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JEFI board proposes reforms

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Ellie Duncan, Investment Week, 10 January 2022:

The board of the Jupiter Emerging and Frontier Income trust (JEFI) has proposed changes to the trust’s redemption facility to “limit the scale of future outflows” and said it intends to put a resolution to shareholders in connection with the continuation of the company, with the recommendation that they vote in favour of continuation.

Following a shareholder consultation regarding JEFI’s redemption facility, the board is proposing that it be amended “so that it is offered every three years, next to occur in June 2024; and that the maximum number of redemption requests that may be accepted at each redemption event will in aggregate be 20% of the company’s outstanding ordinary share capital”.

John Scott, chairman of JEFI, said: “When the Covid-19 pandemic struck in 2020, the markets into which JEFI invests were particularly badly affected, being quick to fall and slower than the developed markets to recover…

In a research note published on 21 December 2021, QuotedData said that Teverson’s “long-held view that better value is available outside of China has worked in the trust’s favour, while its allocation to frontier markets offers an opportunity otherwise not available in the majority of its peers’ portfolios”.

According to QuotedData, JEFI is the top-yielding trust within the AIC’s Global Emerging Markets sector.

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