- JPMorgan Emerging Markets (JMG) announced an impressive half-year result for the period ending 31st December 2022 with a NAV total return of 1.3%, comfortably ahead of its MSCI Emerging Markets Index which was down -2.1%. Share price returns were also strong, growing 5.1% for the period, closing the discount to around 9%. The results continue a successful period for the company which boasts a cumulative total return to shareholders of 32.8% over the past 5 years compared to 4.8% for the benchmark. Management noted that the reporting period was a game of two halves: between the 1st July to 30th September 2022, the benchmark index fell -11.6% in US dollar terms, however, it rebounded by 9.7% in US dollar terms over the following three months, highlighting the improved performance of EM markets in the back end of the year. In terms of contribution, one aspect of the company’s outperformance was the relatively successful timing of investments in China, with management taking advantage of a structural underweight to the sector during the lockdown period and then adding exposure at attractive valuations when the market began to recover.
- Nippon Active Value Fund ( NAVF) announced that it is supporting the management buyout of Ihara Science Corporation launched by Mr Tokuo Nakano, the chairman. Together, the tender offerors own 1,400,000 shares (or 10% of outstanding) in Ihara Science, of which NAVF owns 1,000,000. The tender offerors intend to tender all the shares under their joint control at the management buyout tender offer price of Yen 2,980.
- CVC Income & Growth Limited (CVCG) announced that its annual dividend targets are being increased to 7.5p per ordinary sterling share and 7c per ordinary euro share with immediate effect. This means that the company’s quarterly dividends will be increased to 1.875p per sterling share and 1.75c per euro share, including the company’s first quarter 2023 dividends, payable in the second quarter of 2023. At the current share prices, this implies 2023 annual dividend target yields of 7.42% and 7.86% for the sterling and euro share classes respectively.
We also have news of a resignation at MIGO Opportunities Trust