Overview
JPMorgan Emerging Europe, Middle East and Africa Securities (formerly JPMorgan Russian Securities (JRS) invests in a diversified portfolio of quoted investments in equities in Emerging Europe (including Russia), the Middle East and Africa, including those markets that are considered as emerging markets according to the S&P Emerging Europe, Middle East and Africa Index.
Previously, the company (through its predecessor, which was launched in 1994) was largely invested in Russian securities. However, the sanctions and restrictions that followed Russia’s military invasion of Ukraine, which commenced on 24 February 2022, had a severe negative impact on the value of the company’s portfolio.
The board, conscious of the significant uncertainty regarding the length of time that the current sanctions regime will exist and the significant risk that the current losses in the company would crystallise in the event of a wind up, proposed that the investment policy should be amended.
The investment manager expects that investments in Emerging Europe, the Middle East and Africa will continue to be dominated by the financial, materials and communications sectors, with energy also being an important constituent, and that Saudi Arabia, South Africa and the United Arab Emirates will continue to be the top three countries in the Index by weighting.
you can access the manager’s website here
Fundamentals
Price
Research History
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13 Oct 2023 10 min read
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14 Sep 2023 9 min read
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03 Nov 2022 8 min read
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13 Oct 2022 14 min read
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06 Oct 2022 9 min read
QuotedData’s Investment Companies Roundup – October 2022
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05 Feb 2021 1 min read
QuotedData’s Round the World Webinar series – Europe day playback
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04 Feb 2021 4 min read
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On 3rd February 2021, QuotedData hosted the first of four Round the World webinars. This webinar was focused on Europe and included presentations and Q&As from 4 investment companies’ managers, covering markets across Europe. We would like to thank all of our speakers and attendees for joining us. Click on the links below to watch the […]
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09 Oct 2020 7 min read
QuotedData’s Investment Companies Roundup – October 2020
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07 Jul 2020 8 min read
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07 Feb 2020 6 min read
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
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15 Oct 2019 7 min read
Investment companies quarterly roundup – Third quarter 2019
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13 Sep 2019 18 min read
JPMorgan Russian Securities – Outperforming and attractively valued
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18 min read
JPMorgan Russian Securities – Outperforming and attractively valued
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12 Jul 2019 6 min read
Quarterly investment companies roundup – Second quarter 2019
Quarterly investment companies roundup – Second quarter 2019 QuotedData news Global equities re-found momentum in June after a cautious April and May. How much longer this ten-year bull market can sustain itself continues to be the subject of much debate. The prospect of interest rate cuts in the US has re-invigorated sentiment for the time […]
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05 Jul 2019 6 min read
QuotedData’s economic roundup – July 2019
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07 Jun 2019 3 min read
QuotedData’s investment companies roundup – June 2019
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15 Apr 2019 6 min read
Quarterly Investment Companies Roundup – First Quarter 2019
Quarterly Investment Companies Roundup – First Quarter 2019 QuotedData news Through the first quarter of 2019, global equities largely clawed back the losses suffered over the final weeks of 2018. How much longer this ten-year bull market can sustain itself is the subject of much debate. US interest rate rises have stalled, reflecting growing cautiousness. Elsewhere, […]
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22 Feb 2019 1 min read
QuotedData’s economic roundup – February 2019
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25 Jan 2019 1 min read
QuotedData review of 2018 – Annual report investment companies
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22 Jan 2019 1 min read
JPMorgan Russian Securities – Expert access to attractively valued market
JPMorgan Russian Securities – Expert access to attractively valued market When we last wrote on JPMorgan Russian Securities (JRS), we drew attention to Russia’s deteriorating relationship with the west and how this had impacted on foreign investors’ attitudes towards Russian stocks. Since this time, while sentiment has worsened; Russia’s domestically focused economy appears resilient and […]
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1 min read
JPMorgan Russian Securities – Expert access to attractively valued market
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12 Oct 2018 1 min read
QuotedData’s investment companies roundup – October 2018
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18 Jul 2018 2 min read
Quarterly Investment Companies Roundup – Second Quarter 2018
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11 Jul 2018 1 min read
QuotedData’s Economic round up – July 2018
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30 May 2018 1 min read
JPMorgan Russian Securities – Beyond politics
JPMorgan Russian Securities – Beyond politics Beyond politics Russia’s relationship with the West is deteriorating. A brief period of optimism that accompanied President Trump’s election proved fleeting and recent events suggest that any hope of an easing of sanctions in the short-term is ebbing away. President Putin has secured his election victory but, amid new US […]
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1 min read
JPMorgan Russian Securities – Beyond politics
JPMorgan Russian Securities – Beyond politics Russia’s relationship with the West is deteriorating. A brief period of optimism that accompanied President Trump’s election proved fleeting and recent events suggest that any hope of an easing of sanctions in the short-term is ebbing away. President Putin has secured his election victory but, amid new US sanctions […]
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11 May 2018 1 min read
QuotedData’s investment companies roundup – May 2018
QuotedData investment companies roundup – May 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2018. Kindly sponsored by Baillie Gifford. India Capital Growth has experience a rebound in performance in the past month, as […]
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18 Apr 2018 1 min read
QuotedData’s investment companies roundup – April 2018
QuotedData investment companies roundup – April 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2018. Kindly sponsored by Baillie Gifford. Stock markets have suffered their first meaningful fall for nearly two years. At the quarter end, […]
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07 Feb 2018 1 min read
QuotedData’s economic round up – February 2018
QuotedData’s economic round up – February 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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2 min read
QuotedData investment companies roundup – February 2018
QuotedData investment companies roundup – February 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2018. Kindly sponsored by Baillie Gifford. The oil price was up again over the month and this helped propel […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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27 Sep 2017 1 min read
JPMorgan Russian Securities – Low valuations and rising yields
JPMorgan Russian Securities – Low valuations and rising yields Weak oil prices and a deteriorating relationship with the US have weighed on the Russian market for some time. Hopes of a rapprochement with the West in the wake of President Trump’s election have fizzled out. Russia is adjusting to the environment it finds itself in […]
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1 min read
JPMorgan Russian – Low valuations and rising yields
JPMorgan Russian – Low valuations and rising yields Weak oil prices and a deteriorating relationship with the US have weighed on the Russian market for some time. Hopes of a rapprochement with the West in the wake of President Trump’s election have fizzled out. Russia is adjusting to the environment it finds itself in and […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
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09 Mar 2017 1 min read
JPMorgan Russian Securities – Russian recovery
JPMorgan Russian Securities – Russian recovery Marten & Co publishes its initiation note on JPMorgan Russian Securities (JRS) The Russian market has been rebounding on the back of a strengthening oil price but remains one of the cheapest emerging markets. The manager thinks the market could rise further from here. The economy is on an improving […]
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1 min read
JPMorgan Russian Securities – Russian recovery
The Russian market has been rebounding on the back of a strengthening oil price but remains one of the cheapest emerging markets. The manager thinks the market could rise further from here. The economy is on an improving trend but, the manager believes that, if President Trump eases sanctions, this could provide a significant tailwind. […]
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14 Feb 2017 1 min read
QuotedData’s round up of views on the global economy – February 2017
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. Kindly sponsored by Martin Currie. February Economic and Political Roundup
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1 min read
QuotedData investment companies roundup – February 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2017. Kindly sponsored by Baillie Gifford. February Investment Companies Roundup
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31 Jan 2017 1 min read
QuotedData – 2016 review of the year
Our review of 2016 includes performance data, significant moves in discounts and premiums, money raised and money handed back, major news stories and links to the research we have published including our guide to investment companies. 2016 Annual roundup
News
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29 May 2025 3 min read
QuotedData’s morning briefing 29 May 2025 – JGGI, HINT, JEMA, MPO, AJOT, BRFI, FGT, HOME, DGI9
In QuotedData’s morning briefing 29 May 2025: We also have: Did you see yesterday?
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17 Mar 2025 1 min read
Putin permits sale of some Russian stocks, but not for JEMA
Putin has published a decree that says that certain firms owning Russian stocks will be able to sell these to a New York based hedge fund – 683 Partners – which will then be able to deal in them in Russia. The decree opens up so many questions about how the firms were selected, who […]
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07 Mar 2025 2 min read
QuotedData’s morning briefing 7 March 2025 – AJOT, UTL, JEMI, JEMA
In QuotedData’s morning briefing 7 March 2025: AVI Japan Opportunity (AJOT) has appointed Singer Capital Markets to manage an irrevocable share repurchase programme to buy back ordinary shares within certain pre-set parameters. The programme commences today and will run until 7 April 2025. UIL Limited (UTL) says that, further to its announcement on 10 December […]
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05 Feb 2025 4 min read
QuotedData’s morning briefing 5 February 2025 – TPOU, RKW, MGCI, JEMA, CGL, DGN, OIG, CREI, AIRE, LABS, THRL, HGEN
In QuotedData’s morning briefing 5 February 2025: Third Point Investors has published its investor letter for Q4 2024. Third Point’s flagship Offshore Fund achieved a 9.1% gain in Q4 2024 and 24.2% for the full calendar year. Returns for the full year were driven by positive results across all strategies, including equities, corporate and structured […]
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04 Feb 2025 6 min read
JPMorgan EMEA beats benchmark but still overshadowed by events in Russia
JPMorgan Emerging Europe Middle East and Africa has published results covering the 12 months ended 31 October 2024. Pleasingly, the trust beat its benchmark (S&P Emerging Europe, Middle East & Africa) by 1.7 percentage points, returning 13.6% on NAV to the index’s 11.9%. However, the share price continued its usual volatile and unpredictable path and […]
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06 Jan 2025 1 min read
JPMorgan Emerging EMEA Securities announces proceedings to restrain VTB Bank
Following on from its previous announcements regarding the two lawsuits filed by VTB Bank in Russia claiming $81.3 million and $74.5 million against eight J.P. Morgan legal entities and JPMorgan Emerging Europe, Middle East & Africa Securities (JEMA) – click here to see our coverage of the last announcement – JEMA’s board says that it […]
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16 Dec 2024 1 min read
JPMorgan Emerging EMEA Securities issues new update on Russian court order
JPMorgan Emerging EMEA Securities (JEMA) has issued an update in relation to the Russian court order that has been provided by JEMA’s investment manager: “As previously notified, VTB Bank filed a lawsuit against eight J.P. Morgan legal entities and JPMorgan Emerging Europe, Middle East & Africa Securities plc (JEMA) on 17th April 2024 in Russia seeking to […]
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13 Sep 2024 1 min read
QuotedData’s weekly news show 13th September 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Aquila European Renewables (0:19) Gulf Investment Fund (3:35) Keystone Positive Change (6:47) JPMorgan Emerging EMEA Securities (9:47) This week’s interview was with Jon Forster from Impax Environmental Markets – watch it again here.
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09 Sep 2024 3 min read
JPMorgan Emerging EMEA Securities considering options for Russian depositary insolvency
JPMorgan Emerging EMEA Securities (JEMA) has said that, in conjunction with its appointed depositary, who appoints its custodian, its board is considering the options available to it in the event that JPMorgan Bank International (JPMBI), the sub custodian of its Russian assets in Russia, becomes insolvent. The circumstances in which such an event may occur […]
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24 May 2024 1 min read
QuotedData’s morning briefing 24 May 2024 – JEMA
In QuotedData’s morning briefing 24 May 2024: JPMorgan Emerging EMEA Securities (JEMA) has announced that further to its announcement on 25 April 2024 that it has been named as a defendant to civil proceedings being brought by VTB in the Russian courts, which were commenced on 17 April 2024 (click here to see our coverage […]
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26 Apr 2024 2 min read
JPMorgan Emerging EMEA Securities gets caught in VTB crossfire
JPMorgan Emerging EMEA Securities (JEMA) has announced that it has been named as a defendant to civil proceedings being brought by VTB in the Russian courts, which were commenced on 17 April 2024. The claim has been brought against certain JPMorgan entities and relates to US$439m held in a correspondent banking account with JPMCB (NY […]
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26 Mar 2024 1 min read
QuotedData’s morning briefing 26 March 2024 – JEMA, AWEM, VOF, FEML
In QuotedData’s morning briefing 26 March 2024: JPMorgan Emerging EMEA Securities (JEMA) has announced that manager Pandora Omaset is pursuing other opportunities external to JPMorgan. Oleg Biryulyov continues to be the company’s investment manager supported by JPMorgan Asset Management’s investment management team and the investment process for the company’s portfolio management will remain unchanged. Ashoka […]
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12 Oct 2023 1 min read
QuotedData’s morning briefing 12 October 2023 – NAS, JEMA, POLN
In QuotedData’s morning briefing 12 October 2023: North Atlantic Smaller Companies (NAS) has sold its stake in Assisi Pet Care. On a look-through basis the trust invested £3.6m over the course of three years via a buy and build investment strategy and expects to receive at the closing, approximately £11m. This represents an uplift on […]
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27 Jan 2023 2 min read
JPMorgan Emerging Europe, Middle East & Africa Securities reports on car crash year
JPMorgan Emerging Europe, Middle East & Africa Securities (JEMA – formerly JPMorgan Russian Securities) has published its annual results for the year ended 31 October 2022. Although it has broadened its mandate since, JEMA’s investment objective was focused on Russia at the time of that country’s invasion of Ukraine, which occurred during the period under […]
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07 Nov 2022 2 min read
QuotedData’s Morning briefing 7 November 2022
In QuotedData’s Morning briefing 7 November 2022: ICG Enterprise Trust (ICGT) has announced a $15m commitment to Clayton, Dubilier and Rice Fund XII . This is ICGT’s second commitment to funds managed by CD&R, following a $10m commitment to CD&R XI in 2020. CD&R is a global investment firm, headquartered in New York, that executes a […]
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28 Oct 2022 1 min read
QuotedData’s weekly news show 28th October 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • JPMorgan Elect proposed merger with JPMorgan Global Growth and Income • JPMorgan Russian proposed remit change This week’s interview was with Joe Bauernfreund from […]
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27 Oct 2022 2 min read
JPMorgan Russian to expand remit
JPMorgan Russian hopes to expand its remit, morphing into JPMorgan Emerging Europe, Middle East & Africa Securities Plc [which is a bit of a mouthful]. Shareholders would need to approve the proposal and there is a meeting planned for 23 November 2022 to do that. As at 30 September 2022, the portfolio was valued at […]
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29 Jul 2022 1 min read
QuotedData’s weekly news show 29th July 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew and Andrew McHattie covered the week’s top stories: • JPMorgan Russian • Seraphim Space • Ecofin US Renewables This week’s interview was with Stuart Widdowson from Odyssean Investment Trust – watch […]
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4 min read
JPMorgan Russian hopes to shift focus to Emerging Europe, the Middle East and Africa
JPMorgan Russian (JRS) has announced its interim results for the six months ended 30 April 2022, which include proposals to amend its investment objective and policies to permit investments in Emerging Europe (including Russia), the Middle East and Africa. As a precursor to asking shareholders permission, the board is requesting authorisation from the FCA to […]
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04 Mar 2022 1 min read
QuotedData’s weekly news show 4th March 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew, Richard Williams and Andrew McHattie covered the week’s top stories: • JPMorgan Russian • Cordiant Global Agricultural Income • Workspace/McKay Securities This week’s interview was with Thomas Moore of Aberdeen […]
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01 Mar 2022 2 min read
JPMorgan Russian loses another director as trusts discuss sanctions impact
JPMorgan Russian loses another director – Ashley Dunster is standing down as a director of JPMorgan Russian with immediate effect. This follows close on from Tamara Sakovska’s decision to resign from the board on 24 February 2022. Ashley had been a director of the trust since November 2019. He was CIO of Capital Group’s private […]
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2 min read
Russia to be expelled from MSCI Emerging Index?
Russia to be expelled from MSCI Emerging Index? Yesterday, after Russia blocked foreigners from selling Russian shares and exchanges around the world started to announce that they would suspend dealing in Russian shares, a thought occurred to us: did this break MSCI’s liquidity rules that govern the inclusion of stocks in their indices? We emailed […]
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25 Feb 2022 1 min read
QuotedData’s morning briefing 25 February 2022
In QuotedData’s morning briefing 25 February 2022: Gulf Investment Fund (GIF )has published its interim report for the six months ended 31 December 2021. During the period, GIF’s NAV rose 7.6%, versus an increase in its benchmark of 7.4%, and its share price rose 5.4%. GIF has declared a final dividend of 2.47c, to be paid […]
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24 Feb 2022 2 min read
QD view – Russia and Ukraine – can we really continue to turn the other cheek?
The events unfolding in Ukraine are awful to see and, to date, the response from the UK government woefully inadequate. The focus of sanctions has been on persons and businesses connected with the Putin regime. Perhaps now we should be going much further. Which investment companies are exposed to Russia? In the investment companies sector […]
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25 Jan 2022 10 min read
JPMorgan Russian narrowly avoids need for tender
JPMorgan Russian narrowly avoids need for tender – JPMorgan Russian Securities has published results for the 12-month period ended 31 October 2021. Over that period, the return on a net assets basis was +61.0%, and +65.8%, on a return to shareholder basis – good but underperforming the company’s benchmark by 9.3% and 4.5% respectively. The dividend […]
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02 Feb 2021 1 min read
QuotedData’s Round the World Webinar series – Europe day 3 February 2021
QuotedData will be hosting a Round the World webinar series each Wednesday in February. Each weekly event will include 3 – 4 managers focused on a specific region of the world who will present their companies and answer your questions. It starts tomorrow with the following line up. Week 1 – 3rd February – Europe, including managers […]
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27 Jan 2021 3 min read
JPMorgan Russian beats benchmark in tough period for Russian assets
JPMorgan Russian (JRS) had a tough trading year to 31 October 2020, with its total market return coming in at -17.0%. The benchmark RTS index fared worse, registering a decline of -20.7%. As at 31st October 2020, the discount was 11.2%, unchanged from the previous year-end date. JRS’s total NAV return was -17.5%. In her review, […]
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24 Apr 2019 1 min read
QuotedData’s other news – 24 April 2019
QuotedData’s other news – 24 April 2019 The board of JPMorgan Russian Securities (JRS) announced this morning that Gill Nott has joined the board of directors as chairman of the US Solar Fund (USF), which commenced trading on the main market of the London Stock Exchange on 16th April 2019 Elsewhere, Henderson International Income (HINT) […]
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21 Jan 2019 3 min read
JPMorgan Russian beats its benchmark
JPMorgan Russian beats its benchmark – over the year to 31 October 2018, JPMorgan Russian Securities outperformed its benchmark, the RTS Index, by 1.5%, with a total return on net assets of 12.1%. However, the discount widened and that meant that the return to shareholders was 6.9%. As at 31st October 2018 the discount was […]
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16 Apr 2018 1 min read
US sanctions against Russia have minimal impact for JPMorgan Russian Securities
US sanctions against Russia have minimal impact for JPMorgan Russian Securities – The board of JPMorgan Russian Securities (JRS) has put out a comment on the recent additional US sanctions against Russia. It is clear from the published statement that the latest sanctions imposed by the US on Russian companies has a limited impact on the portfolio of […]
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23 Jan 2018 3 min read
JPMorgan Russian dividend up 50% as it beats benchmark
JPMorgan Russian dividend up 50% as it beats benchmark – The Russian market was up by 8.4% over the year ended 31 October 2017 (benchmark index RTS). JPMorgan Russian’s return on a net assets basis outperformed the benchmark by 1.4% returning 9.8%. The return to shareholders also outperformed the benchmark, with a rise of 13.1% […]
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05 Jan 2017 1 min read
JPMorgan Russian announces proposals to introduce a conditional tender
JPMorgan Russian Securities has announced that, following consultation with the Company’s large shareholders and its advisers, it plans to introduce, subject to shareholders approving a resolution in favour of the Company’s continuation as an investment trust at the Company’s AGM on 7 March 2017, a measure that places an obligation on the Board to make […]
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31 Oct 2016 1 min read
JPMorgan Russian changes benchmark
The Board of JPMorgan Russian Securities says that, with effect from 1st November 2016, the company’s benchmark will be changed to the RTS Index in sterling terms (RTS). The Company’s previous benchmark was the MSCI Russia 10/40 Equity Indices Index in sterling terms. Having consulted with major shareholders, the Board has decided that the RTS […]
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10 Jun 2016 2 min read
JPMorgan Russian widens discount target
JPMorgan Russian has announced interim results covering the six months ended 30 April 2016. The company’s net asset value on a total return basis was a positive 17.3% and the company’s return to shareholders on a total return basis was positive 16.9% over the period. The Company’s discount to net asset value experienced little change […]
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21 Apr 2016 1 min read
Top ten risers and fallers in March
http://view.ceros.com/citywire/it-insider-april-2016/p/21 Investors appeared to have a greater appetite for risk during March, with trusts which have invested in Brazil, Latin America, and Russia all featuring in the top 10 risers.
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18 Apr 2016 1 min read
Best and worst performing investment trusts: Unloved commodity, Brazil and Russia funds finally come good
Recovery in commodity prices has boosted investment trusts specialising in the sector Investors also hoping for Brazil revival if leader Dilma Rousseff is ousted Biotech and healthcare hit by fears Democrat party will squeeze drug prices if they win the US http://www.thisismoney.co.uk/money/investing/article-3542148/Unloved-commodity-Brazil-Russia-funds-finally-come-good.html
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03 Feb 2016 1 min read
JPMorgan Russian to expand remit
JPMorgan Russian has published its results for the year ended 31 October 2015. The MSCI 10/40, the benchmark, fell by a further -13.4% (2014: -21.0%). Both JPMorgan Russian’s return to shareholders and the net asset value total return slightly underperformed the benchmark index, with falls of -13.5% and -14.2% respectively. The dividend is being maintained at […]
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12 Jun 2015 1 min read
Volatile period leaves JPMorgan Russian a bit behind its benchmark
Over the six month period ended 30th April 2015 JPMorgan Russian’s net asset value on a total return basis declined by 2.7% and the Company’s return to shareholders on a total return basis was a negative 2.2% over the period, which led to little change in the discount to net asset value at 14.1%. The performance […]
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29 Jan 2015 1 min read
JPMorgan Russian underperforms falling benchmark, fees cut
JPMorgan Russian announced its results for the period that ended on 31 October 2014 on 27 January. Unsurprisingly, given the political and economic backdrop, it wasn’t a great year for Russian equities, the MSCI Russian 10/40 Equity Indices Index, fell 21.0% over the year. However the return to shareholders and the net asset value total […]
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19 Jun 2014 1 min read
JPMorgan Russian : JRS – interims
The interim figures published by JPMorgan Russian today cover the six months ended 30 April 2014 – a period when investors shunned Russian investments. The net asset value fell by 28.4% on a total return basis and the share price fell by 27.6% (leaving the fund on a 10% discount). The performance was a little […]
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16 Sep 2024 1 min read
Investment trust insider on a shrinking sector
Investment trust insider on a shrinking sector – James Carthew: We might regret what’s lost in the trust bloodbath Four more investment companies – Aquila European Renewables, Ecofin US Renewables, Gulf Investment Fund and Keystone Positive Change – are heading for the exit. The bloodbath in the investment companies sector seems to be getting worse. […]
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16 Aug 2023 1 min read
Investment trust insider on the return of arbitrageurs
Investment trust insider on the return of arbitrageurs – James Carthew: The unfit trusts at risk from an ‘arb’ attack Investment company bargains abound following the discount widening that has plagued the sector. We have seen some welcome proactive moves by boards to address the problem. What does not seem to have emerged yet is […]
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31 Jan 2023 1 min read
Smaller board and new manager for reformed JPM Russia portfolio
Eve Maddock-Jones, Investment Week, 30 January 2023: The full impact of Russia’s invasion of Ukraine and the consequential market blacklist has been unveiled for the JP Morgan Emerging Europe, Middle East & Africa Securities (JEMA) fund in its final results. Formerly JP Morgan Russian Securities, the portfolio’s share price had fallen by 90.5% on a […]
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12 Dec 2022 1 min read
Investment trust insider on EMEA
Investment trust insider on EMEA – James Carthew: In emerging market turmoil, ‘eclectic’ EMEA has surprise appeal China still dominates the MSCI Emerging Markets Index, accounting for 30% of the benchmark at the end of November 2022. Its weak markets, largely a product of its zero-Covid policy, have weighed on the returns of global emerging […]
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15 Nov 2022 2 min read
Retail investors plan to vote against JP Morgan Russian Securities mandate changes
Eve Maddock-Jones, Investment Week, 15 November 2022: Retail investors in JP Morgan Russian Securities trust are preparing to vote against a proposal to expand the investment universe, on the grounds that it devalues their investment and goes against what they signed up for. The board of JRS announced last month (27 October) that it wanted […]
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27 Oct 2022 1 min read
JPM Russian Securities faces significant sentiment headwinds to portfolio changes
Eve Maddock-Jones, Investment Week, 27 October 2022: The proposal by the JPMorgan Russian Securities trust to expand its investment universe outside of Russia “makes sense” according to various experts, but whether or not shareholders will get on side with the idea is uncertain. Just over eight months since Russia invaded Ukraine and global economic sanctions […]
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14 Mar 2022 1 min read
JP Morgan Russian trust share price jumps 105%
Kathleen Gallagher, Investment Week, 09 March 2022: The £69.6m JP Morgan Russian Securities (JRS) trust share price rose 105% on Wednesday (9 March) morning, before retreating slightly and ending up 58.5% up by noon. Analysts dismissed the move, with Matthew Read, senior analyst at QuotedData, calling it “nonsensical”. “The Moscow Stock Exchange remains closed and […]
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1 min read
Investors overwhelmingly back JPMorgan Russian Securities
Kyle Caldwell from interactive investor 7th March 2022: At the AGM, which took place on Friday, shareholders overwhelmingly voted for the investment trust to continue (99.4%), with two-thirds of shareholders voting. The board had recommended that shareholders vote in favour of continuing. The vote was not prompted by Russia’s invasion of Ukraine. Instead, the company […]
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08 Mar 2022 1 min read
Investment trust insider on Russia
Investment trust insider on Russia – James Carthew: What Russia’s Ukraine war means for trusts The war in Ukraine is having far-reaching consequences for the global economy and the investment companies market. None of us has a clear picture of how this will play out. Recently, Abrdn held a useful online discussion on different scenarios. […]
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02 Mar 2022 1 min read
JPMorgan Russian sinks as MSCI mulls dropping ‘uninvestable’ Russia
By Gavin Lumsden, Nicole Piper, Citywire Investment Trust Insider, 01 Mar, 2022: Battered JPMorgan Russian (JRS) shares have sunk another 23% after index provider MSCI declared Russia was ‘uninvestable’ and a second director resigned from the board of the single-country fund. Ashley Dunster, a former Capital Group fund manager in the US who had been a non-executive director since […]
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28 Feb 2022 1 min read
Trust Watch: War in Ukraine widens closed-end discounts
Gavin Lumsden, Citywire Investment Trust Insider, 25 Feb, 2022: Discounts widen: Russia’s shocking invasion of Ukraine has caused extreme volatility in stock markets, with the FTSE 100 today recovering 3.7% after plunging a similar amount yesterday. Investment trust share prices fell and leapt in almost equal measure, although the deep uncertainty saw their average share […]
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1 min read
JPMorgan Russian: The trust at the centre of Europe’s new war
Gavin Lumsden, Citywire Investment Trust Insider, 24 Feb, 2022: JPMorgan Russian Securities (JRS) is, perhaps not surprisingly, today’s biggest investment trust faller, sliding 20% to 459p, just above its March 2020 pandemic low. Shares in the £232m closed-end fund managed by Oleg Biryulyov and Habib Saikaly, the only London-listed Russian specialist, had before today fallen […]
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03 Dec 2020 2 min read
Investment trust insider on emerging markets
Investment trust insider on emerging markets – James Carthew: Who to back in the emerging markets rally? The good news that we have had over the past few weeks on the US election and vaccines to tackle Covid-19 have helped drive a recovery in emerging markets investment trusts. Shares in JPMorgan Emerging Markets (JMG), Mobius (MMIT) […]
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29 Jul 2020 2 min read
Investment trust insider on ESG
Investment trust insider on ESG – James Carthew: ESG? Riverstone, you’re having a laugh Riverstone Energy (RSE) has just announced a deal whereby it, and other funds managed or advised by its investment manager, will refinance Enviva, a leading player in the manufacture of wood pellets. The pellets are burnt in power stations (like the UK’s […]
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02 Jun 2020 2 min read
Investment trust insider on emerging markets
Investment trust insider on emerging markets – James Carthew: there’s value in emerging markets as investors rush to take cover In uncertain times, it makes sense that investors turn to sectors with defensive earnings, such as utilities and infrastructure. Ecofin Global Utilities and Infrastructure (EGL), which I hold, is trading at asset value and issuing shares. […]
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28 Jan 2020 1 min read
Investment trust insider on JPMorgan Russian
Investment trust insider on JPMorgan Russian – James Carthew: Russia yields compelling if oil price holds up So, it turns out that after Bahrain the place to be invested last year was Russia with the MSCI Russia index returning 45.1%. As you may know, the pure play on this market is JPMorgan Russian Securities (JRS) which […]