JPMorgan Global Growth & Income lags benchmark in first half

JPMorgan Global Growth & Income PLC on Thursday said that it lagged its benchmark in the first half, but it raised its dividend.

The firm, which invests in companies based around the world, said its net asset value per share was 586.5 pence at December 31, up 2.1% from 574.3p 12 months prior.

JPMorgan Global Growth & Income shares were down 1.3% to 553.96 pence each on Thursday morning in London.

NAV total return with debt at fair value was up 9.1% in the first half ending on December 31, underperforming against the MSCI All Countries World index which returned over 13% in the same period.

The trust said it paid two quarterly dividends of 5.75 pence per share, for 11.5 pence in the period, and intends to keep maintaining that dividend for an expected full-year total dividend of 23 pence per share.

It would mark a 0.9% year-on-year dividend increase from last year, when the company paid four quarterly dividends of 5.7 pence per share for a total of 22.8 pence per share.

Chair James Macpherson noted the ‘disappointing period for relative performance’ and said events in the Middle East are adding to uncertainty.

‘However, history suggests that periods when company valuations disconnect from their long-term earnings potential are often temporary and, in the case of this fund, since the ’dot-com’ break in 2001, the subsequent recovery in performance has exceeded the previous downturn,’ he added.

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