TIDMJGCI
RNS Number : 2920H
JPMorgan Glbl Con Inc Fnd Ltd
09 March 2018
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED
(the 'Company')
Half Year Report & FINANCIAL STATEMENTS
for the six months ended 31st DECEMBER 2017
Legal Entity Identifier: 549300DKZ0OX0PZH5H23
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
Investment Performance
In the first half of the Company's financial year ended 31st
December 2017 the total return on the Company's net assets was
+1.2%, compared with -0.03% for the Company's reference index, the
Bloomberg Barclays Global Convertibles Credit Rate Sensitive Index
(hedged into sterling). The total return to shareholders was 0.2%,
as the discount of the share price to net asset value ('NAV')
widened over the six month period from 1.9% to 4.0%. One of the
advantages of investing in bond-like convertibles is their
relatively low volatility and this has been demonstrated recently:
as volatility increased significantly, equity market indices saw a
large spike, far greater than the volatility in the Company's own
share price.
In their report which follows, the Investment Managers provide
more detail on the market, the Company's portfolio and their view
on the outlook.
Dividends
The Company's objective is to provide investors with an
attractive and consistent level of dividend income together with
the potential for some modest capital growth in sterling terms over
the medium term. During the half year ended 31st December 2017 a
first quarterly dividend of 1.125 pence per share was declared and
paid. A second quarterly dividend of 1.125 pence per share was
declared on 22nd February 2018, to be paid on 29th March 2018 to
shareholders on the register on 2nd March 2018.
In the absence of unforeseen circumstances, the Board will seek
to maintain the targeted annual dividend of 4.5 pence per share,
resulting in a yield of 4.6% on the share price prevailing at the
end of the period. While interest rates may rise in 2018, the
predicted rise looks muted and the Company's yield is attractive,
particularly when compared to many other income generating vehicles
which have a significantly higher risk profile.
Managing the Discount
As I explained in my statement in the 2017 Annual Report, in May
last year the Board introduced a revised discount control policy
under which it intended to seek to ensure that the Company's share
price remained close to NAV such that, under normal market
conditions, the Company's shares traded within a range of a 2%
discount to a 2% premium to the Company's cum income NAV per share.
This would be achieved primarily through the use of share buybacks
and/or share issuance as necessary.
The Company has implemented the revised policy which has
resulted in a tightening of the discount and we will actively
continue to do so. Since the Board's announcement on 30th May 2017,
the Company's shares have traded at an average discount of 2.1%,
but finished the year at a discount of 4.0%. The average discount
for the prior half year to 31st December 2016 was 5.9%. At the time
of writing, the discount is 2.5%. During the six months the Company
bought back into Treasury a total of 10,300,024 shares,
representing 5.6% of the shares in issue at the start of the
Company's financial year. Since the half year end, the Company has
repurchased a further 7,474,387 shares into Treasury.
Investment Management Team
As announced on 15th February 2018, Antony Vallee, the Company's
lead Investment Manager, has left JPMAM to pursue other
opportunities. The existing investment management team of Natalia
Bucci and Robin Dunmall has been augmented by the addition of Paul
Levene, who joined JPMAM in 2015. Paul has over 18 years' relevant
experience and we welcome his appointment. We expect his
contribution, alongside that of Natalia Bucci, Robin Dunmall and
the convertible bond team at JPMAM will position the Company well
for the future. On behalf of the Board, I would like to thank
Antony Vallee for his substantial contribution in managing the
Company's portfolio since its launch in 2013.
Continuation Vote
In accordance with the Company's articles of incorporation, the
Company will put an ordinary resolution to shareholders at the
Annual General Meeting ('AGM') to be held in Guernsey on 4th
December 2018 proposing that the Company continues its business as
a closed-ended collective investment scheme for a further three
years. The Board understands that it is not practical for most
shareholders to attend the AGM. Therefore we will arrange an
informal briefing for shareholders in London in the autumn, which
we hope as many shareholders as possible will be able to
attend.
Simon Miller
Chairman 9th March 2018
INVESTMENT MANAGERS' REPORT
Performance Review
In the six months to 31st December 2017, the Company's portfolio
generated a positive net asset value ('NAV') total return of 1.2%.
While positive in absolute terms, we were disappointed not to
capture more of the performance of global equity markets. To this
regard, we note that the equity performance of convertible issuers
in general continued to lag broader equity indices over the period,
and that this was even more pronounced for convertibles with a
positive yield. To the extent that this is reflective of the
broader underperformance of value stocks, we take comfort that
convertibles could benefit from a reversal of this trend.
Throughout the period, the continued strength in global economic
data has helped push equity markets higher and supported credit
spreads, which currently sit at historically tight levels. The
portfolio benefited from these forces, while the impact of rising
yields was muted. In addition, the recovery in commodity markets
had a positive impact, with the movement higher in the oil price
benefiting our yield-focused Energy names as credit spreads
tightened in the space. Indeed, the energy and basic materials
sectors were the biggest contributors to performance over the
period.
The addition of Asset Swapped Convertible Option Transactions
('ASCOTs') to the portfolio during the first half of 2017 also had
a beneficial impact on the Company's NAV performance, enabling the
Company to participate in the strong performance of Japanese equity
markets. The exposure to diversified chemicals company Mitsubishi
Chemical Holdings Corporation was particularly profitable as the
stock rallied by more than 30% in the period.
Performance was negatively impacted by the Company's exposure to
UK construction services company Carillion, which was hit during
the period by a profits warning and concerns regarding a potential
breach of covenants. The Company's exposure to Carillion was
ultimately sold after the end of the period following the
announcement that it was being forced into a liquidation
process.
Portfolio Review
The Company's portfolio continued to run higher levels of equity
sensitivity over the period, having been raised in late 2016 to
levels commensurate with the earlier period of the Company's
existence. We maintained this level of equity sensitivity in the
latter half of 2017, driven by our continued belief that balanced
convertibles offering a combination of equity participation and
downside protection through their fixed income characteristics
present a more attractive opportunity in the current environment
than bond-like convertibles with greater exposure to a potential
widening of credit spreads.
The flexibility that the Board have provided to us to manage the
portfolio with a focus on total return has enabled us to add
balanced exposure to high quality names such as German chemicals
distributor Brenntag and UK supermarket J Sainsbury. We consider
such additions to improve the portfolio's average credit quality
while increasing its ability to participate in equity market
performance. Such positioning reflects our preference for more
defensive names during periods where credit looks to be close to
fully valued. However, we note that all new positions have been
instigated at positive yield levels, ensuring that the portfolio
retains its core focus on income and yield generation.
The sector composition of the portfolio was also adjusted over
the period, with the most notable change being the reduction in our
exposure to the real estate sector. Having previously been the
largest allocation within the portfolio, this was reduced in order
to reflect the increasing likelihood that interest rates were set
to rise meaningfully from here. In particular, exposure to US real
estate investment trusts ('REITs') VEREIT, Extra Space Storage and
Spirit Realty Capital was sold, along with British Land. In their
place, we added exposure to US investment companies Goldman Sachs
BDC and TPG Speciality Lending. We believe that both combine a high
quality portfolio, well-regarded management and exposure to US
middle market companies that we believe will benefit from a
reinvigorated US economy.
Use of the Company's gearing facility was relaxed towards the
end of the period, to the extent that the Company ended the period
with a positive cash position. We consider this to be prudent in
light of the fact that the overall equity sensitivity of the
portfolio remains at higher levels, but would seek to redeploy the
facility in the event of a widening in credit spreads or
convertible-specific valuations that we considered to provide an
attractive opportunity for the Company.
Outlook
Despite our continued emphasis on protecting the portfolio from
a widening of credit spreads from tight levels, we remain firmly of
the view that both equity and credit markets are likely to remain
broadly supported by continued economic strength. In particular,
despite being further along its economic cycle than most other
developed economies, we believe the US remains some way from
recession. Nevertheless, we do expect to face more volatility in
2018 than we have seen recently, and consider the comparatively
conservative credit positioning of the portfolio to be prudent
against such a backdrop.
Ultimately, we believe the continued strength of the economy is
likely to push interest rates higher from current levels. This
would be particularly likely if evidence were to emerge of a
sustained increase in inflation, which has remained stubbornly low
thus far. If such an increase in interest rates is managed
carefully, as every indication from the US Federal Reserve suggests
it will be, we consider both the economy and equity markets to be
sufficiently robust to withstand it. Nevertheless, such a move
would likely lead to an extended increase in market volatility. An
increase in market volatility could be a positive development for
convertibles if the long-term equity market trend remains
supportive, since the embedded optionality within the asset class
will become more valuable.
We continue to believe that equity markets are better placed
than bond markets to perform in the current economic context. It is
for this reason that we retain both our preference for balanced
convertibles and our conviction that convertibles should perform
well relative to non-convertible fixed income in the coming
quarters. While the portfolio yield has trended slightly lower over
recent months, being 3.8% as at 15th February 2018, we believe that
this is appropriate in light of the tightness of credit spreads and
the portfolio's increased ability to participate in equity market
upside.
Investment Management Team Changes
It was announced on 15th February 2018 that Antony Vallee, one
of the Company's Investment Managers, had decided to leave J.P.
Morgan Asset Management to pursue other opportunities.
Concurrently, the investment management team was augmented by the
addition of Paul Levene, who has over 18 years' relevant experience
and has supported the Company's investment process as a fundamental
research analyst since 2015.
Natalia Bucci
Robin Dunmall
Paul Levene
Investment Managers 9th March 2018
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its
interim report.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall
into the following broad categories: investment and strategy;
foreign currency; accounting; corporate governance and shareholder
relations; operational and financial. Information on each of these
areas is given in the Business Review within the 2017 Annual Report
and Accounts.
Related Party Transactions
During the half year to 31st December 2017, no new agreements
were entered into with related parties 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, risk management policies, capital management
policies and procedures, nature of the portfolio and expenditure
projections, 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 pertaining 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 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 interim financial report has been prepared in accordance with
International Accounting Standard 34 '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 at 31st December 2017, as required by the
UK Listing Authority Disclosure and Transparency Rules 4.2.4R;
and
(ii) the interim report includes a fair review of the
information required by 4.2.7R (important events that have occurred
since inception, their impact on these financial statements and a
description of the principal risks facing the Company) and 4.2.8R
(related party transactions since inception that have materially
affected the financial position or performance of the Company) 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 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
Simon Miller
Chairman 9th March 2018
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31ST DECEMBER 2017
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st December 31st December 30th June
2017 2016 2017
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- -------- --------- --------- -------- --------- --------- -------- -------- --------
Investments held
at fair value
through profit
and loss:
(Loss)/gains on
investments held
at
fair value through
profit or loss - (5,716) (5,716) - 15,187 15,187 - 15,331 15,331
Income from
investments 4,454 - 4,454 5,296 - 5,296 10,253 - 10,253
-------------------- -------- --------- --------- -------- --------- --------- -------- -------- --------
Gains/(losses)
on financial
instruments:
Realised losses
on close out of
futures and options
contracts - (609) (609) - (231) (231) - (231) (231)
Unrealised gains
on futures
and options
contracts - 414 414 - - - - - -
Realised foreign
currency
gains/(losses)
on foreign
currency contracts - 2,170 2,170 - (6,091) (6,091) - (6,029) (6,029)
Unrealised foreign
currency
gains/(losses)
on foreign
currency contracts - 1,881 1,881 - (4,000) (4,000) - 271 271
Realised foreign
currency
(losses)/gains - (113) (113) - 355 355 - 60 60
Unrealised foreign
currency
gains/(losses) - 612 612 - (1,225) (1,225) - (436) (436)
Other income 16 - 16 18 - 18 31 - 31
-------------------- -------- --------- --------- -------- --------- --------- -------- -------- --------
Total income/(loss) 4,470 (1,361) 3,109 5,314 3,995 9,309 10,284 8,966 19,250
Management fee (439) (237) (676) (471) (254) (725) (948) (510) (1,458)
Other
administrative
expenses (208) - (208) (222) - (222) (468) - (468)
-------------------- -------- --------- --------- -------- --------- --------- -------- -------- --------
Profit/(loss)
before
finance
costs and taxation 3,823 (1,598) 2,225 4,621 3,741 8,362 8,868 8,456 17,324
Finance costs (111) (60) (171) (96) (51) (147) (205) (110) (315)
-------------------- -------- --------- --------- -------- --------- --------- -------- -------- --------
Profit/(loss)
before
taxation 3,712 (1,658) 2,054 4,525 3,690 8,215 8,663 8,346 17,009
Taxation (142) - (142) (110) - (110) (242) - (242)
-------------------- -------- --------- --------- -------- --------- --------- -------- -------- --------
Net profit/(loss) 3,570 (1,658) 1,912 4,415 3,690 8,105 8,421 8,346 16,767
-------------------- -------- --------- --------- -------- --------- --------- -------- -------- --------
Earnings/(loss)
per share (note
3) 2.01p (0.94)p 1.07p 2.26p 1.89p 4.15p 4.33p 4.29p 8.62p
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31ST DECEMBER 2017
Share Capital Revenue
capital reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------- --------- ---------- --------- ----------
Six months ended 31st December 2017
(Unaudited)
At 30th June 2017 217,368 (31,271) (277) 185,820
Repurchase of shares into Treasury - (10,182) - (10,182)
Net (loss)/profit for the period - (1,658) 3,570 1,912
Dividends paid in the period (note
4) - - (1,987) (1,987)
------------------------------------- --------- ---------- --------- ----------
At 31st December 2017 217,368 (43,111) 1,306 175,563
------------------------------------- --------- ---------- --------- ----------
Six months ended 31st December 2016
(Unaudited)
At 30th June 2016 217,368 (28,794) 64 188,638
Repurchase of shares into Treasury - (104) - (104)
Net profit for the period - 3,690 4,415 8,105
Dividends paid in the period (note
4) - - (4,390) (4,390)
------------------------------------- --------- ---------- --------- ----------
At 31st December 2016 217,368 (25,208) 89 192,249
------------------------------------- --------- ---------- --------- ----------
Year ended 30th June 2017 (Audited)
At 30th June 2016 217,368 (28,794) 64 188,638
Repurchase of shares into Treasury - (10,823) - (10,823)
Net profit for the year - 8,346 8,421 16,767
Dividends paid in the year (note
4) - - (8,762) (8,762)
------------------------------------- --------- ---------- --------- ----------
At 30th June 2017 217,368 (31,271) (277) 185,820
------------------------------------- --------- ---------- --------- ----------
STATEMENT OF FINANCIAL POSITION
AT 31ST DECEMBER 2017
(Unaudited) (Unaudited) (Audited)
31st December 31st December 30th
2017 2016 June
2017
GBP'000 GBP'000 GBP'000
--------------------------------------- -------------- -------------- ----------
Non current assets
Investments held at fair value
through profit or loss 165,753 202,866 185,007
Current assets
Derivative financial assets 4,805 130 763
Trade and other receivables 952 1,291 1,702
Cash and cash equivalents 19,308 8,445 16,683
--------------------------------------- -------------- -------------- ----------
25,065 9,866 19,148
Current liabilities
Derivative financial liabilities (80) (4,130) (492)
Trade and other payables (15,175) (16,353) (2,446)
--------------------------------------- -------------- -------------- ----------
Net current assets/(liabilities) 9,810 (10,617) 16,210
--------------------------------------- -------------- -------------- ----------
Total assets less current liabilities 175,563 192,249 201,217
Non current liabilities
Loans payable - - (15,397)
--------------------------------------- -------------- -------------- ----------
Net assets 175,563 192,249 185,820
--------------------------------------- -------------- -------------- ----------
Amounts attributable to equity
holders
Share capital 217,368 217,368 217,368
Capital reserve (43,111) (25,208) (31,271)
Revenue reserve 1,306 89 (277)
--------------------------------------- -------------- -------------- ----------
Total equity shareholders' funds 175,563 192,249 185,820
--------------------------------------- -------------- -------------- ----------
Net asset value per share (note
5) 101.0p 98.6p 100.9p
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31ST DECEMBER 2017
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st December 31st December 30th June
2017 2016 2017
GBP'000 GBP'000 GBP'000
------------------------------------- -------------- -------------- -----------
Operating activities
Gain before taxation 2,054 8,215 17,009
Deduct dividends received (446) (353) (768)
Deduct investment income -
interest (4,008) (4,943) (9,485)
Deduct bank interest received (16) (18) (31)
Add back interest paid 171 147 315
Add back losses/(deduct gains)
on investments held
at fair value through profit
or loss 5,716 (15,187) (15,331)
Increase in unrealised gains
on foreign currency contracts (1,610) (5,075) (9,346)
Increase in unrealised gains
on future & option contracts (2,844) (41) (41)
Decrease in cash held as collateral
by Brokers for futures - 169 169
(Decrease)/increase in unrealised
losses on foreign
currency (612) 1,225 436
Effect of decrease/(increase)
in trade and other
receivables 19 3 (3)
Effect of decrease trade and
other payables (10) (36) (55)
------------------------------------- -------------- -------------- -----------
Net cash outflow from operating
activities
before interest, taxation
and dividends (1,586) (15,894) (17,131)
------------------------------------- -------------- -------------- -----------
Taxation (142) (110) (242)
Interest paid (165) (134) (299)
Dividends received 440 380 796
Investment income - interest 2,382 2,781 5,545
Bank interest received 16 18 31
------------------------------------- -------------- -------------- -----------
Net cash inflow/(outflow)
from operating activities
after interest, taxation
and dividends 945 (12,959) (11,300)
------------------------------------- -------------- -------------- -----------
Investing Activities
Purchases of investments held
at fair value through
profit or loss (65,132) (122,761) (236,907)
Sales of investments held
at fair value through profit
or loss 81,033 145,639 279,160
------------------------------------- -------------- -------------- -----------
Net cash inflow from investing
activities 15,901 22,878 42,253
------------------------------------- -------------- -------------- -----------
Financing activities
Repurchase of shares into
Treasury (12,234) (104) (8,528)
Dividends paid (1,987) (4,390) (8,762)
------------------------------------- -------------- -------------- -----------
Net cash outflow from financing
activities (14,221) (4,494) (17,290)
------------------------------------- -------------- -------------- -----------
Increase in cash and cash
equivalents 2,625 5,425 13,663
Cash and cash equivalents
at the start of the period/year 16,683 3,020 3,020
------------------------------------- -------------- -------------- -----------
Cash and cash equivalents
at the end of the period/year 19,308 8,445 16,683
------------------------------------- -------------- -------------- -----------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31ST DECEMBER 2017
1. Financial statements
The information contained within the financial statements in
this half year report has not been audited or reviewed by the
Company's Auditors.
2. Accounting policies
The Company's financial statements have been prepared in
accordance with International Financial Reporting Standards
('IFRS'), which comprise standards and interpretations approved by
the International Accounting Standards Board ('IASB'), the
International Accounting Standards and Standing Interpretations
Committee and interpretations approved by the International
Accounting Standards Committee ('IASC') that remain in effect and
to the extent that they have been adopted by the European Union
('EU').
The same accounting policies and methods of compensation are
followed in these financial statements as compared with the most
recent annual financial statements.
Where presentational evidence set out in the Statement of
Recommended Practice (the 'SORP') issued by the Association of
Investment Companies in November 2014 and updated in January 2017
is consistent with the requirement of IFRS, the financial
statements have been prepared on a basis compliant with the
recommendation of SORP.
All of the Company's operations are of a continuing nature.
The financial statements have been prepared on a going concern
basis.
3. Earnings/(loss) per share
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st December 31st December 30th June
2017 2016 2017
GBP'000 GBP'000 GBP'000
------------------------- -------------- -------------- ------------
Earnings/(loss) per
share is based on the
following:
Revenue return 3,570 4,415 8,421
Capital (loss)/return (1,658) 3,690 8,346
------------------------- -------------- -------------- ------------
Total return 1,912 8,105 16,767
------------------------- -------------- -------------- ------------
Weighted average number
of shares in issue
during the period/year 177,285,323 195,165,095 194,513,155
Revenue return per
share 2.01p 2.26p 4.33p
Capital (loss)/return
per share (0.94)p 1.89p 4.29p
------------------------- -------------- -------------- ------------
Total return per share 1.07p 4.15p 8.62p
------------------------- -------------- -------------- ------------
4. Dividends paid
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st December 31st December 30th June
2017 2016 2017
GBP'000 GBP'000 GBP'000
------------------------- -------------- -------------- -----------
2017 fourth interim
dividend 1.125p (2016:
1.125p) 1,987 2,196 2,196
2017 first interim
dividend of 1.125p - 2,194 2,195
2017 second interim
dividend of 1.125p - - 2,195
2017 third interim
dividend of 1.125p - - 2,176
------------------------- -------------- -------------- -----------
Total dividends paid
in the period/year 1,987 4,390 8,762
------------------------- -------------- -------------- -----------
A first interim dividend of 1.125p per share, has been paid on
12th January 2018 in respect of the six months ended 31st December
2017, costing GBP1,969,000.
5. Net asset value
per share (Unaudited) (Unaudited) (Audited)
31st December 31st December 30th June
2017 2016 2017
---------------------- -------------- -------------- ------------
Net assets (GBP'000) 175,563 192,249 185,820
Number of shares in
issue 173,891,767 195,072,770 184,191,791
Net asset value per
share 101.0p 98.6p 100.9p
---------------------- -------------- -------------- ------------
6. Disclosures regarding financial instruments measured at fair
value
The disclosures required by the IFRS 13: 'Fair Value
Measurement' are given below. The Company's financial instruments
within the scope of IFRS 13 that are held at fair value comprise
its investment portfolio and derivative contracts.
The investments are categorised into a hierarchy consisting of
the following three levels:
Level 1 - valued using unadjusted quoted prices in active
markets for identical assets and liabilities.
Level 2 - valued by reference to valuation techniques using
other observable inputs not included within Level 1.
Level 3 - valued by reference to valuation techniques using
unobservable inputs.
Categorisation within the hierarchy has been determined on the
basis of the lowest level input that is significant to the fair
value measurement of the relevant asset.
The recognition and measurement policies for financial
instruments measured at fair value are consistent with those
disclosed in the last annual financial statements.
The following tables set out the fair value measurements using
the IFRS 13 hierarchy at the relevant period/year end:
31st December 2017
Level Level Level Total
1 2 3
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------- --------- -------- -------- ---------
Financial assets held at fair
value through profit or loss
Investments:
- Bonds 5,573 - - 5,573
- Convertibles 144,702 - - 144,702
- Convertible preference 15,478 - - 15,478
-------------------------------------- --------- -------- -------- ---------
Total investments 165,753 - - 165,753
-------------------------------------- --------- -------- -------- ---------
Derivative financial instruments:
- Forward foreign currency contracts - 1,961 - 1,961
- Option contracts - 274 - 274
- ASCOTS (1) - 2,570 - 2,570
-------------------------------------- --------- -------- -------- ---------
Total 165,753 4,805 - 170,558
-------------------------------------- --------- -------- -------- ---------
Financial liabilities held at
fair value through profit or
loss
- Forward foreign currency contracts - (80) - (80)
-------------------------------------- --------- -------- -------- ---------
Total - (80) - (80)
-------------------------------------- --------- -------- -------- ---------
(1) Asset swapped convertible
option transaction
30th June 2017
Level Level Level Total
1 2 3
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------- --------- -------- -------- ---------
Financial assets held at fair
value through profit or loss
Investments:
- Bonds 8,572 - - 8,572
- Convertibles 165,932 - - 165,932
- Convertible preference 10,503 - - 10,503
-------------------------------------- --------- -------- -------- ---------
Total investments 185,007 - - 185,007
-------------------------------------- --------- -------- -------- ---------
Derivative financial instruments:
- Forward foreign currency contracts - 763 - 763
-------------------------------------- --------- -------- -------- ---------
Total 185,007 763 - 185,770
-------------------------------------- --------- -------- -------- ---------
Financial liabilities held at
fair value through profit or
loss
- Forward foreign currency contracts - (492) - (492)
-------------------------------------- --------- -------- -------- ---------
Total - (492) - (492)
-------------------------------------- --------- -------- -------- ---------
The Company's policy for determining transfers between levels is
to ascertain the listing status at each period and for each
investment and determine if any changes have occurred that would
necessitate a transfer.
There have been no transfers between Levels 1, 2 or 3 during the
year.
For further information, please contact:
Jonathan Latter
For and on behalf of JPMorgan Funds Limited, Company Secretary
020 7742 4000
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
JPMORGAN FUNDS LIMITED
ENDS
A copy of the half year will be submitted to the National
Storage Mechanism and will shortly be available for inspection at
www.morningstar.co.uk/uk/NSM
The half year will also shortly be available on the Company's
website at www.jpmconvertiblesincome.co.uk where up to date
information on the Company, including daily NAV and share prices,
factsheets and portfolio information can also be found.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BDGDXBBGBGIC
(END) Dow Jones Newswires
March 09, 2018 07:17 ET (12:17 GMT)
Jpmorgan Global Converti... (LSE:JGCI)
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Jpmorgan Global Converti... (LSE:JGCI)
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부터 7월(7) 2023 으로 7월(7) 2024
