JPMorgan Emerging Markets

JMG aims to hold multi-cycle winners over the long run…

JPMorgan Emerging Markets

JMG aims to own multi-cycle winners for the long run…

JPMorgan Emerging Markets

JMG is trading on a wide discount relative to history…

Ready player one

The last six months may seem like a lifetime to investors, with the jubilation of the post-COVID economy giving way to inflationary blues, and equity markets entering the worst bear market in years. The roller coaster is not over, however, with the Ukrainian crisis yet to be resolved, inflation rampant, and supply chains restricted. Oases have been hard to find. Many real assets, alternatives and infrastructure trusts have managed to generate positive NAV returns. However, as the risk-off ride a

JPMorgan Emerging Markets

JMG is aimed at investors who want to maximise their outperformance over the long term

We are the (ESG) champions

ESG continues to be a critical consideration for investors, not just because of the importance to society of its ideas, but because of the potential source of alpha it can offer. We believe many investors use ESG ratings to guide their fund selection. While these are not perfect systems and are still works in progress, they are useful tools. In this article we uncover evidence from these ratings that investment trusts have intrinsic advantages when it comes to ESG, with investment trusts represe

JPMorgan Emerging Markets - Overview

JPMorgan Emerging Markets (JMG) owns a portfolio of companies selected for their long-term sustainable growth prospects. JMG has been managed by Austin Forey since 1994, and he takes a high conviction, low turnover approach, trying to outperform by looking out beyond the short-term investment horizon of many market participants. Austin has therefore made minimal changes to his portfolio throughout the pandemic, during which JMG has generated strong outperformance, as it has done consistently ov

JPMorgan Emerging Markets - Overview

JPMorgan Emerging Markets (JMG) has more than doubled the returns of the MSCI Emerging Markets on a NAV total return basis over ten years thanks to a successfully implemented quality growth strategy, not to mention a portfolio tilt towards technology and consumer companies. As we discuss in the Performance section, 2020 has been a particularly good year for JMG thanks to stock selection decisions made in the preceding years and months. JMG is managed by Austin Forey, who takes a long-term approa

JPMorgan Emerging Markets - Overview

Austin Forey, who has managed JPMorgan Emerging Markets (JMG) since 1994, takes an ultra-long-term approach to stock-picking, aiming to identify long-term structural winners and then be patient, ignoring macroeconomic noise and letting the extra growth potential in quality stocks come through. He draws on the research of one of the largest emerging-markets research teams, who conduct standardised research across the emerging-markets stock markets, allowing cross-border comparisons and aiding the

Dangerous ground:the perils of timing the market

Anyone who takes a strong interest in financial markets sometimes feels the pull of market timing. It is seductive to imagine yourself a canny trader, buying or selling positions just before the market shifts, trading investments daily and beating the herd with superior analysis and instincts. We can add to the existing research suggesting this is a bad idea, and that taking a long-term view of your investments is the way to go. We looked at investment trusts that have outperformed over the past

JPMorgan Emerging Markets - Overview

JPMorgan Emerging Markets (JMG) aims to maximise total returns by investing in emerging market equities with a long-term, low turnover approach. The manager, Austin Forey, focuses on identifying companies with the potential to continue compounding their earnings faster than the market over the course of many years, and then aims to hold onto them through their cyclical ups and downs in valuation and share price performance. The result has been excellent performance in recent years. The trust has

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

JPMorgan Emerging Markets - Overview

JPMorgan Emerging Markets (JMG) aims to maximise total returns by investing in emerging market equities with a long-term, low turnover approach. The manager, Austin Forey, has been in place since 1994 and so has vast experience in the region. His portfolio is concentrated in consumer names, financials and technology, selected on a bottom-up basis rather than for sector or country reasons. The trust has been a consistent outperformer in rising and falling markets, beating its benchmark index in N

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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

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Ondo InsurTech FY24 Trading Update

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Jupiter Green

JGC’s fundamental story continues to show resilience, but the discount remains wide…

Lowland Investment Company - Is the tide turning?

Lowland Investment Company’s (LWI’s) unconstrained, multi-cap investment policy differentiates it from most peers in the AIC UK Equity Income sector. It offers investors broad market exposure, outside of the large, traditional ‘income stocks’ at a 13% discount to NAV. The underperformance of small- and mid-cap companies versus larger peers has slowed and a turnaround would be very positive for LWI. Portfolio returns are already benefiting from acquisition activity, spurred by low valuations, and

NextEnergy Solar Fund - Attractive Refinancing

The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.

NextEnergy Solar Fund – High- and growing-income opportunity?

NextEnergy Solar Fund (NESF) is almost 10 years old. Since launch, it has built a £1.2bn, 933MW portfolio of 100 operating solar assets, powering the equivalent of over 330,000 homes, declared dividends totalling £333m, and avoided the emission of about 2.2 Mt CO2e. NESF is on track to pay 8.35p in dividends, with forecast dividend cover of about 1.3x. Share price weakness that has afflicted the whole sector means that dividend translates to a yield of 11.1%, one of the highest in its sector, a

abrdn Private Equity Opportunities – On the way to greener pastures?

Despite navigating through what its managers considered to be challenging conditions in 2023, abrdn Private Equity Opportunities (APEO) was able to report both positive NAV growth and double-digit share price returns in its recently published annual results. APEO’s discount has narrowed by more than 10% in recent months, so that it is trading on a 28.9% discount currently, narrowing from about 45% last October. These figures were generated over a period that saw a slowdown in activity in Europea

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

Primary Health Properties - Strategic and accretive Irish expansion

Primary Health Properties (PHP) has agreed to acquire Ireland’s first Enhanced Community Care (ECC) facility for a total consideration of €30m. With its interim results, PHP highlighted its continued plans for strategic expansion in Ireland, where higher yields support accretive investment in an expanding market. Alongside low-risk, value-creating asset management schemes and accelerating organic rental growth, this represents a key opportunity for continuing growth in income. Our forecasts are

Murray Income Trust - Delivering income and capital growth

Murray Income Trust (MUT) invests in high-quality, mainly UK-listed stocks. It has achieved both its dividend and capital growth objectives over the long term. The trust boasts 50 years of continually rising dividends. It paid a dividend of 37.5p per share in FY23 (ended 30 June 2023 (FY22: 36.0p)), and the board has indicated the dividend will rise to at least 38.0p in FY24. This represents a prospective yield of 4.5%. Late last year the company decided to take action to allow shareholders to a

Building a robust platform for growth - FY24 pre-close statement

Against a tough trading background in FY24, Speedy Hire has taken steps to build a platform for long term sustainable growth through the launch of its Velocity strategy. While progress has been more strategic than financial in the year – although we note positive underlying cash flow was achieved - new business wins, the acquisition of Green Power Hire and a transitioned B&Q model all suggest that profitability is likely to move ahead again from FY25 onwards. Speedy’s FY24 pre close statement e

Vanquis Banking Group+ (VANQ, House Stock, 47p) - Deep value