Final Results
Summary by AI BETAClose X
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN EUROPEAN GROWTH & INCOME PLC
FINAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2026
Legal Entity Identifier: 549300D8SPJFHBDGXS57
Information disclosed in accordance with the DTR 4.1.3
JPMorgan European Growth & Income plc ('JEGI' or the 'Company') reports its annual financial results for the year ended 31st March 2026.
HIGHLIGHTS
The Chair of the Company, Rita Dhut, commented:
"We are delighted that the board of EOT has selected JEGI as the default rollover option for its shareholders, recognising that JEGI has delivered sector-leading performance, attractive income, and excellent value for its shareholders.
The proposed deal with EOT offers to significantly grow JEGI's assets at a time when we are very aware that cost effective scale increasingly matters.
We believe that the investment trust structure provides a number of advantages for long-term investors which JEGI utilises for the benefit of its shareholders. We are proud that JEGI is a strong investment proposition for its shareholders."
Performance
• Best performing investment trust in its sector with an outperformance over benchmark and the investment trusts within the Company's peer group over one, three and five year periods.
|
All periods to 31st March 2026 |
One Year % |
Three Years % |
Five Years % |
|
Total Return on Net Asset Value per Share |
+20.1 |
+45.2 |
+79.5 |
|
Benchmark |
+14.8 |
+32.5 |
+51.8 |
|
Excess |
+5.3 |
+12.7 |
+27.7 |
|
Return on Share Price |
+21.2 |
+56.6 |
+95.2 |
• The dividend for the 12 months to 31st March 2026 was 5.0p per share, resulting in an
estimated dividend yield of 3.9%. (Based on dividend of 5.0p for the year ended 31st March 2026 divided by the share price of 129.5p as at 31st March 2026.)
Portfolio Managers Alexander Fitzalan Howard, Zenah Shuhaiber and Tim Lewis commented:
"The portfolio outperformed its benchmark index by 5.3% with the net asset value (NAV) per share rising 20.1% (with debt valued at fair), predominantly driven by stock selection."
"Our investment process focuses on identifying companies with improving operational momentum, quality
characteristics, and attractive valuations."
"We remain alert to the risks but confident that we will continue to find attractive investment opportunities that
meet our criteria relating to valuation, quality and operational momentum."
CHAIR'S STATEMENT
Introduction
In this 12-month reporting period to 31st March 2026, I am delighted to report that JEGI outperformed its benchmark on a net asset basis by +5.3%1, delivering a return of +20.1%. This extends JEGI's record of consistent outperformance in a year marked by material shifts in geopolitics. Our Investment Manager, empowered by a clear mandate, has continued to navigate European markets with skill. They have been able to seek out attractively valued companies with the potential for capital growth and build a robust portfolio - crucial for these volatile times.
For much of the year, the backdrop for European equities was supportive. Inflation continued to moderate and monetary policy became less restrictive, while investor sentiment towards Europe improved and flows increased. A notable feature of the period was the continued strengthening of the European investment case for defence and infrastructure, underpinned by governments' commitments to higher long-term spending following Germany's announced expansive infrastructure programme. In this environment, JEGI's balanced approach, providing growth and income, remained particularly relevant.
The final weeks of the reporting period were more challenging, as the conflict involving the USA/Israel and Iran contributed to higher energy prices and increased volatility, alongside ongoing uncertainty around US trade policy. The war in Ukraine also continued to cast a long shadow over Europe's security and economic outlook.
Proposed rollover of assets from European Opportunities Trust PLC
The JEGI board were pleased to announce on 29th May 2026 that we had signed Heads of Terms with the board of European Opportunities Trust PLC ('EOT') in respect of a transfer of certain of the cash, assets and undertakings of EOT.
The proposals are expected to grow our net assets, enhancing JEGI's position as a leading investment vehicle for European equity investing that delivers an attractive dividend yield. The expected scale of the enlarged JEGI should improve secondary market liquidity for shareholders, raise the profile of JEGI, and reduce the ongoing charges ratio. Furthermore, a significant contribution from JPMorgan Funds Limited allows such benefits to be provided on a cost-effective basis.
As I commented in the announcement, it is an exciting time to be investing in Europe. Enthusiasm for Europe's world-class companies is rising, and we are delighted that the board of EOT has selected JEGI as the default rollover option for its shareholders.
We are very aware that scale increasingly matters in the trust industry and recognise the desire for larger, more liquid vehicles that offer highly competitive cost structures. This transaction provides an opportunity for growth and will allow JEGI to appeal to a wider array of investors.
We believe that the investment trust structure provides a number of advantages for long-term investors which JEGI utilises for the benefit of its shareholders. We are proud that JEGI has delivered sector-leading performance, attractive income, and excellent value for its shareholders.
Details of the timetable for implementation of the deal are expected to be released in July 2026.
Performance
Return on net asset value per share and return on share price
For JEGI's financial year ended 31st March 2026 the total return on net asset value per share was +20.1%1. This was an outperformance of +5.3% over its benchmark. This was driven by strong stock selection. On 18th June 2026, the total return on net asset value per share since the end of this reporting period was 12.8%1 compared to benchmark total return of 8.8%. In their report on page 13 of the Company's 31st March 2026 Annual Report and Financial Statements, the Portfolio Managers review in more detail some of the factors underlying the performance of JEGI as well as commenting on the economic and market background over the period.
The total return on share price, which takes into account the movement of the share price and dividends received, over the 12 months delivered a return of +21.2%, driven both by investment performance and also a narrowing of the discount. On 18th June 2026, the total return on share price since the end of this reporting period was 17.9%.
For an explanation of the calculation of JEGI's total return on net asset value per share and the total return on share price, please see the Glossary of Terms and Alternative Performance Measures on page 102 of the Company's 31st March 2026 Annual Report and Financial Statements.
1 Net asset value with debt at fair value.
Revenue and Dividends
During the 12 months to 31st March 2026, the Company's net revenue attributable to shareholders (net return after taxation) was +21.9% at £14,801,000 (2025: £12,145,000) largely as a result of the increase in dividends received from portfolio companies during the period.
As detailed in the Company's previous annual report and latest RNS announcement on 1st April 2026, the Board's intention is to provide shareholders with a predictable and regular dividend based on 4% of the preceding year end net asset value ('NAV') per share. JEGI pays four interim dividends in June, September, December and March.
In line with the above aim, in respect of the year ending 31st March 2026, JEGI's dividend was 5.0 pence per share, amounting to £21.1 million. This represented an increase from the £20.4 million paid for 2025, as illustrated in note 10 (b) on page 77 of the Company's 31st March 2026 Annual Report and Financial Statements.
Looking forward, as previously announced on 1st April 2026, for JEGI's financial year ending 31st March 2027, the Board intends to pay dividends totalling 5.44 pence per share (four interim dividends of 1.36 pence per share), an increase of 8.8% over the dividends paid in respect of the year to 31st March 2026. In that announcement, the Board declared a first interim dividend of 1.36 pence per share in respect of the financial year ending 31st March 2027, payable on 5th June 2026. As was the case for JEGI's dividends in respect of the year ended 31st March 2026, to the extent that brought forward revenue reserves are not sufficient, dividends will be paid from distributable capital reserves for the financial year ending 31st March 2027, as permitted by the Company's Articles.
Gearing
There has been no change in the Investment Manager's permitted gearing range, as previously set by the Board, of between 10% net cash to 20% geared. At 31st March 2026 JEGI was 5.0% geared (31st March 2025: 4.3%).
Discounts, Share Issuance and Repurchase
During the period under review, the average discount across the Investment Trust sector has continued to remain at elevated levels. However, we have seen changes in discounts, including narrowing across sub sectors and individual Trusts as investors have differentiated between investment mandates and performance. It is pleasing to note that from the start of this reporting period a combination of improving sentiment towards European equities together with a greater interest in JEGI's shares caused JEGI's discount to narrow considerably without requiring the Board to be particularly active with share buy-backs. During periods when the JEGI's shares traded at a premium the Board took the decision to issue shares as detailed below.
As at 31st March 2026, JEGI's Ordinary share discount to NAV1 was 4.7%. The average discount of a peer group of four companies as at the same date was approximately 7.1% and reflects JEGI's narrowing level of discount in both absolute and relative terms. On 18th June, 2026, JEGI's ordinary share's discount was 0.5%, which compares to an average discount of the same peer group of 6.6% as at the same date, though this hides variation in strategy and performance across the sector as well as significant buyback and tender activity which your Board monitors carefully for any implications for JEGI.
In the period under review, 600,000 Treasury shares were reissued from Treasury. No Ordinary shares were issued. 250,000 Ordinary shares were bought into Treasury.
1 Net asset value with debt at fair value.
Marketing and Shareholder Interaction
The Board continues to make efforts to increase JEGI's visibility among both current shareholders and prospective investors. The Board believes that raising awareness of JEGI will benefit all shareholders by fostering ongoing interest in its shares, which in turn supports liquidity and growth. We employ a wide variety of initiatives to introduce JEGI to a broad and relevant audience. The Manager implements a comprehensive marketing and investor relations strategy, reaching out to institutions, private client stockbrokers, and investment platforms through video calls, podcasts, and face-to-face meetings. In addition, we regularly engage with national and industry journalists, highlighting the expertise and perspectives of our Portfolio Managers.
We ensure that all promotional efforts are conducted thoughtfully and with careful oversight.
Both the Board and the Investment Manager maintain open communication with shareholders, providing regular email updates that share news, insights, and commentary on recent performance. If you have not yet subscribed to these updates and would like to receive them, you can sign up at https://tinyurl.com/JEGI-Sign-Up or by scanning the QR code on page 10 of the Company's 31st March 2026 Annual Report and Financial Statements.. It is the Board's hope that these initiatives will give many more of JEGI's current and potential shareholders the opportunity to interact with the Board and portfolio managers.
AIC Investment Week Award 2025
As referred to in my report included in the Company's half year report released in November 2025, I am delighted that JEGI was again voted the best investment company in the European sector at the annual AIC Investment Week Award ceremony held on 19th November 2025. Media reports on the 2025 awards have commented that as a winner JEGI is leading the way in meeting investors' changing needs and taking the investment company sector forward.
Board of Directors
During the year, the Board undertook an externally facilitated evaluation process of the Directors, the Chair, the Committees and the working of the Board as a whole. It was concluded that all aspects of the Board and its procedures were operating effectively.
In accordance with corporate governance best practice, all the Directors will be standing for re-election at this year's AGM.
Investment Manager
In January 2026, the Management Engagement Committee undertook an externally facilitated review of the Manager and Investment Manager, covering the investment management, company secretarial, administrative and marketing services provided to JEGI. The review took account of the Investment Manager's investment performance record, management processes, investment style, resources and risk control mechanisms. I am pleased to report that the Board agreed with the Committee's recommendation that the continued appointment of the Manager is in the interests of shareholders.
Contracts for Difference (CFDs)
At the forthcoming AGM, the Board is proposing an update to the investment policy to amend the current investment restriction, so that CFDs (see glossary of terms on page 105 of the Company's 31st March 2026 Annual Report and Financial Statements), a form of trading instrument, are more specifically referred to as being available for use by the Portfolio Managers. These updates do not change JEGI's investment objective or increase the existing permitted levels of gearing. The use of CFDs are expected to provide increased flexibility to more efficiently construct JEGI's portfolio and facilitate better cash management. CFDs may also be used for potential leverage in the future, subject to limits, should the Portfolio Managers consider it appropriate. CFDs are a flexible, low-cost, capital efficient alternative to loan facilities and thus offer considerable advantages to the Portfolio Managers. The proposed changes are set out in full in the Appendix to the Notice of AGM on page 101 of the Company's 31st March 2026 Annual Report and Financial Statements, with the amendments highlighted for ease of reference. The revised investment restrictions, if approved by shareholders at the AGM, will come into effect upon conclusion of the AGM and the Portfolio Managers may then use CFDs when they consider it appropriate.
Annual General Meeting
The Company's ninety-seventh Annual General Meeting (AGM) will be held at 60 Victoria Embankment, London EC4Y 0JP at 2.00 p.m. on Wednesday, 22nd July 2026. We are pleased to invite shareholders to join us in-person for JEGI's AGM, hear from the Portfolio Managers and ask questions. Shareholders wishing to follow the AGM proceedings but choosing not to attend in person will be able to view proceedings live and ask questions (but not vote) through conferencing software. Details on how to register, together with access details, will be available shortly on JEGI's website at www.jpmeuropeangrowthandincome.com or by contacting the Company Secretary at jpmam.investment.trusts@jpmorgan.com
My fellow Board members, representatives of JPMorgan and I look forward to the opportunity to meet and speak with shareholders after the formalities of the meeting have been concluded. Shareholders who are unable to attend the AGM are strongly encouraged to submit their proxy votes in advance of the meeting, so that they are registered and recorded at the AGM. Proxy votes can be lodged in advance of the AGM either by post or electronically: detailed instructions are included in the Notes to the Notice of Annual General Meeting on pages 97 to 100 of the Company's 31st March 2026 Annual Report and Financial Statements.
If you hold your shares via an online platform, for further details of how to vote your shares and/or attend JEGI's AGM, please see the 'Investing in JPMorgan European Growth & Income plc' on page 106 of the Company's 31st March 2026 Annual Report and Financial Statements.
If there are any changes to these arrangements for the AGM, JEGI will update shareholders via JEGI's website and an announcement on the London Stock Exchange.
Outlook
Looking ahead, the near-term investment environment is likely to remain unsettled. The conflict involving the USA/Israel and Iran has increased uncertainty around energy prices and inflation, and markets are continuing to assess the implications for European growth and monetary policy. At the same time, the war in Ukraine and ongoing uncertainty around US trade policy weigh on corporate confidence and likely will continue to lead to sharp, short-term swings in market sentiment. We have also seen global bond market yields rise reflecting worries over inflationary pressures adding a level of fragility to the equity market outlook.
Notwithstanding these risks, there is some optimism. Inflation in the Eurozone remains close to the European Central Bank's (ECB) target with a supportive policy backdrop. Germany has announced a €500 billion infrastructure programme and the structural uplift in European defence spending underline a meaningful shift in the region's investment outlook. Against this backdrop, the Board remains confident in the Portfolio Managers' disciplined and repeatable process and their ability to navigate uncertain conditions and continue delivering attractive returns for shareholders over the long term.
For and on behalf of the Board
Rita Dhut
Chair
22nd June 2026
PORTFOLIO MANAGERS' REPORT
Market review
European equity markets returned +14.8% in the Company's financial year to 31st March 2026. This outcome masks several bouts of extreme uncertainty. The year started with President Trump's tariff announcements in April which triggered a sharp selloff in global markets. While US trade policy has been a constant feature of the year the initial volatility, particularly in bond markets, pushed the US administration to soften its approach by pausing reciprocal tariffs and removing them on electronic products. The ruling by the US Court of International Trade against President Trump's authority over tariffs also helped to reduce trade tensions. Equity markets were quick to take the view that the final outcome would be less damaging than initially feared. By the end of May the European equity markets had recovered their losses.
The market continued to advance as economic growth proved stronger than anticipated, helped by lower interest rates and energy prices. Perhaps the biggest tailwind was the substantial fiscal stimulus announced by Germany, which encompasses a broad array of projects ranging from defence to transport infrastructure and industrial support measures. This change of policy in relation to Germany's strict debt rules should not be underestimated and was beginning to be seen in more positive construction figures and factory orders. Increased spending on defence is likely across much of Europe given clear signals from the US administration that it was unwilling to continue shouldering so much of the burden.
In January 2026 political risk reared its head again. President Trump announced his plans for the US to take control of Greenland, threatening more tariffs for those who opposed him. At the end of February, he launched Operation Epic Fury against Iran which sparked an immediate sell off in equity markets. Closure of the Straits of Hormuz, through which roughly 20% of the world's oil is transported, saw energy prices rise sharply. Uncertainty as to how long the conflict would last left investors fearing prolonged high energy prices feeding through into higher inflation in many sectors as well as lower economic growth. The Company's financial year ended with a sharp correction in equity prices.
Portfolio positioning
Our investment process targets companies with improving operational momentum, quality characteristics, and attractive valuations. While individual holdings vary, the portfolio as a whole reflects these traits. We remain overweight Commercial & Professional Services, where firms benefit from structural shifts in energy transition, digital transformation, and outsourcing. We continue to favour SPIE and Bilfinger for their record profitability and high cash conversion. SPIE serves as a key enabler of European decarbonisation with an 8% EBITA margin target by 2028, while Bilfinger has successfully repositioned as a high-margin 'performance partner'. Despite strong performance, both trade at attractive valuations relative to growth, supported by bolt-on M&A and rising shareholder distributions.
We also find a plethora of ideas in domestic European markets, particularly within defensive, cash-generative Telecoms and Utilities. Within Telecoms, KPN stands out as a highly efficient operator in a rational market, with a clear path to reduced capital expenditure as its fibre-to-the-home buildout matures by 2026/27. This supports a robust free cash flow yield, allowing for sustained shareholder returns through dividends and buybacks.
Similarly, the Utilities sector remains attractive as Engie rebalances toward stable, regulated infrastructure and renewables. By prioritizing energy transition and flexible storage, the firm is de-risking its earnings profile and reducing exposure to volatile power prices.
For the table detailing 'Process in action: Engie SA' see page 14 of the Company's 31st March 2026 Annual Report and Financial Statements.
One notable shift this year was disposing of holdings where long-term AI disruption poses a structural threat that valuations failed to discount at the time. For SAP, we grew wary that generative AI could eventually bypass traditional software layers or force a costly business model reset. Specifically, we view their seat-based model as being under pressure as AI agents automate tasks, potentially eroding core per-user revenue. Similarly, we exited Publicis despite strong organic growth. Our concern at the time centred on the vulnerability of the advertising agency model as GenAI empowers clients to insource creative work and automate media buying.
We remain underweight Materials, as many constituents face sluggish demand. For cyclical majors like BASF and Air Liquide, we are still awaiting a definitive European manufacturing and construction recovery, which remains delayed by high energy costs and geopolitical volatility. While these companies show resilience through cost-cutting, the fundamental volume inflection required for a re-rating remains elusive.
Overall, the portfolio remains cheaper than the benchmark with superior quality and momentum characteristics.
For the table detailing 'Portfolio Positions' see page 15 of the Company's 31st March 2026 Annual Report and Financial Statements.
Performance Attribution
The portfolio outperformed its benchmark index by 5.3% with the net asset value (NAV) per share rising 20.1%1, predominantly driven by stock selection.
At a sector level, Pharmaceuticals was the top contributor to relative performance, with broad-based stock selection driving the performance including an overweight in Novartis and underweight in Sanofi. In Capital Goods, positions in ABB and Prysmian contributed strongly to performance. Both companies are benefiting from investments in grid infrastructure and electrification, boosted by record AI investments driving global power demand.
At the stock level, Engie, the French utility company, was the top contributor to returns. The company has consistently overdelivered against its medium-term targets through the expansion of their renewables capacity and disciplined asset rotation. This delivery, combined with the acquisition of UK Power Networks which provides regulated network earnings with strong visibility, has helped build investor confidence in future earnings and support a re-rating of the multiple.
SBM Offshore is a Dutch-listed small cap company that designs, builds and operates floating production systems for the offshore oil and gas industry. The company has delivered strongly over the past 12 months, commissioning three of the world's largest and most complex deepwater production systems. This delivery, combined with a strong pipeline of potential new awards and the announcement of an enhanced shareholder return policy drove the share price higher.
On the other hand, the biggest detraction came from stock selection within the Food & Beverages sector. Underperformance in the sector reflected modest weakness across a number of holdings rather than any single material detractor. At a stock level, not owning BBVA, the Spanish-listed bank detracted from relative performance. Despite strong fundamental performance, we had avoided the name due to the overhang from their takeover approach for Banco Sabadell. Ultimately this bid failed, and the market reacted positively to the announcement that their share buyback programme would resume. At a sector level, Banks remained a strong positive contributor for the Trust.
For the table detailing 'Performance attribution' see page 16 of the Company's 31st March 2026 Annual Report and Financial Statements.
1 Net asset value with debt at fair value.
Portfolio Performance
Year ended 31st March 2026
|
|
% |
% |
|
Contributions to total returns |
|
|
|
Benchmark total return |
|
14.8 |
|
Asset Selection (stock/sector/currency) |
|
5.5 |
|
Gearing contribution1 |
0.6 |
|
|
Return on cash |
0.0 |
|
|
Cost of gearing2 |
(0.2) |
|
|
Cash/Gearing impact |
|
0.4 |
|
Portfolio total return |
|
20.7 |
|
Management fee and other expenses |
(0.6) |
|
|
Share buyback/issuance |
0.0 |
|
|
Other effects |
|
(0.6) |
|
Return on net asset value per ordinary share with debt at par valueA |
|
20.1 |
|
Impact of debt at fair value3 |
|
0.0 |
|
Return on net asset value per ordinary share with debt at fair valueA |
|
20.1 |
|
Effect of movement in discount |
|
1.1 |
|
Return on share priceA |
|
21.2 |
Source: Morningstar/J.P. Morgan. All figures are on a total return basis.
Performance attribution analyses how the portfolio achieved its recorded performance relative to its benchmark.
1 Gearing contribution is the aggregated effect of daily gearing on the daily benchmark return during the period.
2 Cost of gearing calculation is based on finance costs in the financial statements and includes the amortisation of issue costs in respect of the Private Placement Notes.
3 See note 17 on page 81 of the Company's 31st March 2026 Annual Report and Financial Statements for reference to fair value of debt.
A Alternative Performance Measure ('APM').
A glossary of terms and APMs is provided on page 102 of the Company's 31st March 2026 Annual Report and Financial Statements
Outlook
It is not clear how, or indeed when, the Iranian conflict will be fully resolved but at the time of writing equity markets have recovered most of their decline choosing to focus more on the positive aspects of the structural shift in German fiscal policy leading to higher defence and infrastructure investment. For now, concerns about the impact of the energy shock have been largely glossed over but it is likely that there will be further turbulence in the future. We remain alert to the risks but confident that we will continue to find attractive investment opportunities that meet our criteria relating to valuation, quality and operational momentum.
Alexander Fitzalan Howard
Zenah Shuhaiber
Tim Lewis
Portfolio Managers 22nd June 2026
Principal and Emerging Risks
The Board, through delegation to the Audit Committee, has undertaken a robust assessment and review of the principal risks facing the Company, together with a review of any new and emerging risks that may have arisen during the year to 31st March 2026, including those that would threaten its business model, future performance, solvency or liquidity.
With the assistance of the Manager, the Audit Committee has drawn up a risk matrix, which identifies the key risks to the Company, as well as emerging risks. The risk matrix, including emerging risks, are reviewed formally by the Audit Committee every six months or more regularly as appropriate. At each meeting, the Committee considers emerging risks which it defines as potential trends, sudden events or changing risks which are characterised by a high degree of uncertainty in terms of occurrence probability and possible effects on the Company. As the impact of emerging risks is understood, they may be entered on the Company's risk matrix and mitigating actions considered as necessary. In assessing the risks and how they can be mitigated, the Board has given particular attention to those risks that might threaten the viability of the Company. The principal risks fall broadly into the following categories:
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Change in risk |
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status during |
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Principal risk |
Description |
Mitigating activities |
the year |
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Investment |
The Board recognises that performance of the Company's investment portfolio is fundamental to the success of the Company. Investment includes market risk and this arises from uncertainty about the future prices of the Company's investments. It represents the potential loss the Company might suffer through holding investments in the face of negative market movements. Market risk is currently heightened due to various factors highlighted in the Chair's Statement and Portfolio Managers' Report, these include global trade issues, geopolitical conflicts and uncertainty over inflation, interest rates and government deficits. Geopolitical concerns will also impact the market; the current conflicts in the Middle East and Ukraine, tensions with China and the changes in trade and tariff policies introduced by the US government are causing increased volatility in the markets. |
In order to achieve the objectives given the risks inherent in investment such as market, gearing, currency and interest rates, investment guidelines, policies and processes are in place which aim to mitigate these risks. They are designed to ensure that the portfolios are managed in a way which is aimed at identifying the best stocks and diversifying risk. Regular reports are received by the Board from the Manager on stock selection, asset allocation, gearing, hedging and costs of running the Company and these are reviewed at each Board meeting in detail. Compliance with investment guidelines and policies are reviewed by the Manager and the Board, and discussed at each board meeting in detail together with an analysis of market parameters affecting the business. The Board considers asset allocation, stock selection and levels of gearing on a regular basis and has set Investment Restrictions and Guidelines which are monitored and reported on by JPMF. The Board monitors the implementation and results of the investment process with the Manager. Further details regarding financial instruments are disclosed in note 21 on pages 82 and 83 of the Company's 31st March 2026 Annual Report and Financial Statements. |
Stable |
|
Operational |
In common with most investment trusts the Board delegates the operation of the business to third parties, the principal delegate being the Manager JPMF. Disruption to, failure of, or fraud in JPMF's accounting, dealing or payments systems or the Depositary or Custodian's records could prevent timely implementation of investment decisions, and potentially shortfalls in the accuracy of reporting and monitoring of the Company's financial position and loss. Cyber crime is a threat to business continuity and security. |
Details of how the Board monitors the services provided by JPMF and its associates and the Depositary and Custodian and the key elements designed to provide effective internal control are included within the Internal Control section of the Audit Committee report on page 48 of the Company's 31st March 2026 Annual Report and Financial Statements. The Board has received the cyber security policies of its key third party service providers and JPMF has provided assurance to the Directors that the Company benefits directly or indirectly from all elements of JPMorgan's cyber security programme. The information technology controls around the physical security of JPMorgan's data centres, security of its networks and trading applications are tested and reported on every six months against the AAF standard. |
Heightened |
|
Regulatory |
The Company operates in an environment with significant regulation including the FCA Listing Rules, The UK Companies Act, the Corporation Taxes Act (CTA) (including s1158), Market Abuse Regulation, Disclosure Guidance and Transparency Regulations and the Alternative Investment Fund Managers Directive (AIFMD). There has been no significant change to this risk during the year though the environment as a whole is considered to be one of increasing costs for compliance. The Company also operates under the requirements of the Bribery Act 2010 as referred to in the Directors Report on page 41 of the Company's 31st March 2026 Annual Report and Financial Statements. |
The Board relies on the services of its Company Secretary, the Manager and its professional advisers to ensure compliance with the Companies Act 2006, the FCA Prospectus Rules, Listing Rules, DTRs and the Alternative Investment Fund Managers Directive. The Board reviews compliance with CTA s1158 annually. |
Stable |
|
Discount |
There is a risk that the share price lags NAV by significant level. A consistent, wide, discount can lead to action by arbitrageurs/activist shareholders, who may have undue influence due to lack of retail voting. It can also result in the Company not being able to react to relevant market events (e.g potential consolidation opportunities). The discount may become persistent due to market issues affecting all investment trusts, and may be difficult to manage using normal control mechanisms (eg buy-backs). |
The discount is monitored daily and compared to peers/sector by both the Manager and the Broker and a share buy back programme is in place which can be used when required. The Board has stated it does not wish to see the discount widen beyond 10% in normal market conditions. Industry wide developments are also monitored and considered when evaluating the need for buyback activity. Regular updates and reporting are provided to the Board. Sales and Marketing Plans are in place and are designed to increase demand and diversification of the share register. The Board is prepared to consider and implement other discount control mechanisms. For details of the Performance related Tender Offer see Key Features at the front of this document. |
Stable |
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Strategy |
An inappropriate investment strategy, for example asset allocation may lead to underperformance against the Company's benchmark index and peer companies. Significant hostile action by shareholder/s - arbitrageurs diverts attention from normal business. These activists may have undue influence due to low level of retail voting, and may have interests not aligned with the majority of shareholders. |
The Board reviews the overall strategy and structure of the Company in comparison to performance against benchmark, peer group and share activity. The Board holds a separate meeting devoted to strategy each year which includes consideration of whether the Company's objectives and structures are appropriate for the long term interests of shareholders. The Board and Manager regularly monitor the Company's share register and receipts of formal disclosures of significant transactions. Regular discussions are held with the Company's Brokers. Consideration of possible options to improve retail participation, including through S793 circulation to platform holders. |
Stable |
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Climate Change |
Climate change, which barely registered with investors a decade ago, continues to be one of the most critical issues confronting asset managers and their investors. Investors can no longer ignore the impact that the world's changing climate will have on their portfolios, with the impact of climate change on returns now inevitable. |
The Company's investment process integrates considerations of environmental, social and governance factors into decisions on which stocks to buy, hold or sell. This includes the approach investee companies take to recognising and mitigating climate change risks. The Board is also considering the threat posed by the direct impact on climate change on the operations of the Manager and other major service providers. As extreme weather events become more common, the resiliency, business continuity planning and the location strategies of our services providers will come under greater scrutiny. |
Stable |
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Geopolitical and Economic concerns |
The recent global trade tensions arising from the changes to U.S trade policy, Russia's invasion of Ukraine in February 2022 and conflict in the Middle East including the closure of the Strait of Hormuz, may cause long term changes in global trade and technology. This may challenge future growth potential and increased frictions in accessing global markets. Changes in financial or tax legislation in the UK or in some of the countries in which the Company invests may impact the operating model of the Company. In addition policies adopted by Governments/Central banks in response to the issues being seen in markets (e.g. inflation, interest rates and government deficits) may lead to adverse movements in asset prices and could result in concerns for the ongoing exposure to specific investee markets. |
The Board addresses these global developments in regular questioning of the Manager and with external expertise as required will continue to monitor these issues, should they develop. The Manager regularly monitors the Company's portfolio holdings to ensure compliance with any applicable sanctions. |
Heightened |
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Change in risk |
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Emerging |
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status during |
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risk |
Description |
Mitigating activities |
the year |
|
Artificial Intelligence (AI) |
While it might equally be deemed a great opportunity and force for good, there appears also to be an increasing risk to business and society more widely from AI. Advances in computing power means that AI has become a powerful tool that will impact a huge range of areas. AI could be a significant driver for new business as well as a disrupter to current business and processes leading to added uncertainty in corporate valuations. |
The Board will work with the Manager to monitor the developments concerning AI and its potential impact on the portfolio, our service providers and the wider market. |
Stable |
Transactions with the Manager
Details of the management contract are set out in the Directors' Report on page 39 of the Company's 31st March 2026 Annual Report and Financial Statements. The management fee payable to the Manager for the year was £2,764,000 (2025: £2,530,000), of which £nil (2025: £nil) was outstanding at the year end.
Included in administration expenses in note 6 on page 75 of the Company's 31st March 2026 Annual Report and Financial Statements are safe custody fees amounting to £55,000 (2025: £48,000) payable to JPMorgan Chase Bank, N.A of which £10,000 (2025: £8,000) was outstanding at the year end.
The Manager may carry out some of its dealing transactions through group subsidiaries. These transactions are carried out at arm's length. Commission amounting to £1,000 (2025: £19,000) was payable to JPMorgan Securities Limited for the year of which £nil (2025: £nil) was outstanding at the year end.
The Company holds investments in JPMorgan European Discovery Trust plc, managed by JPMAM. At 31st March 2026 these were valued at £14.4 million (2025: £12.2 million) and represented 2.4% (2025: 2.3%) of the Company's investment portfolio. During the year the Company made £nil purchases of such investments (2025: £nil) and sales with a total value of £nil (2025: £nil). Income amounting to £327,000 (2025: £277,000) was receivable from these investments during the year of which £nil (2025: £nil) was outstanding at the year end.
Securities lending income amounting to £21,000 (2025: £25,000) was receivable by the Company during the year. JPMorgan Chase Bank, N.A, commissions in respect of such transactions amounted to £2,000 (2025: £2,700).
Other capital charges (handling charges) on dealing transactions amounting to £20,000 (2025: £14,000) were payable to JPMorgan Chase Bank N.A. during the year of which £3,000 (2025: £1,000) was outstanding at the year end.
At the year end, total cash of £0.4 million (2025: £0.6 million) was held with JPMorgan Chase Bank N.A. A net amount of interest of £1,000 (2025: £2,000) was receivable by the Company during the year from JPMorgan Chase Bank, N.A of which £nil (2025: £nil) was outstanding at the year end.
The Company invests in the JPMorgan EUR 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 £10.7 million (2025: £14.9 million). Interest amounting to £262,000 (2025: £489,000) was receivable during the year of which £nil (2025: £nil) was outstanding at the year end.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulation.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law).
Under company law, Directors must not approve the financial statements unless they are satisfied that , taken as a whole, the Annual Report and the Financial Statements are fair, balanced and understandable, provide the information necessary for shareholders to assess the Company's position and 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;
• state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements;
• make judgements and accounting estimates that are reasonable and prudent; and
• prepare the financial statements on a 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 safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are also responsible for keeping adequate 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 enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006.
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. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors' confirmations
The Directors consider 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.
Each of the Directors, whose names and functions are listed in page 38 of the Company's 31st March 2026 Annual Report and Financial Statements confirm that, to the best of their knowledge:
• the Company financial statements, which have been prepared in accordance with United Kingdom Accounting Standards, comprising FRS 102, give a true and fair view of the assets, liabilities, financial position and return of the Company; and
• The Strategic Report and the Directors' Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.
For and on behalf of the Board
Rita Dhut
Chair
22nd June 2026
Statement of Comprehensive Income
|
|
For the year ended |
For the year ended |
|
||||
|
|
31st March 2026 |
31st March 2025 |
|
||||
|
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
|
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
Net gains on investments and derivatives held at |
|
|
|
|
|
|
|
|
fair value through profit or loss |
- |
86,937 |
86,937 |
- |
2,685 |
2,685 |
|
|
Net foreign exchange gains/(losses) on JPMorgan EUR |
|
|
|
|
|
|
|
|
Liquidity Fund |
- |
429 |
429 |
- |
(298) |
(298) |
|
|
Net foreign currency (losses)/gains |
- |
(1,583) |
(1,583) |
- |
2,275 |
2,275 |
|
|
Income from investments |
18,504 |
61 |
18,565 |
16,565 |
789 |
17,354 |
|
|
Interest receivable and similar income |
284 |
- |
284 |
516 |
- |
516 |
|
|
Gross return |
18,788 |
85,844 |
104,632 |
17,081 |
5,451 |
22,532 |
|
|
Management fee |
(829) |
(1,935) |
(2,764) |
(759) |
(1,771) |
(2,530) |
|
|
Other administrative expenses |
(804) |
- |
(804) |
(747) |
- |
(747) |
|
|
Net return before finance costs and taxation |
17,155 |
83,909 |
101,064 |
15,575 |
3,680 |
19,255 |
|
|
Finance costs |
(355) |
(828) |
(1,183) |
(346) |
(808) |
(1,154) |
|
|
Net return before taxation |
16,800 |
83,081 |
99,881 |
15,229 |
2,872 |
18,101 |
|
|
Taxation |
(1,999) |
- |
(1,999) |
(3,084) |
- |
(3,084) |
|
|
Net return after taxation |
14,801 |
83,081 |
97,882 |
12,145 |
2,872 |
15,017 |
|
|
Return per ordinary share |
3.51p |
19.69p |
23.20p |
2.85p |
0.67p |
3.52p |
|
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or
discontinued in the year.
The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns
represent supplementary information prepared under guidance issued by the Association of Investment Companies.
Net return after taxation represents the profit for the year and also Total Comprehensive Income.
Statement of Changes in Equity
|
|
Called up |
Share |
Capital |
|
|
|
|
|
share |
premium |
redemption |
Capital |
Revenue |
|
|
|
capital |
account |
reserve |
reserves1 |
reserve1 |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
At 31st March 2024 |
2,185 |
131,163 |
18,273 |
355,039 |
4,031 |
510,691 |
|
Repurchase of ordinary shares into Treasury |
- |
- |
- |
(7,259) |
- |
(7,259) |
|
Net return after taxation |
- |
- |
- |
2,872 |
12,145 |
15,017 |
|
Dividends paid in the year (note 2 below) |
- |
- |
- |
(3,694) |
(16,176) |
(19,870) |
|
At 31st March 2025 |
2,185 |
131,163 |
18,273 |
346,958 |
- |
498,579 |
|
Repurchase of ordinary shares into Treasury |
- |
- |
- |
(299) |
- |
(299) |
|
Issue of ordinary shares from Treasury |
- |
286 |
- |
578 |
- |
864 |
|
Net return after taxation |
- |
- |
- |
83,081 |
14,801 |
97,882 |
|
Dividends paid in the year (note 2 below) |
- |
- |
- |
(11,363) |
(14,801) |
(26,164) |
|
At 31st March 2026 |
2,185 |
131,449 |
18,273 |
418,955 |
- |
570,862 |
1 These reserves form the distributable reserves of the Company and may be used to fund distributions to shareholders. The amount that is distributable is not necessarily the full amount of the reserves of £418,955,000 as at 31st March 2026, as this includes unrealised holding gains and losses. See note 16 on page 80 of the Company's 31st March 2026 Annual Report and Financial Statements for further details.
Statement of Financial Position
|
|
At |
At |
|
|
31st March |
31st March |
|
|
2026 |
2025 |
|
|
£'000 |
£'000 |
|
Non current assets |
|
|
|
Investments held at fair value through profit or loss |
590,706 |
512,436 |
|
Investments on loan held at fair value through profit or loss |
8,537 |
7,409 |
|
Total investments held at fair value through profit or loss |
599,243 |
519,845 |
|
Current assets |
|
|
|
Derivative financial assets |
69 |
31 |
|
Debtors |
4,607 |
5,254 |
|
Cash and cash equivalents |
11,182 |
15,490 |
|
|
15,858 |
20,775 |
|
Current liabilities |
|
|
|
Creditors: amounts falling due within one year |
(316) |
(280) |
|
Derivative financial liabilities |
(360) |
(41) |
|
Net current assets |
15,182 |
20,454 |
|
Total assets less current liabilities |
614,425 |
540,299 |
|
Non current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
(43,563) |
(41,720) |
|
Net assets |
570,862 |
498,579 |
|
Capital and reserves |
|
|
|
Called up share capital |
2,185 |
2,185 |
|
Share premium account |
131,449 |
131,163 |
|
Capital redemption reserve |
18,273 |
18,273 |
|
Capital reserves |
418,955 |
346,958 |
|
Revenue reserve |
- |
- |
|
Total shareholders' funds |
570,862 |
498,579 |
|
Net asset value per ordinary share |
135.2p |
118.1p |
Statement of Cash Flows
|
|
For the year ended |
For the year ended |
|
|
31st March |
31st March |
|
|
2026 |
2025 |
|
|
£'000 |
£'000 |
|
Cash flows from operating activities |
|
|
|
Net return before finance costs and taxation |
101,064 |
19,255 |
|
Adjustment for: |
|
|
|
Net gains on investments held at fair value through profit or loss |
(86,937) |
(2,685) |
|
Net foreign exchange (gains)/losses on JPMorgan EUR Liquidity Fund |
(429) |
298 |
|
Net foreign currency losses/(gains) |
1,583 |
(2,275) |
|
Dividend income |
(18,565) |
(17,354) |
|
Interest and securities lending income |
(284) |
(491) |
|
Realised gains on foreign currency exchange transactions |
78 |
56 |
|
Realised exchange gains/(losses) on JPMorgan EUR Liquidity Fund |
376 |
(375) |
|
Decrease/(increase) in accrued income and other debtors |
1 |
(1) |
|
Increase/(decrease) in accrued expenses |
30 |
(10) |
|
Net cash outflow from operations before dividends, interest and taxation |
(3,083) |
(3,582) |
|
Dividends received |
15,293 |
13,970 |
|
Interest and stock lending income received |
284 |
491 |
|
Overseas withholding tax recovered |
1,289 |
1,218 |
|
Net cash inflow from operating activities |
13,783 |
12,097 |
|
Purchases of investments |
(248,282) |
(163,135) |
|
Sales of investments |
256,453 |
179,036 |
|
Settlement of forward foreign currency contracts |
448 |
716 |
|
Net cash inflow from investing activities |
8,619 |
16,617 |
|
Dividends paid |
(26,164) |
(19,870) |
|
Issue of ordinary shares from Treasury |
864 |
- |
|
Repurchase of ordinary shares into Treasury |
(299) |
(7,364) |
|
Interest paid |
(1,167) |
(1,138) |
|
Net cash outflow from financing activities |
(26,766) |
(28,372) |
|
(Decrease)/increase in cash and cash equivalents |
(4,364) |
342 |
|
Cash and cash equivalents at start of year |
15,490 |
15,074 |
|
Exchange movements |
56 |
74 |
|
Cash and cash equivalents at end of year |
11,182 |
15,490 |
|
Cash and cash equivalents consist of: |
|
|
|
Cash at bank |
434 |
632 |
|
Investment in JPMorgan EUR Liquidity Fund |
10,748 |
14,858 |
|
Total |
11,182 |
15,490 |
Notes to the Financial Statements
For the year ended 31st March 2026
1. Accounting policies
(a) Basis of accounting
The financial statements are prepared under the historical cost convention, modified to include fixed asset investments and derivatives at fair value, and in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP'), including 'the Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') 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 financial statements have been prepared on a going concern basis. In forming this opinion, the Directors have considered as part of its risk assessment: the nature of the Company, its business model and related risks including ongoing conflict between Ukraine and Russia, the conflict in the Middle East, the requirements of the applicable financial reporting framework, the covenants in respect of the Company's Private Placement Notes and the system of internal control.
The Directors believe that, having considered the Company's investment objectives, future cash flow projections, risk management policies, liquidity risk, principal and emerging risks, capital management policies and procedures, nature of the portfolios and expenditure projections, the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence to 30th June 2027, being at least 12 months from approving this annual report and financial statements.
For these reasons, they consider that there is reasonable evidence to continue to adopt the going concern basis in preparing the 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 |
|
Dividends paid |
|
|
|
|
|
Fourth interim dividend in respect of prior year |
1.20 |
5,064 |
1.05 |
4,510 |
|
First interim dividend |
1.20 |
5,064 |
1.20 |
5,148 |
|
Second interim dividend |
1.20 |
5,061 |
1.20 |
5,128 |
|
Third interim dividend |
1.20 |
5,061 |
1.20 |
5,084 |
|
Fourth interim dividend |
1.40 |
5,914 |
- |
- |
|
Total dividends paid in the year |
6.20 |
26,164 |
4.65 |
19,870 |
|
Dividends declared |
|
|
|
|
|
Fourth interim dividend |
- |
- |
1.20 |
5,064 |
|
Total dividends declared1 |
- |
- |
1.20 |
5,064 |
1 In accordance with the accounting policy of the Company, declared dividends will be reflected in the financial statements of the following year.
The fourth quarterly dividend of 1.40p per ordinary share was paid on 27th March 2026 for the financial year ended 31st March 2026.
The first interim dividend of 1.36p per ordinary share in respect of the Company's financial year ending 31st March 2027 was declared on 1st April 2026 for shareholders on the register on 17th April 2026 with payment on 5th June 2026.
During the year, dividends paid amounted to £26,164,000 (2025: £19,870,000), of which £14,801,000 (2025: £16,176,000) were paid from current year revenue and revenue reserves of £14,801,000 (2025: £16,176,000). The remaining dividend of £11,363,000 (2025: £3,694,000) was funded from realised capital reserves as show in the Statement of Changes in Equity on page 68 and note 16 on page 80 of the Company's 31st March 2026 Annual Report and Financial Statements.
(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, as follows:
The revenue available for distribution by way of dividend for the year is £14,801,000 (2025: £12,145,000).
|
|
2026 |
2025 |
||
|
|
Pence |
£'000 |
Pence |
£'000 |
|
First interim dividend |
1.20 |
5,064 |
1.20 |
5,148 |
|
Second interim dividend |
1.20 |
5,061 |
1.20 |
5,128 |
|
Third interim dividend |
1.20 |
5,061 |
1.20 |
5,084 |
|
Fourth interim dividend |
1.40 |
5,914 |
1.20 |
5,064 |
|
Total |
5.00 |
21,100 |
4.80 |
20,424 |
3. Return per ordinary share
|
|
2026 |
2025 |
|
|
£'000 |
£'000 |
|
Return per ordinary share is based on the following: |
|
|
|
Revenue return |
14,801 |
12,145 |
|
Capital return |
83,081 |
2,872 |
|
Total return |
97,882 |
15,017 |
|
Weighted average number of ordinary shares in issue during the year |
421,928,243 |
426,040,273 |
|
Revenue return per ordinary share |
3.51p |
2.85p |
|
Capital return per ordinary share |
19.69p |
0.67p |
|
Total return per ordinary share |
23.20p |
3.52p |
The total return per ordinary share represents both basic and diluted return per 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 422,366,188 (2025: 422,016,188) ordinary shares in issue at the year end (excluding shares held in Treasury).
|
|
2026 Net asset value attributable |
2025 Net asset value attributable |
|||
|
|
|||||
|
|
£'000 |
pence |
£'000 |
pence |
|
|
Net asset value - debt at par value |
570,862 |
135.2 |
498,579 |
118.1 |
|
|
Euro 50 million 2.69% Private Placement Notes repayable on 26th August 2035 |
|
|
|
|
|
|
Add: Amortised cost |
43,563 |
10.3 |
41,720 |
9.9 |
|
|
Less: Fair value |
(40,461) |
(9.6) |
(39,321) |
(9.3) |
|
|
Net asset value - debt at fair value1 |
573,964 |
135.9 |
500,978 |
118.7 |
|
1 See the glossary of terms on page 102 of the Company's 31st March 2026 Annual Report and Financial Statements.
The fair value of the Euro 50 million Private Placement Notes issued by the Company has been calculated using discounted cash flow techniques, using the yield from similar dated German government bond plus a margin based on the five year average for the AA Barclays Euro Corporate Bond spread.
5. Analysis of Changes in Net Debt
|
|
As at |
|
|
Other |
As at |
|
|
31st March |
|
Exchange |
non-cash |
31st March |
|
|
2025 |
Cash flows |
movements |
changes |
2026 |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Cash and cash equivalents |
|
|
|
|
|
|
Cash at bank |
632 |
(202) |
4 |
- |
434 |
|
Investment in JPMorgan EUR Liquidity Fund |
14,858 |
(4,162) |
52 |
- |
10,748 |
|
|
15,490 |
(4,364) |
56 |
- |
11,182 |
|
Borrowings |
|
|
|
|
|
|
Debt due after one year - Private Placement Notes |
(41,720) |
- |
(1,831) |
(12) |
(43,563) |
|
Net debt |
(26,230) |
(4,364) |
(1,775) |
(12) |
(32,381) |
JPMORGAN FUNDS LIMITED
23rd June 2026
For further information, please contact:
The Company Secretary
For and on behalf of
JPMorgan Funds Limited
Telephone: 0800 20 40 20 or or +44 1268 44 44 70
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 Annual Report will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The Annual Report will also shortly be available on the Company's website at www.jpmeuropeangrowthandincome.com 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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