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LONDON (Alliance News) - JPMorgan Emerging Markets Investment Trust PLC on Friday said it narrowly outpaced its benchmark in its most recent financial year after a reasonable performance from its portfolio.
The trust's net asset value per share stood at 968.2 pence on June 30, up 7.0% from 904.7p the year before, as its investments at fair value increased to GBP1.20 billion from GBP1.22 billion.
The stock was quoted up 2.5% on Friday at 786.18 pence.
In its year to June 30, the trust's net asset value total return was 8.3%. This placed it slightly ahead of the 6.5% return recorded by its benchmark, the MSCI Emerging Markets Index with net dividends reinvested and in sterling terms.
The investor has proposed to increase its dividend to 12.5p from 11.0p per share year-on-year, and is seeking shareholder approval.
"A stronger US dollar coupled with a more aggressive US trade policy has caused some weakness in emerging markets. However, this does not change the argument for investing in the quality companies in emerging markets that the investment manager has identified as the future winners," said JPMorgan Emerging Markets Investment Chairman Sarah Arkle.
"We believe that the long term growth story in emerging markets remains intact and that volatility in markets can give rise to attractive valuations. With its strong record of stock picking, the company is well placed to take advantage of the opportunities that lie ahead," Arkle added.