LONDON (Alliance News) - JPMorgan Brazil Investment Trust PLC said Tuesday its full year total return on net assets underperformed against its benchmark.
In the year ended April, JPMorgan Brazil's total return on net assets was 4.1%, below the 11.1%
mark set by benchmark MSCI Brazil 10/40 index.
The investment trust said its commodities allocation and overweight exposure to the consumer discretionary sector, relative to its benchmark, explained the underperformance.
JPMorgan Brazil's net asset value per share increased 3.1% to 76.5 pence from 74.2p the year before.
Net assets increased 1.7% to GBP25.7 million from GBP25.3 million. The company's revenue for the year decreased 6.5% to GBP919,000 from GBP983,000.
JPMorgan Brazil is proposing an interim dividend of 0.80p per share, flat on the year before.
Looking ahead, the company believes it is well positioned to identify "high quality" companies at "attractive prices".
JPMorgan expects the slowly improving economic activity in Brazil to be marred with increased volatility in the near term.
Shares in JPMorgan Brazil closed down 1.5% on Tuesday at 60.85 pence each.