TIDMJGCI
RNS Number : 8578Z
JPMorgan Glbl Con Inc Fnd Ltd
17 March 2017
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS
ED 31 DECEMBER 2016
CHAIRMAN'S STATEMENT
Dear Shareholder
In the half year ended 31st December 2016 the total return on
the Company's net assets was 4.4% compared with 4.9% for the
Company's reference index, the Bloomberg Barclays Global
Convertibles Credit Rate Sensitive Index (hedged into Sterling).
The total return to shareholders was 7.2%, as the discount of the
share price to net asset value ('NAV') narrowed.
Investment Performance
Over the past year to 18 months the portfolio had become
increasingly bond like, driven in part by the Manager's positive
view on credit but also caution over a number of political and
macro risks. This bond-like positioning was positive for the
portfolio in 2016 as a whole, but led to the flat performance in
the final quarter of 2016. As global growth gained further
traction, bringing enhanced prospects for equity markets, the
Manager has repositioned the portfolio in recent months away from
bond-like convertibles towards more balanced convertibles. These
offer a greater exposure to improving equity markets, particularly
in the US at a time when US economic growth and reflation
expectations have taken hold. The Board believes these improving
economic conditions are a positive backdrop for convertibles; an
asset class that has typically been highly correlated with equity
and credit markets. A more detailed analysis of the performance of
the portfolio is set out in the Investment Managers' Report.
Dividends
The Company's objective is to provide investors with an
attractive and consistent level of dividend income together with
the potential for some modest capital growth in sterling terms over
the medium term. During the half year ended 31st December 2016 one
quarterly dividend totalling 1.125 pence per share was declared and
paid. A second quarterly dividend of 1.125 pence per share was
declared on 14th February 2016 and will be paid on 30th March
2017.
In the absence of unforeseen circumstances, the Board will seek
to maintain the targeted annual dividend of 4.5 pence per share,
resulting in a yield of 4.9% on the share price prevailing at the
end of the period. Sterling interest rates remain stubbornly low
and, given the uncertainties around Brexit, appear to have little
obvious catalyst to rise materially in the next couple of years. As
a result, the Board believes that the Company's yield should remain
attractive to a wide range of shareholders, particularly when
compared to many other income generating vehicles which have a
significantly higher risk profile.
Managing the Discount
Whilst an attractive yield and a modicum of steady growth are
very important, we acknowledge that an equally important
consideration for shareholders is that the share price should
remain as stable as possible relative to intrinsic value.
Accordingly, the Board is committed to using a buyback programme
should the discount widen disproportionately and persistently. In
the 6 months to 31st December 2016 the share price fluctuated
between a discount to NAV of 4.9% and 11.9%, with the shares
trading at a discount of 6.1% at the time of publication. During
the period, the Company bought back a small number of shares,
providing a modest uplift to NAV.
The Board is highly alert to the current level of discount and,
should discount volatility increase or the discount become
persistent beyond 5%, the Board has a number of tools available to
address the issue including an active share repurchase
programme.
Outlook
With the possible exception of the UK, global economic growth is
likely to continue to accelerate in 2017, supporting cyclical
assets at the expense of more interest rate-sensitive exposures.
The Company's global orientation and recent, greater equity
sensitivity should ensure that the portfolio is well placed to
capture these tailwinds to returns. Similarly, the relatively low
levels of fixed income duration inherent in convertibles and the
Company's fully hedged exposure back into sterling should ensure
that we avoid the worst of the any potential buffeting from global
markets. These characteristics should ensure that the Company
remains an attractive and relevant investment in shareholders'
portfolios.
Simon Miller
Chairman 17th March 2017
INVESTMENT MANAGERS' REPORT
Performance Review
In the six months to the end of December 2016, we took
significant steps to reposition the portfolio following the strong
performance we have seen since February 2016.
The returns we have generated since then were driven primarily
by a significant tightening in credit spreads. Whilst we believe
that current economic conditions should remain supportive for
credit, we think the credit markets have moved from being
attractively valued at the beginning of the year to fairly priced
at best by the end of the year. With spreads at historically tight
levels, we believe the risks are increasingly skewed to the
downside, with the potential for any market shock to lead to a
widening of credit spreads.
To guard against this risk, we reduced the Company's exposure to
credit-sensitive names that lacked any company-specific catalysts
for further credit improvement. Whilst we do not foresee any
specific catalyst for the widening of credit spreads we believe
that these issuers, which had produced attractive returns over the
course of 2016, no longer represented good value.
In contrast, we continue to find value in companies trading at
higher yields with opportunities to improve their credit profile.
We believe that these companies will be better protected from any
general repricing in credit markets, as we expect returns to come
from company-specific factors to a greater extent than market-wide
shifts in credit prices. We have therefore maintained the yield on
the portfolio by increasing our exposure to these companies, even
as we took profit on positions that we considered to be more
exposed to 'credit beta'.
With credit spreads currently at tight levels and the outlook
for duration-sensitive assets uncertain at best, we believe equity
markets represent the best source of return in the current market.
In line with this conviction, we repositioned the Company over the
final quarter of 2016; reducing our exposure to bond-like
convertibles and those exposed to real estate, while increasing the
allocation to balanced convertibles offering greater exposure to
the equity market. This increased the Company's modelled equity
sensitivity from 15.5% at the end of June 2016 to 22.6% at the end
of December 2016. While this increase in equity sensitivity was
significant, these changes take the portfolio's equity sensitivity
no higher than we saw in the company's portfolio at launch in June
2013.
Despite this shift from bond-like credit exposed issuers towards
more balanced convertibles, the yield on the portfolio stood at
4.5% at the end of 2016. Furthermore, the positions we added to
increase our equity market exposure were acquired at prices that
ensure a positive yield to maturity; meaning these bonds provide
participation in any rise in the equity price of the issuer whilst
also making a contribution to the yield generated by the
portfolio.
While maintaining the diversification of the portfolio, which we
consider to be important as a means of reducing the Company's
reliance on a particular source of yield, we have looked to
introduce a more cyclical tilt to the Company's positioning,
reflecting our view that economic growth is likely to remain
strong.
In particular, we reduced the Company's allocation to real
estate over the past six months in favour of increased exposure to
the industrial, basic material, and energy sectors. Our increased
comfort in allocating to the energy sector (which at 7.4% remains
relatively low in the context of the overall portfolio) is driven
in large part by the actions taken by OPEC to control the supply of
oil in order to address the imbalance between supply and
demand.
While we believe that the prospect of offsetting production in
the US is likely to preclude a significant advance in the oil
price, we are confident that OPEC's commitment will help to ensure
that the worst is now behind the sector. This has given us
increased confidence in exploring attractively priced opportunities
to build exposure to companies that are profitable and have the
prospect of improving credit characteristics at an oil price in the
mid-US$50s.
The Company has utilised moderate gearing on a tactical basis
over the past six months. We believe that selective use of this
facility enables us to tactically add exposure, particularly in the
event of a drawdown in credit markets, since this would provide an
opportunity to increase exposure to securities with an attractive
hold-to-maturity yield.
Outlook
The Company has entered 2017 with a renewed commitment to
provide an attractive income from the convertibles market. We
believe that the portfolio's increased allocation to balanced
convertibles will help to ensure that its performance in 2017 is
further differentiated from non-convertible fixed income.
We consider the movements in the fixed-income markets in the
final quarter of 2016 as indicative of a longer-term movement away
from a 'lower for longer' interest rate environment. While the
result of the US presidential election may have accelerated this
repricing, improvements in economic growth and the recovery of
inflation expectations were already underway prior to November
2016. Significantly, this gives us confidence that the positive
investment environment for risk assets, such as convertibles and
equities, is not solely reliant on President Trump enacting
market-friendly policies. Indeed, we see an unpredictable President
who has spoken at length about turning the US inward as a key risk
for 2017.
Continued strength in economic data and expectations for higher
inflation suggest an environment that is likely to be positive for
equity and high yield credit markets, while introducing downside
risks to longer-dated exposures. We see this as a positive backdrop
for convertibles, which have typically been highly correlated with
equity and credit markets, while their short-dated maturity (the
expected life of the portfolio is a little over three years) puts a
natural cap on the extent to which they may suffer from higher
rates.
Whilst this environment should be supportive of credit, we see
little room for further tightening of credit spreads following the
strong moves since February 2016, and so we take a cautious view on
outlook for this component of return. We see equity markets as the
most likely beneficiary in this environment, and have used the
opportunity following strong performance in 2016 to position the
portfolio accordingly.
The portfolio's holdings are generally short-dated, and the
average price of our holdings remains below par value. Combined
with an attractive yield of 4.5%, we believe that this ensures the
portfolio retains its defensive characteristics in a year where we
see significant potential for increased volatility.
Antony Vallee
Natalia Bucci
Robin Dunmall
Investment Managers 17th March 2017
INTERIM MANAGEMENT REPORT-
The Company is required to make the following disclosures in its
interim report.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall
into the following broad categories: investment and strategy;
foreign currency; accounting; corporate governance and shareholder
relations; operational and financial. Information on each of these
areas is given in the Business Review within the 2016 Annual Report
and Accounts.
Related Party Transactions
During the half year to 31st December 2016, no new agreements
were entered into with related parties which have materially
affected the financial position or the performance of the
Company.
Going Concern
The Directors believe, having considered the Company's
investment objectives, risk management policies, capital management
policies and procedures, nature of the portfolio and expenditure
projections, that the Company has adequate resources, an
appropriate financial structure and suitable management
arrangements in place to continue in operational existence for the
foreseeable future and, more specifically, that there are no
material uncertainties pertaining to the Company that would prevent
its ability to continue in such operation existence for at least 12
months from the date of the approval of this half yearly financial
report. For these reasons, they consider there is reasonable
evidence to adopt the going concern basis in preparing the
accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its
knowledge:
(i) the condensed set of financial statements contained within
the interim financial report has been prepared in accordance with
International Accounting Standard 34 'Interim Financial Reporting'
and gives a true and fair view of the state of affairs of the
Company and of the assets, liabilities, financial position and net
return of the Company, as at 31st December 2016, as required by the
UK Listing Authority Disclosure and Transparency Rules 4.2.4R;
and
(ii) the interim report includes a fair review of the
information required by 4.2.7R (important events that have occurred
since inception, their impact on these financial statements and a
description of the principal risks facing the Company) and 4.2.8R
(related party transactions since inception that have materially
affected the financial position or performance of the Company) of
the UK Listing Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these
financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Simon Miller
Chairman 17th March 2017
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31ST DECEMBER 2016
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 31st December 30th June 2016
2016 20151
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- ---------
Investments
held at fair
value
through profit
and loss:
Gains on
investments
held at
fair value
through profit
or loss - 15,187 15,187 - 857 857 - 19,778 19,778
Income from
investments 5,296 - 5,296 5,293 - 5,293 10,791 - 10,791
------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- ---------
Gains/(losses)
on financial
instruments:
Realised losses
on close out
of
futures and
options
contracts - (231) (231) - (1,389) (1,389) - (761) (761)
Unrealised
losses on
futures
and options
contracts - - - - (258) (258) - (41) (41)
Realised foreign
currency losses
on foreign
currency
contracts - (6,091) (6,091) - (6,003) (6,003) - (18,697) (18,697)
Unrealised
foreign currency
losses on
foreign currency
contracts - (4,000) (4,000) - (4,207) (4,207) - (9,075) (9,075)
Realised foreign
currency
gains/(losses) - 355 355 - 28 28 - (21) (21)
Unrealised
foreign currency
losses - (1,225) (1,225) - (544) (544) - (1,935) (1,935)
Other income 18 - 18 34 - 34 59 - 59
------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- ---------
Total
income/(loss) 5,314 3,995 9,309 5,327 (11,516) (6,189) 10,850 (10,752) 98
Management
fee (471) (254) (725) (529) (285) (814) (1,012) (545) (1,557)
Other
administrative
expenses (222) - (222) (258) - (258) (545) - (545)
------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- ---------
Profit/(loss)
before finance
costs and
taxation 4,621 3,741 8,362 4,540 (11,801) (7,261) 9,293 (11,297) (2,004)
Finance costs (96) (51) (147) (66) (36) (102) (149) (81) (230)
------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- ---------
Profit/(loss)
before taxation 4,525 3,690 8,215 4,474 (11,837) (7,363) 9,144 (11,378) (2,234)
Taxation (110) - (110) (171) - (171) (369) - (369)
------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- ---------
Net profit/(loss) 4,415 3,690 8,105 4,303 (11,837) (7,534) 8,775 (11,378) (2,603)
------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- ---------
Earnings/(loss)
per share
(note 4) 2.26p 1.89p 4.15p 1.96p (5.40)p (3.44)p 4.13p (5.35)p (1.22)p
1 The 31st December 2015 figures have been amended in line with
the change in presentation to liquid assets from Non current assets
to Cash equivalents.
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31ST DECEMBER 2016
Share Capital Revenue
capital reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------- --------- ---------- --------- ----------
Six months ended 31st December
2016 (Unaudited)
At 30th June 2016 217,368 (28,794) 64 188,638
Repurchase of shares into Treasury - (104) - (104)
Net profit for the period - 3,690 4,415 8,105
Dividends paid in the period - - (4,390) (4,390)
------------------------------------- --------- ---------- --------- ----------
At 31st December 2016 217,368 (25,208) 89 192,249
------------------------------------- --------- ---------- --------- ----------
Six months ended 31st December
2015 (Unaudited)
At 30th June 2015 220,020 1,480 811 222,311
Repurchase of shares into Treasury - (605) - (605)
Net (loss)/profit for the period - (11,837) 4,303 (7,534)
Dividends paid in the period - - (4,928) (4,928)
------------------------------------- --------- ---------- --------- ----------
At 31st December 2015 220,020 (10,962) 186 209,244
------------------------------------- --------- ---------- --------- ----------
Year ended 30th June 2016 (Audited)
At 30th June 2015 220,020 1,480 811 222,311
Shares bought back and cancelled (1,052) - - (1,052)
Repurchase of shares into Treasury - (20,496) - (20,496)
Cancellation of shares in Treasury (1,600) 1,600 - -
Net (loss)/profit for the year - (11,378) 8,775 (2,603)
Dividends paid in the year - - (9,522) (9,522)
------------------------------------- --------- ---------- --------- ----------
At 30th June 2016 217,368 (28,794) 64 188,638
------------------------------------- --------- ---------- --------- ----------
STATEMENT OF FINANCIAL POSITION
AT 31ST DECEMBER 2016
(Unaudited) (Unaudited) (Audited)
31st December 31st December 30th June
2016 2015 2016
GBP'000 GBP'000 GBP'000
---------------------------------- -------------- -------------- ----------
Non current assets
Investments held at fair
value through profit or
loss 202,866 216,722 201,127
Current assets
Derivative financial assets 130 346 506
Trade and other receivables 1,291 1,105 9,628
Cash and cash equivalents1 8,445 12,811 3,020
Cash held as Broker - 582 169
---------------------------------- -------------- -------------- ----------
9,866 14,844 13,323
Current liabilities
Derivative financial liabilities (4,130) (4,592) (9,622)
Trade and other payables (16,353) (4,161) (1,229)
---------------------------------- -------------- -------------- ----------
Net current (liabilities)/assets (10,617) 6,091 2,472
---------------------------------- -------------- -------------- ----------
Total assets less current
liabilities 192,249 222,813 203,599
Creditors: amounts falling
due after more than one
year - (13,569) (14,961)
---------------------------------- -------------- -------------- ----------
Net assets 192,249 209,244 188,638
---------------------------------- -------------- -------------- ----------
Amounts attributable to
equity holders
Share capital 217,368 220,020 217,368
Capital reserve (25,208) (10,962) (28,794)
Revenue reserve 89 186 64
---------------------------------- -------------- -------------- ----------
Total equity shareholders'
funds 192,249 209,244 188,638
---------------------------------- -------------- -------------- ----------
Net asset value per share
(note 5) 98.6p 95.6p 96.6p
1 This line item combines the two lines of 'Investments in
liquidity funds held at fair value through profit or loss' and
'Cash and short term deposits' in the financial statements for the
period ended 31st December 2015 into one.
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31ST DECEMBER 2016
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st December 31st December 30th June
2016 20151 2016
GBP'000 GBP'000 GBP'000
----------------------------------- -------------- -------------- -----------
Operating activities
Gain/(loss) before taxation 8,215 (7,363) (2,234)
Deduct dividends received (353) (578) (1,229)
Deduct investment income
- interest (4,943) (4,715) (9,562)
Deduct bank interest received (18) (34) (59)
Add back interest paid 147 102 230
Deduct gains on investments
held at fair value
through profit or loss (15,187) (857) (19,778)
(Increase)/decrease in unrealised
gains on
foreign currency contracts (5,075) 10,135 15,003
(Increase)/decrease in unrealised
gains on
future and option contracts (41) 341 343
Decrease in cash held as
collateral by Brokers for
futures 169 546 959
Increase in unrealised losses
on foreign currency 1,225 544 1,935
Effect of decrease/(increase)
in trade and other receivables 3 (2) (5)
Effect of (decrease)/increase
trade and other payables (36) 22 62
----------------------------------- -------------- -------------- -----------
Net cash outflow from operating
activities
before interest, taxation
and dividends (15,894) (1,859) (14,335)
----------------------------------- -------------- -------------- -----------
Taxation (110) (171) (369)
Interest paid (134) (102) (170)
Dividends received 380 590 1,237
Investment income - interest 2,781 3,919 6,797
Bank interest received 18 34 59
----------------------------------- -------------- -------------- -----------
Net cash (outflow)/inflow
from operating activities
after interest, taxation
and dividends (12,959) 2,411 (6,781)
----------------------------------- -------------- -------------- -----------
Investing Activities
Purchases of investments
held at fair value through
profit or loss (122,761) (136,337) (217,215)
Sales of investments held
at fair value through
profit or loss 145,639 141,340 247,156
----------------------------------- -------------- -------------- -----------
Net cash inflow from investing
activities 22,878 5,003 29,941
----------------------------------- -------------- -------------- -----------
Financing activities
Repurchase of shares into
Treasury (104) (605) (20,496)
Shares bought back and cancelled - - (1,052)
Dividends paid (4,390) (4,928) (9,522)
Drawdown of loan - 13,026 13,026
----------------------------------- -------------- -------------- -----------
Net cash (outflow)/inflow
from financing activities (4,494) 7,493 (18,044)
----------------------------------- -------------- -------------- -----------
Increase in cash and cash
equivalents 5,425 14,907 5,116
Cash and cash equivalents
at the start of the period/year 3,020 (2,096) (2,096)
----------------------------------- -------------- -------------- -----------
Cash and cash equivalents
at the end of the period/year 8,445 12,811 3,020
----------------------------------- -------------- -------------- -----------
1 The 31st December 2015 figures have been amended in line with
the change in presentation to liquidity assets from Non current
assets to Cash equivalents.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31ST DECEMBER 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.
2. Accounting policies
The Company's financial statements have been prepared in
accordance with International Financial Reporting Standards
('IFRS'), which comprise standards and interpretations approved by
the International Accounting Standards Board ('IASB'), the
International Accounting Standards and Standing Interpretations
Committee and interpretations approved by the International
Accounting Standards Committee ('IASC') that remain in effect and
to the extent that they have been adopted by the European Union
('EU').
The same accounting policies and methods of compensation are
followed in these financial statements as compared with the most
recent annual financial statements.
Where presentational evidence set out in the Statement of
Recommended Practice (the 'SORP') issued by the Association of
Investment Companies in November 2014 is consistent with the
requirement of IFRS, the financial statements have been prepared on
a basis compliant with the recommendation of SORP.
All of the Company's operations are of a continuing nature.
The financial statements have been prepared on a going concern
basis.
3. Dividend paid
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st December 31st December 30th June
2016 2015 2016
GBP'000 GBP'000 GBP'000
----------------------------- -------------- -------------- -----------
2016 fourth interim
dividend 1.125p (2015:
1.125p) 2,196 2,464 2,464
2017 first interim dividend
of 1.125p (2016: 1.125p) 2,194 2,464 2,464
2016 second interim
dividend of 1.125p - - 2,355
2016 third interim dividend
of 1.125p - - 2,239
----------------------------- -------------- -------------- -----------
Total dividends paid
in the period/year 4,390 4,928 9,522
----------------------------- -------------- -------------- -----------
A second interim dividend of 1.125p per share, has been declared
payable in respect of the six months ended 31st December 2016.
4. Earnings/(loss) per share
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st December 31st December 30th June
2016 2015 2016
GBP'000 GBP'000 GBP'000
------------------------- -------------- -------------- ------------
Earnings/(loss) per
share is based on the
following:
Revenue return 4,415 4,303 8,775
Capital return/(loss) 3,690 (11,837) (11,378)
------------------------- -------------- -------------- ------------
Total return/(loss) 8,105 (7,534) (2,603)
------------------------- -------------- -------------- ------------
Weighted average number
of shares in issue
during the period/year 195,165,095 219,277,482 212,639,947
Revenue return per
share 2.26p 1.96p 4.13p
Capital return/(loss)
per share 1.89p (5.40)p (5.35)p
------------------------- -------------- -------------- ------------
Total return/(loss)
per share 4.15p (3.44)p (1.22)p
------------------------- -------------- -------------- ------------
5. Net asset value per share
(Unaudited) (Unaudited) (Audited)
31st December 31st December 30th June
2016 2015 2016
--------------------- -------------- -------------- ------------
Shareholders' funds
(GBP'000) 192,249 209,244 188,638
Number of shares in
issue 195,072,770 218,983,482 195,187,705
Net asset value per
share 98.6p 95.6p 96.6p
--------------------- -------------- -------------- ------------
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement
JPMORGAN FUNDS LIMITED
ENDS
A copy of the half year report will be submitted to the National
Storage Mechanism and will be available shortly for inspection at
www.morningstar.co.uk/uk/NSM
The half year report will also be available shortly on the
Company's website at www.jpmconvertiblesincome.co.uk where up to
date information on the Company, including daily NAV and share
prices, factsheets and portfolio information can also be found.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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