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Interim Results

JPMorgan Emerging Markets lags benchmark

22 February 2017 09:35

JPMorgan Emerging Markets Investment Trust lagged its benchmark in the six months to the end of December.

Chairman Alan Saunders said: "The company's benchmark index, the MSCI Emerging Markets Index (in sterling terms), rose 13.0%.

"For the same period, the Company produced a total return on net assets of +7.4%.

"Whilst this is a significant underperformance against our benchmark, it follows a period of exceptional outperformance.

"Our investment manager continues to focus on quality growth stocks and the portfolio is underweight in the more cyclical stocks in energy and resources.

"Therefore, in a period where these cyclical stocks performed well, the portfolio lagged behind the benchmark.

"Such periods of underperformance are to be expected from time to time but I would emphasise that the investment manager's impressive long term performance record remains intact, the company having outperformed the benchmark index over two, three, five and ten years to 31st December 2016.

"The return to shareholders over the first half of the financial year was higher, at +10.2%.

"This reflects a narrowing of the discount at which the company's shares trade, from 13.2% as at 30th June 2016 to 11.7% at the half year end."

At 9:35am: (LON:JMG) JPMorgan Emerging Markets Investment Trust Plc share price was +0.25p at 740.75p

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