In the six months to 30th September 2016 JPMorgan European’s Growth portfolio has seen its NAV rise by 12.9% on a total return basis, against a benchmark (MSCI Europe ex UK Index) which rose by 13.2%. For the Income portfolio, the NAV rose by 13.0% on a total return basis. The increases in the Company’s Growth and Income share prices were 7.1% and 0% respectively. With net dividends re-invested, the total returns to the Company’s Growth and Income shareholders were 9.3% and 1.9% respectively.
A first interim dividend of 4.85 pence per Growth share was paid on 7th October 2016 (2015: 4.85 pence). The first quarterly interim dividend of 1.10 pence per Income share (2015: 1.10 pence) was paid on 16th June 2016 and a second quarterly interim dividend also of 1.10 pence per Income share was paid on 7th October 2016 (2015: 1.10 pence). A third quarterly interim dividend of 1.10 pence per Income share (2015: 1.10 pence) was declared on 22nd November 2016 for payment on 13th January 2017. The Board’s aim is to provide a regular stream of dividend income on a quarterly basis, subject to the availability of distributable reserves. The timing of the dividend declarations for the Growth second interim and Income fourth interim is expected to continue to be made ahead of the conversion opportunity in March each year.
Tom Buckingham, a Portfolio Manager in the J.P. Morgan Asset Management European Equity Team, is now identified as an Investment Manager in the Company’s Report and Accounts. This is in addition to Stephen Macklow-Smith, Alexander Fitzalan Howard and Michael Barakos, making it a team of four.
There is no mention of any individual investment in the results statement although, hopefully, there might be more in the actual accounts when they are published.
JETG / JETI : Tom Buckingham makes it four investment managers for JPMorgan European