TIDMJIGI TIDMJIGU TIDMJIGC
RNS Number : 2343L
JPMorgan Income & Growth IT PLC
29 September 2016
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN INCOME & GROWTH INVESTMENT TRUST PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHSED
31ST JULY 2016
Chairman's Statement
This is the last half year report and accounts of the Company's
life, before we are wound up at the end of November, in accordance
with our Articles of Association.
Financial markets made good progress over the six months to 31st
July, propelled by the combination of moderate growth and monetary
laxity. Central banks in Japan and Europe continued to add monetary
fuel to the global financial engine, whilst the Federal Reserve
abstained from further tightening. The Bank of England cut interest
rates by 0.25% and announced further purchases of assets with newly
created money. The FTSE 350 (the Company's benchmark) returned
11.9%.
After six straight years of outperformance, the Managers had a
difficult half year. The shareholders' funds total return was still
positive at 6.9%, but this was some 5% below the benchmark. As we
promised shareholders, we remained fully invested in anticipation
of our wind-up. Gearing added value; the non-UK equity portfolio
beat the benchmark; but the UK equity portion - some 70% of assets
- fell sharply behind the index.
The Manager's Report explains the causes of this performance in
greater detail. The period under review includes the immediate
impact of Britain's decision to leave the EU. This led to relative
weakness of UK-oriented companies, to which we have significant
exposure. These companies had previously led our strong performance
since 2009. We are relatively underexposed to the largest
multinationals that benefited from sterling's depreciation in the
wake of the vote.
The Board increased the quarterly dividend to 1.2p per Income
share in the previous financial year, largely reflecting the
strength of dividends paid by UK companies.
It is the Board's intention to remain fully invested over the
next several months. We have announced already that shares in
another investment trust, JPMorgan Elect plc will be offered to
shareholders preferring to retain uninterrupted exposure to markets
and not to crystallise capital gains by receiving cash. We intend
to write again in anticipation of an Extraordinary General Meeting
to authorise the winding-up of the Company.
Karl Sternberg
Chairman
29th September 2016
Investment Managers' Report
Market Review
Global equity markets performed positively over the period under
review as economic data showed global growth to be on track. The
vote to leave the EU came as a shock towards the end of the second
quarter, as market participants assigned a high probability for a
'remain' vote. Given the immediate downgrade in the UK's perceived
near-term growth prospects, as well as the rise in uncertainty
facing the global economy as a whole, equity markets sold off
significantly and bond prices rose in the immediate aftermath.
However, markets stabilised within a few days and performed well in
July and August as equities and corporate bonds rose strongly.
In anticipation of the economic effects of the Brexit shock, the
Bank of England reduced interest rates in August renewed its asset
purchase programme. Elsewhere the effects of Brexit appear to be
limited with the euro area Purchasing Managers Index remaining at a
level suggestive of satisfactory growth.
Portfolio Review
The Income & Growth portfolio is managed to the objective of
meeting the final capital entitlement of the Income shareholders,
as well as providing them with a regular income, and of providing
capital growth for the Capital shareholders.
The Company's overall portfolio return of +6.9% underperformed
the benchmark's return of +11.9% over the six months to the end of
July 2016. There was positive absolute performance from all
underlying strategies. Our UK equity holdings which make up our
biggest allocation delivered a positive absolute return during the
period, but underperformed the FTSE 350 index by 7.1%.
This disappointing performance of the UK equity element of the
portfolio was a result of the portfolio's overweight position in
stocks exposed to the domestic economy such as house builders,
retailers and media companies. The negative impact attributable to
these three sectors alone was in the region of 3.7%. It resulted
from a fear that these sectors will experience a greater impact
from any post 'Brexit' slow-down than sectors whose business is
mainly conducted overseas.
Looking at specific holdings in the portfolio the worst
performers were Berkeley Group, a house builder with a large London
exposure; Next Plc, the high street retailer and ITV, for whom
advertising is a key source of revenue. Conversely our
internationally-exposed holdings such as British American Tobacco,
Rio Tinto and GlaxoSmithKline performed strongly.
In periods of such volatility it is imperative to continue to
assess the portfolio's holdings to ensure that the rationale behind
the original investment decision still holds. For the vast majority
of holdings this was the case and as a result few changes were made
to the portfolio. Whilst we acknowledge the fact that economic
uncertainty has risen we see little to be gained from selling
holdings where the underlying business case remains strong and
where the message from the management teams remains one of guarded
optimism.
During the review period we have made no changes to our asset
allocation. The largest allocation is UK equities. We also own 11%
in JPM Multi-Asset Income Fund. It remains important that we have
diversified sources of income and exposure to attractive asset
classes to help meet the Fund's dual income and growth
objectives.
We have a 4% allocation to JPM Europe Strategic Dividend Fund,
which delivered a positive absolute performance in sterling terms
during the first six months. Within the fund the largest
contributor to relative returns at the sector level was stock
selection in Food, Beverage & Tobacco whilst underweight
positions in the resources and mining sectors damaged returns as
commodity prices rose.
The JPM Global High Yield Bond Fund, which represents 9% of the
trust, also produced a positive return over the period. Within this
fund, issuers in the telecommunications and consumer sectors
performed well whilst underweight positions in mining, energy and
utility sectors hurt performance.
Outlook
We expect the dovish stance from the Federal Reserve to
continue, supporting a continued expansion of the US economy,
albeit with a modest pace of growth. Globally, we see that some of
the downside risks have moderated and China in particular has
stabilised, increasing our confidence in the global economic
outlook. Whilst we hold positive views on both equities and
corporate bonds, we expect returns from these assets to be modest.
In a world where rates continue to remain low and monetary policy
relatively easy we continue to see support for assets with a yield,
whether in the form of a dividend yield or a coupon.
Although these same global influences will be supportive of UK
equities which are relatively high yielding, they remain exposed to
the potential impact of Brexit. Current economic indicators suggest
investors' worst fears may have been misplaced but confidence
remains fragile as markets, corporates and consumers await further
clarification on the UK's exit from the EU.
Given the Company's short life until its reconstruction at the
end of November we envisage keeping the portfolio fully
invested.
James Elliot
Katy Thorneycroft
Sarah Emly
John Baker
Investment Managers
29th September 2016
Interim Management Report
The Company is required to make the following disclosures in its
half year report:
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall
into the following broad categories: investment and strategy;
market; accounting, legal and regulatory; corporate governance and
shareholder relations; operational; and financial. Information on
each of these areas is given in the Business Review within the
Annual Report and Accounts for the year ended 31st January
2016.
Related Party Transactions
During the first six months of the current financial year, no
transactions with related parties have taken place which have
materially affected the financial position or the performance of
the Company.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its
knowledge:
(i) the condensed set of financial statements contained within
the half year financial report has been prepared in accordance with
FRS 104 'Interim Financial Reporting'; and
(ii) the interim management report includes a fair review of the
information required by 4.2.7R and 4.2.8R 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 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.
For and on behalf of the Board
Karl Sternberg
Chairman
29th September 2016
Statement of Comprehensive Income
for the six months ended 31st July 2016
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2016 31st July 2015 31st January 2016
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
---------------------- --------- -------- --------- -------- -------- --------- --------- --------- ---------
Gains/(losses) on
investments held at
fair value through
profit or loss - 2,518 2,518 - 1,772 1,772 - (4,844) (4,844)
Net foreign currency
gains/(losses) - 2 2 - (1) (1) - - -
Income from
investments 2,537 - 2,537 2,332 - 2,332 4,209 - 4,209
Other income - - - - - - 1 - 1
---------------------- --------- -------- --------- -------- -------- --------- --------- --------- ---------
Gross return/(loss) 2,537 2,520 5,057 2,332 1,771 4,103 4,210 (4,844) (634)
Management fee (79) (185) (264) (86) (202) (288) (169) (395) (564)
Other administrative
expenses (151) - (151) (175) - (175) (343) - (343)
Provision for
liquidation - - - - - - - (248) (248)
---------------------- --------- -------- --------- -------- -------- --------- --------- --------- ---------
Net return/(loss) on
ordinary activities
before finance costs
and taxation 2,307 2,335 4,642 2,071 1,569 3,640 3,698 (5,487) (1,789)
Finance costs (67) (158) (225) (65) (152) (217) (131) (304) (435)
Dividends paid on
Income shares (note
3)(1) (1,482) - (1,482) (1,420) - (1,420) (2,902) - (2,902)
Shortfall due to
Income shareholders - - - - - - - 558 558
---------------------- --------- -------- --------- -------- -------- --------- --------- --------- ---------
Net return/(loss) on
ordinary activities
before taxation 758 2,177 2,935 586 1,417 2,003 665 (5,233) (4,568)
Taxation (13) - (13) (1) - (1) (3) - (3)
---------------------- --------- -------- --------- -------- -------- --------- --------- --------- ---------
Net return/(loss) on
ordinary activities
after taxation 745 2,177 2,922 585 1,417 2,002 662 (5,233) (4,571)
---------------------- --------- -------- --------- -------- -------- --------- --------- --------- ---------
Allocation to Income
shareholders (745) (558) (1,303) (585) - (585) (662) - (662)
---------------------- --------- -------- --------- -------- -------- --------- --------- --------- ---------
- 1,619 1,619 - 1,417 1,417 - (5,233) (5,233)
---------------------- --------- -------- --------- -------- -------- --------- --------- --------- ---------
Other comprehensive
income
Movement in fair
value of interest
rate swap - 30 30 - 10 10 - 46 46
---------------------- --------- -------- --------- -------- -------- --------- --------- --------- ---------
Total comprehensive
income - 1,649 1,649 - 1,427 1,427 - (5,187) (5,187)
---------------------- --------- -------- --------- -------- -------- --------- --------- --------- ---------
Return/(loss) per
class of share (note
4)
Return per Income
share 3.61p 0.90p 4.51p 3.25p - 3.25p 5.77p (0.90)p 4.87p
Return/(loss) per
Capital share - 2.51p 2.51p - 2.20p 2.20p - (8.11)p (8.11)p
---------------------- --------- -------- --------- -------- -------- --------- --------- --------- ---------
1 Dividends paid during the six months ended 31st July 2016 of
2.4p (2015: 2.3p) per Income share, amounting to GBP1,482,000
(2015: GBP1,420,000).
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
in the period.
The 'Total' column of this statement is the profit and loss
account of the Company and the 'Revenue' and 'Capital' columns
represent supplementary information prepared under guidance issued
by The Association of Investment Companies.
Statement of Changes in Equity
for the six months ended 31st July 2016
Called up Capital
share Share Other redemption Capital
capital premium reserve reserve reserves Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------------- ---------- -------- -------- ----------- --------- --------
Six months ended 31st July 2016 (Unaudited)
At 31st January 2016 646 456 28,535 18 (29,655) -
Net capital return on ordinary activities - - - - 1,619 1,619
Movement in fair value of interest rate swap - - - - 30 30
---------------------------------------------- ---------- -------- -------- ----------- --------- --------
At 31st July 2016 646 456 28,535 18 (28,006) 1,649
---------------------------------------------- ---------- -------- -------- ----------- --------- --------
Six months ended 31st July 2015 (Unaudited)
At 31st January 2015 646 456 28,535 18 (24,468) 5,187
Net capital return on ordinary activities - - - - 1,417 1,417
Movement in fair value of interest rate swap - - - - 10 10
---------------------------------------------- ---------- -------- -------- ----------- --------- --------
At 31st July 2015 646 456 28,535 18 (23,041) 6,614
---------------------------------------------- ---------- -------- -------- ----------- --------- --------
Year ended 31st January 2016 (Audited)
At 31st January 2015 646 456 28,535 18 (24,468) 5,187
Net capital loss on ordinary activities - - - - (5,233) (5,233)
Movement in fair value of interest rate swap - - - - 46 46
---------------------------------------------- ---------- -------- -------- ----------- --------- --------
At 31st January 2016 646 456 28,535 18 (29,655) -
---------------------------------------------- ---------- -------- -------- ----------- --------- --------
Statement of Financial Position
at 31st July 2016
(Unaudited) (Unaudited) (Audited)
31st July 2016 31st July 2015 31st January 2016
GBP'000 GBP'000 GBP'000
--------------------------------------------------------- --------------- --------------- ------------------
Fixed assets
Investments held at fair value through profit or loss - 92,362 -
Current assets
Investments held at recoverable value 88,399 - 84,962
Debtors 597 1,396 370
Cash and cash equivalents 513 694 2,063
--------------------------------------------------------- --------------- --------------- ------------------
89,509 2,090 87,395
Creditors: amounts falling due within one year
Creditors (236) (1,218) (1,044)
Provision for liquidation (248) - (248)
Derivative financial liabilities (15) - (45)
Bank loan (20,000) - (20,000)
Net assets attributable to the Income shareholders (67,361) - (66,058)
--------------------------------------------------------- --------------- --------------- ------------------
Net current assets 1,649 872 -
--------------------------------------------------------- --------------- --------------- ------------------
Total assets less current liabilities 1,649 93,234 -
--------------------------------------------------------- --------------- --------------- ------------------
Creditors: amounts falling due after more than one year
Derivative financial liabilities - (81) -
Net assets attributable to the Income shareholders - (66,539) -
--------------------------------------------------------- --------------- --------------- ------------------
Net assets 1,649 6,614 -
--------------------------------------------------------- --------------- --------------- ------------------
Capital and reserves
Called up share capital 646 646 646
Share premium 456 456 456
Other reserve 28,535 28,535 28,535
Capital redemption reserve 18 18 18
Capital reserves (28,006) (23,041) (29,655)
--------------------------------------------------------- --------------- --------------- ------------------
Total equity shareholders' funds 1,649 6,614 -
--------------------------------------------------------- --------------- --------------- ------------------
Net asset value per share (note 5)
Income share 109.1p 107.8p 107.0p
Capital share 2.6p 10.2p -
Statement of Cash Flows
for the six months ended 31st July 2016
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2016 31st July 2015 31st January 2016
GBP'000 GBP'000 GBP'000
------------------------------------------------------------ ----------------- ----------------- ------------------
Net cash outflow from operations before dividends and
interest (note 6) (483) (484) (907)
Dividends received 2,285 2,160 3,951
Interest received 186 108 250
Overseas tax recovered 116 76 76
Interest paid (226) (217) (342)
------------------------------------------------------------ ----------------- ----------------- ------------------
Net cash inflow from operating activities 1,878 1,643 3,028
------------------------------------------------------------ ----------------- ----------------- ------------------
Purchases of investments and derivatives (14,553) (7,397) (23,446)
Sales of investments and derivatives 12,605 7,170 24,684
------------------------------------------------------------ ----------------- ----------------- ------------------
Net cash (outflow)/inflow from investing activities (1,948) (227) 1,238
------------------------------------------------------------ ----------------- ----------------- ------------------
Dividends paid (1,482) (1,420) (2,902)
------------------------------------------------------------ ----------------- ----------------- ------------------
Net cash outflow from financing activities (1,482) (1,420) (2,902)
------------------------------------------------------------ ----------------- ----------------- ------------------
(Decrease)/increase in cash and cash equivalents (1,552) (4) 1,364
------------------------------------------------------------ ----------------- ----------------- ------------------
Cash and cash equivalents at the start of the period 2,063 698 698
Exchange movements 2 - 1
Cash and cash equivalents at end of period 513 694 2,063
------------------------------------------------------------ ----------------- ----------------- ------------------
(Decrease)/increase in cash and cash equivalents (1,552) (4) 1,364
------------------------------------------------------------ ----------------- ----------------- ------------------
Cash and cash equivalents consist of:
Cash and short term deposits 513 694 2,063
Notes to the Financial Statements
for the six months ended 31st July 2016
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.
The figures and financial information for the year ended 31st
January 2016 are extracted from the latest published financial
statements of the Company and do not constitute statutory accounts
for that year. Those financial statements have been delivered to
the Registrar of Companies and included the report of the auditors
which was unqualified and did not contain a statement under either
section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The financial statements are prepared 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 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 November
2014.
FRS 104, 'Interim Financial Reporting', issued by the Financial
Reporting Council ('FRC') in March 2015 has been applied in
preparing this condensed set of financial statements for the six
months ended 31st July 2016.
The Company has a fixed life and will be wound up voluntarily on
or around 30th November 2016. Therefore, these half year financial
statements have been prepared under the 'break-up' basis. Fixed
assets have been reclassified as current assets. The market value
for investments is deemed to be a proxy for recoverable value.
Creditors falling due after more than one year have been
reclassified as current liabilities.
The accounting policies applied to this condensed set of
financial statements are consistent with those applied in the
financial statements for the year ended 31st January 2016.
In March 2016, the FRC published amendments to FRS 102
concerning fair value hierarchy disclosures. These amendments are
effective for accounting periods beginning on or after 1st January
2017. The Company has elected to adopt these amendments early in
these interim financial statements. Full disclosure is given in
note 7.
3. Dividends on Income shares
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2016 31st July 2015 31st January 2016
GBP'000 GBP'000 GBP'000
--------------------------------------------------------- ----------------- ----------------- ------------------
Fourth quarterly dividend of 1.20p (2015: 1.10p) paid in
March 741 679 679
First quarterly dividend of 1.20p (2015: 1.20p) paid in
June 741 741 741
Second quarterly dividend of 1.20p paid in September n/a n/a 741
Third quarterly dividend of 1.20p paid in December n/a n/a 741
--------------------------------------------------------- ----------------- ----------------- ------------------
Total dividends paid in the period 1,482 1,420 2,902
--------------------------------------------------------- ----------------- ----------------- ------------------
A second quarterly dividend of 1.20p (2015: 1.20p) per Income
share, amounting to GBP741,000 (2015: GBP741,000) has been declared
payable in respect of the six months ended 31st July 2016. It will
be paid on 23rd September 2016 to shareholders on the register at
the close of business on the 25th August 2016.
4. Return per class of share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2016 31st July 2015 31st January 2016
GBP'000 GBP'000 GBP'000
--------------------------------------------------------- ----------------- ----------------- ------------------
Return per Income share is based on the following:
Net revenue return on ordinary activities after taxation 745 585 662
Add back dividends on Income shares 1,482 1,420 2,902
--------------------------------------------------------- ----------------- ----------------- ------------------
Revenue return attributable to Income shareholders 2,227 2,005 3,564
Capital return attributable to Income shareholders 558 - (558)
--------------------------------------------------------- ----------------- ----------------- ------------------
Total return attributable to Income shareholders 2,785 2,005 3,006
--------------------------------------------------------- ----------------- ----------------- ------------------
Weighted average Income shares in issue 61,747,803 61,747,803 61,747,803
Revenue return per Income share 3.61p 3.25p 5.77p
Capital return per Income share 0.90p - (0.90)p
--------------------------------------------------------- ----------------- ----------------- ------------------
Total return per Income share 4.51p 3.25p 4.87p
--------------------------------------------------------- ----------------- ----------------- ------------------
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2016 31st July 2015 31st January 2016
GBP'000 GBP'000 GBP'000
--------------------------------------------------------- ----------------- ----------------- ------------------
Return/(loss) per Capital share is based on the
following:
Return/(loss) attributable to Capital shareholders 1,619 1,417 (5,233)
--------------------------------------------------------- ----------------- ----------------- ------------------
Weighted average Capital shares in issue 64,527,781 64,527,781 64,527,781
Total return/(loss) per Capital share 2.51p 2.20p (8.11)p
--------------------------------------------------------- ----------------- ----------------- ------------------
5. Net asset value per class of share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2016 31st July 2015 31st January 2016
GBP'000 GBP'000 GBP'000
--------------------------------------------------------- ----------------- ----------------- ------------------
Net asset value per Income share is based on the
following:
Revenue reserve available for distribution 3,514 2,692 2,769
Predetermined capital entitlement 63,847 63,847 63,289
Total assets attributable to Income shareholders 67,361 66,539 66,058
Number of Income shares in issue 61,747,803 61,747,803 61,747,803
--------------------------------------------------------- ----------------- ----------------- ------------------
Net asset value per Income share 109.1p 107.8p 107.0p
--------------------------------------------------------- ----------------- ----------------- ------------------
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2016 31st July 2015 31st January 2016
GBP'000 GBP'000 GBP'000
--------------------------------------------------------- ----------------- ----------------- ------------------
Net asset value per Capital share is based on the
following:
Total assets attributable to Capital shareholders 1,649 6,614 -
Number of Capital shares in issue 64,527,781 64,527,781 64,527,781
--------------------------------------------------------- ----------------- ----------------- ------------------
Net asset value per Capital share 2.6p 10.2p -
--------------------------------------------------------- ----------------- ----------------- ------------------
6. Reconciliation of net return on ordinary activities before
finance costs and taxation to net cash outflow from operations
before dividends and interest
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2016 31st July 2015 31st January 2016
GBP'000 GBP'000 GBP'000
--------------------------------------------------------- ----------------- ----------------- ------------------
Net return/(loss) on ordinary activities before finance
costs and taxation 4,642 3,640 (1,789)
(Less capital return)/Add: capital loss before finance
costs and taxation (2,335) (1,569) 5,487
(Increase)/decrease in accrued income and other debtors (58) (14) 70
Decrease in accrued expenses (46) (23) -
Management fee charged to capital (185) (202) (395)
Overseas withholding tax (30) (47) (78)
Dividends received (2,285) (2,160) (3,951)
Interest received (186) (108) (250)
Realised loss on foreign currency transactions - (1) (1)
--------------------------------------------------------- ----------------- ----------------- ------------------
Net cash outflow from operations before dividends and
interest (483) (484) (907)
--------------------------------------------------------- ----------------- ----------------- ------------------
7. Fair valuation of financial instruments
The fair value hierarchy analysis for financial instruments held
at fair value at the period end is as follows:
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2016 31st July 2015 31st January 2016
Assets Liabilities Assets Liabilities Assets Liabilities
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------- -------- ------------ -------- ------------ -------- ------------
Level 1: Quoted prices for identical
instruments in active markets 67,033 - 69,603 - 65,131 -
Level 2: Inputs other than quoted prices
which are observable(1) 21,366 (15) 22,759 (81) 19,831 (45)
------------------------------------------- -------- ------------ -------- ------------ -------- ------------
Total 88,399 (15) 92,362 (81) 84,962 (45)
------------------------------------------- -------- ------------ -------- ------------ -------- ------------
(1) Represents investments in mutual funds and interest rate
swaps.
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
29th September 2016
For further information please contact:
Divya Amin
For and on behalf of
JPMorgan Funds Limited, Secretary
020 7742 4000
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.jpmincomeandgrowth.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 company news service from the London Stock Exchange
END
IR LLFIVAFIAFIR
(END) Dow Jones Newswires
September 29, 2016 09:04 ET (13:04 GMT)
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