Last checked at 5 Jun 2020 14:31
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CORE REAL ASSETS LIMITED
NET ASSET VALUE AND UPDATE
Legal Entity Identifier: 549300D8JHZTH6GI8F97
JPMorgan Global Core Real Assets Limited ("JARA" or "the Company") announces the unaudited Net Asset Value ("NAV") as at 31st May 2020 of 97.58 pence, up 1.0% from the last quarterly NAV of 96.58 pence as at 29th February 2020.
JARA's NAV total return was +1.8% over the quarter, inclusive of the 0.75 pence per share dividend paid to investors on 28th May 2020.
The performance of the NAV over the period was helped by positive returns from the Company's private U.S. Real Estate allocation over the first quarter of 2020 as well as the depreciation of Sterling versus the Dollar and Euro by c.3.7% and c.4.4% respectively, over the quarter. The liquid strategies (c.19% of NAV) detracted over the period but the Board notes that the US Al-Tranche REIT strategy (c.10% of NAV) significantly outperformed comparable U.S. REIT indices.
Investment Progress
The Company has so far invested approximately 40% of the proceeds arising from its IPO and from subsequent share issuance. Recent volatility in financial markets has meant capital has been drawn down at a slower rate than originally intended, but the Company remains on course be in fully invested at or around 12 months from IPO as stated in the Prospectus. Importantly, the Board believes this does not impact the Company's long term return assumptions and may in fact provide a benefit.
The Company aims to provide holders of the Ordinary Shares with a stable income and capital appreciation through exposure to a globally diversified portfolio of Core Real Assets in accordance with the Company's investment policy. The Company is seeking exposure to Core Real Assets through various real asset strategies, namely: Global Infrastructure, Global Real Estate, Global Transport and Global Liquid Real Assets. J.P. Morgan's Alternative Solutions Group will have the primary responsibility for managing the Company's portfolio.
Income
Income generated from the underlying portfolio was 53 bps over the period, arising from its investment in cash equivalent instruments and the liquid strategies, along with a distribution from the underlying private property strategy. JARA remains on course to deliver on its first year income target.
Issuance
During the period the Company issued 513,065 new shares and the period ended with 201,315,952 shares in issue.
The Board also highlights the currency breakdown for which there have been no material changes since the 16th March 2020 update announcement.
Currency: The main currency exposures of the portfolio (including liquidity funds) are:
Currency | % of NAV |
USD | 93.2% |
GBP | 1.7% |
EUR | 1.5% |
JPY | 1.3% |
CAD | 0.8% |
AUD | 0.5% |
5th June 2020
Alison Vincent
JPMorgan Funds Limited - Company Secretary
Telephone 0207 742 4000