Good stock picking by fund managers Oleg Biryulyov and Luis Carrillo enabled JPMorgan Emerging Europe, Middle East & Africa Securities (JEMA) to deliver a 25.5% underlying investment return in the year to 30 October. This beat by 6% the 19.5% return from its benchmark, the S&P Emerging Europe, Middle East & Africa BMI Net Return in GBP index. However, the highlight of the £99m investment trust’s annual report is the current 243% share price premium that delivered a total 79.6% return to shareholders. The extreme disparity between the share price and the company’s net asset value reflects investor speculation that its Russian assets, which were written down by 99% after Russia’s 2022 invasion of Ukraine, could be revalued. The faltering in US-led peace talks meant there was no end in sight for the sanctions against Russian companies which prevent the former JPMorgan Russian Securities from selling assets in the country that account for 5.7% of the portfolio, and from taking dividends from those stocks. The company reiterated its warning that legal claims by VTB bank against eight JP Morgan entities including JEMA, if ultimately upheld, could see its Russian sub-custodian bankrupted and its assets seized. JEMA is mostly invested in South Africa (25.6%), Saudi Arabia (20.5%), and the United Arab Emirates (12.7%). It lifted its annual dividend from 0.5p to 0.6p per share.

CT Global Managed Portfolio (CMPG, CMPI) has seen strong demand for its shares since November after stable mate European Assets was bought by European Smaller Companies Trust (ESCT) and investors in Columbia Threadneedle’s savings scheme switched to its growth and income portfolios instead. As a result, over 3m income shares were issued and 765,000 growth shares resold from treasury. Since taking over in June from Peter Hewitt, who retired, fund managers Adam Norris and Paul Green have overseen a good half-year performance. The income funds portfolio returned 12% and the growth funds portfolio 11.9% for the six months, just ahead of the FTSE All-Share’s 11.8%.

ICG Enterprise (ICGT), the £947m private equity fund of funds run by Intermediate Capital Group, has lifted its dividend target for 2026 by 3p to 39p per share and announced a 2.4% total investment return for its third quarter to 30 October with net asset value per share rising to £20.80 up from £20.40 at 31 July.