LONDON (Alliance News) - JPMorgan Elect PLC said Thursday its growth portfolio performed ahead of its benchmark index in the first financial half, but its income portfolio underperformed.
The trust reported its Managed Growth portfolio produced a total return on net assets of 4.6% over the six months to February 28. This compares to a 0.7% return from its benchmark, the Bloomberg Barclays Capital Global Corporate Bond Index.
For the half-year, the board declared a dividend of 5.70 pence per Managed Growth share, compared to 5.45p the prior year.
The Managed Income portfolio delivered a total negative return on net assets of 1.6% over the same period, worse than the negative 0.9% return of its benchmark index.
Over the half year, the company declared dividend of 2.10p per Managed Income share, up from 1.70p for the same period the year before.
JPMorgan Elect said that it changed the benchmark index against which performance is measured to the FTSE All-Share Index from the beginning of March.
"Despite the recent volatility of markets, our managers remain cautiously optimistic on equities. Robust global growth should support earnings and dividends are expected to continue to increase," said Chairman Alan Hodson.
"Over the next six months, we will see some modest changes to the Managed Income portfolio, as it is adjusted to reflect the change in its benchmark and the availability of a loan facility," Hodson continued. "The board hopes that this will deliver enhanced returns to shareholders in the longer term."
Shares in JPMorgan Elect Managed Growth closed down 0.9% lower at 785.15 pence per share Thursday.