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(Alliance News) - JPMorgan Global Growth & Income PLC reported "good" progress in the first half of its financial year on Tuesday.
The investment trust achieved a 4.7% return on net assets per share in the six months to December, compared to a 4.6% return from its benchmark, the MSCI All Countries World Index in sterling terms.
Net asset value per share at the end of the half was 341.1 pence, compared to 285.6p a year before and 332.4p at the end of June. This means a 19% rise over 2019 and a 2.6% rise over the first half.
The growth in the half, JPMorgan Global Growth & Income said, was due to a rally in the last quarter of 2019.
"Markets began to believe in the improvement in economic data come 2020, as well as the agreement for phase one of a trade deal between China and the US. Indeed this number would have been stronger, but for the rebound in the pound, which lessened returns in sterling somewhat," the company said.
Some of the best performers in the company's portfolio were Google-owner Alphabet Inc, mass media firm Charter Communications Inc, and Taiwan Semiconductor Manufacturing Co Ltd, the world's biggest semiconductor foundry.
Looking ahead, JPMorgan Global Growth & Income said: "We expect a return to earnings growth in 2020 as we recover from the manufacturing slump seen in 2019. Central banks also continue to be accommodative, but we remain on the lookout for signs of significant risk or exuberance."
"It is also worth acknowledging the risks posed by the COVID-19 virus to the global economy. We are watching developments carefully, in particular watching for signs the inevitable slowdown in China is having longer-term repercussions on employment numbers. At this time, we see no reason to adjust the portfolio, but the tail risk cannot be ignored. It is likely earnings estimates will need to be revised down, but at this stage it is difficult to pinpoint the magnitude," it continued.
Shares closed 2.9% lower on Tuesday in London at a price of 340.00 pence each.
By George Collard; georgecollard@alliancenews.com
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