7 Aug 2018 15:08
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN BRAZIL INVESTMENT TRUST PLC
(the 'Company')
FINAL RESULTS FOR THE YEAR ENDED30TH APRIL 2018
Legal Entity Identifier: 5493002T5BE3YCTKTE20
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
Introduction and Performance
During the financial year to 30th April 2018, Brazil's equity market experienced a highly volatile period mainly driven by political concerns. Following the previous financial year's strong performance, the Company recorded more modest sterling returns this year as the Brazilian Real significantly weakened against Sterling by some 17%. For the year to 30th April 2018, the Company's total return on net assets was +4.1%, compared with +11.1% returned by the benchmark, the MSCI Brazil 10/40 Index. The share price return to shareholders was +4.3% while the share price discount remained steady at 14.0%, both at the start and at the end of the financial year.
The investment managers provide a detailed commentary on the markets and portfolio activity in their report.
Revenue and Dividends
Gross revenue for the year amounted to £919,000 (2017: £983,000) and net total revenue after administrative expenses and taxation amounted to £321,000 (2017: £380,000).
The Company's dividend policy has been to distribute all, or substantially all, of the available income each year. The Board recommends a dividend of 0.80p per Ordinary share. Subject to shareholders' approval at the forthcoming Annual General Meeting ('AGM') on 11th September 2018, the dividend will be payable on 21st September 2018 to shareholders on the register at 24th August 2018 (ex-dividend date 23rd August 2018).
Asset Allocation
In accordance with the Company's investment policy, the investment managers have continued to be substantially fully invested in equities. As at 30th April 2018, the Company had 1.4% net cash.
Share Repurchases
At last year's AGM, shareholders granted Directors authority to repurchase the Company's shares. During the financial year, the Company repurchased a total of 600,000 Ordinary shares into Treasury at a discount, thereby marginally enhancing NAV per share. The Board's objective remains to use the share repurchase authority to manage imbalances between the supply and demand of the Company's shares, thereby reducing the volatility of the discount. The Board believes this mechanism has been helpful and therefore proposes and recommends that powers to repurchase up to 14.99% of the Company's issued share capital be renewed for a further period.
The Board
As part of the Board's succession planning, it will be considering the appointment of new directors over the next twelve months with a view to refreshing the entire Board over the next two to three years.
Annual General Meeting
The Company's sixth AGM will be held on 11th September 2018 at 2.00 p.m. at 60 Victoria Embankment, London EC4Y 0JP. The meeting will include a presentation from the investment managers on investment policy and performance. There will also be an opportunity for shareholders to meet the Board and representatives of JPMorgan after the meeting.
If you wish to raise any detailed or technical questions at the Meeting, it would be helpful if you could mention them in advance by writing to the Company Secretary. Shareholders who are unable to attend the Meeting in person are encouraged to use their proxy votes.
Outlook
Whilst economic activity in Brazil is improving slowly, the increased volatility seen in recent months is expected to continue in the near term, as markets react to economic and political developments. Nevertheless, the Board is confident that the Investment Managers are well positioned and resourced to identify high quality companies at attractive prices with significant earnings growth potential and financial characteristics with a view to achieving good long-term performance for shareholders in this challenging environment.
Howard Myles
Chairman
7th August 2018
investment managers' report
Market review
Brazilian equities have been volatile in the twelve months to 30th April 2018, with the MSCI Brazil 10/40 Index (the 'Index') return of 11.1% GBP disguising larger intra-period swings.
Allegations of corruption against President Michel Temer early in the reporting period eroded investor confidence from May onwards, sparking a significant correction in the country's equity market. While the Lower House later rejected the charges levelled against Temer, the political scandal has undermined his support in Congress, leaving him in a substantially weaker position. However, the market subsequently recovered some of its previous strength as macro data, including inflation rates and industrial and consumer confidence, improved on the back of the tangible progress being made with the reform agenda. In addition, the period saw improving government finances and improvements in companies' earnings.
The end of 2017 saw uncertainty amongst investors as to the direction of much needed pension reform, notwithstanding earlier progress. This led to a decline in the market, despite a further interest rate cut by the Brazilian Central Bank in December, down to a record low of 7%. Moving into 2018, the market rallied sharply in January, driven higher by the hopes of a faster than expected economic recovery, the expectation that ex-President Lula's conviction would be upheld, reducing the likelihood of him participating in the October 2018 Presidential elections, and a further reduction in interest rates by the Central Bank to 6.5%.
Following the end of the reporting period, a much publicised strike by truck drivers in May 2018, accompanied by road blocks, led to shortages of supplies and froze production in all areas of the economy. This event cost Brazil in the region of 0.8% of GDP for the full year and contributed to the already revised lower GDP forecasts. There may also be some knock-on effects with a negative impact anticipated on business and consumer confidence.
Portfolio review
Against this backdrop, the Company's net asset value and share price rose (4.1% and 4.3% respectively) during the review period, but lagged the benchmark Index, MSCI Brazil 10/40.
While stock selection contributed positively to performance, sector allocation detracted, primarily in commodities, and our overweight exposure to the consumer discretionary sector detracted from relative performance against the Index.
Stock selection in the consumer staples sector was a positive contributor to performance, in particular our lack of exposure to BRF, a food processor. The stock suffered a heavy decline as the company continues to deal with the fallout from its involvement in a federal bribery scandal, lack of leadership and a weakness in their operations.
We used the sharp fall in the market early in the reporting period in May 2017, when the Index declined 14% in one day, to add to high quality holdings including Lojas Renner, Iguatemi, and Itaú. We funded the trades by taking profits and reducing our exposure to Fleury, a Health Care name which operates in the clinical laboratory business, and Vale, the Brazilian iron ore producer, because of their outperformance in the first half of the period.
In December we participated in the initial public offering (IPO) of Burger King Brazil (BKB), the master franchisee of Burger King Corporation in the country, and second largest burger chain in the market. The company's business model is sustainable and, given the current low penetration levels of the fast food industry in Brazil and the changes in the country's workforce, with increasing numbers of working mothers and increases in the number of single households, both of which are resulting in increases in the consumption of prepared meals, we believe it has the opportunity to grow for a significant period of time.
We also bought IRB, the recently listed reinsurance business. Further detailed analysis of the reinsurance business in Brazil demonstrated to us that the company's dominant position in the market is partially structural, and more resilient than we initially thought. In addition, the stock had underperformed due to premium rate compression in Brazil, which gave us an attractive investment point.
The portfolio's holding in Kroton, a leading educational services company, detracted on renewed concerns about lower growth in 2018 with the adjustment of the government subsidised FIES programme which provides student loans at below market interest rates. However, we believe this was well telegraphed and despite the challenges to the company's revenues resulting from a reduction in student numbers, margins should remain stable. Given our optimistic outlook on the long-term opportunity for the company, we will remain invested.
Also detracting from results was our position in Fleury. During the period, Advent, the private equity firm, sold its stake; the sale of this significant position negatively impacted the share price. The company also reported weaker than anticipated growth in the third quarter; however, the growth remained in double digits and, having reduced our exposure, our positive longer-term outlook for the company remains.
Looking at other investments, more recently we reduced our position in Cielo, Brazil's largest credit and debit card operator. Our short to mid-term outlook for the company has become more cautious given the changing regulatory environment and increasing levels of competition. During the period, PagSeguro, a provider of financial technology solutions in the payments area, filed for its IPO. This increased competition raised further doubts on Cielo's ability to benefit from the anticipated recovered in consumer spending, and added risk to the company's future growth prospects and performance. However, these uncertainties and risks are reflected in the valuation and therefore we continue to hold this stock.
The portfolio's underweight exposure to Vale, an iron ore company, was a detractor from performance. The stock performed well as commodities, and more specifically iron ore prices, rebounded from their summer lows.
Our exposure remains tilted in favour of domestic themes, especially domestic cyclicals, in anticipation of stronger growth. Consumers are anticipated to increase their levels of spending albeit at a lower pace after the shock in confidence during the reporting period and having reduced their levels of debt during the three year recession which ended in 2017. There are already signs of improving levels of employment in the informal economy, which have historically been an initial sign of recovery in the wider economy, and low inflation and lower interest rates have increased real wages.
Outlook
Although disappointing recent macro trends have been of some concern, we continue to believe that the primary drivers of the market this year will be the gradual recovery of the Brazilian economy, with increased levels of consumer consumption and corporate investment, as well as the presidential elections. In these circumstance, market volatility may offer opportunities to add to quality names at attractive valuations. Expectations for a strong reform program seem to be low at the current time; however, we believe the next administration will be forced by circumstances, at a minimum, to enact social security and tax reform in 2019. Rising commodity prices have been supportive of commodity exporting markets and companies, and we continue to monitor our exposure to these sectors from a risk perspective.
Finally, our portfolio includes long-standing investments in high-quality companies, as well as cyclical stocks positioned for strength in the commodities sector and a recovery in the local economy.
Luis Carrillo
Sophie Bosch De Hood
Investment Managers
7th August 2018
Principal Risks
The Directors confirm that they have carried out a robust assessment of the principal risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity.
With the assistance of the Manager, the Board has drawn up a risk matrix, which identifies the key risks to the Company. These key risks fall broadly into the following categories:
• Investment and Strategy: An inappropriate investment strategy, for example asset allocation or the level of gearing, may lead to underperformance against the Company's benchmark index and peer companies, resulting in the Company's shares trading on a wider discount. The Board manages these risks by diversification of investments through its investment restrictions and guidelines, which are monitored and reported on. The Manager provides the Directors with timely and accurate management information, including performance data and attribution analysis, revenue estimates, liquidity reports and shareholder analyses. The Board monitors the implementation and results of the investment process with the investment managers who attend all Board meetings, and reviews data which show statistical measures of the Company's risk profile. The investment managers are free to employ the Company's gearing tactically, within a strategic range set by the Board. The Board holds a separate meeting devoted to strategy each year. In addition to the regular Board meetings, the Board visits Brazil from time to time to discuss strategy and consider all relevant aspects of investment in Brazil.
• Financial: The financial risks faced by the Company include foreign currency risk, interest rate risk, other price risk, liquidity risk and credit risk. Further details are disclosed in note 21 on pages 53 to 57 of the 2018 Annual Report.
• Accounting, Legal and Regulatory: In order to qualify as an investment trust, the Company must comply with Section 1158. Details of the Company's approval are given under 'Business of the Company' above. Were the Company to breach Section 1158, it might lose investment trust status and, as a consequence, gains within the Company's portfolio could be subject to Capital Gains Tax. The Section 1158 qualification criteria are continually monitored by the Manager and the results reviewed by the Board each month. The Company must also comply with the provisions of the Companies Act 2006 and, since its shares are listed on the London Stock Exchange, the UKLA Listing Rules, Disclosure and Transparency Rules ('DTRs') and, as an investment trust, the Alternative Investment Fund Managers Directive ('AIFMD'). A breach of the Companies Act could result in the Company and/or the Directors being fined or the subject of criminal proceedings. Breach of the UKLA Listing Rules or DTRs could result in the Company's shares being suspended from listing which in turn would breach Section 1158. The Board relies on the services of its Company Secretary, the Manager and its professional advisers to ensure compliance with the Companies Act 2006 and the UKLA Listing Rules, DTRs and AIFMD.
• Corporate Governance and Shareholder Relations: Details of the Company's compliance with Corporate Governance best practice, including information on relations with shareholders, are set out on pages 20 to 23 of the 2018 Annual Report.
• Operational: Disruption to, or failure of the Manager's accounting, dealing or payments systems or the depositary's or the custodian's records may prevent accurate reporting and monitoring of the Company's financial position. On 1st July 2014, the Company appointed BNY Mellon & Depositary (UK) Limited to act as its depositary, responsible for overseeing the operation of the custodian, JPMorgan Chase Bank, N.A., and the Company's cash flow. Details of how the Board monitors the services provided by the Manager and its associates and the key elements designed to provide effective internal control are included within the Risk Management and Internal Control section of the Corporate Governance report on pages 21 and 22.
• Political and Economic: Changes in financial or tax legislation, including in Brazil, may adversely affect the Company. The Manager makes recommendations to the Board on accounting, dividend and tax policies and the Board seeks external advice where appropriate. In addition, the Company is subject to administrative risks, such as the imposition of restrictions on the free movement of capital. The Board monitors the impact of any changes in such restrictions on the Company.
Transactions with the Manager and related parties
Details of the management contract are set out in the Directors' Report on page 18. The management fee payable to the Manager for the year was £226,000 (2017: £226,000) and a re-imbursement by the manager to the Company of £11,000 (2017: £nil) was outstanding at the year end.
During the year £39,000 (2017: £21,000) was payable to the Manager for the administration of savings scheme products, of which £7,000 (2017: £nil) was outstanding at the year end.
Included in administration expenses in note 6 on page 47 are safe custody fees amounting to £18,000 (2017: £15,000) payable to JPMorgan Chase of which £6,000 (2017: £3,000) was outstanding at the year end.
The Company also holds cash in JPMorgan US Dollar Liquidity Fund, managed by JPMF. At the year end this was valued at £0.24 million (2017: £0.11 million). Income amounting to £1,000 (2017: £1,000) was receivable during the year of which £nil (2017: nil) was outstanding at the year end.
Handling charges on dealing transactions amounting to £11,000 (2017: £20,000) were payable to JPMorgan Chase during the year of which £4,000 (2017: £4,000) was outstanding at the year end.
At the year end, total bank balance of £75,000 (2017: £596,000) was held with JPMorgan Chase Bank N.A. A net amount of interest of £4,000 (2017: £nil) was receivable by the Company during the year from JPMorgan Chase Bank N.A. of which £nil (2017: £nil) was outstanding at the year end.
Full details of Directors' remuneration and shareholdings can be found on page 28 and in note 6 on page 47 of the 2018 Annual Report.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Annual Report and Accounts in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that, taken as a whole, the annual report and accounts are fair balanced and understandable, provide the information necessary, for shareholders to assess the Company's performance, business model and strategy, and that they give a true and fair view of the state of affairs of the Company and of the total return or loss of the Company for that period. In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgments 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 a 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.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The accounts are published on the www.jpmbrazil.co.uk website, which is maintained by the Company's Manager. The maintenance and integrity of the website maintained by the Manager is, so far as it relates to the Company, the responsibility of the Manager. The work carried out by the auditor does not involve consideration of the maintenance and integrity of this website and, accordingly, the auditor accepts no responsibility for any changes that have occurred to the accounts since they were initially presented on the website. The accounts are prepared in accordance with UK legislation, which may differ from legislation in other jurisdictions.
Under applicable law and regulations the Directors are also responsible for preparing a Strategic Report, a Directors' Report and a Directors' Remuneration Report that comply with that law. The Strategic Report and the Directors' report include a fair review of the development and performance of the business and the position of the issuer, together with a description of the principal risks and uncertainties that they face.
Each of the Directors, whose names and functions are listed on page 17 of the 2018 Annual Report confirms that, to the best of their knowledge the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and return or loss of the Company. The Board confirms that it is satisfied that the annual report and accounts taken as a whole are fair, balanced and understandable and provide the information necessary for shareholders to assess the strategy and business model of the Company.
For and on behalf of the BoardHoward MylesChairman
7th August 2018
Statement of Comprehensive income
for the year ended 30th April 2018
2018 | 2017 | |||||
Revenue | Capital | Total | Revenue | Capital | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Gains on investments held at fair value through profit or loss | - | 718 | 718 | - | 8,587 | 8,587 |
Net foreign currency (losses)/gains | - | (51) | (51) | - | 2 | 2 |
Income from investments | 914 | - | 914 | 981 | - | 981 |
Interest receivable and similar income | 5 | - | 5 | 2 | - | 2 |
Gross return | 919 | 667 | 1,586 | 983 | 8,589 | 9,572 |
Management fee | (226) | - | (226) | (226) | - | (226) |
Other administrative expenses | (304) | - | (304) | (294) | - | (294) |
Net return on ordinary activities before finance costs and taxation | 389 | 667 | 1,056 | 463 | 8,589 | 9,052 |
Finance costs | - | - | - | (2) | - | (2) |
Net return on ordinary activities before taxation | 389 | 667 | 1,056 | 461 | 8,589 | 9,050 |
Taxation | (68) | - | (68) | (81) | - | (81) |
Net return on ordinary activities after taxation | 321 | 667 | 988 | 380 | 8,589 | 8,969 |
Return per share | 0.95p | 1.99p | 2.94p | 0.96p | 21.79p | 22.75p |
statement of changes in equity
for the year ended 30th April 2018
Called up | Capital | ||||||
share | Share | redemption | Other | Capital | Revenue | ||
capital | premium | reserve | reserve | reserves | reserve1 | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
At 30th April 2016 | 617 | 16,149 | 13 | 34,097 | (27,842) | 746 | 23,780 |
Repurchase of shares into Treasury | - | - | - | (7,218) | - | - | (7,218) |
Net return from ordinary activities | - | - | - | - | 8,589 | 380 | 8,969 |
Dividend paid in the year (note 3) | - | - | - | - | - | (202) | (202) |
At 30th April 2017 | 617 | 16,149 | 13 | 26,879 | (19,253) | 924 | 25,329 |
Repurchase of shares into Treasury | - | - | - | (397) | - | - | (397) |
Net return from ordinary activities | - | - | - | - | 667 | 321 | 988 |
Dividend paid in the year (note 3) | - | - | - | - | - | (270) | (270) |
At 30th April 2018 | 617 | 16,149 | 13 | 26,482 | (18,586) | 975 | 25,650 |
1 This reserve forms the distributable reserve of the Company and may be used to fund distributions of profits to investors via dividend payments.
statement of financial position
at 30th April 2018
2018 | 2017 | |
£'000 | £'000 | |
Fixed assets | ||
Investments held at fair value through profit or loss | 25,295 | 24,550 |
Current assets | ||
Debtors | 134 | 163 |
Cash and cash equivalents | 316 | 705 |
450 | 868 | |
Creditors: amounts falling due within one year | ||
Creditors | (95) | (89) |
Net current assets | 355 | 779 |
Total assets less current liabilities | 25,650 | 25,329 |
Net assets | 25,650 | 25,329 |
Capital and reserves | ||
Called up share capital | 617 | 617 |
Share premium | 16,149 | 16,149 |
Capital redemption reserve | 13 | 13 |
Other reserve | 26,482 | 26,879 |
Capital reserves | (18,586) | (19,253) |
Revenue reserve | 975 | 924 |
Shareholders' funds | 25,650 | 25,329 |
Net asset value per share | 76.5p | 74.2p |
statement of cash flows
for the year ended 30th april 2018
2018 | 2017 | |
£'000 | £'000 | |
Net cash outflow from operations before dividends and interest | (539) | (537) |
Dividends received | 816 | 915 |
Interest received | 6 | 1 |
Interest paid | - | (2) |
Net cash inflow from operating activities | 283 | 377 |
Purchases of investments | (10,829) | (13,259) |
Sales of investments | 10,852 | 20,283 |
Settlement of foreign currency contracts | (28) | 27 |
Net cash (outflow)/inflow from investing activities | (5) | 7,051 |
Dividend paid | (270) | (202) |
Repurchase of shares into Treasury | (397) | (7,218) |
Net cash outflow from financing activities | (667) | (7,420) |
(Decrease)/increase in cash and cash equivalents | (389) | 8 |
Cash and cash equivalents at start of year | 705 | 697 |
Cash and cash equivalents at end of year | 316 | 705 |
(Decrease)/increase in cash and cash equivalents | (389) | 8 |
Cash and cash equivalents consist of: | ||
Cash and short term deposits | 75 | 596 |
Cash held in JPMorgan US Dollar Liquidity Fund | 241 | 109 |
Total | 316 | 705 |
Notes to the financial statements
1. Accounting policies
Basis of accounting
The financial statements are prepared under the historical cost convention, modified to include fixed asset investments at fair value, and in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP'), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies in November 2014, and updated in February 2018.
All of the Company's operations are of a continuing nature.
The financial statements have been prepared on a going concern basis. The disclosures on going concern on page 22 of the 2018 Annual Report of the Directors' Report form part of these financial statements.
The policies applied in these financial statements are consistent with those applied in the preceding year.
2. Return per share
2018 | 2017 | ||
£'000 | £'000 | ||
Revenue return | 321 | 380 | |
Capital return | 667 | 8,589 | |
Total return | 988 | 8,969 | |
Weighted average number of shares in issue during the period | 33,601,224 | 39,423,033 | |
Revenue return per share | 0.95p | 0.96p | |
Capital return per share | 1.99p | 21.79p | |
Total return per share | 2.94p | 22.75p |
3. Dividends
(a) Dividends paid and proposed
2018 | 2017 | ||
£'000 | £'000 | ||
2017 dividend paid of 0.80p (2016: 0.50p) per share | 270 | 202 | |
Dividend proposed of 0.80p (2017: 0.80p) per share | 268 | 273 |
All dividends paid and declared in the period have been funded from the Revenue Reserve.
The final dividend proposed in respect of the year ended 30th April 2017 amounted to £273,000. However the actual payment amounted to £270,000 due to shares repurchased and held in Treasury, between the date at which financial statements were issued and the date on which the dividend was paid.
The final dividend proposed in respect of the year ended 30th April 2018 is subject to shareholder approval at the forthcoming Annual General Meeting.
This dividend will be reflected in the financial statements for the year ending 30th April 2019.
(b) Dividend for the purposes of Section 1158 of the Income and Corporation Tax Act 2010 ('Section 1158')
The requirement of Section 1158 of the Income and Corporation Tax Act 2010 are considered on the basis of dividends proposed in respect of the financial year, shown below. The revenue available for distribution by way of dividend for the year is £321,000 (2017: £380,000). The revenue reserve after payment of the final dividend will amount to £707,000 (2017: £654,000).
2018 | 2017 | ||
£'000 | £'000 | ||
Final dividend of 0.80p (2017: 0.80p) per share | 268 | 273 | |
Minimum dividend required for s1158 purposes | 171 | 233 |
4. Net asset value per share
2018 | 2017 | ||
Net assets (£'000) | 25,650 | 25,329 | |
Number of shares in issue | 33,524,854 | 34,124,854 | |
Net asset value per share | 76.5p | 74.2p |
5. Status of results announcement
2017 Financial Information
The figures and financial information for 2017 are extracted from the Annual Report and Accounts for the year ended 31st March 2017 and do not constitute the statutory accounts for the year. The Annual Report and Accounts include the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Register of Companies in due course.
2018 Financial Information
The figures and financial information for 2018 are extracted from the Annual Report and Accounts for the year ended 31st March 2018 and do not constitute the statutory accounts for the year. The Annual Report and Accounts include the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Register of Companies in due course.
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
JPMORGAN FUNDS LIMITED
7th August 2018
For further information, please contact:
Divya Amin
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
ENDS
A copy of the annual report will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM
The annual report will also shortly be available on the Company's website at www.jpmbrazil.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.