Kepler Trust Intelligence : New research

RNS Number : 7964Q

JPMorgan Asian Investment Tst PLC

08 June 2018

 

JPMorgan Asian Investment Trust: New research    

08/06/2018

Highlights:

·     Although it is not an income fund it offers a yield of 4.1%, putting it on a competitive footing versus its income focused peers

·     A broad research team which is expanding further, giving the managers exceptional coverage with a particular advantage in the Chinese A-Share market

·     Strong performance relative to peers, driven by stock- selection rather than sector or country allocation, as the large proprietary research team bears fruit

·     The 9% discount is wider than the sector average, and near the limit of the board's stated "acceptable" discount range of 8-10%

·     The lowest cost trust in the AIC Asia ex Japan sector

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JPMorgan Asian seeks a total return from Asia Pacific ex Japan stocks, and owns a portfolio made up of the best ideas of a large proprietary research team. Country-level valuations are used to guide the PMs to shorter term tilts or where they look for ideas, but the main driver of return is stock selection rather than industry or country bets.

Returns have been strong since J.P.Morgan combined its Emerging Markets and Asia Pacific teams and standardised its research process, with the fund outperforming in rising and falling markets.

The trust has paid out a dividend of 4% of NAV since October 2016, made up of quarterly payments of 1%, the majority of which comes from capital reserves. As a result, the trust compares favourably even with some income-focused portfolios in the combined open- and closed-ended Asia ex Japan peer group.

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