TIDMJGCI
RNS Number : 6430T
JPMorgan Glbl Con Inc Fnd Ltd
22 March 2019
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED
Half Year Report & FINANCIAL STATEMENTS
for the six months ended 31st DECEMBER 2018
Legal Entity Identifier: 549300DKZ0OX0PZH5H23
Information disclosed in accordance with the DTR 4.2.2
CHAIRMAN'S STATEMENT
Investment Performance
In the first half of the Company's financial year ended 31st
December 2018 the total return on the Company's net assets was
-5.7%, compared with -3.4% for the Company's reference index, the
Bloomberg Barclays Global Convertibles Credit Rate Sensitive Index
(hedged into sterling). The total return to shareholders was -6.8%,
as the discount of the share price to net asset value ('NAV')
widened over the six month period from 3.6% to 6.0%.
It was a difficult six months, with the final quarter of 2018
being particularly challenging for markets. The Company's relative
underperformance was due largely to the portfolio's exposure to the
energy, communications and technology sectors. More details are
given in the Investment Managers' Report.
Since the period end, the Company's relative performance has
improved; for the two months to 28th February it is approximately
1.5% ahead of the reference index. This improvement in performance
in part arises from changes made within the Company's portfolio
following the appointment of Hart Woodson as the Company's lead
Portfolio Manager. The team at JPMAM remain optimistic about the
outlook for the asset class and in their report which follows, they
provide more detail on the market, the Company's portfolio and
their view on the outlook for convertible bonds.
Continuation Vote
At the Company's Annual General Meeting ('AGM') held in November
2018 shareholders passed a resolution proposing that the Company
continues its business as a closed-ended collective investment
scheme for a further three years. However, as I advised in my
annual statement, the Board recognises that there has been a
significant level of buying back of the Company's shares over the
course of the last 18 months and, therefore, will be putting a
further continuation vote to shareholders at the AGM to be held in
December 2019.
Dividends
The Company's objective is to provide investors with an
attractive and consistent level of dividend income together with
the potential for some modest capital growth in sterling terms over
the medium term. During the half year ended 31st December 2018 a
first quarterly dividend of 1.125 pence per share was declared and
paid. A second quarterly dividend of 1.125 pence per share was
declared on 20th February 2019, to be paid on 2nd April 2019 to
shareholders on the register on 1st March 2019.
In the absence of unforeseen circumstances, the Board will seek
to maintain the targeted annual dividend of 4.5 pence per share,
resulting in a yield of 5.3% on the share price prevailing at the
end of the period. This is an attractive yield, particularly when
compared to many other income generating vehicles which have a
significantly higher risk profile.
Managing the Discount
As stated previously, the Board operates a discount control
policy through which it seeks to ensure that the Company's share
price remains close to NAV such that, under normal market
conditions, the Company's shares trade within a range of a 2%
discount to a 2% premium to the Company's cum income NAV per share.
This is achieved primarily through the use of share buybacks and/or
share issuance as necessary. The Board remains committed to
maintaining a discount of no wider than 2% over the long term and
it continues to be active in buying back the Company's shares in
attempting to achieve this. In the current markets this has proved
difficult to bring about in practice.
During the first six months of the Company's financial year, it
bought back into Treasury a total of 25,035,025 shares,
representing 16.5% of the shares in issue at the beginning of the
Company's financial year at an average discount of 4.7%. Since the
half year end, the Company has repurchased a further 5.7m shares
into Treasury. At the time of writing, the discount is 6.5%.
Investment Management Team
As I explained in the last annual report, Hart Woodson was
appointed Head of the Convertible Bond team at JPMAM in October
2018. The team has been managing convertibles since 1995 and it has
assets under management of c. $5.5billion. Hart Woodson has 25
years of experience as a portfolio manager of global convertible
bond portfolios and funds, having previously served as a portfolio
manager at both Advent Capital Management and Gabelli Asset
Management. Prior to his portfolio management roles, he worked for
more than a decade as a capital markets specialist and credit
analyst.
Hart Woodson is the lead portfolio manager of the investment
team that manages the Company's portfolio, working with the
existing experienced managers Natalia Bucci and Paul Levene. The
Company should materially benefit from his depth of knowledge and
experience. Indeed, changes to the portfolio have already been made
and, as mentioned above, early indications are that the Company's
performance has started to improve.
Simon Miller
Chairman
22nd March 2019
INVESTMENT MANAGERS' REPORT
Performance Review
In the six months to 31st December 2018, the Company's portfolio
generated a negative net asset value ('NAV') total return of
-5.69%. The last three months of 2018 were particularly challenging
as global markets declined in response to investor fears of an
imminent growth slow down and escalation of the US/China trade
dispute, exacerbated by poor liquidity in markets as we approached
the year end. Nevertheless, the convertible bond market fared
slightly better than broad equity markets in the closing months of
the year, with the global equity markets suffering their worst
quarterly performance since the Euro crisis in 2011.
Performance was negative across all regions during the second
half of the year with North America detracting the most. From a
sector perspective, all sectors generated negative performance over
the six month period with our positioning in the energy sector the
hardest hit, as the oil price fell by some 40% in the last quarter
of the year. Within the portfolio, we held Nabors Industry and
Ensco, which detracted -1.09% and -0.46% respectively, reflecting
both the fall in the oil price and concerns over these companies'
leverage levels. We maintain our view that Nabors looks attractive
from an equity valuation perspective, and believe that the company
should benefit significantly from a recovery in the oil price and
its liability management. Indeed, subsequent to the year end, the
position has recovered materially in value.
Communications and technology were other notably detracting
sectors. Within the communications sector, Dish Network and within
the technology sector the Alibaba mandatory exchangeable bond, were
notable underperformers. However, we continue to hold these issues.
We are comfortable with Dish's balance sheet and are watching its
liquidity position closely in case we see further deterioration
through 2019. We believe Alibaba remains a compelling investment
proposition, providing exposure to the increasing appetite of the
Chinese consumer.
Portfolio Review
After systematically tightening monetary policy, reducing its
balance sheet and intimating at a policy of future rate increases,
the US Federal Reserve (the 'Fed') adopted a much more dovish
outlook in January. In the meantime, emerging market currency
volatility declined whilst China increased its fixed asset
investment levels providing a stimulus to the Chinese economy. We
believe that a slowing in the US should not be viewed negatively as
it should mitigate the strength of the US dollar, interest rate
expectations and the risk of further significant trade escalation.
Accordingly, during the second half of 2018 we added to issues that
corresponded to this view.
As a result we increased the allocation to the US and to the
financial sector, increasing our positions in Wells Fargo and Bank
of America that are fundamentally cheap and offer attractive
yields. In addition, we added a new position in China Conch Venture
Holdings, which is set to benefit from increasing government
investment. The majority of the company's earnings are derived from
its stake in a cement manufacturer that has net cash position and
an attractive equity valuation. In keeping with the China theme, we
maintained exposure to Chinese banks, where we believe that
monetary policy should remain accommodative. Further, Chinese banks
have more recently been quicker to recognise non-performing assets
which, when combined with the financial deleveraging over the last
few years, has reduced our concerns of a rise in the write-off of
bad debt resulting in the erosion of profits.
We believe we are in the latter stages of an economic cycle,
which usually sees an increase in corporate activity by way of
mergers and acquisitions (M&A). Reflecting this view, we added
to a position in Bunge, an American company which is a leading
global oilseed and grain processor. Our exposure is through Bunge's
perpetual convertible bond that has the potential to offer a
significant upside in the event of a takeover through a 'Change of
Control' ('CoC') clause in the bond's documentation that will
benefit bond holders in the event of a takeover. A similar theme
has seen us add to our holding in Arconic that has been in the
midst of takeover speculation and shareholder activism. Arconic is
a US-based industrial components company whose bond also has an
attractive CoC clause.
In terms of new issues, we participated in the new Qiagen
convertible bond; an investment grade issue from a company that
consistently generates positive cash flow. Qiagen is a leading
biotechnology company with a strong brand that provides molecular
diagnostic and assay technology used in academic and pharmaceutical
research. We believe Qiagen's portfolio is well positioned to
deliver accelerating growth while maintaining its strong operating
margin. Furthermore, the structure of the convertible bond is
appealingly 'asymmetric', allowing us to participate in the upside
of the equity, while limiting the downside risk.
Regarding our Japanese exposure, we continue to hold a number of
Asset Swapped Convertible Option Transactions ('ASCOTs') within the
portfolio. ASCOTs are long-dated options on Japanese convertible
bonds that offer exposure to the equity of the issuer without the
need to acquire the entire convertible bond. These instruments are
a capital-efficient way to invest in markets such as Japan where
low interest rates make the bond element of a convertible expensive
and unattractive. We are comfortable with the level of exposure to
Japan and believe that corporate governance improvement and
supportive equity valuations should benefit the Japanese market in
the longer term.
Over the course of 2018 as a whole, the level of gearing was
brought down. Nevertheless, in order for the Company to be able to
fully participate in more attractive investment opportunities, we
have as of February 2019 increased the facility size to $15 million
(10% of AUM) remaining within the Company's gearing limit of
20%.
Outlook
In our view, the probability of a recession in the coming 12
months remains low. However, growth is reverting back to its trend
more quickly than had been expected and the economic data outside
the U.S. has been a mixed bag. Trade tensions between the US and
China have become an area of focus for financial markets and are
likely to remain a continued source of worry, nagging at investor
sentiment. Given the shift in the economic environment, we believe
overall market volatility will be elevated throughout 2019.
Accordingly, we have tempered exposures to higher risk sectors and
are focusing on companies with attractive valuations, strong
fundamentals and pricing power.
This backdrop provides an opportunity for convertible bonds to
protect against sudden and volatile equity market set-backs and we
believe that convertible bonds can outperform equities and bonds in
an environment of increased volatility and, should interest rates
rise further from current levels, provide protection against any
losses experienced in the fixed income markets. Convertibles can be
expected to outperform equities when volatility is high due to the
embedded option inherent to their structure becoming more valuable.
In addition, convertibles should outperform bonds when interest
rates rise due to their structurally lower duration.
Finally, convertibles have cheapened and current valuations are
attractive. Going forward, we are optimistic about prospects for
the asset class relative to both fixed income and equities. We
believe that the Company is well positioned to participate in
future equity upside and credit tightening, while retaining its
defensive characteristics.
Natalia Bucci
Paul Levene
Hart Woodson
Investment Managers
22nd March 2019
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its
interim report.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall
into the following broad categories: investment and strategy;
foreign currency; accounting; corporate governance and shareholder
relations; operational and financial. Information on each of these
areas is given in the Business Review within the 2018 Annual Report
and Accounts.
Related Party Transactions
During the half year to 31st December 2018, no new agreements
were entered into with related parties which have materially
affected the financial position or the performance of the
Company.
Going Concern
The Directors believe, having considered the Company's
investment objectives, risk management policies, capital management
policies and procedures, nature of the portfolio and expenditure
projections, that the Company has adequate resources, an
appropriate financial structure and suitable management
arrangements in place to continue in operational existence for the
foreseeable future and, more specifically, that there are no
material uncertainties pertaining to the Company that would prevent
its ability to continue in such operation existence for at least 12
months from the date of the approval of this half yearly financial
report. For these reasons, they consider there is reasonable
evidence to adopt the going concern basis in preparing the
accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its
knowledge:
(i) the condensed set of financial statements contained within
the interim financial report has been prepared in accordance with
International Accounting Standard 34 'Interim Financial Reporting'
and gives a true and fair view of the state of affairs of the
Company and of the assets, liabilities, financial position and net
return of the Company, as at 31st December 2018, as required by the
UK Listing Authority Disclosure and Transparency Rules 4.2.4R;
and
(ii) the interim report includes a fair review of the
information required by 4.2.7R (important events that have occurred
since inception, their impact on these financial statements and a
description of the principal risks facing the Company) and 4.2.8R
(related party transactions since inception that have materially
affected the financial position or performance of the Company) of
the UK Listing Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these
financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements; 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.
For and on behalf of the Board
Simon Miller
Chairman
22nd March 2019
statement of comprehensive income
for the six months ended 31ST DECEMBER 2018
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 2018 31st December 2017 30th June 2018
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- -------- ---------- --------- -------- --------- --------- -------- -------- --------
Investments held
at fair value through
profit and loss:
Losses on investments
held at fair value
through profit or
loss - (5,002) (5,002) - (5,716) (5,716) - (4,721) (4,721)
Income from
investments 3,136 - 3,136 4,454 - 4,454 8,220 - 8,220
----------------------- -------- ---------- --------- -------- --------- --------- -------- -------- --------
Gains/(losses) on
financial Instruments:
Realised losses
on close out of
futures and options
contracts - - - - (609) (609) - (448) (448)
Unrealised
(losses)/gains
on futures and
options
contracts - (445) (445) - 414 414 - (478) (478)
Realised foreign
currency
(losses)/gains
on foreign currency
contracts - (1,450) (1,450) - 2,170 2,170 - 1,929 1,929
Unrealised foreign
currency
(losses)/gains
on foreign currency
contracts - (3,104) (3,104) - 1,881 1,881 - (1,099) (1,099)
Realised foreign
currency losses - (1,112) (1,112) - (113) (113) - (52) (52)
Unrealised foreign
currency gains - 784 784 - 612 612 - 248 248
Other income 40 - 40 16 - 16 54 - 54
----------------------- -------- ---------- --------- -------- --------- --------- -------- -------- --------
Total income/(loss) 3,176 (10,329) (7,153) 4,470 (1,361) 3,109 8,274 (4,621) 3,653
Management fee (326) (176) (502) (439) (237) (676) (838) (451) (1,289)
Other administrative
expenses (208) - (208) (208) - (208) (417) - (417)
----------------------- -------- ---------- --------- -------- --------- --------- -------- -------- --------
Profit/(loss) before
finance costs and
taxation 2,642 (10,505) (7,863) 3,823 (1,598) 2,225 7,019 (5,072) 1,947
Finance costs (127) (69) (196) (111) (60) (171) (255) (137) (392)
----------------------- -------- ---------- --------- -------- --------- --------- -------- -------- --------
Profit/(loss) before
taxation 2,515 (10,574) (8,059) 3,712 (1,658) 2,054 6,764 (5,209) 1,555
Taxation (134) - (134) (142) - (142) (287) - (287)
----------------------- -------- ---------- --------- -------- --------- --------- -------- -------- --------
Net profit/(loss) 2,381 (10,574) (8,193) 3,570 (1,658) 1,912 6,477 (5,209) 1,268
----------------------- -------- ---------- --------- -------- --------- --------- -------- -------- --------
Earnings/(loss)
per share (note
3) 1.74p (7.72)p (5.98)p 2.01p (0.94)p 1.07p 3.81p (3.06)p 0.75p
statement of changes in equity
for the six months ended 31ST DECEMBER 2018
Share Capital Revenue
capital reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------------- --------- ----------- --------- ----------
Six months ended 31st December 2018 (Unaudited)
At 30th June 2018 217,368 (67,662) (1,443) 148,263
Repurchase of shares into Treasury - (23,034) - (23,034)
Reserve transfer - (588) 588 -
Net (loss)/profit for the period - (10,574) 2,381 (8,193)
Dividends paid in the period (note 4) - - (1,526) (1,526)
------------------------------------------------- --------- ----------- --------- ----------
At 31st December 2018 217,368 (101,858) - 115,510
------------------------------------------------- --------- ----------- --------- ----------
Six months ended 31st December 2017 (Unaudited)
At 30th June 2017 217,368 (31,271) (277) 185,820
Repurchase of shares into Treasury - (10,182) - (10,182)
Net (loss)/profit for the period - (1,658) 3,570 1,912
Dividends paid in the period (note 4) - - (1,987) (1,987)
------------------------------------------------- --------- ----------- --------- ----------
At 31st December 2017 217,368 (43,111) 1,306 175,563
------------------------------------------------- --------- ----------- --------- ----------
Year ended 30th June 2018 (Audited)
At 30th June 2017 217,368 (31,271) (277) 185,820
Repurchase of shares into Treasury - (31,182) - (31,182)
Net (loss)/profit for the year - (5,209) 6,477 1,268
Dividends paid in the year (note 4) - - (7,643) (7,643)
------------------------------------------------- --------- ----------- --------- ----------
At 30th June 2018 217,368 (67,662) (1,443) 148,263
------------------------------------------------- --------- ----------- --------- ----------
statement of financial position
at 31ST DECEMBER 2018
(Unaudited) (Unaudited) (Audited)
31st December 31st December 30th June
2018 2017 2018
GBP'000 GBP'000 GBP'000
Non current assets
Investments held at fair value through
profit or loss 113,495 165,753 149,978
---------------------------------------- -------------- -------------- ----------
Current assets
Derivative financial assets 1,288 4,805 1,708
Trade and other receivables 745 952 3,037
Cash and cash equivalents 11,177 19,308 12,549
---------------------------------------- -------------- -------------- ----------
13,210 25,065 17,294
Current liabilities
Derivative financial liabilities (3,191) (80) (1,161)
Trade and other payables (8,004) (15,175) (2,699)
---------------------------------------- -------------- -------------- ----------
Net current assets 2,015 9,810 13,434
---------------------------------------- -------------- -------------- ----------
Total assets less current liabilities 115,510 175,563 163,412
Non current liabilities
Loans payable - - (15,149)
---------------------------------------- -------------- -------------- ----------
Net assets 115,510 175,563 148,263
---------------------------------------- -------------- -------------- ----------
Amounts attributable to equity holders
Share capital 217,368 217,368 217,368
Capital reserve (101,858) (43,111) (67,662)
Revenue reserve - 1,306 (1,443)
---------------------------------------- -------------- -------------- ----------
Total shareholders' funds 115,510 175,563 148,263
---------------------------------------- -------------- -------------- ----------
Net asset value per share (note 5) 90.9p 101.0p 97.5p
statement of cash flows
FOR THE SIX MONTHSED 31ST DECEMBER 2018
(Unaudited) (Unaudited) (Audited)
Six months Six months
ended ended Year ended
31st December 31st December 30th June
2018 2017 2018
GBP'000 GBP'000 GBP'000
-------------------------------------------- -------------- -------------- -----------
Operating activities
(Loss)/profit before taxation (8,059) 2,054 1,555
Deduct dividends received (487) (446) (940)
Deduct investment income - interest
received (2,649) (4,008) (7,280)
Deduct bank interest received (40) (16) (54)
Add back interest paid 196 171 392
Add back losses on investments held
at fair value through profit or loss 5,002 5,716 4,721
Decrease/(increase) in unrealised
gains or loss on foreign currency
contracts 2,005 (1,610) 1,370
Decrease/(increase) in unrealised
gains or loss on future and option
contracts 445 (2,844) (1,646)
Decrease in unrealised gains or losses
on foreign currency (784) (612) (248)
Add back realised losses on foreign
currency loan 1,110 - -
Effect of decrease in trade and other
receivables 3 19 9
Effect of (decrease)/increase trade
and other payables (17) (10) 9
-------------------------------------------- -------------- -------------- -----------
Net cash outflow from operating activities
before interest, taxation and dividends (3,275) (1,586) (2,112)
-------------------------------------------- -------------- -------------- -----------
Taxation (134) (142) (287)
Interest paid (229) (165) (350)
Dividends received 465 440 926
Investment income - interest received 1,631 2,382 4,326
Bank interest received 46 16 48
-------------------------------------------- -------------- -------------- -----------
Net cash (outflow)/inflow from operating
activities after interest, taxation
and dividends (1,496) 945 2,551
-------------------------------------------- -------------- -------------- -----------
Investing activities
Purchases of investments held at fair
value through profit or loss (18,992) (65,132) (113,425)
Sales of investments held at fair
value through profit or loss 51,325 81,033 147,834
-------------------------------------------- -------------- -------------- -----------
Net cash inflow from investing activities 32,333 15,901 34,409
-------------------------------------------- -------------- -------------- -----------
Financing activities
Repurchase of shares into Treasury (23,060) (12,234) (33,451)
Dividends paid (1,526) (1,987) (7,643)
Repayment of loan (7,623) - -
-------------------------------------------- -------------- -------------- -----------
Net cash outflow from financing activities (32,209) (14,221) (41,094)
-------------------------------------------- -------------- -------------- -----------
(Decrease)/increase in cash and cash
equivalents (1,372) 2,625 (4,134)
Cash and cash equivalents at the start
of the period/year 12,549 16,683 16,683
-------------------------------------------- -------------- -------------- -----------
Cash and cash equivalents at the end
of the period/year 11,177 19,308 12,549
-------------------------------------------- -------------- -------------- -----------
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31st December 2018
1. Financial statements
The information contained within the financial statements in
this half year report has not been audited or reviewed by the
Company's Auditors.
2. Accounting policies
The Company's financial statements have been prepared in
accordance with International Financial Reporting Standards
('IFRS'), which comprise standards and interpretations approved by
the International Accounting Standards Board ('IASB'), the
International Accounting Standards and Standing Interpretations
Committee and interpretations approved by the International
Accounting Standards Committee ('IASC') that remain in effect and
to the extent that they have been adopted by the European Union
('EU').
The same accounting policies and methods of compensation are
followed in these financial statements as compared with the most
recent annual financial statements.
Where presentational evidence set out in the Statement of
Recommended Practice (the 'SORP') issued by the Association of
Investment Companies in November 2014 and updated in February 2018
is consistent with the requirement of IFRS, the financial
statements have been prepared on a basis compliant with the
recommendation of SORP.
All of the Company's operations are of a continuing nature.
The financial statements have been prepared on a going concern
basis.
3. Earnings/(loss) per share
(Unaudited) (Unaudited) (Audited)
Year
Six months ended Six months ended ended
31st December 2018 31st December 2017 30th June 2018
GBP'000 GBP'000 GBP'000
----------------------------------------------------------- ------------------- ------------------- ---------------
Earnings/(loss) per share is based on the following:
Revenue return 2,381 3,570 6,477
Capital loss (10,574) (1,658) (5,209)
----------------------------------------------------------- ------------------- ------------------- ---------------
Total (loss)/return (8,193) 1,912 1,268
----------------------------------------------------------- ------------------- ------------------- ---------------
Weighted average number of shares in issue during the
period/year 136,925,528 177,285,323 170,230,486
Revenue return per share 1.74p 2.01p 3.81p
Capital loss per share (7.72)p (0.94)p (3.06)p
----------------------------------------------------------- ------------------- ------------------- ---------------
Total (loss)/return per share (5.98)p 1.07p 0.75p
----------------------------------------------------------- ------------------- ------------------- ---------------
4. Dividends paid
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
31st December 31st December 30th June
2018 2017 2018
GBP'000 GBP'000 GBP'000
----------------------------------------- -------------- -------------- ----------
2018 fourth interim dividend 1.125p
(2017: 1.125p) 1,526 1,987 1,987
2018 first interim dividend of 1.125p - - 1,969
2018 second interim dividend of
1.125p - - 1,874
2018 third interim dividend of 1.125p - - 1,813
----------------------------------------- -------------- -------------- ----------
Total dividends paid in the period/year 1,526 1,987 7,643
----------------------------------------- -------------- -------------- ----------
5. Net asset value per share
(Unaudited) (Unaudited) (Audited)
31st December 2018 31st December 2017 30th June 2018
--------------------------- ------------------- ------------------- ---------------
Net assets (GBP'000) 115,510 175,563 148,263
Number of shares in issue 127,096,638 173,891,767 152,131,663
--------------------------- ------------------- ------------------- ---------------
Net asset value per share 90.9p 101.0p 97.5p
--------------------------- ------------------- ------------------- ---------------
For further information, please contact:
Jonathan Latter
For and on behalf of JPMorgan Funds Limited, Company Secretary
020 7742 4000
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.
JPMORGAN FUNDS LIMITED
ENDS
A copy of the half year will be submitted to the National
Storage Mechanism and will shortly be available for inspection at
www.morningstar.co.uk/uk/NSM
The half year will also shortly be available on the Company's
website at www.jpmconvertiblesincome.co.uk where up to date
information on the Company, including daily NAV and share prices,
factsheets and portfolio information can also be found.
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.
END
IR BLGDXLXDBGCB
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