TIDMJEMI
RNS Number : 2035Q
JPMorgan Global Emerging Mkts I.T.
26 October 2021
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL EMERGING MARKETS INCOME TRUST PLC
FINAL RESULTS FOR THE YEARED 31ST JULY 2021
Legal Entity Identifier: 549300OPJXU72JMCYU09
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
Performance
In the financial year to 31st July 2021, Emerging Markets
delivered strongly positive returns for investors. The Company's
benchmark Index, the MSCI Emerging Markets Index with net dividends
reinvested (GBP) rose 13.9%. Over the same period, I am very
pleased to be able to report that the Company's total return on net
assets was 24.6%, outperforming the benchmark by a considerable
margin. The total return to shareholders was 27.8%, reflecting a
narrowing of the discount to net asset value at which the Company's
shares trade, to 6.7% by the end of the period, from 8.8% a year
earlier.
The principal reasons for the Company's outperformance against
the benchmark index were stock selection in China, Russia and
Taiwan which outweighed the negative relative contribution from the
Company's exposure to South Korea and Brazil. As mentioned in my
previous Statement in April 2021, the Company's Income objective
means that the composition of the portfolio varies significantly
from the benchmark index, which further explains why returns may
vary meaningfully from those of the index. This has been the case
over the long term - in the ten years to 31st July 2021, the
Company's compound total return on net assets was 104.7%, compared
to the benchmark return of 68.3%. The Investment Managers' Report
that follows provides more detail on the Company's investment
strategy and performance.
Dividends
Gross revenue for the year amounted to GBP18.9 million (2020:
GBP16.4 million) with net revenue of GBP14.7 million (2020: GBP12.7
million). Net revenue return per ordinary share for the year,
calculated on the average number of shares in issue, was 4.94p
(2020: 4.28p).
In the current financial year, the Board paid three interim
dividends of 1.0p per share and has announced the payment of a
fourth interim dividend of 2.1p per share. This brings the total
dividend for the year to 5.1p per share, maintained at the same
level as the previous two years.
The Board highlights that whilst the revenues generated in this
financial year did not cover the dividends paid, it felt that it
was appropriate to use revenue reserves to support the current
year's fourth interim dividend, as we did last year. We recognise
that the Company's dividend generation is important to our
shareholders, and it is a distinguishing feature of investment
trusts that we have the capacity to smooth the dividend stream in
this way. We cannot guarantee that we will always be able to do
this, but we currently have revenue reserves of GBP8.4 million,
after the payment of the fourth quarterly interim dividend (July
2020: GBP8.9 million), which equate to a little over half of future
annual dividends at the current level.
The Board pays four interim dividends, reflecting the support we
have received from shareholders for a regular and timely income
stream. It is seeking shareholder authority to maintain this
dividend payment policy at the forthcoming Annual General Meeting
('AGM').
It is possible that some companies within the portfolio may have
difficulties maintaining historic dividend pay-out ratios in the
short term and the Board continues to monitor dividend receipts
with this possibility in mind. However, over the longer term, both
the Investment Manager and your Board remain of the view that
Emerging Markets offer long term growth potential with attractive
income prospects. The Board carefully considers the revenue outlook
and potential sensitivities with the investment team on a regular
basis, including the impact of currency movements on revenue
receipts. As shareholders are aware, the Company receives dividends
in the currencies of developing countries and US dollars but pays
dividends in sterling. It has not been the Company's policy to
hedge currency risk as that is expensive and, for many currencies,
impracticable. That policy inevitably means that the Company's
asset values and cash flows will be favourably or adversely
affected by currency movements from time to time.
Share purchases and Issuance
During the financial year to 31st July 2021, the Company's share
price traded at an average discount to net asset value of 6.6%. The
Company did not carry out any share issuance or share repurchases
during the year, nor has it done so since the year end.
The Board is seeking shareholder authority at the forthcoming
AGM to have the flexibility to issue up to a further 10% of the
Company's issued share capital. The intention is to use this
authority to meet demand for the Company's shares as and when they
trade at an appropriate premium to net asset value.
Key Performance Indicators ('KPIs')
The Board tracks a series of KPIs. Further details may be found
on page 25 of the 2021 Annual Report. The Board pays particular
attention to performance, ongoing charges, gearing, income
available to pay dividends and the investment risk of the
portfolio.
Gearing and loan Facilities
The Board regularly discusses gearing with the Investment
Managers, who use it to enhance long-term shareholder returns. As
at the beginning of the financial year, the Company had two US
Dollar 20 million fixed rate loan facilities with National
Australia Bank, repayable in October 2020 (2.31% per annum) and
November 2022 (3.28% per annum). Upon maturity of the first loan
facility on 8th October 2020, the Company entered into a three year
US Dollar 20 million rolling interest loan facility with ING Bank,
repayable in October 2023. This resulted in a lower blended
interest rate for the Company. As at 31st July 2021, gearing stood
at 5.4% (2020: 6.9%).
Management Fee
The Board is pleased to report that with effect from 1st August
2021, JPMorgan has agreed to reduce its investment management fee,
which is now being charged at the rate of 0.75% per annum
(previously 0.9% per annum) on the net asset value of the Company's
portfolio.
The fee will continue to be calculated and paid monthly.
Board and Corporate Governance
Following the Board's annual evaluation by the Nomination
Committee, it is felt that the Board's composition and size are
appropriate. However, as part of its long-term succession planning,
the Board has a plan to refresh the Board in an orderly manner over
time. Consistent with this plan, in anticipation of the retirement
of Richard Robinson at the conclusion of the 2021 AGM, and to
ensure continuity, the Board is delighted to welcome Lucy Macdonald
as a non-executive Director of the Company. Lucy joined the Board
on 1st April 2021. She has over 30 years' experience in the asset
management industry, most recently as CIO Global Equities at
Allianz Global Investors. She was also Lead Portfolio Manager of
Brunner Investment Trust, a global income and growth trust, from
2016 until May 2020. Lucy is on the CFA Investor Panel. Her
appointment will further increase the Board's diversity of skills,
experience and background, and I am confident that Lucy will make
an invaluable contribution to your Company.
Lucy Macdonald will succeed Richard as the Senior Independent
Director upon his retirement.
On behalf of the Board, I would like to express our gratitude
and appreciation to Richard for the significant contribution he has
made to the Board's work since he joined the Board in 2011.
As part of the Board's ongoing succession planning, I will be
retiring from the Board at the conclusion of the 2022 AGM, after
having served on the Board from 2011 and as its Chairman since
2018. The Board plans to start a further recruitment process to
appoint another new Director in early 2022 and then to agree the
next Board Chairman.
The Board supports annual re-election for all Directors, as
recommended by the UK Corporate Governance Code, and therefore all
of the Directors (except for Richard) will stand for re-election at
the forthcoming Annual General Meeting. Shareholders who wish to
contact the Chairman or other members of the Board may do so
through the Company Secretary or the Company's website, details of
which appear below.
Environmental, Social and Governance ('ESG')
The Investment Managers believe that sustainable investment
delivers superior returns over the long-term. Accordingly, ESG
considerations were integral to their stock selection process long
before ESG issues gained prominence. This integration of ESG
considerations into the investment process has been formalised
recently.
The Board is mindful of the ever-increasing focus on ESG and
sustainable investing and holds regular discussions about these
factors. We share the Investment Managers' view on the importance
of ESG factors for sustainable, long-term investments and support
their efforts to maintain continual engagement with investee
companies throughout the duration of the investment. The Board
receives reports from the Investment Managers on ESG issues that
arise in the course of their work.
We published the Investment Managers' first ESG Report in our
2020 Annual Report. Since then, we have released our first
externally measured ESG Rating by MSCI on our website. This gives
the Company an 'A' rating in the Equity Emerging Markets Global
peer group. Further information on how ESG considerations are
integrated into the investment process can be found in the
Investment Managers' Report which follows, and in the separate
Environmental, Social and Governance Statement on page 17 of the
2021 Annual Report.
Annual General Meeting
Regrettably, COVID-19 restrictions prevented the holding of the
Company's AGM in 2020 in the usual format. The Directors were
disappointed not to be able to have the usual interaction with
shareholders at this forum. Current indications are that a more
familiar format for the AGM may be permissible in November this
year and, to that end, the AGM is scheduled to be held at 2.00 p.m.
on Thursday, 25th November 2021 at 60 Victoria Embankment, London
EC4Y 0JP.
We do of course strongly advise all shareholders to consider
their own personal circumstances before attending the AGM in
person. 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 shortly on the Company's website:
www.jpmglobalemergingmarketsincome.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 on a poll. Due to technological reasons, 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 attend physically, to exercise their
votes in advance of the meeting by completing and submitting their
form of proxy. Shareholders are encouraged to send any questions
ahead of the AGM to the Board via the Company Secretary at the
email address above. We will endeavour to answer relevant questions
at the meeting or via the website depending on arrangements in
place at the time.
If there are any changes to the above AGM arrangements, the
Company will update shareholders through the Company's website and,
as appropriate, through an announcement on the London Stock
Exchange.
Adoption of New Articles of Association
The Company's Articles of Association, the document that
specifies the regulations for a company's operations and defines a
company's purpose, was last amended following shareholder approval
in 2017. Resolution 13 within the Notice of Meeting, which will be
proposed as a special resolution, seeks shareholder approval to
adopt new Articles of Association (the 'New Articles') in order to
update the Company's current Articles of Association (the 'Existing
Articles').
A summary of the principal amendments being introduced in the
New Articles is set out in the Appendix to the AGM Notice within
this 2021 Annual Report. The proposed amendments, if approved,
include the possibility of the Company holding the Company's
general meetings by virtual means only. This will facilitate
shareholder attendance in situations where they are prevented,
through laws or regulations, from attending at a physical location.
This format will only be utilised as a contingency to ensure the
continued smooth operation of the Company where physical meetings
are prohibited; 'virtual-only' meetings will only be held in
extremis. Other amendments, which are of a minor, technical or
clarifying nature, have been summarised in the Appendix.
Your Board would encourage shareholders to support these and the
other more procedural changes that are proposed.
Continuation vote
In accordance with the Company's Articles of Association, an
ordinary resolution will be put to shareholders at the forthcoming
Annual General Meeting that the Company continue in existence as an
investment trust for a further three-year period.
The Board believes that the long-term outlook for global
emerging markets remains favourable. Equally, it believes that
JPMorgan has the resources and process to deliver good results for
shareholders. Accordingly, the Board believes that the continuation
of the Company is in the best interests of all shareholders and
strongly recommends that shareholders vote in favour of the
resolution.
Outlook
It is a great relief that the global outlook has improved
significantly over the past year, thanks to the development and
roll-out of several vaccines. While many Emerging Market countries
are still struggling to source and administer the vaccinations,
their economic recovery is already underway as lockdown
restrictions ease and Emerging Markets growth is forecast to
rebound sharply this year and next. This should support corporate
earnings and dividend pay-out ratios, although there are, as ever,
risks that require constant monitoring. Foremost amongst these at
present is the Chinese government's escalating efforts to control
companies and societal behaviour more broadly.
Despite the uncertainties generated by these developments, your
Board believes that Emerging Markets provide many interesting
opportunities to invest in quality companies with good capital and
dividend returns prospects. We are confident that the Investment
Managers' disciplined investment process, integration of ESG
considerations, and careful approach to risk management, supported
by JPMorgan's extensive worldwide research resources, will continue
to deliver attractive long-term returns for shareholders. On behalf
of the Board, I would like to thank you for your ongoing
support.
Sarah Fromson
Chairman
25th October 2021
INVESTMENT MANAGERS' REPORT
Performance review
The Company's return on net assets for the year to 31st July
2021 was 24.6%, outperforming our benchmark, the MSCI Emerging
Markets Index (GBP) with net dividends reinvested, which returned
13.9% (on a net total return basis). The value of the Company's
shares (including dividends) rose 27.8% over the period, and the
discount at which the Company's shares traded to Net Asset Value
(NAV) narrowed to 6.7% by the end of the period, from 8.8% a year
earlier.
In the Company's last annual report, we reiterated our view that
our Income approach is a positive way to invest in Emerging Markets
over the long term. We also said that we remained comfortable with
the underlying fundamentals of the portfolio and that we believed
these fundamentals would be the key driver of long-term
performance. Consequently, over the past year, we maintained our
established stock selection process, focusing on current dividend
yield and the sustainability and growth prospects of dividends over
the long-term. We are pleased that our steady and disciplined
approach has seen performance improve in the last year and
bolstered our longer-term performance. The Company returned 8.2%
annualised on an NAV basis over three years, compared to a
benchmark return of 5.9% annualised, and returned 9.5% pa over five
years on the same basis, compared to a benchmark return of 9.4% pa.
In addition, over the past year, the portfolio also significantly
outperformed high yielding emerging markets stocks - the
portfolio's NAV return of 24.6% outpaced the MSCI Emerging Market
High Dividend Yield Index, which returned 15.7% (this is for
comparison purposes only; our official benchmark remains MSCI
Emerging Markets).
The coronavirus pandemic remained the main driver of markets in
both developed and emerging markets over the past year. The year
began with economies everywhere under significant pressure due to
lockdowns and COVID-related issues, but the emergence of several
viable vaccines in November 2020 heralded a dramatic improvement in
investor sentiment and markets rose significantly during late 2020
and early 2021 as investors discounted a return to more normal
economic conditions. More recently, market attention has shifted to
events in China. The Chinese government is taking an increasingly
pro-active role in regulating many areas of the economy, including
technology companies, financial institutions, online lenders and
education providers, and investors' concerns about this crackdown
have seen Chinese share prices in some sectors fall sharply this
year. We discuss this further below.
Performance drivers over the past year
The Company's outperformance relative to its benchmark over the
past year was due to a mixture of stocks that we own, and others
that we do not. The table below, showing the top five and bottom
five contributors to performance over this period, illustrates
this.
Top 5 (contributors) Bottom 5 (detractors)
Alibaba (not held), China China Overseas Land, China
Tencent (not held), China Joyoung, China
Taiwan Semiconductor, Taiwan Ping An Insurance, China
JS Global, China NIO (not held), China
Severstal, Russia Vale (not held), Brazil
The portfolio's geographical split provides another useful way
to view relative performance. The table below shows the relative
contribution to performance made by the top three contributors and
bottom three detractors, by country.
Country exposure Contribution to relative performance
China 6.9%
Russia 2.9%
Taiwan 2.0%
Turkey -0.3%
Brazil -0.6%
South Korea -1.8%
Combining these two ways of assessing relative performance, the
Company's exposure to China was the most important driver of
relative performance. This was due mainly to stock selection - our
underweights to some of the pure growth areas (for example
technology companies and e-commerce platforms such as Alibaba and
Tencent) made a positive contribution to relative returns, as these
sectors underperformed over the period. In addition, our positions
in financials and consumer stocks (for example China Merchants Bank
and Jiangsu Yanghe Brewery ) performed relatively well during the
year, partly as economically sensitive cyclical stocks outperformed
in the rally triggered by the arrival of effective vaccines.
Our exposure to Russia was the second most important contributor
to relative performance by country, thanks mainly to the positive
dividend policies of our Russian holdings, many of which aim to pay
all of their free cash flow as dividends. Favourable demand/supply
factors have provided strong support for commodity and materials
prices, and as a result, cash flow generation has been high for
some of the portfolio's Russian commodity producers, such as
Severstal , a steel manufacturer and Alrosa , a diamond miner. This
has fed through to dividends. Even after some good performance
underpinned by favourable demand/supply dynamics, we can still find
stocks with high (i.e. double digit) dividend yields, although we
do, of course, take account of the longer term implications of
product prices generally normalizing at lower levels, when
considering valuations.
Taiwan was the third most favourable influence on relative
performance at the country level. Here, our semiconductor holdings,
especially Taiwan Semiconductor Manufacturing Company (TSMC) ,
performed well. Semiconductor producers around the world have been
experiencing unprecedented demand for their products from the
manufacturers of vehicles, consumer products and data processing
equipment. At the same time, the pandemic has severely interrupted
supply chains. This has facilitated healthy growth in profits and
cash flow for semiconductor producers, and in Taiwan, companies in
this sector, such as TSMC, pay attractive dividends.
In terms of negatives, it is interesting to note that although
China was a very strong positive contributor overall, our bottom
three stocks were all drawn from this market. During the year, the
outgoing US administration issued an Executive Order restricting US
citizens from investing in certain Chinese companies deemed to have
military links. As a result of this order, we sold our positions in
two Hong-Kong based companies. CNOOC , an oil and gas producer, was
on the list of banned companies and although China Overseas Land
and Investment (COLI) , a real estate development company, was not,
we sold this position as a precautionary measure. In the case of
Ping An Insurance , the Chinese insurance sector has seen some
disappointments in terms of delivered growth rates; this combined
with more concern over capital requirements this led us to trim our
position here.
Dividends
The environment for dividends has been a challenging one, due to
the economic impact of the pandemic. In this context, we feel it is
worth repeating a few points we made in the previous annual
report:
- First, in Emerging Markets, dividends are mainly driven by
payout ratios, so the earnings base from which companies pay
dividends is crucial. During the past year, we saw a sharp downturn
in company earnings, but they are beginning to recover as economies
re-open. Clearly, the pace and magnitude of this recovery within
individual companies must be a key consideration in our stock
selection process.
- Secondly, bank dividends have been hit particularly hard by
the adverse economic effects of the pandemic and by regulatory
intervention to limit dividend payouts. Across Emerging Markets,
such regulatory intervention was harsher in non-Asian markets (e.g.
Mexico, South Africa, Hungary and Poland) than in Asian ones (e.g.
China, Taiwan, Indonesia). However, regulatory restrictions have
subsequently eased, and dividend payments have resumed in some
previously constrained markets.
- Finally, companies in many other sectors saw dramatic declines
in revenues during lockdowns, forcing management teams to make
difficult choices to balance cash flows. However, from a portfolio
viewpoint, it is positive that where regulators permitted, most
companies continued to pay dividends, even in very difficult
circumstances.
Overall, these factors delivered an increase in portfolio
dividend receipts of 16% in the financial year, although it is
important to note that dividend receipts were affected by the
pandemic in both FY20 and FY21, so the FY21 increase comes off a
lower base. We continue to think the portfolio's long term dividend
producing power is high, although we recognise the possibility that
COVID-related uncertainties could linger for some time. For this
reason, we will maintain our strong focus on the sustainability and
growth potential of company dividends, in addition to the yield
itself.
Positioning
We build the portfolio on a bottom-up basis, selecting stocks
based on their sound fundamental qualities, strong balance sheets
and capacity to pay dividends over the long term. Naturally, some
areas within Emerging Markets offer more investment opportunities
than others, and this results in structural tilts within the
portfolio towards some sectors and countries. From a sectoral
viewpoint, we tend to find the most attractive income opportunities
within Technology, Consumer Staples and Financials, so these are
the portfolio's three key sector overweights. On a geographical
basis, the three key overweights are Taiwan, Russia and Mexico.
During the year, we made moderate changes to the portfolio based
on individual stock views. Some examples include:
Buys/Additions
Realtek - a chip designer based in Taiwan. Realtek's attractive
yield makes it an appealing addition to the portfolio. Given the
current demand/supply imbalances plaguing semiconductor
manufacturers and users (discussed above), combined with the very
favourable long-term outlook for this industry, we believe
successful companies in this space have significant attractions as
income payers. Realtek has been designing and producing integrated
circuits (ICs) for more than 20 years and it is seeing growing
demand for ICs for use in communications networks, automotive
electronics, digital home centres and other wireless technologies.
The industry is capital light and generates high free cash flow. In
addition, Taiwan's dividend culture supports decent payout ratios.
We have often discussed the direct link we make between dividend
policies and corporate governance and Realtek is a positive example
- returning meaningful amounts of earnings as dividends each year,
a tangible sign of positive treatment of minority shareholders.
This does not mean we ignore other aspects of governance; for
example we communicated with the company ahead of its AGM as a
number of management proposals fell short of our views on best
practice, particularly around board composition. We decided to
support management's proposals this year, but only after setting
out some key requests that we would like to see adopted which will
define how we vote in future years.
Xinyi Solar - the largest solar glass producer in the world,
with a 30% global market share. This Chinese company is the lowest
cost supplier of solar glass, and we expect demand for its products
to grow strongly in future. These two factors should support
dividend growth. However, when making this acquisition, we were
very mindful of environmental considerations. Glass manufacturing
is inherently a highly energy intensive process, so holding this
stock increases the portfolio's carbon footprint. On the other
hand, Xinyi Solar's products are essential if the world is to
become less dependent on fossil fuels, and, on balance, these
considerations, combined with its positive dividend outlook,
prevailed. The company will play a meaningful role in reducing
global carbon emissions over the long term, while also benefiting
from robust demand for its products.
NetEase - a Chinese online games company with a diversified
portfolio of popular games. The stock fits into the lower
yield/higher growth part of the portfolio. We think NetEase has the
capabilities to be a durable competitor in this market and this
should ensure that its already high levels of cash flow will
continue to grow. Importantly, the company has a clear dividend
policy, which commits it to a 30% payout ratio, and it supplements
shareholder returns with buybacks. This distinguishes NetEase from
many other internet stocks, where dividends tend to be low on the
priority list. Within our materiality framework we identified
social issues as an important area, with the view that the company
was doing a good job of addressing issues around content
appropriateness and addictive elements in games (though
subsequently government regulation around this has increased). We
did identify data privacy as a more negative issue - something we
generally apply to Chinese companies in this space due to
government influence. While many Chinese stocks have recently been
hit by increased regulation and government oversight, we are
comfortable that NetEase's fundamentals remain strong.
Banorte - a Mexican bank. This is a top-up to an existing
position and gives exposure to post-pandemic dividend recovery in
the Mexican banking sector. Following the easing of stringent
regulatory restrictions, Mexican banks now look relatively
attractive in terms of their capability and willingness to pay
dividends. However, we continue to avoid bank names in other
markets such as South Africa and Central and Eastern Europe, where
the overall dividend outlook looks more uncertain.
Sales/Reductions
Ambev - a Brazilian drinks supplier. This was a longstanding
position, and with hindsight, we feel we should have been less
patient. Our confidence in the company has declined over time as it
struggled to compete with other brewers such as Heineken. Ambev's
management still emphasises cash returns via dividends, but
overall, future returns look more challenged, so we exited the
position.
China Life Insurance Co - The Chinese insurance sector has
become riskier for income investors due to capital rules changes
that may have adverse consequences for dividends. This increased
uncertainty regarding future dividends has prompted us to reduce
our position in this and other Chinese insurers.
Jiangsu Yanghe Brewery - We made a valuation-driven reduction in
the size of our position in this Chinese drinks company. The move
was prompted by a strong share price rally, which left the
valuation - including the dividend yield - looking less attractive.
We believe this partial sale is a good illustration of the
discipline inherent in our investment process, which uses yields as
a guide that encourages us to re-consider position sizing during
good times and to hold stocks during tougher times.
ESG
We believe that sound environmental, social and governance (ESG)
practices are extremely important to the sustainability of business
models, and we welcome the fact that more Emerging Market companies
are explicitly recognising this fact and improving their practices
accordingly. ESG considerations are therefore integral to our
investment process (see pages 16 to 18 of the 2021 Annual Report
for further detail). When considering potential investments, our
analysts assess each company on a list of relevant issues,
including its carbon emissions, renewable energy and recycling
policies, employment and diversity practices and its approach to
corporate governance.
We place particular emphasis on governance and we draw a direct
link between a company's dividend policy and the quality of its
governance. In our view, a company's willingness to return cash to
shareholders is a tangible and positive governance indicator. We
have engaged with many companies on this issue over time, to
understand their motivations and capital allocation objectives. We
also discuss the magnitude of returns to shareholders and the
motivations behind any split between dividends and buybacks.
In our ongoing engagements with the companies we hold, we are
often forced to grapple with difficult, complex and subtle issues.
Often, there are no easy resolutions to the problems we seek to
redress, but we take comfort from the time our experienced research
analysts dedicate to these negotiations, with the support of our
Investment Stewardship team.
Outlook
COVID is likely to remain an important economic driver for
Emerging Markets (EM) over the coming year and beyond. Brazil and
India have been struggling with COVID variants which are likely to
prove a drag on growth. China's economic data was strong in H121,
but expectations for growth in H2 and beyond are more conservative,
although still robust by global standards. Unlike China, economic
activity in almost all other EM economies is still far below
pre-pandemic levels. However, accommodative central banks and large
fiscal stimulus packages have created a solid base for economic
growth as lockdown restrictions ease, and the International
Monetary Fund (IMF) expects EM economies to rebound strongly this
year and continue to grow robustly in 2022.
Another important development within Emerging Markets over the
past year has been the rise in the Chinese government's efforts to
regulate economic activity and social behaviour. The government has
made it increasingly clear that it wishes to exert more control
over companies' activities, part of its drive for 'common
prosperity'. Anti-monopoly measures, treatment of employees and
cultural protection requirements are all examples in this area and
we have seen crackdowns of technology companies and private
education providers. Consequently, we need to think carefully about
policy risks when we consider investments in some sectors of this
market. However, overall, we are comfortable with our China stocks
from this policy risk perspective. Our key positioning in China is
within financials and consumer stocks.
Financials certainly have their own risks, but government
efforts to control this sector is not new news, while the
portfolio's Chinese consumer names (e.g. Midea or Inner Mongolia
Yili) operate in relatively uncontroversial areas such as home
appliances and food and beverages.
One other area which has concerned markets recently has been the
issues being faced by a large Chinese property developer,
Evergrande, with the company facing serious difficulties in
servicing its large debt obligations. Markets are currently
worrying that this could then cause meaningful knock-on impacts to
the Chinese economy (as property is so important to China). At the
point of writing the exact fate of Evergrande is still
undetermined. Overall, we view the issue as certainly a negative
event but one that looks manageable from a financial system
perspective. Whilst clearly not a positive development, we are
comfortable with our portfolio positions (particularly financials)
from the viewpoint of property exposure.
From a dividend perspective, we are still cautious about near
term dividend announcements across Emerging Markets, mainly due to
the halting nature of the post-pandemic recovery. However, looking
further ahead, we are confident about the earnings and dividend
payment power of our portfolio companies. In our view, Emerging
Markets continue to offer the potential for long term growth, and
pay-out ratios for the asset class should generally remain
relatively steady, at around 35%. As a reminder, we receive
dividends from portfolio companies in local currencies and pay out
dividends in sterling. Currency movements therefore have an impact
on revenue receipts from year-to-year - all else being equal, a
rising pound puts pressure on revenue receipts from Emerging
Markets, while a decline in sterling supports revenue income.
During the financial year, sterling moves were not the key factor
in dividends or overall returns (e.g. the pound weakened by 2%
against the Chinese renminbi but strengthened by 2% versus the
Taiwan dollar and 4% versus the Russian ruble).
Against this positive long term backdrop of ongoing growth in EM
economies and markets, combined with steady payout ratios, we
remain focused on our aim of investing in quality businesses with
sound fundamentals, strong balance sheets and sustainable dividend
policies. We believe this focus on quality businesses puts the
Company's portfolio in a strong position to successfully navigate
current market uncertainties and we remain confident in the
Company's potential to deliver dividends and capital returns to
shareholders with a long-term perspective. We are most appreciative
of your continued support.
Omar Negyal
Jeffrey Roskell
Isaac Thong
Investment Managers
25th October 2021
Principal and Emerging Risks
The Directors confirm that they have carried out a robust
assessment of the principal and emerging risks facing the Company,
including those that would threaten its business model, future
performance, solvency or liquidity.
With the assistance of the Manager, the Board has drawn up a
risk matrix, which identifies the key risks to the Company. In
assessing the risks and how they can be mitigated, the Board has
given particular attention to those issues that threaten the
viability of the Company. These key risks fall broadly under the
following categories:
-- Investment
An inappropriate investment strategy, for example poor stock
selection or asset allocation or foreign exchange weakness, may
lead to underperformance against the Company's benchmark index and
peer companies or it may lead to insufficient local currency income
generation which may lead to a cut in the dividend. The Board
manages these risks by diversification of investments through its
investment restrictions and guidelines, which are monitored and
reported on by the Manager. The Manager provides the Directors with
timely and accurate management information, including performance
data and attribution analyses, revenue estimates, currency
performance, liquidity reports and shareholder analyses. The Board
monitors the implementation and results of the investment process
with the Investment Managers, who attend Board meetings, and
reviews data which show statistical measures of the Company's risk
profile.
-- Strategy
If the Company's business strategy is no longer appropriate, it
may lead to a lack of investor demand. This may result in the
Company's shares trading at a narrower premium or a wider discount.
The Board discusses these risks regularly and takes advice from the
Manager and its professional advisers. An inappropriate gearing
strategy may lead to suboptimal returns; poor performance if
over-geared in weak markets or performance foregone if under-geared
in strong markets. The Board has set a gearing range within which
the Investment Managers employ the Company's gearing on a strategic
basis.
-- Financial
The financial risks faced by the Company include market price
risk, interest rate risk, liquidity risk and credit risk. Further
details are disclosed in note 22 on pages 71 to 76 of the 2021
Annual Report.
-- Corporate Governance and Shareholder Relations
Details of the Company's compliance with Corporate Governance
best practice, including information on relations with
shareholders, are set out in the Corporate Governance report on
page 37 to 41 of the 2021 Annual Report.
-- Operational and Cybercrime
Loss of key staff by the Manager, such as the Investment
Managers, could affect the performance of the Company. Disruption
to, or failure of, the Manager's accounting, dealing or payments
systems or the depositary's or custodian's records could prevent
accurate reporting and monitoring of the Company's financial
position. This includes the risk of cybercrime and consequent
potential threat to security and business continuity. Details of
how the Board monitors the services provided by the Manager and its
associates and the key elements designed to provide effective
internal control are included in the Risk Management and Internal
Control section of the Corporate Governance report on page 40 of
the 2021 Annual Report. The threat of cyber attack, in all its
guises, is regarded as at least as important as more traditional
physical threats to business continuity and security. The Company
benefits directly or indirectly from all elements of JPMorgan's
Cyber Security programme. The information technology controls
around the physical security of
JPMorgan's data centres, security of its networks and security
of its trading applications are tested by PricewaterhouseCoopers
LLP and reported every six months against the AAF Standard.
-- Accounting, Legal and Regulatory
In order to qualify as an investment trust, the Company must
comply with Section 1158 of the Corporation Tax Act 2010 ('Section
1158'). Details of the Company's approval are given under 'Business
of the Company' above. Were the Company to breach Section 1158, it
would lose its investment trust status and, as a consequence, gains
within the Company's portfolio could be subject to Capital Gains
Tax. The Section 1158 qualification criteria are continuously
monitored by the Manager and the results reported to the Board each
month. The Company must also comply with the provisions of the
Companies Act 2006 and, since its shares are listed on the London
Stock Exchange, the UKLA Prospectus Rules, Listing Rules and
Disclosure, Guidance & Transparency Rules ('DTRs'). A breach of
the Companies Act could result in the Company and/or the Directors
being fined or the subject of criminal proceedings. Breach of the
UKLA Listing Rules or DTRs could result in the Company's shares
being suspended from listing which in turn would breach Section
1158. The Board relies on the services of its Company Secretary,
the Manager and its professional advisers to ensure compliance with
the Companies Act 2006, the UKLA Prospectus Rules, Listing Rules,
DTRs and the Alternative Investment Fund Managers, Directive.
-- Political and Economic
Sustained underperformance of emerging markets as an asset class
as a result of risks such as the imposition of restrictions on the
free movement of capital, ability to pay corporate dividends and
change in legislation. Risks of economic, political and ultimately
military conflicts between nations, regions and trading blocks are
an ever present risk. So too are the risks of social dislocation or
civil unrest within countries. These bring with them risks to
economic growth, to investors' risk appetites and, consequently, to
the valuations of companies in the portfolio. These risks are
discussed by the Board on a regular basis.
-- Environmental, Social and Governance
Underperformance as a result of environmental, social and
governance risks. The Board acknowledges that there are risks
associated with investment in companies which fail to conduct
business in a responsible manner and, therefore, it ensures that
the Manager takes account of environmental, social and governance
factors as part of the investment process.
The Board considers the following as emerging risks facing the
Company:
Emerging Risks
-- Climate Change
Climate change is one of the most critical emerging issues
confronting asset managers and their investors. Climate change may
have a disruptive effect on the business models and profitability
of individual investee companies, and indeed, whole sectors. The
Board is also considering the threat posed by the direct impact of
climate change on the operations of the Manager and other major
service providers.
The Manager's investment process integrates consideration of
environmental, social and governance factors into decisions on
which stocks to buy, hold or sell. This includes the approach
investee companies take to recognising and mitigating climate
change risks. In the Company's and Manager's view, companies that
successfully manage climate change risks will perform better in the
long-term. Consideration of climate change risks and opportunities
is an integral part of the investment process. The Manager aims to
influence the management of climate related risks through
engagement and voting and is a participant of Climate Action 100+
and a signatory of the United Nations Principles for Responsible
Investment.
-- Global Pandemics
COVID-19 has highlighted the speed and extent of economic damage
that can arise from a pandemic. While current hopes that
vaccination programmes will control the virus appear well-placed,
there is the risk that emergent strains may not respond to current
vaccines and may be more lethal and that they may spread as global
travel opens up again.
The response to the Pandemic by governments may fail to mitigate
the economic damage created by the Pandemic and public health
responses to it, or may create new risks in their own right. The
current deployment of a number of vaccines gives hope that the
world will be able eventually to live with COVID-19. Meeting the
costs of support measures across the globe may see an increase in
taxation which could be detrimental to investee companies, the
appeal of savings and investment products (such as the Company) and
to shareholders themselves. The support measures could also result
in either significant levels of inflation in the medium term with a
knock on effect on valuations and/or growth; or if they are not
sufficient, they could lead to continued depressed levels of demand
and deflation. Deflation would make the real price of the Company's
debt rise and increase the effective debt burden.
The Board receives reports on the business continuity plans of
the Manager and other key service providers. The effectiveness of
these measures have been assessed throughout the course of the
COVID-19 pandemic and the Board will continue to monitor
developments as they occur and seek to learn lessons which may be
of use in the event of future pandemics. The Board seeks to manage
these risks through: a broadly diversified equity portfolio,
appropriate asset allocation, reviewing key economic and political
events and regulatory changes, active management of risk and the
application of relevant policies on gearing and liquidity.
Transactions with the Manager and related parties
Details of the management contract are set out in the Directors'
Report on page 34 of the 2021 Annual Report. The management fee
payable to the Manager for the year was GBP3,864,000 (2020:
GBP3,848,000) of which GBPnil (2020: nil) was outstanding at the
year end.
During the year GBPnil (2020: GBPnil) was paid to the Manager
for the marketing and administration of savings scheme products, of
which GBPnil (2020: GBPnil) was outstanding at the year end.
Included in administration expenses in note 6 on page 64 of the
2021 Annual Report are safe custody fees amounting to GBP240,000
(2020: GBP247,000) payable to JPMorgan Chase Bank N.A. of which
GBP163,000 (2020: GBP36,000) was outstanding at the year end.
The Manager may carry out some of its dealing transactions
through its group subsidiaries. These transactions are carried out
at arm's length. The commission payable to JPMorgan Securities
Limited for the year was GBP11,000 (2020: GBP11,000) of which
GBPnil (2020: GBPnil) was outstanding at the year end.
The Company also holds cash in the JPMorgan US Dollar Liquidity
Fund, which is managed by JPMF. At the year end this was valued at
GBP1,897,000 (2020: GBP857,000). Income amounting to GBP6,000
(2020: 53,000) was receivable during the year of which GBP1,000
(2020: GBPnil) was outstanding at the year end.
Stock lending income amounting to GBP50,000 (2020: GBP12,000)
was receivable by the Company during the year. JPMAM commissions in
respect of such transactions amounted to GBP6,000 (2020:
GBP1,000).
Handling charges on dealing transactions amounting to GBP41,000
(2020: GBP28,000) were payable to JPMorgan Chase Bank N.A. during
the year of which GBP23,000 (2020: GBP2,000) was outstanding at the
year end.
At the year end, total cash of GBP570,000 (2020: GBP5,673,000)
was held with JPMorgan Chase Bank N.A. A net amount of interest of
GBP1,000 (2020: GBP1,000) was receivable by the Company during the
year from JPMorgan Chase Bank N.A. of which GBPnil (2020: GBPnil)
was outstanding at the year end.
Full details of Directors' remuneration and shareholdings can be
found on page 46 and in note 6 on page 64 of the 2021 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
regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law, the Directors
have elected to prepare the financial statements in accordance with
United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards and applicable law) including FRS 102
'The Financial Reporting Standard applicable in the UK and Republic
of Ireland'. Under Company law the Directors must not approve the
financial statements unless they are satisfied that, taken as a
whole, the annual report and financial statements are fair,
balanced and understandable, provide the information necessary for
shareholders to assess the Company's performance, business model
and strategy and that they give a true and fair view of the state
of affairs of the Company and of the total return or loss of the
Company for that period. 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 estimates that are reasonable and prudent;
-- state whether applicable UK 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.
The Directors are responsible for keeping proper 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 to enable them to ensure that
the financial statements comply with the Companies Act 2006. They
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 financial statements are published on the
www.jpmglobalemergingmarketsincome.co.uk website, which is
maintained by the Company's Manager. The maintenance and integrity
of the website maintained by the Manager is, so far as it relates
to the Company, the responsibility of the Manager. The work carried
out by the auditors does not involve consideration of the
maintenance and integrity of this website and, accordingly, the
auditor accepts no responsibility for any changes that have
occurred to the financial statements since they were initially
presented on the website. The financial statements are prepared in
accordance with UK legislation, which may differ from legislation
in other jurisdictions.
Under applicable law and regulations the Directors are also
responsible for preparing a Directors' Report, Strategic Report and
Directors' Remuneration Report that comply with that law and those
regulations.
Each of the Directors, whose names and functions are listed on
page 33 of the 2021 Annual Report confirm that, to the best of
their knowledge:
-- the financial statements, which have been prepared in
accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards and applicable law),
give a true and fair view of the assets, liabilities, financial
position and return of the Company; and
-- the Strategic 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 Board confirms that it is satisfied that the annual report
and financial statements taken as a whole is fair, balanced and
understandable and provides the information necessary for
shareholders to assess the Company's position and performance,
business model and strategy.
For and on behalf of the Board
Sarah Fromson
Chairman
25th October 2021
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31st July 2021
2021 2020
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------------------- -------- --------- -------- --------- ---------- ----------
Gains/(losses) on investments held at fair value
through profit or loss - 78,279 78,279 - (50,303) (50,303)
Net foreign currency gains - 1,416 1,416 - 1,516 1,516
Income from investments 18,877 - 18,877 16,308 - 16,308
Interest receivable and similar income 57 - 57 66 - 66
---------------------------------------------------- -------- --------- -------- --------- ---------- ----------
Gross return/(loss) 18,934 79,695 98,629 16,374 (48,787) (32,413)
Management fee (1,159) (2,705) (3,864) (1,154) (2,694) (3,848)
Other administrative expenses (724) - (724) (649) - (649)
---------------------------------------------------- -------- --------- -------- --------- ---------- ----------
Net return/(loss) before finance costs and taxation 17,051 76,990 94,041 14,571 (51,481) (36,910)
Finance costs (254) (594) (848) (270) (630) (900)
---------------------------------------------------- -------- --------- -------- --------- ---------- ----------
Net return/(loss) before taxation 16,797 76,396 93,193 14,301 (52,111) (37,810)
Taxation (2,098) 153 (1,945) (1,584) - (1,584)
---------------------------------------------------- -------- --------- -------- --------- ---------- ----------
Net return/(loss) after taxation 14,699 76,549 91,248 12,717 (52,111) (39,394)
---------------------------------------------------- -------- --------- -------- --------- ---------- ----------
Return/(loss) per share 4.94p 25.75p 30.69p 4.28p (17.53)p (13.25)p
STATEMENT OF CHANGES IN EQUITY
For the year ended 31st July 2021
Called
up Capital
share Share redemption Other Capital Revenue
capital premium reserve reserve(1,2) reserves reserve(2) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31st July 2019 2,973 222,582 13 100,605 87,222 17,573 430,968
--------------------- -------- --------- ----------- ------------- ---------- ----------- ---------
Net (loss)/return - - - - (52,111) 12,717 (39,394)
Dividends paid in
the year (note 3 ) - - - - - (15,161) (15,161)
--------------------- -------- --------- ----------- ------------- ---------- ----------- ---------
At 31st July 2020 2,973 222,582 13 100,605 35,111 15,129 376,413
Net return - - - - 76,549 14,699 91,248
Dividends paid in
the year (note 3 ) - - - - - (15,161) (15,161)
--------------------- -------- --------- ----------- ------------- ---------- ----------- ---------
At 31st July 2021 2,973 222,582 13 100,605 111,660 14,667 452,500
--------------------- -------- --------- ----------- ------------- ---------- ----------- ---------
(1) The balance of the share premium was cancelled on 20th
October 2010 and transferred to the 'other reserve'.
(2) These reserves form the distributable reserve of the Company
and may be used to fund distributions to investors.
statement of financial position
at 31st July 2021
2021 2020
GBP'000 GBP'000
--------------------------------------------------------- --------- ----------
Fixed assets
Investments held at fair value through profit or loss 476,731 402,288
--------------------------------------------------------- --------- ----------
Current assets
Debtors 2,513 1,768
Cash and cash equivalents 2,467 6,530
--------------------------------------------------------- --------- ----------
4,980 8,298
Current liabilities
Creditors: amounts falling due within one year (441) (18,935)
--------------------------------------------------------- --------- ----------
Net current assets 4,539 (10,637)
--------------------------------------------------------- --------- ----------
Total assets less current liabilities 481,270 391,651
Creditors: amounts falling due after more than one year (28,770) (15,238)
--------------------------------------------------------- --------- ----------
Net assets 452,500 376,413
--------------------------------------------------------- --------- ----------
Capital and reserves
Called up share capital 2,973 2,973
Share premium 222,582 222,582
Capital redemption reserve 13 13
Other reserve 100,605 100,605
Capital reserves 111,660 35,111
Revenue reserve 14,667 15,129
--------------------------------------------------------- --------- ----------
Total shareholders' funds 452,500 376,413
--------------------------------------------------------- --------- ----------
Net asset value per share 152.2p 126.6p
--------------------------------------------------------- --------- ----------
statement of cash flows
For the year ended 31st July 2021
2021 2020
GBP'000 GBP'000
------------------------------------------------------------------------- ---------- ----------
Net cash outflow from operations before dividends and interest (4,737) (5,044)
Dividends received 15,276 15,008
Interest received 6 55
Overseas tax recovered 218 2
Interest paid (862) (905)
------------------------------------------------------------------------- ---------- ----------
Net cash inflow from operating activities 9,901 9,116
------------------------------------------------------------------------- ---------- ----------
Purchases of investments (186,767) (100,666)
Sales of investments 187,826 107,077
Settlement of forward currency contracts 94 (33)
------------------------------------------------------------------------- ---------- ----------
Net cash inflow from investing activities 1,153 6,378
------------------------------------------------------------------------- ---------- ----------
Dividends paid (15,161) (15,161)
Repayment of bank loans (15,505) -
Drawdown of bank loans 15,469 -
------------------------------------------------------------------------- ---------- ----------
Net cash outflow from financing activities (15,197) (15,161)
------------------------------------------------------------------------- ---------- ----------
(Decrease)/increase in cash and cash equivalents (4,143) 333
------------------------------------------------------------------------- ---------- ----------
Cash and cash equivalents at start of year 6,530 6,314
Unrealised gains/(losses) on foreign currency cash and cash equivalents 80 (117)
Cash and cash equivalents at end of year 2,467 6,530
------------------------------------------------------------------------- ---------- ----------
(Decrease)/increase in cash and cash equivalents (4,143) 333
------------------------------------------------------------------------- ---------- ----------
Cash and cash equivalents consist of:
Cash and short term deposits 570 5,673
Cash held in JPMorgan US Dollar Liquidity Fund 1,897 857
------------------------------------------------------------------------- ---------- ----------
Total 2,467 6,530
------------------------------------------------------------------------- ---------- ----------
Notes to the financial statements
For the year ended 31st July 2021
1. Accounting policies
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 October 2020.
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 on the going concern and
viability of the Company. They have considered the potential impact
of COVID-19 and the mitigation measures which key service
providers, including the Manager, have in place to maintain
operational resilience particularly in light of COVID-19. The
Directors have reviewed the compliance with debt covenants in
assessing the going concern and viability of the Company. The
Directors have considered communications with key shareholders in
respect of the continuation vote at the AGM in November 2021, and
reviewed income and expense projections and the liquidity of the
investment portfolio in making their assessment.
The policies applied in these financial statements are
consistent with those applied in the preceding year.
2. Return/(loss) per share
2021 2020
GBP'000 GBP'000
------------------------------------------------------------ ------------- -------------
Revenue return 14,699 12,717
Capital return/(loss) 76,549 (52,111)
------------------------------------------------------------ ------------- -------------
Total return/(loss) 91,248 (39,394)
------------------------------------------------------------ ------------- -------------
Weighted average number of shares in issue during the year 297,240,161 297,240,161
Revenue return per share 4.94p 4.28p
Capital return/(loss) per share 25.75p (17.53)p
------------------------------------------------------------ ------------- -------------
Total return/(loss) per share 30.69p (13.25)p
------------------------------------------------------------ ------------- -------------
3. Dividends
Dividends paid and declared
2021 2020
GBP'000 GBP'000
-------------------------------------------------------- -------- --------
Dividend paid
2020 Fourth interim dividend paid of 2.1p (2019: 2.1p) 6,242 6,242
First interim dividend paid of 1.0p (2020: 1.0p) 2,973 2,973
Second interim dividend paid of 1.0p (2020: 1.0p) 2,973 2,973
Third interim dividend paid of 1.0p (2020: 1.0p) 2,973 2,973
-------------------------------------------------------- -------- --------
Total dividends paid in the year 15,161 15,161
-------------------------------------------------------- -------- --------
Dividend declared
Fourth interim dividend declared of 2.1p (2020: 2.1p) 6,242 6,242
-------------------------------------------------------- -------- --------
4. Net asset value per share
2021 2020
--------------------------- ------------- -------------
Net assets (GBP'000) 452,500 376,413
Number of shares in issue 297,240,161 297,240,161
--------------------------- ------------- -------------
Net asset value per share 152.2p 126.6p
--------------------------- ------------- -------------
5. Status of announcement
2020 Financial Information
The figures and financial information for 2020 are extracted
from the Annual Report and Accounts for the year ended 31st July
2020 and do not constitute the statutory accounts for that year.
The Annual Report and Accounts includes 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 Accounts will be
delivered to the Registrar of Companies in due course.
2021 Financial Information
The figures and financial information for 2021 are extracted
from the Annual Report and Accounts for the year ended 31st July
2021 and do not constitute the statutory accounts for that year.
The Annual Report and Accounts includes 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 Accounts will be
delivered to the Registrar of Companies in due course.
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
25th October 2021
For further information please contact:
Divya Amin
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
S
A copy of the Annual Report will shortly be submitted to the
National Storage Mechanism and will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The Annual
Report will also be available on the Company's website at
www.jpmorganglobalemergingmarkets.co.uk where up to date
information on the Company, including daily NAV and share prices,
factsheets and portfolio information can also be found.
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