TIDMJCGI
RNS Number : 1340I
JPMorgan China Growth & Income PLC
09 December 2020
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN CHINA GROWTH & INCOME PLC
FINAL RESULTS FOR THE YEARED 30TH SEPTEMBER 2020
Legal Entity Identifier: 549300S8M91P5FYONY25
Information disclosed in accordance with DTR 4.2.2
The Directors announce the Company's results for the year ended
30th September 2020.
chairman's statement
I am pleased to be able to present the Annual Report of JPMorgan
China Growth and Income plc ('the Company') for the year ended 30th
September 2020.
It has been an extraordinary year for the Company which, as an
investor in China, has been at the heart of much of the turmoil and
volatility in the financial markets caused by the continuing trade
dispute between China and the US and the global COVID-19 health
pandemic.
Despite this, the Company achieved exceptional returns for the
year to 30th September with a 66.1% total return on net assets with
dividends reinvested and an 82.6% return to shareholders. This
compares to the return of 27.3% for our benchmark index, MSCI
China.
Through the first quarter of our financial year the volatility
in markets was dominated by the China/US trade dispute and hardly
had a stage one agreement been reached than we were into the
COVID-19 pandemic crisis in China. China's approach to controlling
the spread of the virus has been quite different to the approach in
the US and Europe such that by the third quarter of 2020 the spread
of the virus in China was substantially under control, internal
travel has recommenced, and economic growth has picked up. All
these positive factors have been reflected in China's financial
markets.
Investment Approach and Performance
As a long-term investor we have stayed consistent to our
investment approach of seeking capital growth from bottom up stock
selection and top down sector allocation. The disciplines in the
investment process combined with our conviction about the
structural growth opportunities in healthcare, technology and
automation and consumption have driven the significant
outperformance of the portfolio. Underpinning the investment
management process is the breadth and depth of the team of
investment analysts who, although unable to visit companies in
China, have maintained close contact with the companies and their
management teams. Details of how their exceptional performance has
been achieved are given in the Investment Managers' Report.
Environment, Social and Governance ('ESG') engagement
Last year we described how ESG considerations were being
integrated into the investment philosophy of the Manager and this
has been further developed during the year. Sustainable investing
has always been at the centre of the team's investment philosophy
and ESG considerations are core to how the team selects stocks in
emerging markets companies. In more recent years, the integration
of ESG considerations have become formalised in the investment
process. There is an ever increasing focus on ESG and sustainable
investing and this Annual Report includes a separate report which
provides much more comprehensive information on these issues and
how they have been developed and integrated into the Manager's
investment process.
Corporate Governance
The AIC Code of Corporate Governance for investment companies
was revised and reissued in 2019, following on from the revision of
the FRC UK Corporate Governance Code in 2018. As a result, this
Annual Report reflects the new disclosure requirements including
new statements on the Company's purpose, strategy and values. There
is also a statement on how the Directors have carried out their
duty to promote the success of the Company, in accordance with the
Companies Act.
Revenue and Dividends
Revenue for the year, after taxation, was GBP2,146,000 (2019:
GBP1,788,000). The revenue return per share calculated on the
average number of shares in issue was 2.95 pence (2019: 2.46
pence).
From 1st April 2019 we agreed a reduced investment management
fee paid to the manager of 0.9% of net assets and the effect of
this reduced fee combined with the growth in net assets over the
year has resulted in the ongoing charges for the financial year
falling by 20% to 1.00% (2019: 1.26%)
At the Annual General Meeting ('AGM') in February 2020,
shareholders approved an amendment to the Company's Articles of
Association to allow the Company to distribute capital as income to
enable the implementation of the Company's revised dividend policy.
This new policy aims to pay, in the absence of unforeseen
circumstances, a target annual dividend of 4% of the Company's NAV
on the last business day of the preceding financial year. This will
be paid by way of four equal interim dividends on the first
business day in March, June, September, and December. Any shortfall
on the dividend income received from the underlying investments of
the portfolio will be paid out of the capital growth of the
portfolio. Our first quarterly dividend payment of 3.7p per share
was made to members on the share register on 1st March 2020 and,
following the rebasing of the NAV at 30th September 2020, our first
quarterly dividend payment of 2021 of 5.7p per share has been paid
to members on the share register on 30th October 2020.
The Company's name was also changed to reflect the change to the
dividend policy.
Gearing
In April 2020, the Company extended its GBP40 million (with an
option to increase to GBP50 million) loan facility with Scotiabank
for 3 months and then renewed the facility with Scotiabank for a
further 364 day period, increasing the amount of the facility to
GBP50 million (with an option to increase to GBP60 million). The
current facility matures on 15th July 2021 at which point the Board
will consider another gearing facility.
During the year the Company's gearing ranged from 9% to 15%
(based on month end data) and, at the time of writing, was 10.9% At
the time of the arrangement, the facility allowed the Investment
Managers the flexibility to manage the gearing facility within a
range set by the Board of 10% net cash to 20% geared.
Share Issues and Repurchases
The Directors have authority to issue new Ordinary shares for
cash and to repurchase shares in the market for cancellation or to
hold in Treasury. The Company will reissue shares held in Treasury
only at a premium to NAV. The Board believes that its policy of
share repurchase has helped to reduce the discount volatility and
the policy for share issuance will enable us to do the same for a
premium. We are therefore seeking approval from shareholders to
renew the share issuance and repurchase authorities at the AGM.
During the year, the Company did not issue any new Ordinary
shares or repurchase shares into Treasury.
Since the year end, however, the Company's share price has
continued to strengthen and moved from a discount to a premium to
NAV in early November. We have taken the opportunity with this
strength in the share price to issue shares from Treasury and as at
the date of this report we have reissued 1,290,000 shares. The
issue proceeds are available for investment.
Board of Directors
In July 2020, the Board, through its Nomination Committee,
carried out a comprehensive evaluation of the Board, its
Committees, the individual Directors and the Chairman. Topics
evaluated included the size and composition of the Board, Board
information and processes, shareholder engagement and training and
accountability. The evaluation confirmed the efficacy of the
Board.
In terms of succession planning, the Nomination Committee agreed
that it was satisfied with this existing Board, which had four
directors with broad experience and a wide and diverse skill set.
In addition all Directors have been on the board for less than nine
years.
In accordance with the UK Corporate Governance Code, David
Graham, Oscar Wong, Alexandra Mackesy and myself will retire at the
forthcoming AGM and, being eligible, will offer ourselves for
reappointment by shareholders.
In order to aid succession planning and possibly increasing the
size of the Board, a resolution will be put to shareholders at the
forthcoming AGM to increase the maximum aggregate Directors' fees
payable in any one year to GBP250,000.
Review of services provided by the Manager
During the year the Board, through its Management Engagement
Committee, carried out a thorough review of the investment
management, secretarial and marketing services provided to the
Company by the Manager, as well as the Depositary and Registration
services provided to the Company by the outsourced service
providers. Following this review, the Board has concluded that the
continued appointment of the Manager and the outsourced service
providers on the terms agreed is in the interests of the
shareholders as a whole.
Operations of the Company's Key Service Providers under
COVID-19
Since the on-set of the global pandemic and throughout, the
Board is pleased to report that the Manager and the Company's other
service providers have been able to adjust their business models to
accommodate working from home requirements. The Board has been
closely monitoring all service arrangements and has received
assurances that the Company's operations, including the management
of the portfolio, have continued as normal with no reduction in the
level of service provided nor any issues being identified.
Our ability as a board to meet with the investment managers and
analysts in Hong Kong, Taiwan and Shanghai and to visit some of the
portfolio companies has also been curtailed by the pandemic.
However, we have been able to hold virtual meetings with the
investment team and the local control functions through the
year.
Annual General Meeting
The Company will be holding its AGM at 60 Victoria Embankment,
London EC4Y 0JP on 1st February 2021 at 11.30 a.m. Please note that
in view of the current restrictions regarding the COVID-19 pandemic
and the continuing imposition of social distancing measures and
prohibitions on large public gatherings by the UK Government, the
Board has reluctantly decided to proceed with the Company's
forthcoming AGM by limiting attendance in person to only Directors
or their proxies and representatives from JPMorgan. With a quorum
in place the formal business will be able to proceed. Shareholders
will not be allowed to attend the AGM and entry will be refused in
line with the prevailing protocol. In light of the changed format,
the Board strongly encourages all shareholders to exercise their
votes in respect of the meeting in advance, by completing and
returning their proxy forms. Sadly, this means there will be no
investor presentation by the investment team which I know has been
well received by members attending the meeting in previous years.
Instead, a presentation from the Investment Managers, which would
have been delivered at the AGM, will be available for shareholders
to view on the Company's website approximately one week in advance
of the AGM.
In addition, shareholders are encouraged to raise any questions
in advance of the AGM via the 'Ask the Question' link found under
the 'Contact Us' section on the Company's website
www.jpmchinagrowthandincome.co.uk or by email at
invtrusts.cosec@jpmorgan.com Any questions received will be replied
to via the Company Secretary.
In the event that the situation changes the Company will update
shareholders through an announcement to the London Stock Exchange
and on the Company's website.
Outlook
The renewed interest to invest in China, when combined with our
investment performance and the differentiation that our new
dividend policy brings, has benefited our share price both during
the year and since. These have driven the share price from a
significant discount of 11.1% at the start of the year to a premium
today. While the significant movement from discount to premium may
prove a one-off event, it does give us the opportunity to grow the
Company and the growth in the NAV provides us with the balance
sheet strength to support our new dividend policy.
The performance of the Company's net asset value in 2020 has
been exceptional in such a challenging year for the Chinese and
global economies. The conviction the investment team has in the
structural growth story in China, and the discipline to remain
focused on it, has been key to the growth this year. The structural
growth story remains a long term trend and we believe that the
resources of the investment team will enable them to continue to
find interesting investment opportunities and to outperform the
market and competitor funds.
John Misselbrook
Chairman 9th December 2020
INVESTMENT MANAGERS' REPORT
Setting the scene: overcoming challenges
The macro backdrop for the Company's financial year to 30th
September 2020 was one of disruption and extreme uncertainty. In
addition to ongoing, seesaw US-China trade negotiations and a
volatile oil price and supply shock, the outbreak of the COVID-19
pandemic and its subsequent economic impact put everything else in
the shade, dominating global headlines ever since the news first
broke in early 2020.
At the beginning of the Company's financial year, in October
2019, nobody had heard of the coronavirus and investor sentiment
was buoyant, despite a sluggish global economy and the ongoing saga
of protracted trade wrangles. In fact, both onshore and offshore
China equities were in robust form. However, the arrival of
COVID-19 in early 2020 changed everything, a human tragedy that
triggered a sudden economic shock, exacerbated by lockdowns and
containment measures taken by the Chinese government, as well as
various travel restrictions imposed by other countries.
The pandemic shook the global economy, and China was the first
territory to be hit, with sentiment nosediving as industry shut
down and commercial activity almost ground to a halt in the first
quarter of 2020. China's Gross Domestic Product (GDP) shrank by
6.8% over this three-month period, the first quarterly fall in more
than four decades. However, the Chinese economy displayed
resilience and was one of the first markets to bounce back, with
GDP rising by 3.2% in the subsequent April to June quarter and then
by a further 4.9% from July to September. As a result, most of the
ground lost at the start of the year was soon recovered. The
Chinese government's strong, decisive and seemingly successful
COVID containment measures - coupled with its proactive economic
policies - played a part in this speedy turnaround. Global demand
for Chinese-manufactured medical equipment and increasing
digitalisation of Chinese businesses, many of which thrived under
the 'working from home' regime, also helped drive this impressively
quick economic recovery.
By the end of the Company's reporting period, China found itself
in much better shape. Chinese equities had bounced back, as
investors shrugged off concerns over the global resurgence in
COVID-19 cases and the failure to resolve the protracted trade
dispute between the world's two economic powerhouses. The
increasingly positive mood was driven by evidence of economic
recovery, better-than-expected interim corporate earnings and a
weakening US dollar. The International Monetary Fund predicted that
China would be the only major global economy to deliver economic
growth in 2020. Compared with many other economies where the
infection curve has yet to flatten, or where a 'second wave' of
infections has begun to unfold, China's lockdown and containment
strategy seems to be a textbook example of how best to handle a
pandemic, certainly in terms of its outcome so far.
Against this unique backdrop, the Company's long-held focus on
higher quality businesses in sectors where we see structural growth
opportunities, namely technology and automation, healthcare, and
consumption, delivered significant outperformance. Over the year to
30th September 2020, the Company's return on net assets was an
emphatic +66.1%, significantly outperforming its benchmark, the
MSCI China Index, which rose by +27.3% (on a total return, net
basis, in sterling terms). The value of the Company's shares
(including dividends) rose by +82.6% over the period.
The Company can use borrowing to gear the portfolio within the
range of 10% net cash to 20% geared in normal market conditions.
Gearing averaged 10% over the review period and contributed
positively to returns.
Spotlight on stocks and sectors
Although the period under review was dominated by human and
economic challenges, the second half of the financial year saw
increasing market optimism. This was supported by Chinese
companies' 2020 first half results, which were broadly better than
expected, particularly for those resilient businesses that were
beneficiaries of COVID-19, such as consumer-facing companies and
several leading domestic names. Many delivered material market
share gains. Pleasingly, the Company's impressive performance over
the year was driven not by a handful of stand-out stocks but by
stock selection across all sectors. In this section, we highlight
some of the stock and sector stories that most impacted portfolio
performance.
Our stock selection in Information Technology and Healthcare
contributed the most, with both sectors benefitting from structural
trends that accelerated as a result of COVID-19.
Within Healthcare , a broad number of holdings made significant
contributions. These included Wuxi Biologics and Venus Medtech , as
well as one of our more recent portfolio acquisitions, Chongqing
Zhifei , which researches and produces vaccines. All three
companies delivered solid results and positive industry growth,
especially in areas like research & development services,
medical devices, and vaccine development.
In Information Technology , industry-leading enterprise
management software company Kingdee and Glodon (China's largest
construction management software vendor) both did well, thanks to
the rapid digital transformation of the Chinese market and,
specifically, positive development in cloud transformation across
corporate China. Kingdee 's performance was further boosted by the
stock's inclusion in the Hang Seng Technology Index. On the
hardware side, electronic component manufacturer Luxshare Precision
continued its strong run, boosted by its recent acquisition of a
Chinese iPhone production factory and strong Apple sales, while
LONGi Green Energy rose on strong solar energy installations and
accelerated capacity expansion.
Our stock picks in the Consumer Discretionary and Consumer
Staples sectors also contributed positively, as consumption
gradually recovered from short-term COVID-related disruption.
E-commerce platform Pinduoduo and the world's third largest small
household appliances manufacturer JS Global were among the top
contributors, with solid results. Pinduoduo continued to gain
market share in the e-commerce space with strong active buyer
growth whilst improving its monetisation capabilities. Meanwhile,
JS Global (which counts Shark vacuum cleaners amongst its brands)
did well on strong overseas revenue growth.
Despite the pressure on banks across the world, stock selection
in Financials was another key source of strength. Our overweight
position in Ping An Bank as well as not owning state-owned banks
like China Construction Bank , and Industrial and Commercial Bank
of China (ICBC) helped performance. The latter entities
underperformed on concerns about their state obligations and
governmental control over their earnings growth. We are content to
remain on the side lines in relation to these large, index-heavy,
stated-owned entities as we feel further challenges may await them
and believe that they could continue to underperform privately
owned equivalents.
Although the portfolio's performance was outstanding over the
year, our underweight positions in some of the market's leading
outperformers detracted. For example, e-commerce platform Alibaba
may be our largest holding, but we are underweight relative to our
benchmark so its share price rally had a negative impact on
relative returns. Not owning online retailer JD.com and internet
company Xiaomi also hurt performance as both names rallied along
with the broader sector. Meanwhile, two stocks that we do own -
Huawei product vendor Sunny Optical and Montage Technology -
underperformed due to recent escalations in Huawei-related
tensions, including the prospect of tightening US restrictions.
Property developers, China Overseas Land & Investment and
Country Garden , also underperformed due to tighter regulation on
industry leverage which caps leading players' future growth
potential.
Looking ahead
The Chinese government is continuing to promote coordinated
pro-growth policies, while deepening reform measures in order to
deal with the cyclical (domestic) headwinds and structural
(external) challenges. The magnitude of such supportive policies
will be dependent on how the world ultimately deals with the
pandemic and the eventual outcome of the ongoing China-U.S. trade
negotiations. The latter seemed to have been superseded in
importance by the clearest indications yet that the US is seeking
to limit China's access to the latest cutting edge technologies, so
as to slow the country's ability to catch, or even surpass, US
dominance.
China's importance in the world continues to grow and its
economy is likely to continue growing faster than its global peers.
The economic transformation and evolving role of the country as a
global economic superpower is well underway with recent challenges
unlikely to derail progress in any material manner. Moreover, given
the recent fiscal and monetary measures (such as VAT reductions,
waiving toll fees, liquidity injections and interest rate cuts) we
believe that the market outlook remains broadly positive.
Our bottom-up stock selection continues to focus on companies
benefitting from the transition of China to a consumer-driven
economy, particularly reflecting the structural growth
opportunities in the Consumer, Technology and Healthcare sectors.
Our desire to invest in 'New China' (and the broad shape of the
portfolio) is unaffected by short-term political and economic
worries. We have taken advantage of the pullback in recent months,
to add to high quality names whose valuations have become more
attractive.
Our key holdings remain largely unchanged. In the consumer
sector our preferred exposures include e-commerce companies
Alibaba, Tencent, Meituan Dianping and Pinduoduo , along with
A-share listed Foshan Haitian , one of the largest soy sauce
manufacturers in the country. In Healthcare , notable positions
include Wuxi Biologics , oncology company Jiangsu Hengrui Medicine,
Venus Medtech and leading global provider of medical devices and
solutions, Shenzhen Mindray . Meanwhile in the Technology sector,
we have software orientated Kingdee and Glodon , as well as
integrated circuit (IC) design company Montage Technology as our
preferred names.
Given the strong performance of growth companies and onshore
Chinese equities, we have remained disciplined and rotated away
from some strong performers into stocks offering more attractive
valuation opportunities.
In Technology , we increased our exposure to the enterprise
software, data centre and cloud-related sectors. Kingsoft and
Montage were the key additions, and we exited iFlytek and Beijing
Shiji due to the uncertain outlook arising from ongoing US-China
tensions.
Within Consumer , we initiated new positions in electric vehicle
(EV)-related businesses, namely Xpeng, Yunnan Energy New Material
and China's leading battery maker Contemporary Amperex Technology
(CATL ), as we are increasingly positive on the outlook for the
industry on the back of increasing consumer demand and Chinese
companies' growing global competitiveness in this space. EV
manufacturer Xpeng is a domestic start-up that has been identified
as a potential competitor for Tesla, whilst Yunnan and CATL are
clear local leaders in their respective supply chain verticals, and
both are gaining global market share.
In Food and Beverages , we initiated positions in restaurant
chains Haidilao and Jiumaojiu , and frozen food brand Fujian Anjoy
Foods , with an expectation that they should benefit from further
industry consolidation and consumption upgrade trends.
Healthcare has understandably been a sector in the spotlight
this year and here we increased our exposure to medical devices,
diagnostics, and vaccines. We initiated positions in Shenzhen
Mindray , Amoy Diagnostics , Guangzhou Kingmed , and Hualan
Biological Engineering . We believe the COVID-19 pandemic will
accelerate some of the existing structural trends within the
sector, such as increasing penetration of medical diagnostic
services and vaccination, which should benefit these names in the
long term.
Finally, in Financials , we invested in Hong Kong Exchange and
Clearing , which benefits from the increasing linkage between the
onshore and offshore capital markets in China and we believe is one
of the best stock exchanges across Emerging Markets.
ESG engagement over the year
Our investment philosophy centres on identifying quality
companies with sustainable growth potential. We believe strongly
that Environmental, Social and Governance (ESG) considerations
(particularly Governance) should be a foundation of any investment
process supporting long-term investing and that corporate policies
at odds with environmental and social issues are not sustainable in
the long run. We are confident that integration of these factors is
critical to successful investing across our markets.
Outside of our materiality work, another typical engagement is
to follow up with companies where third-party research has
identified potentially concerning issues. As much as we do detailed
work on every business entity we cover, we recognise the
possibility that specialist sustainability houses and
Non-Governmental Organisations (NGOs) may spot an issue that we
have missed. During the review period, a research report by the
Australian Strategic Policy Institute was brought to our attention
in which a company in our universe, BOE Technologies , was alleged
to use forced labour in its supply chain. Our analyst engaged with
the company who responded by sharing an audit report that the
company had commissioned from the independent Responsible Business
Alliance which gave their supply chain a clean bill of health. We
have not taken specific action following this interaction, but it
is an area where we will look to deepen our knowledge over
time.
With regards to proxy voting, recently we voted in favour of the
election of Maggie Wu, the Chief Financial Officer of Alibaba , to
its board of directors. This went against the recommendation of ISS
who argued that shareholders should vote against her election on
the basis that it would further tip the balance of the board
against independent directors. There were three reasons we chose to
vote in favour. Firstly we have long argued the Alibaba board lacks
female representation, with only 1 female board member
historically, and so voting against adding a woman to the board
felt counterproductive. Secondly our analyst, Penny Tu, has a
positive view on how Maggie Wu has performed during her tenure as
CFO, especially the greater discipline she has brought to capital
allocation in the business. Finally, we spoke to the company and
communicated our desire to see more independent directors added to
the board over time. Although we voted in favour of management's
suggested candidate on this occasion, we would hope to see more
progress over time.
Alongside this direct engagement, we endeavour to vote at all of
the meetings called by companies in which the portfolio invests. A
summary of key voting statistics and activity undertaken in respect
of stocks in the Company's portfolio for the 12 months to 30th
September 2020 is detailed below. On behalf of the Company,
J.P.Morgan voted at all of the annual general meetings and
extraordinary meetings held during the year by its portfolio
companies.
JPMorgan China Growth & Income plc: Voting at shareholder
meetings over the year to 30th September 2020
Against/
Abstain
For Against Abstain Total Total Items % Against
---------------------------- ------ -------- -------- --------- ------------ ----------
Routine Business 354 3 0 3 357 0.84
Director Related 360 28 0 28 388 7.22
Capitalisation 194 45 0 45 239 18.82
Reorganisation and Mergers 132 14 0 14 146 9.59
Non-salary compensation 35 28 0 28 63 12.70
SH-Routine/Business 32 0 0 0 32 0.00
SH-Directors Related 20 0 0 0 20 0.00
SH-Corporate Governance 1 0 0 0 1 0.00
---------------------------- ------ -------- -------- --------- ------------ ----------
TOTAL 1,128 118 0 118 1,246 49.17
---------------------------- ------ -------- -------- --------- ------------ ----------
Outlook - moderately slowing but higher quality growth
likely
Globally, the continued spread of COVID-19 means that the
outlook is likely to remain challenging for the immediate future.
Yet we take some comfort from the Chinese government's strong
containment measures and proactive economic policies which have
clearly defined the country's bounce-back from the coronavirus
shock: corporate revenues, supply chains and investment markets
have all recovered decisively.
Looking ahead, we expect the Chinese government's
countercyclical policies to continue to be measured and
appropriate, both in terms of size and scope, targeting the real
economy without significantly increasing leverage risks for the
financial system. This points to moderately slowing but likely
higher-quality macroeconomic growth. Valuation wise, our internal
data suggests that we are around long-term average levels. We
acknowledge that volatility and external shocks (such as trade and
politics) may hinder a broader-based cyclical recovery in the
short-term but we are reassured that interest in the domestic
market from foreign investors has remained strong, on the back of
the opening up of the onshore equity markets. Given this macro
backdrop, we remain broadly optimistic on the outlook for China
equities.
Our strong research capabilities and our presence 'on the
ground' in mainland China is a significant advantage for us, as we
look to identify innovative, promising businesses that have
potential to become global champions and benefit from the growth in
the domestic Chinese market. We adopt a patient, long-term approach
to investing as we believe this offers the Company's shareholders
the best likelihood of benefitting from China's economic
transformation and China's evolving role as a global economic
powerhouse. There will always be short-term uncertainties that
threaten to derail performance but the long term case for China
remains robust: its economy has continued to grow in this most
demanding of years, a unique position amongst global developed and
emerging market peers.
Above all, and despite the fluid global situation, we still
believe that investing in Chinese equities can deliver positive and
sustained returns over the long term.
Howard Wang
Rebecca Jiang
Shumin Huang
Investment Managers 9th December 2020
PRINCIPAL AND EMERGING RISKS
Investors should note that there can be significant economic and
political risks inherent in investing in emerging economies. As
such, the Greater China markets can exhibit more volatility than
developed markets and this should be taken into consideration when
evaluating the suitability of the Company as a potential
investment.
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. The ways in which the risks are
managed or mitigated are summarised below:
With the assistance of the Manager, the Board has completed a
robust risk assessment and drawn up a risk matrix, which attempts
to identify the possible 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 might threaten the viability of the
Company. These key risks fall broadly under the following
categories:
-- Geopolitical
Geopolitical risk arises from uncertainty about the future
prices of the Company's investments, the ability to trade in those
investments, and the imposition of restrictions on the free
movement of capital. Changes in economic or political conditions or
other factors can substantially and potentially adversely affect
the value of investments. The Board considers the broader
geopolitical situation on a regular basis and takes advice from the
Manager and its professional advisers.
-- Investment Underperformance
An inappropriate investment decision may lead to sustained
underperformance against the Company's benchmark index and peer
companies, resulting in the Company's shares trading on a wider
discount. The Board manages this risk 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 and transaction reports. The Board monitors the
implementation and results of the investment process with the
investment managers, who attend all Board meetings, and reviews
data which show statistical measures of the Company's risk profile.
The investment managers employ the Company's gearing within a
strategic range set by the Board.
-- Strategy and Business Management
An ill-advised corporate initiative, for example an
inappropriate takeover of another company or an ill-timed issue of
new capital; misuse of the investment trust structure, for example
inappropriate gearing; or if the Company's business strategy is no
longer appropriate, may lead to a lack of investor demand.
-- Loss of Investment Team or Investment Manager
A sudden departure of several members of the investment
management team could result in a deterioration in investment
performance. The Manager takes steps to reduce the likelihood of
such an event by ensuring appropriate succession planning and the
adoption of a team-based approach, as well as special efforts to
retain key personnel.
-- Share Price Discount
A disproportionate widening of the discount relative to the
Company's peers could result in a loss of value for shareholders.
In order to manage the Company's discount, which can be volatile,
the Company operates a share repurchase programme. The Board
regularly discusses discount policy and has set parameters for the
Manager and the Company's broker to follow. The Board receives
regular reports and is actively involved in the discount management
process.
-- Governance
Changes in financial, regulatory or tax legislation, including
in the European Union, may adversely affect the Company. The
Manager makes recommendations to the Board on accounting, dividend
and tax policies and the Board seeks external advice where
appropriate.
-- 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
'Structure of the Company' in the Strategic Report of the Annual
Report. Were the Company to breach Section 1158, it may lose
investment trust status and, as a consequence, gains within the
Company's portfolio would be subject to Capital Gains Tax. The
Section 1158 qualification criteria are continually 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 Listing Rules, Disclosure Guidance and Transparency Rules
('DTRs') and, as an Investment Trust, the Alternative Investment
Fund Managers Directive ('AIFMD'). A breach of the Companies Act
2006 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, JPMorgan Funds
Limited and its professional advisers to ensure compliance with the
Companies Act 2006, the UKLA Listing Rules, DTRs and AIFMD.
-- 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 statement in
the Annual Report.
-- Operational Risk and Cybercrime
Disruption to, or failure of, the Manager's accounting, dealing
or payments systems or the depositary's or custodian's records may
prevent accurate reporting and monitoring of the Company's
financial position. Details of how the Board monitors the services
provided by the Manager, its associates and depositary and the key
elements designed to provide effective internal control are
included within the Risk Management and Internal Control section of
the Directors' Report in the 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 independently.
The risk of fraud or other control failures or weaknesses within
the Manager or other service providers could result in losses to
the Company. The Audit Committee receives independently audited
reports on the Manager's and other service providers' internal
controls, as well as a report from the Manager's Compliance
function. The Company's management agreement obliges the Manager to
report on the detection of fraud relating to the Company's
investments and the Company is afforded protection through its
various contracts with suppliers, of which one of the key
protections is the Depositary's indemnification for loss or
misappropriation of the Company's assets held in custody.
-- Financial
The financial risks faced by the Company include market price
risk, interest rate risk, currency risk, liquidity risk and credit
risk. Counterparties are subject to daily credit analysis by the
Manager. In addition the Board receives reports on the Manager's
monitoring and mitigation of credit risks on share transactions
carried out by the Company. Further details are disclosed in note
21 in the Annual Report and Financial Statements.
-- Global Pandemics
The recent emergence and spread of coronavirus (COVID-19) has
raised the risk of global pandemics, in whatever form a pandemic
takes. COVID-19 poses a significant risk to the Company's
portfolio. At the date of this report, the virus has contributed to
significant volatility in trading recently. However, the
detrimental impact on the Chinese economy and financial markets has
been less than other markets. The Chinese government's strong,
decisive and seemingly successful COVID containment measures -
coupled with its proactive economic policies - played a part in
this.
The global reach and disruption to markets of this pandemic is
unprecedented, so there are no direct comparatives from history to
learn from. However, seismic events and situations in the past have
also been the catalyst for violent market contractions. Time after
time, markets have recovered, albeit over varying and sometimes
extended time periods. Since the on-set of the pandemic and
throughout, the Manager and the Company's other service providers
have been able to adjust their business models to accommodate
working from home requirements. The Board has been closely
monitoring all service arrangements and has received assurances
that its service providers have continued as normal with no
reduction in the level of service provided nor any issues being
identified to date. Should the virus become more virulent than is
currently the case, it may present risks to the operations of the
Company, its Manager and other major service providers.
Should efforts to control a pandemic prove ineffectual or meet
with substantial levels of public opposition, there is the risk of
social disorder arising at a local, national or international
level. Even limited or localised societal breakdown may threaten
both the ability of the Company to operate, the ability of
investors to transact in the Company's securities and ultimately
the ability of the Company to pursue its investment objective and
purpose.
-- Climate Change
Climate change, which barely registered with investors a decade
ago, has today become one of the most critical issues confronting
asset managers and their investors.
Investors can no longer ignore the impact that the world's
changing climate will have on their portfolios, with the impact of
climate change on returns now inevitable. Financial returns for
long term diversified investors should not be jeopardised given the
investment opportunities created by the world's transition to a
low-carbon economy. The Board is also considering the threat posed
by the direct impact on climate change on the operations of the
Manager and other major service providers. As extreme weather
events become more common, the resiliency, business continuity
planning and the location strategies of our services providers will
come under greater scrutiny.
TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES
Details of the management contract are set out in the Directors'
Report in the Annual Report and Financial Statements. The
management fee payable to the Manager for the year was GBP2,733,000
(2019: GBP2,301,000) of which GBPnil (2019: GBPnil) was outstanding
at the year end.
Safe custody fees amounting to GBP65,000 (2019: GBP46,000) were
payable to JPMorgan Chase Bank N.A. during the year of which
GBP14,000 (2019: GBP8,000) was outstanding at the year end.
The Manager may carry out some of its dealing transactions
through group subsidiaries. These transactions are carried out at
arm's length. The commission payable to JPMorgan Securities Limited
for the year was GBP15,000 (2019: GBP20,000) of which GBPnil (2019:
GBPnil) was outstanding at the year end.
Handling charges on dealing transactions amounting to GBP55,000
(2019: GBP25,000) were payable to JPMorgan Chase Bank N.A. during
the year of which GBP7,000 (2019: GBPnil) was outstanding at the
year end.
The Company also held cash in the JPMorgan US Dollar Liquidity
Fund, which is managed by JPMorgan. At the year end this was valued
at GBPnil (2019: GBPnil). Interest amounting to GBP18,000 (2019:
GBP90,000) was receivable during the year of which GBPnil (2019:
GBPnil) was outstanding at the year end.
Fees amounting to GBP202,000 (2019: GBP378,000) were receivable
from stock lending transactions during the year. JPMorgan Investor
Services Limited commissions in respect of such transactions
amounted to GBP22,000 (2019: GBP56,000).
At the year end, total cash of GBP343,000 (2019: GBP3,134,000)
was held with JPMorgan Chase Bank, N.A.. A net amount of interest
of GBPnil (2019: GBP1,000) was receivable by the Company during the
year of which GBPnil (2019: GBPnil) was outstanding at the year
end.
Full details of Directors' remuneration and shareholdings can be
found in the Directors' Remuneration Report and in note 6 of the
Annual Report and Financial Statements.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Annual Report
and 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, comprising FRS 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland'
and applicable law). Under company law the Directors must not
approve the Financial Statements unless they are satisfied that,
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 position,
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 preparing these
Financial Statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- state whether applicable UK Accounting Standards comprising
FRS 102, have been followed, subject to any material departures
disclosed and explained in the Financial Statements; and
-- make judgments and accounting estimates that are reasonable and prudent;
-- prepare the Financial Statements on a going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
and the Directors confirm that they have done so.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the Financial Statements 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 accounts are published on the
www.jpmchinagrowthandincome.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
auditor 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 accounts
since they were initially presented on the website. The accounts
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 Strategic Report, a Directors' Report
and a Directors' Remuneration Report that comply with that law and
those regulations.
Each of the Directors, whose names and functions are listed in
Directors' Report confirm that, to the best of their knowledge:
-- the Company's Financial Statements, which have been prepared
in accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards, comprising FRS 102
'The Financial Reporting Standard applicable in the UK and Republic
of Ireland', and applicable law), give a true and fair view of the
assets, liabilities, financial position and profit of the Company;
and
-- the Directors' Report and the Strategic Report include a fair
review of the development and performance of the business and the
position of the Company, together with a description of the
principal risks and uncertainties that it faces.
The Directors consider that the Annual Report and Financial
Statements, taken as a whole, are fair, balanced and understandable
and provide the information necessary for shareholders to assess
the Company's performance, business model and strategy.
For and on behalf of the Board
John Misselbrook
Chairman
9th December 2020
FINANCIAL STATEMENTS
statement of comprehensive income
for the year ended 30th September 2020
2020 2019
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------- -------- --------- --------- -------- -------- -----------
Gains on investments held
at fair
value through profit or
loss - 164,024 164,024 - 36,566 36,566
Net foreign currency gains/(losses)
(1) - 1,492 1,492 - (1,128) (1,128)
Income from investments 3,401 - 3,401 2,836 - 2,836
Interest receivable and
similar income 220 - 220 469 - 469
------------------------------------- -------- --------- --------- -------- -------- -----------
Gross return 3,621 165,516 169,137 3,305 35,438 38,743
Management fee (683) (2,050) (2,733) (575) (1,726) (2,301)
Other administrative expenses (438) - (438) (507) - (507)
------------------------------------- -------- --------- --------- -------- -------- -----------
Net return before finance
costs
and taxation 2,500 163,466 165,966 2,223 33,712 35,935
Finance costs (188) (564) (752) (268) (804) (1,072)
------------------------------------- -------- --------- --------- -------- -------- -----------
Net return before taxation 2,312 162,902 165,214 1,955 32,908 34,863
Taxation charges (166) - (166) (167) - (167)
------------------------------------- -------- --------- --------- -------- -------- -----------
Net return after taxation 2,146 162,902 165,048 1,788 32,908 34,696
------------------------------------- -------- --------- --------- -------- -------- -----------
Return per share (note 2) 2.95p 224.06p 227.01p 2.46p 45.26p 47.72p
(1) GBP1,430,000 due to an exchange gain on the loan which is
denominated in US dollars. GBP62,000 due to net exchange gains on
cash and cash equivalents (2019: (GBP1,345,000) due to an exchange
loss on the loan which is denominated in US dollars. GBP217,000 due
to net exchange gains on cash and cash equivalents).
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
in the year.
The 'Total' column of this statement is the profit and loss
account of the Company and the 'Revenue' and 'Capital' columns
represent supplementary information prepared under guidance issued
by the Association of Investment Companies. Net return after
taxation represents the profit for the year and also total
comprehensive Income.
statement of changes in equity
for the year ended 30th September 2020
Called Exercised Capital
up
share Share warrant redemption Other Capital Revenue
capital premium reserve reserve reserve(1,2) reserves(2) reserve(2) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- -------- -------- ---------- ----------- ------------- ------------ ----------- ---------
At 30th September
2018 19,481 13,321 3 581 37,392 146,151 4,033 220,962
Net return - - - - - 32,908 1,788 34,696
Dividend paid
in the year (note
3) - - - - - - (2,545) (2,545)
-------------------- -------- -------- ---------- ----------- ------------- ------------ ----------- ---------
At 30th September
2019 19,481 13,321 3 581 37,392 179,059 3,276 253,113
Net return - - - - - 162,902 2,146 165,048
Dividend paid
in the year (note
3) - - - - - (1,776) (5,422) (7,198)
-------------------- -------- -------- ---------- ----------- ------------- ------------ ----------- ---------
At 30th September
2020 19,481 13,321 3 581 37,392 340,185 - 410,963
-------------------- -------- -------- ---------- ----------- ------------- ------------ ----------- ---------
(1) Created during the year ended 30th September 1999, following
a cancellation of the share premium account.
(2) These reserves form the distributable reserves of the
Company and may be used to fund distributions to investors.
statement of financial position
as at 30th September 2020
2020 2019
GBP'000 GBP'000
-------------------------------------------------- ---------- ---------
Fixed assets
Investments held at fair value through profit or
loss 454,645 278,020
-------------------------------------------------- ---------- ---------
Current assets
Debtors 819 363
Cash and cash equivalents 343 3,134
-------------------------------------------------- ---------- ---------
1,162 3,497
Current liabilities
Creditors: amounts falling due within one year (44,844) (28,404)
-------------------------------------------------- ---------- ---------
Net current liabilities (43,682) (24,907)
-------------------------------------------------- ---------- ---------
Total assets less current liabilities 410,963 253,113
-------------------------------------------------- ---------- ---------
Net assets 410,963 253,113
-------------------------------------------------- ---------- ---------
Capital and reserves
Called up share capital 19,481 19,481
Share premium 13,321 13,321
Exercised warrant reserve 3 3
Capital redemption reserve 581 581
Other reserve 37,392 37,392
Capital reserves 340,185 179,059
Revenue reserve - 3,276
-------------------------------------------------- ---------- ---------
Total shareholders' funds 410,963 253,113
-------------------------------------------------- ---------- ---------
Net asset value per share (note 4) 565.3p 348.1p
statement of cash flows
for the year ended 30th September 2020
2020 2019
GBP'000 GBP'000
----------------------------------------------------- ----------- -----------
Net cash outflow from operations before dividends
and interest(1) (2,885) (2,184)
Dividends received 3,248 2,695
Interest received 18 100
Overseas tax recovered 1 -
Interest paid (700) (1,127)
----------------------------------------------------- ----------- -----------
Net cash outflow from operating activities (318) (516)
----------------------------------------------------- ----------- -----------
Purchases of investments (174,168) (101,831)
Sales of investments 161,070 121,821
Settlement of foreign currency contracts 33 (54)
----------------------------------------------------- ----------- -----------
Net cash (outflow)/inflow from investing activities (13,065) 19,936
----------------------------------------------------- ----------- -----------
Dividends paid (7,198) (2,545)
Repayment of bank loans (67) (25,058)
Drawdown of bank loans 17,895 4,121
----------------------------------------------------- ----------- -----------
Net cash inflow/(outflow) from financing activities 10,630 (23,482)
----------------------------------------------------- ----------- -----------
Decrease in cash and cash equivalents (2,753) (4,062)
----------------------------------------------------- ----------- -----------
Cash and cash equivalents at start of year 3,134 7,174
Unrealised (losses)/gains on foreign currency cash
and cash equivalents(1) (38) 22
Cash and cash equivalents at end of year 343 3,134
----------------------------------------------------- ----------- -----------
Decrease in cash and cash equivalents (2,753) (4,062)
----------------------------------------------------- ----------- -----------
Cash and cash equivalents consist of:
Cash at bank 343 3,134
----------------------------------------------------- ----------- -----------
343 3,134
----------------------------------------------------- ----------- -----------
(1) The unrealised exchange losses on the JPMorgan US Dollar
Liquidity Fund in the comparative column have been moved from the
initial 'Net cash outflow from operations' total to be disclosed
separately as the 'unrealised losses on foreign currency cash and
cash equivalents.
Notes to the financial statements
for the year ended 30th September 2020
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 2019.
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 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 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 per share
2020 2019
GBP'000 GBP'000
--------------------------------------------------- ------------ -----------
Revenue return 2,146 1,788
Capital return 162,902 32,908
--------------------------------------------------- ------------ -----------
Total return 165,048 34,696
--------------------------------------------------- ------------ -----------
Weighted average number of shares in issue during
the year 72,703,188 72,703,188
Revenue return per share 2.95p 2.46p
Capital return per share 224.06p 45.26p
--------------------------------------------------- ------------ -----------
Total return per share 227.01p 47.72p
--------------------------------------------------- ------------ -----------
3. Dividends
(a) Dividends paid and proposed
2020 2019
GBP'000 GBP'000
------------------------------------------------------- -------- --------
Dividends paid
2019 final dividend of 2.5p (2018: 3.5p) per share 1,818 2,545
2020 first quarterly interim dividend of 3.7p (2019: 2,690 -
nil)
2020 second quarterly interim dividend of 3.7p (2019: 2,690 -
nil)
------------------------------------------------------- -------- --------
Total dividends paid in the period 7,198 2,545
------------------------------------------------------- -------- --------
Dividends proposed
2019 final dividend of 2.5p per share - 1,818
2021 first quarterly interim dividend of 5.7p per 4,144 -
share
------------------------------------------------------- -------- --------
The first quarterly interim dividend has been declared in
respect of the year ended 30th September 2021. In accordance with
the accounting policy of the Company, this dividend will be
reflected in the Financial Statements for the year ending 30th
September 2021.
(b) Dividend for the purposes of Section 1158 of the Corporation
Tax Act 2010 ('Section 1158')
The requirements of Section 1158 are considered on the basis of
the dividend proposed in respect of the financial year, shown
below.
The aggregate of the distributable reserves is GBP377,577,000
(2019: Revenue reserve GBP3,276,000. Please note that at the Annual
General Meeting ('AGM') in February 2020, shareholders approved an
amendment to the Company's Articles of Association to allow the
Company to distribute capital as income to enable the
implementation of the Company's revised dividend policy). Please
see the Chairman's Statement in the Annual Report and Financial
Statements for further details.
2020 2019
GBP'000 GBP'000
------------------------------------------------------- -------- --------
2019 final dividend of 2.5p per share - 1,818
2020 first quarterly interim dividend of 3.7p (2019: 2,690 -
nil)
2020 second quarterly interim dividend of 3.7p (2019: 2,690 -
nil)
------------------------------------------------------- -------- --------
5,380 1,818
------------------------------------------------------- -------- --------
The aggregate of the distributable reserves after the payment of
the first quarterly dividend will amount to GBP373,433,000 (2019:
Revenue reserve GBP1,458,000. At the time only the revenue reserve
was distributable). Please see the Chairman's Statement in the
Annual Report and Financial Statements for further details.
4. Net asset value per share
2020 2019
--------------------------- ------------ -----------
Net assets (GBP'000) 410,963 253,113
Number of shares in issue 72,703,188 72,703,188
--------------------------- ------------ -----------
Net asset value per share 565.3p 348.1p
--------------------------- ------------ -----------
5. Status of results announcement
2019 Financial Information
The figures and financial information for 2019 are extracted
from the Annual Report and Financial Statements for the year ended
30th September 2019 and do not constitute the statutory accounts
for that year. The Annual Report and Financial Statements has been
delivered to the Registrar of Companies and included the Report of
the Independent Auditors which was unqualified and did not contain
a statement under either section 498(2) or section 498(3) of the
Companies Act 2006.
2020 Financial Information
The figures and financial information for 2020 are extracted
from the Annual Report and Financial Statements for the year ended
30th September 2020 and do not constitute the statutory accounts
for that year. The Annual Report and Financial Statements 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 Financial
Statements 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.
9th December 2020
For further information:
Lucy Dina,
JPMorgan Funds Limited
ENDS
A copy of the 2020 Annual Report and Financial Statements will
shortly be submitted to the FCA's National Storage Mechanism and
will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The annual report will also shortly be available on the
Company's website at www.jpmchinagrowthandincome.co.uk where up to
date information on the Company, including daily NAV and share
prices, factsheets and portfolio information can also be found.
JPMORGAN FUNDS LIMITED
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