Quarterly Net Asset Value and Portfolio Update

JPMorgan Global Core Real Assets Ld

16 March 2026

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN GLOBAL CORE REAL ASSETS LIMITED

("JARA" or the "Company")  

QUARTERLY NET ASSET VALUE AND PORTFOLIO UPDATE

Legal Entity Identifier: 549300D8JHZTH6GI8F97

Net Asset Value

The Company announces its unaudited Net Asset Value ("NAV") as at 28th February 2026 of 94.44 pence per share (30th November 2025: NAV 95.42 pence per share). In line with the Company's previously stated policy, the Company paid no dividend during the three-month period to 28th February 2026. The NAV total return for the quarter is -1.0% and -0.5% for the preceding 12 months, while the total share price return for the 12 months to 28th February 2026 was -8.6%.

A snapshot of the components to this NAV and the relevant date for their valuation is provided below.

Strategies

Name	Date of price for Strategy	% of JARA's NAV as at 28th February 2026
Real Estate Equity - US	31st December 2025	49.8%
Real Estate Equity - Asia Pacific	31st December 2025	38.9%
Infrastructure	31st December 2025	4.1%
Transportation	30th September 2025	1.2%
Net current assets including cash - held in Sterling	28th February 2026	6.0%

During the three months to 28th February 2026, all strategies delivered positive returns in local currency terms, with Real Estate Equity - US contributing +0.6%, and Real Estate Equity - Asia contributing +0.3%, and Infrastructure contributing minimally due to its limited remaining allocation¹. During the quarter, Sterling strengthened against the US dollar² and the underlying currencies in the portfolio, resulting in a net negative currency impact over the Company's quarter to 28th February 2026.

¹The local return contribution is calculated based on the NAV snapshot as of 28 February 2026, excluding cash held in JPM Liquidity Funds.

²The GBP/USD exchange rate was 1.34445 as at 28th February 2026, versus 1.32500 as at 30th November 2025. Currency impact does not factor in an offsetting gain/loss from the hedged infrastructure strategy, which is priced as at 31st December 2025.

Issued Share Capital

As at 28th February 2026, there were 53,630,307 shares in issue.

Portfolio Construction

As at 28th February 2026, the Company's portfolio was valued at £51.4 million (including cash held in JPM Liquidity Funds).

Geographical exposure percentage of NAV³

	31.08.25	30.11.25	28.02.26
North America	48%	47%	56%
Asia Pacific	46%	47%	42%
Europe	6%	6%	2%
UK	~0%	~0%	~0%
Total	100%	100%	100%

³ As at 28th February 2026. Numbers may not sum due to rounding.

Private Asset Portfolio Metrics

Please see below for the metrics of JARA's private investments. As at 28th February 2026, private asset exposure represented 94% of JARA's NAV.

Investments

·    327 private investments and, at a more granular individual asset level, look through exposure to 1,465 individual assets. (30th November 2025: 326 private investments and 1,454 individual assets).

	31.08.25	30.11.25	28.02.26
Investments	326	326	327
Assets	1,445	1,454	1,465

Currency

The main currency exposures⁴ of the portfolio are as follows:

Currency			31.08.25	30.11.25	28.02.26
USD			54%	56%	56%
JPY			12%	12%	11%
AUD			9%	9%	9%
SGD			9%	9%	9%
CNH			5%	5%	4%
NZD			4%	4%	4%
GBP			4%	3%	4%

⁴ Other currencies represent approximately 3% in aggregate. Numbers may not sum to 100% due to rounding.

16th March 2026

For Further Information

JPMorgan Funds Limited - Company Secretary

Telephone: [phone] or [phone]

E-mail: [e-mail]

 

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