JPMorgan Global Growth & Income NAV return underperforms against index

JPMorgan Global Growth & Income PLC on Friday said its total return underperformed against its benchmark in the first half of its current financial year, as its gains on investments declined.

The London-based investment trust said its net asset value total return for the six months that ended December 31 was 2.7%, falling short of the 6.5% return on its benchmark, the MSCI AC World Index.

Net pretax return for the six-month period was £75.5 million, 59% lower on-year from £184.0 million. This was due to gains on investments held at fair value dropping by 60% to £68.3 million from £172.5 million.

JGGI declared a third interim dividend of 5.7 pence, with its final interim dividend, also expected to be 5.7p, due to be declared in May.

‘The recent lag in relative returns is disappointing, but it is important to assess this result from a longer-term perspective,’ said Chair James Macpherson.

‘The company has a very strong and consistent track record of outright gains and outperformance of the benchmark over many years.’

JGGI noted it has delivered an annualised NAV return of 13.8% over the past ten years, to December 2024, ahead of the benchmark’s 11.7% total return over the same period.

Macpherson continued: ‘The company’s long track record of consistently good returns and outperformance provides the board with reassurance that its portfolio managers have the skills and experience to steer the company through any near-term volatility, while also identifying the most attractive investment opportunities generated by the prevailing market conditions.’

Shares in JGGI were down 1.7% at 575.01 pence in London on Friday morning.

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