JP Morgan Emerging Markets underperformed its benchmark over the six months ended 31 December 2013 with the net asset value posting a total return of -5.7% (-5.3% adjusting for the dilutive effect of the subscription shares) vs. a fall in the MSCI Emerging Markets Index of 1.4%. The discount narrowed a little and so the return to shareholders was -2.9%.
The Board has agreed an amended management fee – from 1% on total assets less current liabilities to 1% on assets less than £800m and 0.75% thereafter.