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JPMorgan Global Growth & Income PLC on Wednesday reported a tricky financial year, amid stubbornly high inflation and rising interest rates, though it still beat its benchmark. The investment firm, with a majority of its holdings in US-listed companies, said it returned 19.1% on a net asset value total return basis in the year to June 30, outperforming its benchmark, the MSCI All Countries World Index in sterling terms, which returned 11.3%. JPMorgan Global said the drivers of this performance were broad-based across many sectors and stocks. As at June 30, the firm’s NAV per share stood at 458.9 pence, up 14% from 403.1p at the same time a year prior. The company intends to pay a total dividend of 18.44 pence per share, up 8.5% from 17.00p a year prior. Looking ahead, Chair Tristan Hillgarth said: ‘Markets are likely to continue to struggle with some of the challenges we have encountered in recent years. High interest rates, the persistent cost of living crisis and associated slower growth are likely to weigh on corporate earnings, while geopolitical uncertainties will keep investors wary.’ Hillgarth added that interest rates are probably or very near their peak in most developed economies. ‘The prospect of a soft landing, and even some speculation about the possibility of rate cuts next year, have boosted equity market sentiment about the near-term outlook,’ the chair said. JPMorgan Global Growth & Income shares were 0.3% higher at 468.20 pence each on Wednesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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