Half-year Report

JPMorgan European Grwth & Inc PLC

29 November 2023

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN EUROPEAN GROWTH & INCOME PLC

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED
30TH SEPTEMBER 2023

Legal Entity Identifier: 549300D8SPJFHBDGXS57

Information disclosed in accordance with DTR 4.1.

CHAIR'S STATEMENT

Introduction

In this six month reporting period to the 30th September 2023 it is pleasing to report that the Company continued to outperform its benchmark. In what has been an uncertain period, the Board believes the robust proposition of the Company allows the Investment Managers the freedom to navigate European markets, whilst delivering to our shareholders the best of capital growth combined with a consistent income.

During this reporting period, very sadly the devastating conflict in Ukraine rages on and as I write this, we witness the terrible events in Israel and Palestine. It seems resolution and peace are a long way off. Surprisingly global stock markets have mostly taken these latest events in their stride. However other factors are taking their toll on the growth of the European economies. There has been a period of interest rate hikes by the central banks of the main Western economies including the European Central Bank (ECB) to bring inflation under control. Germany, the region's largest economy, has been particularly affected. Tensions with China persisted and the failure of Credit Suisse added to an increasingly fragile geopolitical situation and negative economic pressures.

Performance

Return on net assets (NAV) and return to shareholders

The Company's net assets outperformed its benchmark by 1.8% in the period under review (debt at fair value). Despite the favourable performance, the Company's net assets recorded a negative return for the period, unable to completely offset the broad decline of the benchmark.

The total return on net assets was -0.2% (debt at fair value). As stated, both of these returns compare well with the benchmark which recorded a total return in sterling terms of -2.0%. Strong relative stock selection was the main reason for this. In their Report on page 11 of the Company's half year report and financial statements, the Investment Managers review in more detail some of the factors underlying the performance of the Company as well as commenting on the economic and market background over the period in question.

For an explanation of the calculation of the Company's NAV, please see the Glossary of Terms and Alternative Performance Measures on page 27 of the Company's half year report and financial statements.

The total return to shareholders, which takes into account the movement of the share price over the period, outperformed the benchmark though by a smaller margin delivering a return of -1.2%.

The Company's restructuring in February 2022 has resulted in some of the performance and dividend data for periods prior to this reporting period being calculated on a transitional basis as detailed in various footnotes throughout this report.

Dividends

One of the aims of the Company is to provide shareholders with a predictable dividend income at a level that is consistent and frequent. This has been set at 4% of the preceding year NAV payable in July, October, January and March.

In line with the above aim, in respect of the year ending 31st March 2024, the Company has paid the first interim dividend of 1.05 pence per Ordinary share and declared the second interim dividend of 1.05 pence per Ordinary share. Between the end of this six month reporting period and the release of this report, the Company's Board declared a third interim dividend of 1.05 pence per Ordinary share. The Board is expecting to declare the fourth interim dividend in February 2024. As in 2023, brought forward revenue reserves will be utilised to partially cover the dividend for the financial year ending 31st March 2024.

Although not expected to be required in the financial year ending 31st March 2024, the Company's Articles also permit the Company's dividends to be paid from distributable capital reserves.

Gearing

There has been no change in the Investment Manager's permitted gearing range, as previously set by the Board, of between 10% net cash to 20% geared. At 30th September 2023 the Company was modestly geared at 3.3% (31st March 2023: 3.1%).

Discounts, Share Issuance and Repurchase

During the period under review, the average discount across the Investment Trust sector has remained elevated. Particular signs of stress are evident in those Trusts with significant unquoted assets due to illiquidity concerns as investors deliberate their level of confidence in underlying Net Asset Values. Despite the liquidity and transparency of the markets in which your Company invests, its sector and the Company itself have been tarred with this nervousness. The Board remain vigilant and active, addressing imbalances in the supply of and demand for the Company's shares through a buy-back of shares. The Board does not wish to see the discount widen beyond 10% under normal market conditions (using the cum-income NAV with debt at fair) on an ongoing basis. The precise level and timing of repurchases is dependent on a range of factors including prevailing market conditions. In the period under review, 3,468,338 Ordinary shares were bought into Treasury. From 1st October 2023 to 27th November 2023, 1,200,059 Ordinary shares were bought into Treasury. No Ordinary shares were issued.

The Company's Ordinary share discount as at 30th September 2023 was 11.8% to NAV with debt at fair value. The average discount of a peer group of six companies as at the same date was 10.1%. On 27th November, 2023, the Company's Ordinary share discount was 10.2%, which compares to an average discount of the same peer group of 10.0% as at the same date, though hides variation in strategy and performance across the sector.

Board of Directors

In line with the Company's Board Succession Plan, Jutta af Rosenborg will be retiring as Director and Audit Committee Chair on reaching her nine-year tenure next year. An independent search agency has been engaged to undertake a search for a suitable replacement Director and Audit Chair, with the aim of appointment in early 2024.

AIC Investment Week Award 2023

I am delighted that the Company was voted the best investment company in the European sector at the annual AIC Investment Week Award ceremony held on 16th November 2023. The judges commended the Company's performance and the benefits provided by its simplified and shareholder focused structure.

Outlook

The already fragile geopolitical outlook was further weakened in October 2023 by the vicious escalation of hostilities between Israel and Palestine. The economic impact that this latest tragedy will have on European equity markets is uncertain but has the potential to develop into a wider regional conflict which could further exacerbate already elevated energy prices. The recent run of increases in interest rates by the major economies central banks, including the ECB, seems to have ended as the desired reduction in inflation rates has so far been achieved. Whether the current rates of interest will precipitate a global recession remains to be seen.

Despite these challenges the Board has confidence the Company's Investment Managers remain dedicated to their strategy and have the agility to navigate these tricky times. Our optimism for European equities over the long term remains undimmed.

Rita Dhut

Chair                                                                                                                                      29th November 2023

INVESTMENT MANAGERS' REPORT

Market Background

Following a strong finish to the Company's last financial year our benchmark index fell 2.0% in the six months to the end of September. It is clear that, as expected, inflation has peaked as lower energy prices and the easing of supply chain issues helped. By September the rate of consumer price increases in the Eurozone had slowed to 4.3%.

By the end of the half year under review the European Central Bank (ECB) had hiked interest rates for the tenth consecutive time in its efforts to control inflation. While it has now indicated that it may pause it also reiterated that it expects to keep rates high for some time. Bank lending to households in the eurozone rose by 1.3% year-on-year, the lowest growth rate since November 2015, as the deceleration in credit demand persisted due to the unprecedented policy tightening enforced by the ECB over the past months.

Despite a growing belief that a recession in Europe had been avoided, or at least pushed out into 2024 economic growth has started to weaken. For example, the Eurozone Composite Purchasing Managers' Index (PMI) fell to 47.2 in September, suggesting economic contraction across the bloc's private sector economy. While manufacturing has been weak for some time the decline in the services side of the economy is a newer problem. Although the employment backdrop remains robust consumer confidence has started to decline again.

Portfolio Performance

The Company outperformed its benchmark index by 1.8% based on NAV with debt valued at fair value, in the first half of its financial year. Within pharmaceuticals Novo Nordisk was again a top contributor to performance as its anti-obesity drugs continued to exceed expectations. Various clinical trials have shown a positive impact from its anti-obesity products on other conditions such as major adverse cardiovascular events and chronic kidney disease in diabetes patients. It has now raised earnings guidance three times this year. The portfolio has also been overweight in the bank sector with companies such as UniCredit in Italy contributing positively to performance. As interest rates have risen net interest margins have expanded leading to frequent earnings upgrades. Despite this, valuations have remained modest and with well capitalised balance sheets UniCredit, and others in the sector, have been able to return money to shareholders by raising dividends and buying back equity.

During the six months under review we increased the weighting to the Materials sector by adding to our position in Air Liquide which is the number two player in industrial and healthcare gases. The top three companies control 70% of the market giving them a quasi-oligopoly with rational pricing and often long term take or pay contracts. The backlog is strong, and the growth rate is accelerating. At a sector level the biggest reduction was in Consumer Durables where we reduced overweight positions in LVMH and Richemont. Both companies have seen earnings estimates stall with concerns about Chinese growth resurfacing and both companies, particularly LVMH, were on high valuations when bond yields were continuing to rise.

By the end of the half year the Company's top three overweight sectors were Banks, Energy and Semi-Conductors and the bottom three underweights were Healthcare Equipment, Financial Services and Food, Beverage and Tobacco. Overall, the portfolio remains cheaper than the benchmark, with better quality and momentum characteristics.

Outlook

Recent statements from both the ECB and the Federal Reserve have given markets the hope that the monetary tightening phase is drawing to an end, although it is too soon to expect interest rates to be lowered again. It is likely that the economic data will be somewhat contradictory for some time which may lead to further volatility in both bond and equity markets. At some stage markets will start to worry that Central Banks have tightened too much, and recession fears will rise. As mentioned above there are signs that both the manufacturing and services side of European economies are slowing. However, we continue to find exciting investment opportunities across a range of sectors. When yields, and especially real yields, have peaked that will provide support for valuations particularly of longer duration assets.

Alexander Fitzalan Howard

Zenah Shuhaiber

Tim Lewis

Investment Managers                                                                                                             29th November 2023

INTERIM 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 fall into the following broad categories: investment; operational; regulatory; discount/premium to NAV; strategy; pandemic risk; climate change; geopolitical and economic concerns; artificial intelligence ('AI'). Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 31st March 2023.

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.

Going Concern

The Directors believe, having considered the Company's investment objectives, future cash flow projections, risk management policies, liquidity risk, principal and emerging risks, capital management policies and procedures, nature of the portfolio and expenditure projections and the economic and operational impact of Russia's invasion of Ukraine other conflicts and geopolitical tensions and Covid-19 that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and, more specifically, that there are no material uncertainties relating to the Company that would prevent its ability to continue in such operation existence for at least 12 months from the date of the approval of this half yearly financial report. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.

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 yearly 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 required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and

(ii)     the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure 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

Rita Dhut

Chair                                                                                                                                      29th November 2023

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30th September 2023

	(Unaudited)			(Unaudited)			(Audited)
	Six months ended			Six months ended			Year ended
	30th September 2023			30th September 2022			31st March 2023
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
(Losses)/gains on investments
and derivatives held at fair
value through profit or loss	-	(12,354)	(12,354)	-	(47,326)	(47,326)	-	32,295	32,295
Foreign exchange
(losses)/gains on liquidity
fund	-	(82)	(82)	-	877	877	-	1,141	1,141
Net foreign currency
gains/(losses)	-	334	334	-	(2,268)	(2,268)	-	(2,795)	(2,795)
Income from investments	12,026	-	12,026	10,942	-	10,942	15,138	-	15,138
Interest receivable and similar
income	128	-	128	34	-	34	48	-	48
Gross return/(loss)	12,154	(12,102)	52	10,976	(48,717)	(37,741)	15,186	30,641	45,827
Management fee	(356)	(832)	(1,188)	(332)	(775)	(1,107)	(668)	(1,560)	(2,228)
Other administrative expenses	(276)	-	(276)	(239)	-	(239)	(557)	-	(557)
Net return/(loss) before finance
costs and taxation	11,522	(12,934)	(1,412)	10,405	(49,492)	(39,087)	13,961	29,081	43,042
Finance costs	(172)	(402)	(574)	(178)	(416)	(594)	(359)	(837)	(1,196)
Net return/(loss) before taxation	11,350	(13,336)	(1,986)	10,227	(49,908)	(39,681)	13,602	28,244	41,846
Taxation	(1,048)	-	(1,048)	(1,127)	-	(1,127)	(1,248)	-	(1,248)
Net return/(loss) after taxation	10,302	(13,336)	(3,034)	9,100	(49,908)	(40,808)	12,354	28,244	40,598
Return/(loss) per share: (note 3)	2.38p	(3.08)p	(0.70)p	2.08p	(11.43)p	(9.35)p	2.83p	6.48p	9.31p

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) after taxation represents the profit/(loss) for the period/year and also the total comprehensive income

CONDENSED STATEMENT OF CHANGES IN EQUITY

	Called up		Capital
	share	Share	redemption	Capital	Revenue
	capital	premium	reserve	reserves1	reserve1	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Six months ended 30th September 2023 (Unaudited)
At 31st March 2023	2,185	131,163	18,273	299,679	3,946	455,246
Repurchase of shares into Treasury	-	-	-	(3,228)	-	(3,228)
Net (loss)/return	-	-	-	(13,336)	10,302	(3,034)
Dividend paid in the period (note 4)	-	-	-	-	(4,556)	(4,556)
At 30th September 2023	2,185	131,163	18,273	283,115	9,692	444,428
Six months ended 30th September 2022 (Unaudited)
At 31st March 2022	4,605	131,163	15,853	273,876	13,837	439,334
Repurchase and cancellation of the Company's
own shares	(2)	-	2	(258)	-	(258)
Repurchase of shares into Treasury	-	-	-	(940)	-	(940)
Net return	-	-	-	(49,908)	9,100	(40,808)
Dividends paid in the period (note 4)	-	-	-	-	(9,181)	(9,181)
At 30th September 2022	4,603	131,163	15,855	222,770	13,756	388,147
Year ended 31st March 2022 (Audited)
At 31st March 2022	4,605	131,163	15,853	273,876	13,837	439,334
Reclassification of shares cancelled in respect of
the restructure in the prior year	(2,418)	-	2,418	-	-	-
Repurchase and cancellation of the Company's
own shares	(2)	-	2	(258)	-	(258)
Repurchase of shares into Treasury	-	-	-	(2,183)	-	(2,183)
Net return	-	-	-	28,244	12,354	40,598
Dividends paid in the year (note 4)	-	-	-	-	(22,245)	(22,245)
At 31st March 2023	2,185	131,163	18,273	299,679	3,946	455,246

¹     These reserves form the distributable reserve of the Company and may be used to fund distribution of profits to investors.

CONDENSED STATEMENT OF FINANCIAL POSITION

At 30th September 2023
	(Unaudited)	(Unaudited)	(Audited)
	30th September	30th September	31st March
	2023	2022	2023
	£'000	£'000	£'000
Fixed assets
Investments held at fair value through profit or loss	459,127	400,475	469,173
Current assets
Derivative financial assets	216	292	12
Debtors	4,807	3,813	4,782
Cash and cash equivalents	23,980	28,881	25,523
	29,003	32,986	30,317
Current liabilities
Creditors: amounts falling due within one year	(473)	(1,576)	(364)
Derivative financial liabilities	(5)	(20)	(101)
Net current assets	28,525	31,390	29,852
Total assets less current liabilities	487,652	431,865	499,025
Creditors: amounts falling due after more than one year	(43,224)	(43,718)	(43,779)
Net assets	444,428	388,147	455,246
Capital and reserves
Called up share capital	2,185	4,603	2,185
Share premium	131,163	131,163	131,163
Capital redemption reserve	18,273	15,855	18,273
Capital reserves	283,115	222,770	299,679
Revenue reserve	9,692	13,756	3,946
Total shareholders' funds	444,428	388,147	455,246
Net asset value per share (note 5)	103.1p	89.1p	104.8p

CONDENSED STATEMENT OF CASH FLOWS

For the six months ended 30th September 2023

	(Unaudited)	(Unaudited)	(Audited)
	Six months ended	Six months ended	Year ended
	30th September	30th September	31st March
	2023	20221	2023
	£'000	£'000	£'0001
Cash flows from operating activities
Total (loss)/return on ordinary activities	(1,412)	(39,087)	43,042
Adjustment for:
Net (losses)/gains on investments held at fair value through
profit or loss	12,354	47,326	(32,295)
Foreign exchange (losses)/gains on Liquidity fund	82	(877)	(1,141)
Net foreign currency gains/(losses)	(334)	2,268	2,795
Dividend income	(12,026)	(10,942)	(15,138)
Interest income	(115)	(1)	(2)
Realised gain/(loss) on foreign exchange transactions	6	(37)	494
Realised exchange gain/(loss) on Liquidity fund	193	(26)	648
Decrease in accrued income and other debtors	22	66	27
Decrease/(increase) in accrued expenses	25	(70)	(41)
	(1,205)	(1,380)	(1,611)
Dividends received	10,842	9,733	12,264
Interest received	51	1	2
Overseas withholding tax recovered	153	47	661
Net cash inflow from operating activities	9,841	8,401	11,316
Purchases of investments and derivatives	(67,519)	(51,977)	(120,395)
Sales of investments and derivatives	65,216	53,707	131,716
Settlement of foreign currency contracts	(533)	(887)	(1,531)
Net cash (outflow)/inflow from investing activities	(2,836)	843	9,790
Equity dividends paid	(4,556)	(9,181)	(22,245)
Repurchase of shares for Cancellation	-	(258)	(258)
Repurchase of shares into Treasury	(3,141)	(940)	(2,089)
Interest paid	(576)	(571)	(1,170)
Net cash outflow from financing activities	(8,273)	(10,950)	(25,762)
Decrease in cash and cash equivalents	(1,268)	(1,706)	(4,656)
Cash and cash equivalents at start of period/year	25,523	29,685	29,685
Unrealised gain on foreign currency cash and cash equivalents	(275)	902	494
Cash and cash equivalents at end of period/year	23,980	28,881	25,523
Cash and cash equivalents consist of:
Cash and short term deposits	421	670	280
Cash held in JPMorgan Euro Liquidity fund	23,559	28,211	25,243
Total	23,980	28,881	25,523

¹     The presentation of the Cash Flow Statement, as permitted under FRS 102, has been changed so as to present the reconciliation of 'net return/(loss) before finance costs and taxation' to 'net cash inflow from operating activities' on the face of the Cash Flow Statement. Previously, this was shown by way of note. Interest paid has also been reclassified to financing activities, previously shown under operating activities, as this relates to loans. Other than consequential changes in presentation of the certain cash flow items, there is no change to the cash flows as presented in previous periods.

Analysis of changes in net (debt)/cash

	As at				As at
	31st March		Exchange	Other	30th September
	2023	Cash flows	movements	non-cash charges	2023
	£'000	£'000	£'000	£'000	£'000
Cash and cash equivalents
Cash	280	141	-	-	421
Cash equivalents - Liquidity fund	25,243	(1,409)	(275)	-	23,559
	25,523	(1,268)	(275)	-	23,980
Borrowings
Debt due after one year	(43,779)	-	561	(6)	(43,224)
Total net debt	(18,256)	(1,268)	286	(6)	(19,244)

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the six months ended 30th September 2023

1.     Financial statements

The information contained within the condensed financial statements in this half year report has not been audited or reviewed by the Company's auditors.

The figures and financial information for the year ended 31st March 2023 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 including the report of the auditors 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 July 2022.

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 30th September 2023.

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 31st March 2023.

3.    Return per share

	(Unaudited)	(Unaudited)	(Audited)
	Six months ended	Six months ended	Year ended
	30th September	30th September	31st March
	2023	2022	2023
	£'000	£'000	£'000
Return per share is based on the following:
Revenue return	10,302	9,100	12,354
Capital (loss)/return	(13,336)	(49,908)	28,244
Total (loss)/return	(3,034)	(40,808)	40,598
Weighted average number of shares in issue	433,129,680	436,629,740	435,967,427
Revenue return per share	2.38p	2.08p	2.83p
Capital (loss)/return per share	(3.08)p	(11.43)p	6.48p
Total (loss)/return per share	(0.70)p	(9.35)p	9.31p

4.    Dividends

	(Unaudited)	(Unaudited)	(Audited)
	Six months ended	Six months ended	Year ended
	30th September	30th September	31st March
	2023	2022	2023
	£'000	£'000	£'000
Dividends paid
2022 Growth & Income first interim dividend of 1.10p	-	4,812	4,812
2024 Growth & Income first interim dividend of 1.05p (2023: 1.00p)	4,556	4,369	4,369
2023 Growth & Income second interim dividend of 1.00p	-	-	4,358
2023 Growth & Income third interim dividend of 1.00p	-	-	4,354
2023 Growth & Income fourth interim dividend of 1.00p	-	-	4,352
Total dividends paid in the period	4,556	9,181	22,245

All dividends paid and declared in the period have been funded from the Revenue Reserve.

The Company's second interim dividend of 1.05p per share was paid on 27th October 2023 at a cost of £4,529,000.

5.    Net asset value per share

The net asset value per Ordinary share and the net asset value attributable to the Ordinary shares at the period/year end are shown below. These were calculated using 430,969,508 (30th September 2022: 435,821,962; 31st March 2023: 434,437,846) Ordinary shares in issue at the period/year end (excluding Treasury shares).

	(Unaudited)		(Unaudited)		(Audited)
	Six months ended		Six months ended		Year ended
	30th September 2023		30th September 2022		31st March 2023
	Net asset		Net asset		Net asset
	value attributable		value attributable		value attributable
	£'000	pence	£'000	pence	£'000	pence
Net asset value - debt at par	444,428	103.1	388,147	89.1	455,246	104.8
Add: amortised cost of the Euro 50 million Private
Placement Note with Metlife, repayable on
26th August 2035	43,224	10.0	43,718	10.0	43,779	10.1
Less: Fair Value of the Euro 50 million Private
Placement Note with Metlife, repayable on
26th August 2035	(39,005)	(9.1)	(43,366)	(10.0)	(41,579)	(9.6)
Net asset value - debt at fair value	448,647	104.0	388,499	89.1	457,446	105.3

6.    Fair valuation of instruments

The fair value hierarchy analysis for Financial Instruments held at fair value at the period end is as follows:

	(Unaudited)		(Unaudited)		(Audited)
	Six months ended		Six months ended		Year ended
	30th September 2023		30th September 2022		31st March 2023
	Assets	Liabilities	Assets	Liabilities	Assets	Liabilities
	£'000	£'000	£'000	£'000	£'000	£'000
Level 1	459,127	-	400,475	-	469,173	-
Level 21	216	(5)	292	(20)	12	(101)
Total	459,343	(5)	400,767	(20)	469,185	(101)

¹     Forward foreign currency contracts.

JPMORGAN FUNDS LIMITED

29^th November 2023

For further information, please contact:

Paul Winship

For and on behalf of

JPMorgan Funds Limited

0800 20 40 20

ENDS

A copy of the half year will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do

The half year will also shortly be available on the Company's website at www.jpmeuropean.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