25 Feb 2021 11:00
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN MID CAP INVESTMENT TRUST PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS
ENDED 31ST DECEMBER 2020
Legal Entity Identifier: 549300QED7IGEP4UFN49
Information disclosed in accordance with DTR 4.2.2
Chairman's Statement
Performance
In this, my first statement as Chairman of your Company, I am pleased to be able to report on a period of positive performance in both absolute and relative terms.
In the six months to 31st December 2020 the total return on net assets was +25.7% which compares to the +22.1% return from the Company's benchmark, the FTSE 250 Index (excluding investment trusts). Having shown considerable volatility during the reporting period, the Company's share price discount to net asset value narrowed from 11.5% at 30th June to 7.5% at 31st December 2020 resulting in a share price total return of +31.9%.
These returns are particularly pleasing as they follow on from a difficult period for your Company as the effects of the global pandemic on stock markets resulted in a decline of 14% on a net asset value total return basis for the year to 30th June 2020.
The impressive recovery in returns has been driven by a variety of factors but in particular stock markets worldwide were boosted by better than expected results from COVID-19 vaccine trials and subsequent roll-outs, especially in the UK and USA. The UK equity market also benefited from the certainty created by the Brexit deal agreed in December 2020, thus avoiding a no deal scenario.
Focus now turns to the nature and speed of the anticipated economic recovery from the dislocation caused by the actions that were put in place to control the spread of the COVID-19 virus. There is renewed optimism that the UK will return to some form of normality this year as restrictions are eased following the vaccination programme. The UK appears to be as well placed as any other economy to recover and the FTSE 250 constituents should be well placed to thrive in a recovery over the longer term.
A review of the Company's performance for the period and the outlook for the remainder of the year is provided in the Investment Managers' report that follows.
Share Price Discount to Net Asset Value
The Board monitors the premium or discount that the Company's shares trade at relative to its Net Asset Value ('NAV'). The Company has the ability to issue shares should the rating move to a premium to NAV. Likewise the Board is prepared to sanction the purchase of shares by the Company when it considers that the discount is at a level where a purchase is in the best interests of the shareholders. During the period under review the volatility in markets resulted in the Company's discount widening to a level at which the Board deemed it prudent to repurchase shares. In total 296,589 shares were purchased at an average discount of 15.6%. Such purchases fulfil two functions - they are asset and earnings enhancing for ongoing shareholders and they seek to address the imbalance in supply and demand for the Company's shares.
Shares repurchased are held in Treasury for possible re-issue. There are currently 1,985,310 shares held in Treasury, representing 7.8% of the Company's issued share capital. Treasury shares and any new ordinary shares will only be sold or issued at a premium to NAV.
Revenue and Dividends
Our Chairman's statement for the Company's financial year ended 30th June 2020, highlighted that the Company's revenue for the year, after expenses and tax, had fallen by 43.8% to 19.7 pence per share as, inevitably, it was adversely impacted by the dividend cuts made by UK companies across all indices and sectors as they sought to manage their businesses under extraordinary circumstances.
One benefit of the closed-end investment trust structure is the ability to utilise revenue reserves, built up in previous years, to sustain dividend payments during periods when there is a significant reduction in dividend income from underlying investments. The Company was able to use this benefit to supplement the income generated in its financial year ended 30th June 2020 to ensure that the Company's 2019 dividend was maintained in 2020.
Net revenue after taxation for the six months to 31st December 2020 was £1.88 million (2019: £3.54 million) and earnings per share were 7.99p (2019: 14.93p). The Board has declared an interim dividend of 8.0p (2019: 8.0p) to be paid on 23rd April 2021 to shareholders on the register at the close of business on 19th March 2021.
A decision on the level of the final dividend for the current financial year will be carefully reviewed when there is greater clarity on the net income position of the Company and of the likely trend in future dividend payments from portfolio companies. At this early stage, it appears that the total income receipts for the full year to 30th June 2021 will represent a further decrease on those for 2019. Under these circumstances, the Company would have to utilise more of its revenue reserves to support the 2021 final dividend at the level paid in 2020. In order to maintain the 2019 dividend level of 29.5p per share in 2020, £2,269,000 from the Company's revenue reserves (9.6p per share) was utilised, reducing the revenue reserves to 30.6p per share. Shareholders are reminded that the Company's objective is to achieve capital growth, and accordingly the Investment Managers will not adjust their investment process to seek out income generation at the expense of capital growth.
Loan Facilities and Gearing
The Board has determined that in normal circumstances the Company's overall gearing range is 10% net cash to 20% geared. Within this range, after due consideration at each Board meeting, the Board normally sets a narrower, short term gearing range for the ensuing period. The Company's gearing strategy is implemented through the use of bank borrowing facilities, with the Company currently having access to two loan facilities totalling £45 million, expiring in February 2022 and March 2024, with the option of further increasing the March 2024 facility by £20 million. More information on the Company's gearing position over the reporting period is detailed within the Investment Managers' Report.
Board of Directors
Michael Hughes retired as the Chairman and as a Director of the Company on 29th October 2020. Michael joined the Board in 2008 and served as a Director for 12 years, the latter four as Chairman. The Board and the Company benefited from Michael's wise counsel, dedication and guidance during his tenure and we thank him and wish him well for the future.
Outlook
There is a sharp contrast at present between the optimism generated by the vaccination programme that is progressing to best expectations in the UK and the grim realisation that the human and economic effects of the pandemic have proven to be significantly worse than forecasts made this time last year despite public health and economic stimulus packages that would have been hard to imagine a year ago.
However stock markets are forward looking and the returns seen in the first half of your Company's year reflect the optimism about economic recovery and success with vaccinations. A significant cause of uncertainty with respect to the UK economy lifted with the Brexit deal in December 2020. There is mounting evidence that the UK and UK equity market are now finding favour with a wide range of investors - a significant change when compared to the past five years during which the UK was an investment area easy to dismiss.
This increased interest should bode well for a Company focused on the FTSE 250 constituents. The Investment Managers have displayed considerable skill and acumen under very challenging market conditions in recent years. Your Board is much encouraged by the recent performance against a more benign background and hopes that greater interest in your Company's asset class will be reflected in the continuance of the returns seen recently.
John Evans
Chairman
25th February 2021
INVESTMENT MANAGERS' REPORT
Performance and Market Background
The first half of the Company's financial year was naturally dominated by a continuation of the COVID-19 pandemic. Its impact on the UK caused the economy to contract by 9.9% across 2020 as a whole. As feared, the winter months led to another wave of infections but, as hoped, the scientific community was able to announce the development of effective vaccines against the virus, with their manufacture and roll-out following close behind. This breakthrough led to dramatic returns in stock markets, with the FTSE 250 Index (excluding investment trusts) rising 21.8% in the last two months of 2020. Further positive news on Christmas Eve was the signing of a trade deal with the EU. While best described as 'thin', this trade deal was perceived to be much better for the UK economy than the threatened no deal.
Against this backdrop, your Company produced a total return on net asset value of +25.7% in the six month period, compared to a return of +22.1% for the FTSE 250 Index (excluding investment trusts). The share price total return was higher at +31.9%, as the wide discount of the share price relative to net assets was reduced, due to renewed interest in the UK equity market.
Portfolio
The FTSE 250 Index was harder hit than the FTSE 100 Index at the start of the pandemic, reflecting its significant exposure to UK services. The large number of index constituents in the Retail, Travel & Leisure and Real Estate sectors weighed heavily on benchmark returns, reflecting their obvious exposure to the worst economic effects of the public health response to the pandemic. During this time and throughout 2020 we sought to maintain a balance within the portfolio between those more defensive investments suffering minimal or no impact from COVID-19 and lockdown measures, and those companies which were heavily affected by the pandemic, but which we believed would come out the other side stronger and with good growth prospects.
The benefit of this strategy can be seen in the very strong performance of a number of your Company's holdings. Key positive contributors to performance included the retailers Pets at Home and JD Sports, the travel company Jet2 and airline Wizz Air, the hobby miniatures retailer Games Workshop and buy-to-let mortgage specialist OSB. Gearing was also a notable contributor to performance.
The key detractors from relative performance were represented by three companies not owned in the portfolio which were subject to strong Mergers and Acquisitions ('M&A') gains. William Hill, G4S and Signature Aviation were bid for at significant premia to their pre-bid market values. We expect such M&A activity to be an ongoing feature, emphasising the value that we see in the FTSE 250 at this time.
In the Annual Report for the Company's year ended 30th June 2020 we wrote about some of the changes we had made to the portfolio in the first half of 2020 due to the pandemic. This period has been quieter for changes but new additions to the portfolio included Weir (an engineer focussed on the mining market), the retailer Dixons Carphone, Meggitt (a component supplier to the aerospace industry) and Mitchells & Butler (a bar and pub company), these latter two being exposed to industries that have been hardest hit by COVID-19 but which are, we believe, well positioned for recovery. We sold out of certain companies including the two London-focussed real estate companies, Shaftsbury and Derwent London, and also exited from Phoenix (now in the FTSE 100) and John Laing Group. In addition, we participated in two IPOs, the Hut Group, an online retailer, and Bytes, a value-added reseller in the technology space.
Outlook
2020 has taught us all many things, not least to be wary of forecasting the future. Having said that, we see several reasons to be optimistic for the outlook for the UK stock market. In the near term, the UK economy will decline in the first quarter of 2021, brought about by the third national lockdown, which we expect to be followed by a rise in insolvencies in small-to-mid-size enterprises ('SMEs') and unemployment levels potentially reaching 7% when the furlough scheme ends. Inflationary risks are also rising, and the record deficit continues to grow. However, vaccines are being rolled out at an accelerating rate, bringing normality tantalisingly close. Brexit is done, and, teething troubles aside, a trade deal with the EU is in place. There are also some counterintuitive effects of the lockdowns. The extraordinary way of life we endured in 2020 has led to a huge increase in the savings ratio. Between January and October last year household deposits (savings as a proportion of disposable income) increased by £113 billion, and commentators believe the figure for 2021 will be closer to £170 billion.
This economic backdrop provides reasons to be positive and current economic forecasts for the year suggest GDP growth in the range of 4-5% for both 2021 and 2022. Interest rates are set to remain extremely low, and Central Banks' largesse to remain high. The UK stock market remains cheap and unloved, as evidenced by the recent M&A activity. We expect this activity to continue, reflecting our view on valuations. Mid Cap stocks saw the largest cuts to earnings during the start of the pandemic, and as a result are set to see high growth levels during a recovery phase. We are also starting to see some exciting IPOs coming into the FTSE 250 and have already participated in two this year. All of which leads us to face 2021 with optimism, as evidenced by gearing at approximately 10%.
For nearly five years, since the Referendum in 2016, the UK has been largely shunned by the global investor - reflecting concerns related to Brexit, electoral uncertainty and more recently a global pandemic. Viewpoints do not change overnight, but reality as we see it has changed with the UK having a Brexit deal, a strong government majority and the vaccine roll-out progressing well. We think the viewpoint of the global investor is changing too. This should bring renewed interest in the Mid Caps, and while valuations have clearly risen from their lows, we still believe that the Mid Cap arena is not expensive and stands to benefit most from a return to life as we once knew it.
Georgina Brittain
Katen Patel
Investment Managers
25th February 2021
Half Year Management Report
The Company is required to make the following disclosures in its half year report.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company have not changed and fall into the following broad categories: investment and strategy; financial; accounting, legal and regulatory; corporate governance and shareholder relations; and operational and cybercrime. Information on each of these areas is given in the Business Review within the Annual Report and Financial Statements for the year ended 30th June 2020.
Related Parties Transactions
During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period.
Going Concern
In accordance with The Financial Reporting Council's guidance on going concern and liquidity risk, including its COVID-19 guidance, the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern and specifically in the context of the coronavirus pandemic.
The Board has, in particular, considered the impact of heightened market volatility since the COVID-19 outbreak but does not believe the Company's going concern status is affected. The Company's assets, the vast majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly. The Directors have performed a COVID-19 impact analysis which included a review of bank loan covenant compliance, including the headroom above the most restrictive covenants and an assessment of the liquidity of the portfolio. The Directors concluded that the Company has adequate financial resources to meet its financial obligations, including repayment of its revolving loan facilities, as they fall due for a period of at least twelve months from the date of approval of the financial statements. Furthermore, the Directors are satisfied that the Company and its key third party service providers have in place appropriate business continuity plans and have been able to maintain service levels through the COVID-19 pandemic. Accordingly, having assessed these factors, as well as the principal risks and other matters discussed in connection with the Viability Statement in the Annual Report for the year ended 30th June 2020, the Directors confirm that the financial statements have been prepared on a going concern basis.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the half year financial report has been prepared in accordance with FRS 104 'Interim Financial Reporting' and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31st December 2020, as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and
(ii) the half year management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure Guidance and Transparency Rules.
In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
John EvansChairman
25th February 2021
statement of comprehensive income
for the six months ended 31st December 2020
(Unaudited) Six months ended 31st December 2020 | (Unaudited) Six months ended 31st December 2019 | (Audited) Year ended 30th June 2020 | |||||||
Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Gains/(losses) on investments held at fair value through profit or loss | - | 58,324 | 58,324 | - | 46,563 | 46,563 | - | (42,958) | (42,958) |
Net foreign currency gains | - | (6) | (6) | - | 8 | 8 | - | 12 | 12 |
Income from investments | 2,350 | - | 2,350 | 4,171 | - | 4,171 | 5,945 | - | 5,945 |
Interest receivable and similar income | 2 | - | 2 | 56 | - | 56 | 79 | - | 79 |
Gross return/(loss) | 2,352 | 58,318 | 60,670 | 4,227 | 46,571 | 50,798 | 6,024 | (42,946) | (36,922) |
Management fee | (259) | (606) | (865) | (299) | (698) | (997) | (578) | (1,348) | (1,926) |
Other administrative expenses | (205) | - | (205) | (223) | - | (223) | (507) | - | (507) |
Net return/(loss) before finance costs and taxation | 1,888 | 57,712 | 59,600 | 3,705 | 45,873 | 49,578 | 4,939 | (44,294) | (39,355) |
Finance costs | (65) | (151) | (216) | (93) | (218) | (311) | (205) | (477) | (682) |
Net return/(loss) before taxation | 1,823 | 57,561 | 59,384 | 3,612 | 45,655 | 49,267 | 4,734 | (44,771) | (40,037) |
Taxation credit/(charge) | 59 | - | 59 | (72) | - | (72) | (64) | - | (64) |
Net return/(loss) after taxation | 1,882 | 57,561 | 59,443 | 3,540 | 45,655 | 49,195 | 4,670 | (44,771) | (40,101) |
Return/(loss) per share (note 3) | 7.99p | 244.53p | 252.52p | 14.93p | 192.54p | 207.47p | 19.69p | (188.82)p | (169.13)p |
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.
The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies.
The net return/(loss) after taxation represents the profit/(loss) for the period/year and also the Total Comprehensive Income.
statement of changes in equity
for the six months ended 31st December 2020
Called up | Capital | ||||
share | redemption | Capital | Revenue | ||
capital | reserve | reserves | reserve1 | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Six months ended 31st December 2020 (Unaudited) | |||||
At 30th June 2020 | 6,350 | 3,650 | 215,093 | 12,299 | 237,392 |
Repurchase of shares into Treasury | - | - | (2,685) | - | (2,685) |
Net return | - | - | 57,561 | 1,882 | 59,443 |
Dividends paid in the period (note 4) | - | - | - | (5,042) | (5,042) |
At 31st December 2020 | 6,350 | 3,650 | 269,969 | 9,139 | 289,108 |
Six months ended 31st December 2019 (Unaudited) | |||||
At 30th June 2019 | 6,350 | 3,650 | 259,930 | 14,624 | 284,554 |
Repurchase of shares into Treasury | - | - | (66) | - | (66) |
Net return | - | - | 45,655 | 3,540 | 49,195 |
Dividends paid in the period (note 4) | - | - | - | (5,098) | (5,098) |
At 31st December 2019 | 6,350 | 3,650 | 305,519 | 13,066 | 328,585 |
Year ended 30th June 2020 (Audited) | |||||
At 30th June 2019 | 6,350 | 3,650 | 259,930 | 14,624 | 284,554 |
Repurchase of shares into Treasury | - | - | (66) | - | (66) |
Net (loss)/return | - | - | (44,771) | 4,670 | (40,101) |
Dividends paid in the year (note 4) | - | - | - | (6,995) | (6,995) |
At 30th June 2020 | 6,350 | 3,650 | 215,093 | 12,299 | 237,392 |
1 This reserve forms the distributable reserve of the Company and may be used to fund distributions to investors.
statement of financial position
at 31st December 2020
(Unaudited) | (Unaudited) | (Audited) | |
31st December 2020 | 31st December 2019 | 30th June 2020 | |
£'000 | £'000 | £'000 | |
Fixed assets | |||
Investments held at fair value through profit or loss | 317,278 | 359,113 | 250,727 |
Current assets | |||
Debtors | 688 | 1,222 | 953 |
Cash and cash equivalents | 2,675 | 5,441 | 5,973 |
3,363 | 6,663 | 6,926 | |
Current liabilities | |||
Creditors: amounts falling due within one year | (16,533) | (8,191) | (10,261) |
Net current (liabilities) | (13,170) | (1,528) | (3,335) |
Total assets less current liabilities | 304,108 | 357,585 | 247,392 |
Creditors: amounts falling due after more than one year | (15,000) | (29,000) | (10,000) |
Net assets | 289,108 | 328,585 | 237,392 |
Capital and reserves | |||
Called up share capital | 6,350 | 6,350 | 6,350 |
Capital redemption reserve | 3,650 | 3,650 | 3,650 |
Capital reserves | 269,969 | 305,519 | 215,093 |
Revenue reserve | 9,139 | 13,066 | 12,299 |
Total shareholders' funds | 289,108 | 328,585 | 237,392 |
Net asset value per share (note 5) | 1,234.8p | 1,385.9p | 1,001.3p |
statement of cash flows
for the six months ended 31st December 2020
(Unaudited) | (Unaudited) | (Audited) | |
31st December 2020 | 31st December 2019 | 30th June 2020 | |
£'000 | £'000 | £'000 | |
Net cash outflow from operations before dividends and interest | (1,117) | (1,241) | (2,419) |
Dividends received | 2,344 | 4,835 | 7,125 |
Interest received | 2 | 29 | 52 |
Overseas tax recovered/(paid) | 76 | (8) | 2 |
Interest paid | (226) | (293) | (697) |
Net cash inflow from operating activities | 1,079 | 3,322 | 4,063 |
Purchases of investments | (78,181) | (75,622) | (136,132) |
Sales of investments | 69,530 | 64,151 | 145,345 |
Loss on spot currency contract | (1) | - | - |
Net cash (outflow)/inflow from investing activities | (8,652) | (11,471) | 9,213 |
Dividends paid | (5,042) | (5,098) | (6,995) |
Repurchase of shares into Treasury | (2,685) | (66) | (66) |
Drawdown of bank loan | 12,000 | 19,000 | 19,000 |
Repayment of bank loan | - | (2,000) | (21,000) |
Net cash inflow/(outflow) from financing activities | 4,273 | 11,836 | (9,061) |
(Decrease)/increase in cash and cash equivalents | (3,300) | 3,687 | 4,215 |
Cash and cash equivalents at start of period/year | 5,973 | 1,753 | 1,753 |
Exchange movements | 2 | 1 | 5 |
Cash and cash equivalents at end of period/year | 2,675 | 5,441 | 5,973 |
(Decrease)/increase in cash and cash equivalents | (3,300) | 3,687 | 4,215 |
Cash and cash equivalents consist of: | |||
Cash and short term deposits | 344 | 258 | 410 |
Cash held in JPMorgan Sterling Liquidity Fund | 2,331 | 5,183 | 5,563 |
Total | 2,675 | 5,441 | 5,973 |
Notes to the financial statements
for the six months ended 31st December 2020
1. Financial statements
The information contained within the financial statements in this half year report has not been audited or reviewed by the Company's Auditor.
The figures and financial information for the year ended 30th June 2020 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies and included the report of the Auditor which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' of the United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the revised 'SORP') issued by the Association of Investment Companies in October 2019.
FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 31st December 2020.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 30th June 2020.
3. Return/(loss) per share
(Unaudited) | (Unaudited) | (Audited) | ||
Six months ended | Six months ended | Year ended | ||
31st December 2020 | 31st December 2019 | 30th June 2020 | ||
£'000 | £'000 | £'000 | ||
Return/(loss) per share is based on the following: | ||||
Revenue return | 1,882 | 3,540 | 4,670 | |
Capital return/(loss) | 57,561 | 45,655 | (44,771) | |
Total return/(loss) | 59,443 | 49,195 | (40,101) | |
Weighted average number of shares in issue | 23,539,643 | 23,711,386 | 23,710,378 | |
Revenue return per share | 7.99p | 14.93p | 19.69p | |
Capital return/(loss) per share | 244.53p | 192.54p | (188.82)p | |
Total return/(loss) per share | 252.52p | 207.47p | (169.13)p |
4. Dividends paid
(Unaudited) | (Unaudited) | (Audited) | ||
Six months ended | Six months ended | Year ended | ||
31st December 2020 | 31st December 2019 | 30th June 2020 | ||
£'000 | £'000 | £'000 | ||
2020 Final dividend of 21.5p (2019: 21.5p) per share | 5,042 | 5,098 | 5,098 | |
2020 Interim dividend of 8.0p per share | - | - | 1,897 | |
Total dividends paid | 5,042 | 5,098 | 6,995 |
All dividends paid in the period/year have been funded from the Revenue Reserve.
An interim dividend of 8.0p has been declared in respect of the six months ended 31st December 2020, to be paid on 23rd April 2021 to shareholders on the register at the close of business on 19th March 2021.
5. Net asset value per share
(Unaudited) | (Unaudited) | (Audited) | ||
Six months ended | Six months ended | Year ended | ||
31st December 2020 | 31st December 2019 | 30th June 2020 | ||
Net assets (£'000) | 289,108 | 328,585 | 237,392 | |
Number of shares in issue | 23,412,770 | 23,709,359 | 23,709,359 | |
Net asset value per share | 1,234.8p | 1,385.9p | 1,001.3p |
JPMORGAN FUNDS LIMITED
25th February 2021
For further information, please contact:
Alison Vincent
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
ENDS
A copy of the 2020 Half Year Report will shortly be submitted to the FCA's National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The 2020 Half Year Report will shortly be available on the Company's website at www.jpmmidcap.co.uk where up-to-date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.