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Annual Results

JPMorgan Global Convertibles' NAV falls

23 October 2015 08:00

JPMorgan Global Convertibles Income Fund's net asset value fell by 1.0% in the year to the end of June on a total return basis. The return to shareholders, which reflects the share price movement and the dividend, was -4.8%.

Chairman Simon Miller said: "Market conditions have been volatile and challenging since the beginning of the summer, with sharp falls in the prices of stock markets and corporate bonds. This turmoil has, however, provided the opportunity for our manager to invest in a range of highly attractive positions and to introduce a small amount of gearing into the portfolio.

"Many of the yields now available permit us to have confidence in the company's continued ability to pay a sustainable dividend yield of 4.5p per annum. In addition, current prices have allowed the manager to 'bake in' attractive opportunities for capital growth over the coming years."

The investment manager's report says: "Overall performance was below our expectations. However, performance at the NAV level improved significantly in the first half of 2015, as the portfolio benefited from an increased allocation to sectors we believed would benefit from a market recovery. Disappointingly, a significant contraction in the company's premium over this time prevented investors from receiving the full benefit of this NAV performance."

At 8:00am: (LON:JGCI) JPMorganGlobal ConvertiblesINC FD share price was +0.88p at 93.38p

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