Half-year Financial Report
Summary by AI BETAClose X
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CORE REAL ASSETS LIMITED
UNAUDITED HALF YEAR REPORT & FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31ST AUGUST 2025
Legal Entity Identifier: 549300D8JHZTH6GI8F97
JPMorgan Global Core Real Assets Limited (the 'Company' or 'JARA') announces its half year results for the six-months ended 31st August 2025.
Enquiries:
|
JPMorgan Global Core Real Assets Limited - Chairman |
Contact via Company Secretary |
|
JPMorgan Funds Limited |
William Talkington Tel: +44 (0) 20 7742 4000
|
|
JPMorgan Funds Limited (Company Secretary) |
Tel: 0800 20 40 20 or +44 1268 44 44 70 |
CHAIRMAN'S STATEMENT
I am pleased to present the Company's half-year report for the six months ended 31st August 2025 (the 'Period') as we continue to progress through our managed wind-down process, following shareholder approval at an Extraordinary General Meeting of the Company held on 20th December 2024 to adopt a new investment objective and enter a managed wind-down.
Managed Wind-Down and Redemptions
As I have previously reported, redemption requests have been submitted in all of the Company's underlying strategies. The Company has now liquidated its holdings in the listed real assets (with the exception of a small holding in Home REIT plc) and Mezzanine debt strategies, as well as the majority of its holdings in both the Infrastructure and Transportation strategies.
Following these realisations, the Company made its first compulsory partial redemption of shares and returned approximately £33.7 million to shareholders on 28th February 2025. The Company redeemed 34,748,578 shares for cancellation at a redemption price of 97.0465p per share. A second compulsory partial redemption of shares followed on 8th August 2025 with the Company returning approximately £85 million. The Company redeemed 95,613,410 shares for cancellation at a redemption price of 89.116731p per share. There remain 75,458,150 shares in issue, representing around 40% of those in issue as at 20th December 2024.
These two redemptions accounted for approximately 60% of the Company's assets as at 31st December 2024, exceeding the targeted redemption of 55% of the assets by the end of 2025, as outlined in the Company's announcement made on 19th June 2025. At the end of the Period, the Company remained invested in the Real Estate, Transportation and Infrastructure strategies. It is our intention, once the distributable cash balance reaches approximately £7.5 million to make a further distribution to shareholders at the end of Q1 2026, subject to retaining sufficient cash to cover the Company's running expenses.
The Board is aware that shareholders are eager to understand the likely timing and quantum of future capital distributions. At the end of the Period, the Company had 78% of its assets in the Real Estate strategies. As we have previously reported, the redemptions from these strategies are taking longer than originally envisaged. The Board continues to target the return of more than 80% of assets (held as 31st December 2024) by the end of 2026, but we are aware that the timing of redemptions from illiquid assets is influenced by a range of factors, which are outside the control of the Board and the Investment Manager. These include prevailing redemption queues, transaction activity, market conditions, exchange rates, and commercial considerations at the underlying strategy level, which determine the timing and Sterling value of the redemption receipts. In consequence, any estimates regarding the quantum and timetable of redemptions are, and will continue to be, subject to revision.
The Board continues to monitor the costs of operating the Company in its current form and, with that in mind, the Company's listing will be maintained only for so long as the Directors believe it to be cost-effective and in the interests of shareholders. We have no plans for an imminent delisting, but we will review this option again at the end of 2026.
Performance
JARA's return on net asset value ('NAV') for the Period was -1.5%, primarily attributable to the adverse impact of the weakening of the US dollar against Sterling. Given the fall in the Company's share price from 84.8p on 1st March 2025 to 70.0p on 31st August 2025, the return to shareholders over the Period was -17.5%. At close of business on 26th November 2025, the Company's share price was 77.6p, representing a discount to NAV of 19.2%.
The Investment Managers' Report reviews the Company's performance and gives commentary on the investment strategy and portfolio performance over the Period.
Dividends
As previously stated, the Company has ceased to pay dividends. Any income generated and accumulated from the remaining holdings will be distributed as part of the Company's capital redemption process.
Currency Exposure
In view of the impact of currency movements on the Company's capital (as previously reported to shareholders) any cash received by the Company as part of the realisation process will be converted into Sterling as soon as practicable and will be held by the Company as cash on deposit and/or in Sterling liquid cash equivalents securities pending its return to shareholders.
Discount and Share Buybacks
Over the Period, the Company's discount to NAV widened, ending at 25.1%. As previously stated, the Board has taken the decision to suspend buybacks of the Company's own shares and accordingly did not seek shareholder authority at the Company's Annual General Meeting to buy back shares.
Stay Informed
The Company will continue to release monthly NAVs to the market, as well as quarterly NAVs with more detailed commentary at the end of November, February, May and August, all via the London Stock Exchange's Regulatory News Service for the remaining strategies.
I would like to thank our shareholders for their support and understanding as we continue to manage the wind-down of the Company in the most speedy and cost-efficient manner, while also being dependent on returns from the strategies.
John Scott
Chairman 27th November 2025
INVESTMENT MANAGERS' REPORT
Market review
From 1st March to 31st August 2025, both the U.S. and the U.K. navigated an environment of resilient growth, paired with elevated policy and inflation risks. Growth remained stronger in the U.S., while the U.K. faced more headwinds.
U.S. GDP and labour-market indicators held up, inflation hovered just under 3% year-on-year, and the Federal Reserve kept rates unchanged, signalling patience. U.K. growth slowed noticeably, inflation remained stickily above target, and the Bank of England maintained a cautious stance amid the mixed outlook. U.S. equities outperformed, fuelled by earnings momentum and technology/growth strength; domestically focused U.K. stocks lagged, weighed by weak growth and inflation concerns. Elevated valuations and policy risk suggest greater selectivity is required. For fixed income, U.S. yields edged higher on inflation- and policy-related uncertainty, while investment-grade credit spreads tightened modestly. In the U.K., gilt yields stayed elevated amid weak growth and inflation tension, leaving fixed income as a nuanced opportunity set rather than a broad safe haven.
After a surge of fear and uncertainty post 'Liberation Day', the U.S. economy and capital markets appear to have calmed down, with most metrics back to levels prior to the tariff announcements. Real estate capital markets have also settled down. Not only are spreads back to 2024 levels, but for the first time since 2022 borrowing is available for all major property types. U.S. real estate saw improving transaction volumes and signs of recovery, with five consecutive quarters of positive returns since Q3 2024.
The performance of APAC real estate was largely positive. Most industrial markets experienced steady occupiers' demand, however Greater China faced challenges due to weaker consumption. In the office sector, leasing activity in Korea and Singapore remained resilient, and Japan's multi-family sector maintained stronger rent growth momentum, supported by favourable fundamentals and solid wage growth. Additionally, with borrowing costs reducing, some APAC markets are beginning to experience a slight compression in yields.
Performance Review
In terms of performance, the portfolio's asset composition changed significantly during the Period as a result of the two capital redemptions to investors. To provide greater clarity and transparency, we review performance across each of the two quarters within the six-month Period.
Over the three months to 31st May 2025, JARA's NAV total return measured in sterling was -5.5%. In local currency terms all strategies delivered positive returns, with private transportation contributing +1.3%, private real estate equity contributing +0.9%, and private infrastructure contributing +0.1%1. Sterling2 strengthened against the underlying currencies in the portfolio, resulting in a net negative currency impact over the Company's quarter to 31st May 2025.
Over the three months to 31st August 2025, JARA's NAV total return in GBP was +4.2%. In local currency terms, all strategies delivered positive returns, with private transportation contributing +0.3%, private real estate equity contributing +0.7%, and private infrastructure contributing minimally due to its limited remaining allocation3. Whilst Sterling4 marginally strengthened against the US dollar in the quarter, on a look through basis Sterling weakened against the underlying currencies in the portfolio, resulting in a net positive currency impact over the Company's quarter to 31st August 2025.
1 The local return contribution is calculated based on the NAV snapshot as of 31st May 2025, excluding cash held in JPM Liquidity Funds.
2 The GBP/USD exchange rate was 1.34855 as at 31st May 2025, versus 1.25915 as at 28th February 2025. Currency impact does not factor in an offsetting gain/loss from the hedged infrastructure strategy, which is priced as at 31st March 2025.
3 The local return contribution is calculated based on the NAV snapshot as of 31st August 2025, excluding cash held in JPM Liquidity Funds.
4 The GBP/USD exchange rate was 1.35105 as at 31st August 2025, versus 1.34855 as at 31st May 2025. Currency impact does not factor in an offsetting gain/loss from the hedged infrastructure strategy, which is priced as at 30th June 2025.
Portfolio Positioning
Please see below JARA' s allocation by strategy and currency as of 31st August 2025.
|
|
|
% of JARA's NAV |
|
|
Date of price |
as at 31st August |
|
Strategies |
for Strategy |
2025 |
|
Real Estate Equity |
30th June 2025 |
78.5 |
|
Transportation |
30th June 2025 |
11.9 |
|
Infrastructure |
30th June 2025 |
3.7 |
|
Net current assets including cash and cash equivalents held in Sterling |
31st August 2025 |
5.9 |
|
|
|
|
|
|
|
31st August |
|
Currency exposure |
|
2025 |
|
USD |
|
54% |
|
GBP |
|
4% |
|
AUD |
|
9% |
|
JPY |
|
12% |
|
SGD |
|
9% |
|
NZD |
|
4% |
|
Others |
|
8% |
As noted in the Chairman's Statement, since the start of the wind-down, the Company has returned two tranches of capital to shareholders: approximately £34 million in February 2025 and approximately £85 million in August 2025. As of August 2025, JARA had requested redemptions for all underlying strategies and is expected to return more than 80% of assets to shareholders by the end of calendar 2026, with the balance of unredeemed investments being represented predominantly by real estate holdings. This is consistent with the previous managed wind-down update.
The Company's remaining portfolio consists of illiquid strategies, which will be realised over varying timeframes. The timing of redemptions from these illiquid assets is influenced by a range of factors. These factors include prevailing redemption queues, transaction activity, market conditions, exchange rates, and commercial considerations at the underlying strategy level, all of which affect both the timing and the sterling value of redemption receipts. As a result, any estimates regarding the amount and schedule of redemptions are, and will continue to be, subject to revision.
Investment Managers
Alternatives Solutions Group Investment Committee
Security Capital Research & Management Inc. and J.P. Morgan Alternative Asset Management Inc.
27th November 2025
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its half year report.
Principal and Emerging Risks
The principal and emerging risks faced by the Company fall into the following broad categories: investment management and performance, operational, regulatory, environmental and global. Information on each of these areas is given in the Company's Strategic Report within the Annual Report and Financial Statements for the year ended 28th February 2025.
Since the year end, following the redemptions in some of the strategies, the Board has identified concentration risk as a principal risk as the number of Company's holdings reduce. The estimated redemption timetable will ultimately result in two strategies being held in the portfolio. Whilst there is little that the Board can do to mitigate this risk, the Board is comforted that the assets within the strategies are diversified across sectors and geographies.
The Board acknowledges that at the 2024 Annual General Meeting, the Company's continuation vote did not pass, and has made the decision to place the Company into a managed wind-down. Please refer to the Chairman's Statement above.
Related Parties Transactions
During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period.
Going Concern
Notwithstanding that the Company is in a managed wind-down the Directors have prepared the interim financial statements on a going concern basis, focusing on the Company's financial viability. They are required to assess whether the Company has adequate resources to continue operations for at least 12 months. In making this assessment, the Directors considered the Company's revenue forecast and net cash position. The Company meets its liquidity needs through cash resources and ongoing quarterly income from the strategies in which the Company remains invested.
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 has been prepared in accordance with International Accounting Standards 34 'Interim Financial Reporting' and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net loss of the Company, as at 31st August 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 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 financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
John Scott
Chairman
27th November 2025
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
Six months ended |
Six months ended |
Year ended |
|
|
31st August |
31st August |
28th February |
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
(Losses)/gains on investments held at fair value through |
|
|
|
|
profit or loss |
(8,814) |
(6,550) |
1,758 |
|
Foreign currency losses |
(305) |
(19) |
(73) |
|
Income from investments |
2,682 |
4,584 |
10,348 |
|
Interest receivable and similar income |
707 |
51 |
256 |
|
Total (loss)/return |
(5,730) |
(1,934) |
12,289 |
|
Management fee |
(156) |
(266) |
(555) |
|
Other administrative expenses |
(273) |
(388) |
(734) |
|
(Loss)/return before finance costs and taxation |
(6,159) |
(2,588) |
11,000 |
|
Finance costs |
- |
(2) |
(2) |
|
(Loss)/return before taxation |
(6,159) |
(2,590) |
10,998 |
|
Taxation |
(373) |
(667) |
(1,160) |
|
Net (loss)/return after taxation |
(6,532) |
(3,257) |
9,838 |
|
(Loss)/return per share (note 3) |
(4.12)p |
(1.56)p |
4.75p |
The Company does not have any income or expense that is not included in the net return for the period/year. Accordingly, the 'Net return for the period/year, is also the 'Total comprehensive income' for the period/year, as defined in IAS1 (revised).
All items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period/year.
CONDENSED STATEMENT OF CHANGES IN EQUITY
|
|
Share |
Retained |
|
|
|
premium |
earnings |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
Six months ended 31st August 2025 (Unaudited) |
|
|
|
|
At 28th February 2025 |
219,278 |
(56,967) |
162,311 |
|
Partial redemption of shares1 |
- |
(85,207) |
(85,207) |
|
Net loss for the period |
- |
(6,532) |
(6,532) |
|
At 31st August 2025 |
219,278 |
(148,706) |
70,572 |
|
Six months ended 31st August 2024 (Unaudited) |
|
|
|
|
At 29th February 2024 |
219,278 |
(22,867) |
196,411 |
|
Repurchase of shares into Treasury |
- |
(3,461) |
(3,461) |
|
Net loss for the period |
- |
(3,257) |
(3,257) |
|
Dividends paid in the period (note 4) |
- |
(4,375) |
(4,375) |
|
At 31st August 2024 |
219,278 |
(33,960) |
185,318 |
|
Year ended 28th February 2025 (Audited) |
|
|
|
|
At 29th February 2024 |
219,278 |
(22,867) |
196,411 |
|
Repurchase of shares into Treasury |
- |
(3,499) |
(3,499) |
|
Partial redemption of shares1 |
- |
(33,722) |
(33,722) |
|
Costs in respect of partial redemption |
- |
(181) |
(181) |
|
Net return for the year |
- |
9,838 |
9,838 |
|
Dividends paid in the year (note 4) |
- |
(6,536) |
(6,536) |
|
At 28th February 2025 |
219,278 |
(56,967) |
162,311 |
1 The Company returned monies to shareholders by way of a compulsory partial redemption of shares.
CONDENSED STATEMENT OF FINANCIAL POSITION
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
At 31st August |
At 31st August |
At 28th February |
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Assets |
|
|
|
|
Non current assets |
|
|
|
|
Investments held at fair value through profit or loss |
66,412 |
183,334 |
160,112 |
|
Current assets |
|
|
|
|
Debtors |
1,082 |
301 |
1,146 |
|
Cash and cash equivalents |
3,360 |
2,254 |
35,260 |
|
|
4,442 |
2,555 |
36,406 |
|
Liabilities |
|
|
|
|
Current liabilities |
|
|
|
|
Other payables |
(282) |
(571) |
(34,207) |
|
Net current assets |
4,160 |
1,984 |
2,199 |
|
Total assets less current liabilities |
70,572 |
185,318 |
162,311 |
|
Net assets |
70,572 |
185,318 |
162,311 |
|
|
|
|
|
|
Amounts attributable to shareholders |
|
|
|
|
Share premium |
219,278 |
219,278 |
219,278 |
|
Retained earnings |
(148,706) |
(33,960) |
(56,967) |
|
Total shareholders' funds |
70,572 |
185,318 |
162,311 |
|
Net asset value per share (note 5) |
93.5p |
90.0p |
94.9p |
CONDENSED STATEMENT OF CASH FLOWS
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
Six months ended |
Six months ended |
Year ended |
|
|
31st August 2025 |
31st August 2024 |
28th February 2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Cash flows from operating activities |
|
|
|
|
(Loss)/return before taxation |
(6,159) |
(2,590) |
10,998 |
|
Deduct dividends received |
(2,682) |
(4,543) |
(10,270) |
|
Deduct investment income - interest |
- |
(41) |
(78) |
|
Deduct deposit and liquidity fund interest income |
(707) |
(51) |
(256) |
|
Add interest paid |
- |
2 |
2 |
|
Add losses/(deduct gains) on investments held at fair value |
|
|
|
|
through profit & loss |
8,814 |
6,550 |
(1,758) |
|
Add foreign currency exchange losses on cash and |
|
|
|
|
cash equivalents |
305 |
19 |
73 |
|
Decrease in prepayments and accrued income |
24 |
30 |
6 |
|
(Decrease)/increase in other payables |
(142) |
44 |
(75) |
|
Tax paid |
(368) |
(667) |
(1,159) |
|
Net cash outflow from operating activities before interest |
(915) |
(1,247) |
(2,517) |
|
Dividends received |
3,563 |
5,299 |
10,179 |
|
Interest received |
- |
34 |
83 |
|
Deposit and liquidity fund interest received |
569 |
49 |
256 |
|
Interest paid |
- |
(2) |
(2) |
|
Investing activities |
|
|
|
|
Purchases of investments held at fair value through profit or loss |
- |
(7,843) |
(11,311) |
|
Sales of investments held at fair value through profit or loss |
84,178 |
10,064 |
45,073 |
|
Net cash inflow from operating and investing activities |
87,395 |
6,354 |
41,761 |
|
Financing activities |
|
|
|
|
Dividends paid |
- |
(4,375) |
(6,536) |
|
Repurchase of shares into treasury |
- |
(3,388) |
(3,499) |
|
Partial redemption of shares |
(118,929) |
- |
- |
|
Costs in respect of partial redemption of shares |
(61) |
- |
(75) |
|
Net cash outflow from financing activities |
(118,990) |
(7,763) |
(10,110) |
|
(Decrease)/increase in cash and cash equivalents |
(31,595) |
(1,409) |
31,651 |
|
Cash and cash equivalents at the start of the period/year |
35,260 |
3,682 |
3,682 |
|
Exchange movements |
(305) |
(19) |
(73) |
|
Cash and cash equivalents at end of period/year1 |
3,360 |
2,254 |
35,260 |
1 Cash and cash equivalents includes liquidity funds.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the six months ended 31st August 2025.
1. General information
The Company is a closed-ended investment company incorporated in accordance with the Companies (Guernsey) Law, 2008. The address of its registered office is Level 3, Mill Court, La Charroterie, St Peter Port, Guernsey GY11EJ.
The principal activity of the Company is to realise all existing assets in the Company's portfolio in an orderly manner and make timely returns of capital to shareholders.
The Company was incorporated on 22nd February 2019. It was admitted to the premium listing category of the Official List of the Financial Conduct Authority and to trading on the Main Market and had its first day of trading on 24th September 2019. Following shareholder approval, the Company was placed into a managed wind down in December 2024.
The information contained within the condensed financial statements in this half year report has not been audited or reviewed by the Company's auditor.
Investment objective
The Company's investment objective is to realise all existing assets in the Company's portfolio in an orderly manner and make timely returns of capital to shareholders.
Investment policy
The Company will pursue its investment objective by effecting an orderly realisation of its assets. The Company will cease to make any new investments in private funds or managed accounts managed or advised by entities within J.P. Morgan Asset Management. The Company will cease to undertake capital expenditure except as deemed necessary or desirable by the Board in connection with the realisation.
Going concern
At the fifth Annual General Meeting, the Company, in line with its Articles of Incorporation, was subject to a continuation vote by its shareholders. The vote did not pass, indicating a lack of support for the future of the Company's operations. Consequently, the Board, having consulted with the Company's major shareholders and considered all options available, made the decision to place the Company into a managed wind-down. Subsequently, on 20th December 2024, shareholders approved a change in investment objective and investment policy, allowing the Company to undergo an orderly realisation of assets, returning capital to shareholders.
The assessment of the Company's going concern status considers two distinct aspects. First, no material uncertainties related to the Company's ability to meet its liabilities as they fall due have been identified. The Company presently has sufficient resources to cover its foreseeable financial obligations.
Second, uncertainty exists regarding the timeframe for the Company's continued operations as a going concern during the voluntary wind-down period. This uncertainty arises from the inherent challenges in predicting the timing and successful completion of redemptions from the underlying strategies necessary to return proceeds to shareholders. The speed and efficiency of these divestments will significantly impact the length of time the Company remains operational. As at the date of this report, based on the Investment Manager's latest estimates, the Board now expects that the orderly realisation of the remaining real assets will extend into calendar year 2027, at the very least.
Notwithstanding the decision to place the Company into a managed wind-down, the Directors have prepared the financial statements on a going concern basis, focusing on the Company's financial viability. They are required to assess whether the Company has adequate resources to continue operations for at least 12 months. In making this assessment, the Directors considered the Company's revenue forecast for income from the strategies in which the Company remains invested and its net cash position. In terms of the longer viability of the Company, the Board has assessed its current position and the period over which its assets are likely to be realised and agreed that a three year period ending 28th February 2028 was appropriate. There is however, no guarantee on this timeline.
The Board has therefore determined that it is appropriate to continue to prepare these financial statements on a going concern basis.
2. Material accounting policy information
Basis of preparation
The Company's financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS'), which comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), the IFRS Interpretations Committee and interpretations approved by the International Accounting Standards Committee ('IASC') that remain in effect and the Companies (Guernsey) Law, 2008.
These financial statements have been prepared on a going concern basis in accordance with IAS 1, applying the historical cost convention, except for the measurement of financial assets including derivative financial instruments designated as held at fair value through profit or loss ('FVTPL') that have been measured at fair value.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 28th February 2025.
3. Loss/(return) per share
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
Six months ended |
Six months ended |
Year ended |
|
|
31st August |
31st August |
28th February |
|
|
2025 |
2024 |
2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Total (loss)/return |
(6,532) |
(3,257) |
9,838 |
|
Weighted average number of shares in issue during the period/year |
158,600,246 |
208,601,334 |
207,127,101 |
|
Total (loss)/return per share |
(4.12)p |
(1.56)p |
4.75p |
4. Dividends
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|||
|
|
Six months ended |
Six months ended |
Year ended |
|||
|
|
31st August 2025 |
31st August 2024 |
28th February 2025 |
|||
|
|
Pence |
£'000 |
Pence |
£'000 |
Pence |
£'000 |
|
Dividends paid |
|
|
|
|
|
|
|
First interim dividend |
- |
- |
1.05 |
2,207 |
1.05 |
2,207 |
|
Second interim dividend |
- |
- |
1.05 |
2,168 |
1.05 |
2,168 |
|
Third interim dividend |
- |
- |
- |
- |
1.05 |
2,161 |
|
Fourth interim dividend |
- |
- |
- |
- |
- |
- |
|
Total dividends paid in the period/year |
- |
- |
2.10 |
4,375 |
3.15 |
6,536 |
As the Company has implemented a managed wind-down, no further dividends are proposed. In respect of the year ended 28th February 2025, only the first, second and third interim dividends of 1.05p each, have been paid. Any income generated and accumulated from the remaining holdings will be distributed as part of the Company's capital redemption process.
5. Net asset value per share
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
Six months ended |
Six months ended |
Year ended |
|
|
31st August |
31st August |
28th February |
|
|
2025 |
2024 |
2025 |
|
Shareholders' funds1 (£'000) |
70,572 |
185,318 |
162,311 |
|
Number of shares in issue |
75,458,150 |
205,870,138 |
171,071,560 |
|
Net asset value per share |
93.5p |
90.0p |
94.9p |
1 Net assets are also referred to Shareholders' funds.
6. Disclosures regarding financial instruments measured at fair value
The disclosures required by the IFRS 13: 'Fair Value Measurement' are given below. The Company's financial instruments within the scope of IFRS 13 that are held at fair value comprise its investment portfolio and derivative contracts.
The investments are categorised into a hierarchy consisting of the following three levels:
Level 1 - valued using unadjusted quoted prices in active markets for identical assets and liabilities.
Level 2 - valued by reference to valuation techniques using other observable inputs not included within Level 1.
Level 3 - valued by reference to valuation techniques using unobservable inputs.
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset.
The recognition and measurement policies for financial instruments measured at fair value are consistent with those disclosed in the last annual financial statements.
The following tables set out the fair value measurements using the IFRS 13 hierarchy at the relevant period end:
|
|
(Unaudited) |
|||
|
|
31st August 2025 |
|||
|
|
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
|
Financial instruments held at fair value through |
|
|
|
|
|
profit or loss |
|
|
|
|
|
As at 31st August 2025 |
|
|
|
|
|
Equity investments |
- |
- |
16 |
16 |
|
Private Collective Investment Schemes1 |
- |
- |
66,396 |
66,396 |
|
Liquidity fund2 |
2,624 |
- |
- |
2,624 |
|
|
2,624 |
- |
66,412 |
69,036 |
1 Consists of the Private Collective Investment Schemes: Infrastructure Investments Fund UK 1 LP, Strategic Property Fund FIV5 (Lux) SCSp, Strategic Property Fund Asia SCSp and Global Transport Income Fund Master Partnership.
2 Presented under Cash and cash equivalents in Statement of Financial Position.
There were no transfers between level 1, 2 or 3 during the period.
A reconciliation of the movement in level 3 financial instruments for the period ended 31st August 2025 is set out below.
|
|
|
(Unaudited) |
|
|
|
|
31st August 2025 |
|
|
|
|
Private Collective |
|
|
|
|
Investment |
|
|
|
Equity |
Schemes |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
Level 3 |
|
|
|
|
At 28th February 2025 |
16 |
160,096 |
160,112 |
|
Sale or redemption of units in the year1 |
- |
(84,876) |
(84,876) |
|
Dividend distributions2 |
- |
(593) |
(593) |
|
Equalisation adjustment3 |
- |
(10) |
(10) |
|
Unrealised loss on investments |
- |
(8,221) |
(8,221) |
|
Closing balance as at 31st August 2025 |
16 |
66,396 |
66,412 |
1 In respect of Infrastructure Investments Fund UK 1 LP, Strategic Property Fund FIV5 (Lux) SCSp, Strategic Property Fund Asia SCSp, Global Transport Income Fund Master Partnership and U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp.
2 In respect of Strategic Property Fund FIV5 (Lux) SCSp.
3 In respect of Global Transport Income Fund Feeder Partnership SCSp, Infrastructure Investments Fund UK 1 Hedged LP, Strategic Property Fund Asia SCSp, and U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp.
|
|
|
(Unaudited) |
|
|
|
|
31st August 2024 |
|
|
|
|
Private Collective |
|
|
|
|
Investment |
|
|
|
Equity |
Schemes |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
Level 3 |
|
|
|
|
At 29th February 2024 |
16 |
163,232 |
163,248 |
|
Sale or redemption of units in the year1 |
- |
(1,294) |
(1,294) |
|
Dividend distributions2 |
- |
(691) |
(691) |
|
Equalisation adjustment3 |
- |
(264) |
(264) |
|
Unrealised loss on investments |
- |
(7,114) |
(7,114) |
|
Closing balance as at 31st August 2024 |
16 |
153,869 |
153,885 |
1 In respect of Strategic Property Fund FIV5 (Lux) SCSp, Strategic Property Fund Asia SCSp.
2 In respect of Strategic Property Fund FIV5 (Lux) SCSp.
3 In respect of Global Transport Income Fund Feeder Partnership SCSp, Infrastructure Investments Fund UK 1 Hedged LP, Strategic Property Fund Asia SCSp, and U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp.
|
|
|
(Audited) |
|
|
|
|
28th February 2025 |
|
|
|
|
Private Collective |
|
|
|
|
Investment |
|
|
|
Equity |
Schemes |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
Level 3 |
|
|
|
|
At 29th February 2024 |
16 |
163,232 |
163,248 |
|
Sale or redemption of units in the year1 |
- |
(3,500) |
(3,500) |
|
Dividend distributions2 |
- |
(1,373) |
(1,373) |
|
Equalisation adjustment3 |
- |
(692) |
(692) |
|
Unrealised (loss)/gain on investments |
- |
2,429 |
2,429 |
|
Closing balance as at 28th February 2025 |
16 |
160,096 |
160,112 |
1 In respect of Strategic Property Fund Asia SCSp and SPF FIV5 (Lux) SCSp (Strategic Property Fund FIV5 (Lux) SCSp).
2 In respect of SPF FIV5 (Lux) SCSp (Strategic Property Fund FIV5 (Lux) SCSp).
3 In respect of Global Transport Income Fund Feeder Partnership SCSp, IIF UK 1 Hedged LP (Infrastructure Investments Fund UK 1 Hedged LP), Strategic Property Fund Asia SCSp and U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp.
The Level 3 financial instruments consist of the Private Collective Investment Schemes: Global Transport Income Fund Feeder Partnership SCSp, Infrastructure Investments Fund UK 1 Hedged LP, Strategic Property Fund Asia SCSp, Strategic Property Fund FIV5 (Lux) SCSp and U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp.
|
|
As at 31st August 2025 |
As at 28th February 2025 |
|
|
Date of valuation |
Date of valuation |
|
|
provided by the |
provided by the |
|
|
Private Fund |
Private Fund |
|
Fund |
Manager |
Manager |
|
Strategic Property Fund FIV5 (Lux) SCSP |
30th June 2025 |
31st December 2024 |
|
Infrastructure Investments Fund UK 1 |
|
|
|
Hedged LP |
30th June 2025 |
31st December 2024 |
|
Strategic Property Fund Asia SCSP |
30th June 2025 |
31st December 2024 |
|
Global Transport Income Fund Master |
|
|
|
Partnership |
30th June 2025 |
30th September 2024 |
|
U.S. Real Estate Mezzanine Debt Fund |
|
|
|
Feeder (Lux) SCSp |
30th June 2025 |
31st December 2024 |
If the price per unit varied by 1%, this would result in a change of £664,000 (year ended 28th February 2025: £1,601,000) to the valuation of the level 3 financial instruments.
JPMORGAN FUNDS LIMITED
28th November 2025
For further information, please contact:
JPMorgan Funds Limited - Company Secretary
Telephone: 0800 20 40 20 or or +44 1268 44 44 70
E-mail: jpmam.investment.trusts@jpmorgan.com
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 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 half year report will also shortly be available on the Company's website at www.jpmrealassets.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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