JPMorgan Asia Growth & Income

JAGI’s managers believe Asia is showing the green shoots of a recovery…

JPMorgan Asia Growth & Income

JAGI offers core exposure to Asia, and is trading on a wide discount relative to its own history…

JPMorgan Asia Growth & Income

Asia is arguably cheap, which JAGI may be able to capitalise on with its core approach…

JPMorgan Asia Growth & Income

JAGI’s managers think Asia can deliver in the future after recent market falls

JPMorgan Asia Growth & Income - Overview

JPMorgan Asia Growth & Income (JAGI) aims to generate outperformance of Asian markets from a focus on long-term stock picking by a team of dedicated analysts located in the region. JAGI’s managers, Ayaz Ebrahim and Robert Lloyd, focus on identifying high-quality companies with longterm earnings growth prospects. The trust pays a dividend of 1% of NAV each quarter, using capital reserves where necessary so that Ayaz and Robert can focus on capital growth rather than generating an income. The abil

JPMorgan Asia Growth & Income - Overview

JPMorgan Asia Growth & Income (JAGI) offers a combination of a growthoriented portfolio and a dividend of 1% of NAV per quarter, paid largely from capital. Paying from capital allows the managers to focus on finding the best total return prospects rather than looking for yield, and means the trust can invest more in high growth sectors and companies than one paying a natural yield. As we discuss in the performance section, JAGI is the top-performing Asian income trust over five years (although i

JPMorgan Asia Growth & Income

JPMorgan Asia Growth & Income (JAGI) offers a combination of a growthoriented total-return approach and a substantial dividend of 1% of NAV per quarter, paid largely from capital. JAGI was renamed in February of this year, having been known previously as JPMorgan Asian. In NAV total-return terms JAGI is the top-performing Asian income trust over five years, (see Performance section). Its success is built on the bottom-up research of a team of almost 40 analysts based across Asia; an investment p

All change: a closer look at the AIC’s revised sectors

This spring the Association of Investment Companies (AIC) overhauled its sector classifications, adding 13 new sectors and renaming 15 others. This decision was made in an attempt to more accurately reflect the shape of the industry, and help offer investors greater clarity when comparing peers. Several of the changes came in the alternative asset spaces and these are very welcome. Alternative assets have been an area of increased popularity in recent years, making a rationalisation of the secto

Push-me pull-you

Since the start of 2018, investors in Asian equities have had a torrid time, with the region underperforming global stock markets. Perhaps reassuringly for investors, the drivers of this underperformance have not been economic fundamentals but more unpredictable factors, which are external to the economies and markets of the region – namely, the ongoing trade dispute between the US and China, and expectations for the US federal funds rate (the global economy’s risk-free rate). However, this does

JPMorgan Asian - Overview

JPMorgan Asian aims to produce long-term total returns by using its extensive research capacity in Asia to generate alpha from stock-picking. The managers, Ayaz Ebrahim, Richard Titherington and Robert Lloyd, believe that it is earnings growth and dividends which determine returns in the long run, and so the process is heavy on fundamental research and designed to look through macro-economic issues to the potential in the stocks below. The process has been proven to work in recent years, with t

Best in class

Today, we introduce our investment trust ratings. According to the quantitative screens we have selected in an attempt to highlight the best performers in the closed-ended universe, the trusts discussed here have been the best in their classes over the last five years. We have selected trusts using two different sets of criteria, aiming to identify the top performers for capital growth and for achieving a high and growing income. There are many rating systems for open-ended funds, but no quantit

Surf's up

BlackRock World Mining Trust | Invesco Income Growth Trust | Perpetual Income & Growth IT | BlackRock Energy and Resources Income Trust | Scottish Oriental Smaller Companies | JPMorgan Asian

JPMorgan Asian - Overview

JPMorgan Asian seeks to outperform the MSCI Asia ex Japan benchmark and owns a portfolio made up of the best ideas backed by insights from a large proprietary research team. Country-level valuations are used to guide the PMs to shorter term tilts or where they look for ideas, but the main driver of return is stock selection rather than industry or country bets. Returns have been strong since J.P.Morgan combined its Emerging Markets and Asia Pacific teams and standardised its research process, wi

Morning Note – 22 April 2024

Benefits of scale set to materialise

Frenkel Topping - Resilient with strong growth potential

FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi

S&U - PBT ahead, encouraging volume trends

S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Foresight Solar Fund - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web

International Public Partnerships - Consistently and responsibly delivering

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th

Regional REIT - Performing as expected ahead of refinancing

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.

LIBERUM: PayPoint: On track for £100m of EBITDA in FY 26

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Witan

Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

H&T Group (HAT): Core franchise build, short-term retail noise

In our 15 March 2023 initiation, 'Pawnbroking royalty, with strong, profitable growth', and subsequent notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. These results reconfirmed both, with the pledge book up 28% and net pawnbroking revenue up 36%. Like many in the retail space, H&T faced the challenge of customers focusing on lower-value, lower-margin items in the key run-up to Christmas 2