendum. The stock began a grinding recovery paring losses to 16% by period end as the company said trading remained strong and that they are confident they will be in a position to pay their promised special dividend. Many of the holdings in the portfolio experienced similar recoveries through July and August though still insufficient to make up all the lost ground..

Market Outlook

The UK stock market is currently riding high on the back of low interest rates and a cheap currency. Underlying risks are, however, increasing. Developed markets growth rates continue to disappoint and monetary policy is largely exhausted. The UK's decision to leave the EU only heightens the risks of an economic slowdown. Unpicking 40 years of EU trade agreements will be a long, tortuous and costly process and the success or otherwise of such negotiations will not become apparent for some years yet.

The Bank of England's Monetary Policy Committee (MPC) is sufficiently worried that it has recently cut base rates to just 25bps and the new Chancellor, Philip Hammond, has wasted no time in abandoning his predecessor's target to run a fiscal surplus by 2020. The "fiscal reset" in the Autumn Statement could be significant, particularly as there is a worrying amount of anecdotal evidence that many businesses are already holding back on investment.

However, even though the economic outlook is likely to remain uncertain for some considerable time yet, the UK stock market may continue to perform well if, as is likely, sterling remains weak and interest rates remain low. We continue to prefer equities with good and growing dividends to low yielding bonds although overall investment returns are likely to remain volatile until the investment skies start to clear.

 

Sarah Emly

John Baker

Investment Managers                                                                                                                                                                                18th October 2016



 

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 the following broad categories: investment and strategy; accounting, legal and regulatory; corporate governance and shareholder relations; operational; and financial. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 29th February 2016.

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.

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, 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 such operational existence for at least twelve months from the date of the approval of this half yearly 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 year financial report has been prepared in accordance with FRS 104 'Interim Financial Reporting' and gives a true and fair view of the state of affairs of the Company and of the assets and liabilities, financial position and net return and loss of the Company as at 31st August 2016 as required by the UK Listing Authority Disclosure and Transparency Rule ('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 of the UK Listing Authority Disclosure 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; 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

Sir Laurence Magnus

Chairman

18th October 2016



 

STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31ST AUGUST 2016


(Unaudited)

(Unaudited)

(Audited)

 


Six months ended

Six months ended

Year ended

 


31st August 2016

31st August 2015

29th February 2016

 


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

-

 4,806

 4,806

-

(8,770)

(8,770)

-

(12,474)

(12,474)

Net foreign currency losses

-

-

-

-

(1)

(1)

-

(4)

(4)

Income from investments

 4,565

-

 4,565

4,646

-

4,646

7,184

-

7,184

Interest receivable

 15

-

 15

3

-

3

8

-

8

Gross return/(loss)

 4,580

 4,806

 9,386

4,649

(8,771)

4,122

7,192

(12,478)

(5,286)

Management fee

 (235)

 (352)

 (587)

(254)

(380)

(634)

(496)

(744)

(1,240)

Other administrative expenses

 (262)

-

 (262)

(279)

-

(279)

(522)

-

(522)

Net return/(loss) on ordinary










  activities before finance










  costs and taxation

4,083

4,454

8,537

4,116

(9,151)

(5,035)

6,174

(13,222)

(7,048)

Finance costs - appropriations










  for Zero Dividend Preference










  shares

-

(2,609)

(2,609)

-

(2,444)

(2,444)

-

(4,968)

(4,968)

Finance costs - other

 (5)

 (7)

 (12)

(5)

(7)

(12)

(9)

(14)

(23)

Net return/(loss) on ordinary










  activities before taxation

 4,078

 1,838

 5,916

4,111

(11,602)

(7,491)

6,165

(18,204)

(12,039)

Taxation

 (4)

-

 (4)

(4)

-

(4)

(23)

-

(23)

Net return/(loss) on ordinary










  activities after taxation

 4,074

 1,838

 5,912

4,107

(11,602)

(7,495)

6,142

(18,204)

(12,062)

Return/(loss) per class of










  share (note 4)










Ordinary share

 5.9p

 2.7p

 8.6p

6.0p

(16.9)p

(10.9)p

9.0p

(26.6)p

(17.6)p

Zero Dividend Preference share

 -

 5.6p

 5.6p

-

5.2p

5.2p

-

10.7p

10.7p

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 return/(loss) per share represents the profit/(loss) per share for the period and also the total comprehensive income per share.



 

STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31ST AUGUST 2016


Called up



Capital





share

Share

Other

redemption

Capital

Revenue



capital

premium

reserve

reserve

reserves

reserve1

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

Six months ended 31st August 2016 (Unaudited)








At 29th February 2016

 685

 4,627

 60,516

 8

 (12,279)

 5,567

 59,124

Amortisation of expenses of the placing








  and offer for subscription

-

-

12

-

-

-

12

Net return on ordinary activities

-


-

-

 1,838

 4,074

 5,912

Dividends paid in the year

-

-

-

-

-

 (2,810)

 (2,810)

At 31st August 2016

 685

 4,627

 60,528

 8

 (10,441)

 6,831

 62,238

Six months ended 31st August 2015 (Unaudited)








At 28th February 2015

685

4,627

60,493

8

5,925

4,085

75,823

Amortisation of expenses of the placing








  and offer for subscription

-

-

12

-

-

-

12

Net (loss)/return on ordinary activities

-

-

-

-

(11,602)

4,107

(7,495)

Dividends paid in the period

-

-

-

-

-

(2,330)

(2,330)

At 31st August 2015

685

4,627

60,505

8

(5,677)

5,862

66,010

Year ended 29th February 2016 (Audited)








At 28th February 2015

685

4,627

60,493

8

5,925

4,085

75,823

Amortisation of expenses of the placing








  and offer for subscription

-

-

 23

-

-

-

 23

Net (loss)/return on ordinary activities

-

-

-

-

 (18,204)

 6,142

 (12,062)

Dividends paid in the year

-

-

-

-

-

 (4,660)

 (4,660)

At 29th February 2016

 685

 4,627

 60,516

 8

 (12,279)

 5,567

 59,124

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 AUGUST 2016


(Unaudited)

(Unaudited)

(Audited)


31st August 2016

31st August 2015

29th February 2016


£'000

£'000

£'000

Fixed assets




Investments held at fair value through profit or loss

 136,397

137,326

135,534

Current assets




Debtors

1,191

3,617

2,209

Cash and cash equivalents

5,911

2,211

200


7,102

5,828

2,409

Creditors: amounts falling due within one year

(60)

(1,076)

(227)

Net current assets

7,042

4,752

2,182

Total assets less current liabilities

143,439

142,078

137,716

Creditors: amounts falling due after more than one year




Capital entitlement of the Zero Dividend Preference




  shareholders

(81,201)

(76,068)

(78,592)

Net assets

62,238

66,010

59,124

Capital and reserves




Called up share capital

 685

685

685

Share premium

 4,627

4,627

4,627

Other reserve

 60,528

60,505

60,516

Capital redemption reserve

 8

8

8

Capital reserves

 (10,441)

(5,677)

(12,279)

Revenue reserve

 6,831

5,862

5,567

Total equity shareholders' funds

 62,238

66,010

59,124

Net asset value per share (note 5)




Zero Dividend Preference share

174.2p

163.2p

168.6p

Ordinary share

90.8p

96.3p

86.2p

 



 

NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31ST AUGUST 2016

1.    Financial statements

The information contained within the financial statements in this half year report has not been audited or reviewed by the Company's auditors.

The figures and financial information for the year ended 29th February 2016 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 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 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 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.

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 2016.

In March 2016, the FRC published amendments to FRS 102 concerning fair value hierarchy disclosures. These amendments are effective for accounting periods beginning on or after 1st January 2017. The Company has elected to adopt these amendments early in these interim financial statements. Full disclosure is given in note 6.

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 29th February 2016.

The Company has elected not to prepare a Statement of Cash Flows for the current period on the basis that substantially all of its investments are liquid and carried at market value.

3.   Dividends paid


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st August 2016

31st August 2015

29th February 2016


£'000

£'000

£'000

Fourth quarterly dividend of 2.05p1 (2015: 1.7p)

1,405

1,165

1,165

First quarterly dividend of 2.05p1 (2016: 1.7p)

1,405

1,165

1,165

Second quarterly dividend of 1.7p

n/a

n/a

1,165

Third quarterly dividend of 1.7p

n/a

n/a

1,165

Total dividends paid in the period/year

2,810

2,330

4,660

      1     Includes special dividends of 0.25p each paid in April and July in respect of the 2016 financial year.

A second quarterly dividend of 1.8p (2016: 1.7p) per Ordinary share amounting to £1,234,000 (2016: £1,165,000) has been declared payable in respect of the year ending 28th February 2017.

4.   Return/(loss) per class of share


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st August 2016

31st August 2015

29th February 2016


£'000

£'000

£'000

Return/(loss) per Ordinary share is based on




  the following:




Revenue return

4,074

4,107

6,142

Capital return/(loss)

1,838

(11,602)

(18,204)

Total return/(loss) per share

5,912

(7,495)

(12,062)

Weighted average number of Ordinary shares in issue

68,556,782

68,556,782

68,556,782

Revenue return per share

5.9p

6.0p

9.0p

Capital return/(loss) per share

2.7p

(16.9)p

(26.6)p

Total return/(loss) per share

8.6p

(10.9)p

(17.6)p


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st August 2016

31st August 2015

29th February 2016


£'000

£'000

£'000

Return per Zero Dividend Preference share is based




  on the following:




Capital return - compound growth entitlement

2,609

2,444

4,968

Weighted average number of Zero Dividend




  Preference shares in issue

46,612,200

46,612,200

46,612,200

Return per share

5.6p

5.2p

10.7p



 

5.   Net asset value per share

The net asset values per share calculated in accordance with the Articles of Association are as follows:


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st August 2016

31st August 2015

29th February 2016

Zero Dividend Preference shares




Net assets (£'000)

81,201

76,068

78,592

Number of shares in issue

46,612,200

46,612,200

46,612,000

Net asset value per share

174.2p

163.2p

168.6p

Ordinary shares




Net assets (£'000)

62,238

66,010

59,124

Number of shares in issue

68,556,782

68,556,782

68,556,782

Net asset value per share

90.8p

96.3p

86.2p

6.   Fair valuation of investments

The fair value hierarchy analysis for financial instruments held at fair value at the period end is as follows:


(Unaudited)

(Unaudited)

(Audited)

 


Six months ended

Six months ended

Year ended

 


31st August 2016

31st August 2015

29th February 2016

 


Assets

Liabilities

Assets

Liabilities

Assets

Liabilities


£'000

£'000

£'000

£'000

£'000

£'000

Level 1: Quoted prices for identical instruments in







  active markets

136,397

-

137,326

-

135,534

-

Total

136,397

-

137,326

-

135,534

-

 

 

18 October 2016

 

For further information, please contact:

Paul Winship

For and on behalf of

JPMorgan Funds Limited, Secretary

020 7742 4000

 

 

JPMORGAN FUNDS LIMITED

 

ENDS

 

A copy of the half year has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM

 

The half year will also be available shortly on the Company's website at www.jpmincomeandcapital.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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