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JPMorgan Multi-Asset (MATE)

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Tuesday 21 May, 2019

JPMorgan Multi-Asset

Final Results

RNS Number : 6014Z
JPMorgan Multi-Asset Trust plc
21 May 2019
 

LONDON STOCK EXCHANGE ANNOUNCEMENT

 

JPMORGAN MULTI-ASSET TRUST PLC

 

ANNOUNCEMENT OF FINAL RESULTS

 

The Directors of JPMorgan Multi-Asset Trust plc announce the Company's results

for the period ended 28th February 2019

 

 

 

Legal Entity Identifier:

549300C0UCY8X2QXW762

Information disclosed in accordance with DTR 4.1.

 

 

CHAIRMAN'S STATEMENT

Introduction and Performance

I am pleased to present this first Annual Report to shareholders since the Company was launched on 2nd March 2018. The Company raised £93.1 million at launch and we are very appreciative of the support from investors, particularly the many former shareholders of JPMorgan Income & Capital Trust plc who chose to 'roll-over' their investment into the Company.

The Company's objective is to generate income and capital growth through a multi-asset strategy while seeking to maintain lower levels of portfolio volatility than an institutional equity portfolio. Our commitment to this objective is underpinned by the Company's distribution policy, which aims to achieve a yield of 4.0% on the Initial Issue Price of £1.00 per share. The Company has used the advantages of investment trust status to access less liquid areas of the market, such as by investing over 10% of its portfolio in an unlisted infrastructure fund, with the aim of generating sustainable and growing income.

For the period to 28th February 2019, the Company recorded a positive total return of 5.1% on its opening net asset value, a slight underperformance of 0.2% to the Company's Reference Index. The Company's Reference Index, comprising the LIBOR one-month Sterling rate plus 4.5%, is used instead of a benchmark, since it is considered more closely to reflect the profile of the Company's portfolio.

During the period under review, markets have experienced considerable volatility due in part to trade tensions between the United States and China, deterioration of relations between the West and Russia and concerns over the maturity of the economic cycle. After some declines during the last quarter of 2018, the first two months of 2019 have seen an improvement in investor sentiment. Overall, economic data continues generally to be positive, with global growth supported by accommodative government policies and muted levels of inflation which, to date, have only resulted in small incremental rises in interest rates with little expectation of any further increases in the year ahead. Further details of the portfolio are provided in the investment managers' report on page 8 of the Annual Report and Financial Statements.

Share Price Performance

During the period to 28th February 2019, the Company achieved a total return on opening net assets of +5.1% but recorded a negative total return of 3.9% on its opening share price. The price of the Company's shares has traded at a discount to net asset value throughout most of the period. On 28th February 2019, the discount on the Company's shares was 8.3%. The average discount during the period was 5.2% with the shares trading between a premium of 0.4% and a discount of 8.3%. The Board has utilised its authority, as detailed in the Company's Prospectus dated 24th January 2018, to buy back shares with the objective of preventing the discount on the Company's shares widening significantly in normal market conditions. During the period the Company bought back 6,854,235 shares following its successful application for a court order to approve the cancellation of its share premium account and filing of audited Initial Accounts. The overall impact of these buybacks during the period ending 28th February 2019 was to improve the total return on its opening net assets by 0.4%.

The Directors have also been given authority to allot new ordinary shares for cash on a non pre-emptive basis. No new shares have been allotted during the period to 28th February 2019.

 

Revenue and Distributions

During the period the Company's net return on ordinary activities after taxation was £4,211,000. Since the launch of the Company, the Board has declared four interim distributions, each of 1.0 pence per share, in respect of the financial period to 28th February 2019, making a total of 4.0 pence per share for the period, equating to a distribution yield of 4.0% on the Initial Issue Price. These figures are as forecast in the Company's Prospectus dated 24th January 2018. The Company has elected to 'stream' part of the distribution and thereby pay both a dividend and a distribution designated as a payment of interest for tax purposes. Further details of the tax implications for shareholders of the interest 'streaming' regime can be found on page 16 and 72 of the Annual Report and Financial Statements.

Change of Broker

In mid-August, the Board appointed Panmure Gordon as its corporate broker.

The Board of Directors

Throughout the period, the Board consisted of five directors. There is currently no plan to change the composition of the Board.

During the period, the Board conducted an annual evaluation of the Directors, the Chairman, 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 of the directors will retire by rotation at the Company's Annual General Meeting (AGM) and will offer themselves for re-election.

Following a review of relative fee scales within the investment trust sector, it was agreed that my remuneration and that of James West, Chairman of the Audit Committee, should remain unchanged, but that the annual fees of the other three directors should each increase by £1,000 effective from 1st March 2019. Further detail is provided on page 31 of the Annual Report and Financial Statements.

Investment Manager

The performance of the Manager is formally evaluated by the Board annually. Following this review for the period to 28th February 2019, the Board concluded that the performance of the Manager had been satisfactory and that their services should be retained.

Annual General Meeting

The Company's first AGM will be held at 60 Victoria Embankment, London EC4Y 0JP London at 2.30 p.m. on Tuesday, 2nd July 2019. The meeting will include a presentation from the Investment Managers on investment policy and performance. There will also be an opportunity for shareholders to meet the Board and representatives of JPMorgan after the meeting. If you wish to raise any detailed or technical questions at the meeting, it would be helpful if you could mention them in advance to the Company Secretary at 60 Victoria Embankment, London EC4Y 0JP. Alternatively, you can lodge a question at the Company's website www.jpmmultiassettrust.co.uk

Outlook

Although there are areas of uncertainty ahead, particularly a possible escalation of trade tensions between the USA and China, political instability in Europe and expectations that we are now in the final stages of a decade long period of global growth, it appears reasonable to expect that the current positive economic environment will be maintained throughout the Company's current financial year ending 29th February 2020. The Board believes that the JPMorgan Investment Management team are well placed to manage the portfolio and to achieve the objectives of generating income and capital growth which the Company set at launch.

 

Sir Laurence Magnus

Chairman

20th May 2019

 

INVESTMENT MANAGERS' REPORT

Investment approach

We aim to construct a portfolio which is designed to be flexible with respect to asset class, geography and sector of investments and will seek to achieve an appropriate spread of risk by investing in a diversified global portfolio of securities and other assets. This flexibility allows us to take advantage of the best opportunities to generate income and growth. We take a medium to long term view of markets, acting on investment themes that we believe are appropriate for such a period.

 

Market review

Following a remarkably calm period, market volatility made a comeback in 2018. Investors had to balance a generally solid global economic backdrop and accelerating earnings growth for equities with the escalating trade tensions and concerns over European populism. Divergence in the growth expectations across regions and evidence that trade protectionism globally produces distinct winners and losers, added to the uncertainty.

In the US, growth accelerated in the first half of the year as the economy benefited from Donald Trump's looser fiscal policy. Economic data remained strong, with low unemployment supporting a broad based rise in wages and leading to strengthening consumer and business surveys. However, with the fading of the fiscal boost, growth slowed towards the year-end and volatility accelerated. This led to global equity markets suffering their worst quarterly performance in the fourth quarter of 2018 since the Eurozone crisis in 2011.

For government bonds, the relatively constructive growth picture early in the year kept upward pressure on US bond yields. As the Fed continued to raise rates, the US yield curve flattened materially. However, over the final quarter, sovereign bonds rallied and the 10-year US Treasury yield fell to 2.68% due to lower oil prices and expectations of a more moderate pace of monetary tightening in 2019. The European Central Bank (ECB) ended its quantitative easing programme in 2018, but acknowledged the lack of inflation and weaker growth environment, both domestically and globally.

The first two months of 2019 brought with it a new wave of optimism, with equities and corporate bonds rallying strongly across the world. Investor sentiment was buoyed by a combination of constructive US-China trade talks, a considerably more dovish stance from the US Federal Reserve with no expectation of US interest rate rises in 2019 and the implementation of Chinese stimulus measures.

Portfolio review

The Company was launched at the beginning of March with a dual objective of delivering income and growth to shareholders. The anchor of the Trust is our strategic asset allocation which is driven by our long term expectations of return and volatility across asset classes, correlations between them and our income objectives. Core to our investment proposition is our ability to position around this, reflecting our latest market views. Over the last 12 months we have made significant changes in our asset allocation.

Our total developed equity exposure has ranged from almost 65% in the summer to a low of 48% held in the portfolio as at the end of February. We reduced our equity exposure in both developed and emerging markets through the second half of the year as we identified risks to global growth and moved to a more cautious stance. While growth sectors advanced for much of 2018, we witnessed a reversal in the fourth quarter and defensive sectors known for dividend distribution (e.g. financials, health care) fared better than growth sectors. Overall since inception, our underlying securities have performed well.

While stock selection is undertaken by our International Equity Group, we tilt regional positioning through a dedicated portfolio to reflect our latest views. We implement these views via index futures, enabling us to maintain positions in high conviction, dividend-paying stocks but adjust regional exposure to reflect favoured markets. We have been positive on the US equity market for much of the Company's life and have reallocated exposure away from the higher beta European market.

We have gradually increased exposure to infrastructure, an asset class which provides diversification to the portfolio and is attractive in the context of prospects for both yield and capital growth, via the Company's investment in IIF UK1LP, an infrastructure investment fund.

In fixed income, we removed our allocation to emerging market debt in the third quarter amid growing concerns over the trade dispute. We maintained our high yield bond allocation which offered attractive yield but was negatively impacted by the declining oil price in the fourth quarter.

Our bespoke equity portfolio remains overweight financials, utilities and real estate at the sector level. Within financials we continue to favour the more sustainable dividends in insurance particularly the euroepan insurers including Zurich, Swiss Re and Munich Re which are amongst the largest active weights in the portfolio at the end of the period. Utilities remain a key part of the portfolio, with overweight positions in stocks such as Spanish electricity company, Iberdrola and the Italian electricity company, Enel. At the start of the period, energy was the most meaningful overweight and this was reduced through trimming the size of the US weighting after the sector's strong performance in the first half of 2018. Positions in technology and consumer staples were increased, for example, through the purchase of Microsoft, bought as a result of improving margins and compelling growth in their cutting edge cloud computing technology. Despite the addition of companies such as PepsiCo, consumer staples remains one of the largest underweights, along with retail. Overall on a regional basis our stock selection, as noted above, led us to reduce exposure to the United Kingdom and Asia Pacific regions and add to North America, where manufacturing and consumer sentiment remains stronger placed to deliver above trend growth.

Contribution to the Portfolio by Asset Class - From launch to 28th February 2019

Asset Class

%

Global Equities

4.8

Emerging Market Equities

(0.4)

Infrastructure

1.2

Government Bonds

0.1

Investment Grade

0.0

High Yield Bonds

0.3

Emerging Market Debt

(0.2)

 

5.8

Ongoing charges

 (1.1)

Share Buybacks

0.4

Total Return on Net Asset Value

+5.1

Performance

The Company delivered a positive return on net assets over the year. The portfolio's equity exposure was the largest positive contributor to absolute performance. Within fixed income, high yield was the largest positive contributor to absolute performance while government bonds also added value. By contrast, emerging market debt was the greatest detractor over the period as many emerging market countries have suffered from the ongoing trade war and the strength of the U.S. Dollar. Our increased allocation to Infrastructure provided a positive contribution to the Company.

Outlook

From a macroeconomic perspective, we believe that the probability of a recession in the next 12 months remains low. The recent change in policy from the US Federal Reserve, indicating that it would pause its rate rises for the foreseeable future, should boost global growth and help to extend the eventual length of the business cycle. However, recent measures of economic activity and global business surveys have moderated, which warrants caution. While equities should be supported by beatable earnings expectations and easy monetary policy, today's mature, late cycle environment does not offer many catalysts for a strong upside to earnings. The U.S. is our most preferred equity region and Europe our least preferred; we also like emerging market stocks where the potential for a weaker US dollar lends support. A more accommodating US Federal Reserve means that we have a more positive view on higher yielding assets. Broadly this means being neutral in emerging markets debt and neutral to slightly positive on high yield, absent a recession. We continue to like infrastructure as the sector offers an attractive yield and return profile with stable cash flows and is a good source of diversification.

 

Katy Thorneycroft

Gareth Witcomb

Investment Managers

20th May 2019

 

Principal Risks

The Directors confirm that they have carried out a robust assessment of the principal risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity.

With the assistance of the Manager, the Board has drawn up a risk matrix, which identifies the key risks to the Company. In assessing the risks and how they can be mitigated, the Board has given particular attention to those issues that threaten the viability of the Company. These key risks fall broadly under the following categories:

•   Investment and Strategy

An inappropriate investment strategy, for example asset allocation or the level of gearing or foreign exchange exposure, may lead to underperformance against peer companies. This may result in the Company's shares trading on a narrower premium or a wider discount or insufficient local currency income generation which may lead to a cut in the dividend. The Board manages these risks by diversification of investments through its investment restrictions and guidelines, which are monitored and reported on by the Manager. The Manager provides the Directors with timely and accurate management information, including performance data, revenue estimates, currency performance, liquidity reports and shareholder analyses. The Board monitors the implementation and results of the investment process with the Investment Managers, who attend Board meetings, and reviews data which show statistical measures of the Company's risk profile. The Investment Managers review the Company's gearing strategically.

•   Financial

The financial risks faced by the Company include market price risk, interest rate risk, liquidity risk and credit risk. Further details are disclosed in note 21 on pages 57 to 62 of the Annual Report and Financial Statements.

•   Corporate Governance and Shareholder Relations

Details of the Company's compliance with Corporate Governance best practice, including information on relations with shareholders, are set out in the Corporate Governance report on pages 24 to 26 of the Annual Report and Financial Statements.

•   Operational

Loss of key staff by the Manager, such as the Investment Managers, could affect the performance of the Company. Disruption to, or failure of, the Manager's accounting, dealing or payments systems or the depositary's or custodian's records could prevent accurate reporting and monitoring of the Company's financial position. This includes the risk of cybercrime and consequent potential threat to security and business continuity. Details of how the Board monitors the services provided by the Manager and its associates and the key elements designed to provide effective internal control are included in the Risk Management and Internal Control section of the Corporate Governance report on pages 24 to 26 of the Annual Report and Financial Statements.

The threat of cyber attack, in all its guises, is regarded as at least as important as more traditional physical threats to business continuity and security. 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 security of its trading applications are tested by independent reporting accountants and reported on every six months against the Audit and Assurance Faculty ('AAF') standard.

•   Accounting, Legal and Regulatory

In order to qualify as an investment trust, the Company must comply with Section 1158 of the Corporation Tax Act 2010 ('Section 1158'). Details of the Company's approval are given on page 15 above. Were the Company to breach Section 1158, it would lose its investment trust status and, as a consequence, gains within the Company's portfolio could be subject to Capital Gains Tax. The Section 1158 qualification criteria are continually monitored by the Manager and the results reported to the Board each month. The Company must also comply with the provisions of the Companies Act 2006 and, since its shares are listed on the London Stock Exchange, the UKLA Prospectus Rules, Listing Rules and Disclosure, Guidance & Transparency Rules ('DTRs'). A breach of the Companies Act could result in the Company and/or the Directors being fined or the subject of criminal proceedings. Breach of the UKLA Listing Rules or DTRs could result in the Company's shares being suspended from listing which in turn would breach Section 1158. 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 UKLA Prospectus Rules, Listing Rules, DTRs and the Alternative Investment Fund Managers Directive.

 

Transactions with the Manager and related parties

Details of the management contract are set out in the Directors' Report on page 22 of the Annual Report and Financial Statements. The management fee payable to the Manager for the period was £513,000 of which £nil was outstanding at the period end.

During the period £35,000 was payable to the Manager for the administration of savings scheme products, of which £nil was outstanding at the period end.

Included in administration expenses in note 6 on page 50 of the Annual Report and Financial Statementscare safe custody fees payable to JPMorgan Chase N.A. amounting to £4,000 of which £1,000 was outstanding at the period end.

The Manager may carry out some of its dealing transactions through group subsidiaries. These transactions are carried out at arm's length. The commission payable to JPMorgan Securities Limited for the period was £nil of which £nil was outstanding at the period end.

The Company holds investments in funds managed by JPMAM. At the period end these were valued at £15.6 million and represented 18.8% of the Company's investment portfolio. During the period the Company made £19.4 million purchases and sales £3.7 million. Income amounting to £949,000 of such investments was receivable from these investments during the year of which £nil was outstanding at the period end.

The Company holds investments in Infrastructure Investment Fund (IIF UK 1 LP), the General Partner of IIF UK 1 LP is an affiliate of JPMAM. At the period end these were valued at £9.1 million and represented 10.9% of the Company's investment portfolio. During the period the Company made £9.4 million purchases and £nil sales. Income amounting to £405,000 of such investments was receivable from these investments during the year of which £185,000 was outstanding at the period end.

The Company also holds cash in JPMorgan Sterling Liquidity Fund, which is managed by JPMF. At the period end, this was valued at £1.0 million. Interest amounting to £24,000 were payable during the period of which £nil was outstanding at the period end.

Handling charges on dealing transactions amounting to £18,000 were payable to JPMorgan Chase N.A. during the period of which £2,000 was outstanding at the period end.

JPMorgan Asset Management Holdings (UK) Ltd, an affiliate of the Company's Manager, acquired 1,639,968 ordinary shares of the Company during the period under review. Prior to the Company's interim financial period to 31st August 2018 JPMorgan Asset Management Holdings (UK) Ltd had reduced its holding to nil and no further acquisitions have been made.

At the period end, a bank balance of £370,000 was held with JPMorgan Chase N.A. A net amount of interest of £nil was receivable by the Company during the period from JPMorgan Chase N.A. of which £nil was outstanding at the period end.

Full details of Directors' remuneration and shareholdings can be found on page 32 and in note 6 on page 50 of the Annual Report and Financial Statements.

 

Statement of Directors' Responsibilities

The Directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under Company law the Directors must not approve the financial statements unless they are satisfied that, taken as a whole, the annual report and accounts are fair, balanced and understandable, provide the information necessary for shareholders to assess the Company's performance, business model and strategy and that they give a true and fair view of the state of affairs of the Company and of the total return or loss of the Company for that period. In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:

•   select suitable accounting policies and then apply them consistently;

•   make judgements and estimates that are reasonable and prudent;

•   state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•   prepare the financial statements on 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 keeping proper accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The accounts are published on the www.jpmmultiassettrust.co.uk website, which is maintained by the Company's Manager. The maintenance and integrity of the website maintained by the Manager is, so far as it relates to the Company, the responsibility of the Manager. The work carried out by the auditors does not involve consideration of the maintenance and integrity of this website and, accordingly, the auditors accept no responsibility for any changes that have occurred to the accounts since they were initially presented on the website. The accounts are prepared in accordance with UK legislation, which may differ from legislation in other jurisdictions.

Under applicable law and regulations the Directors are also responsible for preparing a Directors' Report and Directors' Remuneration Report that comply with that law and those regulations.

Each of the Directors, whose names and functions are listed on page 21 of the Annual Report and Financial Statements, confirm that, to the best of their knowledge, the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and return or loss of the Company.

The Board confirms that it is satisfied that the annual report and accounts taken as a whole are fair, balanced and understandable and provide the information necessary for shareholders to assess the strategy and business model of the Company.

 

For and on behalf of the Board
Sir Laurence Magnus
Chairman

20th May 2019

 

 

statement of comprehensive income

For the period from incorporation on 19th December 2017 to 28th February 2019

 

2019

 

Revenue

Capital

Total

 

£'000

£'000

£'000

Gains on investments held at fair value through profit or loss

-

 1,991

1,991

Net foreign currency losses

-

 (628)

 (628)

Income from investments

 4,041

 -

 4,041

Interest receivable and similar income

24

 -

24

Gross return

4,065

 1,363

 5,428

Management fee

(180)

 (333)

 (513)

Other administrative expenses

(450)

 -

 (450)

Net return on ordinary activities before finance costs and taxation

3,435

 1,030

 4,465

Finance costs

(1)

 (2)

 (3)

Net return on ordinary activities before taxation

 3,434

1,028

 4,462

Taxation

(273)

 22

 (251)

Net return on ordinary activities after taxation

3,161

 1,050

 4,211

Return per share (Note 2)

3.54p

1.18p

4.72p

 

statement of changes in equity

For the period from incorporation on 19th December 2017 to 28th February 2019

 

Called up

 

 

 

 

 

 

share

Share

Special

Capital

Revenue

 

 

capital

premium

reserve1

reserves1

reserve1

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

Period ended 28th February 2019

 

 

 

 

 

 

At 19th December 2017

-

-

-

-

-

-

Issue of ordinary shares at launch on 2nd March 2018

 931

 92,184

 -

 -

 -

 93,115

Fund launch expenses

 -

 (688)

(32)

 -

 -

 (720)

Redesignation of share premium

 -

 (91,496)

 91,496

 -

 -

 -

Repurchase of shares into Treasury

 -

 -

 (6,539)

 -

 -

(6,539)

Net return on ordinary activities

 -

 -

 -

 1,050

 3,161

 4,211

Distributions paid in the period (note 3)

 -

 -

 -

 -

 (2,666)

(2,666)

At 28th February 2019

 931

-

84,925

 1,050

 495

 87,401

1 The distributable part of these reserves form the distributable reserve of the Company and may be used to fund distributions to investors via distribution payments.

 

 

statement of financial position

As at 28th February 2019

 

2019

 

£'000

Fixed assets

 

Investments held at fair value through profit or loss

 83,013

Current assets

 

Derivative financial assets

 1,978

Debtors

456

Cash and cash equivalents

 3,463

 

5,897

Current liabilities

 

Creditors: amounts falling due within one year

(309)

Derivative financial liabilities

(1,200)

Net current assets

4,388

Total assets less current liabilities

87,401

Net assets

87,401

Capital and reserves

 

Called up share capital

931

Share premium

-

Special reserve

 84,925

Capital reserves

 1,191

Revenue reserve

 354

Shareholders' funds

87,401

Net asset value per share (Note 4)

101.3p

 

statement of cash flows

For the period from incorporation on 19th December 2017 to 28th February 2019

 

2019

 

£'000

Net cash outflow from operations before dividends and interest

(466)

Dividends received

2,640

Interest received

973

Overseas tax recovered

 6

Interest paid

(3)

Net cash inflow from operating activities

2,970

Purchases of investments and derivatives

(132,424)

Sales of investments and derivatives

52,074

Settlement of forward foreign currency contracts

(2,717)

Settlement of future contracts

191

Net cash outflow from investing activities

(82,876)

Issue of ordinary shares at launch

93,115

Fund launch expenses

(720)

Repurchase of shares into Treasury

(6,354)

Distributions paid

(2,666)

Net cash inflow from financing activities

83,375

Increase in cash and cash equivalents

3,469

Cash and cash equivalents at start of period

-

Exchange movements

 (6)

Cash and cash equivalents at end of period

 3,463

Increase in cash and cash equivalents

3,469

Cash and cash equivalents consist of:

 

Cash and short term deposits

2,431

Cash held in JPMorgan Sterling Liquidity Fund

1,032

 

3,463

 

Notes to the financial statements

For the period from incorporation on 19th December 2017 to 28th February 2019

1.     Accounting policies

        Basis of accounting

The financial statements cover the financial results of the Company for the period from incorporation on 19th December 2017 to 28th February 2019. The financial statements are prepared under the historical cost convention, modified to include fixed asset investments at fair value, and in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP'), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies in November 2014 and updated in February 2018.

All of the Company's operations are of a continuing nature.

The financial statements have been prepared on a going concern basis. The disclosures on going concern on page 28 of the Annual Report and Financial Statements form part of these financial statements.

2.     Return per share

 

 

2019

 

 

£'000

 

Revenue return

3,161

 

Capital return

1,050

 

Total return

4,211

 

Weighted average number of shares in issue during the period

 89,193,741

 

Revenue return per share

3.54p

 

Capital return per share

1.18p

 

Total return per share

4.72p

 

3.     Distributions

(a)       Distributions paid and declared

 

 

2019

 

 

£'000

Distributions paid

 

 

First interim distribution of 1.0p1

 

929

Second interim distribution of 1.0p2

Third interim distribution of 1.0p3

 

872

865

Total distribution paid in the period

 

2,666

Distribution declared

 

 

Fourth interim distribution declared of 1.0p3

 

863

 

 

863

 

 

 

1 Consists of 0.9538p dividend and 0.0462p interest.

2 Consists of 0.711p dividend and 0.289p interest.

3 Consists of dividend only

 

 

 

All distributions paid and declared in the period are and will be funded from the revenue and capital reserves.

 

 

 

 

 

 

(b)       Distributions for the purposes of Section 1158 of the Corporation Tax Act 2010 ('Section 1158')

The revenue available for distribution by way of dividend and interest for the period is £3,159,000.

 

 

2019

 

 

£'000

First interim distribution of 1.0p1

 

929

Second interim distribution of 1.0p2

Third interim distribution of 1.0p3

 

872

865

Fourth interim distribution of 1.0p

 

863

Total

 

3,529

           

1 Consists of 0.9538p dividend and 0.0462p interest.

2 Consists of 0.711p dividend and 0.289p interest

3 Consists of dividend only

 

4.     Net asset value per share

 

 

2019

 

 

£'000

 

Net assets (£'000)

87,401

 

Number of shares in issue

86,261,408

 

Net asset value per share

101.3p

 

5.     Status of announcement

2019 Financial Information

The figures and financial information for 2019 are extracted from the Annual Report and Financial Statements for the period ended 28th February 2019 and do not constitute the statutory accounts for the year. The Annual Report and Financial Statements includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Financial Statements will be delivered to the Registrar of Companies in due course.

 

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.

For further information please contact:

Paul Winship

For and on behalf of

JPMorgan Funds Limited, Secretary - 020 7742 4000

20 May 2019

ENDS

Annual Report and Financial Statements

The Annual Report and Financial Statements will be posted to shareholders on or around 28 May 2019 and will shortly be available on the Company's website (www.jpmmultiassettrust.co.uk ) or in hard copy format from the Company's Registered Office, 60 Victoria Embankment  London EC4Y 0JP.

A copy of the annual report will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM

The annual report is also available on the Company's website at www.jpmmultiassettrust.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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