Final Results

RNS Number : 6980K

JPMorgan Mid Cap Invest Trust PLC

23 September 2016

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN MID CAP INVESTMENT TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 30TH JUNE 2016

The Directors of JPMorgan Mid Cap Investment Trust plc announce the Company's results for the year ended 30th June 2016.

Chairman's Statement

Investment Performance

It is somewhat disappointing to report a fall for the financial year in the Company's share price and net asset value in my final statement as Chairman, particularly given the very positive returns I confirmed at the mid year stage. Had the Company's year end fallen on 23rd June 2016, it would have been an entirely different picture. However, the result of the country's Referendum on the UK's membership of the European Union triggered a sharp fall in the Company's benchmark index of just over 15% in a period of just five business days, resulting in a benchmark return for the year to 30th June 2016 of -5.7%. Given the closeness of the polls in the run-up to the vote and despite an admirable effort by our investment managers to position the portfolio for a 'leave' or 'remain' outcome, which included a reduction in gearing to almost 0%, the Company's performance marginally lagged the benchmark on a net asset value total return basis, falling 7.7%. It is perhaps some comfort for shareholders that the Company's discount narrowed over the year, giving a total return to shareholders of -3.3%. Encouragingly since the 30th June to date, the Company's net asset value and share price returns have both recovered to levels in excess of the benchmark return over the same period.

Despite the impact of the Referendum result on the Company in the last six days of the reporting period, the Company's long term performance record remains strong over two, three and five years, and particularly over the tenure of the current investment team. Based upon these statistics and taking all factors into account, to include other services provided to the Company and its shareholders, the Board has no hesitation in confirming that JPMF should remain as the Company's Manager and that its ongoing appointment remains in the best interests of shareholders.

The investment managers' report below gives more detail on the positioning of the portfolio both pre and post the Referendum, together with their views on the outlook for the mid cap sector.

I have included the table below in my last two statements, it details the returns generated by the FTSE 250 indices compared to the FTSE 100 Index over one, three, five and 10 years to 30th June 2016. Given their strong correlation to the UK domestic consumer, including the house building industry, the FTSE 250 indices this year underperformed the FTSE 100 behemoths (albeit mainly in the last few days of the reporting period). However, an investment case for allocating a proportion of personal portfolios to funds investing in the FTSE 250, given their strong performance relative to the FTSE 100, remains over longer time periods and one would expect this to continue to be the case once the noise from the Referendum ebbs away. I would like to emphasise once again that JPMorgan Mid Cap Investment Trust continues to be one of the few closed ended companies which invests primarily in UK Mid Cap universe.

	To 30th June 2016
	One Year	Three Year	Five Year	Ten Year
Index	Return %	Return %	Return %	Return %
FTSE 250 (including investment trusts)	-4.6	27.6	56.5	127.6
FTSE 250 (excluding investment trusts)	-5.7	27.8	60.2	136.7
FTSE 100	3.8	16.8	31.7	61.4

Revenue and Dividends

Revenue earnings per share for the year to 30th June 2016 were 29.45 pence, a 3% increase on last year. As has been the case now for a few years the receipt of special dividends was a notable factor in the strength of the Company's earnings, with just over 24% of the income received arising from the payment of special dividends. Against this background the Board has decided to propose a final dividend of 13.0 pence, which when added to the interim dividend paid in April of 8.0 pence, equates to a base dividend payable of 21.0 pence (2015: 20.0 pence) for the full year, an increase over the prior year of 4.8%. Given the level of special dividends paid by underlying companies the Board has further resolved to propose the payment of a special dividend of 4.5 pence (2015: 4.5 pence). The final dividend and special dividend will be combined as one dividend and paid on 14th November 2016 to shareholders on the register at the close of business on 7th October 2016.

At this early stage it is expected that the underlying base dividend receipts on the Company's portfolio in 2016/2017 will be on par with those of 2015/2016. We are unable to forecast the payment of special dividends but these are again expected to be a feature of the UK dividend market for the year ahead. I add my usual caveat that we do not regard the receipt of substantial special dividends as a permanent feature of the UK market.

Gearing and Borrowing Facilities

The Board sets the overall gearing guidelines and reviews these at each meeting; changes in these guidelines between meetings may be undertaken by the investment managers after consultation with the Board. The Board has determined that in normal circumstances the Company's gearing range is -5% to +25%. At the end of the Company's financial year and in line with the uncertainty surrounding the EU membership vote a small amount of the portfolio was held in cash equivalents.

At the end of the reporting year, the Company had two loan facilities in place totalling £40 million. At present we believe that the funds available for gearing are appropriate, however, this continues to be kept under review. Further details on these facilities can be found in the Company's 2016 Annual Report & Accounts.

Discount Management

During the year under review, the Company did not repurchase any shares. However, as in prior years, Directors will be seeking to renew powers to repurchase up to 14.99% and issue up to 10% of the Company's shares respectively, at the forthcoming Annual General Meeting. Treasury shares and any new Ordinary shares will only be sold or issued respectively at a premium to net asset value.

Board of Directors

I became Chairman of the Company in 2005 and, as I indicated last year, I will retire at the conclusion of the forthcoming Annual General Meeting. I have thoroughly enjoyed serving on the Board of JPMorgan Mid Cap Investment Trust since my appointment in 2004 and it has been a privilege to be Chairman for the past 11 years. I would like to thank shareholders, my fellow Directors and the team at JPMorgan for their many years of support.

I am delighted that Michael Hughes, a Director since 2008, will be appointed Chairman in my place. His position of Senior Independent Director will be assumed by Richard Huntingford.

Refreshing the Board has continued with the appointment of John Evans as a Director from 1st June 2016. John commenced his career at Ivory & Sime in 1979. In 1990, he was one of the founding partners of Aberforth Partners, a specialist investment management firm that invests in UK smaller quoted companies largely on behalf of institutional investors. John will stand for reappointment at the Annual General Meeting and I look forward to introducing him to shareholders at this event.

There is a formal process each year for evaluating the performance of the Board, its Committees, individual Directors and myself as Chairman. Having completed the performance reviews this year, all eligible Directors will stand for reappointment at the Annual General Meeting.

Annual General Meeting

This year's Annual General Meeting will be held on Thursday, 27th October 2016 at 2.30 p.m. at 60 Victoria Embankment, London EC4Y 0JP. In addition to the formal part of the meeting, there will be a presentation from our investment managers, Georgina Brittain and Katen Patel, who will also answer questions on the portfolio and performance. There will be an opportunity to meet the Board, the investment managers and representatives of JPMorgan after the meeting. I look forward to welcoming as many of you as possible to this meeting.

If you have any detailed or technical questions, it would be helpful if you could raise these in advance of the meeting with the Company Secretary at 60 Victoria Embankment, London EC4Y 0JP. Shareholders who are unable to attend the Annual General Meeting are encouraged to use their proxy votes.

Prospects

Stock markets in any region experience increased levels of volatility in uncertain climates and unfortunately for the companies within our investment universe, uncertainty will be a factor for the foreseeable future whilst the Government negotiates the UK out of the European Union. Despite this the Board is confident that it has in place a strong and experienced team to steer the portfolio through these challenging times. Their focus on investing in high quality, cash generative companies, where both profits and dividends are still forecast to grow, should produce strong returns over time. I firmly believe that this will enable the Company to outperform its benchmark over the longer term as we have done successfully in the past.

Andrew Barker

Chairman

23rd September 2016

Investment Managers' Report

Performance & Market Background

Six months ago we reported that your Company had enjoyed a very strong start to its financial year, against a broadly flat index. A lot can change in six months, and the seismic political event that was the EU Referendum on the 23rd June 2016 impacted your Company hard.

As the FTSE 250 Index is the focus of domestic stocks, and is dominated in particular by consumer-facing companies, a vote to leave the EU was always going to have maximum impact on this index. This proved to be the case. In the two days immediately following the referendum, the index fell over 15%. Your Company's net asset value fell significantly further. Taking the year as a whole, the benchmark index total return was -5.7%. It is disappointing to report that the total return on net assets of your Company fell further, and was down -7.7% for the year. The majority of this decline was in the last week of June. The share price total return for the year was down slightly less at -3.3% as the discount narrowed over the year.

Portfolio

Over the past several years we have made it clear that the portfolio has been positioned for, and benefited from, the strength of the UK economy and the resurgence of the UK consumer. As we approached the EU Referendum, we continued to be largely consumer facing. However, before the vote, we did make certain changes, as we had spent many months analysing the potential implications of either outcome. One key change was a large reduction in the gearing to almost 0%. In addition, we significantly reduced our real estate exposure, selling out of Savills, Capital & Counties and Derwent London. While we increased our position in JD Sports, a high conviction holding, we reduced some consumer exposure by exiting Dixons Carphone and cutting our position in EasyJet. We added to our overseas exposure by buying into Electrocomponents (a global electronics distributor), and adding to the position in BGEO Group (formerly Bank of Georgia).

In the immediate aftermath of the vote, we made some swift changes to the shape of the portfolio. We reduced our positions in certain consumer-facing companies, in particular in Howden Joinery and in a number of housebuilders. However, in consumer services where we have high conviction in our holdings we have taken the opportunity to increase certain holdings. We also increased our exposure to companies with overseas exposure, which stood to benefit from the collapse in sterling. Among a number of new additions to the portfolio, we bought into Spirax Sarco and Tate & Lyle. We also added exposure to gold to the portfolio by buying a holding in Polymetal and, post the year end, adding a position in Hochschild Mining.

Outlook

Subsequent to our year end, the Bank of England has acted swiftly to counteract the potential damage to growth that the Referendum outcome may cause. It has cut interest rates to an astonishing 0.25%, while leaving open the possibility of further cuts to come, and has extended its quantitative easing by expanding its asset purchase scheme, and committing to purchase up to £10 billion of corporate bonds. On the back of these actions, it has cut its GDP forecast for 2017 from 2.3% to 0.8%, but it currently forecasts that the UK will not enter recession.

We applaud these pre-emptive measures by the Bank of England. Our concern is that the companies we invest in, and indeed all UK companies both small and large, face a period of uncertainty which may last for many years to come. Companies cannot plan growth and investment opportunities in a knowledge vacuum. This was well put in a recent comment by Andy Haldane, one of the members of the Monetary Policy Committee, which sets the UK's interest rates. He stated that 'the EU Referendum result has thrown up a dust cloud of economic uncertainty, making it harder for companies to plan, with potentially adverse implications for future investment and jobs.' The key word here is 'potentially'. We do not at this stage know how inflationary the fall in sterling will prove, nor how the consumer will react over the coming months and years, and nor do we know the extent, if any, of a reduction in investment by UK companies.

All of this makes our job of constructing a portfolio to suit the economic environment harder. We foresee the likelihood of increased volatility as the Brexit negotiations actually get under way. Whilst it is too early to tell what that economic environment will be, we do believe we have substantially de-risked the portfolio. We also believe we have continued to focus upon and invest in high quality, cash generative companies, where both profits and dividends are still forecast to grow.

Georgina Brittain

Katen Patel

Investment Managers

23rd September 2016

Principal Risks

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 under the following categories:

Investment and Strategy: An inappropriate investment strategy, for example stock selection or the level of gearing, may lead to under-performance 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 through its investment restrictions and guidelines which are monitored and reported monthly. JPMF provides the Directors with timely and accurate management information, including performance data and attribution analyses, 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 shows statistical measures of the Company's risk profile. The Investment Managers employ the Company's gearing tactically, within a strategic range set by the Board.

Investment performance could be adversely affected by the loss of one or more of the investment management team. To reduce the likelihood of such an event, the Manager ensures appropriate succession planning and adopts a team based approach as well as special efforts to retain key personnel. A change of corporate control could also negatively impact the Company. The Board holds regular meetings with senior representatives of JPMAM in order to obtain assurance that the Manager continues to demonstrate a high degree of commitment to its investment trusts business through the provision of significant resources.

Poor performance may lead to a widening of the discount. The Board monitors the Company's premium/discount level and will seek, where deemed prudent, to address imbalances in the supply and demand of the Company's shares through a programme of share buybacks.

The Board holds a separate meeting devoted to strategy each year.

Financial: The Company is exposed to market risk, liquidity risk and credit risk. The principal financial risk facing the Company is market risk arising from uncertainty about the future prices of the Company's investments. It represents the potential loss the Company might suffer through holding investments that could fall in value either due to general market movements or stock specific events. The latter is mitigated through diversification of investments in the portfolio. The Board reviews the portfolio and its gearing on a regular basis and has set investment restrictions and guidelines for the Manager. JPMF reports its adherence to these limits once a month to the Board. Financial risks faced by the Company are further disclosed in note 21 within the Company's 2016 Annual Report & Accounts.

Accounting, Legal and Regulatory: In order to qualify as an investment trust, the Company must comply with Section 1158 of the Corporation Tax Act 2010 ('Section 1158'). Details of the Company's approval are given under 'Structure and Objective of the Company' above. Should the Company breach Section 1158, it may lose investment trust status and as a consequence capital gains within the Company's portfolio would be subject to Capital Gains Tax. The Section 1158 qualification criteria are continually monitored by JPMF and the results reported to the Board each month. The Company must also comply with the provisions of the Companies Act 2006 and, as its shares are listed on the London Stock Exchange, the UKLA Listing Rules. A breach of the Companies Act could result in the Company and/or the Directors being fined or the subject of criminal proceedings. A breach of the UKLA Listing Rules may 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, JPMF, and its professional advisers to ensure compliance with the Companies Act 2006 and the UKLA Listing Rules.

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 in the Corporate Governance Statement in the Company's 2016 Annual Report & Accounts.

Operational and Cybercrime: Disruption to, or failure of, the Manager's accounting, dealing or payments systems or the custodian's or depositary's records could prevent accurate reporting and monitoring of the Company's financial position. On 1st July 2014, the Company appointed BNY Mellon Trust & Depositary (UK) Limited to act as its depositary, responsible for overseeing the operations of the custodian, JPMorgan Chase Bank N.A., and the Company's cash flows. 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 in the Internal Control section of the Corporate Governance report in the Company's 2016 Annual Report & Accounts. The threat of cyber attack, in all its guises, is regarded as at least as important as more traditional physical threats to business continuity and security. The Company benefits directly or indirectly from all elements of JPMorgan's Cyber Security programme. The information technology controls around the physical security of JPMorgan's data centres, security of its networks and security of its trading applications are tested by Deloitte and reported every six months against the AAF Standard.

Related Parties Transactions

During the 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 year.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the annual report and financial statements, and the Directors' Remuneration Report 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 prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 provide the information necessary for shareholders to assess the Company's position, 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 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 they have done so.

The Directors are responsible for keeping proper 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.

Under applicable law and regulations the Directors are also responsible for preparing a Strategic Report, a Directors' Report, Directors' Remuneration Report and Statement of Corporate Governance that comply with that law and those regulations.

The accounts are published on the www.jpmmidcap.co.uk website, which is maintained by the Company's Manager, JPMorgan Funds Limited ('JPMF'). The maintenance and integrity of the website maintained by JPMF is, so far as it relates to the Company, the responsibility of JPMF. The work carried out by the Auditors does not involve consideration of the maintenance and integrity of this website and, accordingly, the Auditors accept no responsibility for any changes that have occurred to the financial statements since they were initially presented on the website. The financial statements are prepared in accordance with UK legislation, which may differ from legislation in other jurisdictions.

Each of the Directors, whose names and functions are listed with the Company's 2016 Annual Report & Accounts, confirm that, to the best of their knowledge;

•      the financial statements, which have been prepared in accordance with United kingdom Accounting Standards, comprising FRS 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland', and applicable law (United Kingdom Generally Accepted Accounting Practice), give a true and fair view of the assets, liabilities, financial position and net return or loss of the Company; and

•      the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that its faces.

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 Board
Andrew Barker
Chairman

23rd September 2016

Financial Statements

Statement of Comprehensive Income

for the year ended 30th June 2016

	2016			2015
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
(Losses)/gains on investments held at fair value through profit or loss	-	(23,857)	(23,857)	-	42,702	42,702
Net foreign currency (losses)/gains	-	(37)	(37)	-	1	1
Income from investments	8,283	-	8,283	7,937	-	7,937
Interest receivable and similar income	62	-	62	113	-	113
Gross return/(loss)	8,345	(23,894)	(15,549)	8,050	42,703	50,753
Management fee	(493)	(1,151)	(1,644)	(447)	(1,044)	(1,491)
Other administrative expenses	(564)	-	(564)	(556)	-	(556)
Net return/(loss) on ordinary activities before finance costs and taxation	7,288	(25,045)	(17,757)	7,047	41,659	48,706
Finance costs	(109)	(253)	(362)	(124)	(290)	(414)
Net return/(loss) on ordinary activities before taxation	7,179	(25,298)	(18,119)	6,923	41,369	48,292
Taxation	(112)	-	(112)	(76)	-	(76)
Net return/(loss) on ordinary activities after taxation	7,067	(25,298)	(18,231)	6,847	41,369	48,216
Return/(loss) per share (note 3)	29.45p	(105.42)p	(75.97)p	28.53p	172.39p	200.92p

All revenue and capital items in the above statement derive from continuing operations.

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. Net return/(loss) on ordinary activities after taxation represents the profit/(loss) for the year and also the Total Comprehensive Income.

Statement of Changes in Equity

for the year ended 30th June 2016

	Called up	Capital
	share	redemption	Capital	Revenue
	capital	reserve	reserves	reserve1	Total
	£'000	£'000	£'000	£'000	£'000
At 30th June 2014	6,350	3,650	182,227	6,862	199,089
Net return on ordinary activities	-	-	41,369	6,847	48,216
Dividends paid in the year	-	-	-	(4,920)	(4,920)
At 30th June 2015	6,350	3,650	223,596	8,789	242,385
Net (loss)/return on ordinary activities	-	-	(25,298)	7,067	(18,231)
Dividends paid in the year	-	-	-	(5,880)	(5,880)
At 30th June 2016	6,350	3,650	198,298	9,976	218,274

1  This reserve forms the distributable reserve of the Company and may be used to fund distribution of profits to investors via dividend payments.

Statement of Financial Position

at 30th June 2016

	2016	2015
	£'000	£'000
Fixed assets
Investments held at fair value through profit or loss	217,222	264,425
Current assets
Debtors	4,679	1,495
Cash and cash equivalents1	8,957	3,254
	13,636	4,749
Current liabilities
Creditors: amounts falling due within one year	(4,584)	(26,789)
Net current assets/(liabilities)	9,052	(22,040)
Total assets less current liabilities	226,274	242,385
Creditors: amounts falling due after more than one year	(8,000)	-
Net assets	218,274	242,385
Capital and reserves
Called up share capital	6,350	6,350
Capital redemption reserve	3,650	3,650
Capital reserves	198,298	223,596
Revenue reserve	9,976	8,789
Total shareholders' funds	218,274	242,385
Net asset value per share (note 4)	909.6p	1,010.1p

1  This line item combines the two lines of 'Investments in liquidity funds held at fair value through profit or loss' and 'Cash and short term deposits' in the financial statements for the year ended 30th June 2015 into one. Under FRS 102, liquidity funds are considered cash equivalents as they are held for cash management purposes.

Company registration number: 1047690.

Notes to the Financial Statements

for the year ended 30th June 2016

1.     Accounting policies

(a)   Basis of accounting

The financial statements are prepared 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.

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 in the Directors' Report of the Company's 2016 Annual Report & Accounts form part of these financial statements.

2.     Dividends

(a)   Dividends paid and proposed

		2016	2015
		£'000	£'000
	Dividends paid
	2015 Final dividend of 12.0p (2014: 12.5p) per share	2,880	3,000
	2015 Special dividend 4.5p (2014: nil) per share	1,080	-
	2016 Interim dividend of 8.0p (2015: 8.0p) per share	1,920	1,920
	Total dividends paid in the year	5,880	4,920
	Dividend proposed
	2016 Final dividend proposed of 13.0p (2015: 12.0p) per share	3,120	2,880
	2016 Special dividend proposed of 4.5p (2015: 4.5p) per share	1,080	1,080
	Total dividends proposed for year	4,200	3,960

The dividend proposed in respect of the year ended 30th June 2016 is subject to shareholder approval at the forthcoming Annual General Meeting. In accordance with the accounting policy of the Company, this dividend will be reflected in the financial statements for the year ending 30th June 2017.

3.     Return/(loss) per share

		2016	2015
		£'000	£'000
	Revenue return	7,067	6,847
	Capital (loss)/return	(25,298)	41,369
	Total (loss)/return	(18,231)	48,216
	Weighted average number of shares in issue during the year	23,997,180	23,997,180
	Revenue return per share	29.45p	28.53p
	Capital (loss)/return per share	(105.42)p	172.39p
	Total (loss)/return per share	(75.97)p	200.92p

4.     Net asset value per share

		2016	2015
	Net assets (£'000)	218,274	242,385
	Number of shares in issue	23,997,180	23,997,180
	Net asset value per share	909.6p	1,010.1p

5. Status of announcement

     2015 Financial Information

     The figures and financial information for 2015 are extracted from the Annual Report and Accounts for the year ended 30th June 2015 and do not constitute the statutory accounts for that year.  The Annual Report and Accounts has been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

     2016 Financial Information

The figures and financial information for 2016 are extracted from the Annual Report and Accounts for the year ended 30th June 2016 and do not constitute the statutory accounts for that year.  The Annual Report and Accounts includes 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 Registrar 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 

23rd September 2016

For further information please contact:

Alison Vincent

For and on behalf of

JPMorgan Funds Limited, Secretary                                                                                                                                                                                                                           

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 is also 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.

 

END

 

 

FR EAFNDAALKEFF