JGGI Jpmorgan Global Growth & Income Plc

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN GLOBAL GROWTH & INCOME PLC

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED

31ST DECEMBER 2024

JPMorgan Global Growth & Income plc (the 'Company' or 'JGGI') announces its half year results for the six-months ended 31st December 2024.

Legal Entity Identifier: 5493007C3I0O5PJKR078

Information disclosed in accordance with DTR 4.2.2

Highlights

·    NAV total return of +2.7% compared with +6.5% for the MSCI AC World Index (in Sterling terms) (the 'Benchmark'). Share price return of +2.4%.

·    For five years cumulative ended 31st December 2024, NAV total return of +106.9% compared with +70.8% for the Benchmark. Share price return of +101.9%.

·    Third interim dividend of 5.7p declared on 21st February 2025 and will be paid on 9th April 2025. Final interim dividend of 5.7p to be declared in May 2025 and paid in June 2025.

​

·    The Company issued 30.7 million shares through regular issuance in the half year to 31 December 2024 raising £176.7 million.

·    Proposed combination with Henderson International Income Trust plc announced, which would leave the Company with combined net assets of £3.4 billion, and an ongoing charges of 0.42%.

The Chairman of JGGI, James Macpherson, commented:

"The recent lag in relative returns is disappointing, but it is important to assess this result from a longer-term perspective."

"The Company has a very strong and consistent track record of outright gains and outperformance of the Benchmark over many years."

"The Company has outpaced its Benchmark in each of the past four financial years and delivered an impressive average annualised net asset value total return¹ of +13.8% over the past ten years to end December 2024. This result is comfortably ahead of the Benchmark total return of +11.7% measured on the same basis. "

"The Company's long track record of consistently good returns and outperformance provides the Board with reassurance that its Portfolio Managers have the skills and experience to steer the Company through any near-term volatility, while also identifying the most attractive investment opportunities generated by the prevailing market conditions."

¹ The annualised return refers to the average yearly return of the Company or its Benchmark over the relevant reporting period, expressed as a percentage.

Portfolio Managers, Helge Skibeli, Tim Woodhouse and James Cook, commented:

"The Company uses an investment process that, at its heart, relies on strong company fundamentals being rewarded and acknowledged by market participants. However, with momentum dominating investor sentiment in the latter months of 2024, company valuation fundamentals were temporarily overshadowed, and this was the key reason for the Company's underperformance over the review period."

"We believe that global stock picking across our core investment universe continues to offer attractive rewards for investors, and we see many well-priced opportunities. The Company has exposure to several long-term trends, such as the rapid adoption of AI tools, cloud computing, and the transition to renewable energy, which we expect will underpin market returns over the medium to long-term."

"Regardless of the prevailing market environment, we will continue our search for companies that offer superior quality earnings and growth prospects, at similar or lower valuations than market averages. We remain confident of our ability to maintain our long-term track record of strong returns for shareholders."

CHAIRMAN'S STATEMENT

Introduction

This is my first half year report as Chairman of your Company. My predecessor, Tristan Hillgarth, stepped down at the Company's last Annual General Meeting. So too did our fellow Director, Mick Brewis. On behalf of the Board, I would like to take this opportunity to thank both Tristan and Mick for the significant contributions they made to the success of the Company during their respective tenures.

Global equity markets were buoyant over the six months ending 31st December 2024, with support coming from several quarters. The so-called 'Magnificent Seven' US technology stocks continued to perform strongly, the US economy exceeded expectations, and inflation and rates continued to decline in most developed economies. Towards the year-end there was a notable shift in market drivers from company specific fundamentals, as the market found fresh sentiment driven momentum, in response to the US Presidential election result. The Company's benchmark, the MSCI AC World Index (the 'Benchmark'), ended the review period up 6.5% (in sterling terms). 

Performance

The Company's performance was also positive over the six months to end December 2024, but its return of +2.7% on a net asset value ('NAV') debt at fair value basis lagged the Benchmark. The Company returned +2.4% in share price terms over the period. One important driver of the underperformance was the momentum-driven nature of the market, particularly towards the end of the year. A number of high quality businesses lagged as a result, but we continue to see a meaningful opportunity in them today. As the attribution analysis shows below, asset allocation and stock selection decisions both detracted from relative returns. The Investment Manager's Report discusses performance in more detail.

Performance attribution

Six months ended 31st December 2024

Source: JPMAM and Morningstar. All figures are on a total return basis.

Performance attribution analyses how the Company achieved its recorded performance relative to its Benchmark.

The recent lag in relative returns is disappointing, but it is important to assess this result from a longer-term perspective. The Company has a very strong and consistent track record of outright gains and outperformance of the Benchmark over many years, despite unusually high levels of market volatility and dramatic fluctuations in market drivers since the turn of the decade. The Company has outpaced its Benchmark in each of the past four financial years and delivered an impressive average annualised net asset value total return¹ of +13.8% over the past ten years to end December 2024. This result is comfortably ahead of the Benchmark total return of +11.7% measured on the same basis. In the Board's view, this consistency of performance is proof of the Portfolio Managers' stock selection skills and the robustness of their investment strategy and process.  

As well as discussing recent performance, the Investment Manager's Report also provides more detailed commentary on market developments, recent portfolio activity and the market outlook.

¹ The annualised return refers to the average yearly return of the Company or its Benchmark over the relevant reporting period, expressed as a percentage.

Combination with Henderson International Income Trust plc

On 7th February 2025, the Company announced a proposed combination with Henderson International Income Trust plc (the 'Combination'), which is subject to approval from both sets of shareholders, bond and note holders. This Combination would reinforce our position as one of the industry's largest investment companies, and would result in the Company having enlarged net assets of approximately £3.4 billion, and the fourth lowest² ongoing charge estimated at 0.42%. Furthermore, the Combination would provide synergies for both sets of shareholders, as well as increasing secondary market liquidity in the Company's shares. Please refer to the Company's announcement made on 7th February 2025 for more details.

^{2 Source: The Association of Investment Companies}

Dividend Policy

As announced on 2nd July 2024, the Company intends to pay dividends totalling 22.80 pence per share (5.70 pence per share per quarter) in relation to its financial year commencing 1st July 2024. This is in line with its policy of paying out 4.0% of the Company's NAV as at the end of the preceding financial year, and represents an increase of 23.6% on the last financial year's total dividend of 18.44 pence per share. This will be the ninth consecutive year in which the dividend has been raised.

The third interim dividend with respect to the current year was declared by the Board on 21st February 2025 and will be paid on 9th April 2025. The record date is 7th March 2025, and the ex-dividend date is 6th March 2025. The final interim dividend will be declared in May 2025 and paid in June 2025.

The Company's capacity to part-fund dividends from its significant level of reserves provides it with the means to meet investors' desire for regular income, combined with providing clarity on dividend payments for the coming year. It also allows our Portfolio Managers to invest where they see opportunities, as they are not constrained by the need to invest only in high dividend-paying companies to meet this dividend policy. Instead, they are free to invest in non-or-low dividend-paying companies, with a view to benefitting from the long-term capital growth prospects of these businesses.

Share Issuance

The Company's impressive long-term performance, combined with its attractive dividend policy, has continued to generate strong demand for its shares over the past six months. This high level of interest in the Ordinary Shares has led the Company to employ an active issuance and premium management programme. With the Company's share price having generally traded at a premium to its NAV cum income with debt at fair value over the period, the Company has issued a total of 30,690,000 shares, raising a total of £176,692,435, all of which was quickly deployed.

Placing Programme

In addition to this regular issue, the Board has taken further steps to meet demand for the shares, including initiating a placing programme. At the General Meeting held on 2nd September 2024, shareholders approved this placing programme, and on 18th October 2024, the Company published a prospectus to provide Shareholders with further details of the placing programme to issue up to 150 million Ordinary Shares by way of placings and/or tap issues. This will enable the Company to continue its issuance and premium management programme through tap issues and to carry out placings, if appropriate, and subject to market conditions, over the 12-month period from the date of publication of the prospectus. The prospectus can be found on the Company's website: www.jpmglobalgrowthandincome.co.uk.

Given the nature of the Company's Investment Policy, the Board is satisfied that the Investment Manager's approach will be able to smoothly deploy any additional capital raised pursuant to the placing programme.

Block Listing

On 19th December 2024, 25 million Ordinary Shares of the Company were admitted to the premium segment of the Official List and to trading on its main market. The block listed shares may be issued pursuant to the Company's existing general authority to issue shares on a non-pre-emptive basis. These shares may be issued to satisfy continuing market demand for shares and to manage the premium to NAV at which shares trade. When issued, the new shares will rank equally with the existing shares in issue.

The Board

As previously announced, Rakesh Thakrar joined the Board on 14th November 2024. My fellow Directors and I are delighted to welcome Rakesh. He has wide-ranging experience in financial services, most recently as the former Group Chief Financial Officer of the Phoenix Group plc and currently Interim Group Chief Financial Officer of Athora Holding Limited. Rakesh is a qualified accountant and an associate of the Association of Corporate Treasurers. Following his appointment, the Board's composition aligns with the recommendations of the Parker Review, as well as currently being compliant with all applicable diversity targets for UK companies listed on the London Stock Exchange.

The Board is expected to expand further, with one director from the Henderson International Income Trust plc board joining for a transitionary period of no more than 12 months following completion of the proposed Combination. As part of the Board's ongoing succession plans, and as announced in the Company's Annual Report, Jane Lewis will be stepping down from the Board at this year's Annual General Meeting.

Enhanced Marketing Efforts

It is the opinion of the Board that the interests of all shareholders are best served by strong and steady demand for the Company's shares, from a wide and diversified pool of investors. Such demand helps support the share price, while enhancing liquidity and enabling future potential combinations.

To increase demand for the Company's shares and broaden its share register, the Board has initiated an enhanced marketing drive to attract new investors. This drive includes attendance from the Portfolio Managers at key retail events and an increased media marketing programme. In addition, the Company conducts regular webinars and calls, and provides portfolio and market updates on the Company's website and via email, to keep shareholders and potential investors fully informed of the latest market and portfolio developments.

Stay in Touch

The Board would like to ensure that all shareholders are kept well-informed, and we would like to encourage those who have not already done so to consider signing up for our email updates. You can opt in by scanning the QR Code in the full half year report or via the website: https://tinyurl.com/JGGI-Sign-Up.     

Outlook

The US economy now seems to be on a relatively stable growth trajectory, with employment and consumer spending rising. Further falls in interest rates will provide additional impetus for growth, even if the rate cuts arrive more slowly than previously expected. If market expectations prove correct, the new US administration's policy initiatives will also support the domestic economy. However, this remains to be seen. There is a clear risk that President Trump's mooted tariff increases may trigger a trade war that damages growth not just in the US, but globally.

While financial markets are continuously influenced by various uncertainties, the factors driving market direction tend to evolve over time, as evidenced by the developments of the past six months. Nevertheless, the Company's long track record of consistently good returns and outperformance provides the Board with reassurance that its Portfolio Managers have the skills and experience to steer the Company through any near-term volatility, while also identifying the most attractive investment opportunities generated by the prevailing market conditions. The Portfolio Managers' current overweight to US banks is a case in point, as it is motivated by their assessment that US banks should continue to do well while interest rates remain elevated for a longer period than expected.

The Board draws further confidence in the Company's prospects from its exposure to several long-term structural trends such as artificial intelligence and the transition to renewable energy. These themes are set to drive economic growth and market gains over the medium to long term, from which the Company is positioned to benefit.

In summary, the Board believes the Company is in competent hands, and well-placed to further extend its long track record of superior returns. I look forward to reporting back to you on the Company's future progress.

Thank you for your ongoing support.

James Macpherson

Chairman                                                                                                                                   27th February 2025

INVESTMENT MANAGER'S REPORT

Introduction

In the six months to 31st December 2024, the Company generated a total return on share price of +2.4%, compared with a 6.5% increase in the MSCI AC World Index (the 'Benchmark'). Although the Company underperformed its comparable Benchmark over this period, it has delivered positive cumulative returns of 40% on net assets over the last three years, and more than 100% over the last five years, well ahead of the Benchmark.

In this report, we discuss the main drivers of the Company's recent returns, including the reasons for the portfolio's underperformance over the review period. We also provide our market outlook and explain how we have positioned the portfolio to benefit from both expected near-term developments and longer-term structural trends.

The Global Market Backdrop

The second half of 2024 delivered healthy returns for equities, despite several bouts of market volatility, with the US Presidential election and President Donald Trump's victory dominating the market narrative in the latter months of the year.

US Mega Cap technology stocks continued to outperform during the period, while the prospects for deregulation under the new US administration boosted financials. A widespread easing in inflation pressures in the first half of 2024 led developed market central banks to begin normalising policy, and while challenges in the second half of the year tempered investors' rate cut expectations, particularly in the US, this did little to dampen the market's upward momentum.

Six-Month Performance

The Company's underperformance in the second half of 2024 was driven by both stock selection and asset allocation. Our positioning in only seven of the 19 index sectors contributed to excess returns, a result which underscores what a challenging period it was for fundamental equity investors. The Company uses an investment process that, at its heart, relies on strong company fundamentals being rewarded and acknowledged by market participants. However, with momentum dominating investor sentiment in the latter months of the year, fundamentals were temporarily overshadowed, and this was the key reason for the Company's underperformance over the review period.

The technology sector, and particularly the 'Magnificent 7' ('M7') stocks, have continued to outperform strongly. Questions continue about the sustainability of this rally, with comparisons drawn to the Dot Com Bubble of the late 1990s. When considering the merits of this comparison, it is crucial to remember that unlike many of the Dot Com stocks, the M7 cohort of technology names is now incredibly large and highly cashflow generative. We remain selective in our exposure to these names and have held neutral to overweight positions in five of them - Nvidia, Meta, Microsoft, Amazon and Tesla. All five contributed to relative returns over the period. In terms of the other two members of the M7, we reduced our holding in Apple over the period to an underweight position following a strong run. We currently view it as expensive on valuation grounds and therefore use it as a funding source for other ideas. In the case of Alphabet, we continue to have concerns about both the potential for large language models such as ChatGPT and the possibility of disruption to their search engine business. We therefore did not hold Alphabet over the period and preferred Meta as a company that monetises advertising spending by employing AI tools.

Nvidia was the largest contributor to relative returns over the six-month period, rising 10% (in GBP terms). The company continues to deliver record earnings, up by more than 200% compared with the previous year. With AI adoption still in its infancy, and Nvidia producing the most effective Graphics Processing Unit (GPU) in the market, we feel the share price gains are justified in the context of its strong growth runway. Recent developments from Chinese companies creating their own low-cost AI models have raised concerns among investors about Nvidia's valuation and the sustainability of its margins. We are closely monitoring the evolving competitive landscape but maintain our belief that Nvidia is well positioned to stay at the forefront of this emerging technology.

Amongst our other technology holdings, semiconductor and hardware names were among the best performing sectors in the first half of 2024 and supported performance accordingly. But the second half of the year was much more challenging for these sectors for two reasons. Firstly, our holdings in memory chip manufacturers underperformed, and secondly, we were underweight in semiconductor names with custom design capabilities, at a time when these stocks outperformed.

SK Hynix was one of our memory chip holdings which detracted from portfolio returns. This South Korean company manufactures high bandwidth memory chips which are essential for increasing computing power. The stock sold off early in the third quarter due to mounting concerns about the supply/demand dynamics for memory chips used in PCs and smartphones. However, despite this recent weakness, we continue to have conviction in SK Hynix and similar names, on the view that memory chips are essential for ongoing advances in generative AI development. Their share prices should recover accordingly.

Returns also suffered because the portfolio was underweight semiconductor names such as Broadcom, which boast custom design capabilities, as these stocks did especially well over the period. Broadcom produces specialised semiconductor chips that combine several different circuits on one chip. Broadcom and its competitors raised their guidance and expect AI to drive demand for their chips in 2025 and beyond. We have added to a position in Broadcom following an extensive review of the name and our AI assumptions. Whilst we still believe Nvidia will retain its leadership position, we appreciate that the picture has become more nuanced, with players like Broadcom gaining traction.

Some of our holdings in high-quality, European stocks, which performed well in 2023 and in the first half of 2024, also saw material pullbacks in the second half of 2024. LVMH has faced meaningful challenges in the post pandemic period as Chinese demand for luxury goods has waned. LVMH's portfolio of brands remains strong, but the expected offset from other markets to compensate for Chinese consumer weakness has not materialised, and the stock declined by 12% (in GBP terms), detracting from overall returns. We continue to hold the name and believe that the current challenges LVMH faces are cyclical in nature, while luxury will remain a growth segment. Another European champion that has also faced recent difficulties is Novo Nordisk, the Danish pharmaceutical company that produces weight loss treatments. Growing competitive pressures, concerns about manufacturing delays, and disappointing trial results from CagriSema, its next generation obesity drug, have put the company under pressure. However, we maintain our view that Novo Nordisk is well-positioned in the weight loss treatment space and that the overall market will grow strongly despite any bouts of short-term weakness.

Portfolio Positioning

In the first half of 2024, we purchased Tesla due to its attractive valuation. Our investment thesis was based on the company's ongoing transformation from an auto manufacturer to a company more oriented towards technology and AI, particularly within its energy management and autonomous driving divisions.

We adopted a neutral stance relative to the Benchmark, an unusual move for a high-conviction, fifty-stock portfolio. Our neutral weighting was partly a portfolio risk decision, as we were concerned about the possible market reaction to the company's robotaxi plans. However, the stock was a clear beneficiary of the US Presidential election result, especially as its CEO, Elon Musk, was appointed to the Trump administration. As the year drew to a close, we adopted a more cautious stance regarding our position in Telsa due to its higher valuation and increasing politicisation. Consequently, we began to reduce our active weighting and in the new year, we observed the stock starting to undergo a correction.

The transition to renewable energy sources and electric vehicles will provide further impetus to the growing demand for semiconductors and related technology, and we see many attractive structural investment opportunities in this arena. As an example, we hold several US utilities providers, including The Southern Company, which are leading the transition to renewable energy. The Southern Company benefited from a supportive regulatory environment under the Biden administration, but regardless of the evolving policy backdrop under President Trump, we believe the transition to clean energy will continue to generate opportunities for investors. The US's energy grid requires major investment to replace and upgrade existing infrastructure to cope with the growing demand for electricity and improve connectivity to renewable energy sources. This will boost demand for equipment and services provided by businesses operating in a variety of technology, energy, and industrial sectors.

Looking to other sectors, as mentioned earlier, US financials were one of the key sources of returns following the US election. Expectations, now being realised, that the Trump administration would impose widespread tariffs on the US's trading partners, prompted concerns that the inflationary consequences of such action would delay interest rates cuts. Persistently elevated rates will benefit US banks, so, while we are underweight in the banking sector globally, we are overweight in US banks, and hold positions in names such as Bank of America and Wells Fargo.

Outlook

We believe that global stock picking across our core investment universe continues to offer attractive rewards for investors, and we see many well-priced opportunities. As illustrated above, the Company has exposure to several long-term trends, such as the rapid adoption of AI tools, cloud computing, and the transition to renewable energy, which we expect will underpin market returns over the medium to long-term.

However, we recognise that the near-term market backdrop has shifted, with price momentum becoming a significant driver of recent performance, especially in the US market. We expect continued macroeconomic uncertainty until the economic implications of President Trump's policy initiatives become clear, but our exposure to US banks should benefit in the meantime, as interest rates remain elevated for longer than previously anticipated. We also see potential for good earnings growth in the US market, primarily driven by mega-cap technology names. We are still cautious and watchful regarding European names because, despite attractive valuations, it is more difficult to find high-quality franchises with the same growth prospects as their US counterparts.

However, regardless of the prevailing market environment, and possible escalating market volatility driven by the actions of the Trump administration, we will continue our search for companies that offer superior quality earnings and growth prospects, at similar or lower valuations than market averages. We remain confident of our ability to maintain our long-term track record of strong returns for shareholders.

For and on behalf of the

Investment Manager

Helge Skibeli

James Cook

Tim Woodhouse

Portfolio Managers                                                                                                                     27th February 2025

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 have not changed from those reported in the Annual Report and Financial Statements for the year ended 30th June 2024 and, are as follows: market risk, geopolitical risk, cyber security, investment and strategy, loss of portfolio manager and operational risk. Information on principal and emerging risks faced by the Company is given in the Strategic Report within the 2024 Annual Report and Financial Statements.

Related Parties Transactions

During the first six months of the current financial year, no transactions with related parties have taken place which would have materially affected the financial position or the performance of the Company. Details of related party transactions are contained within the 2024 Annual Report and Financial Statements.

Going Concern

The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio, including an analysis of the portfolio's liquidity, 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 operational 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 continue to adopt the going concern basis in preparing the financial statements.

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 yearly financial report have been prepared in accordance with FRS 104 'Interim Financial Reporting' 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 2024, as required by the Disclosure Guidance and Transparency Rules 4.2.4R; and

(ii)   the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the Disclosure Guidance 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

James Macpherson

Chairman   

27th February 2025

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. In the year ended 30th June 2024, the Company acquired the assets of JPMorgan Multi-Asset Growth & Income plc ('MATE') following a scheme of reconstruction.

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.

The net return after taxation represents the profit for the period and also the total comprehensive income.

CONDENSED STATEMENT OF CHANGES IN EQUITY

1     Created during the year ended 30th June 2024 following approval by the High Court on 27th February 2024 to cancel the share premium account as at close of business on 2nd November 2023.

2     These reserves form the distributable reserves of the Company and may be used to fund distributions to investors.

3     Costs in relation to the publication of a prospectus on 18th October 2024 in respect of the placing programme to issue up to 150,000,000 Ordinary Shares by way of placings and/or tap issues. Further details are provided in the Chairman's Statement.

4     In 2024, the Company undertook an Asset Reunification Programme to reunite inactive shareholders with their shares and unclaimed dividends. In accordance with the Company's Articles of Association, the Company exercised its right to forfeit the shares belonging to shareholders that the Company, through its former Registrar, had been unable to trace for a period of 12 years or more. These shares were sold in the open market by the former Registrar. The proceeds, net of costs, were returned to the Company. In addition, any unclaimed dividend older than 12 years from the date of payment of such dividend were forfeited and returned to the Company.

CONDENSED STATEMENT OF FINANCIAL POSITION

1     Cash at bank in the Statement of Financial Position has been restated to exclude the investment in the JPMorgan GBP Liquidity Fund of £134,980,000 for the period ended 31st December 2023 and £158,877,000 for the year ended 30th June 2024, and to disclose this separately as 'Current assets investments' to conform with the statutory format as required by the Companies Act 2006. There is no impact on other line items in the Statement of Financial Position nor on the total current assets.

CONDENSED STATEMENT OF CASH FLOWS

1     For the year ended 30th June 2024, the net gains on investments held at fair value has been restated to £536,703,000 and the decrease in accrued income and other debtors to £669,000. There is no change in the Net cash inflow from operating activities or the Increase in cash at bank as reported in the 30th June 2024 Annual Report & Financial Statements.

2     Costs in relation to the publication of a prospectus on 18th October 2024 in respect of the placing programme to issue up to 150,000,000 Ordinary Shares by way of placings and/or tap issues.

3     The term 'cash and cash equivalents', is used for the purpose of the Statement of Cash Flows.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the six months ended 31st December 2024.

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 auditor.

The figures and financial information for the year ended 30th June 2024 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 auditor which is unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.

2.  Accounting policies

The Company is a listed public limited company incorporated in England and Wales. The registered office is detailed in the half year report.

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 July 2022.

FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') in March 2015, and updated in March 2018 has been applied in preparing this condensed set of financial statements for the six months ended 31st December 2024.

All of the Company's operations are of a continuing nature.

The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 30th June 2024.

Management fee and finance costs

Management fees and finance costs are allocated 25% to revenue and 75% to capital in line with the Board's expected long-term split of revenue and capital return from the Company's investment portfolio.

Finance costs are payable on the £82.8 million 5.75% bond, £30 million 2.93% unsecured loan notes and £20 million 2.36% unsecured loan notes.

3.  Return per share

4.  Dividends paid on Ordinary shares

A second interim dividend of 5.70p has been paid on 6th January 2025 for the financial year ending 30th June 2025, amounting to £28,618,000.

A third interim dividend of 5.70p per share has been declared for payment on 9th April 2025 for the financial year ending 30th June 2025.

5. Net asset value per share

The net asset value per Ordinary share and the net asset value attributable to the Ordinary shares at the period end are shown below. These were calculated using 511,027,308 (30th June 2024: 480,337,308, 31st December 2023: 418,758,169) Ordinary shares in issue at the period/year end (excluding Treasury shares).

6.  Fair valuation of instruments

The fair value hierarchy disclosures required by FRS 102 are given below:

1     Forward foreign currency contracts.

7.  Analysis of changes in net cash

1     JPMorgan GBP Liquidity Fund, a money market fund.

2     Other non-cash charges include foreign exchange movement and amortisation on loan adjustments.

JPMORGAN FUNDS LIMITED

28th February 2025

For further information, please contact:

Emma Lamb

For and on behalf of

JPMorgan Funds Limited

Telephone: 0800 20 40 20 or or +44 1268 44 44 70

E-mail: jpmam.investment.trusts@jpmorgan.com

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.

ENDS

A copy of the half year report will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The half year report will also shortly be available on the Company's website at www.jpmglobalgrowthandincome.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.