JPMorgan Mid Cap has published results for the year ended 30 June 2016. The end of the period was marked by the referendum. The Mid Cap index fell just over 15% in a period of just five business days, resulting in a benchmark return for the year to 30th June 2016 of -5.7%. The investment managers tried to position the portfolio for a ‘leave’ or ‘remain’ outcome, which included a reduction in gearing to almost 0%, the net asset value total return fell by 7.7%. The discount narrowed over the year, giving a total return to shareholders of -3.3%. Revenue earnings per share for the year to 30th June 2016 were 29.45 pence, a 3% increase on last year. The Board has decided to propose a final dividend of 13.0 pence, which when added to the interim dividend paid in April of 8.0 pence, equates to a base dividend payable of 21.0 pence (2015: 20.0 pence). Given the level of special dividends paid by underlying companies the Board has further resolved to propose the payment of a special dividend of 4.5 pence (2015: 4.5 pence).
There is nothing in the manager’s report that indicates what the largest contributions, positive and negative, were to performance.
JMF : JPMorgan Mid Cap underperforms despite eliminating its gearing