The £439m JPMorgan Global Emerging Markets Income Trust (JEMI) reported strong results for the year to 31 July with an underlying net asset value (NAV) total return of 14.1%, outperforming its MSCI Emerging Markets index benchmark, which returned 13.7% in sterling terms, and underpinned a total shareholder return of 16.8%. The trust stands on a 10.5% discount to NAV and has also outperformed over five and ten years with cumulative NAV returns of 57.2% and 131.8%. The total dividend rose 3.7% to 5.6p per share with the payout expected to grow again in the 2026 financial year. Fund manager Omar Negyal said the drivers for emerging markets were: “the re-emergence of China as an attractive investment destination, the importance of emerging markets companies in the technology space and the potential for US dollar weakness.”
The £757m Schroder Oriental Income (SOI) underperformed the MSCI AC Pacific ex-Japan index with a 14.9% investment return versus the benchmark’s 21.1% total return in the year to 30 August. The trust’s underweight to China and the revival of growth as a style were headwinds for the value-styled 3.6%-yielder. Dividends rose to 12p per share from 12.2p but were slightly uncovered by earnings of 11.59p up from 11.29p last year. Fund manager Richard Sennitt said markets had not panicked in response to higher US tariffs. “However, we may start to feel the true impact of these new trade barriers later in the year, once the short-term boost from increased exports has faded.” He said the US no longer had the same global influence and there were “real opportunities” for trade growth within Asia and also Europe and other emerging markets.
RTW Biotech Opportunities (RTW) says Evommune (EVMN), a developer of treatments for chronic inflammatory diseases, raised $150m in a New York flotation yesterday. The $16 IPO price represented a 22% increase from its holding value and a 102% step-up from when the fund first invested. Evommune accounted for 1% of net assets at 30 September.
NB Distressed Debt Investment Fund has called an extraordinary general meeting on 26 November to propose the voluntary liquidation of its ordinary (NBDD), extended life (NBDX) and new global (NBDG) share classes. The first two are mostly sitting in cash following two recent disposals by fund manager Neuberger Berman, while NBDG has just one remaining holding in the lodging and casino sector that is in the process of being sold.
Social Housing REIT (SOHO), the £268m specialist property fund that appointed Atrato to replace Triple Point as fund manager last year, has announced that its next chair will be Jos Short, former chief executive of Pricoa Property Private Equity and currently chair of Heylo Housing Group. She will join the board next March and at the May AGM succeed Chris Phillips who will step down after nine years as a non-executive director. Peter Howard, audit committee chair, will also retire. He will be replaced by Fionnuala Hogan, a former non-exec at UK Commercial Property REIT, who will join this month.
Tritax Big Box REIT (BBOX) is to issue £300m of unsecured seven-year bonds at a 4.75% interest rates priced at 85 basis points (0.85%) over benchmark government gilts. They will help buy back £250m of 2.625% bonds due to mature in December next year.
Schroders has reduced its holding in Schroder Real Estate (SREI) from 13.8% to 10% just over a week after LondonMetric Property (LMP), an acquisitive real estate investment trust, disclosed a 9.5% stake.
