TIDMJARA TIDMJARU TIDMJARE
RNS Number : 0672K
JPMorgan Global Core Real Assets Ld
19 December 2022
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CORE REAL ASSETS LIMITED
QUARTERLY NET ASSET VALUE AND PORTFOLIO UPDATE
Legal Entity Identifier: 549300D8JHZTH6GI8F97
JPMorgan Global Core Real Assets Limited ("JARA" or the
"Company") announces an unaudited Net Asset Value ("NAV") as at
30th November 2022 of 102.92 pence per share. During the quarter to
30th November 2022 the Company paid a dividend of 1 penny per share
on 29th November 2022, bringing the total return for the quarter to
-3.8% and the total return for the year to 30th November 2022 to
+12.6%.
JARA's portfolio is continuing to perform resiliently in a
volatile market environment. Across both public and private
allocations, and measured in local currency, JARA's real estate,
infrastructure and transportation allocations had return
contributions of -0.35%, +0.24% and +0.34%, respectively, over the
three month period . The 2.3% de preciation of the US dollar versus
sterling over the quarter* negatively affected GBP returns.
* The GBP/USD exchange rate was 1.19090 as at 30th November
2022.
Dividends
JARA has now paid out 11 pence per share of dividends since IPO.
The most recent quarterly dividend of 1 penny per share ,
represents a current annualised yield of 4.19%*, and 4% on issue
price . The Board continues to expect the yield to be within the
target range of 4 - 6% on issue price, as set out in the Company's
IPO prospectus.
* Based on JARA's closing share price as at 30th November
2022.
Issued Share Capital
As at 30th November 2022, there were 219,407,952 shares in
issue. Since its IPO in September 2019 JARA has seen its share
capital expand by 47.3%.
Portfolio Construction
As at 30th November 2022, the Company's portfolio was valued at
GBP223.8 million and is fully invested.
Sector exposure Percentage of NAV
Total Exposure Private Asset Public Asset
Exposure Exposure
Real Estate Equity 47% 40% 7%
Real Estate Debt 10% 7% 3%
Infrastructure 20% 16% 4%
Transportation 22% 19% 3%
-------------------- --------------- -------------- -------------
Total 100% 82% 18%
As at 30th November 2022. Numbers may not sum due to
rounding.
Geographical exposure percentage of NAV
31.05.22 31.08.22 30.11.22
North America 53% 54% 55%
Asia Pacific 28% 27% 27%
Europe 16% 15% 15%
UK 2% 3% 3%
Other 0% 0% 0%
Total 100% 100% 100%
Numbers may not sum due to rounding.
Private Asset Portfolio Metrics
Please see below for the metrics of JARA's private investments.
As at 30th November 2022, private asset exposure represented 82% of
JARA's NAV, stable compared to the previous quarter.
Investments
-- 336 private investments and, at a more granular individual
asset level, look through exposure to 1,203 individual assets
(31(st) August 2022: 1,168)
31.05.22 31.08.22 30.11.22
Investments 290 309 336
Assets 1,103 1,168 1,203
Private Portfolio Operating Metrics
Discount Rates
The blended average discount rate is 7.4%. The asset level
discount rate will vary by strategy, with real estate currently
having a blended rate of 6.1% and Infrastructure and Transport
being 9.0%. The discount rate will change to some degree as new
assets are acquired. The blended average discount rate at the
portfolio level has remained relatively stable over the last two
quarters given the variety of sectors that the Company invests
in.
31.05.22 31.08.22 30.11.22
Portfolio discount
rate 7.2% 7.3% 7.4%
---------------------------- --------- --------- ---------
Property 6.2% 6.2% 6.1%
Infrastructure & Transport 8.6% 8.8% 9.0%
Lease Duration
-- 5.2 years average lease duration in real estate and
transportation, with under 10% expected to expire in 2023.
31.05.22 31.08.22 30.11.22
Weighted Lease
Duration (years) 5.5 5.1 5.2
Occupancy
-- 97% occupancy of leased assets in real estate and
transportation, with Q3 2022 collections being in line with
expectations. At an overall portfolio level, occupancy and income
receipts are in line with what the Manager expects as optimal
portfolio performance.
31.05.22 31.08.22 30.11.22
Occupancy 97% 97% 97%
Loan To Value
-- 37% portfolio weighted average loan to value across private
assets. Asset level LTVs will vary by strategy with the real estate
blended LTV of 22% and Infrastructure and Transport blended LTV of
50%. The underlying strategies continue to take a conservative view
on overall leverage use.
31.05.22 31.08.22 30.11.22
LTV 31% 35% 37%
Debt
-- 3.4% blended average cost of debt across the strategies, with
75.5% being fixed and 24.5% floating and a weighted average
maturity of 5.0 years.
31.05.22 31.08.22 30.11.22
Debt Cost 2.9% 3.0% 3.4%
Fixed 79% 76.5% 75.5%
Floating 21% 23.5% 24.5%
Maturity (years) 5.5 5.0 5.0
Development Profile
-- The private asset portfolio had less than 3% exposure to
development assets. This allocation allows the Manager, where
appropriate, to capitalise on areas where construction is a more
effective way to gain access due to the rich pricing. Currently the
development allocation is mainly focused on areas such as logistics
assets and energy transportation. Each underlying strategy has the
capacity to engage in a small degree of development and this
demonstrates the strength and flexibility of the JPM Alternatives
Platform.
We would expect construction exposure across JARA's portfolio to
remain relatively low on an aggregate basis.
31.05.22 31.08.22 30.11.22
Development Risk <3% <3% <3%
Exposure
Currency
The main currency exposures of the portfolio (including
liquidity funds) are as follows:
Currency 31.05.22 31.08.22 30.11.22
USD 63% 66% 66%
EUR 8% 10% 8%
AUD 7% 6% 6%
JPY 6% 6% 6%
GBP 1% 3% 3%
RMB 3% 3% 3%
SGD 3% 3% 3%
NZD 2% 2% 2%
CAD 2% 1% 1%
Numbers may not sum to 100% due to rounding.
19th December 2022
Emma Lamb
JPMorgan Funds Limited - Company Secretary
Telephone 0207 742 4000
Notes
The Company aims to provide holders of the Ordinary Shares with
a stable income and capital appreciation, measured on a constant
currency basis, through exposure to a globally diversified
portfolio of Core Real Assets in accordance with the Company's
investment policy. The Company obtains exposure to Core Real Assets
through various real asset strategies, namely: Global
Infrastructure, Global Real Estate, Global Transport and Global
Liquid Real Assets. J.P. Morgan's Alternative Solutions Group has
the primary responsibility for managing the Company's
portfolio.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBRBDDCSBDGDL
(END) Dow Jones Newswires
December 19, 2022 02:00 ET (07:00 GMT)
Jpmorgan Global Core Rea... (LSE:JARE)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Jpmorgan Global Core Rea... (LSE:JARE)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
