Final Results to 30th June 2023

JPMorgan Global Growth & Income PLC

27 September 2023

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

 JPMORGAN GLOBAL GROWTH & INCOME PLC

 ANNOUNCEMENT OF FINAL RESULTS FOR THE YEAR ENDED 30TH JUNE 2023

Legal Entity Identifier: 5493007C3I0O5PJKR078

Information disclosed in accordance with DTR 4.2.2

JPMorgan Global Growth & Income plc (the 'Company') announces its results for the year ended 30th June 2023.

Chairman's Statement

I am pleased to present the Company's annual results for the year ended 30th June 2023, which stands out as a transformational year for the Company following the successful completion of the combinations with both Scottish Investment Trust ('SCIN') and JPMorgan Elect ('JPE') in August 2022 and December 2022 respectively (the 'Combinations'), which greatly increased assets under management and liquidity. Alongside this, the Company has generated strong returns and outperformance against uncertain times and elevated market volatility.

Performance

The financial year ended 30th June 2023 was another challenging one for investors. Stubbornly high inflation forced central banks to raise interest rates more rapidly than anticipated, triggering a crisis in US regional banks that sent ripples of anxiety across the global financial system. Higher rates also raised fears of a global recession. Geopolitical tensions intensified particularly in Europe.

It is a testament to the skill of the Company's Portfolio Managers that they successfully navigated the volatility generated by these disparate forces to deliver very strong returns for shareholders. The Company returned 19.1% on an NAV total return (with debt at fair value) basis, and 22.2% in share price total return terms over the financial year ended 30th June 2023, significantly outpacing its Benchmark; the MSCI All Countries World Index in sterling terms (total return with net dividends reinvested), which returned 11.3% total return. It is important to stress that the drivers of this performance were broadly-based across many sectors and stocks. These results extend the Company's longer term track record of outright gains and outperformance. It delivered an average annualised return of 16.2% on an NAV (with debt at fair value) basis, compared to the market return of 9.9% in the three years to end June 2023, while annual returns over the past ten years have averaged 12.9%, versus a market return of 10.7%.

Performance attribution

Year ended 30th June 2023

	%	%
Contributions to total returns
Benchmark Total Return		11.3
Asset allocation	1.2
Stock selection	3.4
Currency effect	1.9
Gearing/cash	0.7
Investment Manager contribution		7.2
Portfolio total return		18.5
Management fees/other expenses	-0.2
Net asset value total return - prior to structural effects		18.3
Structural effects
Share buy-back/issuance	0.1
Net Asset Value Total Return - Debt at Par		18.4
Impact of Fair Value Valuation of Debt	0.7
Net Asset Value Total Return - Debt at Fair		19.1
Total Return to Shareholders		22.2

Source: JPMAM and Morningstar. All figures are on a total return basis.

Performance attribution analyses how the Company achieved its recorded performance relative to its Benchmark.

A glossary of terms and APMs is provided in the full annual report.

Over the year to 30th June 2023, the overall currency exposure on the Company's portfolio added approximately 1.9% to performance as shown in the above Performance attribution table. The Company does not hedge Emerging Markets currencies, which led to an underweight position in Emerging Markets currencies, and a corresponding overweight exposure to the US dollar. During the year, we saw devaluations in a number of Emerging Markets currencies, with the US dollar strengthening against the pound.

The Investment Manager's Report provides a detailed commentary on market developments, performance attribution, portfolio activity and their outlook for the coming year.

In addition to strong performance, the past financial year brought other positive developments for the Company following completion of the Combinations. I would once again like to welcome shareholders who previously held shares in these two trusts. The Combinations have lifted the Company's market capitalisation above £1.8 billion, and all shareholders are now benefiting from associated advantages of scale - a lower average management fee and improved daily liquidity of the Company's shares. Average daily liquidity has more than doubled to £2.7 million per day* in the financial year just past, from £1.2 million per day over the previous year.

*Bloomberg Data

Investment Team

As previously announced, during the year under review, James Cook joined the portfolio management team to work alongside Helge Skibeli and Tim Woodhouse in the management of the Company's portfolio. Rajesh Tanna, a portfolio manager for the Company since 2019, has taken on other portfolio management responsibilities within JPMorgan Asset Management. We are pleased to welcome James to the team and wish Rajesh all the best with his other responsibilities.

Dividend Policy

The Company's dividend policy has now been in place since 2016. As a reminder, the dividend policy aims to pay, in the absence of unforeseen circumstances, dividends totalling at least 4% of the NAV of the Company as at the end of the preceding financial year. Where, in the view of the Board, the target dividend is likely to result in a dividend yield that is materially out of line with the wider market, the Board may choose to set the target dividend at a different level that is more in-line with the wider market and other global income trusts and funds.

The Board announced on 3rd July 2023 that, in relation to the year commencing 1st July 2023, the Company intends to pay dividends totalling 18.44 pence per share (4.61 pence per share per quarter), which represents an 8.5% increase from the last financial year's total dividend of 17.00 pence per share. It is expected that the dividends will be paid by way of four equal distributions. The first interim dividend for the financial year ending 30th June 2024 of 4.61 pence per share (for the period to 30th September 2023), was declared on 3rd July 2023 and will be paid on 6th October 2023 to shareholders on the register at the close of business on 1st September 2023. The ex-dividend date was 31st August 2023.

Our capacity to part-fund dividends from our significant level of realised capital profits provides the Company with the means to meet investors' desire for income, combined with clarity over dividend payments for the coming year. It also supports our growth-oriented investment strategy, as our Portfolio Managers are not constrained by the need to invest only in high dividend-paying companies to meet this dividend policy. Instead, they are free to invest in non or low dividend paying companies, to benefit from their long-term capital growth.

Share Issuance and Repurchases

The Company's strong performance over both the short and longer term, combined with its attractive dividend policy, have generated steady demand for its shares over the past year. Excluding the shares issued as part of the Combinations, our shares have mostly continued to trade at a premium to NAV over the fiscal year, allowing us to issue 17,865,075 new ordinary shares to meet investor demand. The Company also bought back 343,261 Ordinary shares into Treasury, which it later re-issued out of Treasury during the year. A block listing on the main market of 25 million Ordinary shares of the Company was secured in May 2023. At the time of writing there are no shares held in Treasury.

Resolutions renewing the Directors' authorities to issue new shares and shares from Treasury, in both cases at a premium to NAV, and to disapply pre-emption rights over such issues, and the authority to permit the Company to repurchase its own shares will be proposed at the forthcoming Annual General Meeting on 2nd November 2023.

A further resolution to permit the Company to cancel the share premium account balance as at the date of the Annual General Meeting, will be proposed to shareholders. This will enable the Company to create further distributable reserves for the Company's use towards future distributions.

Please refer to the Corporate Governance Statement in the full Annual Report for full details.

Gearing

The Company's policy on gearing is set by the Board and remains unchanged. At the start of the period, the Company's gearing level was 1.1% and this decreased to (1.0)% net cash position at the end of the year as the Portfolio Managers made the decision to hold higher levels of cash. During the year, gearing varied between net cash of (2.5)% and 4% geared.

The Company issued £30 million fixed rate 30 year unsecured loan notes at an annual coupon of 2.93% on 9th January 2018. On 12th March 2021, the Company issued a further £20 million fixed rate 15 year unsecured loan notes at an annual coupon of 2.36%. The notes are unsecured which gives the Company increased flexibility to manage its borrowings in the future. On 31st August 2022, as part of the Company's combination with SCIN, the Company was substituted as issuer and sole debtor of SCIN's £150 million (in aggregate principal amount) of secured bonds with a coupon of 5.75% (of which £82,827,000 in aggregate principal amount remains outstanding) due 17th April 2030, which are secured by way of a floating charge in favour of The Law Debenture Trust Corporation p.l.c. as common security agent. These bonds are listed and traded on the London Stock Exchange.

Currency Hedging

The Company continues its passive currency hedging strategy (implemented in late 2009) that aims to make stock selection the predominant driver of overall portfolio performance relative to the Benchmark. This is a risk reduction measure, designed to eliminate most of the differences between the portfolio's currency exposure and that of the Company's Benchmark.

As a result, the returns derived from and the portfolio's exposure to currencies may differ materially from that of the Company's competitors, who generally do not undertake such a strategy.

New Zealand Listing

During the year, the Board made the decision to delist from the New Zealand Stock Exchange and, this was effected on 23rd June 2023, with the shareholder register being transferred to the UK. This was on the basis that the administrative and compliance burdens, as well as the costs of maintaining a secondary listing in New Zealand had become disproportionate to the benefits of maintaining the listing. Shareholders on the New Zealand register had shrunk significantly and represented only 1.25% of the Company's total outstanding shares in issue at the time of the delisting.

The Board

The Board was expanded following the Combinations, to ensure that there was full representation and continuity. As previously reported, Mick Brewis, Jane Lewis, Neil Rogan and James Will, former directors of SCIN, all joined the Board on 1st September 2022. James Will retired from the Board on 3rd November 2022, as did Gay Collins who had served on the Board since February 2012. Steve Bates joined the Board on 20th December 2022 and provided significant support following the combination with JPE. Steve has subsequently resigned from the Board on 31st May 2023 following the conversion of the C Shares issued as part of the combination with JPE. Mick Brewis, Jane Lewis and Neil Rogan remain on the Board.

I would like to take this opportunity to thank both Steve and James for their invaluable support during the Company's Combinations and subsequent periods on the Board assisting with the integration of the companies. I would like to further extend my gratitude to Gay for her wise counsel during her tenure as a Director of the Company.

The Board is conscious of the increased focus on diversity and recognises the value and importance of diversity in the boardroom. No Directors are from a minority ethnic background as per the Parker Review. Whilst there are two female Directors, who hold the roles of Audit Chair and Senior Independent Director, the Board does not meet the recommendations of the FTSE Women Leaders Review, which builds on the work of the former Hampton-Alexander & Davies Reviews, in respect of female representation. The Board, through the Nomination Committee, has a succession plan that aims to meet these recommendations as the Board is refreshed in the future.

Following the relatively recent expansion of the Board as a result of the Combinations and the Board's annual evaluation by the Nomination Committee, it was felt that the Board's current composition and size was appropriate to provide continuity of representation over the initial period to the former SCIN and JPE shareholders, and is in the best interests of all shareholders. However, the Board plans to refresh the Board in an orderly manner over time as part of its succession planning.

To further increase the Board's diversity of skills, experience and background, the Nomination Committee has commenced a search to recruit a new non-executive Director to join the Board in early 2024. The Company has engaged Fletcher Jones, an independent recruitment specialist for board level searches, as part of the recruitment process. Furthermore, as part of the Board's ongoing succession planning, I will be retiring from the Board at the conclusion of the 2024 Annual General Meeting after having served on the Board from November 2014 and as its Chairman since 2021. James Macpherson, who joined the Board in April 2021, will replace me as Chairman when I step down.

The Board supports annual re-election for all Directors, as recommended by the AIC Code of Corporate Governance, and therefore all of the Directors will stand for re-election at the forthcoming Annual General Meeting. Shareholders who wish to contact the Chairman or other members of the Board may do so through the Company Secretary or the Company's website, details of which appear below.

Task Force on Climate-related Financial Disclosures

On 30th June 2023, as a regulatory requirement, the Investment Manager published its first UK Task Force on Climate-related Financial Disclosures Report for the Company in respect of the year ended 31st December 2022. The report discloses estimates of the portfolio's climate-related risks and opportunities according to the Financial Conduct Authority Environmental, Social and Governance Sourcebook and the Task Force on Climate-related Financial Disclosures Recommendations ('TCFD'). The report is available on the Company's website: https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/esg-information/jpm-global-growth-income-plc-tcfd-report.pdf

This is the first report under the new guidelines and disclosure requirements. The Board is aware that best practice reporting under the TCFDs is still evolving in regard to metrics and input data quality, as well as the interpretation and implications of the outputs produced, and will continue to monitor developments as they occur. The Company is currently exempt from reporting under the TCFDs.

Annual General Meeting

I am pleased to advise that the Company's one hundred and thirty-sixth Annual General Meeting ('AGM') will be held at Cheval The Edinburgh Grand, 42 St Andrew Square, Edinburgh, EH2 2AD at 2.30 p.m. on 2nd November 2023. As advised, the Company intends to hold its AGMs in London and Edinburgh on alternate years, to reflect both the English and Scottish heritage of the combined entity.

Shareholders are invited to join us in person for the Company's AGM, where there will be a presentation from James Cook, one of our Portfolio Managers. His presentation will be followed by a question-and-answer session. For shareholders who wish to follow the AGM proceedings but choose not to attend, we will be able to welcome you through conferencing software. Details on how to register, together with access details, will be available on the Company's website: www.jpmglobalgrowthandincome.co.uk or by contacting the Company Secretary at [e-mail].

As is best practice, all voting on the resolutions will be conducted by way of a poll. Please note that shareholders viewing the meeting via conferencing software will not be able to vote on the poll and we therefore encourage all shareholders, and particularly those who cannot attend physically, to exercise their votes in advance of the meeting by completing and submitting their proxy.

Your Board encourages all shareholders to support the resolutions proposed.

If there are any changes to the above AGM arrangements, the Company will update shareholders through the Company's website and an announcement on the London Stock Exchange.

Outlook

Markets are likely to continue to struggle with some of the challenges we have encountered in recent years. High interest rates, the persistent cost of living crisis and associated slower growth are likely to weigh on corporate earnings, while geopolitical uncertainties will keep investors wary. There is also always the risk that we are blind-sided by other 'unknown unknowns'. However, markets have indicated that they are factoring in these challenges and there seems to be at least some chance that the year ahead may be better for investors than over the past few years. While interest rates will remain high, it is probable that they are now at or very near their peak in most developed economies. The prospect of a soft landing, and even some speculation about the possibility of rate cuts next year, have boosted equity market sentiment about the near-term outlook.

Any respite from short-term market uncertainty and volatility would certainly be welcome, but the Company's Portfolio Managers remain focused on the longer term. We support their ongoing efforts to capitalise on structural trends such as shifting consumer patterns, the evolution of cloud computing, the potential impact of AI and the electrification of vehicles and energy supply.

The Company's long-term performance track record attests to the Portfolio Managers' ability to identify 'tomorrow's winners' across all sectors where structural change is generating exciting investment opportunities. The Board is therefore confident that the Company will keep delivering strong returns, outperformance and reliable income to shareholders over the long-term.

Tristan Hillgarth
Chairman

26th September 2023

Investment Manager's Report

Over the last financial year, the Company's NAV per share returned 19.1% compared with the Benchmark of 11.3%. This year's performance adds to the strong long-term performance of the Company, and we believe demonstrates our ability to deliver excess returns through different market environments. Over the past three years, we have experienced significantly differing macro, market and volatility environments, over which we have delivered annualised returns of 16.2%, which compares with 9.9% for the Benchmark.

In this report, we will discuss the key drivers of performance, our market outlook and how we have positioned the portfolio to benefit from long-term structural trends. There have been a number of important factors this year, including: the lingering impacts of the pandemic; high levels of inflation; the first banking crisis since 2008; an Artificial Intelligence ('AI') led growth rally; and heightened geo-political concerns.

The lingering effects of the pandemic continued to unfold with the staggered re-opening of economies over the course of the year. From a demand perspective, sales of stay-at-home products began to normalise from extreme levels, while supply chains across Asia began to ramp-up in the second half of 2022. With many retailers assuming supply would remain constrained for longer than expected, it caused wide-spread pre-ordering and double-ordering from retailers and wholesalers. The pandemic has also resulted in companies changing the way we work, with office vacancy reaching peak levels, particularly in the United States, causing a real estate credit cycle. Meanwhile on a positive note, we have seen travel and leisure rebound to above pre-pandemic levels across a number of countries.

However, the demand-led boost, driven by fiscal stimulus along with a supply constrained economy, resulted in levels of inflation that we haven't seen since the 1980's. Central banks have responded with the sharpest rate hiking cycle in 40 years in an attempt to curb the excesses, and for the first time in over 60 years, money supply growth turned negative in an attempt to draw excess liquidity out of the market. This was most pronounced in the United States, where we witnessed tighter bank lending, deposit rates increasing and money flowing into higher yielding assets, which in turn caused bank runs among some of the most poorly funded banks, such as Silicon Valley Bank and Signature Bank. We subsequently witnessed panic spread across the broader US regional banks and into the weakest parts of European banks, with the demise of Credit Suisse. But with the lessons of 2008 still vivid in the memories of the central bankers, The Federal Reserve was fast to respond, isolating the pockets of distress and providing confidence back into the system. Seemingly, this risk is now behind us.

Each of these events has brought short-term volatility and long-term opportunities for stock picking. We believe that our focus on high conviction stocks that offer significant valuation upside and business models that we can get clear insight into should continue to deliver attractive returns for shareholders.

Performance

Over the course of the year, the Company outperformed its Benchmark by 7.8%. This reflected broad-based performance, with positive contribution in 14 out of 19 sectors. In our opinion, this is an important indicator of the consistency and repeatability of our process. We had good success in Media reflecting our preference for established leaders such as Meta, Uber and Amazon rather than unprofitable growth stocks. Over the past three years, Amazon has invested over $160 billion into their business, which compares to under $35 billion in the prior three years. This investment has resulted in more than doubling their warehouse capacity, resulting in margins and earnings declining. However, going forward we believe that this will better position the business for improved next day delivery, which has historically been followed by higher volumes and increased pricing power, both of which will help to return margins to their historical levels. Over the course of the year, Amazon has changed its focus from building distribution to improving efficiency and taking cost levels back to pre-pandemic levels, again implying significant margin potential. Likewise, Meta's share price was punished heavily in 2022 for its perceived lack of discipline around its investment budget in its unprofitable reality labs division. Following a sharp decline in the share price, Mark Zuckerberg reacted to improve the capital discipline perception of the company. Meta has now committed to three rounds of headcount reductions, decreasing employee count by over 10%, announcing $40 billion of buybacks, and controlling investment in their reality labs.

We also managed to avoid investment in companies that had been benefiting from the pandemic such as consumer electronics and home furnishings, instead finding companies with re-opening opportunities, such as hotels. Over the second half of 2022, as we saw this excess demand weakening, we witnessed an indiscriminate sell-off of in the retail sector, which offered us an attractive valuation opportunity to buy stocks that we believe had been unfairly caught up in that sell-off. For example, Ross Stores, a US discounter, which is perceived to be highly sensitive to the consumer. However, history has shown that the discounters are more resilient businesses.

Another example of us taking advantage of indiscriminate selling, is our investment in Michelin, which we saw as benefiting from a resilient business model given that over 70% of its revenue is generated from replacement tyres. We have also been positioned in higher quality retailers, such as LVMH, the world's largest luxury brand. This company's share price has benefited from the re-opening of China and unlike the broad retail sector, supply has been much better managed, as is typical with luxury goods. Boston Scientific, a US-listed manufacturer of healthcare equipment, was another key beneficiary of the re-opening of economies. During the pandemic there was a build-up of demand for non-essential surgeries. As healthcare labour constraints have eased and patients have become more comfortable with the risk of returning to hospitals, demand for Boston Scientific products has rebounded strongly. After share price rises, we sold out of both Michelin and Boston Scientific on valuation grounds, and reduced our holding in LVMH.

In terms of detractors, the banking sector has been an area of pain for the portfolio. Our position in KBC, a Belgian listed bank, was impacted by Russia's invasion of Ukraine due to its sizeable exposure to Eastern European economies. We were then impacted by the Silicon Valley deposit run in early 2023, despite having no direct exposure to any of the defaulting banks. The portfolio was overweight in US banks at that stage, including Truist Bank, a US regional bank, which was perceived to be at a higher risk of deposit outflows. We used the resultant market dislocation to pick up stocks that had been unfairly caught up in the sell-off, such as Toronto Dominion, a high-quality Canadian bank with a strong balance sheet. Meanwhile shorter-term issues with some of our pharmaceutical holdings also detracted from performance, in particular, our holdings in Abbvie and Bristol-Myers Squibb. We continue to learn from these underperformers which provide opportunities to improve our decision making and position sizing process.

Market Outlook & Positioning

In our market outlook, we'll separate our thoughts into three pillars: valuations, earnings and opportunities. Within this we will discuss our gearing and how we are positioned for the future.

Overall, we are relatively sanguine about the year ahead. While we hope that AI could lead to a technology-led growth opportunity within the broad economy, we see headwinds in the form of: higher interest rates; a depleting consumer cash balance; and record profit margins at risk of returning to pre-pandemic levels. So, while broad market valuations trading slightly above historical averages look neither compelling nor particularly demanding, the scale of potential earnings headwinds means the portfolio is well balanced between cyclical and defensive. In addition, the Company is now broadly ungeared on a net basis. That said, we see plenty of opportunities for stock selection success.

In terms of our positioning, we continue to deliver a portfolio that we believe offers superior quality of earnings and can outgrow the market at a more attractive free cash flow yield*. The portfolio's exposure to the highest quality companies in our investment universe is back to its highest level since the team has managed the strategy. After trimming our overweight exposure to these companies in late 2021 on valuation grounds, we have found attractive entry points over the last 12-months to rebuild positions into high-quality, asset-light businesses. Examples include Chicago Metal Exchange, Mastercard, United Healthcare, Uber, Marriott and Yum Brands. We believe these companies offer an attractive earnings outlook without the need to deploy much capital to achieve that growth. We expect Mastercard will continue to benefit from the transition to a cashless society. Marriott is a play on increased spending on travel and leisure, while Uber's ability to monetise the world's largest ride-hailing business is compelling. Meanwhile, we have avoided areas that we believe will struggle to maintain their earnings trajectory having benefited from the pandemic stimulus, in particular: the physical goods economy; clothing retailers; consumer electronics; autos; and consumer staples, amongst others.

* Defined as the year three Free Cash Flow Yield estimate, by JPMorgan Asset Management

This year has seen several key themes emerge, some of which we believe will have longevity, while others will be temporary. We see AI as an opportunity that could change the way companies operate over the next decade, from both an efficiency point of view and a quality-of-service perspective, with social media stocks seeing this as a core part of their infrastructure and business. Over the coming year we will undoubtedly see many companies claim to be AI winners, just as we saw many companies claim to be internet winners in the early 2000's. Our core objective is being able to separate which of these companies will be able to monetise AI from those that will purely implement it without seeing a long-term lift to earnings. Given AI's data requirements, we see Nvidia as the key beneficiary of this growth opportunity, with demand outstripping supply for the foreseeable future. As the clear market leader, Nvidia has a great starting place from which to monetise the technology, but other types of barriers to entry are just as important to consider. For instance, despite many new companies talking about their ability to deliver AI-generated images, for legal reasons their customers cannot use these images due to litigation risk. Hence, we see Adobe as having a real edge with their image library and their leading image software. We see AI as a great opportunity to not only increase pricing but also tap into new smaller businesses that historically were outside of Adobe's addressable market. With holdings in Microsoft, Amazon, Meta, Nvidia and Adobe, we believe we are well positioned in companies that will have the ability to monetise AI.

Over the coming year, there is a reasonable chance many companies will be incorrectly considered as AI winners; however, we believe that our emphasis on the barriers to entry will stand us in good stead in the long term.

Concluding thoughts

Overall, the portfolio remains exposed to a broad number of attractive structural trends such as the shift in consumer budgets away from physical goods into travel and leisure, the continued growth in cloud computing, the electrification of vehicles, and the expansion of the electric power network. We believe that these changes will drive the future of the global economy and finding stocks that can benefit from them will be key to the continued success of the portfolio.

For and on behalf of the
Investment Manager

Helge Skibeli

James Cook

Tim Woodhouse

26th September 2023

Principal & Emerging Risks and Uncertainties

The Directors confirm that they have carried out a robust assessment of the principal & emerging risks and uncertainties facing the Company, including those that would threaten its business model, future performance, solvency or liquidity.

With the assistance of the Manager, the Audit Committee maintains a risk matrix which identifies the principal risks to which the Company is exposed and methods of mitigating against them as far as practicable. The Audit Committee has agreed to hold a third meeting every year dedicated to the review of the Company's risk matrix. The principal risks identified and the broad categories in which they fall, together with the ways in which they are managed or mitigated are summarised below.

			Movement in the
			risk status in year to
Principal risk	Description	Mitigation activities/control	30th June 2023
Investment and Strategy	Poor implementation of the investment strategy, for example as to thematic exposure, sector allocation, stock selection, undue concentration of holdings, factor risk exposure or the degree of total portfolio risk, may lead to underperformance against the Company's Benchmark and peer companies, resulting in the Company's shares trading on a wider discount to NAV per share.	The Board reviews investment strategy. The Board manages these risks by diversification of investments through its investment restrictions and guidelines which are monitored and reported by the Manager. The Manager provides the Directors with timely and accurate management information, including performance data and attribution analyses, revenue estimates, liquidity reports and shareholder analyses. The Board monitors the implementation and results of the investment process with the Portfolio Managers, who attend all Board meetings, and reviews data which show statistical measures of the Company's risk profile. The Investment Manager employs the Company's gearing within a strategic range set by the Board. The Board may hold a separate meeting devoted to strategy each year.	Risk has been heightened by the current unfavourable economic conditions, caused by the inflationary environment and other geopolitical factors such as the Russian/Ukrainian war.
Loss of Portfolio Manager	A sudden departure of one or more of the Portfolio Managers could result in a deterioration in investment performance.	The Board seeks assurance that the Investment Manager takes steps to reduce the likelihood of such an event by ensuring appropriate succession planning and the adoption of a team-based approach, as well as ensuring the team are appropriately remunerated and incentivised in this role, which includes benchmarking of remuneration with the market. The Board is comfortable that there is strength and depth within the management team and that there is not over-reliant on one person.	This risk remains relatively unchanged. The Board remained comfortable with the robustness of the succession plans within the Investment Manager.
Geopolitical and Market	The investments of the Company and their pricing are subject to the risk of changes in market prices and/or macroeconomic and geopolitical instability, which may affect returns. This includes the ongoing conflict in Ukraine, which has affected energy and commodity markets and may cause further damage to the global economy, China's muted economic re-emergence from COVID, and persistent inflation in developed economies, which has resulted in significant interest rate rises by central banks and a domino effect on valuations and/or growth which could lead to depressed levels of demand and market volatility. These risks contribute to the potential loss the Company might suffer through holding investments in the face of negative market movements and geopolitical instability.	This risk is managed to some extent by diversification of the global equity portfolio with appropriate asset allocation and by regular communication with the Investment Manager on matters of investment strategy and portfolio construction which will directly or indirectly include an assessment of these risks. The Board receives regular reports from the Investment Manager regarding market outlook and gives the Investment Manager discretion regarding acceptable levels of gearing and/or cash in accordance with the application of relevant policies on gearing and liquidity. The Board monitors the implementation and results of the investment process with the Investment Manager.	Although market risks have always been part of the investment process, the risk has been heightened by the quick succession of the events which have unfolded in recent times i.e. the outbreak of the COVID-19 pandemic, inflation and geopolitical crisis in Russia-Ukraine, adding significant pressure on markets and economies.
Operational Risk	Disruption to, or failure of, the Manager's accounting, dealing or payments systems or the depositary's or custodian's records could prevent accurate reporting and monitoring of the Company's financial position. There is also the potential for fraud, errors or control failures at the Company's Manager and or third party service providers, which could result in damage to the Company's reputation or result in losses. The Company is dependent on third parties for the provision of services and systems, especially those of the Manager, the administrator and the depositary.	The Board keeps the services of the Manager and third-party service providers under continuous review, and the Management Engagement Committee undertake a formal evaluation of performance on an annual basis. The Manager has in place service level agreements with its service providers that are attested to on an annual basis. Details of how the Board monitors the services provided by the Manager and its associates and the key elements designed to provide effective internal control are included within the Risk Management and Internal Control section of the Corporate Governance Report. The Audit Committee regularly reviews statements on internal controls and procedures from the Company's Manager.  The Audit Committee also reviews a summary of annual controls reports from the Manager, with exceptions found in its control environment highlighted to the Audit Committee. The Company is subject to an annual external audit. Both the Company and its service providers have robust business continuity plans.	Risk remains relatively unchanged. The Board continues to monitor the outsourced services and an annual appraisal of the performance, and ongoing appointment, of the Manager and the Company's third-party service providers is undertaken by the Management Engagement Committee.
Cyber Security	The threat of a cyber-attack is regarded as at least as important as more traditional physical threats to business continuity and security. In addition to threatening the Company's operations, such an attack is likely to raise reputational issues which may damage the Company's share price and reduce demand for its shares.	The Board will work closely with the Investment Manager in identifying these threats and, in addition, monitor the strategies of its service providers. The Company benefits directly and/or indirectly from all elements of JPMorgan's Cyber Security programme. The information technology controls around the physical security of JPMorgan's data centres, security of its networks and security of its trading applications are tested by independent auditors and reported every six months against the AAF Standard.	This has remained stable during the year. To date the Manager's cyber security arrangements have proven robust and the Company has not been impacted by any cyber attacks threatening its operations.
Climate Change and ESG requirements from investors	Climate change is one of the most critical issues confronting asset managers and their investors. Climate change may have a disruptive effect on the business models and profitability of individual investee companies, and indeed, whole sectors. The Board is also considering the threat posed by the direct impact of climate change on the operations of the Manager, Investment Manager and the Company's key service providers.	The Investment Manager's investment process integrates consideration of ESG factors into decisions on which stocks to buy, hold or sell. This includes the approach investee companies take to recognising and mitigating climate change risks. In the Company's and Investment Manager's view, companies that successfully manage climate change risks will perform better in the long-term. Consideration of climate change risks and opportunities is an integral part of the investment process. The Investment Manager aims to influence the management of climate related risks through engagement and voting. It is a participant of Climate Action 100+ and a signatory of the United Nations Principles for Responsible Investment. The Manager has integrated the consideration of ESG factors into the Company's investment process.	Climate change continues to be a critical threat facing the natural environment and our societies. The Investment Manager continues to focus on companies that can deliver sustainable returns driven by long-term structural change, where the consideration of ESG actors is a key part of the stock selection process. This includes the review of the approach that investee companies take to recognise and mitigate climate change risks. The Board continues to liaise with the Investment Manager to continually understand and monitor the ESG integration process.

Emerging Risks

The AIC Code of Corporate Governance requires the Audit Committee to put in place procedures to identify emerging risks. At each meeting, the Board considers emerging risks which it defines as potential trends, sudden events or changing risks which are characterised by a high degree of uncertainty in terms of occurrence probability and possible effects on the Company. As the impact of emerging risks is understood, they may be entered on the Company's risk matrix and mitigating actions considered as necessary. The Board, through the Audit Committee, has identified the following as emerging risks to the Company:

			Movement in the
			risk status in year to
Emerging risk	Description	Mitigation activities/control	30th June 2023
Artificial Intelligence (AI)	While it might equally be deemed a great opportunity and force for good, there appears also to be an increasing risk to business and society more widely from AI. The use of AI could be a significant disrupter to business models and whole companies, leading to added uncertainty in company valuations. Equally, embracing AI with strategies and proactive measures can gain advantages for companies and failing to seize the AI opportunity could lead to a risk of losing competitiveness.	The Board will work with the Investment Manager to monitor developments concerning AI as its use evolves and consider how it might threaten the Company's activities, which may, for example, include a heightened threat to cybersecurity. Furthermore, the Company's investment process includes consideration of technological advancement and the resultant potential to disrupt both individual companies and the wider markets. The Portfolio Managers consider the use of AI as an opportunity for the portfolio. Please refer to the Investment Manager's Report in the full annual report.	This has been identified as a new emerging risk during the year under review. The Board continues to monitor the risk.
Pandemics	The emergence of COVID-19 has highlighted the speed and extent of economic damage that can arise from a pandemic. There is a risk of a resurgence of another COVID variant, or a completely new virus (e.g. avian flu, MERS, SARS etc). A future pandemic could affect the investment performance of individual stocks, or indeed the Manger / Investment Manager's ability to operate.	The Board receives reports on the business continuity plans of the Manager, its associates and other key service providers. The effectiveness of these measures has been assessed throughout the course of the COVID-19 pandemic and the Board will continue to monitor developments as they occur and seek to learn lessons which may be of use in the event of future pandemics.	This has been identified as a new emerging risk during the year under review. There are always exogenous risks and consequences, which are difficult to predict and plan for in advance. The Company does what it can to address these risks when they emerge, not least operationally and in trying to meet its investment objective.

Transactions with the Manager and related parties

Details of the management contract are set out in the Directors' Report of the full annual report. The management fee payable to the Manager for the year was £1,768,000 (2022: £3,299,000) of which £nil (2022: £nil) was outstanding at the year end.   

Included in administration expenses in note 6 of the full annual report are safe custody fees amounting to £52,000 (2022: £32,000) payable to JPMorgan Chase Bank N.A. of which £21,000 (2022: £4,000) was outstanding at the year end.

The Manager may carry out some of its dealing transactions through group subsidiaries. These transactions are carried out at arm's length. Commission amounting to £nil (2022: £nil) was payable to JPMorgan Securities Limited for the year of which £nil (2022: £nil) was outstanding at the year end.

Handling charges on dealing transactions amounting to £24,000 (2022: £22,000) were payable to JPMorgan Chase Bank, N.A. during of which £5,000 (2022: £5,000) was outstanding at the year end.

The Company holds cash in the JPMorgan Sterling Liquidity Fund, which is managed by JPMF. At the year end, this was valued at £160.5 million (2022: £34.0 million). Interest amounting to £3,365,000 (2022: £146,000) was receivable during the year of which £nil (2022: £nil) was outstanding at the year end.

Fees amounting to £20,000 (2022: £13,000) were receivable from securities lending transactions during the year. JPMorgan Chase Bank, N.A. commissions in respect of such transactions amounted to £2,000 (2022: £1,000).

At the year end, total cash of £254,000 (2022: £7,942,000) was held with JPMorgan Chase Bank, N.A. A net amount of interest of £51,000 (2022: £1,000) was receivable by the Company during the year, of which £nil (2022: £nil) was outstanding at the year end.

Full details of Directors' remuneration and shareholdings can be found in the full annual report and in note 6 in the full annual report.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards, comprising Financial Reporting Standard 102 the 'Financial Reporting Standard Applicable in the UK and Republic of Ireland' (FRS 102). Under Company law the Directors must not approve the financial statements unless they are satisfied that, taken as a whole, the annual report and financial statements are fair, balanced and understandable, provide the information necessary for shareholders to assess the Company's performance, business model and strategy and that they give a true and fair view of the state of affairs of the Company and of the total return or loss of the Company for that period. In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:

•  select suitable accounting policies and then apply them consistently;

•  make judgements and estimates that are reasonable and prudent;

•  state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

and the Directors confirm that they have done so.

The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The financial statements are published on the www.jpmglobalgrowthandincome.co.uk website, which is maintained by the Company's Manager. The maintenance and integrity of the website maintained by the Manager is, so far as it relates to the Company, the responsibility of the Manager. The work carried out by the auditor does not involve consideration of the maintenance and integrity of this website and, accordingly, the auditor accepts no responsibility for any changes that have occurred to the financial statements since they were initially presented on the website. The financial statements are prepared in accordance with UK legislation, which may differ from legislation in other jurisdictions.

Under applicable law and regulations, the Directors are also responsible for preparing a Directors' Report, Strategic Report and Directors' Remuneration Report that comply with that law and those regulations.

Each of the Directors, whose names and functions are listed in the full annual report confirm that, to the best of their knowledge:

•  the financial statements, which have been prepared in accordance with applicable law and United Kingdom Accounting Standards, comprising Financial Reporting Standard 102 the 'Financial Reporting Standard Applicable in the UK and Republic of Ireland' (FRS 102), give a true and fair view of the assets, liabilities, financial position and return or loss of the Company; and

•  the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

The Board confirms that it is satisfied that the annual report and financial statements taken as a whole is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy.

For and on behalf of the Board
Tristan Hillgarth

Chairman

26th September 2023

Statement of Comprehensive Income

For the year ended 30th June 2023

	2023			2022
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Gains/(losses) on investments held at fair value through profit or loss	-	144,807	144,807	-	(36,835)	(36,835)
Net foreign currency (losses)/gains	-	(7,006)	(7,006)	-	3,386	3,386
Income from investments	30,357	1,855	32,212	14,520	-	14,520
Interest receivable and similar income	3,440	-	3,440	160	-	160
Gross return/(loss)	33,797	139,656	173,453	14,680	(33,449)	(18,769)
Management fee	(442)	(1,326)	(1,768)	(825)	(2,474)	(3,299)
Other administrative expenses	(1,254)	-	(1,254)	(591)	-	(591)
Net return/(loss) before finance costs and taxation	32,101	138,330	170,431	13,264	(35,923)	(22,659)
Finance costs	(1,137)	(3,356)	(4,493)	(374)	(1,122)	(1,496)
Net return/(loss) before taxation	30,964	134,974	165,938	12,890	(37,045)	(24,155)
Taxation	(3,448)	(623)	(4,071)	(1,408)	-	(1,408)
Net return/(loss) after taxation	27,516	134,351	161,867	11,482	(37,045)	(25,563)
Return/(loss) per share	8.50p	41.48p	49.98p	7.24p	(23.37)p	(16.13)p

All revenue and capital items in the above statement derive from continuing operations. During the period, the Company

acquired the assets of The Scottish Investment Trust plc (SCIN) and JPMorgan Elect plc (JPE) following schemes of

reconstruction. No other operations were acquired or discontinued in the year.

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns

represent supplementary information prepared under guidance issued by the Association of Investment Companies. Net

return/(loss) after taxation represents the profit/(loss) for the year and also Total Comprehensive Income.

The notes in the full annual report form an integral part of these financial statements.

Statement of Changes in Equity

	Called up		Capital
	share	Share	redemption	Capital	Revenue
	capital	premium	reserve	reserves1	reserve1	Total
	£'000	£'000	£'000	£'000	£'000	£'000
At 30th June 2021	7,746	92,019	27,401	526,208	-	653,374
Issue of Ordinary shares	559	49,636	-	-	-	50,195
Issue of Ordinary shares from Treasury	-	9,836	-	6,858	-	16,694
Costs in relation to issue of Ordinary shares	-	(270)	-	-	-	(270)
Blocklisting fees paid	-	-	-	(102)	-	(102)
Net (loss)/return	-	-	-	(37,045)	11,482	(25,563)
Dividends paid in the year (note 2)	-	-	-	(13,433)	(11,482)	(24,915)
At 30th June 2022	8,305	151,221	27,401	482,486	-	669,413
Issue of Ordinary shares	893	80,075	-	-	-	80,968
Repurchase of Ordinary shares into Treasury	-	-	-	(1,400)	-	(1,400)
Issue of Ordinary shares from Treasury	-	195	-	1,400	-	1,595
Issue of Ordinary shares in respect the of Combination with SCIN	6,696	602,259	-	-	-	608,955
Issue of Ordinary shares in respect of the Combination with JPE relating to JPE Managed Income and JPE Managed Cash portfolios	928	79,708	-	-	-	80,636
Issue of Ordinary shares in respect of the Combination with JPE relating to JPE Managed Growth portfolio	2,930	255,484	-	-	-	258,414
Costs in relation to issue of Ordinary shares	-	(1,026)	-	-	-	(1,026)
Blocklisting fees paid	-	-	-	(139)	-	(139)
Net return	-	-	-	134,351	27,516	161,867
Dividends paid in the year (note 2)	-	-	-	(18,859)	(27,516)	(46,375)
At 30th June 2023	19,752	1,167,916	27,401	597,839	-	1,812,908

¹  These reserves form the distributable reserves of the Company and may be used to fund distributions to investors

Statement of Financial Position

At 30th June 2023

	2023	2022
	£'000	£'000
Fixed assets
Investments held at fair value through profit or loss	1,793,910	676,778
Current assets
Derivative financial assets	5,318	4,637
Debtors	2,815	3,270
Cash and cash equivalents	160,708	41,963
	168,841	49,870
Current liabilities
Creditors: amounts falling due within one year	(1,983)	(2,417)
Derivative financial liabilities	(8,022)	(5,072)
Net current assets	158,836	42,381
Total assets less current liabilities	1,952,746	719,159
Creditors: amounts falling due after more than one year	(139,493)	(49,746)
Provision for liabilities and charges
Provision for capital gains tax	(345)	-
Net assets	1,812,908	669,413
Capital and reserves
Called up share capital	19,752	8,305
Share premium	1,167,916	151,221
Capital redemption reserve	27,401	27,401
Capital reserves	597,839	482,486
Revenue reserve	-	-
Total shareholders' funds	1,812,908	669,413
Net asset value per share	458.9p	403.1p

STATEMENT OF CASH FLOWS

For the year ended 30th June 2023

	2023	20221
	£'000	£'000
Cash flows from operating activities
Total return/(loss) on ordinary activities before finance costs and taxation	170,431	(22,659)
Adjustment for:
Net (gains)/losses on investments held at fair value through profit or loss	(144,807)	36,835
Net foreign currency losses/(gains)	7,006	(3,386)
Dividend income	(32,212)	(14,520)
Interest income	(3,420)	(147)
Realised (losses)/gains on foreign exchange transactions	(1,806)	274
Decrease/(increase) in accrued income and other debtors	1	(32)
Increase/(decrease) in accrued expenses	311	(6,310)
	(4,496)	(9,945)
Dividends received	27,498	12,531
Interest received	3,420	147
Overseas withholding tax recovered	127	37
Capital gains tax refund	1	-
Net cash inflow from operating activities	26,550	2,770
Purchases of investments	(1,535,958)	(554,563)
Sales of investments	1,509,367	493,049
Settlement of forward currency contracts	(2,930)	4,843
Costs in relation to acquisition of assets	(2,803)	-
Net cash outflow from investing activities	(32,324)	(56,671)
Dividends paid	(46,375)	(24,915)
Issue of Ordinary shares, excluding the Combinations	80,968	50,195
Net cash acquired following the Combination with SCIN and JPE	97,044	-
Issue of shares from Treasury	1,595	16,694
Repurchase of shares into Treasury	(1,400)	-
Repayment of bank loans	(1)	(199)
Costs in relation to issue of shares	(1,026)	(270)
Blocklisting fees	(139)	(102)
Interest paid	(6,146)	(1,475)
Net cash inflow from financing activities	124,520	39,928
Increase/(decrease) in cash and cash equivalents	118,746	(13,973)
Cash and cash equivalents at start of year	41,963	55,933
Unrealised (loss)/gain on foreign currency cash and cash equivalents	(1)	3
Cash and cash equivalents at end of year	160,708	41,963
Cash and cash equivalents consist of:
Cash and short term deposits	254	7,942
Cash held in JPMorgan Sterling Liquidity Fund	160,454	34,021
Total	160,708	41,963

¹  The presentation of the Cash Flow Statement, as permitted under FRS 102, has been changed so as to present the 'reconciliation of net return before finance costs and taxation' to 'cash inflow from operating activities' on the face of the Cash Flow Statement. Previously, this was shown by way of note to the Cash Flow Statement. Other than consequential changes in the presentation of certain cash flow items, there is no change to the cash flows as presented in previous periods.

Analysis of changes in net (debt)/ cash

	As at		Other non-cash	As at
	30th June 2022	Cash flows	charges	30th June 2023
	£'000	£'000	£'000	£'000
Cash and cash equivalents
Cash	7,942	(7,687)	(1)	254
Cash equivalents	34,021	126,433	-	160,454
	41,963	118,746	(1)	160,708
Borrowings
Debt due after one year	(49,746)	1	(89,748)	(139,493)
	(49,746)	1	(89,748)	(139,493)
Net (debt)/cash	(7,783)	118,747	(89,749)	21,215

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30th June 2023

1.     Accounting policies

(a)   Basis of accounting

The financial statements are prepared under the historical cost convention, modified to include fixed asset investments at fair value, and in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP'), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies in July 2022. In preparing these financial statements the Directors have considered the impact of climate change risk as a principal risk as set out in the full annual report, and have concluded that it does not have a material impact on the Company's investments. In line with FRS 102 investments are valued at fair value, which for the Company are quoted bid prices for investments in active markets at the 30th June 2023 and therefore reflect market participants view of climate change risk.

All of the Company's operations are of a continuing nature.

The financial statements have been prepared on a going concern basis. In forming this opinion, the directors have considered the impact of heightened market volatility since the Russian invasion of Ukraine, the persistent inflationary environment, rising interest rates and other geopolitical risks on the going concern and viability of the Company. They have considered the operational resiliency of its key service providers, including the Manager. The Directors have also reviewed the Company's compliance with debt covenants in assessing the going concern and viability of the Company. The Directors have reviewed income and expense projections to 30th September 2024 and the liquidity of the investment portfolio in making their assessment. Further details of Directors' considerations regarding this are given in the Chairman's Statement, Investment Manager's Report, Going Concern Statement, Viability Statement and Principal Risks section of this Annual Report.

The policies applied in these financial statements are consistent with those applied in the preceding year.

Issue of Shares Pursuant to a Scheme of Reconstruction of Scottish Investment Trust (SCIN) with the Company and JPMorgan Elect plc (JPE) with the Company (each a 'Combination' and together the 'Combinations')

On 31st August 2022, the Company issued new ordinary shares to shareholders of SCIN in consideration for the receipt by the Company of assets pursuant to a scheme of reconstruction and liquidation of SCIN. On 19th December 2022, the Company issued new ordinary shares and C shares to shareholders of JPE in consideration for the receipt by the Company of assets pursuant to a scheme of reconstruction and liquidation of JPE. The C shares were created on 19th December 2022 as part of the JPE Combination, which were subsequently converted into Ordinary shares on 17th March 2023 on a NAV-for-NAV basis, which rank pari passu in all respects with the existing issued ordinary shares.

The Directors have considered the substance of the assets and activities of SCIN and JPE in determining whether these acquisitions represents the acquisition of a business. In this case the acquisition is not judged to be an acquisition of a business, and therefore has not been treated as a business combination. Rather, the cost to acquire the assets and liabilities of SCIN and JPE has been allocated between the acquired identifiable assets and liabilities based on their relative fair values on the acquisition date without attributing any amount to goodwill or to deferred taxes. Investments and cash were transferred from both SCIN and JPE. In addition, the Company was substituted as issuer and sole debtor from SCIN of 5.75% £150 million in aggregate principal amount of secured bonds (of which £82,827,000 in aggregate principal amount remain outstanding) due 17th April 2030. All assets and bonds were acquired at their fair value. These assets have been recognised in share capital and share premium, as shown in Statement of Changes in Equity. Direct costs in respect of the shares issued have been recognised in share premium, whereas other professional costs in relation to the Combination have been recognised as transaction costs included within gains and losses on investments held at fair value through profit or loss.

2.     Dividends

(a)   Dividends paid and declared

		2023	2022
		£'000	£'000
	Dividends paid
	2022 fourth interim dividend of 4.24p (2021: 3.29p)	7,023	4,963
	2023 first interim dividend of 4.25p (2022: 4.24p)	12,856	6,535
	2023 second interim dividend of 4.25p (2022: 4.24p)	12,841	6,638
	2023 third interim dividend of 4.25p (2022: 4.24p)	13,655	6,779
	Total dividends paid in the year	46,375	24,915
	Dividend declared
	2023 fourth interim dividend of 4.25p (2022: 4.24p)	16,712	7,023

The fourth interim dividend of 4.25p has been declared and was paid on 7th July 2023 for the financial year ending 30th June 2023. In accordance with the accounting policy of the Company, this dividend will be reflected in the financial statements for the year ending 30th June 2024.

(b)  Dividend for the purposes of Section 1158 of the Corporation Tax Act 2010 ('Section 1158')

The requirements of Section 1158 are considered on the basis of dividends declared in respect of the financial year, shown below. The revenue available for distribution by way of dividend for the year is £27,276,000 (2022: £11,482,000). The revenue reserve during payment of the second interim dividend (2022: first interim) reduced to £nil (2022: £nil) and the remaining amount has been drawn from the capital reserve.

		2023	2022
		£'000	£'000
	2023 first interim dividend of 4.25p (2022: 4.24p)	12,856	6,535
	2023 second interim dividend of 4.25p (2022: 4.24p)	12,841	6,638
	2023 third interim dividend of 4.25p (2022: 4.24p)	13,655	6,779
	2023 fourth interim dividend of 4.25p (2022: 4.24p)	16,712	7,023
		56,064	26,975

The fourth interim dividend proposed at the year-end will be funded from the capital reserves.

3.     Return/(loss) per share

		2023	2022
	Ordinary Share Class	£'000	£'000
	Revenue return	27,516	11,482
	Capital return/(loss)	134,351	(37,045)
	Total return/(loss)	161,867	(25,563)
	Weighted average number of shares in issue	323,899,982	158,538,647
	Revenue return per share	8.50p	7.24p
	Capital return/(loss) per share	41.48p	(23.37)p
	Total return/(loss) per share	49.98p	(16.13)p

The weighted average number of shares includes an estimate of the ordinary shares that would potentially be issued on conversion of the C shares, effective from the date the C shares were issued to the date of actual conversion to ordinary shares. The estimated weighted average of the potential converted ordinary shares from the date of issue of C shares to the date of conversion to ordinary shares was 58,741,03 The basic return per share is the same as the diluted return per share.

4.     Net asset value per share

The net asset value per Ordinary share and the net asset value attributable to the Ordinary shares at the year end are shown below. These were calculated using 395,043,169 (2022: 166,086,285) Ordinary shares in issue at the year end (excluding Treasury shares).

	2023		2022
	Net asset value attributable		Net asset value attributable
	£'000	pence	£'000	pence
Net asset value - debt at par	1,812,908	458.9	669,413	403.1
Add: amortised cost of £30 million 30 year 2.93% unsecured loan notes January 2048	29,850	7.6	29,844	18.0
Less: Fair value of £30 million 30 year 2.93% unsecured loan notes January 2048	(20,503)	(5.2)	(27,437)	(16.6)
Add: amortised cost of £20 million 15 years 2.36% unsecured loan notes March 2036	19,908	5.0	19,901	12.0
Less: Fair value of £20 million 15 years 2.36% unsecured loan notes March 2036	(14,248)	(3.6)	(17,732)	(10.7)
Add: amortised cost of £82.8 million 5.75% secured bond April 2030	89,735	22.7	-	-
Less: Fair value of £82.8 million 5.75% secured bond April 2030	(82,033)	(20.8)	-	-
Net asset value - debt at fair value	1,835,617	464.6	673,989	405.8

5.     Status of results announcement

        2023 Financial Information

The figures and financial information for 2023 are extracted from the Annual Report and Financial Statements for the year ended 30th June 2023 and do not constitute the statutory accounts for that year. The Annual Report and Financial Statements include the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Register of Companies in due course.

2022 Financial Information

The figures and financial information for 2022 are extracted from the published Annual Report and Financial Statements for the year ended 30th June 2022 and do not constitute the statutory accounts for the year. The Annual Report and Financial Statements have been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

27th September 2023

For further information: 

Divya Amin,

JPMorgan Funds Limited

0800 20 40 20

ENDS

A copy of the 2023 Annual Report will shortly be submitted to the FCA's National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The 2023 Annual Report will shortly be available on the Company's website at http://www.jpmglobalgrowthandincome.co.uk/  where up-to-date information on the Company, including daily NAV and share prices, factsheets and portfolio in formation can also be found.

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END