JPMorgan Asia Growth & Income (JAGI) uses detailed fundamental research done by a team of over 40 investment professionals to identify superior growth companies in the Asia Pacific region. The team aims to take a long-term view, and looks through the volatility and unpredictability often found in the economies, markets and politics of Asian countries. As such, the process depends less on one or a few people making the right calls again and again, but more on a wide, experienced team implementing a sound strategy consistently. The trust has performed extremely well in recent years with minimal levels of gearing. As we discuss in the Performance section, JAGI is the second-best performer of all Asia Pacific trusts (growth or income) over five years, almost entirely down to strong stock selection. It has outperformed a passive investment in its benchmark index in each of the past seven years. JPMorgan Asia Growth & Income, renamed from JPMorgan Asian in February 2020, pays 1% of NAV each quarter as a dividend – out of capital if necessary. Since implementing this policy in 2017, the discount has generally been in single digits, having been in double digits previously – it is now 1.3%. The portfolio continues to be managed – as it has always been – for capital growth, despite the new dividend policy. JAGI offers more exposure to ‘growthier’ sectors, such as information technology and consumer discretionary, than the typical income trust. This has helped JAGI to outperform the other AIC Asia Pacific Income trusts on a total-return basis while offering a comparable yield.