Final Results to 30 June 26

JPMorgan Global Growth & Income PLC

09 October 2026

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN GLOBAL GROWTH & INCOME PLC

FINAL RESULTS FOR THE YEAR ENDED 30TH JUNE 2026

Legal Entity Identifier: 5493007C3I0O5PJKR078

Information disclosed in accordance with the DTR 4.1.3

JPMorgan Global Growth & Income plc ('JGGI' or the 'Company') reports its Full Year results for the year ended 30th June 2026.

Highlights

•   NAV total return of +16.7% (with debt at fair value) compared with +27.7% for the MSCI All Countries World Index in sterling terms (total return with net dividends reinvested) (the "Benchmark"). Share price total return of +15.1% for the period

•   Five-year cumulative NAV total return of +76.9% compared with +75.3% for the Benchmark; five-year share price cumulative total return of +69.8%

•   Ten-year cumulative NAV total return of +273.0% compared with +235.4% for the Benchmark; ten-year share price cumulative total return of +330.3%

•   The Company remains one of the top performers in its peer group over five and ten years

•   The Company repurchased 34,486,162 shares into Treasury at a total cost of £198.3 million at a weighted average discount of 3.25% discount, adding 0.98p to NAV per share

•   Dividends: four interim dividends of 5.75p per ordinary share (23.00p per ordinary share in total) for the year ended 30th June 2026; following the financial year end, the Board announced that it intends to pay dividends totalling 24.8p per share (6.2 pence per share per quarter) in relation to the financial year commencing 1st July 2026 (FY27), three remaining quarterly dividends expected to be paid in December 2026, April 2027 and June 2027 respectively.

•   FY27 represents the eleventh consecutive year of dividend increases. Since adopting its enhanced dividend policy in 2016, dividends paid and declared to shareholders have increased by 675%, equivalent to almost 20.5% per annum.

James Macpherson, Chairman of JGGI, commented:

"Despite this challenging period, the Board remains confident in the Company's investment strategy, which has fulfilled its objective of generating superior total returns and outperformed the Benchmark over different investment cycles. It is worth remembering that the Company has outperformed the benchmark in eight of the past ten financial years ending 30th June 2026, delivering average annualised returns of +14.1% over this period."

Portfolio Managers, Helge Skibeli, James Cook and Sam Witherow, commented:

"As experienced active investors, we have been through several extreme environments over the years, and while challenging for short term performance, these periods typically bring an unusually rich vein of opportunities that we can mine, in the expectation that they will enhance portfolio returns during the subsequent rebound. There are a wide range of compelling investment possibilities across the AI value chain, and, importantly, beyond AI, into the broader investment universe. We are therefore very excited about the Company's potential to generate excess returns for shareholders as we continue to take advantage of the most compelling of these opportunities as they emerge."

CHAIRMAN'S STATEMENT

Introduction

Global equity markets delivered strong returns over the 12-month period to 30th June 2026, despite a brief but severe bout of weakness triggered by the outbreak of hostilities in the Middle East in February. Concerns about the inflation and global growth consequences of the conflict were soon brushed aside, and the market gathered momentum as the focus shifted back to the implications of a huge wave of investment in artificial intelligence (AI) infrastructure. High expectations about the returns this investment would yield, both for the investors and downstream suppliers, fuelled dramatic gains for perceived 'AI winners'. Some cyclical names also did well, but market leadership narrowed to unusually low levels over the year.

Performance

Your Company participated in this rally, and returns were strongly positive in absolute terms during the period under review. However, performance lagged the benchmark materially. During the year to 30th June 2026, the Company returned +16.7% on net asset value ('NAV') in sterling terms, with debt at fair value, and +15.1% in share price terms, compared with the MSCI All Countries World Index in sterling terms (total return with net dividends reinvested) (the 'Benchmark'), which returned +27.7%.

This shortfall in relative performance was mainly the result of unfavourable stock selection, although asset allocation decisions also detracted to a more modest degree. In particular, stock selection within the Technology sector proved a drag on relative returns, as the Portfolio Managers underestimated the scale and market impact of the AI investment boom. The bias in favour of businesses with durable growth potential meant the portfolio was underweight momentum at a time when sentiment, rather than company fundamentals, was the main performance driver.

The Board and the Manager review performance at every Board meeting, and my fellow Directors and I appreciate the Portfolio Managers' candid, in-depth analysis of the sources of the Company's recent underperformance, which they have summarised in their report in the full annual report. We support their well-considered and measured response to recent performance challenges, which is intended to improve relative performance going forward.

Performance attribution

Year ended 30th June 2026	%	%
Contributions to total returns
Benchmark total return		27.7
Asset allocation	(1.9)
Stock selection	(9.5)
Currency effect	0.1
Gearing/cash	0.5
Investment Manager's contribution		(10.8)
Portfolio total return		16.9
Management fees/other expenses		(0.4)
Share buybacks/issuances		0.2
Net asset value total return - debt at par value		16.7
Impact of fair valuation of debt		0.0
Net asset value total return - debt at fair value		16.7
Ordinary share price total return		15.1

Source: Morningstar/J.P. Morgan.

All figures are on a total return basis.

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

Despite this challenging period, the Board remains confident in the Company's investment strategy, which has fulfilled its objective of generating superior total returns and outperformed the Benchmark over different investment cycles. It is worth remembering that the Company has outperformed the benchmark in eight of the past ten financial years ending 30th June 2026, delivering average annualised returns of +14.1% over this period

After the challenging relative performance, it is encouraging to see the Company deliver improved performance towards the end of the reporting period and the trend continuing in the new financial year.

The Investment Manager's Report that follows provides more detailed commentary on market developments and performance over the past year, as well as discussing recent portfolio activity and the market outlook.

Dividend Policy

The Board recognises the importance of the dividend both to investors and to the Company's long-term success. Following the financial year end, the Board announced that it intends to pay dividends totalling 24.8 pence per share (6.2 pence per share per quarter) in relation to the financial year commencing 1st July 2026 (FY27). This dividend is consistent with the Company's policy of paying at least 4.0% of the Company's net asset value as at 30th June 2026, and represents an increase of 7.8% on the previous financial year's total dividend of 23.0 pence per share.

It is expected that dividends in respect of FY27 will be paid by way of four equal distributions, with the first interim dividend of 6.2 pence per share (for the three-month period to 30th September 2026) being paid on 9th October 2026 to shareholders on the register at the close of business on 28th August 2026 (ex-dividend date 27th August 2026). The three remaining quarterly dividends are expected to be paid in December 2026, April 2027 and June 2027 respectively.

FY27 will be the eleventh consecutive year of dividend increases. Since adopting its enhanced dividend policy in 2016, dividends paid and declared to shareholders have increased by 675%, equivalent to almost 20.5% per annum. Shareholders should note that the Company does not have a progressive dividend policy. However, the Board has scope to partially fund dividends from the Company's substantial distributable reserves, which totalled £2.36 billion, or 433.1 pence per share, as at 30th June 2026. This ability to draw on reserves supports shareholders' desire for income, while also providing them with clarity regarding dividend payments for the coming year. Furthermore, it gives the Portfolio Managers the capacity to invest where they see the most attractive opportunities to maximise total returns over time, without being constrained by the need to own high dividend-paying companies to meet the Company's dividend objective. The Portfolio Managers are instead free to invest in non- or low-dividend paying companies, with a view to benefitting from the long-term capital growth prospects of these businesses.

As a reminder, shareholders may elect to invest their dividend in a Dividend Reinvestment Plan (DRIP), which is administered by the Company's registrar.

Share rating and buybacks

The Company's long-term discount management policy remains unchanged. The Board continues to believe that it is in the interest of shareholders to maintain an average discount to its NAV of around 5% or less, in normal market conditions. It aims to achieve this objective by repurchasing ordinary shares as required.

The Company traded on a discount to its NAV for most of the 12 months to 30th June 2026, with an average discount of 2.7%. The share price slipped from a premium rating to a discount last year following the combination with Henderson International Income Trust in May 2025. The share price subsequently recovered its premium rating until the market suffered a period of volatility in the final quarter of 2025 that saw the Company's shares once again trade at a discount. Since then, the discount has been reasonably stable, assisted by support from the buyback programme. At the end of the financial year, the discount stood at 2.2%.

Over the financial year, the Company repurchased 34,486,162 ordinary shares into Treasury, representing 5.95% of the shares in issue (excluding Treasury shares). These shares were repurchased at an aggregate cost of £198.3 million and a weighted-average discount of 3.25%, boosting the NAV per share by 0.98p. The Company did not issue any new ordinary shares over the 12-month period. As at 30th June 2026, the Company held 36,168,614 ordinary shares in Treasury (being 6.22% of the Company's issued share capital), and the number of shares in issue excluding shares held in Treasury was 545,720,407.

Since 30th June 2026, the Company has bought back an additional 2,958,361 shares into Treasury, at a weighted-average discount of 3.2%, adding 0.1p to the NAV per share. The share price discount is currently 3.5%

The Board believes that share repurchases are a valuable discount management tool. At the forthcoming Annual General Meeting in December 2026, the Board will therefore propose a resolution to renew the Directors' authority to repurchase the Company's ordinary shares. Resolutions will also be proposed to renew the Directors' authorities to issue new ordinary shares (and to reissue shares from Treasury) at a premium to NAV and to disapply pre-emption rights over such issues and reissues.

Gearing

The Company's gearing policy is set by the Board and remains unchanged. The Board continues to view gearing as a tool which, when used appropriately, can enhance shareholder returns over time.

Our Portfolio Managers use gearing flexibly and continually assess opportunities to deploy it when there is potential to enhance shareholder value. At the start of FY26 the Company had net cash of 0.6%, with gearing varying between net cash of 1.8% and gearing of 1.3% during the financial year. Net gearing was 0.4% at the end of June 2026.

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.

Portfolio Management Team

As announced last month, Helge Skibeli, one of the three Portfolio Managers, plans to retire in February 2028, after almost four decades in the industry. He will continue in his role as a Portfolio Manager of the Company until his retirement in 18 months' time. At that time, his responsibilities will be transitioned to the Company's existing Portfolio Managers, Sam Witherow and James Cook.

The Manager

The Board is committed to maintaining transparency and fostering a collaborative relationship with the Investment Manager. We remain focused on ensuring alignment with the Company's strategic objectives and enhancing shareholder value. The Manager provides other services to the Company, including accounting, company secretarial and marketing services. These have been formally assessed, together with the performance of the Portfolio Managers, through the annual manager evaluation process led by the Company's Management Engagement Committee. Taking all factors into account, the Board concluded that the ongoing appointment of the Manager is in the continuing interests of shareholders.

On behalf of the Board, I would like to take this opportunity to express our thanks to the various teams across the Manager's organisation, for the support they have provided to the Board throughout the year.

The Board

The Board continues to refresh and evolve its composition to ensure that it retains an appropriate balance of skills, experience and independence. As previously announced, Jane Lewis and Richard Hills retired from the Board with effect from 12th May 2026. The Board would like to record its thanks to Jane and Richard for their invaluable contributions to the Company and wishes them both well for the future.

Following these changes, Sarah Whitney assumed the roles of Senior Independent Director and Chair of the Nomination Committee and stepped down as Chair of the Audit Committee and Chair of the Remuneration Committee, with Rakesh Thakrar succeeding her in both roles.

The Board supports annual re-election for all Directors, as recommended by the AIC Code of Corporate Governance, and therefore all the Directors will stand for re-election at the forthcoming Annual General Meeting.

Annual General Meeting (AGM)

The Company's AGM will be held at 3.00 p.m. on 15th December 2026 at 60 Victoria Embankment, London EC4Y 0JP. Shareholders are invited to join us in person for the Company's AGM, which will include a presentation by the Portfolio Managers, followed by a question-and-answer session. My fellow Directors and I welcome the opportunity to meet shareholders, and we encourage all shareholders to attend the AGM and to stay for afternoon tea, which will be served after the conclusion of formalities.

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 poll. Please note that shareholders viewing the meeting via conferencing software will not be able to vote in the poll. We therefore encourage all shareholders, and particularly those who cannot attend in person, 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 at the AGM.

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

Stay in touch

The Board believes it is important to ensure that all shareholders are kept well-informed about the Company's progress, and to this end, we encourage those who have not already done so to please consider signing up for our email updates. You can opt in by scanning the QR Code in the full annual report or via the following link: tinyurl.com/JGGI-Sign-Up.

Outlook

My fellow Board members and I share the Portfolio Managers' optimism in the long-term prospects for your Company. The Company's investment strategy has proved itself over time, and the portfolio remains well-diversified, with exposure not only to AI-related themes, but also to a range of other growth and cyclical opportunities. These holdings are high quality businesses, with strong competitive advantages and appealing long-term growth prospects. Indeed, the portfolio's quality is notably better than the overall market according to price, earnings and quality metrics, which suggests scope for outperformance over time as market leadership broadens, and as company fundamentals reassert themselves as key market drivers.

In the meantime, we support the team's efforts to lift relative performance by improving the balance between near-term momentum and long-term valuation signals, and we welcome their continued willingness to grasp attractive opportunities to position the portfolio in anticipation of an eventual, significant rebound. The Portfolio Managers' ability to identify such opportunities is greatly enhanced by the deep resources of J.P. Morgan Asset Management's global research platform and proprietary analytical tools, which we believe provide the Company with a durable competitive advantage.

In our view, the portfolio is therefore well-placed to build on its track record of delivering superior long-term returns to shareholders, and I look forward to reporting back to you on the Company's progress.

Thank you for your continued support.

James Macpherson

Chairman                                                                                                                                8th October 2026

INVESTMENT MANAGER'S REPORT

The 12 months to 30th June 2026 was a challenging and disappointing period for the Company. The Company delivered a return of +16.7% in NAV total return terms (in sterling, with debt at fair value), compared with an increase of +27.7% for the Benchmark. However longer-term performance remains strong. For the five years ended 30th June 2026, the Company achieved an annualised NAV total return of +12.1%, surpassing the Benchmark, which rose at an annualised rate of +11.9% over the same period.

In this report, we outline the factors behind our performance for the financial year. Additionally, we comment on the market outlook and the portfolio's positioning as we move into the second half of 2026.

Introduction

In the 12 months to 30th June 2026, the Company delivered a return of +16.7% in NAV total return terms (in sterling, with debt at fair value). This compared with an increase of +27.7% in the MSCI All Countries World Index in sterling terms (total return with net dividends reinvested) ('the Benchmark') on the same basis.

Despite lagging the rise in the Benchmark over the last two years, the Company's longer-term performance remains strong. Since the inception of the current strategy in April 2019, the Company has generated a NAV total return of +165.3% compared with +143.6% for the Benchmark.

In this report, we outline the factors behind our performance for the financial year and the actions we have taken to improve relative returns. Additionally, we detail the portfolio's positioning as we move into the second half of 2026 and provide our view on the outlook for the market and the Company over the remainder of this year and beyond.

Market backdrop

On the surface, the strong returns from global markets over the 12 months to 30th June 2026 appeared to represent a continuation of the bull market that we've seen since September 2021. Underneath though, this return concealed some extreme market developments. Volatility was rising and the number of stocks underpinning market returns was narrowing. Valuations were under pressure from oil-linked inflation, while an unprecedented surge in AI infrastructure investment boosted earnings and drove outsized market dispersion. The US tech mega caps, the so-called 'Magnificent 7' (M7) that had dominated the market since the turn of the decade, lagged, ceding their leadership role to a small number of stocks perceived to be winners in the AI investment boom.

The outbreak of war in the Middle East in February 2026 provided a sharp but short-lived market sell-off. Though the effects on equity markets were brief, the accompanying oil price surge has persisted, pushing up medium-term inflation and central bank rate expectations. In addition, year-over-year earnings growth expectations have rocketed to 20%, a figure rarely seen outside of recession recovery periods.

Earnings expectations have been driven by the ever-expanding scale of global AI investment. Nearly 40% of the year-on-year growth in earnings forecasts comes from the semiconductor and tech hardware sector. We now forecast AI capex to surpass $1.3 trillion in 2026, up over 70% year-over-year. This is an astonishing figure, in scale comparable to the 19th century railway expansion and the 1990s fibre optic cable buildout. Much of this capex is flowing directly into the income statements of semiconductor and industrial companies worldwide, fuelling exceptional earnings growth. It is also driving one of the greatest periods of market momentum and equity market dispersion in recent history.

The outperformance of momentum and high beta factors started in 2025 and has accelerated in 2026. In addition, in the US market, the number of stocks outperforming the index return is at a 30-year low, i.e. market leadership is very concentrated, as the chart below illustrates. Whilst enthusiasm around global growth is warranted, given the likely productivity implications of the AI boom, in our experience, such extremes in market behaviour rarely prove durable.

Performance

Given these extraordinary market conditions, it has been very difficult for the Company to keep up with the Benchmark over the past year. Our investment process is built around the principle that strong, long-term investment results can best be consistently achieved through a focus on bottom-up stock selection. We attempt to look beyond any near-term market noise to understand companies' long-term, 'normalised', or 'through the cycle', earnings power and take advantage of attractive stock valuations in instances where the market appears to be underestimating a stock's quality and growth potential. This philosophy has served the Company well over many years, in a series of markedly different market environments.

We have been in a period of 'AI euphoria', where demand for AI products and services has outstripped supply. This kind of environment often benefits lower-quality parts of the market-businesses with lower margins and therefore higher operational leverage. While such stocks may be performing well today, we believe many are presently over-earning with their profits above sustainable, through the cycle level and face significant downside risk to margins when demand conditions normalise. In our view, higher-quality, longer-duration businesses deliver superior returns over time, so this is where we focus our attention.

There were three key underlying drivers for the Company's underperformance to 30th June 2026.

Performance drawdown in JPMAM's global research process: Our raw process signal which is based on the forecasts of our c.80 strong network of global analysts has generated annualised excess returns of c.4% over the past 40 years. This signal is derived from our proprietary forecasts of 'normalised' earnings for each stock with our analysts then dividing their sector coverage into quintiles with the first quintile being the most attractive and fifth quintile being the least attractive. However, it has underperformed over most of the last two years in an extreme pro-risk market willing to overlook earnings cyclicality. JPMAM has recently taken steps to better align our research signal with AI-driven change, while maintaining the ethos of long-term forecasting and valuation discipline.

Stock selection negatives within technology: We underestimated the unprecedented scale of the AI capex buildout, and the impact this would have on both the wider tech supply chain, and on the valuations of the companies making these investments. Our process struggled as the market quickly priced in best-case scenarios for some of these companies. In response to the adverse performance impact of this positioning, today, the portfolio is balanced across a range of sectors. We do not want the portfolio to be overly reliant on the AI theme and want to ensure that performance comes from a broad range of sectors as the market continues to digest the implications of this new technology and the broadening range of outcomes associated with it.

Portfolio construction: In an historic momentum market, our modest underweight to momentum was costly. So too were some near-term disappointments, most notably, our overweight to high quality consumer franchises, that we believe are suffering temporary weakness. To protect portfolio performance, we are now running unusually tight exposure to momentum and other common factors, while maintaining a typical level of exposure to our core alpha signal.

Elaborating further on each driver:

Performance drawdown in JPMAM's global research process: Our research signal performance (the relative returns of the Expected Return quintiles) experienced a challenging period, with quintile 1 and 2 companies (undervalued stocks) lagging quintile 4 & 5 (overvalued stocks), as the chart below shows.

However, this stands in stark contrast to the long-term, during which undervalued companies have outperformed overvalued companies materially. This provides clear evidence of the strength of our fundamental research capabilities over longer-term time periods. The essential issue is that our process is built on normalised profitability forecasts and a disciplined valuation engine. Against the market extremes seen over the past year, these inputs have been widely overlooked in the chase for greater near-term profits. 

Stock selection negatives within technology: While we have been persistent believers in the capabilities of generative AI, and the attractive potential returns of related infrastructure investment, we have adopted a cautious approach to stocks perceived to be AI winners, as we consider it diligent to await clear evidence that recent largescale investments are meeting return expectations. This has had two materially negative impacts on our portfolio positioning. Firstly, the extreme mismatch in near-term supply and demand has caused significant bottlenecks in the AI supply chain. This has favoured commoditised suppliers who can either benefit from spillover demand, or have scope to use price as a lever.

We started the year materially underweight these lower-quality suppliers (e.g. manufacturers of generic memory chips), instead favouring higher-quality producers of cutting-edge chips such as Taiwan Semiconductor Manufacturing (TSMC) and ASML, which possess a degree of monopoly power. However, these stocks have materially lagged their lower quality peers, despite outperforming the broader market. We have taken steps to manage our exposure to these developments through managed underweight positions to certain names, whilst maintaining high active weights in quality monopolies which we expect to generate significant alpha over time.

Additionally, our modest overweight to so-called AI 'hyperscalers', through our holdings in Amazon and Microsoft, detracted from portfolio returns in the year. Understandably, the market was alarmed by the sharp rise in these companies' capex plans, without clear evidence of commensurate revenue growth. In response, we have done extensive proprietary analysis on the potential returns generated by AI capex, and this has given us the conviction to maintain our modest overweight (see further discussion below).

Portfolio construction: While we attempted to neutralise the risk of being underweight momentum in the current, extreme market conditions, we also backed some of the highest conviction ideas that our fundamental analysis generated. This included high-quality consumer franchises such as Lowe's, a supplier of home improvement products, and restaurant chains McDonalds and Yum! China. However, this proved painful over the year to 30th June 2026, with the market de-rating these stocks despite their relatively resilient fundamentals. In these market conditions, resilience was simply not enough. Despite this, we are holding onto these positions, as we are confident that their quality characteristics will eventually be rewarded.

It is important to note that several portfolio holdings outperformed over the 12-month period. Our healthcare holdings made a strong contribution to relative returns, with Johnson & Johnson being rewarded for its expanding pharmaceutical pipeline. Within industrials, we saw strong contributions from Japanese automation champion Keyence, and from US construction equipment distributor United Rentals. The performance of both these names is a reflection of the broadening of industrial strength globally. We believe that these results prove that the market will continue to reward fundamental insights, even if the payoff (outside of the AI-epicentre) is lower than usual.

Current portfolio positioning

The ethos of our portfolio construction remains the same. We want to deliver a portfolio that represents the best ideas generated by JPMAM's worldwide research, in a style-neutral, risk-controlled, global portfolio.

As the chart below shows, our portfolio overweight to the top two quintiles of our global research alpha signal sits at 32% - just slightly above our long-term average. This is the critical yardstick by which to measure our alpha potential and shows that we are clearly not de-risking inappropriately following a period of underperformance. Conviction in the strength of this signal is reinforced by the portfolio's highly attractive top-down portfolio characteristics, compared with the index. A portfolio trading at a modest Price/Earnings (P/E) or Free Cash Flow Yield discount to the index, with significantly higher free cash flow margins than the index, and with nearly 200 bps faster future Earnings Per Share growth than the index should, through force of gravity, be able to generate superior performance to the index over time.

We are not overpaying for our current quality tilt as these stocks are currently trading at highly unusual discounts. Following a surge in relative performance for lower quality, highly cyclical stocks, and a corresponding drawdown in quality, we believe the risk-reward proposition has swung strongly in favour of the latter group of stocks.

Artificial Intelligence

It is worth pausing for a moment to consider the market implications of the AI revolution. AI is already having a profound impact on society and, in particular, corporates. Over the last year, conversations with company management teams have consistently returned to the implications of AI on their businesses, reflecting both the opportunities it presents and the challenges it poses. Significant structural change is clearly underway. This will lead to even greater demand for more hardware, more cyber security, more AI driven compute demand and more efficiency. While we have long been optimistic about AI's potential, we have been surprised by the speed of adoption and the accompanying level of investment in AI capabilities and related infrastructure.

Among perceived AI winners, we favour stocks such as Nvidia, which produces some of the most advanced semiconductors. We expect this business to deliver many years of profitable growth, in contrast to others in the AI winner cohort, where we believe profitability may prove more short-lived. While there is a clear near-term opportunity for companies to adopt AI to improve efficiency and reduce costs, we are sceptical about how much of that benefit will be retained by adopters over the long run. Our view is that a substantial share of the long-term economic benefits of AI investment will accrue to the hyperscalers, rather than to individual enterprises. This assessment underpins our preference for Microsoft and Amazon, where we hold meaningful overweight positions. They operate within an oligopolistic structure, with only a small number of players able to provide comparable scale and resilience - industry structures which, over time, can support attractive fundamentals that we do not believe are fully reflected in their current share prices.

Portfolio Changes

While AI remains a major focus, there are still many compelling opportunities on offer elsewhere in the market. For example, during the past year we purchased:

•   Ventas: In the US, a significant demographic shift is unfolding as the Baby Boom generation reaches 80 years of age - an age when the need for assisted-living typically increases. Ventas is a specialist real estate investment trust that owns, manages, and finances properties focusing on senior housing, outpatient medical buildings, and research centres. We believe that it will benefit from a strong uplift in demand over the next several years, particularly given constrained supply in this sector.

•   Tokio Marine: This company provides global insurance and risk management services, offering property and casualty (non-life) insurance, life insurance, and specialised commercial coverage. Tokio Marine is one of Japan's corporate-governance success stories, thanks to its efforts to sell down unprofitable cross-shareholdings and reposition itself into more profitable insurance business lines. Shareholders have also benefited from higher dividend payouts.

•   Safran: This French aerospace and defence company is a longstanding portfolio holding. We see structural demand for air travel as attractive, while supply shocks across the aerospace supply chain have resulted in pricing power and potential margin upside. The Iran-US war gave us an opportunity to rebuild a significant active position in a stock that has rewarded us well over the years.

Indeed, we always look to take advantage of periods of indiscriminate market panic. In response to the Middle East conflict, we selectively added to our holdings in several businesses where we remain confident in the durability and strength of their business models, despite near-term share price weakness. Top-ups included:

•   Mastercard, now the Trust's largest overweight position at the stock level, where we believe payment services infrastructure will remain essential in an AI-enabled world; and

•   Aon, the US insurance broker, whose proprietary data and role in supporting claims handling remain critical to customers.

Process enhancements

Performance drawdowns always provide opportunities to learn and adapt and this episode is no different. We have added several proprietary lenses to improve our understanding of the portfolio's exposure to 'momentum' as a factor within markets, leveraging extensive work performed by our internal Quantitative Research team. We're not price chasers, but we are benefitting from a deeper understanding of operational momentum within the companies we cover and own. Additionally, we have implemented a new process for managing the risk of large, unowned, benchmark positions. The volatility of the worlds largest stocks has grown significantly in the last couple of years as AI has introduced a wider range of long-term outcomes. When a material underweight thesis starts working against we now need to be more agile in managing that negative exposure, and this framework will allow us to do so.

Outlook

This has been an extremely challenging period for our strategy, with an atypical level of underperformance. We acknowledge that we made several stock selection and portfolio construction mistakes. However, we believe we have corrected the course where necessary - especially with regard to managing risk in the technology sector by diversifying our exposure across the AI ecosystem whilst ensuring we remain overweight those higher quality monopoly players where we see the most opportunity.

With these changes in place, we feel optimistic about the prospects for future active returns. First and foremost, our core alpha signal has a 40-year record of success. This signal has faced several similar performance drawdowns over that period, typically associated with periods of stress or exuberance, where near-term developments overwhelm the long-term fundamental business trajectory. In nearly all cases, the subsequent 12-month bounce-back has more than made up for the prior peak-to-trough drawdown. The current drawdown is a little larger than typical, and it has lasted a little longer than typical, but it is certainly not without precedent. We therefore retain our high conviction in the underlying alpha generation insights of our research platform, and believe that this latest drawdown represents an ongoing opportunity to acquire interesting, attractively-priced companies that promise higher than typical future returns.

As experienced active investors, we have been through several extreme environments over the years, and while challenging for short term performance, these periods typically bring an unusually rich vein of opportunities that we can mine, in the expectation that they will enhance portfolio returns during the subsequent rebound. We believe that we are currently at an especially compelling entry point within our alpha-generation cycle, as such opportunities have been accumulating continually across our investment universe over the course of the current episode of market exuberance. There are a wide range of compelling investment possibilities across the AI value chain, and, importantly, well beyond AI, into the broader investment universe. We are therefore very excited about the Company's potential to generate excess returns for shareholders as we continue to take advantage of the most compelling of these opportunities as they emerge.

For and on behalf of the Investment Manager

Helge Skibeli | Sam Witherow | James Cook

Portfolio Managers                                                                                                                          8th October 2026

PRINCIPAL RISKS

The Board has overall responsibility for reviewing the effectiveness of the system of risk management and internal control which is operated by the Manager and the Company's third-party service providers. Through delegation to the Audit Committee, the Company's ongoing risk management process is designed to identify, evaluate and mitigate the significant risks that the Company faces.

In order to monitor and manage risks facing the Company, with the assistance of the Manager, the Audit Committee maintains a risk matrix, which, as part of the risk management and internal controls process, details the principal and emerging risks that have been identified to face the Company at any given time, together with measures put in place to monitor, manage or mitigate against them as far as practicable. The Audit Committee considers the Company's risk matrix at each meeting, and furthermore holds a third meeting each year dedicated to a thorough review of the risk matrix.

The risk matrix sets out the risk, which is then rated by the likelihood of occurrence and possible severity of impact. The Directors, through the Audit Committee, confirm that they have carried out a robust assessment of the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity.

The principal and emerging risks facing the Company, how they have changed during the year, the mitigating activities in place, and how the Board aims to manage or mitigate these risks are set out below.

An upwards arrow, stable or downwards arrow has been included to show if the risk level has heightened, remained stable or reduced since it was reported in last year's Annual Report and Financial Statements.

			Change in risk
			status during
Principal risk	Description	Mitigating activities	the year
Market and geopolitical
Market	Market risk is the possibility that the Company's investments will suffer losses as a result of factors that affect the overall performance of the entire market simultaneously, i.e. systematic risk. This market risk comprises three elements - equity market risk, currency risk and interest rate risk.	The Board and Manager monitor and review these market risks and their potential impact on the portfolio. This is a risk that investors take having invested into a global equities fund. The Board receives regular reports from the Manager regarding market outlook and gives the Portfolio Managers discretion over acceptable levels of gearing and/or cash.	áâ The Board's assessment of this risk remains high, albeit unchanged from the previous year, due to the continuing uncertainty and volatility in the markets.
Geopolitical leading to a risk of global conflict	Geopolitical risk is the potential for political, socio-economic and cultural events and developments to have an adverse effect on the value of the Company's assets. The Company and its assets may be impacted by geopolitical instability, in particular concerns over global economic growth. There appears to be an increasing risk to market stability and investment opportunities from the growing number of worldwide geopolitical conflicts, not least as a result of tensions in the Middle East. The implications of prolonged duration of the Middle East conflict could significantly impact inflation, economic growth and corporate profits globally.	It is not possible to directly control this risk. However, it can be managed to some extent by diversification of investments and by regular communication with the Manager about in-house research, matters of investment strategy and portfolio construction, which will directly or indirectly include an assessment of these risks. In addition, an increase in volatility can present an opportunity for our Portfolio Managers to invest in quality stocks at attractive valuations.	ã The Board's assessment of this risk remains high, and has increased from the prior year, owing to continued geopolitical tensions and conflicts around the world, including the war in Ukraine, China/US tensions and the conflict in the Middle East.
Cyber security
Cyber security	Disruption to, or failure of, the Manager's accounting, dealing or payments systems or the Custodian's or Depositary's records from a cyber attack could prevent accurate reporting and monitoring of the Company's financial position. This threat has increased with advances in computing power that has seen a greater use of Artificial Intelligence ('AI'). 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 ordinary shares. The Company is dependent on third-party service providers for the provision of all of its services and systems, especially those of the Manager and the Depositary.	The Manager has assured the Directors that the Company benefits directly or indirectly from all elements of JPMorgan's cybersecurity 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 and reported on by independent auditors every six months against industry standards. On an annual basis, the Board receives a presentation from representatives of JPMorgan on its cybersecurity programme. The Board regularly reviews the services of the Manager and third-party service providers and receives regular control reports on the Manager and its associates, as well as the Registrar. In addition, the Board will carefully monitor developments in AI, in conjunction with the Manager, to consider how this risk might threaten the Company's activities.	áâ The Board's assessment of this risk remains high, albeit unchanged from the prior year. To date, the Manager's, Registrar's, and the Depositary's cybersecurity arrangements have proven robust and the Company has not been impacted by any cyber attacks threatening its operations.
Social and Economic
Widespread Social and Economic Disruption	The Board is cognisant of the increased threat over the coming decade of a polycrisis (a situation where multiple distinct and interconnected crises interact to create compounded effects). For example, the energy shock resulting from prolonged escalation in the Middle East conflict, high inflation and unemployment as a result of the widespread adoption of AI. Due to the ripple effects of these crises, which may range from conflict to severe impairment or collapse of public infrastructure and services, the compounded risks and impacts are unknown, extending beyond those that may directly threaten the Company's activities.	Proactive risk management, diversification, robust contingency planning, and a focus on sustainability and stakeholder engagement are essential components of an effective response to the multifaceted challenges posed by a polycrisis. These measures not only help protect the portfolio from adverse events but also position the Company for long-term success in an increasingly uncertain world. The Board will closely monitor developments in this area, collaborating with the Manager and consulting external experts as needed. In addition, the Board monitors the effectiveness and efficiency of service providers' disaster recovery processes through ongoing compliance and operational reporting.	ã This has been identified as a new Principal Risk.
Investment, Strategy and Process
Investment strategy and process	An inappropriate investment strategy, or one that is poorly implemented - such as in thematic exposure, sector allocation, stock selection, concentration of holdings, factor risk exposure, the level of gearing, or the degree of total portfolio risk - may lead to underperformance against the Company's Benchmark and peer companies, resulting in the Company's ordinary shares trading at a significant discount to NAV per ordinary share. The relevance and attractiveness of the investment strategy could be impacted by factors such as but not limited to a changing competitive landscape (such as the increasing prevalence of other investment products), the continued consolidation of the wealth management industry, or an ineffective marketing strategy, resulting in reduced demand for the shares.	The Board mitigates this risk through its investment policy and guidelines, which are monitored and reported on regularly by the Manager. The Board monitors the implementation and results of the investment process with the Portfolio Managers and regularly reviews and monitors the Company's objective and investment policy and strategy; the investment portfolio and its performance; the level of discount/premium to NAV at which the ordinary shares trade; and movements in the share register. The Investment Manager employs the Company's gearing within a strategic range set by the Board. The Board holds a separate meeting devoted to the Company's strategy each year.	áâ The Board's assessment of this risk remains stable, and unchanged from the prior year. The Company's performance remains ahead of the Benchmark over five and ten years.
Operational
Operational	Loss of key staff by the Manager, their expertise and ability to source and advise appropriately on investments, could affect the performance of the Company. 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. The Company is dependent on third-party service providers for the provision of services and systems, especially those of the Manager and the Depositary to run the business. and as such disruption to, or a failure of, those systems could lead to a failure to comply with law and regulations leading to reputational damage and/or financial loss.	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 their performance 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 receives a summary of the findings from the independently audited reports on the Manager's and other key third-party service providers' internal controls. The Company is subject to an annual external audit. Both the Manager and its third-party service providers have robust business continuity plans.	áâ The Board's assessment of this risk remains stable, and unchanged from the prior year. 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.

EMERGING RISKS

In the 2024 Annual Report, the Audit Committee agreed to remove Climate Risk as a principal risk to the Company, however, it remains on the Company's risk matrix. While the Audit Committee recognises that climate risk can have significant long-term consequences, in reaching this decision, the Audit Committee has considered the Company's current vulnerability and exposure to climate risk, both at the company level and the portfolio level, in terms of the impact on its strategy, reputation, financials, and operations. The decision to remove this reflects the Audit Committee's view that climate risk is to be considered over the longer-term and its current specific impact on the Company is uncertain and difficult to quantify at this time. Furthermore, the Audit Committee is aware that the impact of climate risk on the Company can be mitigated to some degree through the diversification of the portfolio and that this risk is already considered in the valuation process.

The Audit Committee has also noted that, as set out in the full annual report, while the Investment Manager considers financially material ESG analysis in its investment process, climate risk management is a secondary consideration to the risk management strategy. This reflects the reality of the level of influence that the Investment Manager has in its engagement with portfolio companies on climate risk, particularly in the context of climate impact and decarbonisation, as well as its fiduciary duty to balance risk and returns. The Audit Committee further considers that currently, there has been no direct impact of climate risk on the operations of the Manager, Investment Manager and the Company's key third-party service providers.

Emerging Risks

The AIC Code of Corporate Governance (the 'AIC Code') requires the Board to put in place procedures to identify and manage emerging risks facing the Company. At each meeting, the Board, through the Audit Committee, considers whether any 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 impacts on the Company, have arisen. Horizon scanning and ongoing monitoring of the business environment, industry trends, and regulatory changes helps the Audit Committee to identify emerging risks. Once identified, as the impact of emerging risks is understood, they may be entered on the Company's risk matrix and mitigating activities considered as necessary. Previously considered emerging risks have either been removed from the risk matrix as they are no longer considered potential risks to the Company or escalated to a principal risk. At the time of the publication of this report, the emerging risks identified as facing the Company are set out below.

			Change in risk
			status during
Emerging risk	Description	Mitigating activities	the year
Increasing prevalence of Active Exchange Traded Funds ('ETFs') at a time of faltering demand for investment companies	Active ETFs are low cost, liquid vehicles that can provide investors with actively managed exposure to asset classes such as global equities. In addition, discount volatility is alleviated to a significant extent, thereby addressing one of the key downsides of investment trusts.	The Company takes advantage of the benefits of the investment trust structure, which cannot easily be accessed by ETFs, such as the deployment of gearing and providing investors with an enhanced dividend. Furthermore, the Company's objective is to generate investment returns which materially exceed, on a cumulative basis, that of the Company's Benchmark, which should in turn support demand for the Company's ordinary shares. This is supported by targeted marketing spend and participation in industry-wide initiatives to promote investment companies.	áâ The Board's assessment of this emerging risk remains unchanged.
Potentially material changes to the UK tax and investment regime	Future changes to both the tax regime and current regulations on savings may have a detrimental impact on UK investors as well as demand for the Company's shares.	The Company can do very little to directly influence the policies of the UK Government. However, it is a member of the Association of Investment Companies and the Company's Manager is represented on the Investment Association, both are bodies that seek to inform public policy in this area. The Company also operates a share buy back programme as required to alleviate discount volatility.	áâ The Board's assessment of this emerging risk remains unchanged.

Change Key

ã Heightened   áâ Stable   ä Reduced

TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES

Details of the management contract are set out in the Directors' Report in the full annual report. The management fee payable to the Manager for the year was £12,457,000 (2025: including management fee waiver in respect of the combination with HINT, was £9,330,000), of which £50,000 (2025: £794,000 waiver) was outstanding at the year end.

Included in administration expenses in note 6 in the full annual report are safe custody fees amounting to £189,000 (2025: £149,000) payable to JPMorgan Chase Bank N.A. of which £33,000 (2025: £30,000) 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. The commission payable to JPMorgan Securities Limited for the year was £283,000 (2025: £nil) of which £nil (2025: £nil) was outstanding at the year end.

Other capital charges (handling charges) on dealing transactions amounting to £52,000 (2025: £52,000) were payable to JPMorgan Chase Bank N.A. during the year of which £9,000 (2025: £16,000) was outstanding at the year end.

Securities lending income amounting to £29,000 (2025: £20,000) was receivable by the Company during the year. JPMorgan Chase Bank, N.A. commissions in respect of such transactions amounted to £3,000 (2025: £2,000).

The Company invests in the JPMorgan GBP Liquidity Fund, a triple A-rated money market fund managed by JPMorgan Asset Management (Europe) S.à r.l. At the year end, this was valued at £137.6 million (2025: £174.8 million). Interest amounting to £6,575,000 (2025: £6,924,000) was receivable during the year of which £nil (2025: £nil) was outstanding at the year end.

At the year end, total cash of £10,671,000 (2025: £4,457,000) was held with JPMorgan Chase Bank, N.A. A net amount of interest of £28,000 (2025: £41,000) was receivable by the Company during the year, of which £nil (2025: £nil) was outstanding at the year end.

Full details of Directors' remuneration and shareholdings in the Company can be found 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 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

James Macpherson

Chairman

8th October 2026

STATEMENT OF COMPREHENSIVE INCOME

	For the year ended			For the year ended
	30th June 2026			30th June 2025
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Net gains on investments held at fair value
through profit or loss	-	469,213	469,213	-	13,829	13,829
Net foreign currency exchange gains/(losses)	-	1,752	1,752	-	(11,476)	(11,476)
Income from investments	52,702	206	52,908	46,212	87	46,299
Interest receivable and similar income	6,632	-	6,632	6,985	-	6,985
Gross return	59,334	471,171	530,505	53,197	2,440	55,637
Management fee	(3,077)	(9,380)	(12,457)	(2,332)	(6,998)	(9,330)
Other administrative expenses	(1,926)	-	(1,926)	(1,818)	-	(1,818)
Net return/(loss) before finance costs and taxation	54,331	461,791	516,122	49,047	(4,558)	44,489
Finance costs	(1,495)	(4,484)	(5,979)	(1,301)	(3,902)	(5,203)
Net return/(loss) before taxation	52,836	457,307	510,143	47,746	(8,460)	39,286
Taxation	(5,937)	-	(5,937)	(5,440)	143	(5,297)
Net return/(loss) after taxation	46,899	457,307	504,206	42,306	(8,317)	33,989
Net return/(loss) per ordinary share	8.35p	81.44p	89.79p	8.27p	(1.63)p	6.64p

All revenue and capital items in the above statement derive from continuing operations. During the year ended 30th June 2025, the Company acquired the assets and liabilities of Henderson International Income Trust plc ('HINT'). No operations were acquired or discontinued in the year ended 30th June 2026.

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 the Total Comprehensive Income.

STATEMENT OF CHANGES IN EQUITY

	Called up	Share	Capital
	share	premium	redemption	Other	Capital	Revenue
	capital	account	reserve	reserve1,2	reserves2	reserve2	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 30th June 2024	24,017	385,574	27,401	1,221,808	1,077,142	-	2,735,942
Issue of new ordinary shares	1,865	213,455	-	-	-	-	215,320
Repurchase of ordinary shares into Treasury	-	-	-	(14,571)	-	-	(14,571)
Issue of ordinary shares from Treasury	-	-	-	-	5,569	-	5,569
Issue of new ordinary shares in respect of
the combination with HINT	3,213	339,420	-	-	-	-	342,633
Costs in relation to issue of
new ordinary shares	-	(952)	-	-	-	-	(952)
Net (loss)/return after taxation	-	-	-	-	(8,317)	42,306	33,989
Dividends paid in the year (note 10)	-	-	-	-	(95,403)	(42,306)	(137,709)
At 30th June 2025	29,095	937,497	27,401	1,207,237	978,991	-	3,180,221
Repurchase of ordinary shares into Treasury	-	-	-	(198,284)	-	-	(198,284)
Net return after taxation	-	-	-	-	457,307	46,899	504,206
Dividends paid in the year (note 10)	-	-	-	-	(81,970)	(46,899)	(128,869)
At 30th June 2026	29,095	937,497	27,401	1,008,953	1,354,328	-	3,357,274

¹     Created following approval by the High Court on 27th February 2024 to cancel the share premium account as at close of business on 2nd November 2023.

²     These reserves form part of the distributable reserves of the Company and may be used to fund distributions to shareholders. Please refer to notes 1(c) and 17, to the financial statements in the full annual report, for further details and analysis.

STATEMENT OF FINANCIAL POSITION

	At 30th June 2026	At 30th June 2025
	£'000	£'000
Fixed assets
Investments held at fair value through profit or loss	3,370,667	3,159,956
Current assets
Derivative financial assets	1,475	10,609
Debtors	3,225	23,041
Current asset investments	137,596	174,752
Cash at bank	10,671	4,457
	152,967	212,859
Current liabilities
Creditors: amounts falling due within one year	(6,927)	(25,811)
Derivative financial liabilities	(1,105)	(7,775)
Net current assets	144,935	179,273
Total assets less current liabilities	3,515,602	3,339,229
Creditors: amounts falling due after more than one year	(158,328)	(159,008)
Net assets	3,357,274	3,180,221
Capital and reserves
Called up share capital	29,095	29,095
Share premium account	937,497	937,497
Capital redemption reserve	27,401	27,401
Other reserve	1,008,953	1,207,237
Capital reserves	1,354,328	978,991
Revenue reserve	-	-
Total shareholders' funds	3,357,274	3,180,221
Net asset value per ordinary share	615.2p	548.1p

STATEMENT OF CASH FLOWS

	For the year ended	For the year ended
	30th June 2026	30th June 2025
	£'000	£'000
Cash flows from operating activities
Net return before finance costs and taxation	516,122	44,489
Adjustment for:
Net gains on investments held at fair value through profit or loss	(469,213)	(13,829)
Net foreign currency exchange (gains)/losses	(1,752)	11,476
Dividend income	(52,908)	(46,299)
Interest and other income	(6,632)	(6,985)
Net realised gains/(losses) on foreign currency exchange transactions	394	(587)
Decrease/(increase) in other debtors	893	(340)
Increase in accrued expenses	45	231
Net cash outflow from operating activities before dividends, interest and taxation	(13,051)	(11,844)
Dividends received	45,141	40,785
Interest and other income received	6,632	7,535
Overseas tax recovered	1,876	828
Capital gains tax paid	-	(40)
Net cash inflow from operating activities	40,598	37,264
Purchases of investments	(4,352,926)	(3,757,214)
Sales of investments	4,611,354	3,592,775
Settlement of forward currency contracts	3,945	(16,211)
Costs in relation to acquisition of assets	-	(855)
Net cash inflow/(outflow) from investing activities	262,373	(181,505)
Dividends paid	(128,869)	(137,709)
Issue of new ordinary shares, excluding the combinations	-	216,038
Costs in relation to issue of new ordinary shares	-	(952)
Net cash acquired following the combination with HINT	-	82,897
Issue of ordinary shares from Treasury	-	5,569
Repurchase of ordinary shares into Treasury	(198,299)	(14,566)
Secured bonds, senior secured notes and bank overdraft interest paid	(6,742)	(6,080)
Net cash (outflow)/inflow from financing activities	(333,910)	145,197
(Decrease)/increase in cash and cash equivalents	(30,939)	956
Cash and cash equivalents at start of year	179,209	178,256
Foreign currency exchange movement	(3)	(3)
Cash and cash equivalents at end of year	148,267	179,209
Cash and cash equivalents consist of:
Cash at bank	10,671	4,457
Current asset investment in JPMorgan GBP Liquidity Fund	137,596	174,752
Total	148,267	179,209

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30th June 2026.

1.       Accounting policies

(a)     Basis of accounting

The Company is a listed public limited company incorporated in England and Wales. The registered office is detailed in the full annual report.

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 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 2026 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 continued market volatility and economic uncertainty resulting from ongoing geopolitical tensions and conflicts, including the war in Ukraine and the conflict in the Middle East, and in particular the impact of these geopolitical risks on the going concern and viability of the Company. Consideration was also given to the impact of the implementation of the US Administration's global tariffs on markets. They have considered the operational resiliency of its key third-party service providers, including the Manager. The Directors have also reviewed the Company's compliance with its debt covenants in assessing the going concern and viability of the Company. The Directors have reviewed income and expense projections to 31st October 2027 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 Statement within this Annual Report.

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

2.       Dividends

(a)     Dividends paid and declared

	2026		2025
	Pence	£'000	Pence	£'000
Dividend paid
Fourth interim dividend for prior year	-	-	4.61	22,091
First interim dividend	5.75	33,300	5.70	28,063
Second interim dividend	5.75	32,478	5.70	28,618
Third interim dividend	5.75	31,712	5.70	29,445
Fourth interim dividend paid in current year	5.75	31,379	5.70	29,492
Total dividends paid in the year	23.00	128,869	27.41	137,709

(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 £46,899,000 (2025: £42,306,000). The revenue available was reduced to £nil (2025: £nil) after payment of the second interim dividend (2025: second interim) and the remaining amount has been funded from the capital reserves.

	2026		2025
	Pence	£'000	Pence	£'000
First interim dividend	5.75	33,300	5.70	28,063
Second interim dividend	5.75	32,478	5.70	28,618
Third interim dividend	5.75	31,712	5.70	29,445
Fourth interim dividend	5.75	31,379	5.70	29,492
Total	23.00	128,869	22.80	115,618

Part of the second interim, plus all of the third and fourth interim dividends paid, have been funded from the Company's capital reserves.

3.       Return/(loss) per ordinary share

	2026	2025
	£'000	£'000
Return/(loss) per ordinary share is based on the following:
Revenue return	46,899	42,306
Capital return/(loss)	457,307	(8,317)
Total return	504,206	33,989
Weighted average number of ordinary shares in issue	561,541,290	511,582,151
Revenue return per ordinary share	8.35p	8.27p
Capital return/(loss) per ordinary share	81.44p	(1.63)p
Total return per ordinary share	89.79p	6.64p

The total return per ordinary share represents both basic and diluted return per ordinary share as the Company has no dilutive shares.

4.       Net asset value per ordinary 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 545,720,407 (2025: 580,206,569) ordinary shares in issue at the year end (excluding Treasury shares).

	2026		2025
	Net asset value		Net asset value
	attributable		attributable
	£'000	pence	£'000	pence
Net asset value - debt at par value	3,357,274	615.2	3,180,221	548.1
£82.8 million 5.75% secured bonds - April 2030
Add back: amortised cost	86,618	15.9	87,645	15.1
Deduct: fair value	(86,128)	(15.8)	(87,202)	(15.0)
£30 million 2.93% senior secured notes - January 2048
Add back: amortised cost	29,868	5.5	29,862	5.1
Deduct: fair value	(19,013)	(3.5)	(19,371)	(3.3)
£20 million 2.36% senior secured notes - March 2036
Add back: amortised cost	19,929	3.6	19,922	3.4
Deduct: fair value	(15,485)	(2.8)	(15,330)	(2.6)
€30 million 2.43% senior secured notes - April 2044
Add back: amortised cost	21,913	4.0	21,579	3.7
Deduct: fair value	(20,699)	(3.8)	(21,312)	(3.7)
Net asset value - debt at fair value	3,374,277	618.3	3,196,014	550.8

Status of results announcement

2026 Financial Information

The figures and financial information for 2026 are extracted from the Annual Report and Financial Statements for the year ended 30th June 2026 and do not constitute the statutory accounts for that year. The Annual Report and Financial Statements include the Report of the Independent Auditor 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.

2025 Financial Information

The figures and financial information for 2025 are extracted from the published Annual Report and Financial Statements for the year ended 30th June 2025 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 Auditor which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

JPMORGAN FUNDS LIMITED

8th October 2026

For further information, please contact:

Divya Amin

For and on behalf of

JPMorgan Funds Limited

Telephone: [phone] or [phone]

E-mail: [e-mail]

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.

ENDS 

A copy of the half year will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The Half Year Report will also shortly be available on the Company's website at www.jpmglobalgrowthandincome.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

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END