Half-year Financial Report
Summary by AI BETAClose X
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL GROWTH & INCOME PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED
31ST DECEMBER 2025
JPMorgan Global Growth & Income plc (the 'Company' or 'JGGI') announces its half year results for the six-months ended 31st December 2025.
Legal Entity Identifier: 5493007C3I0O5PJKR078
Information disclosed in accordance with DTR 4.2.2
HIGHLIGHTS
· NAV total return of +9.1% (with debt at fair value) compared with +13.3% for the MSCI All Countries World Index in sterling terms (total return with net dividends reinvested) (the "Benchmark"). Share price total return of +7.1% for the period.
· Five year cumulative NAV total return of +90.6% compared with +72.7% for the Benchmark; five year share price cumulative total return of +79.4%.
· Ten year cumulative NAV total return of +275.2% compared with 232.0% for the Benchmark; ten year share price cumulative total return of +288.0%.
· The Company remains one of the top performers in its peer group over five and ten years.
· The Company repurchased 19,086,840 shares into Treasury at a total cost of £109.7 million at a 3.0% average discount, adding 0.6p to NAV per share.
· Dividends: two interim dividends of 5.75p per share (total 11.50p in the period) were paid on 7th October and 30th December 2025; for the financial year commencing 1st July 2025, the Board intends to pay dividends totalling 23.0p per share (5.75p per quarter), a 0.9% year on year increase. Since adoption of the enhanced policy in 2016, dividends rose by 613%, with 22.80p paid for FY2025; a third interim dividend has been declared for payment on 9th April 2026 (record 6th March; ex div 5th March).
James Macpherson, Chairman of JGGI, commented:
"Despite the underperformance in recent quarters, the Company's long term track record remains resilient, and it has significantly outperformed the Benchmark over the last five years. My fellow Directors and I share the Portfolio Managers' view that the Company is well placed to navigate the current challenging market environment, and to benefit as long term fundamentals resume their role as key market drivers… We are therefore confident that the Company will continue to deliver attractive returns to shareholders over the long term."
Portfolio Managers, Helge Skibeli, James Cook and Sam Witherow, commented:
"We continue to believe that global stock picking across our core investment universe offers attractive rewards for investors over the long-term, and we see many well-priced opportunities. The Company has exposure to several long-term trends, such as the rapid adoption of AI tools and cloud computing, which we expect will underpin market returns over the medium to long-term.
"While the extent and speed of the current relative drawdown have been sharp… we have seen similar market environments in the past… Historically, these market shifts have typically been short lived and the rebound is often substantial… we are confident that our investment process harbours pent up opportunities for alpha generation."
Chairman's Statement
Introduction
The six months ending 31st December 2025 saw a positive period for global equity markets. However, conditions remained volatile as a result of geopolitical events and the uncertainty surrounding US trade and economic policy. Following initial concerns in the first half of 2025 over President Trump's 'America First' agenda, the second half of the year saw easing trade tensions and a surge in artificial intelligence (AI) investment. This boosted stocks considered to be AI winners, albeit technology stocks had mixed results as high expectations and rising capital expenditure fuelled concerns of an AI bubble.
Performance
The Company generated a positive return over the six months to 31st December 2025, although its NAV total return of 9.1% lagged the 13.3% return from the MSCI AC World Index (the Benchmark). Despite the underperformance in recent quarters, the Company's long-term track record remains resilient and it has significantly outperformed the Benchmark over the last five years, with a NAV total return of 90.6% compared with 72.7% for the Benchmark.
Against the backdrop of volatile markets, the underperformance in the second half of 2025 was largely due to stock selection, with the portfolio underperforming in a market that strongly favoured short term momentum over long term fundamentals. For over a year now the Portfolio Managers have been wary of the sustainability of profit margins and the degree to which momentum has been a factor driving stock returns. Consequently they have had a preference for higher-quality stocks that could demonstrate superior and resilient earnings growth but this strategy has not been rewarded over the period. Positions in traditionally defensive areas, particularly high quality consumer and healthcare companies, detracted from returns as earnings downgrades proved deeper and more prolonged than anticipated. In addition, the portfolio's underweight exposure to certain large technology stocks weighed on relative returns. The Manager discusses recent market conditions and stock selection in further detail in the Investment Manager's Report below.
Performance attribution
Six months ended 31st December 2025
|
|
% |
% |
|
Contributions to total returns |
|
|
|
Benchmark return |
|
13.3 |
|
Asset allocation |
(0.5) |
|
|
Stock selection |
(3.8) |
|
|
Currency effect |
0.1 |
|
|
Gearing/cash |
0.2 |
|
|
Investment Manager's contribution |
|
(4.0) |
|
Portfolio total return |
|
9.3 |
|
Management fee/other expenses |
(0.2) |
|
|
Net asset value return - prior to structural effects |
|
9.1 |
|
Structural effects |
|
|
|
Share buy-backs |
0.1 |
|
|
Net asset value total return - Debt at par value |
|
9.2 |
|
Impact of Fair Valuation of Debt |
(0.1) |
|
|
Net asset value total return - Debt at fair value |
|
9.1 |
|
Ordinary Share Price Total Return |
|
7.1 |
Source: Morningstar/J.P. Morgan. All figures are on a total return basis.
A glossary of terms and APMs is provided on pages 33 to 36 of the full Half-Year Report.
Dividend Policy
Shareholders should be aware that the Company does not have a progressive dividend policy. However, since the adoption of the enhanced dividend policy in 2016, shareholders in the Company will have seen an increase in their dividends of 613% based on a total dividend of 22.80 pence per share for the financial year ended 30th June 2025, equivalent to almost 24.5% per annum. For the current financial year commencing 1st July 2025, the Company intends to pay dividends totalling 23.0 pence per share (5.75 pence per share per quarter), which represents an increase of 0.9% on the last financial year's total dividend.
The third interim dividend with respect to the current year was declared by the Board on 11th February 2026 and will be paid on 9th April 2026. The record date is 6th March 2026, and the ex-dividend date is 5th March 2026. The final interim dividend will be declared in May 2026 and paid in June 2026.
The Company's capacity to part-fund dividends from its significant level of reserves provides it with the means to meet our investors' desire for regular income, combined with clarity on dividend payments for the coming year. It also allows our Portfolio Managers to invest where they see the most attractive opportunities, as they are not constrained by the need to invest only in high dividend-paying companies to meet the Company's dividend policy. Instead, they are 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. The Company's distributable reserves stood at £2.3 billion in aggregate as at 31st December 2025.
Share buybacks and Treasury
The Company's long-term policy of repurchasing its ordinary shares with the aim of maintaining an average discount of around 5% or less, calculated with debt at fair value, remains unchanged.
During the review period, a total of 19,086,840 shares were repurchased into Treasury at a total cost of £109.7 million at a weighted-average discount of 3.0%, adding 0.6p to the NAV per share. Following these repurchases, there were 20,769,292 ordinary shares held in Treasury at the end of the period.
In the six months to 31st December 2025, the Company's share price traded within the range stated in the discount policy above and, at the end of the half year period, the discount was 2.6%. The Board has sought to manage the volatility of the Company's discount by actively repurchasing shares, ensuring it does not drift wider than 5% in normal market conditions.
Since 31st December 2025, the Company has bought back an additional 12,899,322 shares into Treasury at a weighted-average discount of 3.1%, adding 0.3p to the NAV per share. The share price discount is currently 2.6%. The Board continues to monitor the impact of share buybacks on both the share price and the discount.
Gearing
The Company's gearing policy is set by the Board and remains unchanged. 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 the period the Company had net cash of 0.6%, with gearing varying between net cash of 1.3% and gearing of 1.8% during the period. As explained in the Investment Manager's Report, the Portfolio Managers remain cautious near-term and this is reflected in the Company's net cash position of 0.5% at the end of December 2025.
In its last annual report, the Company reported that it had taken on €30 million of senior secured notes as part of the combination with Henderson International Income Trust plc (HINT). It also disclosed the purchase of the remaining 0.06% (£125) issue of its £200,000 secured 4.5% Perpetual Debenture 1895 which, consequentially, has now been fully redeemed.
Currency Hedging
The Company continues its passive currency hedging strategy, which has been in place since 2009. The strategy 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 the portfolio's exposure to currencies may differ materially from that of the Company's competitors, some of whom opt instead to fully or partially hedge currency exposure over the short-term.
Half Year Report review
In light of the four mergers undertaken by the Company in the past four years and the resultant increased complexity of the financial statements, the Board has engaged its auditors, Ernst & Young LLP, to undertake a review of this Half Year Report. The Board will decide annually whether such a review is required, dependent upon the level of corporate activity undertaken by the Company during the year.
The Board
As disclosed in the Company's last Annual Report, Richard Hills, the former chairman of HINT, joined our Board for a transition period of 12 months from May 2025, lifting the number of directors to seven. The Board also disclosed that Jane Lewis, who holds the role of Senior Independent Director (SID), will stay on the Board until May 2026, at which time both Jane and Richard will retire. Following Jane's retirement from the Board, I am pleased to announce that Sarah Whitney will take over the roles of SID and Chair of the Nomination Committee. Upon assuming these roles, Sarah will step down as Chair of the Audit Committee, with Rakesh Thakrar succeeding her. On behalf of my fellow Directors, I would like to take this opportunity to thank Richard for his invaluable contributions during the combination process and Jane for her dedication to the Company since joining the Board in September 2022, and in particular for her exceptional dedication and insight as SID and Chair of the Nomination Committee.
After close consideration of its composition and succession plans, the Board has decided that having five independent non-executive directors is appropriate for the time being, while still satisfying the Board's commitment to diversity and inclusivity. This decision will be kept under review as part of the Board's ongoing succession planning.
Stay in Touch
The Board would like to ensure that all shareholders are kept well-informed about the Company's progress, and we would like to 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 on page 2 of the full Half-Year Report or via the following link: tinyurl.com/JGGI-Sign-Up.
Outlook
The Board recognises that this has been a disappointing period for relative performance with current events in the Middle East adding to uncertainty. However, history suggests that periods when company valuations disconnect from their long-term earnings potential are often temporary and, in the case of this fund, since the 'dot-com' break in 2001, the subsequent recovery in performance has exceeded the previous downturn.
My fellow Directors and I share the Portfolio Managers' view that the Company is well placed to navigate the current challenging market environment, and to benefit as long-term fundamentals resume their role as key market drivers. Importantly in this respect, the portfolio is exposed to several powerful structural themes, including the AI revolution and cloud computing, which are expected to support earnings growth over the medium to long-term.
The Board also believes that the Portfolio Managers' ability to draw on the deep resources of J.P. Morgan Asset Management's global research platform and proprietary analytical tools, provides the Company with a durable competitive advantage. We are therefore confident that the Company will continue to deliver attractive returns to shareholders over the long-term, and look forward to reporting back to you on the Company's future progress.
Thank you for your ongoing support in the Company.
James Macpherson
Chairman
18th March 2026
Investment Manager's Report
Introduction
In the six months to 31st December 2025, the Company generated a NAV total return of +9.1%, compared with a 13.3% increase in the MSCI AC World Index (the 'Benchmark'). Although the Company underperformed its comparable Benchmark over this period, it has delivered positive cumulative total returns of 90.6% over the last five years, well ahead of the Benchmark return of 72.7%. This performance has been consistent over time, as the portfolio has outperformed in six of the last seven calendar years. Please see page 6 of the full Half-Year Report for details.
In this report, we discuss the main drivers of the Company's recent returns, including the reasons for the portfolio's underperformance over the review period. We also provide our market outlook and explain how we have positioned the portfolio to benefit from both expected near-term developments and longer-term structural trends.
The Global Market Backdrop
Like the first half of 2025, the second half was eventful. Global equity markets were volatile, in response to shifting US policy, geopolitical events and changing trade dynamics. The year began with uncertainty over the new Republican administration's 'America First' agenda, which dampened confidence and raised global growth concerns, particularly after the April announcement of tariffs on many of the US's trading partners. In the second half of the year, easing trade tensions and a surge in artificial intelligence (AI) investment - especially from Chinese technology firms - boosted stocks seen as AI winners. The final three months of the year brought moderate gains, although market sentiment fluctuated between optimism and caution. US equities were aided by progress in trade negotiations and three interest rate cuts from the Federal Reserve, while technology stocks had mixed results, with the positive impact of high expectations and rising capital expenditure (capex) tempered by increasing concerns about an AI bubble. Rising geopolitical tensions around the world also impacted equity markets, with defense exposed names enjoying a resurgence on the back of growing uncertainty around US foreign policy commitments.
Six-Month Performance
The Company uses an investment process that, at its heart, relies on strong company fundamentals and long-term earnings potential being recognised by investors. However, this period saw short-term sentiment driving investor preferences, which is an environment that does not favour our investment process.
We must also acknowledge that stock selection detracted from performance for some of the names held in the portfolio, but also not capturing parts of the market which performed well. For example, the rally in some value-oriented sectors internationally, coupled with underweights to some large index names which performed incredibly strongly, further impacted performance negatively.
Nonetheless, the resultant drawdown in excess returns is as disappointing to us as it is for our investors. We have seen some instances of momentum-driven markets in the past, including the Covid-19 pandemic and Russia's invasion of Ukraine, and, while history is not a guide to the future, maintaining our underweight to momentum during short-lived bouts of market dislocation has ultimately proved to be the right decision. Historically, associated market dislocations have provided good opportunities to buy high-quality companies at reasonable valuations. For example, in 2020 we avoided expensive stay-at-home winners at the height of the Covid pandemic, and then, in late 2022, we embraced big tech near the trough of the growth sell-off. Both these decisions were quite quickly rewarded as the sentiment underpinning these market developments dissipated.
However, the current market exuberance, fueled by the AI boom, has compressed investor time horizons, with markets fixated on short-term winners and losers and prone to reward the most recent results. This is not only visible in the premium valuations of US AI stocks and European defence stocks, but also in sectors away from the headlines. As just one example of such market dislocation, within the retail sector, Costco, the American discount retailer that we do not own, is benefiting from price-sensitive consumers trading down, while another US retailer, Lowes, which we do own, specialises in home improvements, has seen sales suppressed by high interest rates. Both companies have similar long-term earnings growth potential, but Costco currently trades on 47x this year's earnings, versus Lowes, which trades on just 22x.
With hindsight, we underestimated the potential persistence of the momentum rally. We followed the valuation signals of the process too closely and allowed the portfolio's underweight exposure to momentum to become too large.
Among our technology holdings, the Company has benefited from strong positive stock selection since 2018, especially from 2022 until mid-2024, which marked the peak of our AI positioning's contribution to performance. However, during the review period, growing index concentration detracted from the portfolio's alpha. Our decision not to hold Alphabet and Broadcom earlier in the period - both of which saw substantial index gains - meant we missed out on their strong rallies. Our preference for other AI ecosystem stocks (such as NVIDIA and Taiwan Semiconductor Manufacturing Company (TSMC)), which we favour due to their strong competitive positions within the AI ecosystem, did not offset that negative impact. We believe they are well positioned as demand for AI infrastructure and data centres continues to grow.
Additionally, individual stock decisions in Healthcare companies further weighed on relative returns due to some near-term challenges. Novo Nordisk, a longstanding position that has been a strong contributor over time, lost market share amid rising competition and management indecision. UnitedHealth Group, another long-term holding, suffered from operational missteps and regulatory scrutiny, leading to guidance cuts and leadership changes that unsettled the market.
These stock-specific setbacks, across several different sectors and regions, amplified the portfolio's challenges in a momentum-driven market, underscoring the importance of timely risk management and adaptability.
Lessons learned
In response to current market conditions and the Company's resultant underperformance, we have reduced exposure to stocks with near-term challenges. Our strategy often involves investing in companies with negative short-term earnings revisions, as they tend to offer attractive entry points and strong long-term valuation signals, despite typically having negative short-term price momentum. While this approach works in most market environments, as it did during the pandemic and at the beginning of the war in Ukraine, it becomes problematic when price momentum dominates for extended periods. Over the past year, such exposures detracted from relative performance and needed to be curtailed accordingly. Although we remain confident in the long-term prospects of holdings like Novo Nordisk and UnitedHealth Group, our conviction is lower than in the past, and we recognise the importance of refining and strengthening our risk positioning framework to better navigate these challenges. Therefore, we reduced exposure to both names.
Additionally, we are seeking to better manage portfolio underweights to the index's largest companies. The high concentration of tech mega-cap stocks in the index now means they can significantly impact portfolio performance, making it essential to closely monitor and quickly adapt underweight positions as required. To better navigate this new landscape, we are therefore adapting our risk model to be more balanced between overweights and underweights. Specifically, we have recently added positions in Alphabet and Broadcom as their index weights surged, although we remain underweight both names.
Finally, we have balanced near-term momentum with long-term valuation signals. Today, the portfolio has neutral exposure to momentum and earnings revisions. We have achieved this through holding stocks we believe to be long-term structural winners along with near-term outperformers. In both instances though, we do not compromise on the valuation signal that meets our criteria for purchase. Our decision to reduce active weights in some holdings with near-term challenges, as discussed above, also reflects this more balanced approach. This positioning should enable us to better weather this period during which our longer-term valuation framework is out of fashion. And we are ready to recalibrate further as market conditions evolve.
We would like to stress that these changes do not represent a shift in our underlying investment process. On the contrary, even after these changes which were made during the final quarter of 2025, the portfolio remains ~23% overweight Premium and Quality companies and ~31% overweight companies with the highest expected returns. However, it feels prudent at present to construct the portfolio to better navigate the prevailing backdrop.
Portfolio Positioning
As a result of these changes, the Company has evolved over the past year and is now more balanced across the growth and cyclicality spectrum. We continue to focus on stock-specific drivers, but we are anchored in a balanced approach that seeks to capture both value and growth opportunities, while managing risk.
Within the high growth cohort of companies, which includes names such as semiconductor manufacturers TSMC and its Dutch supplier ASML, we have reduced the overall active weighting. AI euphoria remained elevated over the review period and we took the opportunity to take profits from parts of the market where we believe long-term valuations were no longer as attractive. For example, we sold the Japanese semiconductor equipment manufacturer Disco which, whilst a high-quality name, has a more volatile order book than we originally anticipated. We redeployed the proceeds of these disposals to other areas, notably manufacturers of less advanced, analogue semiconductors (such as Germany's Infineon) where we believe valuations are more reasonable.
In the low-growth cyclicals cohort, we added significantly to our exposure to interest rate sensitive businesses. We have become more positive on banks, as the possibility of a steeper yield curve is likely to benefit many financial institutions by improving their net interest margin spreads. This sector rotation also reflects our view that financials may offer more attractive risk-reward potential in an environment supported by deregulation, especially in the US. Key additions to positions or new purchases included Japanese bank Mitsubishi UFJ, American Express, a credit card provider and Charles Schwab, a US financial services and asset management company. We reduced the overall weight to industrial cyclicals, but we continue to find some interesting opportunities within this space among businesses with stock-specific drivers. For example, we own Swedish vehicle and equipment manufacturer Volvo, as we believe truck orders are at a cyclical trough, and a replacement cycle driven by pending regulatory change suggests further upside potential. We also bought Howmet Aerospace, as this US company's strategic focus on lightweight materials and innovative manufacturing processes is expected to enhance its competitive edge in the aerospace and defence sectors - industries seeing increased demand due to escalating geopolitical tensions.
Finally, amongst low growth defensives, we added moderately to the overall active weight. Within Healthcare, we maintained our core holding in Johnson & Johnson (JNJ), a global healthcare leader. JNJ has delivered strongly on our thesis of operational execution and resilient franchises, including its oncology, immunology and cardiovascular units. The largest reduction in Healthcare, was a reduction in our positions in Novo Nordisk and UnitedHealth, as described earlier. Conversely, we increased the weighting to defensive consumer names by initiating new positions in McDonald's and Coca Cola.
Outlook
We continue to believe that global stock picking across our core investment universe offers attractive rewards for investors over the long-term, and we see many well-priced opportunities. The Company has exposure to several long-term trends, such as the rapid adoption of AI tools and cloud computing, which we expect will underpin market returns over the medium to long-term.
We are fortunate to be assisted by the support of J.P. Morgan Asset Management's fundamental global research platform (comprised of over 80 career analysts with an average experience of over 20 years). We are also the beneficiaries of continued advancements in technology, including SpectrumTM, our proprietary investment management tool. These resources give us an information advantage that we believe is difficult to replicate and serve to complement the team's extensive investment management experience. This synergy between technology and experience is essential when navigating challenging markets, and we believe we have the right resources in place to chart a path for recovery from here.
While the extent and speed of the current relative drawdown have been sharp, during times like these we believe it is crucial to stay true to our tried and tested investment process, especially when it has enabled us to deliver many years of consistent alpha across most of the sectors and regions.
It is also important to appreciate that we have seen similar market environments in the past, when share price performance has disconnected from long-term company fundamentals. Historically, these market shifts have typically been short-lived and the rebound is often substantial. While there is no guarantee that past instances of rebounds will be repeated, we are confident that our investment process harbours pent-up opportunities for alpha generation.
For and on behalf of the
Investment Manager
Helge Skibeli
James Cook
Sam Witherow
Portfolio Managers
18th March 2026
Interim Management Report
The Company is required to make the following disclosures in its half year report:
Principal Risks
The principal risks faced by the Company have not changed from those reported in the Annual Report and Financial Statements for the year ended 30th June 2025 and, are as follows: market risk, geopolitical risk, cyber security, investment and strategy, and operational risk. Information on principal and emerging risks faced by the Company is given in the Strategic Report within the 2025 Annual Report & Financial Statements.
Related Parties Transactions
During the first six months of the current financial year, no transactions with related parties have taken place which would have materially affected the financial position or the performance of the Company. Details of related party transactions are contained within the 2025 Annual Report & Financial Statements.
Going Concern
The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio, including an analysis of the portfolio's liquidity, and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. The Directors further believe that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operational existence for at least 12 months from the date of the approval of this half yearly financial report. Gearing levels and compliance with the covenants of its secured bonds and senior secured notes are regularly reviewed by the Manager and Board. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the condensed financial statements.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the half yearly financial report have been prepared in accordance with FRS 104 'Interim Financial Reporting' gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31st December 2025, as required by the Disclosure Guidance and Transparency Rules 4.2.4R; and
(ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the Disclosure Guidance and Transparency Rules.
In order to provide these confirmations, and in preparing these condensed set of financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting 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 condensed set of financial statements; and
• prepare the condensed set of 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.
For and on behalf of the Board
James Macpherson
Chairman
18th March 2026
INDEPENDENT REVIEW Report
Conclusion
We have been engaged by JPMorgan Global Growth & Income plc ('the Company') to review the condensed set of financial statements in the Half-Yearly financial report for the six months ended 31st December 2025 which comprises the Condensed Statement of Comprehensive Income, Condensed Statement of Changes in Equity, Condensed Statement of Financial Position, Condensed Statement of Cash Flows and related notes 1 to 7. We have read the other information contained in the Half Yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the Half-Yearly financial report for the six months ended 31st December 2025 is not prepared, in all material respects, in accordance with FRS 104 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 2, the annual financial statements of the Company are prepared in accordance with United Kingdom Generally Accepted Accounting Practice. The condensed set of financial statements included in this Half-Yearly financial report has been prepared in accordance with the Financial Reporting Standard FRS 104 'Interim Financial Reporting'.
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.
Responsibilities of the Directors
The Directors are responsible for preparing the Half-Yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
In preparing the Half-Yearly financial report, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibility for the review of the financial information
In reviewing the Half-Yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements in the Half-Yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.
Use of our report
This report is made solely to the Company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed.
Ernst & Young LLP
London
18th March 2026
Condensed Statement of Comprehensive Income
|
|
(Unaudited) Six months ended 31st December 2025 |
(Unaudited) Six months ended 31st December 2024 |
(Audited) Year ended 30th June 2025 |
||||||
|
|
|||||||||
|
|
|||||||||
|
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Gains on investments held at fair value through profit or loss |
- |
270,998 |
270,998 |
- |
68,311 |
68,311 |
- |
13,829 |
13,829 |
|
Foreign currency exchange gains/(losses) |
- |
1,138 |
1,138 |
- |
(5,996) |
(5,996) |
- |
(11,476) |
(11,476) |
|
Income from investments |
23,209 |
206 |
23,415 |
18,359 |
- |
18,359 |
46,212 |
87 |
46,299 |
|
Interest receivable and similar income |
3,394 |
- |
3,394 |
3,715 |
- |
3,715 |
6,985 |
- |
6,985 |
|
Gross return |
26,603 |
272,342 |
298,945 |
22,074 |
62,315 |
84,389 |
53,197 |
2,440 |
55,637 |
|
Management fee |
(1,577) |
(4,731) |
(6,308) |
(1,362) |
(4,087) |
(5,449) |
(2,332) |
(6,998) |
(9,330) |
|
Other administrative expenses |
(932) |
- |
(932) |
(872) |
- |
(872) |
(1,818) |
- |
(1,818) |
|
Net return/(loss) before finance costs and taxation |
24,094 |
267,611 |
291,705 |
19,840 |
58,228 |
78,068 |
49,047 |
(4,558) |
44,489 |
|
Finance costs |
(759) |
(2,277) |
(3,036) |
(640) |
(1,917) |
(2,557) |
(1,301) |
(3,902) |
(5,203) |
|
Net return/(loss) before taxation |
23,335 |
265,334 |
288,669 |
19,200 |
56,311 |
75,511 |
47,746 |
(8,460) |
39,286 |
|
Taxation |
(2,561) |
(2) |
(2,563) |
(2,554) |
183 |
(2,371) |
(5,440) |
143 |
(5,297) |
|
Net return/(loss) after taxation |
20,774 |
265,332 |
286,106 |
16,646 |
56,494 |
73,140 |
42,306 |
(8,317) |
33,989 |
|
Return/(loss) per ordinary share |
3.63p |
46.30p |
49.93p |
3.36p |
11.40p |
14.76p |
8.27p |
(1.63)p |
6.64p |
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. In the year ended 30th June 2025 the Company acquired the assets and liabilities of Henderson International Income Trust plc ('HINT') following a scheme of reconstruction.
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.
The 'Net return/(loss) after taxation' represents the profit/(loss) for the period and also the total comprehensive income.
The notes below form an integral part of these financial statements.
CONDENSED 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 |
|
Six months ended 31st December 2025 (Unaudited) |
|
|
|
|
|
|
|
|
At 30th June 2025 |
29,095 |
937,497 |
27,401 |
1,207,237 |
978,991 |
- |
3,180,221 |
|
Repurchase of ordinary shares into Treasury |
- |
- |
- |
(109,668) |
- |
- |
(109,668) |
|
Net return after taxation |
- |
- |
- |
- |
265,332 |
20,774 |
286,106 |
|
Dividends paid in the period (note 4) |
- |
- |
- |
- |
(45,032) |
(20,774) |
(65,806) |
|
At 31st December 2025 |
29,095 |
937,497 |
27,401 |
1,097,569 |
1,199,291 |
- |
3,290,853 |
|
Six months ended 31st December 2024 (Unaudited) |
|
|
|
|
|
|
|
|
At 30th June 2024 |
24,017 |
385,574 |
27,401 |
1,221,808 |
1,077,142 |
- |
2,735,942 |
|
Issue of new ordinary shares |
1,534 |
175,158 |
- |
- |
- |
- |
176,692 |
|
Costs in relation to issue of ordinary shares |
- |
(182) |
- |
- |
- |
- |
(182) |
|
Cost in relation to placing programme3 |
- |
- |
- |
- |
(500) |
- |
(500) |
|
Net return after taxation |
- |
- |
- |
- |
56,494 |
16,646 |
73,140 |
|
Dividends paid in the period (note 4) |
- |
- |
- |
- |
(33,508) |
(16,646) |
(50,154) |
|
At 31st December 2024 |
25,551 |
560,550 |
27,401 |
1,221,808 |
1,099,628 |
- |
2,934,938 |
|
Year ended 30th June 2025 (Audited) |
|
|
|
|
|
|
|
|
At 30th June 2024 |
24,017 |
385,574 |
27,401 |
1,221,808 |
1,077,142 |
- |
2,735,942 |
|
Issue of ordinary shares |
1,865 |
213,455 |
- |
- |
- |
- |
215,320 |
|
Repurchase of ordinary shares into Treasury |
- |
- |
- |
(14,571) |
- |
- |
(14,571) |
|
Issue of new 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 ordinary shares3 |
- |
(952) |
- |
- |
- |
- |
(952) |
|
Net (loss)/return after taxation |
- |
- |
- |
- |
(8,317) |
42,306 |
33,989 |
|
Dividends paid in the year (note 4) |
- |
- |
- |
- |
(95,403) |
(42,306) |
(137,709) |
|
At 30th June 2025 |
29,095 |
937,497 |
27,401 |
1,207,237 |
978,991 |
- |
3,180,221 |
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 the distributable reserves of the Company and may be used to fund distributions to shareholders.
3 Includes costs in relation to the publication of a prospectus on 18th October 2024 in respect of the placing programme to issue up to 150,000,000 Ordinary Shares by way of placings and/or tap issues. This amount was subsequently reclassified to the share premium account as at 30th June 2025.
The notes below form an integral part of these financial statements.
Condensed Statement of Financial Position
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
At |
At |
At |
|
|
31st December |
31st December |
30th June |
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Fixed assets |
|
|
|
|
Investments held at fair value through profit or loss |
3,273,400 |
2,902,118 |
3,159,956 |
|
Current assets |
|
|
|
|
Derivative financial assets |
1,500 |
8,004 |
10,609 |
|
Debtors |
9,463 |
5,300 |
23,041 |
|
Current asset investments |
173,512 |
142,135 |
174,752 |
|
Cash at bank |
265 |
28,925 |
4,457 |
|
|
184,740 |
184,364 |
212,859 |
|
Current liabilities |
|
|
|
|
Creditors: amounts falling due within one year |
(7,822) |
(2,007) |
(25,811) |
|
Derivative financial liabilities |
(439) |
(11,601) |
(7,775) |
|
Net current assets |
176,479 |
170,756 |
179,273 |
|
Total assets less current liabilities |
3,449,879 |
3,072,874 |
3,339,229 |
|
Non current liabilities |
|
|
|
|
Creditors: amounts falling due after more than one year |
(159,024) |
(137,936) |
(159,008) |
|
Provision for liabilities |
(2) |
- |
- |
|
Net assets |
3,290,853 |
2,934,938 |
3,180,221 |
|
Capital and reserves |
|
|
|
|
Called up share capital |
29,095 |
25,551 |
29,095 |
|
Share premium account |
937,497 |
560,550 |
937,497 |
|
Capital redemption reserve |
27,401 |
27,401 |
27,401 |
|
Other reserve |
1,097,569 |
1,221,808 |
1,207,237 |
|
Capital reserves |
1,199,291 |
1,099,628 |
978,991 |
|
Revenue reserve |
- |
- |
- |
|
Total shareholders' funds |
3,290,853 |
2,934,938 |
3,180,221 |
|
Net asset value per ordinary share (note 5) |
586.5p |
574.3p |
548.1p |
The notes below form an integral part of these financial statements.
Condensed Statement of Cash Flows
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
Six months ended |
Six months ended |
Year ended |
|
|
31st December |
31st December |
30th June |
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Cash flows from operating activities |
|
|
|
|
Net return before finance costs and taxation |
291,705 |
78,068 |
44,489 |
|
Adjustment for: |
|
|
|
|
Gains on investments held at fair value through profit or loss |
(270,998) |
(68,311) |
(13,829) |
|
Foreign currency exchange (gains)/losses |
(1,138) |
5,996 |
11,476 |
|
Dividend income |
(23,415) |
(18,359) |
(46,299) |
|
Interest and other income |
(3,394) |
(3,708) |
(6,985) |
|
Realised gains/(losses) on foreign currency exchange transactions |
167 |
(729) |
(587) |
|
Decrease/(increase) in other debtors |
1,022 |
98 |
(340) |
|
(Decrease)/increase in accrued expenses |
(27) |
169 |
231 |
|
Net cash outflow from operating activities before dividends, interest and tax |
(6,078) |
(6,776) |
(11,844) |
|
Dividends received |
19,891 |
15,758 |
40,785 |
|
Interest and other income |
3,394 |
4,293 |
7,535 |
|
Overseas tax recovered |
1,220 |
575 |
828 |
|
Capital gains tax paid |
- |
- |
(40) |
|
Net cash inflow from operating activities |
18,427 |
13,850 |
37,264 |
|
Purchases of investments |
(2,028,470) |
(1,724,160) |
(3,757,214) |
|
Sales of investments |
2,176,384 |
1,586,392 |
3,592,775 |
|
Settlement of forward currency contracts |
3,156 |
(4,461) |
(16,211) |
|
Costs in relation to acquisition of assets |
- |
- |
(855) |
|
Net cash inflow/(outflow) from investing activities |
151,070 |
(142,229) |
(181,505) |
|
Dividends paid |
(65,806) |
(50,154) |
(137,709) |
|
Issue of new ordinary shares, excluding the combinations |
- |
175,100 |
216,038 |
|
Net cash acquired following the combination with HINT |
- |
- |
82,897 |
|
Issue of ordinary shares from Treasury |
- |
- |
5,569 |
|
Repurchase of ordinary shares into Treasury |
(105,751) |
(10) |
(14,566) |
|
Costs in relation to issue of new ordinary shares |
- |
(182) |
(952) |
|
Costs in relation to placing programme1 |
- |
(500) |
- |
|
Interest paid |
(3,376) |
(3,058) |
(6,080) |
|
Net cash (outflow)/inflow from financing activities |
(174,933) |
121,196 |
145,197 |
|
(Decrease)/increase in cash and cash equivalents2 |
(5,436) |
(7,183) |
956 |
|
Cash and cash equivalents at start of period/year2 |
179,209 |
178,256 |
178,256 |
|
Foreign currency exchange movement |
4 |
(13) |
(3) |
|
Cash and cash equivalents at end of period/year2 |
173,777 |
171,060 |
179,209 |
|
Cash and cash equivalents consist of2: |
|
|
|
|
Cash at bank |
265 |
28,925 |
4,457 |
|
Current asset investment in JPMorgan GBP Liquidity Fund |
173,512 |
142,135 |
174,752 |
|
Total |
173,777 |
171,060 |
179,209 |
1 This amount was included within the costs in relation to the issue of new ordinary shares for the year ended 30th June 2025.
2 The term 'cash and cash equivalents', is used for the purpose of the Statement of Cash Flows.
The notes below form an integral part of these financial statements.
Notes to the Condensed Financial Statements
For the six months ended 31st December 2025.
1. Condensed financial statements
The information contained within the condensed financial statements in this half year report has been reviewed, but not audited, by the Company's auditor and does not amount to full statutory accounts within the meaning of section 435 of the Companies Act 2006. The figures and financial information for the year ended 30th June 2025 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies and included the report of the auditor which is unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The Company is a listed public limited company incorporated in England and Wales. The registered office is detailed on page 40 of the full Half-Year Report.
FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') has been applied in preparing this condensed set of financial statements for the six months ended 31st December 2025.
The condensed 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.
All of the Company's operations are of a continuing nature.
The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio, including an analysis of the portfolio's liquidity, and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. The Directors further believe that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operational existence for at least 12 months from the date of the approval of this half yearly financial report. Gearing levels and compliance with the covenants of its secured bonds and senior secured notes are regularly reviewed by the Manager and Board. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the condensed financial statements.
The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 30th June 2025.
Management fee and finance costs
Management fees and finance costs are allocated 25% to revenue and 75% to capital in line with the Board's expected long-term split of revenue and capital return from the Company's investment portfolio.
Finance costs are payable on the £82.8 million 5.75% secured bonds, £30 million 2.93% senior secured notes, £20 million 2.36% senior secured notes and €30 million 2.43% senior secured notes.
3. Return per ordinary share
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
Six months ended |
Six months ended |
Year ended |
|
|
31st December 2025 |
31st December 2024 |
30th June 2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Return per ordinary share is based on the following: |
|
|
|
|
Revenue return |
20,774 |
16,646 |
42,306 |
|
Capital return/(loss) |
265,332 |
56,494 |
(8,317) |
|
Total return |
286,106 |
73,140 |
33,989 |
|
Weighted average number of ordinary shares in issue (excluding shares held in Treasury) |
573,034,140 |
495,529,183 |
511,582,151 |
|
Revenue return per ordinary share |
3.63p |
3.36p |
8.27p |
|
Capital return/(loss) per ordinary share |
46.30p |
11.40p |
(1.63)p |
|
Total return per ordinary share |
49.93p |
14.76p |
6.64p |
4. Dividends paid on ordinary shares
|
|
(Unaudited) Six months ended 31st December 2025 |
(Unaudited) Six months ended 31st December 2024 |
(Audited) Year ended 30th June 2025 |
|||
|
|
||||||
|
|
||||||
|
|
Pence |
£'000 |
Pence |
£'000 |
Pence |
£'000 |
|
Dividend paid |
|
|
|
|
|
|
|
Fourth interim dividend in respect of prior year |
- |
- |
4.61 |
22,091 |
4.61 |
22,091 |
|
First interim dividend |
5.75 |
33,300 |
5.70 |
28,063 |
5.70 |
28,063 |
|
Second interim dividend |
5.75 |
32,506 |
- |
- |
5.70 |
28,618 |
|
Third interim dividend |
- |
- |
- |
- |
5.70 |
29,445 |
|
Fourth interim dividend |
- |
- |
- |
- |
5.70 |
29,492 |
|
Total dividends paid in the period/year |
11.50 |
65,806 |
10.31 |
50,154 |
27.41 |
137,709 |
A third interim dividend of 5.75p per ordinary share has been declared for payment on 9th April 2026 for the financial year ending 30th June 2026.
5. 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 period end are shown below. These were calculated using 561,119,729 (31st December 2024: 511,027,308, 30th June 2025: 580,206,569) ordinary shares in issue at the period/year end (excluding Treasury shares).
|
|
(Unaudited) Six months ended 31st December 2025 Net asset value attributable |
(Unaudited) Six months ended 31st December 2024 Net asset value attributable |
(Audited) Year ended 30th June 2025 Net asset value attributable |
|||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
£'000 |
pence |
£'000 |
pence |
£'000 |
pence |
|
Net asset value - debt at par value |
3,290,853 |
586.5 |
2,934,938 |
574.3 |
3,180,221 |
548.1 |
|
£82.8 million 5.75% secured bonds - April 2030 |
|
|
|
|
|
|
|
Add back: amortised cost |
87,126 |
15.5 |
88,159 |
17.2 |
87,645 |
15.1 |
|
Deduct: fair value |
(87,499) |
(15.6) |
(86,043) |
(16.8) |
(87,202) |
(15.0) |
|
£30 million 2.93% senior secured notes - January 2048 |
|
|
|
|
|
|
|
Add back: amortised cost |
29,865 |
5.3 |
29,859 |
5.8 |
29,862 |
5.1 |
|
Deduct: fair value |
(19,683) |
(3.5) |
(19,554) |
(3.8) |
(19,371) |
(3.3) |
|
£20 million 2.36% senior secured notes - March 2036 |
|
|
|
|
|
|
|
Add back: amortised cost |
19,925 |
3.6 |
19,918 |
3.9 |
19,922 |
3.4 |
|
Deduct: fair value |
(15,578) |
(2.8) |
(15,016) |
(2.9) |
(15,330) |
(2.6) |
|
€30 million 2.43% senior secured notes - April 2044 |
|
|
|
|
|
|
|
Add back: amortised cost |
22,107 |
3.9 |
- |
- |
21,579 |
3.7 |
|
Deduct: fair value |
(20,784) |
(3.7) |
- |
- |
(21,312) |
(3.7) |
|
Net asset value - debt at fair value |
3,306,332 |
589.2 |
2,952,261 |
577.7 |
3,196,014 |
550.8 |
6. Fair valuation of instruments
The fair value hierarchy disclosures required by FRS 102 are given below.
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|||
|
|
As at 31st December 2025 |
As at 31st December 20242 |
As at 30th June 2025 |
|||
|
|
||||||
|
|
Assets |
Liabilities |
Assets |
Liabilities |
Assets |
Liabilities |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Level 1 |
3,273,400 |
- |
2,902,118 |
- |
3,159,956 |
- |
|
Level 21 |
175,012 |
(439) |
150,139 |
(11,601) |
185,361 |
(7,775) |
|
Total value of investments |
3,448,412 |
(439) |
3,052,257 |
(11,601) |
3,345,317 |
(7,775) |
1 Consists of the current asset investment in the JPMorgan GBP Liquidity Fund and forward foreign currency contracts.
2 The figures as at 31st December 2024 have been restated to include the current asset investment in the JPMorgan GBP Liquidity Fund of £142,135,000 (31st December 2025: £173,512,000; 30th June 2025: £174,752,000) as Level 2.
There have been no transfers between Levels 1, 2 or 3 during the period.
7. Analysis of changes in net cash
|
|
As at |
|
Other |
As at |
|
|
30th June |
|
non-cash |
31st December |
|
|
2025 |
Cash flows |
transactions2 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
|
Cash and cash equivalents |
|
|
|
|
|
Cash at bank |
4,457 |
(4,196) |
4 |
265 |
|
Current asset investments1 |
174,752 |
(1,240) |
- |
173,512 |
|
|
179,209 |
(5,436) |
4 |
173,777 |
|
Borrowings: |
|
|
|
|
|
Secured bonds and senior secured notes due after one year |
(159,008) |
- |
(16) |
(159,024) |
|
Net cash |
20,201 |
(5,436) |
(12) |
14,753 |
1 Investment in the JPMorgan GBP Liquidity Fund, a money market fund.
2 Other non-cash transactions include foreign exchange movement and amortisation on loan adjustments.
JPMORGAN FUNDS LIMITED
18th March 2026
For further information, please contact:
Divya Amin
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
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 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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