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QuotedData’s morning briefing 28 November 2023 – JARA, AUGM

230124 morning

In QuotedData’s morning briefing 28 November 2023:

  • JPMorgan Global Core Real Assets (JARA) announced its interim report for the period ended August 31, 2023. The net asset value total return was -4.6%, whilst total return to shareholders was -7.8%. Underlying asset performance in local currency was +0.7%. Currency was the key negative contributor to company performance during the period (-5.1%) as sterling generally strengthened. To help reduce this volatility the company initiated a partial hedge in July. The share price discount to NAV widened during the period, to 18.1%, from 14.9%, against a background of volatile equity markets. At the asset level, transportation (+0.9%), infrastructure (+0.6%) and real estate debt (+0.3%) contributed positively to performance, while US private real estate equity was the principal detractor (-0.9%). Dividends during the period were increased 5% year on year, with two distributions of 1.05p compared with 1 penny per share in the prior year.
  • Augmentum Fintech (AUGM) announced its results for the six months to September 30. The company’s NAV rose 0.8%, while shares fell 3%, dragging the discount down to 46%. The company has been aggressively buying back shares as it believes the current discount is not a fair representation of the quality of the portfolio. The chairman, Neil England, noted in his commentary that several commentators have highlighted the potential value in the Augmentum portfolio, but as yet, this has not produced the re-rating that the board believe is deserved. He believes that a reduction in interest rates could be the trigger for this.

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