JPE.L Share News (JPE)

(Alliance News) - JPMorgan Elect PLC on Thursday said net asset value decreased in the first half of its current financial year, leading to underperformance against the benchmark.

The investment company reported NAV as at the end of August per Growth, Income and Cash share of 863.8 pence, 104.4p and 103.7p, respectively. In comparison, last year, NAV at the same point stood at 897.3p, 114.0p and 102.2p, respectively.

JPMorgan Elect Income shares were trading 1.4% lower in London on Thursday at 103.00p each, while Cash and Growth shares were untraded, last closing at 103.50p and 865.00p each, respectively.

The Managed Growth portfolio has delivered a total return on net assets of 0.2%, compared with the portfolio's benchmark, which returned 3.6%.

The Managed Income portfolio, meanwhile, delivered a "disappointing" total return on net assets of negative 4.4%, compared with the portfolio's benchmark index which returned positive 0.4%.

The Managed Cash share class returned 1.8% on net assets.

"For the time being, extraordinarily low interest rates have continued to outweigh the wide range of political and economic uncertainties," said Chair Alan Hodson.

"After a difficult year in 2018/19, the Board is monitoring performance particularly closely in the current period," added Hodson.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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