LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL GROWTH & INCOME PLC
FINAL RESULTS FOR THE YEAR ENDED 30TH JUNE 2025
Legal Entity Identifier: 5493007C3I0O5PJKR078
Information disclosed in accordance with the DTR 4.1.3
JPMorgan Global Growth & Income plc (‘JGGI’ or the ‘Company’) reports its annual results for the year ended 30th June 2025.
Highlights
• NAV total return of +1.0% (with debt at fair value) compared with +7.2% for the MSCI All Countries World Index in Sterling terms (total return with net dividends reinvested) (the ‘Benchmark’). Share price return of -1.6%.
• Five-year cumulative NAV total return of +102.8% compared with +71.0% for the Benchmark. Share price return of +96.2%.
• Ten-year cumulative NAV total return of +245.7% (annualised +13.2%) compared with +197.5% for the Benchmark (annualised +11.5%).
• The Company remains one of the top performers in its peer group over five and ten years.
• Merger with Henderson International Income Trust plc (‘HINT’) completed in May 2025, resulting in enlarged net assets of £3.2 billion and ongoing charges of 0.44% (excluding management fee waivers).
• The Company issued 101.6 million new ordinary shares during the year, including 64.3 million shares as part of the combination with HINT. Buybacks into Treasury totalled 2.8 million shares at a weighted-average discount of 1.7%, adding 0.03p to the NAV per share.
• Total dividend of 22.8p per share paid for the financial year, equivalent to an increase of almost 24.5% per annum since the introduction of the enhanced dividend policy in 2016. For the financial year commencing 1st July 2025, the Board has announced its intention to pay dividends totalling 23.0p per share (5.75p per quarter), a year-on-year increase of 0.9%.
James Macpherson, Chairman of JGGI, commented:
“The Board shares the Portfolio Managers’ caution about the near-term market outlook. The US economy has so far proved relatively resilient to uncertainties related to the new US Administration’s trade policies, but it seems wise for investors in all major markets to remain wary of further bouts of US policy-induced volatility. The Company’s long track record of good returns and outperformance provides your Board with reassurance that its Portfolio Managers have the skills and experience to steer the Company through any near-term turmoil. Indeed, we welcome their recent efforts to protect returns by gently increasing allocations to cyclical and defensive stocks to a more balanced position. At the same time, the Portfolio Managers have maintained the Company’s exposure to several powerful structural trends, including the rapid spread of artificial intelligence (‘AI’), which is expected to drive market gains and benefit performance over the medium to longer term. In our view, this positioning leaves the Company well-placed to extend its long track record of superior returns and I look forward to reporting back to you on the Company’s future progress.”
Portfolio Managers, Helge Skibeli, James Cook and Sam Witherow, commented:
“Following a period of market dislocation, we believe that stock picking across our global investment universe of around 2,500 stocks is more attractive and potentially rewarding than previously, and we see many well-priced opportunities. The Company has exposure to several long-term trends, such as the rapid adoption of AI tools and cloud computing, which we expect will drive the market over the medium to long term… However, we are cautious about the near-term outlook and persistent market volatility, and these factors have also influenced positioning.’
‘We continue to be exposed to areas of structural growth but have repositioned the portfolio to ensure balance between cyclical and defensive companies… We retain our conviction in the ability of stock selection to generate returns. We will continue our search for companies that offer superior quality earnings and growth prospects, at attractive valuations, and we are confident of our ability to maintain our long-term track record of positive excess returns for shareholders.”