|
JPMorgan China Growth & Income PLC on Thursday reported a ‘disappointing’ negative total return, which nonetheless outperformed its benchmark, for its financial half-year. The investment company’s net asset value total return was minus 9.5% for the six months ended March 31, outperforming the MSCI China Index’s minus 13.9% return. JPMorgan China’s NAV per share was 300.4 pence as of March 31, up 7.7% from 278.8p one year prior but down 11% from 338.8p as at September 30, the end of the last financial year. Shares in the firm were flat at 284.50p on Thursday morning in London. The stock is up 25% over the past 12 months. JPMorgan China, which invests in Chinese companies, has declared a 3.39p per share third-quarter dividend, unchanged from the first two quarters but up 24% from 2.73p for the third quarter of the year ended September 30. The firm said it intends to declare a 3.39p per share dividend for the fourth quarter, also up 24% on-year from 2.73p. Chair Alexandra Mackesy commented: ‘Volatility stalked China markets yet again during the six months...After a strong rebound during the year ending [September 30], Chinese stock markets trod water ahead of Chinese New Year, before being buffeted by the shockwaves that hit global stock markets after the US and Israel attacked Iran in late February. ‘After the previous year’s recovery, it was disappointing that the company’s net asset value declined by 9.5% on a total return basis in sterling terms during the period under review.’ Still, Mackesy added: ‘The board is encouraged that the portfolio manager’s steps to improve our performance appear to be bearing fruit...our investment manager has adapted the portfolio to reflect the new realities that face investors and the attractive opportunities offered by China’s rapidly evolving corporate sector.’ Going forward, Mackesy said that whatever the outcome of the current global conflicts, ‘it is probable that the global oil markets will be disrupted for some time to come, and China will not escape unscathed. ‘Our investment manager, however, points out that the Chinese economy appears better positioned than most others to withstand disruption...The board shares the investment manager’s optimism about the improving medium and long-term outlook for Chinese stock markets and believes that the company will maintain its long-term track record of absolute gains and outperformance.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
