TIDMJGGI
JPMorgan Global Growth & Income PLC
01 October 2021
JPMorgan Global Growth & Income (JGGI)
01/10/2021
Results analysis from Kepler Trust Intelligence
JPMorgan Global Growth & Income (JGGI) has reported its full
year results for the year end 30 June 2021. Over the year it
managed to generate a NAV total return of 32.3% over its 2021
financial year, and a share price return of 33.0%, outperforming
its benchmark, the MSCI ACWI Index, which returned 24.6%.
Much of this performance was the result of the team being
allowed a greater amount of flexibility when selecting stocks,
compared to more conventional equity income strategies, due to its
policy of paying out 4% of NAV as a dividend. This led to JGGI
paying a full year dividend of 13.16p per share for FY 2021, a 1%
increase on the prior payout. Thanks to the success of JGGI's
managers in navigating the various phases of the pandemic, and thus
growing the NAV, the board expects to pay a dividend of 16.96p for
the next financial year, which will be a 28.9% increase on its
recent pay-out of 13.16p per share.
Kepler View
Since adopting its current dividend policy in 2016, JGGI has, in
our view, been able to offer investors the unique combination of a
high yield combined with a portfolio of quality-growth companies
which are not typically associated with an equity income strategy.
The trust's relatively idiosyncratic portfolio, when compared to
more conventional equity income strategies, also allows it to offer
income investors a strong source of diversification, offering
investors access to high-growth names their income requirement
would typically prevent them from holding.
JGGI's 12-month performance has been almost entirely driven by
stock selection, contributing 8.4% to its outperformance. This was
largely the result of the team holding high-quality companies
during the pandemic, such as media and technology stocks, the
COVID-19 'winners', combined with their subsequent rotation into
cyclical names during mid-2020, in order to capitalise on the
eventual economic rebound.
We believe that JGGI continues to offer income investors not
only a strong source of income, but also the attractive ability to
access the high-quality growth opportunities, something which, with
hindsight, was key in effectively navigating the various phases of
the pandemic-driven markets.
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