TIDMJAGI
RNS Number : 9173J
JPMorgan Asia Growth & Income PLC
16 December 2022
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN ASIA GROWTH & INCOME PLC
FINAL RESULTS FOR THE YEARED 30TH SEPTEMBER 2022
Legal Entity Identifier: 5493006R74BNJSJKCB17
Information disclosed in accordance with the DTR 4.1.3
The Directors of JPMorgan Asia Growth & Income plc announce
the Company's results for the year ended 30th September 2022.
CHAIRMAN'S STATEMENT
Performance
An usually large number of adverse influences conspired to
undermine Asian financial market sentiment in the year ended 30th
September 2022. Rising price pressures, which were compounded by
the war in Ukraine, and global supply chain bottlenecks, compelled
the US Federal Reserve and other western central banks to hike
interest rates more aggressively than previously anticipated.
Higher rates and mounting fears of recession weighed on equity
markets, especially growth stocks whose long-term valuations were
undermined by rising rates. Asian investors faced additional
concerns, most particularly the wide, and possibly long-term
ramifications of China's sharp, self-inflicted slowdown and rising
geo-political tensions between China and the west, in particular,
over China's ambitions in relation to Taiwan and Hong Kong.
Although the inflation picture has been more mixed across Asia than
in the west, the region's equity markets experienced the same
downward pressures as their western counterparts. As elsewhere,
growth stocks, such as those in the technology and media sectors,
were worse hit, especially in China.
As a result, in the year to 30th September 2022, the MSCI All
Countries Asia ex Japan Index, declined 13.9% (in sterling terms).
The Company's performance lagged the benchmark, declining 16.2% in
NAV terms and falling 17.2% in share price terms, reflecting a
further widening of the discount at which the Company's shares
trade relative to NAV. The reasons for this underperformance are
discussed in full in the Investment Managers' Report that follows,
which also reviews the market over the past year and considers the
outlook for 2023.
While disappointing, this year's underperformance needs to be
judged in the context of the Company's longer-term performance
track record, which remains impressive. The Company has provided
shareholders with significant positive returns, and decisively
outperformed its benchmark, over the long term. Its annualised
return over the ten years to end September 2022 was 8.5% on an NAV
basis and 8.9% in share price terms, well above the benchmark's
6.9% return on the same basis.
Dividend Policy
In the absence of unforeseen developments, the Company's
dividend policy aims to pay regular, quarterly dividends, each
equivalent to 1% of the Company's NAV. Payments are set based on
the NAV on the last business day of each financial quarter, being
the end of December, March, June and September, and are funded from
a combination of revenue and capital reserves. Shareholders are
reminded that dividends are based on a percentage of net assets, so
the dividend paid to shareholders will reflect the Company's net
assets at each quarter end. They will therefore be subject to
market and performance fluctuations.
For the year ended 30th September 2022, dividends paid totalled
16.5 pence (2021: 19.3 pence). This is the second lowest level of
dividend paid by the Company since the introduction of its revised
dividend policy, which took effect from the beginning of the
Company's financial year ended 30th September 2017. Although this
is clearly disappointing for shareholders, it reflects recent
market conditions and the Company's performance. In the Board's
view, resetting the dividend quantum each quarter is a prudent way
of delivering an income that tracks performance and does not put
the Company under any undue stress.
Premium/Discount and Share Capital Management
The discount at which the Company's shares trade has widened
during the review period, and although it is broadly in line with
the discounts of its immediate peers, the Board has deemed it
necessary to utilise the Company's buy back powers over the year,
buying in a total of 1,040,725 shares (representing 1.1% of share
capital) and holding them in Treasury. The Board's view is that buy
back activity can help to balance the demand and supply in the
Company's shares, while maintaining underlying liquidity.
Gearing
The Company has in place a multi-currency loan facility with
Scotiabank. The Investment Managers utilise drawdowns from this
loan facility to gear the portfolio during periods when the market
is expected to rise and gearing will thus enhance performance. Over
the reporting year, and at the time of writing, the Company was not
geared and hence gearing did not detract from returns in a falling
market.
Environmental, Social and Governance ('ESG') Issues
As detailed in the ESG Report on pages 15 to 19 of the Company's
Annual Report & Financial Statements for the year ended 30th
September 2022 ('2022 Annual Report'), ESG considerations are
integral to the Manager's investment process and are core to its
stock selection decisions. Please refer to this Report for
comprehensive information on this integration.
Board Succession
The Board plans for succession to ensure it retains an
appropriate balance of skills, knowledge and diversity. To this end
the Board recently announced the appointments of Diana Choyleva and
Kathryn Matthews to the Board with effect from 1st March and 1st
June 2023 respectively.
Diana is a leading expert on China's economy and politics and is
Chief Economist at Enodo Economics, an independent macroeconomic
and political forecasting company. Previously she worked at Lombard
Street Research, most recently as their chief economist and head of
research.
Kathryn brings to the Board many years of experience in the
investment company sector, including directorships of a broad range
of other Asia focused investment companies. Previously, Kathryn
worked for Fidelity International where she was Chief Investment
Officer, Asia Pacific (ex-Japan).
Having served as a Director since 2013 and as Chairman since
2017, I will retire from the Board at the forthcoming Annual
General Meeting and I will be succeeded by Sir Richard Stagg, who
has served on the Board since July 2018. Dean Buckley, the
Company's Audit Chairman and SID, joined the Board in 2014 and it
is the current intention that he will be retiring from the Board at
the Annual General Meeting in 2024.
The Manager and Costs
Through the remit of the Management Engagement Committee ('MEC')
the Board has reviewed the Manager's performance and its fee
arrangements with the Company. Based upon its performance record
and taking all factors into account, including other services
provided to the Company and its shareholders, the MEC and the Board
are satisfied that JPMF should continue as the Company's Manager
and that its ongoing appointment remains in the best interests of
shareholders.
Continuation Vote
Pursuant to the Company's Articles of Association, the Board is
required to put a triennial continuation vote to shareholders.
Since the last time this requirement was enacted by the Company was
in 2020, a continuation vote will be put to shareholders at the
Annual General Meeting to be held on Wednesday, 15th February 2023.
Given the performance returns over the medium and long term, your
Board has no hesitation in recommending to shareholders that they
vote in favour of the Company continuing as an investment trust for
a further three-year period.
Keeping in Touch
The Board and the Investment Managers are also keen to increase
dialogue with the Company's existing shareholders. Investors
holding their shares through online platforms will shortly receive
a letter inviting them to sign up to receive email updates from the
Company. These updates will deliver regular news and views, as well
as the latest performance statistics. If shareholders wish to sign
up to receive these communications, please visit
https://tinyurl.com/d95jkrzx or scan the QR code that can be found
on page 9 of the 2022 Annual Report.
Annual General Meeting
The Company's Annual General Meeting will be held on Wednesday,
15th February 2023 at 11.00 a.m. at 60 Victoria Embankment, London
EC4Y 0JP.
The Investment Managers will give a presentation to
shareholders, reviewing the past year and commenting on the outlook
for the current year. We look forward to seeing as many
shareholders as possible at the AGM.
For shareholders wishing to follow the AGM proceedings but
choosing not to attend, we will be able to welcome you through
conferencing software. Details on how to register, together with
access details, will be available on the Company's website:
www.jpmasiagrowthandincome.co.uk, or by contacting the Company
Secretary at invtrusts.cosec@jpmorgan.com
As is normal practice, all voting on the resolutions will be
conducted by a poll. Shareholders viewing the meeting via
conferencing software will not be able to vote on the poll and we
therefore encourage all shareholders, and particularly those who
cannot physically attend, to exercise their votes in advance of the
meeting by completing and submitting their form of proxy.
If you have any detailed or technical questions, it would be
helpful if you could raise them in advance with the Company
Secretary at 60 Victoria Embankment, London EC4Y 0JP or via the
'Ask a Question' link on the Company's website. Shareholders who
are unable to attend the AGM are encouraged to use their proxy
votes.
Outlook
It is difficult to recall a time when the uncertainties
permeating global financial markets have been greater or more
varied. Yet despite the near-term gloom, Asia's long-term growth
prospects remain bright. JPMorgan Asia Growth and Income is a
low-cost way for investors to gain diversified exposure to the
region's best businesses, while also providing shareholders with a
competitive income of approximately 4%. And with share price
valuations now at historical lows in many regional markets, we
share the Investment Managers' excitement about the many
opportunities now available to purchase interesting, world-class
companies in various sectors across Asia, at particularly
attractive prices. Such acquisitions will leave the Company even
better positioned to capitalise on Asia's long-term growth story,
to the continued benefit of patient shareholders willing to
tolerate bouts of market turbulence.
As this is my last Chairman's statement before retiring, I would
like to conclude by thanking my fellow Directors and the team at
JPMorgan for their support and contribution during my time on the
Board and I would also like to extend my thanks to our shareholders
for their ongoing support. I wish the Company's fortunes well for
the future.
Bronwyn Curtis OBE
Chairman 15th December 2022
INVESTMENT MANAGERS' REPORT
Introduction
In this report we review the Company's investment performance
for the 12 months to 30th September 2022. We examine the market
backdrop over this period, and the factors that impacted
performance. Finally, we consider the outlook for Asian equities
over the coming six months and beyond.
The market environment
In the 12 months ended 30th September 2022, investor sentiment
in Asian markets deteriorated significantly, causing a 13.9%
decline in the MSCI AC Asia ex Japan Index in sterling terms. This
sell-off was driven by a number of factors. Starting from a global
perspective, the invasion of Ukraine drove up energy and commodity
prices, while supply chain logjams, especially shortages of
semi-conductors and other components for electronic products,
worsened due to Chinese factory closures, as the country doggedly
pursued its 'zero COVID' policy. These developments compounded the
inflationary pressures that were already worrying investors.
Markets were surprised by the willingness of central banks, led by
the US Federal Reserve, to tighten monetary policy aggressively to
combat these inflation pressures, and this in turn raised fears of
recession. Global equity markets plunged, with the valuations of
long-term growth stocks hit especially hard, while the US dollar
hit multi-decade highs against other currencies.
Asian investors had additional worries, mainly related to China,
where the outlook for growth has worsened over both the short and
longer term. China's GDP in calendar year 2022 is forecasted to
grow by only 3%, compared to 8% in 2021. The total containment of
COVID-19 remains a key priority for the Communist Party leadership.
In contrast to Western economies and other parts of Asia, the
Chinese government seems determined to persist with this policy,
even at the expense of economic growth, and it is unclear when
restrictions will ease. China is also facing its first largescale
residential property market correction. By some estimates this
sector accounts for 25% of economic output, so any major setback
will have significant implications for domestic growth. The
correction was triggered by a government crackdown on borrowing
within the sector, which caused a liquidity crisis among the
country's largest and most geared developers, and reduced the
supply of mortgages to homebuyers. New homes sales have fallen by
nearly 30 % over the past year. Thirdly, US government sanctions
against Chinese tech companies are disrupting the supply of
components for Chinese high performance computers and products
relying on cutting edge logic and memory capabilities. While these
issues may prove relatively short-lived, China's longer-term growth
prospects will be challenged by its worsening demographics.
Other Asian countries, most notably South Korea and Taiwan, are
bracing for a decline in export demand, as higher interest rates
slow global growth and tip some economies into recession. South
Korea's exports recovered strongly in 2021, with gross exports
growing nearly 11%, but the outlook for 2022 is for a more moderate
4.5% increase in exports. In Taiwan, Taiwan Semiconductor
Manufacturing Company Ltd ('TSMC'), one of the world's leading
producers of semiconductors, and the Company's largest position as
at the end of September 2022, continues to demonstrate a strong
competitive advantage in leading-edge chip manufacturing. TSMC's Q3
results showed sales growth of 47% year over year, driven by demand
for their industry-leading chips, which account for more than 50%
of revenues during the period. From a geographic perspective, sales
to North American clients remain by far the largest source of
income, making up 70% of sales, followed by Asia Pacific at 10% and
China at 8%. However, the company did highlight weakness on the
horizon by cutting capital expenditures and forecasting lower
utilisation rates for chips used in personal computers and smart
phones. Elsewhere in the region, the majority of South East Asian
markets performed well, led by Indonesia, where growth has been
particularly strong in the resources and energy sectors, as well as
banking, the latter of which has benefited from strong loan demand
and strong execution in online and digital banking strategies.
Although inflation concerns have risen sharply in many developed
countries, the inflation picture in Asia has been more mixed. In
India and South Korea, price rises are testing ten-year highs,
while in China and Indonesia, inflation pressures have been
limited. However, despite this varied regional picture, Asian
equity markets have still been dragged down by the sell-off in
Western markets, with the valuations of high growth stocks in the
tech and media sectors hit hardest, as in Western markets. This has
weighed particularly heavily on markets such as China and Taiwan,
whose indices have a high proportion of tech and other growth
stocks.
Performance
Against this mixed and challenging backdrop, the Company
underperformed its Index over the period, declining by 16.2% on a
net asset value ('NAV') total return basis, and by 17.2% in share
price terms. We are of course disappointed by this outcome, but
given the extraordinary volatility of recent market conditions, and
our long-term investment horizon, we believe it is more meaningful
to judge performance over longer periods. On this basis, the
Company has delivered significant positive returns for shareholders
in absolute terms, and outperformed the benchmark, over five and
ten years. Over the ten years to the end September 2022, the
Company has generated an annualised return of 8.5% in NAV terms,
and 8.9% on a share price basis, compared to a benchmark return of
6.9%, measured on the same basis.
Performance attribution
30th September 2022
% %
---------------------------------------------- ------ -------
Contributions to total returns
---------------------------------------------- ------ -------
Benchmark return -13.9%
---------------------------------------------- ------ -------
Stock selection -2.3%
---------------------------------------------- ------ -------
Currency effect 0.1%
---------------------------------------------- ------ -------
Gearing/(net cash) 0.3%
---------------------------------------------- ------ -------
Investment Manager contribution -1.9%
---------------------------------------------- ------ -------
Dividends/residual 0.2%
---------------------------------------------- ------ -------
Portfolio return -15.6%
---------------------------------------------- ------ -------
Management fee/Other expenses -0.7%
---------------------------------------------- ------ -------
Share buy-back/issuance 0.1%
---------------------------------------------- ------ -------
Return on net assets(APM) -16.2%
---------------------------------------------- ------ -------
Effect of movement in discount over the year -1.0%
---------------------------------------------- ------ -------
Return to shareholders(APM) -17.2%
---------------------------------------------- ------ -------
Source: FactSet, JPMAM and Morningstar. All figures are on a
total return basis.
Performance attribution analyses how the Company achieved its
recorded performance relative to its benchmark index.
APM Alternative Performance Measure ('APM').
A glossary of terms and APMs is provided on pages 93 and 94 of
the 2022 Annual Report.
Major Contributors and Detractors to Performance
One of the largest detractors from the Company's performance
versus the Index over the financial year was the portfolio's
underweight allocation to India, which outperformed the Asian
market index by approximately 25% over the period. Our stock
selection in China and Taiwan also hurt performance, due to our
exposure to higher growth issuers which de-rated so sharply over
this period, as discussed above. This sell-off impacted portfolio
holdings across a number of sectors including healthcare (Pharmaron
Beijing, WuXi Biologics), textile manufacturing (Shenzhou
International), and internet conglomerates (Alibaba, Tencent).
On the positive side, the Company's large overweight allocation
to financials contributed positively to returns, thanks to its
holdings in bank names in Indonesia, China, and Singapore. Broadly,
regional banks have performed well, driven by the economic
recovery, which has been especially robust in Indonesia. In
particular, Bank Central Asia has benefitted from a strong economy,
higher interest rates and more company specific reasons, including
its push into digital banking. This has led to a sharp decline in
customer acquisition costs, with total cost to income ratios
falling from previous levels of 40-45%, to 35-40%. As discussed in
previous reports, we see the digitalisation of the Indonesian
economy as a key driver for growth across a myriad of sectors.
Within the broader financial sector, our structural underweight
allocation to Chinese property was also a positive contributor,
given the contraction in activity in this industry, discussed
above. Despite the weak economic back drop in China, there are a
selection of well-run businesses that have navigated the
challenging environment extremely well. One such example is Yum
China, a restaurant chain operator, which has performed well in the
face of falling sales by continuing to innovate on the food
delivery side and by improving in-store offerings, with the outcome
that profit margins have recovered to pre-COVID levels while
revenues are still 15% lower.
Portfolio activity and positioning over the past six months
While recent market volatility has been challenging for
investors, it has created opportunities for us to purchase
interesting businesses at compelling valuation levels. For example,
the Company initiated a new position in Largan Precision, a
Taiwanese manufacturer of lenses for use in smart phones and
automobiles. At the time of purchase, this company's valuation was
extremely attractive, and half of its market capitalisation was in
net cash. Looking ahead, we believe that phone cameras will rely
more heavily on the kind of high-end lenses Largan produces, so we
are positive about the company's longer-term growth prospects. The
Company also added to its position in Sany Heavy Industry ('Sany'),
a cyclical Chinese business which is a leading manufacturer of
construction machinery such as excavators, cranes and road building
equipment. The company is facing weak demand conditions, but there
are signs of a bottoming in year-on-year excavator sales declines,
which were down 20% in the year to July 2022, compared to a decline
of 60% in the previous year. Sany's valuation is also
attractive.
Key outright sales used to fund these and other acquisitions
included the disposal of Kakao Corp, a South Korean internet
content company which offers services under several brand names. We
sold the holding due to rising concerns about the management's
capital allocation decisions and the risk of a widening
conglomerate discount. We also secured profits by exiting several
names which had performed relatively strongly versus the index.
Such disposals included Meituan, a Chinese internet retailer, Delta
Electronics, a Taiwanese electronics components producer, and
Airports of Thailand, which benefitted from resumption of
international travel.
We have not made any major changes to the portfolio at the
sector level over the review period. The Company's largest
overweight allocations are to financials (+4.9%), and consumer
discretionary (+4.7%) and it has more modest overweight allocations
to industrials (+2.8%) and information technology (+1.8%). We have
also maintained underweight allocations to consumer staples (-3.0%)
and materials (-2.9%), motivated by the fact that these sectors are
either overvalued or profits are running well ahead of trend
levels. The portfolio is also underweight energy (-2.0%), mainly
due to the underweight in the Indian conglomerate Reliance and
Chinese government owned energy firms, and real estate (-1.9%),
reflecting our concerns around the Chinese property sector where
most developers are heavily indebted and the outlook for demand in
the long-term continues to deteriorate.
China's extremely poor short-term growth prospects, combined
with mounting geo-political tensions related to Taiwan and Hong
Kong, led us to eliminate our overweight allocation to China and
Hong Kong on a combined basis. The portfolio is now neutral on
these markets, and almost neutral in relation to Taiwan, as we
believe valuations reflect the poor short-term outlook for these
respective markets. The portfolio continues to have an underweight
allocation to India given the view that this market is expensive
relative to historical levels and compared to other regional
markets - for instance the MSCI India index trades at 3.5x price to
book (as of writing) while the average valuation for the regional
index is 1.25x. As we observed in our half-yearly report, India is
also especially vulnerable to higher commodity prices due to its
heavy reliance on imported resources.
The portfolio's largest overweight allocations at the country
level are to South Korea and Indonesia. The 3.5% overweight
allocation to South Korea is motivated by several factors. Firstly,
we are attracted by the fact that this market includes some of the
world's most competitively positioned hardware technology
companies, such as consumer electronics giant Samsung Electronics
and SK Hynix, a semiconductor producer, as well as manufacturers in
the electric vehicle battery supply chain, such as SK IE
Technology. In addition, the valuations of these issuers are
presently attractive in both absolute and relative terms, so the
portfolio holds all these names. Our 3.0% Indonesian overweight
allocation is driven by more top-down, macroeconomic considerations
- the country's fiscal situation is improving as rising energy
prices bolster government revenues. We also like the fact that the
country has several well-run banks that have consistently generated
high growth and solid returns.
Outlook: Low valuations provide great opportunities to invest at
compelling prices
In our view, the past year's sharp share price declines mean
markets across the region now mostly reflect the deterioration in
the economic environment and the many uncertainties and risks
ahead. This view is supported by current valuations. The MSCI AC
Asia ex Japan Index is trading at a price to book ratio of 1.25x,
close to the previous historical lows seen in 2008 and 2016, and
looking more deeply into the Index's geographical constituents,
valuations in South Korea, Hong Kong and China are also either
close to or below their historical lows in price to book terms.
India remains the sole market trading above its ten-year historical
average valuation levels.
Despite the myriad of near-term uncertainties underpinning
current low valuations in many markets, we stand by our conviction
that Asian equities continue to provide attractive long-term
investment opportunities. From a top-down perspective, Asian
countries have large and growing economies, accounting for roughly
40% of the world's GDP. Major structural and social changes will
ensure the region continues to grow rapidly, with domestic demand
supported by the increasing prosperity of Asia's burgeoning middle
class. Furthermore, the region is also home to many innovative and
dynamic companies that are leading the world in a wide range of
industries, including semiconductor manufacturing, healthcare,
renewable energy, next generation automotive production and
financials.
While we have already taken the chance provided by current low
valuations to add new names to the portfolio at good prices, and
top up existing holdings, as discussed above, there are many other
exciting opportunities still available to invest in companies
well-placed to benefit from Asia's positive long term growth
outlook. We remain confident that our long experience, our presence
on the ground in local markets and our focus on the fundamental
analysis of specific stocks, will allow us to keep identifying the
best investment opportunities on offer across the region, ensuring
the Company's portfolio continues to provide our investors with
attractive returns and outperformance over the long-term.
Ayaz Ebrahim
Robert Lloyd
Investment Managers 15th December 2022
PRINCIPAL AND EMERGING RISKS
The Directors confirm that they have carried out a robust
assessment of the principal risks facing the Company, including
those that would threaten its business model, future performance,
solvency or liquidity. With the assistance of JPMF, the Audit
Committee has drawn up a risk matrix, which identifies the key
risks to the Company. The risks identified and the broad categories
in which they fall, and the ways in which they are managed or
mitigated are summarised below. The AIC Code of Corporate
Governance requires the Audit Committee to put in place procedures
to identify emerging risks. The key emerging risks identified are
also summarised below.
Principal Risk Description Mitigating Activities
----------------------- ------------------------------- ----------------------------------------------------
Investment Management
and Performance
----------------------- ------------------------------- ----------------------------------------------------
Underperformance Poor implementation The Board manages these risks by diversification
of the investment of investments and through its investment
strategy, for example restrictions and guidelines, which are
as to thematic exposure, monitored and reported on by the Manager.
sector allocation, The Manager provides the Directors with
stock selection, timely and accurate management information,
undue concentration including performance data and attribution
of holdings, factor analyses, revenue estimates, liquidity
risk exposure or reports and shareholder analyses. The
the degree of total Board monitors the implementation and
portfolio risk, may results of the investment process with
lead to underperformance the Investment Managers, at least one
against the Company's of whom attends all Board meetings, and
benchmark index and reviews data which show measures of the
peer companies. Company's risk profile. The Investment
Managers employ the Company's gearing
tactically, within a strategic range set
by the Board.
----------------------- ------------------------------- ----------------------------------------------------
Discount Control Investment trust The Board monitors the level of both the
Risk shares often trade absolute and sector relative premium/discount
at discounts to their at which the shares trade. The Board reviews
underlying NAVs, both sales and marketing activity and
although they can sector relative performance, which it
also trade at a premium. believes are the primary drivers of the
Discounts and premiums relative discount level. In addition,
can fluctuate considerably the Company has authority, when it deems
leading to volatile appropriate, to buy back its existing
returns for shareholders. shares to enhance the NAV per share for
remaining shareholders and to reduce the
absolute level of discount and discount
volatility.
----------------------- ------------------------------- ----------------------------------------------------
Market and Economic Market risk arises This risk is managed to some extent by
Risk from uncertainty diversification of investments and by
about the future regular communication with the Manager
prices of the Company's on matters of investment strategy and
investments, which portfolio construction which will directly
may reflect underlying or indirectly include an assessment of
uncertainties arising these risks. The Board receives regular
from economic, social, reports from the Manager regarding market
fiscal, climate and outlook and gives the Investment Mangers
regulatory changes. discretion regarding acceptable levels
In the past few years of gearing and/or cash. Currently the
Brexit and the ongoing Company's gearing policy is to operate
COVID-19 pandemic within a range of 10% net cash to 20%
have been major sources geared.
of uncertainty and The Board considers thematic and factor
have contributed risks, stock selection and levels of gearing
to elevated levels on a regular basis and has set investment
of market volatility. restrictions and guidelines which are
In particular China's monitored and reported on by the Manager.
zero-Covid policy The Board can, with shareholder approval,
is impacting economic look to amend the investment policy and
activity and squeezing objectives of the Company to gain exposure
supply chains, which to or mitigate the risks arising from
is significantly geopolitical instability.
slowing economic
growth in China.
Geopolitical risks
have risen markedly
this year with the
Russian invasion
of Ukraine. While
direct linkages to
the UK from Russia
tend to be small,
the impact of sanctions
is significant and
the rise in commodity
prices has caused
further disruption
to supply chains
which in turn is
exacerbating inflationary
pressure.
These risks represent
the potential loss
the Company might
suffer through holding
investments in the
face of negative
market movements.
----------------------- ------------------------------- ----------------------------------------------------
Investment Management
and Performance
----------------------- ------------------------------- ----------------------------------------------------
Loss of investment A sudden departure The Board seeks assurance that the Manager
team or portfolio of a Portfolio Manager takes steps to reduce the risk arising
manager or several members from such an event by ensuring appropriate
of the investment succession planning and the adoption of
management team could a team based approach, as well as special
result in a short efforts to retain key personnel. The Board
term deterioration engages with the senior management of
in investment performance. the Manager in order to mitigate this
risk.
----------------------- ------------------------------- ----------------------------------------------------
Operational
Risks
----------------------- ------------------------------- ----------------------------------------------------
Cyber Crime The threat of cyber The Company benefits directly and/or indirectly
attack is regarded from all elements of JPMorgan's Cyber
as at least as important Security programme. The information technology
as more traditional controls around physical security of JPMorgan's
physical threats data centres, security of its networks
to business continuity and security of its trading applications,
and security. are tested by independent auditors and
In addition to threatening reported every six months against the
the Company's operations, AAF Standard.
such an attack is
likely to raise reputational
issues which may
damage the Company's
share price and reduce
demand for its shares.
----------------------- ------------------------------- ----------------------------------------------------
Regulatory Risk
----------------------- ------------------------------- ----------------------------------------------------
Regulatory Risk The Company's business The Board receives regular reports from
model could become its broker, depositary, registrar and
non-viable as a result Manager as well as its legal advisers
of new or revised and the Association of Investment Companies
rules or regulations on changes to regulations which could
arising from, for impact the Company and its industry. The
example, policy change Company monitors events and relies on
or financial monitoring the Manager and its other key third party
pressure. providers to manage this risk by preparing
Regulatory risk arising for any changes.
from investing in The Company holds a diversified portfolio
China has increased of stocks across a number of sectors of
significantly over strategic importance to China and the
the last few years. Investment Managers are supported by an
As witnessed in the extensive network of Asian market specialists
education-for-profit around the world which has the ability
sector, the ability to understand events in China and assess
of China's centralised the implications on sectors and companies
government system to try and mitigate stock specific risk.
to enact regulation
rapidly that can
quickly and adversely
affect sectors or
individual companies
and therefore their
stock market prices
negatively.
----------------------- ------------------------------- ----------------------------------------------------
Economic and
Geopolitical
----------------------- ------------------------------- ----------------------------------------------------
Global Geopolitical Geopolitical Risk There is little direct control of risk
Risk is the potential possible. The Company addresses these
for political, socio-economic global developments in regular questioning
and cultural events of the Manager and will continue to monitor
and developments these issues, should they develop.
to have an adverse The Board has the ability, with shareholder
effect on the value approval, to amend the policy and objectives
of the Company's of the Company to mitigate the risks arising
assets. from geopolitical concerns.
The Company and its
assets may be impacted
by geopolitical instability,
in particular concerns
over global economic
growth. The crisis
in Ukraine has already
affected energy and
commodity markets
and may cause further
damage to the global
economy.
The ongoing conflict
between Russia and
Ukraine has heightened
the possibility that
tensions will spill
over and intensify
geo-political unrest
between other countries
sharing a common
border.
----------------------- ------------------------------- ----------------------------------------------------
Emerging Risk
----------------------- ------------------------------- ----------------------------------------------------
Environmental
----------------------- ------------------------------- ----------------------------------------------------
Policy and regulatory Climate change, which Financial returns for long-term diversified
risk arising barely registered investors should not be jeopardised given
from climate with investors a the investment opportunities created by
change decade ago, has today the world's transition to a low-carbon
become one of the economy. The Board is also considering
most critical issues the threat posed by the direct impact
confronting asset on climate change on the operations of
managers and their the Manager and other major service providers.
investors. Investors As extreme weather events become more
can no longer ignore common, the resiliency, business continuity
the impact that the planning and the location strategies of
world's changing the Company's services providers will
climate will have come under greater scrutiny. In particular
on their portfolios, also the Board receives ESG reports from
with the impact of the Manager on the portfolio and the way
climate change on ESG considerations are integrated into
returns now inevitable. the investment decision-making.
----------------------- ------------------------------- ----------------------------------------------------
Global
----------------------- ------------------------------- ----------------------------------------------------
Social dislocation Social dislocation/civil The Manager's market strategists are available
& conflict unrest may threaten for the Board and can discuss market trends.
global economic growth External consultants and experts can be
and, consequently, accessed by the Board. The Board can,
companies in the with shareholder approval, look to amend
portfolio. the investment policy and objectives of
the Company to gain exposure to or mitigate
the risks arising from geopolitical instability
although this is limited if it is truly
global.
----------------------- ------------------------------- ----------------------------------------------------
Rising competition China is emerging The Board has access to a range of expert
between China as a challenger to resources and strategists in the UK and
and western economies the western hegemony in the Asian region to provide long term
of recent decades. insight and guidance on geopolitical developments.
This brings with The Managers investment process incorporates
it increased competition non-financial measures and risks in the
in political and assessment of investee companies to allow
military affairs the portfolio to adapt to changing competitive
alongside the development and political landscapes.
of a major trading
bloc operating to
different cultural,
legal political and
technological norms
and standards. These
areas of conflict
may give rise to
geopolitical crises
that threaten the
markets in which
investee companies
operate and fragment
previously global
markets into more
isolated trading
blocs which may limit
the opportunity of
investee companies
to grow and thrive.
----------------------- ------------------------------- ----------------------------------------------------
TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES
Details of the management contract are set out in the Directors'
Report on page 39 of the 2022 Annual Report. The management fee
payable to the Manager for the year was GBP2,155,000 (2021:
GBP2,727,000) of which GBPnil (2021: GBPnil) was outstanding at the
year end.
During the year GBP2,000 (2021: GBPnil), was payable to the
Manager for the administration of savings scheme products, of which
GBPnil (2021: GBPnil) was outstanding at the year end.
Safe custody fees amounting to GBP169,000 (2021: GBP181,000)
were payable to JPMorgan Chase Bank N.A. during the year of which
GBP42,000 (2021: GBP93,000) was outstanding at the year end.
The Manager may carry out some of its dealing transactions
through group subsidiaries. These transactions are carried out at
arm's length. The commission payable to JPMorgan Securities Limited
for the year was GBP7,000 (2021: GBP1,000) of which GBPnil (2021:
GBPnil) was outstanding at the year end.
Handling charges on dealing transactions amounting to GBP28,000
(2021: GBP24,000) were payable to JPMorgan Chase Bank N.A. during
the year of which GBP7,000 (2021: GBP9,000) was outstanding at the
year end.
During the year the Company held cash in the JPMorgan US Dollar
Liquidity Fund, which is managed by JPMorgan. At the year end this
was valued at GBP9,000 (2021: GBP964,000). Interest amounting to
GBP10,000 (2021: GBP3,000) was receivable during the year of which
GBPnil (2021: GBPnil) was outstanding at the year end.
Stock lending income amounting to GBP92,000 (2021: GBP48,000)
were receivable by the Company during the year.
JPMAM commissions in respect of such transactions amounted to
GBP10,000 (2021: GBP5,000).
At the year end, total cash of GBP445,000 (2021: GBP532,000) was
held with JPMorgan Chase Bank N.A. A net amount of interest of
GBPnil (2021: GBPnil) was receivable by the Company during the year
of which GBPnil (2021: GBPnil) was outstanding at the year end.
Full details of Directors' remuneration and shareholdings can be
found on pages 50 and 52 and in note 6 on page 70 of the 2022
Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable law and
regulation.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have prepared the financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards, comprising FRS 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland' and
applicable law). Under company law the Directors must not approve
the financial statements unless they are satisfied that they give a
true and fair view of the state of affairs of the Company and of
the profit or loss of the Company for that period. In preparing the
financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- state whether applicable United Kingdom Accounting Standards,
comprising FRS 102, have been followed, subject to any material
departures disclosed and explained in the financial statements;
-- make judgements and accounting estimates that are reasonable and prudent; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business, and the Directors confirm that they have done
so.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the financial statements and the Directors' Remuneration Report
comply with the Companies Act 2006.
The Directors are also responsible for safeguarding the assets
of the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the Company's website. Legislation in the United Kingdom
governing the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.
Under applicable law and regulations the Directors are also
responsible for preparing a Strategic Report, a Directors' Report
and Directors' Remuneration Report that comply with the law and
those regulations.
Each of the Directors, whose names and functions are listed in
Directors' Report confirm that, to the best of their knowledge:
-- the Company's financial statements, which have been prepared
in accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards, comprising FRS 102
'The Financial Reporting Standard applicable in the UK and Republic
of Ireland', and applicable law), give a true and fair view of the
assets, liabilities, financial position and profit of the Company;
and
-- the Directors' Report includes a fair review of the
development and performance of the business and the position of the
Company, together with a description of the principal risks and
uncertainties that it faces.
The Directors consider that the Annual Report & Financial
Statements, taken as a whole, is fair, balanced and understandable
and provides the information necessary for shareholders to assess
the Company's performance, business model and strategy.
For and on behalf of the Board
Bronwyn Curtis OBE
Chairman
15th December 2022
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 30TH SEPTEMBER 2022
2022 2021
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------- --------- ---------- ---------- --------- -------- -----------
(Losses)/gains on investments
held at fair value
through profit or loss - (75,909) (75,909) - 50,965 50,965
Net foreign currency gains/(losses) - 220 220 - (151) (151)
Income from investments 7,882 - 7,882 6,799 - 6,799
Interest receivable and similar
income 102 - 102 51 - 51
------------------------------------- --------- ---------- ---------- --------- -------- -----------
Gross return/(loss) 7,984 (75,689) (67,705) 6,850 50,814 57,664
Management fee (2,155) - (2,155) (2,727) - (2,727)
Other administrative expenses (698) - (698) (697) (90) (787)
------------------------------------- --------- ---------- ---------- --------- -------- -----------
Net return/(loss) before finance
costs and taxation 5,131 (75,689) (70,558) 3,426 50,724 54,150
Finance costs (43) - (43) (41) - (41)
------------------------------------- --------- ---------- ---------- --------- -------- -----------
Net return/(loss) before taxation 5,088 (75,689) (70,601) 3,385 50,724 54,109
Taxation (125) (389) (514) (670) (171) (841)
------------------------------------- --------- ---------- ---------- --------- -------- -----------
Net return/(loss) after taxation 4,963 (76,078) (71,115) 2,715 50,553 53,268
------------------------------------- --------- ---------- ---------- --------- -------- -----------
Return/(loss) per share (note
2) 5.09p (77.95)p (72.86)p 2.84p 52.81p 55.65p
A fourth quarterly dividend of 3.7p (2021: 4.6p) per share has
been declared in respect of the year ended 30th September 2022,
totalling GBP3,569,000 (2021: GBP 4,494,000). Further details are
given in note 10 on page 72 of the 2022 Annual Report.
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
in the year.
The 'Total' column of this statement is the profit and loss
account of the Company and the 'Revenue' and 'Capital' columns
represent supplementary information prepared under guidance issued
by the Association of Investment Companies.
The net return/(loss) after taxation represents the
profit/(loss) for the year and also the total comprehensive
income.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 30TH SEPTEMBER 2022
Called Exercised Capital
up
share Share warrant redemption Capital Revenue
capital premium reserve reserve reserves(1) reserve(1) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- -------- -------- ---------- ----------- ------------ ----------- ----------
At 30th September 2020 23,762 31,646 977 25,121 315,134 - 396,640
Issue of Ordinary shares 687 12,980 - - - - 13,667
Issue of shares from
Treasury - 2,079 - - 2,892 - 4,971
Repurchase of shares
into Treasury - - - - (299) - (299)
Net return - - - - 50,553 2,715 53,268
Dividends paid in the
year (note 3) - - - - (15,332) (2,715) (18,047)
-------------------------- -------- -------- ---------- ----------- ------------ ----------- ----------
At 30th September 2021 24,449 46,705 977 25,121 352,948 - 450,200
Repurchase of shares
into Treasury - - - - (3,534) - (3,534)
Net (loss)/return - - - - (76,078) 4,963 (71,115)
Dividends paid in the
year (note 3) - - - - (12,028) (4,963) (16,991)
-------------------------- -------- -------- ---------- ----------- ------------ ----------- ----------
At 30th September 2022 24,449 46,705 977 25,121 261,308 - 358,560
-------------------------- -------- -------- ---------- ----------- ------------ ----------- ----------
1 These reserves form the distributable reserves of the Company
and may be used to fund distributions to investors.
STATEMENT OF FINANCIAL POSITION
AT 30TH SEPTEMBER 2022
2022 2021
GBP'000 GBP'000
------------------------------------------------------- --------- --------
Fixed assets
Investments held at fair value through profit or loss 358,303 448,721
------------------------------------------------------- --------- --------
Current assets
Derivative financial assets 2 -
Debtors 587 507
Cash and cash equivalents 454 1,496
------------------------------------------------------- --------- --------
1,043 2,003
Current liabilities
Creditors : amounts falling due within one year (786) (524)
------------------------------------------------------- --------- --------
Net current assets 257 1,479
------------------------------------------------------- --------- --------
Total assets less current liabilities 358,560 450,200
------------------------------------------------------- --------- --------
Net assets 358,560 450,200
------------------------------------------------------- --------- --------
Capital and reserves
Called up share capital 24,449 24,449
Share premium 46,705 46,705
Exercised warrant reserve 977 977
Capital redemption reserve 25,121 25,121
Capital reserves 261,308 352,948
------------------------------------------------------- --------- --------
Total equity shareholders' funds 358,560 450,200
------------------------------------------------------- --------- --------
Net asset value per share 370.6p 460.7p
STATEMENT OF CASH FLOWS
FOR THE YEARED 30TH SEPTEMBER 2022
2022 2021
GBP'000 GBP'000
------------------------------------------------------- ----------- -----------
Net cash outflow from operations before dividends and
interest (2,761) (3,346)
Dividends received 7,007 6,327
Interest received 10 3
Overseas taxation recovered 272 23
Interest paid (43) (40)
------------------------------------------------------- ----------- -----------
Net cash inflow from operating activities 4,485 2,967
------------------------------------------------------- ----------- -----------
Purchases of investments (196,879) (166,687)
Sales of investments 211,835 160,862
Settlement of foreign currency trades (4) (111)
------------------------------------------------------- ----------- -----------
Net cash inflow/(outflow) from investing activities 14,952 (5,936)
------------------------------------------------------- ----------- -----------
Dividends paid (16,991) (18,047)
Ordinary Shares issued (including from Treasury) - 18,638
Repurchase of shares into Treasury (3,679) -
------------------------------------------------------- ----------- -----------
Net cash (outflow)/inflow from financing activities (20,670) 591
------------------------------------------------------- ----------- -----------
Decrease in cash and cash equivalents (1,233) (2,378)
------------------------------------------------------- ----------- -----------
Cash and cash equivalents at start of year 1,496 3,966
Unrealised return/(loss) on foreign currency cash and
cash equivalents 191 (92)
------------------------------------------------------- ----------- -----------
Cash and cash equivalents at end of year 454 1,496
------------------------------------------------------- ----------- -----------
(Cash and cash equivalents consist of:
Cash and short term deposits 445 532
Cash held in JPMorgan US Dollar Liquidity Fund 9 964
------------------------------------------------------- ----------- -----------
Total 454 1,496
------------------------------------------------------- ----------- -----------
Reconciliation of net debt
As at Other As at
30th September non-cash 30th September
2021 Cash flows charges 2022
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- --------------- ----------- --------- ---------------
Cash and cash equivalents
Cash 532 (299) 212 445
Cash equivalents 964 (934) (21) 9
--------------------------- --------------- ----------- --------- ---------------
Total 1,496 (1,233) 191 454
--------------------------- --------------- ----------- --------- ---------------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARED 30TH SEPTEMBER 2022
1. Accounting policies
(a) Basis of accounting
The financial statements are prepared under the historical cost
convention, modified to include fixed asset investments at fair
value, and in accordance with the Companies Act 2006, United
Kingdom Generally Accepted Accounting Practice ('UK GAAP'),
including FRS 102 'The Financial Reporting Standard applicable in
the UK and Republic of Ireland' and with the Statement of
Recommended Practice 'Financial Statements of Investment Trust
Companies and Venture Capital Trusts' (the 'SORP') issued by the
Association of Investment Companies in April 2021.
All of the Company's operations are of a continuing nature.
The financial statements have been prepared on a going concern
basis. In forming this opinion, the Directors have considered any
potential impact of the COVID-19 pandemic (although it is noted
that any negative impact is now much reduced), the direct and
indirect consequences arising from the Russian invasion of Ukraine
and the geopolitical uncertainty in China on the going concern and
viability of the Company. The Directors have also reviewed the
compliance with debt covenants in assessing the going concern and
viability of the Company. The Directors have also reviewed income
and expense projections and the liquidity of the investment
portfolio in making their assessment. Finally, the Board has also
taken into account the fact that the Company has a continuation
vote to be considered by shareholders at the Company's 2023 Annual
General Meeting and the likelihood of shareholders voting in favour
of continuation. Having consulted the Company's major shareholders
through the remit of its advisers, the Directors have a reasonable
belief that the continuation vote will be supported by the majority
of shareholders. The disclosures on going concern on page 47 of the
Directors' Report in the 2022 Annual Report form part of these
financial statements.
The policies applied in these financial statements are
consistent with those applied in the preceding year.
2. (Loss) return per share
2022 2021
GBP'000 GBP'000
--------------------------------------------------- ------------ -----------
Revenue return 4,963 2,715
Capital (loss)/return (76,078) 50,553
--------------------------------------------------- ------------ -----------
Total (loss)/return (71,115) 53,268
--------------------------------------------------- ------------ -----------
Weighted average number of shares in issue during
the year 97,596,359 95,724,531
Revenue return per share 5.09p 2.84p
Capital (loss)/return per share (77.95)p 52.81p
--------------------------------------------------- ------------ -----------
Total (loss)/return per share (72.86)p 55.65p
--------------------------------------------------- ------------ -----------
3. Dividends
(a) Dividends paid and declared
2022 2021
GBP'000 GBP'000
----------------------------------------------------- -------- --------
Dividends paid
2021 fourth quarterly dividend of 4.6p (2020: 4.2p) 4,494 3,951
First quarterly dividend of 4.5p (2021: 4.8p) 4,396 4,537
Second quarterly dividend of 4.2p (2021: 4.9p) 4,103 4,690
Third quarterly dividend of 4.1p (2021: 5.0p) 3,998 4,869
----------------------------------------------------- -------- --------
Total dividends paid in the period 16,991 18,047
----------------------------------------------------- -------- --------
Dividend declared
Fourth quarterly dividend declared of 3.7p (2021:
4.6p) per share 3,569 4,494
----------------------------------------------------- -------- --------
A fourth quarterly dividend of 3.7p has been declared and was
paid on 23rd November 2022 for the financial year ended 30th
September 2022. The fourth quarterly dividend has not been included
as a liability in the financial statements.
In accordance with the accounting policy of the Company, this
dividend will be reflected in the financial statements for the year
ending 30th September 2023.
(b) Dividend for the purposes of Section 1158 of the Corporation Tax Act 2010 ('Section 1158')
The requirements of Section 1158 are considered on the basis of
the dividend proposed in respect of the financial year, shown
below.
The aggregate of the distributable reserves is GBP252,678,000
(2021: GBP237,228,000).
2022 2021
GBP'000 GBP'000
--------------------------------------------------------- -------- --------
First quarterly dividend of 4.5p (2021: 4.8p) 4,396 4,537
Second quarterly dividend of 4.2p (2021: 4.9p) 4,103 4,690
Third quarterly dividend of 4.1p (2021: 5.0p) 3,998 4,869
Fourth quarterly dividend declared of 3.7p (2021: 4.6p) 3,569 4,494
--------------------------------------------------------- -------- --------
Total dividends for Section 1158 purposes 16,066 18,590
--------------------------------------------------------- -------- --------
The aggregate of the distributable reserves after the payment of
the final dividend will amount to GBP249,110,000 (2021:
GBP232,733,000).
4. Net asset value per share
2022 2021
--------------------------- ------------ -----------
Net assets (GBP'000) 358,560 450,200
Number of shares in issue 96,756,268 97,725,197
--------------------------- ------------ -----------
Net asset value per share 370.6p 460.7p
--------------------------- ------------ -----------
5. Status of results announcement
2022 Financial Information
The figures and financial information for 2022 are extracted
from the Annual Report and Financial Statements for the year ended
30th September 2022 and do not constitute the statutory accounts
for the year. The Annual Report and Financial Statements for the
year ended 30th September 2021 include the Report of the
Independent Auditors which is unqualified and does not contain a
statement under either section 498(2) or section 498(3) of the
Companies Act 2006. The Annual Report and Financial Statements for
the year ended 30th September 2022 will be delivered to the
Register of Companies in due course.
2021 Financial Information
The figures and financial information for 2021 are extracted
from the published Annual Report and Financial Statements for the
year ended 30th September 2021 and do not constitute the statutory
accounts for that year. The Annual Report and Financial Statements
for the year ended 30th September 2021 has been delivered to the
Registrar of Companies and included the Report of the Independent
Auditors which was unqualified and did not contain a statement
under either section 498(2) or section 498(3) of the Companies Act
2006.
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
15th December 2022
For further information:
Alison Vincent
JPMorgan Funds Limited
020 7742 4000
ENDS
A copy of the 2021 Annual Report will shortly be submitted to
the FCA's National Storage Mechanism and will be available for
inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The 2021 Annual Report will shortly be available on the
Company's website at www.jpmasiagrowthandincome.co.uk where
up-to-date information on the Company, including daily NAV and
share prices, factsheets and portfolio information can also be
found.
JPMORGAN FUNDS LIMITED
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