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JPMorgan Asia Growth & Income PLC - invests in Asia-Pacific equities - Says loss on net assets in the half year ended March 31 was 6.9%, matching its benchmark, as a result of ‘volatility’ in the Asian markets, with China hit particularly hard. Swings to net pretax loss of £30.2 million from a profit of £70.2 million a year prior. Net asset value per share at the end of the period drops to 420.5 pence, a 14% decrease from 487.1p a year before, and down 8.7% from 460.7p at September 30. Paid out two interim dividends during the period totaling 8.7p, having paid a total for the previous financial year of 15.8p. Dividends will continue to be equivalent to 1% of its net asset value, the firm says.
‘This outright fall is, of course, disappointing, but the company has delivered significant positive returns for shareholders in absolute terms, and outperformed the benchmark, over three, five and ten years. Over the ten years to the end March 2022, the company has generated an annualised return of 9.7% in NAV terms, and 10.2% on a share price basis, compared to a benchmark return of 7.8%, measured on the same basis,’ the company says.
Current stock price: 363.00 pence
12-month change: down 29%
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