Final Results to 30th June 2024

JPMorgan Global Growth & Income PLC

30 September 2024

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN GLOBAL GROWTH & INCOME PLC

FINAL RESULTS FOR THE YEAR ENDED 30TH JUNE 2024

Legal Entity Identifier: 5493007C3I0O5PJKR078

Information disclosed in accordance with DTR 4.2.2

JPMorgan Global Growth & Income plc ('JGGI' or the 'Company') reports its annual results for the year to 30 June 2024.

Highlights

·    NAV total return of +28.0% compared with +20.1% for the MSCI AC World Index (in Sterling terms) (the 'Benchmark'). Share price return of +28.8%.

·    For five years ended 30th June 2024, NAV total return of +110.5% compared with +67.8% for the Benchmark.

·    Excess returns generated over three major style rotations in markets and across a variety of sectors, while both US and International companies contributed to returns.

·    Intention to pay total dividend of 22.8 pence per share for financial year commencing 1 July 2024, equivalent to 23.6% increase on previous year.

·    65 million shares issued through regular issuance in year to 30 June 2024 raising £342 million, while a placing and retail offer raised an additional £35 million.

·    Prospectus to be published in October to allow issuance of up to 150 million shares during the life of the placing programme.

The Chairman of JGGI, Tristan Hillgarth, commented:

"The investment trust sector has seen an increase in consolidation activity over the past two years, due in part to the often challenging investment environment, and your Company's size and performance track record make it a potentially attractive partner for other investment trusts. From the Board's perspective, such consolidations can be an important means of growing the Company's asset base and therefore reducing costs for our shareholders and providing greater liquidity in the Company's shares."

JGGI's Portfolio Managers, Helge Skibeli, James Cook and Tim Woodhouse, commented that:

"We believe that global stock picking across our core investment universe remains attractive and rewarding, and we see many well-priced opportunities. The Company has exposure to a number of long-term trends, such as the rapid adoption of AI tools, cloud computing and the transition to renewable energy, which we expect will drive the market over the medium to long-term. However, our caution about the near-term outlook, and the possibility of recession, has also influenced positioning. We have increased exposure to defensive sectors, which should outperform during any slowdown."

Enquiries:

JPMorgan Global Growth & Income Plc

Press enquiries through Lansons PR

E-mail: [e-mail]

Investor Relations

Andrew Jenkinson, JPMorgan Funds Limited

E-mail: [e-mail]

Tel: [phone]

CHAIRMAN'S STATEMENT

I am pleased to present the Company's annual results for the year ended 30th June 2024.

Investor sentiment has been mostly positive during this period. The market received support from the ongoing excitement about artificial intelligence ('AI'), and evidence of declining inflation pressures was greeted with relief, especially as it was not accompanied by any apparent slowdown in economic growth. Lower inflation has created scope for lower interest rates. The Bank of England, the US Federal Reserve and the European Central Bank have already begun their easing cycle, and investors are eagerly anticipating similar moves by other central banks. Together, these factors ensured that global equity markets realised strong gains over the past year.

Performance

Within this conducive investment environment, I am pleased to report that the Company made significant outright gains and outperformed its benchmark, the MSCI AC World Index (in sterling terms) (the 'Benchmark'), over the financial year ended 30th June 2024. The Company returned +28.0% on a net asset value ('NAV') basis, and +28.8% in share price terms, compared to the Benchmark's NAV return of +20.1%. This outperformance was the result of the Portfolio Managers' stock selection, as illustrated in the table below and discussed in more detail in the Investment Manager's Report.

Performance attribution

Year ended 30th June 2024

	%	%
Contributions to total returns
Benchmark total return		+20.1
Asset allocation	+1.7
Stock selection	+7.0
Currency effect	-0.1
Gearing/cash	+0.4
Investment Manager contribution		+9.0
Portfolio total return		+29.1
Management fees/other expenses	-0.4
Net asset value total return - prior to structural effects		+28.7
Structural effects
Share buy-back/issuance	+0.2
Net asset value total return - debt at par		+28.9
Impact of fair valuation of debt	-0.9
Net asset value total return - debt at fair		+28.0
Total return to Shareholders		+28.8

Source: JPMAM and Morningstar. All figures are on a total return basis.

Performance attribution analyses how the Company achieved its recorded performance relative to its Benchmark.

A glossary of terms and APMs is provided in the full Annual Report

This outperformance extends the Company's long track record of strong absolute gains and outperformance. In the five years to 30th June 2024, the Company has delivered an annual average return of +16.1% in NAV terms and +15.9% on a share price basis, compared to the annual Benchmark return of +10.9%. All figures are on a total return basis. As the Portfolio Managers discuss in some detail in their report, their performance has been very consistent over this period, despite unusually high levels of market volatility and wide fluctuations in the factors driving equity markets. They have delivered excess returns over each financial year, from broadly-based sources across many sectors and stocks, in both the US and international markets. This consistency illustrates the Portfolio Managers' stock selection skills and the merits of their disciplined approach to the overall management of the portfolio. On behalf of the Board and shareholders, I would like to thank them for their efforts and notable returns.

As well as providing a more detailed discussion of performance, the Investment Manager's Report assesses recent market developments, the outlook for the coming year and how the Portfolio Managers have positioned the portfolio to capture the opportunities on offer.

Combination with JPMorgan Multi-Asset Growth & Income Plc

Building on previous similar transactions, the Company's combination with JPMorgan Multi-Asset Growth & Income Plc ('MATE'), effected by way of a scheme of reconstruction, was completed in March 2024. The Company issued 13,546,292 new Ordinary shares in exchange for substantially all of the net assets of MATE. I would like to take this opportunity to welcome former MATE shareholders.

The investment trust sector has seen an increase in consolidation activity over the past two years, due in part to the often challenging investment environment, and your Company's size and performance track record make it a potentially attractive partner for other investment trusts. From the Board's perspective, such consolidations can be an important means of growing the Company's asset base and therefore reducing costs for our shareholders and providing greater liquidity in the Company's shares.

The Manager

In addition to the continued strong performance of the Portfolio Managers in managing the portfolio, the Board would like to take this opportunity to express its thanks to the wider team at the Manager, which has continued to support the Board throughout the year, and in particular with the Company's consolidation activities.

The Manager provides other services to the Company, including accounting, company secretarial and marketing services. These have been formally assessed through the annual manager evaluation process, led by the Company's Management Engagement Committee. Taking all factors into account, the Board concluded that the ongoing appointment of the Manager is in the continuing interests of shareholders.

Dividend Policy

The Company's dividend policy has now been in place since 2016. As a reminder, the dividend policy aims to pay, in the absence of unforeseen circumstances, dividends totalling at least 4% of the NAV of the Company as at the end of the preceding financial year. Where, in the view of the Board, the target dividend is likely to result in a dividend yield that is materially out of line with the wider market, the Board may choose to set the target dividend at a different level that is more consistent with the wider market and other global income trusts and funds.

On 2nd July 2024 the Board announced that the Company intends to pay dividends totalling 22.80 pence per share (5.70 pence per share, per quarter), for the financial year commencing 1st July 2024 ('FY25'). This represents a 23.6% increase on the total dividend of 18.44 pence per share paid in the previous financial year. It is expected that the FY25 dividends will be paid by way of four equal distributions. The first FY25 interim dividend of 5.70 pence per share was declared on 2nd July 2024 and will be paid on 7th October 2024 to shareholders on the register at the close of business on 30th August 2024. The ex-dividend date was 29th August 2024.

The Company's capacity to part-fund dividends from our significant level of reserves provides it with the means to meet investors' desire for regular income, combined with clarity on dividend payments for the coming year. It also allows our Portfolio Managers to invest where they see opportunities as they are not constrained by the need to invest only in high dividend-paying companies to meet this dividend policy. Instead, they are free to invest in non or low dividend paying companies, with a view to benefitting from the long-term capital growth prospects of these businesses.

Share Premium Cancellation

The Company's distributable reserves were bolstered during the past financial year following the reduction of its share capital due to the cancellation of its share premium account credit, as at 2nd November 2023. Further to authority granted by shareholders at last year's Annual General Meeting, and approval from the High Court of Justice, Chancery Division, the Company transferred circa £1.2 billion from its share premium account to other reserves, which can be used in the future, if required, for corporate purposes, including dividends. There was no change to the number of issued shares resulting from the cancellation.

Placing and Retail Offer

The Company's strong performance over both the short and longer-term, combined with its attractive dividend policy and the scale and liquidity it offers, has generated steady demand for its shares over the past year. As a result, the Company's shares have traded at a modest premium to its NAV over most of the financial year, at a time when discounts have been widening across most of the investment trust sector. This has led to the Company having an active issuance and premium management programme.

The Board has taken several steps to help meet the demand for shares, including initiating a placing and retail offer of shares in the Company via the Winterflood Retail Access Platform ('WRAP'). I am pleased to report that this offering was very successful, raising gross proceeds of £34.5 million. Indeed, as further evidence of the Company's popularity with investors, the WRAP offer was materially oversubscribed. A total of 6,472,847 new Ordinary shares were admitted to trading on 23rd February 2024.

Share Issuance and Repurchases

In addition to the shares issued in the placing and retail offer and those issued as part of the combination with MATE, a further 65,275,000 new Ordinary shares were issued during the year as part of the Company's ongoing issuance and premium management programme.

In view of the continued demand for the Company's shares, at the General Meeting held on 2nd September 2024, the Company renewed its general allotment authority from shareholders on an interim basis to issue up to 49,293,231 Ordinary shares on a non-pre-emptive basis for the period from 2nd September 2024 to the next Annual General Meeting in November 2024.

Resolutions renewing the Directors' authorities to issue new shares and shares from Treasury, in both cases at a premium to NAV, and to disapply pre-emption rights over such issues and the authority to permit the Company to repurchase its own shares will be proposed at the forthcoming 2024 Annual General Meeting.

Despite the generally strong and ongoing demand for the Company's shares, there was a brief period during the financial year, between 5th June 2024 and 11th June 2024, when the Company's share price moved from a premium into a discount. This was a result of a liquidation of a fund of investment trusts in which your Company was a large holding. To support the share price during this period, the Company bought back 900,000 of its own shares into Treasury at an average discount of 2.3%. These shares were subsequently re-issued out of Treasury at a premium to NAV the following week, adding 0.03 pence to the Company's NAV. At the time of writing there are no shares held in Treasury.

The Company's long-term policy of repurchasing its shares with the aim of maintaining an average discount of around 5% or less calculated with debt at par value remains unchanged.

The Company also secured five block listings on the main market totalling 75 million Ordinary shares of the Company during the year under review. As at 27th September 2024, the Company has 23,034,140 Ordinary shares remaining within its most recent block listing facility for 27 million shares dated 24th May 2024.

Proposed Placing Programme

To allow the Company to continue its issuance and premium management programme, as well as offering secondary market liquidity for shareholders, as announced on 13th August 2024, and approved by shareholders at the General Meeting held on 2nd September 2024, the Company intends to publish a prospectus in October, so that it will have the ability to issue up to 150 million Ordinary shares during the life of the placing programme.

Ordinary shares issued under the placing programme will be issued at a price not less than the prevailing NAV per ordinary share (cum income) plus a premium intended to cover the costs and expenses of such issue. Please see the circular issued by the Company dated 13th August 2024 for more details. This is available on the Company's website at www.jpmglobalgrowthandincome.co.uk

Asset Reunification Programme

During the year, the Board undertook an asset reunification programme, conducted by the Company's former registrar, Equiniti Limited, which aimed to trace and reunite shareholders with unclaimed shares and dividends in the Company. More details can be found in the full Annual Report.

Gearing

The Company's policy on gearing is set by the Board and remains unchanged. At the start of the period, the Company was in a net cash position of 0.6%. During the year, gearing varied between net cash of 1.3% and gearing of 1.4%. As explained in the Investment Manager's Report, the Portfolio Managers are cautious about the near-term market outlook, and this is reflected in the fact that your Company had a net cash position of 1.0% at the end of June 2024. That said, the Portfolio Managers continually assess market opportunities to deploy gearing where they see potential for it to enhance shareholder value.

Further details on the Company's borrowings can be found in the full Annual Report.  

Currency Hedging

The Company continues its passive currency hedging strategy (implemented in late 2009) that aims to make stock selection the predominant driver of overall portfolio performance relative to the Benchmark. This is a risk reduction measure, designed to eliminate most of the differences between the portfolio's currency exposure and that of the Company's Benchmark. As a result, the returns derived from the portfolio's exposure to currencies may differ materially from that of the Company's competitors, who generally may not undertake such a similar strategy.

The Board

As announced in the last Annual Report, as part of the Board's ongoing succession plans, both Mick Brewis and I will be stepping down from the Board at this year's Annual General Meeting, and James Macpherson will succeed me as Chairman. I would like to take this opportunity to thank Mick for his important contribution to the Board.

Sarah Laessig, who joined the Board on 2nd January 2024, has been an excellent addition to the existing Board composition. As part of the ongoing development of the Board, the Company has engaged Cornforth Consulting Ltd, an independent recruitment specialist for board level searches, to assist in the search for a suitably qualified director to join the Board. This search is being conducted via the Board's Nomination Committee and is well advanced. The Board expects to announce the appointment of a new director ahead of the Company's 2024 Annual General Meeting. As part of the Board's succession planning, Jane Lewis will be stepping down at the 2025 Annual General Meeting.

In its assessment of potential candidates for this appointment, the Board is conscious of the increased focus on diversity and recognises the value and importance of diversity in the boardroom. Following Sarah's appointment in January, the Board meets the Listing Rules target of 40% female representation. However, none of the Board's current Directors is from a minority ethnic background, and this will be given due consideration in the selection process, with a view to ensuring Board composition subsequently aligns with the recommendations of the Parker Review as well as meeting the requirements of the Listing Rules.

The Board supports annual re-election for all Directors, as recommended by the AIC Code of Corporate Governance, and therefore all the Directors will stand for re-election at the forthcoming Annual General Meeting, with the exception of myself and Mick Brewis, and also Sarah Laessig who will stand for election with this being her first Annual General Meeting since her appointment.

Board Committees

In view of my pending retirement from the Board, it has been agreed that Jane Lewis will take over as Chair of the Company's Nomination Committee. As James will replace me as Chairman of the Board, it has been agreed that Sarah Laessig will take over as Chair of the Company's Management Engagement Committee and furthermore, James will relinquish his membership of the Audit Committee upon his appointment as Chairman of the Board and attend Audit Committee meetings by invitation only.

Annual General Meeting

I am pleased to advise that the Company's one hundred and thirty-seventh Annual General Meeting ('AGM') will be held at 60 Victoria Embankment, London EC4Y 0JP at 3.00p.m. on Thursday, 14th November 2024.

Shareholders are invited to join us in person for the Company's AGM, to hear from the Portfolio Managers. Their presentation will be followed by a question-and-answer session. For shareholders wishing to follow the AGM proceedings but choosing not to attend, we will be able to welcome you through conferencing software. Details on how to register, together with access details, will be available on the Company's website: www.jpmglobalgrowthandincome.co.uk or by contacting the Company Secretary at [e-mail].

As is best practice, all voting on the resolutions will be conducted by poll. Please note that shareholders viewing the meeting via conferencing software will not be able to vote in the poll and we, therefore, encourage all shareholders, and particularly those who cannot attend physically, to exercise their votes in advance of the meeting by completing and submitting their proxy.

Your Board encourages all shareholders to support the resolutions proposed.

If there are any changes to the above AGM arrangements, the Company will update shareholders through the Company's website and an announcement on the London Stock Exchange.

Stay in Touch

Your Board likes to ensure shareholders have regular information about the Company's progress. Please consider signing up for our email updates featuring news and views, as well as the latest performance of the portfolio. You can opt in via the following link: tinyurl.com/JGGI-Sign-Up.

Outlook

When considering the Company's prospects, it is reassuring to know that the Portfolio Managers have positioned the portfolio to benefit from several major structural trends, such as the AI revolution, cloud computing and the transition to renewable energy, that are likely to drive global equity market returns over the foreseeable future. These are exciting developments, generating many new investment opportunities, and the Investment Manager's strong performance track record suggests they possess the skill to identify the best ideas on offer in this rapidly evolving environment.

In the nearer term, it is possible that interest rate cuts may not forestall a slowdown in activity in the US and elsewhere. We note the Portfolio Managers' concerns about the risk of recession, led by weakening labour market conditions. The forthcoming US Presidential election is a further source of near-term uncertainty and potential market volatility, especially if the outcome increases geopolitical tensions. We welcome the Portfolio Managers' efforts to protect the Company's portfolio from any adverse near-term developments, while also maintaining exposure not only to major structural trends, but also to sectors such as healthcare and assisted living which are currently benefiting from cyclical growth.

The Company's long-term performance track record gives my fellow Directors and me great confidence in the team's ability to navigate whatever challenges the future holds, to grasp investment opportunities as they emerge, and to keep delivering superior returns and outperformance for shareholders.

It has been my pleasure and honour to serve as a member of the Board over the past ten years, including three years as your Chairman. The very significant growth of the Company over this period has been largely due to the outstanding work of the Portfolio Managers, the quality and considerable experience of the in-house research team and the other supporting teams at the Manager. I thank them all on behalf of the Board. Finally, on behalf of the Board, I would like to thank shareholders for their continued support.

Tristan Hillgarth

Chairman                                                                                                                                27th September 2024

INVESTMENT MANAGER'S REPORT

Over the past financial year ended 30th June 2024, the Company delivered a return of +28.0% in NAV terms (in sterling), compared with the Benchmark return of +20.1%. This extends the Company's longer-term performance track record of strong excess returns. For the five years ended 30th June 2024, the Company realised a total return of +110.5%, decisively outpacing the Benchmark, which returned +67.8% over the same period.

In this report, we will outline what has been driving our strong performance over the course of the year, and comment on the market outlook and our positioning as we move closer to 2025.

Market backdrop

Over the past 12 months the market has been largely driven by three key factors: the trajectory of inflation, and its implications for central banks' interest rate policy; the impact of artificial intelligence ('AI') on individual companies, and entire industries; and the ongoing disruption, excesses and cyclical opportunities generated by the Covid pandemic.

Starting with inflation, since its peak in early 2022, we have been on a downward trajectory towards target inflation of around 2%. However, the path has not been smooth and has taken longer than investors hoped. Two distinct trends underlie the headline inflation reading. Inflation in services sectors such as bars and restaurants has remained stubbornly high, driven by wage inflation and a relatively resilient labour market. However, prices for physical goods such as consumer electronics, home appliances and household items were the first to register high levels of inflation, as lockdowns increased demand for PCs and other devices, home comforts and online entertainment. Rising prices allowed these sectors to expand margins and profitability, but this was always an unsustainable trend, as much of the spending was funded by consumer credit and government support payments made to help households through the pandemic. Inevitably, goods prices have begun to fall as demand dissipated, and we see downside risk to corporate revenues and profit margins, which will, in turn, increase the risk of slower growth.

Indeed, we believe we are seeing other early warning signs of a US recession. Unemployment is rising, credit card and auto loan delinquencies are on the rise and demand from low-income households has been weak since mid-2023. While these issues will be problematic for certain parts of the economy, they won't impact all businesses equally. We are most concerned for corporate profits in the low-growth, cyclical parts of the economy such as US banks, where we believe earnings have been above trend. Elsewhere, industrial cyclicals are benefiting from re-shoring and government policies such as President Biden's Inflation Reduction Act, which are attracting investment, but these favourable influences are likely to run out of steam at some point, and corporate earnings are vulnerable accordingly.

Meanwhile, AI has emerged as a major structural theme. A surge in interest in its potential capabilities has already invigorated global stock markets, and looks set to underpin economic growth, productivity increases and market gains for the foreseeable future. IT budgets are now focused on efforts to incorporate AI-driven processes into workflows and business practices. To achieve this, businesses must have all relevant data in one location, and we expect this requirement to drive growth in cloud computing and storage for many years. Semiconductor manufacturers are another obvious beneficiary of the AI revolution. We will touch more on this topic when we discuss performance and positioning, below.

The other significant impact on the market over the past year has been the lingering effects of Covid. The pandemic affected nearly every corner of the economy. In addition to increasing demand for consumer goods, at the expense of services, the pandemic also caused supply chain disruptions for semiconductor producers, retailers and auto manufacturers, which are ongoing in some sectors. As a result, industry cycles are unfolding at different speeds, and this is offering bottom-up investors such as ourselves great opportunities. For example, while demand for consumer and household goods is now declining, after a strong surge early in the pandemic, as discussed above, demand for medical care has strengthened over the past year as health systems strive to clear the backlog of appointments and procedures that built up during the pandemic. Demand for assisted living accommodation has also increased. These developments have benefited some of our holdings, such as WellTower, a Healthcare facilities REIT, and Johnson & Johnson, a drug manufacturer.

Performance, longer term and over the past year

The factors that have influenced the market over the past year are all reverberations of the particularly volatile and unusual conditions that have confronted investors since the turn of the decade. During this period of war, pandemics, inflation and high interest rates, we have also experienced two strong growth markets, in 2020 and 2023, separated by a sharp value rotation.

We are pleased with the extent of the outperformance that we have delivered over this period despite these many and varied challenges. The quality of returns is key rather than the magnitude and there are some key features we believe are worth highlighting:

1.  This performance is not the result of one or two exceptional quarters but consistency across five years (since the current management team assumed responsibility);

2.  These excess returns have been generated over three major style rotations in markets;

3.  This performance has been driven across a variety of sectors rather than concentrated in a few; and

4.  Both US and International companies have contributed to returns.

In our view, these achievements reflect the strength of our fundamental equity research platform and its repeatability resulting in compelling stock opportunities.

Turning to the year under review, the excess returns generated over this period have come from three key sources: our preference to own high growth stocks; our focus on stocks that can grow profitably; and our broader stock selection, which aims to identify high quality, attractively valued businesses.

Our positioning in high growth names has served the portfolio especially well. Our largest overweight is in semiconductors, which was the best performing industry over the financial year, as demand for AI-driven processes, and the leading-edge chips which drive them, continued to accelerate. Our performance benefited from owning stocks such as Nvidia, which rose by more than 190% (in GBP terms), and TSMC, which was up by more than 70%. The earnings growth of both these companies has so far justified these strong share price gains, and, with the adoption of AI still in its early stages, we see a long growth pathway ahead for these and several other portfolio holdings most exposed to the AI revolution.

Portfolio holdings which contributed to returns thanks to their profitable growth included Meta, Amazon and Uber - all stocks that are capital disciplined. These three businesses have all outperformed the high growth part of the market, thanks to their strong competitive positions in their respective sectors and strong free cash flow generation as a result of this.

In terms of our broader stock selection, over 60% of the sectors in which we were invested contributed to performance over the year under review. For example, in healthcare, demand for Novo Nordisk's obesity drug continues to grow, and there are increasingly positive indications the drug may help treat related diseases. This ongoing success has seen Novo Nordisk's stock price almost double over the review period. Another example is the US based insurance group, Progressive. The company has been a key beneficiary of an elevated interest rate environment driving strong net income.

While all these factors have supported performance over the past year, our caution about the near-term economic outlook, discussed above, has made us wary of the low growth cyclical parts of the economy such as commodity exposed names and industrial cyclicals. Instead, we are overweight defensive sectors such as high-quality financials and payment companies, as they are at least risk of near-term earnings declines. However, this defensive positioning has proved a drag on relative performance over the past year, as cyclicals have continued to outperform defensive stocks.

Market outlook and positioning for 2025

Across our global investment universe of around 2,500 stocks, the opportunity to find attractively valued, high quality businesses remain elevated. The two key areas where we continue to see attractive opportunities are high growth stocks, in particular those exposed to semiconductor production, and defensive sectors, where, in our view, valuations have not looked this attractive for over 15 years.

Demand for semiconductors will be supported not only by the burgeoning demand for AI tools, discussed above, but also by the ongoing spread of digitalisation and technology in its many other forms.

For instance, trends towards remote working and on-line entertainment, triggered during the pandemic, have created increased demand not only for PCs, tablets and consoles, but also for the computer memory capabilities that drive them. AI processes also require more powerful memory, as well as associated hardware. In response to these trends, we have added exposure to companies providing memory capacity for computers and smartphones, via a meaningful position in SK Hynix, a Korean listed market leader in leading edge memory services. We also hold Samsung Electronics, a world leader in consumer electronics, which we expect to benefit as AI-based tools become more popular.

The transition to renewable energy sources and electric vehicles will provide further impetus to this growing demand for semiconductors and related tech, and we see many attractive structural investment opportunities in this arena. For example, our holdings in the US utilities providers which are leaders in the transition and use of renewables such as NextEra Energy and the Southern Company. Both companies have benefitted from a supportive regulatory environment in the US but regardless of the policy backdrop we believe the transition will continue to present opportunities for investors.

Our concerns about the near term economic and corporate outlook, discussed above, have prompted some portfolio adjustments over the past year. The most significant change has been to move from an underweight in defensive consumer businesses such as food and beverage producers, to an overweight. For example, we have added new positions in Swiss food and beverage company Nestlé and Heineken, a Dutch brewer, where we expect performance to be resilient, even if growth slows. The valuations of both these companies were also attractive.

These new purchases have been funded by the disposal of a number of defensive, asset-light, service businesses such as insurance group Progressive (mentioned earlier) and the Swiss reinsurance group, Zurich Reinsurance. Both stocks contributed to relative returns over the period and are considered high quality franchises, however, due to a more expensive valuation we exited our holdings.

Elsewhere, we are positive on the outlook for suppliers of aircraft components. The aerospace industry is struggling to meet strong demand. Airbus's order books are filled until 2030, and after a series of fatal accidents and equipment failures, production at Boeing is below its historical peak. As a result, airplanes are getting older, and need more maintenance and replacement parts accordingly. This is benefiting aircraft components manufacturers such as the US's Honeywell and France's Safran, both of which are held in our portfolio.

Positioned for long term growth despite near term caution

We believe that global stock picking across our core investment universe remains attractive and rewarding, and we see many well-priced opportunities. The Company has exposure to a number of long-term trends, such as the rapid adoption of AI tools, cloud computing and the transition to renewable energy, which we expect will drive the market over the medium to long-term. However, our caution about the near-term outlook, and the possibility of recession, has also influenced positioning. We have increased exposure to defensive sectors, which should outperform during any slowdown.

Regardless of the prevailing market environment, and any market volatility that may be triggered as the US presidential race runs its course, we will continue our search for companies that offer superior quality earnings and growth prospects, at similar or lower valuations to the market averages. We remain confident of our ability to maintain our long-term track record of strong returns for shareholders.

For and on behalf of the

Investment Manager

Helge Skibeli

James Cook

Tim Woodhouse

                                                                                                                                               27th September 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors confirm that they have carried out a robust assessment of the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity.

With the assistance of the Manager, the Audit Committee maintains a risk matrix which identifies the principal risks and uncertainties to which the Company is exposed and methods of mitigating against them as far as practicable. The Audit Committee has agreed to hold a third meeting every year dedicated to the review of the Company's risk matrix. The principal risks and uncertainties identified and the broad categories in which they fall, together with the ways in which they are managed or mitigated are summarised below.

			Movement in the
			risk status from the
Principal risk	Description	Mitigation activities/controls	prior financial year
Market	Market risk is the possibility that the Company's investments will suffer losses as a result of factors that affect the overall performance of the entire market simultaneously, i.e. systematic risk. This market risk comprises three elements - equity market risk, currency risk and interest rate risk.	Market risks are an inherent and constant presence when investing in any one or across several markets. Market risk cannot be eliminated. However, market risk is managed to some extent by diversification of the global equity portfolio with appropriate asset allocation and by regular communication with the Investment Manager on matters of investment strategy and portfolio construction, which will directly or indirectly include an assessment of these risks. The Board receives regular reports from the Investment Manager regarding market outlook and gives the Investment Manager discretion regarding acceptable levels of gearing and/or cash in accordance with the application of relevant policies on gearing and liquidity. The Board monitors the implementation and results of the investment process with the Investment Manager.	Risk remained stable from the prior year as markets continued to be volatile.
Geopolitical	Geopolitical risk is the potential for political, socio-economic and cultural events and developments to have an adverse effect on the value of the Company's assets. There appears to be an increasing risk to market stability and investment opportunities from the increasing number of worldwide geopolitical conflicts. The Company and its assets may be impacted by geopolitical instability, in particular concerns over global economic growth, rising political turbulence and increasing political polarisation, including in some more traditionally stable democracies.	There is little direct control of the risks from the interconnected nature of political, economic, and social factors that can impact the investment environment.  However, it can be managed to some extent by diversification of investments, active monitoring, flexible investment strategies and robust due diligence on investee companies. This is aided by regular communication with the Investment Manager about in-house research, matters of investment strategy and portfolio construction, which will directly or indirectly include an assessment of these risks to navigate the complexities of the global landscape, position the Company for long-term success and protect shareholder value.	Risk has heightened during the year in reflection of the number of elections taking place in 2024 and growing geopolitical tensions and conflicts around the world, as well as concerns about the resiliency of democracy. These risks can significantly impact global markets, investor sentiment, and economic stability.
Cyber Security	Disruption to, or failure of, the Manager's accounting, dealing or payments systems or the custodian's or depositary's records from a cyber attack could prevent accurate reporting and monitoring of the Company's financial position. This threat has increased with advances in computing power that has seen a greater use of Artificial Intelligence ('AI'). In addition to threatening the Company's operations, such an attack is likely to raise reputational issues which may damage the Company's share price and reduce demand for its shares. The Company is dependent on third parties for the provision of all of its services and systems, especially those of the Manager, the Administrator and the Depositary.	The Board has received the cyber security policies for its key third party service providers and the Manager has assured the Directors that 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 independent auditors and reported every six months against the AAF Standard. The Board keeps the services of the Manager and third-party suppliers under continuous review and receives regular control reports. In addition, the Board will monitor developments in AI carefully in conjunction with the Manager to consider how this risk might threaten the Company's activities.	Risk remained stable during the year. To date the Manager's cyber security arrangements have proven robust and the Company has not been impacted by any cyber attacks threatening its operations.
Investment and Strategy	An inappropriate investment strategy, or one that is poorly implemented, for example as to thematic exposure, sector allocation, stock selection, undue concentration of holdings, factor risk exposure, the level of gearing, or the degree of total portfolio risk, may lead to underperformance against the Company's Benchmark index and peer companies, resulting in the Company's shares trading on a wider discount to NAV per share.	The Board mitigates this risk through its investment policy and guidelines, which are monitored and reported on regularly by the Investment Manager. The Board monitors the implementation and results of the investment process with the Portfolio Managers and reviews data which details the portfolio's risk profile. The Investment Manager employs the Company's gearing within a strategic range set by the Board. The Board may hold a separate meeting devoted to strategy each year.	Risk remained stable during the year. The Company continued to pursue its investment objective in accordance with the agreed strategy. The Board continued to monitor the performance of the portfolio over the year under review, which remains ahead of the Benchmark for the year and over the longer-term.
Loss of Portfolio Manager	A sudden departure of one or more of the Portfolio Managers could result in a deterioration in investment performance.	The Board seeks assurance that the Investment Manager takes steps to reduce the likelihood of such an event by ensuring appropriate succession planning and the adoption of a team-based approach, as well as ensuring the team are appropriately remunerated and incentivised in this role, which includes benchmarking of remuneration with the market. The Board is comfortable that there is strength and depth within the management team and that there is no over-reliance on one person.	Risk remains unchanged. The Board remained comfortable with the robustness of the succession plans within the Investment Manager.
Operational Risk	Loss of key staff by the Manager, their expertise and ability to source and advise appropriately on investments, could affect the performance of the Company. Disruption to, or failure of, the Manager's accounting, dealing or payments systems or the depositary's or custodian's records could prevent accurate reporting and monitoring of the Company's financial position. The Company is dependent on third parties for the provision of services and systems, especially those of the Manager, the Administrator and the Depositary.	The Board keeps the services of the Manager and third-party service providers under continuous review, and the Management Engagement Committee undertake a formal evaluation of performance on an annual basis. The Manager has in place service level agreements with its service providers that are attested to on an annual basis. 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. The Audit Committee regularly reviews statements on internal controls and procedures from the Company's Manager. The Audit Committee also reviews a summary of annual controls reports from the Manager, with exceptions found in its control environment highlighted to the Audit Committee. The Company is subject to an annual external audit. Both the Company and its service providers have robust business continuity plans.	Risk remains unchanged. The Board continues to monitor the outsourced services and an annual appraisal of the performance, and ongoing appointment, of the Manager and the Company's third-party service providers is undertaken by the Management Engagement Committee.

The Audit Committee has agreed to remove Climate Risk as a current principal risk to the Company in this Annual Report, however, it remains on the Company's risk matrix. While the Audit Committee recognises that climate risk can have significant long-term consequences, in reaching this decision, the Audit Committee has considered the Company's current vulnerability and exposure to climate risk, both at the company level and the portfolio level, in terms of the impact on its strategy, reputation, financials, and operations. The decision to remove this reflects the Audit Committee's view that climate risk is to be considered over the longer-term and its current specific impact on the Company is uncertain and difficult to quantify at this time. Furthermore, the Audit Committee is aware that the impact of climate risk on the Company can be mitigated to some degree through the diversification of the portfolio and that this risk is already considered in the valuation process.

The Audit Committee has also noted that, as detailed in the Investment Manager's ESG Report, which can be found in the full Annual Report, while the Investment Manager considers financially material ESG factors in its investment process, climate risk management is a secondary consideration to the risk management strategy. This reflects the reality of the level of influence that the Investment Manager has in its engagement with portfolio companies on climate risk, particularly in the context of climate impact and decarbonisation, as well as its fiduciary duty to balance risk and returns. The Audit Committee further considers that currently, there has been no direct impact of climate risk on the operations of the Manager, Investment Manager and the Company's key service providers.

EMERGING RISKS

Emerging Risks

The AIC Code of Corporate Governance requires the Audit Committee to put in place procedures to identify emerging risks facing the Company. At each meeting, the Board considers whether any emerging risks, which it defines as potential trends, sudden events or changing risks which are characterised by a high degree of uncertainty in terms of occurrence probability and possible effects on the Company, have arisen. Once identified, as the impact of emerging risks is understood, they may be entered on the Company's risk matrix and mitigating actions considered as necessary. Previously considered emerging risks have either been removed from the risk matrix as they are no longer considered potential risks to the Company or escalated to a principal risk. At the time of the publication of this report, the Board, through the Audit Committee, has identified the following as emerging risks to the Company.

Emerging risk	Description	Mitigation activities/controls	Status
Threat of a polycrisis	The Board is cognisant of the increased threat of a polycrisis, i.e. the simultaneous occurrence of several events which interact such that, the overall impact exceeds the sum of each part, for example the energy shock resulting from the Russian invasion of Ukraine, high inflation and a pandemic that affected global trade, over the coming decade. Due to the ripple effects of these crises, which may range from conflict to severe impairment or collapse of public infrastructure and services, the risks are unprecedented and the impact far-reaching, extending beyond those that may directly threaten the Company's activities.	Proactive risk management, diversification, robust contingency planning, and a focus on sustainability and stakeholder engagement are essential components of an effective response to the multifaceted challenges posed by a polycrisis. These measures not only help protect the portfolio from adverse events but also position the Company for long-term success in an increasingly uncertain world. The Board will closely monitor developments in this area, collaborating with the Manager and consulting external experts as needed.	This has been identified as a new emerging risk during the year under review. The Board continues to monitor the risk.

TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES

Details of the management contract are set out in the Directors' Report in the full Annual Report. The management fee payable to the Manager for the year, including management fee waivers in respect of the Combination with MATE, was £7,815,000 (2023: £1,768,000), of which £nil (2023: £nil) was outstanding at the year end.

Included in administration expenses in note 6 in the full Annual Report are safe custody fees amounting to £117,000 (2023: £52,000) payable to JPMorgan Chase Bank N.A., of which £35,000 (2023: £21,000) was outstanding at the year end.

The Manager may carry out some of its dealing transactions through group subsidiaries. These transactions are carried out at arm's length. The commission payable to JPMorgan Securities Limited for the year was £nil (2023: £nil) of which £nil (2023: £nil) was outstanding at the year end.

Handling charges on dealing transactions amounting to £39,000 (2023: £24,000) were payable to JPMorgan Chase Bank N.A. during the year of which £13,000 (2023: £5,000) was outstanding at the year end.

The Company holds cash in the JPMorgan GBP Liquidity Fund, which is managed by JPMF. At the year end, this was valued at £158,877,000 (2023: £160,454,000). Interest amounting to £7,750,000 (2023: £3,365,000) was receivable during the year of which £585,000 (2023: £nil) was outstanding at the year end.

Fees amounting to £21,000 (2023: £20,000) were receivable from securities lending transactions during the year. JPMorgan Chase Bank, N.A. commissions in respect of such transactions amounted to £2,000 (2023: £2,000).

At the year end, total cash of £19,379,000 (2023: £254,000) was held with JPMorgan Chase Bank, N.A. A net amount of interest of £31,000 (2023: £51,000) was receivable by the Company during the year, of which £nil (2023: £nil) was outstanding at the year end.

Full details of Directors' remuneration and shareholdings in the Company can be found in note 6 in the full Annual Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the annual report and the financial statements 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 applicable law and United Kingdom Accounting Standards, comprising Financial Reporting Standard 102 the 'Financial Reporting Standard Applicable in the UK and Republic of Ireland' (FRS 102). Under Company law the Directors must not approve the financial statements unless they are satisfied that, taken as a whole, the annual report and financial statements 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 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 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.

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 to 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 financial statements are published on the www.jpmglobalgrowthandincome.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 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.

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

Each of the Directors, whose names and functions are listed in the full Annual Report, confirm that, to the best of their knowledge:

•        the financial statements, which have been prepared in accordance with applicable law and United Kingdom Accounting Standards, comprising Financial Reporting Standard 102 the 'Financial Reporting Standard Applicable in the UK and Republic of Ireland' (FRS 102), give a true and fair view of the assets, liabilities, financial position and 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 it faces.

The Board confirms that it is satisfied that the annual report and financial statements taken as a whole is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy.

For and on behalf of the Board

Tristan Hillgarth

Chairman

27th September 2024

STATEMENT OF COMPREHENSIVE INCOME

For the year ended 30th June 2024

	2024			2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments held at fair value
through profit or loss	-	536,703	536,703	-	144,807	144,807
Net foreign currency losses	-	(10,816)	(10,816)	-	(7,006)	(7,006)
Income from investments	38,317	-	38,317	30,357	1,855	32,212
Interest receivable and similar income	7,802	-	7,802	3,440	-	3,440
Gross return	46,119	525,887	572,006	33,797	139,656	173,453
Management fee	(1,954)	(5,861)	(7,815)	(442)	(1,326)	(1,768)
Other administrative expenses	(1,410)	-	(1,410)	(1,254)	-	(1,254)
Net return before finance costs and taxation	42,755	520,026	562,781	32,101	138,330	170,431
Finance costs	(1,277)	(3,830)	(5,107)	(1,137)	(3,356)	(4,493)
Net return before taxation	41,478	516,196	557,674	30,964	134,974	165,938
Taxation	(5,611)	156	(5,455)	(3,448)	(623)	(4,071)
Net return after taxation	35,867	516,352	552,219	27,516	134,351	161,867
Return per share	8.35p	120.20p	128.55p	8.50p	41.48p	49.98p

All revenue and capital items in the above statement derive from continuing operations. During the period, the Company acquired the assets of JPMorgan Multi-Asset Growth & Income plc ('MATE') following a scheme of reconstruction. No other operations were acquired or discontinued in the year.

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 year and also Total Comprehensive Income.

The notes within the full Annual Report form an integral part of the financial statements.

STATEMENT OF CHANGES IN EQUITY

	Called up		Capital
	share	Share	redemption	Other	Capital	Revenue
	capital	premium	reserve	reserve1,2	reserves2	reserve2	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 30th June 2022	8,305	151,221	27,401	-	482,486	-	669,413
Issue of Ordinary shares	893	80,075	-	-	-	-	80,968
Repurchase of Ordinary shares into Treasury	-	-	-	-	(1,400)	-	(1,400)
Issue of Ordinary shares from Treasury	-	195	-	-	1,400	-	1,595
Issue of Ordinary shares in respect of the
Combination with SCIN	6,696	602,259	-	-	-	-	608,955
Issue of Ordinary shares in respect of the
Combination with JPE relating to JPE
Managed Income and JPE Managed
Cash portfolios	928	79,708	-	-	-	-	80,636
Issue of Ordinary shares in respect of the
Combination with JPE relating to JPE
Managed Growth portfolio	2,930	255,484	-	-	-	-	258,414
Costs in relation to issue of Ordinary shares	-	(1,026)	-	-	-	-	(1,026)
Blocklisting fees paid	-	-	-	-	(139)	-	(139)
Net return	-	-	-	-	134,351	27,516	161,867
Dividends paid in the year (note 2)	-	-	-	-	(18,859)	(27,516)	(46,375)
At 30th June 2023	19,752	1,167,916	27,401	-	597,839	-	1,812,908
Issue of Ordinary shares	3,588	366,954	-	-	-	-	370,542
Repurchase of Ordinary shares into Treasury	-	-	-	-	(4,913)	-	(4,913)
Issue of Ordinary shares from Treasury	-	243	-	-	4,913	-	5,156
Issue of Ordinary shares in respect of the
Combination with MATE	677	73,259	-	-	-	-	73,936
Costs in relation to issue of Ordinary shares	-	(990)	-	-	-	-	(990)
Cancellation of Share premium	-	(1,221,808)	-	1,221,808	-	-	-
Proceeds from share forfeitures3	-	-	-	-	1,231	-	1,231
Net return	-	-	-	-	516,352	35,867	552,219
Dividends paid in the year (note 2)	-	-	-	-	(38,280)	(36,222)	(74,502)
Forfeiture of unclaimed dividends2	-	-	-	-	-	355	355
At 30th June 2024	24,017	385,574	27,401	1,221,808	1,077,142	-	2,735,942

¹     Created during the year following approval by the High Court on 27th February 2024 to cancel the share premium account as at close of business on 2nd November 2023.

²     These reserves form the distributable reserves of the Company and may be used to fund distributions to investors.

³     During the period, the Company undertook an Asset Reunification Programme to reunite inactive shareholders with their shares and unclaimed dividends. In accordance with the Company's Articles of Association, the Company exercised its right to forfeit the shares belonging to shareholders that the Company, through its former Registrar, has been unable to trace for a period of 12 years or more. These shares were sold in the open market by the Registrar. The proceeds, net of costs, were returned to the Company. In addition, any unclaimed dividend older than 12 years from the date of payment of such dividend were forfeited and returned to the Company.

STATEMENT OF FINANCIAL POSITION

At 30th June 2024

	2024	2023
	£'000	£'000
Fixed assets
Investments held at fair value through profit or loss	2,707,857	1,793,910
Current assets
Derivative financial assets	6,162	5,318
Debtors	9,584	2,815
Cash and cash equivalents	178,256	160,708
	194,002	168,841
Current liabilities
Creditors: amounts falling due within one year	(18,313)	(1,983)
Derivative financial liabilities	(8,966)	(8,022)
Net current assets	166,723	158,836
Total assets less current liabilities	2,874,580	1,952,746
Creditors: amounts falling due after more than one year	(138,455)	(139,493)
Provision for liabilities and charges
Provision for capital gains tax	(183)	(345)
Net assets	2,735,942	1,812,908
Capital and reserves
Called up share capital	24,017	19,752
Share premium	385,574	1,167,916
Capital redemption reserve	27,401	27,401
Other reserve	1,221,808	-
Capital reserves	1,077,142	597,839
Revenue reserve	-	-
Total shareholders' funds	2,735,942	1,812,908
Net asset value per share	569.6p	458.9p

Included in the investments held at fair valuation through profit or loss are investments of £19,706,000 (2023: £29,142,000) that are on loan under securities lending arrangements.

STATEMENT OF CASH FLOWS

For the year ended 30th June 2024

	2024	2023
	£'000	£'000
Cash flows from operating activities
Net return before finance costs and taxation	562,781	170,431
Adjustment for:
Net gains on investments held at fair value through profit or loss	(537,199)	(144,807)
Net foreign currency losses	10,816	7,006
Dividend income	(38,317)	(32,212)
Interest income	(7,802)	(3,420)
Realised gain/(loss) on foreign exchange transactions	49	(1,806)
(Increase)/decrease in accrued income and other debtors	(173)	1
(Decrease)/increase in accrued expenses	(191)	311
	(10,036)	(4,496)
Dividends received	32,018	27,498
Interest received	7,217	3,420
Overseas tax received	65	127
Capital gains tax (paid)/received	(6)	1
Net cash inflow from operating activities	29,258	26,550
Purchases of investments	(1,940,745)	(1,535,958)
Sales of investments	1,614,163	1,509,367
Settlement of forward currency contracts	(10,777)	(2,930)
Costs in relation to acquisition of assets	(141)	(2,803)
Net cash outflow from investing activities	(337,500)	(32,324)
Dividends paid	(74,502)	(46,375)
Forfeiture of unclaimed dividends	355	-
Issue of Ordinary shares, excluding the Combinations	369,824	80,968
Net cash acquired following the Combination with SCIN and JPE	-	97,044
Net cash acquired following the Combination with MATE	35,726	-
Issue of Ordinary shares from Treasury	5,156	1,595
Repurchase of Ordinary shares into Treasury	(4,903)	(1,400)
Repayment of bank loan	-	(1)
Costs in relation to issue of Ordinary shares	(990)	(1,026)
Blocklisting fees	-	(139)
Proceeds from share forfeitures	1,231	-
Interest paid	(6,120)	(6,146)
Net cash inflow from financing activities	325,777	124,520
Increase in cash and cash equivalents	17,535	118,746
Cash and cash equivalents at start of year	160,708	41,963
Unrealised loss on foreign currency cash and cash equivalents	13	(1)
Cash and cash equivalents at end of year	178,256	160,708
Cash and cash equivalents consist of:
Cash and short-term deposits	19,379	254
Cash held in JPMorgan GBP Liquidity Fund	158,877	160,454
Total	178,256	160,708

NOTES TO THE FINANCIAL STATEMENTS

1.  Accounting policies

(a)     Basis of accounting

The Company is a listed public limited company incorporated in England and Wales. The registered office is detailed in the full Annual Report.

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 July 2022. In preparing these financial statements the Directors have considered the impact of climate change risk as set out in the full Annual Report and have concluded that it does not have a material impact on the Company's investments. In line with FRS 102 investments are valued at fair value, which for the Company are quoted bid prices for investments in active markets at the 30th June 2024 and therefore reflect market participants view of climate change risk.

The Directors' Report forms part of these financial statements.

All of the Company's operations are of a continuing nature.

The financial statements have been prepared on a going concern basis. In forming this opinion, the directors have considered the impact of continued market volatility and economic uncertainty resulting from ongoing geopolitical tensions and conflicts, including the war in Ukraine and escalating conflict in the Middle East, and in particular the impact of these geopolitical risks on the going concern and viability of the Company. They have considered the operational resiliency of its key service providers, including the Manager. The Directors have also reviewed the Company's compliance with debt covenants in assessing the going concern and viability of the Company. The Directors have reviewed income and expense projections to 30th September 2025 and the liquidity of the investment portfolio in making their assessment. Further details of Directors' considerations regarding this are given in the Chairman's Statement, Investment Manager's Report, Going Concern Statement, Viability Statement and Principal Risks Statement within this Annual Report.

The policies applied in these financial statements are consistent with those applied in the preceding year.

Issue of Shares Pursuant to a Scheme of Reconstruction of JPMorgan Multi-Asset Growth & Income plc (MATE) with the Company (the 'Combination')

On 26th March 2024, the Company issued new Ordinary shares to shareholders of MATE in consideration for the receipt by the Company of assets pursuant to a scheme of reconstruction and liquidation of MATE. The Directors have considered the substance of the assets and activities of MATE determining whether this acquisition represents the acquisition of a business. In this case the acquisition is not judged to be an acquisition of a business, and therefore has not been treated as a business combination. Rather, the cost to acquire the assets and liabilities of MATE has been allocated between the acquired identifiable assets and liabilities based on their relative fair values on the acquisition date without attributing any amount to goodwill or to deferred taxes. Investments, cash and other assets were transferred from MATE. All assets were acquired at their fair value. The value of the assets received, in exchange for shares issued by the Company, have been recognised in share capital and share premium, as shown in Statement of Changes in Equity. Direct costs in respect of the shares issued have been recognised in share premium, whereas other professional costs in relation to the Combination have been recognised as transaction costs included within gains and losses on investments held at fair value through profit or loss.

2.       Dividends

(a)     Dividends paid and declared

	2024		2023
	Pence	£'000	Pence	£'000
Dividend paid
Fourth interim dividend	4.25	16,712	4.24	7,023
First interim dividend	4.61	18,382	4.25	12,856
Second interim dividend	4.61	18,909	4.25	12,841
Third interim dividend	4.61	20,499	4.25	13,655
Total dividends paid in the year	18.08	74,502	16.99	46,375
Forfeiture of unclaimed dividends	-	(355)	-	-
Net dividends	18.08	74,147	16.99	46,375
Dividend declared
Fourth interim dividend	4.61	22,091	4.25	16,712

The fourth interim dividend of 4.61p per share has been declared and was paid on 3rd July 2024 for the financial year ended 30th June 2024. In accordance with the accounting policy of the Company, this dividend will be reflected in the financial statements for the year ending 30th June 2025.

(b)    Dividend for the purposes of Section 1158 of the Corporation Tax Act 2010 ('Section 1158')

The requirements of Section 1158 are considered on the basis of dividends declared in respect of the financial year, shown below. The revenue available for distribution by way of dividend for the year is £35,867,000 (2023: £27,276,000). The revenue reserve during payment of the second interim dividend (2023: second interim) reduced to £nil (2023: £nil) and the remaining amount has been drawn from the capital reserve.

	2024		2023
	Pence	£'000	Pence	£'000
First interim dividend	4.61	18,382	4.25	12,856
Second interim dividend	4.61	18,909	4.25	12,841
Third interim dividend	4.61	20,499	4.25	13,655
Fourth interim dividend	4.61	22,091	4.25	16,712
Total	18.44	79,881	17.00	56,064

The fourth interim dividend proposed at the year end will be funded from the Company's capital reserves.

3.       Return per share

	2024	2023
	£'000	£'000
Return per share is based on the following:
Revenue return	35,867	27,516
Capital return	516,352	134,351
Total return	552,219	161,867
Weighted average number of shares in issue	429,567,452	323,899,982*
Revenue return per share	8.35p	8.50p
Capital return per share	120.20p	41.48p
Total return per share	128.55p	49.98p

The basic return per share is the same as the diluted return per share.

* For 2023, the weighted average number of shares includes an estimate, at that time, of the Ordinary shares that would be issued on conversion of the C shares in connection with the Company's combination with JPE, effective from the date the C shares were issued to the date of actual conversion to Ordinary shares.

4.       Net asset value per share

The net asset value per Ordinary share and the net asset value attributable to the Ordinary shares at the year end are shown below. These were calculated using 480,337,308 (2023: 395,043,169) Ordinary shares in issue at the year end (excluding Treasury shares).

	2024		2023
	Net asset value attributable		Net asset value attributable
	£'000	pence	£'000	pence
Net asset value - debt at par	2,735,942	569.6	1,812,908	458.9
Add: amortised cost of £30 million 30 year
2.93% unsecured loan notes January 2048	29,856	6.2	29,850	7.6
Less: Fair value of £30 million 30 year 2.93%
unsecured loan notes January 2048	(20,492)	(4.3)	(20,503)	(5.2)
Add: amortised cost of £20 million 15 years
2.36% unsecured loan notes March 2036	19,915	4.1	19,908	5.0
Less: Fair value of £20 million 15 years 2.36%
unsecured loan notes March 2036	(15,294)	(3.2)	(14,248)	(3.6)
Add: amortised cost of £82.8 million 5.75%
secured bonds April 2030	88,684	18.5	89,735	22.7
Less: Fair value of £82.8 million 5.75% secured
bonds April 2030	(86,170)	(17.9)	(82,033)	(20.8)
Net asset value - debt at fair value	2,752,441	573.0	1,835,617	464.6

5.       Status of results announcement

          2024 Financial Information

The figures and financial information for 2024 are extracted from the Annual Report and Financial Statements for the year ended 30th June 2024 and do not constitute the statutory accounts for that year. The Annual Report and Financial Statements 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.

          2023 Financial Information

The figures and financial information for 2023 are extracted from the published Annual Report and Financial Statements for the year ended 30th June 2023 and do not constitute the statutory accounts for the year. The Annual Report and Financial Statements have 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.

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.

          30th September 2024

For further information:

Divya Amin or Emma Lamb

JPMorgan Funds Limited

E-mail: [e-mail]

Tel: [phone]

ENDS

A copy of the 2024 Annual Report will shortly be submitted to the FCA's National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The 2024Annual Report will shortly be available on the Company's website at http://www.jpmglobalgrowthandincome.co.uk, where up-to-date information on the Company, including daily NAV and share prices, factsheets and portfolio in formation can also be found.

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END