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JPMORGAN EUROPEAN GROWTH & INCOME
Regulatory Filings • Dec 1, 2025
5171_rns_2025-12-01_5e940d9a-b586-4eae-8364-94ecf226da75.pdf
Regulatory Filings
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JPMorgan European Growth & Income plc
Half Year Report & Financial Statements for the six months ended 30th September 2025
Contents
| JPMorgan European Growth & Income plc ('the Company' or 'JEGI') | |
|---|---|
| Half Year Report & Financial Statements for the six months ended 30th September 2025 |
|
| Key Features | 3 |
| Half Year Performance | |
| Financial Highlights | 5 |
| Chair's Statement | |
| Chair's Statement | 8 |
| Investment Review | |
| Portfolio Managers' Report | 11 |
| List of Investments | 13 |
| Portfolio Information | 14 |
| Financial Statements | |
| Condensed Statement of Comprehensive Income | 17 |
| Condensed Statement of Changes in Equity | 18 |
| Condensed Statement of Financial Position | 19 |
| Condensed Statement of Cash Flows | 20 |
| Notes to the Condensed Financial Statements | 21 |
| Interim Management Report | |
| Interim Management Report | 25 |
| Shareholder Information | |
| Glossary of Terms and Alternative Performance Measures ('APMs') (Unaudited) 27 Investing in JPMorgan European Growth & Income plc Share Fraud Warning Information About the Company |
30 31 32 |
Financial Calendar
Financial year end 31st March Final results announced June Half year end 30th September Half year results announced November Dividends payable Mar/Jul/Oct/Jan Annual General Meeting July
Website
The Company's website, which can be found at www.jpmeuropeangrowthandincome. com, includes useful information on the Company, such as daily prices, factsheets and current and historic half year and annual reports and investment methodology.
Stay informed: receive email updates
The Board and the Portfolio Managers are keen to increase dialogue with shareholders and other interested parties. If you wish to sign up to receive email updates from the Company, including news and views and latest performance statistics, please click the QR Code to the right or visit https://tinyurl.com/JEGI-Sign-Up.
Contact the Company
General enquiries about the Company should be directed to the Company Secretary at jpmam.investment.trusts@jpmorgan. com
Your Company at a Glance
Following the merger of the Company's Growth and Income portfolios and share classes and change of name from JPMorgan European Investment Trust plc to JPMorgan European Growth & Income plc on 4th February 2022, the Company now consists of one single portfolio and one share class.
Objective Investment Policies Capital Structure
Dividend Policy
The investment objective of the Company is to provide capital growth and a rising share price over the longer term from Continental European investments by out-performance of the benchmark and taking carefully controlled risks through an investment method that is clearly communicated to shareholders.
- To invest in a diversified portfolio of companies in the equity markets of Continental Europe.
- To manage liquidity and borrowings to increase returns to shareholders.
Following the Company's restructuring on 4th February 2022, the dividend policy is to pay four dividends per financial year payable in July, October, January and March and based on 4% per annum of the NAV as at close of business on 31st March of the preceding financial year.
Dividend Policy Benchmark Tender Offer Capital Structure
At 30th September 2025, the Company's share capital comprised 436,986,529 Ordinary shares with a nominal value of 0.5 pence per share including 15,220,341 shares held in Treasury.
The MSCI Europe ex UK Index (total return) in sterling terms.
The Performance-Related Tender Offer is proposed to be made for up to 25% of the issued share capital of the Company (excluding treasury shares) in the event that the NAV total return of the Company does not equal or exceed the total return of the Benchmark over the five-year period commencing on 4th February 2022, being the first day of trading in the Ordinary Shares. The Performance-Related Tender Offer allows Shareholders to realise the value of a portion of their Ordinary Shares at the NAV per Ordinary Share, less costs.
Management Company
The Company employs JPMorgan Funds Limited ('JPMF') as its Alternative Investment Fund Manager. JPMF delegates the management of the Company's portfolio to JPMorgan Asset Management (UK) Limited ('JPMAM').
J.P. Morgan Asset Management 3
Financial Highlights
Total investments as at 30th September 2025: £584.8 million Total returns (including dividends reinvested) to 30th September
A glossary of terms and APMs is provided on pages 27 to 29.
Source: Morningstar.
Source: Morningstar/J.P. Morgan, using cum income net asset value (NAV) per ordinary share.
Source: MSCI. The portfolio's benchmark is the MSCI Europe ex UK Index (total return) in sterling terms.
Dividend yield of 3.7% is based on expected dividends of 4.8p for year ending 31st March 2026 divided by the share price of 128.5p as at 30th September 2025.
A Alternative Performance Measure ('APM').
Financial Highlights
Summary of results
| 30th September 2025 |
31st March 2025 |
% change |
|
|---|---|---|---|
| Total net assets (£'000) | 558,296 | 498,579 | 12.0 |
| Net asset value per ordinary share: | |||
| – with debt at fair value 1,A | 132.9p | 118.7p | 12.04 |
| – with debt at par valueA | 132.4p | 118.1p | 12.1 |
| Share price | 128.5p | 111.0p | 15.85 |
| Share price discount to net asset value per ordinary share: | |||
| – with debt at fair value1,A | 2.4%3 | 5.5% | |
| – with debt at par valueA | 2.1%3 | 5.0% | |
| Number of ordinary shares in issue (excluding shares held in Treasury) |
421,766,188 | 422,016,188 | |
| Ongoing chargesA | 0.64% | 0.66% | |
| GearingA | 4.7% | 4.3% |
| Dividend | Six Months to 30th September 2025 |
Year to 31st March 2025 |
|---|---|---|
| Dividend per ordinary share | 2.4p2 | 4.80p |
The fair value of the Company's private placement debt has been calculated using discounted cash ow techniques, using the yield from a similarly dated German government bond plus a margin based on the ve year average for the AA Barclays Euro corporate bond spread.
A glossary of terms and APMs is provided on pages 27 to 29.
Long Term Performance (total returns) for periods ended 30th September 2025
1.20p paid on 4th April 2025 and 1.20p paid on 4th July 2025.
The share price discount to net asset value per ordinary share (NAV) is determined by adjusting the NAV to account for dividends that have been declared but remain unpaid at the end of the period. This approach aligns with the share price as at the period end. Details of the calculation can be found in the glossary of terms and APMs on page 29.
4 % change, excluding dividends reinvested. Including dividends reinvested, the total return is +14.2% – see Total Returns on page 5.
% change, excluding dividends reinvested. Including dividends reinvested, the total return is +18.0% – see Total Returns on page 5.
A Alternative Performance Measure ('APM').
Chair's Statement
Rita Dhut Chair
Introduction
I am pleased to report that in its six-month reporting period to the 30th September 2025 the Company achieved a total return on net assets of +14.2%, representing an outperformance of +3.5% over its benchmark, thereby continuing to deliver consistent strong outperformance. The clear investment mandate allows the Portfolio Managers to seek out the best opportunities across European markets, delivering to the Company's shareholders the best of capital growth combined with an attractive dividend.
The backdrop for the period of this report remains complicated. The devastating conflict in Ukraine continues with difficult negotiations to come, while there is a fragile ceasefire in Gaza. With little perceived economic impact, global stock markets have shrugged off any material effects from these events.
Eurozone economic growth has been modest with GDP growth of 0.2% in the third quarter. The positive domestic positions of Spain and France were tempered by the stagnant performance of Germany and contraction in Italy. Continued growth across the region is expected to be supported by the existing significant EU wide infrastructure projects in addition to the ReArm Europe Plan announced earlier in the year. This is expected to enable up to €800 billion in additional defence spending in coming years. The last European Central Bank's (ECB) interest rate cut was in June 2025 to 2% and Inflation in the region has remained relatively stable at around 2%.
On the political front France and Germany face difficult domestic issues together with the wider challenges in the EU's economic and strategic transatlantic relationship with the USA.
Performance
Return on net assets (NAV) and return to shareholders
The Company's net assets outperformed its benchmark by +3.5% in the period under review (debt at fair value). The total return on net assets was +14.2% (debt at fair value), compared with the benchmark which recorded a total return in sterling terms of +10.7%. Stock selection was the main reason for this. In their Report on page 11, the Portfolio Managers' review in more detail some of the factors underlying the performance of the Company as well as commenting on the economic and market background over the period in question. For an explanation of the calculation of the Company's total return, please see the Glossary of Terms and Alternative Performance Measures on page 27.
The total return on share price, which takes into account the movement of the share price and dividends received over the six months delivered a return of +18.0%, which was also an outperformance of the benchmark by a significantly higher margin than the net asset performance benefitting in part from a reduction in the Company's share price discount to net assets.
Over three, five and ten years the Company has outperformed its benchmark by +40.7%, +69.1% and +49.9% respectively.
Dividends
One of the aims of the Company is to provide shareholders with a predictable dividend based on 4% of the preceding year end net asset value ('NAV') per share. The Company pays four interim dividends in July, October, January and March. In line with the above aim, in respect of the year ending 31st March 2026, the Company has paid the first and second interim dividends of 1.20 pence per Ordinary share. Between the end of this six-month reporting period and the release of this report, the Company's Board declared a third interim dividend of 1.20 pence per Ordinary share. The Board is expecting to declare the fourth interim dividend in February 2026.
Chair's Statement
As was the case for the Company's dividends in respect of the year ended 31st March 2025, to the extent that brought forward revenue reserves are not sufficient, dividends will be paid from distributable capital reserves as permitted by the Company's Articles.
Gearing
There has been no change in the Investment Manager's permitted gearing range, as previously set by the Board, of between 10% net cash to 20% geared. At 30th September 2025 the Company held a gearing level of 4.7% (31st March 2025: 4.3%).
Discounts, Share Issuance and Repurchase
During the period under review, the average discount across the Investment Trust sector has continued to remain at elevated levels. However, we have seen changes in discounts, including narrowing across sub sectors and individual Trusts as investors have differentiated between investment mandates and performance. It is pleasing to note, from the start of 2025, a combination of improving sentiment towards European equities combined with a greater interest in the Company's shares caused the Company's discount to narrow considerably without requiring the Board to be particularly active.
The Company's Ordinary share discount to NAV with debt at fair value as at 30th September 2025 was 2.4%. The average discount of a peer group of four companies as at the same date was approximately 5.9%. This reflects the Company's narrowing level of discount in both absolute and relative terms. As at 26th November 2025, the Company's Ordinary share discount was 1.1%.
In the period under review, 250,000 Ordinary shares were bought into Treasury. From 1st October 2025 to 26th November 2025, no Ordinary shares were bought into Treasury and no Ordinary shares were issued.
AIC Investment Week Award 2025
I am delighted that the Company was voted the best investment company in the European sector at the annual AIC Investment Week Award ceremony held on 19th November 2025. Media reports on the 2025 awards have commented that as a winner the Company is leading the way in meeting investors' changing needs and taking the investment company sector forward.
Outlook
The geopolitical outlook remains fragile and trade policies of the US government cause uncertainty both in their political and economic implications. We are mindful the tariff hikes will have implications for the shape of trade and output in future years. The board also continues to observe and probe the Portfolio Managers on the significant capex boom into AI software and infrastructure that is particularly notable in the USA, watchful of its impact on European indices and companies. However, there are tentative signs economic growth in the Eurozone will improve with plenty of self-help and we are seeing positive investor sentiment towards European equity markets. The Portfolio Managers proceed with their considered approach, owning a diversified portfolio and positions in companies whose fortunes are expected to remain relatively resilient and have the agility to circumnavigate the complex backdrop. The Board anticipates continued successful delivery of the investment mandate.
Rita Dhut
Chair 27th November 2025
Portfolio Managers' Report
Market Review
European equity markets returned +10.7% in Sterling terms during the six months to 30th September 2025 under review. The period started in dramatic fashion with President Trump's tariff announcements at the beginning of April which led to a sharp selloff in global markets. Although trade tensions have dominated newswires since April, the initial volatility, particularly in bond markets, pushed the US administration to soften its trade policy by pausing reciprocal tariffs for ninety days and removing tariffs on electronic products. The US Court of International Trade also ruled against President Trump's tariff authority which helped to de-escalate trade tensions. Equity markets quickly took the view that the final outcome would be less damaging than originally feared and by early May European indices had recouped all the losses.
The rest of the period saw European equity markets gradually advance. Economic sentiment, as measured by the Purchasing Managers' Index, improved from May onwards in both services and manufacturing. The combination of positive real income growth, low energy prices and lower interest rates from the ECB helped to create a more benign environment for equity markets than initially expected in April.
Alexander Fitzalan Howard Portfolio Manager
Zenah Shuhaiber Portfolio Manager
Tim Lewis Portfolio Manager
Portfolio Review
The Company's Net Asset Value (NAV) (debt at fair value) returned +14.2% in the period under review, outperforming its benchmark by +3.5%. Positive stock selection was a feature across most sectors with Materials and Commercial & Professional Services contributing the most, offsetting negative performance within Food Beverage & Tobacco. Within Beverages, Carlsberg was the main detractor as the company reported weaker than expected volumes, particularly in Asia. On the positive side, Heidelberg Materials, a German cement producer, was a main contributor. The cement market has become much more price rational, thanks to regulatory changes that force players to account for the cost of carbon. As a result, some smaller competitors have exited the market, making it easier for companies like Heidelberg to pass through price increases. Meanwhile, Bilfinger, which is a market leader in European industrial services, has witnessed an improving order pipeline from investments in alternative energy and energy efficiency.
We started a new position in Siemens Energy, which is seeing strong growth supported by grid infrastructure and gas capacity additions driven by data centre demand. We added to an existing position in Prosus, primarily on the back of good results from Tencent, where Prosus' roughly 25% stake accounts for >80% of the NAV of the company. We also started a new position in Mercedes-Benz. We remain underweight Auto OEMs on aggregate, but in the case of Mercedes we see stabilising earnings momentum, a commitment to shareholder returns and a compelling valuation case.
We reduced the portfolio's positioning to several asset-light names in the software and information exchange sectors. We sold out of positions in Deutsche Boerse and Euronext, the European stock exchange groups following strong share price performance leading to more stretched valuations. We also sold out of the position in Wolters Kluwer, the Dutch-listed information company, and reduced the holding in SAP, the German software business, on concerns of AI competition impacting on their business. The net effect of our actions through this period has been to increase the Industrials weighting in the portfolio and to reduce the positions in Financials and Information Technology. By the end of the half year, the Company's top three overweight sectors were Industrials, Communication Services and Energy.
Outlook
Looking forward there are, as always, plenty of issues to be concerned about including ongoing tariff negotiations, domestic political issues particularly in France, rising deficits and the conflicts in Ukraine and the Middle East. However, despite this there is much to be optimistic about. The consumer remains in a robust condition and there are signs of recovery in the manufacturing sector. Fiscal stimulus initiatives are expected to be central to driving growth in 2026. Europe's renewed emphasis on strategic resilience – evident in planned investments in energy, defence, and
Portfolio Managers' Report
infrastructure – is strengthening its domestic industrial base. These policy changes are encouraging greater capital spending and advancing long-term priorities such as decarbonisation and the restructuring of supply chains. Moreover, valuations of European companies remain attractive, particularly relative to their US counterparts, and investment flows into European markets have started to pick up. Your portfolio managers continue to find stock picking opportunities that meet our criteria regarding valuation, quality and operational momentum.
Alexander Fitzalan Howard Zenah Shuhaiber Tim Lewis Portfolio Managers 27th November 2025
Portfolio Information
Geographical analysis
| 30th September 2025 | 31st March 2025 | |||
|---|---|---|---|---|
| Portfolio1 | Benchmark | Portfolio1 | Benchmark | |
| % | % | % | % | |
| Germany | 22.1 | 19.4 | 23.0 | 19.4 |
| France | 20.5 | 21.4 | 24.2 | 22.4 |
| Switzerland | 16.4 | 18.2 | 17.3 | 19.3 |
| Netherlands | 11.5 | 9.7 | 10.4 | 8.5 |
| Italy | 8.7 | 6.3 | 8.3 | 6.0 |
| Spain | 4.7 | 7.1 | 3.9 | 6.1 |
| Sweden | 4.3 | 7.1 | 3.9 | 7.2 |
| Denmark | 4.0 | 3.7 | 3.7 | 4.6 |
| Austria | 2.3 | 0.4 | 2.2 | 0.4 |
| Ireland | 2.2 | 0.9 | 1.1 | 0.6 |
| Belgium | 1.5 | 2.1 | 0.7 | 1.9 |
| Finland | 1.3 | 2.1 | 0.7 | 2.0 |
| Portugal | 0.3 | 0.4 | 0.1 | 0.3 |
| Norway | 0.2 | 1.2 | 0.5 | 1.3 |
| Total Portfolio2 | 100.0 | 100.0 | 100.0 | 100.0 |
Based on total investments of £584.8 (2025: £519.8m) see page 15.
Sector analysis
| 30th September 2025 | 31st March 2025 | |||
|---|---|---|---|---|
| Portfolio1 | Benchmark | Portfolio1 | Benchmark | |
| % | % | % | % | |
| Financials | 23.3 | 23.5 | 25.7 | 22.0 |
| Industrials | 21.5 | 20.8 | 19.5 | 18.8 |
| Health Care | 12.8 | 13.1 | 12.4 | 14.8 |
| Consumer Discretionary | 9.1 | 9.1 | 8.2 | 9.8 |
| Information Technology | 8.2 | 9.2 | 8.4 | 8.7 |
| Consumer Staples | 7.3 | 7.3 | 8.0 | 8.3 |
| Communication Services | 6.0 | 4.5 | 6.9 | 4.6 |
| Utilities | 4.6 | 4.3 | 4.6 | 4.0 |
| Energy | 3.5 | 2.4 | 3.3 | 2.8 |
| Materials | 3.2 | 5.0 | 2.9 | 5.4 |
| Real Estate | 0.5 | 0.8 | 0.1 | 0.8 |
| Total Portfolio2 | 100.0 | 100.0 | 100.0 | 100.0 |
Based on total investments of £584.8 (2025: £519.8m) see page 15.
Includes investments in Investment Companies which are reclassied in accordance with the domicile of the underlying assets in the Company.
Includes investments in Investment Companies which are reclassied in accordance with the domicile of the underlying assets in the Company.
List of Investments
List of Investments
As at 30th September 2025
| Company | Valuation £'000 |
% of the total portfolio |
Company | Valuation £'000 |
% of the total portfolio |
|---|---|---|---|---|---|
| Germany | France (continued) | ||||
| SAP | 18,220 | 3.1 | Technip Energies | 2,046 | 0.3 |
| Siemens | 16,276 | 2.8 | Gaztransport Et Technigaz | 1,705 | 0.3 |
| Allianz | 13,630 | 2.3 | Pernod Ricard | 1,611 | 0.3 |
| Deutsche Telekom | 8,283 | 1.4 | Trigano | 1,066 | 0.2 |
| Heidelberg Materials | 7,908 | 1.3 | 118,043 | 20.2 | |
| Deutsche Bank | 7,514 | 1.3 | Switzerland | ||
| E.ON | 7,497 | 1.3 | Novartis | 20,152 | 3.4 |
| Muenchener Rueckversicherungs- | Roche | 17,283 | 3.0 | ||
| Gesellschaft | 7,327 | 1.3 | Nestlé | 15,163 | 2.6 |
| Siemens Energy | 5,921 | 1.0 | ABB | 12,476 | 2.1 |
| Mercedes-Benz | 5,180 | 0.9 | Cie Financiere Richemont | 8,041 | 1.4 |
| Infineon Technologies | 4,968 | 0.8 | Zurich Insurance | 7,676 | 1.3 |
| Scout24 | 4,321 | 0.7 | Lonza | 5,352 | 0.9 |
| Fresenius | 4,195 | 0.7 | UBS | 3,985 | 0.7 |
| Bayer | 3,960 | 0.7 | Sandoz | 3,547 | 0.6 |
| Bilfinger | 3,441 | 0.6 | Avolta | 1,319 | 0.2 |
| AlzChem | 2,375 | 0.4 | 94,994 | 16.2 | |
| Bayerische Motoren Werke | 2,129 | 0.4 | Netherlands | ||
| Vonovia | 1,849 | 0.3 | ASML | 23,003 | 3.9 |
| SAF-Holland | 1,562 | 0.3 | Prosus | 9,602 | 1.7 |
| Friedrich Vorwerk | 1,088 | 0.2 | Koninklijke KPN | 7,216 | 1.2 |
| 127,644 | 21.8 | Koninklijke Ahold Delhaize | 7,211 | 1.2 | |
| France | SBM Offshore | 2,944 | 0.5 | ||
| Safran | 13,329 | 2.3 | Coca-Cola Europacific Partners | 2,893 | 0.5 |
| TotalEnergies | 9,467 | 1.6 | NN | 2,605 | 0.5 |
| Cie de Saint-Gobain | 7,727 | 1.3 | Heineken | 2,420 | 0.4 |
| Engie | 7,596 | 1.3 | Adyen | 2,369 | 0.4 |
| Schneider Electric | 7,347 | 1.3 | Koninklijke BAM Groep | 2,285 | 0.4 |
| Danone | 7,152 | 1.2 | Koninklijke Heijmans | 2,186 | 0.4 |
| AXA | 7,081 | 1.2 | ASR Nederland | 1,825 | 0.3 |
| Vinci | 6,790 | 1.1 | 66,559 | 11.4 | |
| Legrand | 6,377 | 1.1 | Italy | ||
| SPIE | 5,322 | 0.9 | UniCredit | 13,699 | 2.3 |
| Publicis | 5,113 | 0.9 | Intesa Sanpaolo | 8,174 | 1.4 |
| BNP Paribas | 5,077 | 0.9 | Enel | 6,982 | 1.2 |
| Air Liquide | 4,417 | 0.7 | Prysmian | 4,976 | 0.9 |
| Hermes International | 3,992 | 0.7 | Unipol Assicurazioni | 4,718 | 0.8 |
| Cie Generale des Etablissements Michelin | 3,476 | 0.6 | BPER Banca | 3,904 | 0.7 |
| LVMH Moët Hennessy Louis Vuitton | 3,291 | 0.6 | Azimut | 2,685 | 0.5 |
| L'Oréal | 3,077 | 0.5 | Banca Monte dei Paschi di Siena | 2,010 | 0.3 |
| EssilorLuxottica | 2,818 | 0.5 | Maire | 1,224 | 0.2 |
| Thales | 2,166 | 0.4 | Lottomatica | 789 | 0.1 |
| 49,161 | 8.4 |
List of Investments
List of Investments
As at 30th September 2025
| Company | Valuation £'000 |
% of the total portfolio |
|---|---|---|
| Spain | ||
| Banco Santander | 13,105 | 2.2 |
| International Consolidated Airlines | 4,076 | 0.7 |
| CaixaBank | 3,694 | 0.6 |
| Endesa | 2,534 | 0.4 |
| Iberdrola | 2,119 | 0.4 |
| Indra Sistemas | 1,083 | 0.2 |
| 26,611 | 4.5 | |
| Sweden | ||
| Volvo | 6,097 | 1.0 |
| Spotify Technology | 5,701 | 1.0 |
| Clas Ohlson | 3,489 | 0.6 |
| Tele2 | 3,165 | 0.5 |
| Nordea Bank | 2,871 | 0.5 |
| Loomis | 1,803 | 0.3 |
| Millicom International Cellular | 1,102 | 0.2 |
| 24,228 | 4.1 | |
| Denmark | ||
| Novo Nordisk | 7,316 | 1.3 |
| Danske Bank | 6,642 | 1.1 |
| Carlsberg | 3,031 | 0.5 |
| Genmab | 2,953 | 0.5 |
| Novonesis | 2,710 | 0.5 |
| 22,652 | 3.9 | |
| Austria | ||
| Erste Bank | 5,171 | 0.9 |
| BAWAG | 4,364 | 0.7 |
| DO & CO | 2,637 | 0.5 |
| 12,172 | 2.1 |
| Company | Valuation £'000 |
% of the total portfolio |
|---|---|---|
| Ireland | ||
| AIB | 4,108 | 0.7 |
| Cairn Homes | 3,998 | 0.7 |
| Ryanair | 3,904 | 0.7 |
| 12,010 | 2.1 | |
| Belgium | ||
| UCB | 5,593 | 1.0 |
| D'ieteren | 1,209 | 0.2 |
| Umicore | 1,146 | 0.2 |
| 7,948 | 1.4 | |
| Finland | ||
| Konecranes | 4,857 | 0.8 |
| Puuilo | 1,203 | 0.2 |
| Neste | 1,160 | 0.2 |
| 7,220 | 1.2 | |
| Portugal | ||
| Galp Energia | 1,058 | 0.2 |
| 1,058 | 0.2 | |
| Investment Companies | ||
| JPMorgan European Discovery Trust plc | 14,508 | 2.5 |
| 14,508 | 2.5 | |
| Total Investments | 584,808 | 100.0 |
Condensed Statement of Comprehensive Income
| (Unaudited) Six months ended |
(Unaudited) Six months ended |
(Audited) Year ended |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| 30th September 2025 | 30th September 2024 | 31st March 2025 | |||||||
| Revenue £'000 |
Capital £'000 |
£'000 | Total Revenue £'000 |
Capital £'000 |
£'000 | Total Revenue £'000 |
Capital £'000 |
Total £'000 |
|
| Gains/(losses) on investments | |||||||||
| held at fair value through | |||||||||
| profit or loss | — | 62,069 | 62,069 | — | (14,847) | (14,847) | — | 2,685 | 2,685 |
| Foreign exchange gains/(losses) on JPMorgan EUR Liquidity |
|||||||||
| Fund | — | 416 | 416 | — | (392) | (392) | — | (298) | (298) |
| Net foreign currency | |||||||||
| (losses)/gains1 | — | (1,878) | (1,878) | — | 1,804 | 1,804 | — | 2,275 | 2,275 |
| Income from investments | 12,744 | — | 12,744 | 12,169 | 182 | 12,351 | 16,565 | 789 | 17,354 |
| Interest receivable and similar | |||||||||
| income | 162 | — | 162 | 275 | — | 275 | 516 | — | 516 |
| Gross return/(loss) | 12,906 | 60,607 | 73,513 | 12,444 | (13,253) | (809) | 17,081 | 5,451 | 22,532 |
| Management fee | (396) | (923) | (1,319) | (385) | (899) | (1,284) | (759) | (1,771) | (2,530) |
| Other administrative expenses | (357) | — | (357) | (397) | — | (397) | (747) | — | (747) |
| Net return/(loss) before finance | |||||||||
| costs and taxation | 12,153 | 59,684 | 71,837 | 11,662 | (14,152) | (2,490) | 15,575 | 3,680 | 19,255 |
| Finance costs | (179) | (417) | (596) | (178) | (414) | (592) | (346) | (808) | (1,154) |
| Net return/(loss) before taxation | 11,974 | 59,267 | 71,241 | 11,484 | (14,566) | (3,082) | 15,229 | 2,872 | 18,101 |
| Taxation | (1,097) | — | (1,097) | (2,608) | (27) | (2,635) | (3,084) | — | (3,084) |
| Net return/(loss) after taxation | 10,877 | 59,267 | 70,144 | 8,876 | (14,593) | (5,717) | 12,145 | 2,872 | 15,017 |
| Return/(loss) per ordinary | |||||||||
| share (note 3) | 2.58p | 14.05p | 16.63p | 2.07p | (3.40)p | (1.33)p | 2.85p | 0.67p | 3.52p |
Includes foreign currency (losses)/gains on the private placement note issued in Euro, forward foreign currency contracts and cash at bank.
All revenue and capital items in the above statement derive from continuing operations.
The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies.
Net return/(loss) after taxation represents the profit/(loss) for the period/year and also the total comprehensive income.
Condensed Statement of Changes in Equity
| Called up share capital £'000 |
Share account £'000 |
Capital premium redemption reserve £'000 |
Capital reserves1 £'000 |
Revenue reserve1 £'000 |
Total £'000 |
|
|---|---|---|---|---|---|---|
| Six months ended 30th September 2025 (Unaudited) | ||||||
| At 31st March 2025 | 2,185 | 131,163 | 18,273 | 346,958 | — | 498,579 |
| Repurchase of ordinary shares into Treasury | — | — | — | (299) | — | (299) |
| Net return | — | — | — | 59,267 | 10,877 | 70,144 |
| Dividend paid in the period (note 4) | — | — | — | — | (10,128) | (10,128) |
| At 30th September 2025 | 2,185 | 131,163 | 18,273 | 405,926 | 749 | 558,296 |
| Six months ended 30th September 2024 (Unaudited) | ||||||
| At 31st March 2024 | 2,185 | 131,163 | 18,273 | 355,039 | 4,031 | 510,691 |
| Repurchase of ordinary shares into Treasury | — | — | — | (1,876) | — | (1,876) |
| Net (loss)/return | — | — | — | (14,593) | 8,876 | (5,717) |
| Dividend paid in the period (note 4) | — | — | — | — | (9,658) | (9,658) |
| At 30th September 2024 | 2,185 | 131,163 | 18,273 | 338,570 | 3,249 | 493,440 |
| Year ended 31st March 2025 (Audited) | ||||||
| At 31st March 2024 | 2,185 | 131,163 | 18,273 | 355,039 | 4,031 | 510,691 |
| Repurchase of ordinary shares into Treasury | — | — | — | (7,259) | — | (7,259) |
| Net return | — | — | — | 2,872 | 12,145 | 15,017 |
| Dividends paid in the year (note 4) | — | — | — | (3,694) | (16,176) | (19,870) |
| At 31st March 2025 | 2,185 | 131,163 | 18,273 | 346,958 | — | 498,579 |
These reserves form the distributable reserves of the Company and may be used to fund distribution of prots to investors via dividend payments.
Condensed Statement of Financial Position
| (Unaudited) 30th September 2025 £'000 |
(Unaudited) 30th September 20241 £'000 |
(Audited) 31st March 2025 £'000 |
|
|---|---|---|---|
| Non current assets | |||
| Investments held at fair value through profit or loss1 | 580,475 | 514,194 | 512,436 |
| Investments on loan held at fair value through profit or loss1 | 4,333 | 1,519 | 7,409 |
| Total investments held at fair value through profit or loss | 584,808 | 515,713 | 519,845 |
| Current assets | |||
| Derivative financial assets | 1 | 80 | 31 |
| Debtors | 4,371 | 9,425 | 5,254 |
| Cash and cash equivalents | 12,921 | 13,071 | 15,490 |
| 17,293 | 22,576 | 20,775 | |
| Current liabilities | |||
| Creditors: amounts falling due within one year | (246) | (3,329) | (280) |
| Derivative financial liabilities | (43) | (48) | (41) |
| Net current assets | 17,004 | 19,199 | 20,454 |
| Total assets less current liabilities | 601,812 | 534,912 | 540,299 |
| Non current liabilities | |||
| Creditors: amounts falling due after more than one year | (43,516) | (41,472) | (41,720) |
| Net assets | 558,296 | 493,440 | 498,579 |
| Capital and reserves | |||
| Called up share capital | 2,185 | 2,185 | 2,185 |
| Share premium account | 131,163 | 131,163 | 131,163 |
| Capital redemption reserve | 18,273 | 18,273 | 18,273 |
| Capital reserves | 405,926 | 338,570 | 346,958 |
| Revenue reserve | 749 | 3,249 | — |
| Total shareholders' funds | 558,296 | 493,440 | 498,579 |
| Net asset value per ordinary share (note 5) | 132.4p | 115.5p | 118.1p |
The value of investments on loan, previously included within the total value of investments held at fair value through profit or loss, has been disclosed separately. The figures for 30th September 2024 have been restated accordingly and do not impact the Company's Net assets, Statement of Comprehensive Income, or Statement of Cash Flows as previously presented.
Condensed Statement of Cash Flows
| (Unaudited) Six months ended 30th September 2025 £'000 |
(Unaudited) Six months ended 30th September 2024 £'000 |
(Audited) Year ended 31st March 2025 £'000 |
|
|---|---|---|---|
| Cash flows from operating activities | |||
| Net return/(loss) before finance costs and taxation Adjustment for: |
71,837 | (2,490) | 19,255 |
| Net (gains)/losses on investments held at fair value through profit or loss |
(62,069) | 14,847 | (2,685) |
| Foreign exchange (gains)/losses on JPMorgan EUR Liquidity Fund |
(416) | 392 | 298 |
| Net foreign currency losses/(gains) | 1,878 | (1,804) | (2,275) |
| Dividend income | (12,744) | (12,351) | (17,354) |
| Interest and securities lending income | (162) | (254) | (491) |
| Realised gains on foreign exchange transactions | 106 | 14 | 56 |
| Realised exchange gain/(losses) on JPMorgan EUR Liquidity Fund | 248 | (153) | (375) |
| Decrease/(increase) in other debtors | 12 | 16 | (1) |
| (Decrease)/increase in accrued expenses | (52) | 35 | (10) |
| Net cash outflow from operations before dividends, | |||
| interest and taxation | (1,362) | (1,748) | (3,582) |
| Dividends received | 11,336 | 10,405 | 13,970 |
| Interest and securities lending income received | 162 | 254 | 491 |
| Overseas withholding tax recovered | 552 | 502 | 1,218 |
| Net cash inflow from operating activities | 10,688 | 9,413 | 12,097 |
| Purchases of investments and derivatives | (108,652) | (72,128) | (163,135) |
| Sales of investments | 106,395 | 73,166 | 179,036 |
| Settlement of forward foreign currency contracts | (165) | 8 | 716 |
| Net cash (outflow)/inflow from investing activities | (2,422) | 1,046 | 16,617 |
| Equity dividends paid (note 4) | (10,128) | (9,658) | (19,870) |
| Repurchase of ordinary shares into Treasury | (299) | (1,981) | (7,364) |
| Interest paid | (579) | (577) | (1,138) |
| Net cash outflow from financing activities | (11,006) | (12,216) | (28,372) |
| (Decrease)/increase in cash and cash equivalents | (2,740) | (1,757) | 342 |
| Cash and cash equivalents at start of period/year | 15,490 | 15,074 | 15,074 |
| Foreign currency exchange movements | 171 | (246) | 74 |
| Cash and cash equivalents at end of period/year | 12,921 | 13,071 | 15,490 |
| Cash and cash equivalents consist of: | |||
| Cash at bank | 479 | 263 | 632 |
| Cash held in JPMorgan EUR Liquidity Fund | 12,442 | 12,808 | 14,858 |
| Total | 12,921 | 13,071 | 15,490 |
Notes to the Condensed Financial Statements
For the six months ended 30th September 2025
1. Financial statements
The information contained within the condensed financial statements in this half year report has not been audited or reviewed by the Company's auditors.
The figures and financial information for the year ended 31st March 2025 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies and including the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The financial statements have been prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP'), including 'the Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the revised 'SORP') issued by the Association of Investment Companies in July 2022.
FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 30th September 2025.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 31st March 2025.
3. Return/(loss) per ordinary share
| (Unaudited) | (Unaudited) | (Audited) | |
|---|---|---|---|
| Six months ended | Six months ended | ||
| 30th September | 30th September | 31st March | |
| 2025 | 2024 | 2025 | |
| £'000 | £'000 | £'000 | |
| Return per ordinary share is based on the following: | |||
| Revenue return | 10,877 | 8,876 | 12,145 |
| Capital return/(loss) | 59,267 | (14,593) | 2,872 |
| Total return/(loss) | 70,144 | (5,717) | 15,017 |
| Weighted average number of ordinary shares in issue | 421,833,128 | 428,660,159 | 426,040,273 |
| Revenue return per ordinary share | 2.58p | 2.07p | 2.85p |
| Capital return/(loss) per ordinary share | 14.05p | (3.40)p | 0.67p |
| Total return/(loss) per ordinary share | 16.63p | (1.33)p | 3.52p |
Notes to the Condensed Financial Statements
4. Dividends paid
| (Unaudited) Six months ended 30th September 2025 |
(Unaudited) Six months ended 30th September 2024 |
(Audited) Year ended 31st March 2025 |
||||
|---|---|---|---|---|---|---|
| Pence | £'000 | Pence | £'000 | Pence | £'000 | |
| Dividends paid | ||||||
| Fourth interim dividend in respect of prior year | 1.20 | 5,064 | 1.05 | 4,510 | 1.05 | 4,510 |
| First interim dividend | 1.20 | 5,064 | 1.20 | 5,148 | 1.20 | 5,148 |
| Second interim dividend | — | — | — | — | 1.20 | 5,128 |
| Third interim dividend | — | — | — | — | 1.20 | 5,084 |
| Total dividends paid in the period/year | 2.40 | 10,128 | 2.25 | 9,658 | 4.65 | 19,870 |
All dividends paid and declared in the six months ended 30th September 2025 have been funded from the Revenue reserve.
The Company's second interim dividend of 1.20p per ordinary share was paid on 31st October 2025 at a cost of £5,061,000.
5. Net asset value per ordinary share
The net asset value per ordinary share and the net asset value attributable to the ordinary shares at the period/year end are shown below. These were calculated using 421,766,188 (30th September 2024: 427,369,449; 31st March 2025: 422,016,188) ordinary shares in issue at the period/year end (excluding Treasury shares).
| (Unaudited) Six months ended 30th September 2025 Net asset value attributable pence per ordinary |
(Unaudited) Six months ended 30th September 2024 Net asset value attributable pence per ordinary |
(Audited) Year ended 31st March 2025 Net asset value attributable pence per ordinary |
||||
|---|---|---|---|---|---|---|
| £'000 | share | £'000 | share | £'000 | share | |
| Net asset value – debt at par | 558,296 | 132.4 | 493,440 | 115.5 | 498,579 | 118.1 |
| Euro 50 million 2.69% Private Placement Note with | ||||||
| Metlife, repayable on 26th August 2035: | ||||||
| Add: amortised cost | 43,516 | 10.3 | 41,472 | 9.7 | 41,720 | 9.9 |
| Deduct: fair value | (41,320) | (9.8) | (40,812) | (9.6) | (39,321) | (9.3) |
| Net asset value – debt at fair value | 560,492 | 132.9 | 494,100 | 115.6 | 500,978 | 118.7 |
Notes to the Condensed Financial Statements
6. Fair valuation of instruments
The fair value hierarchy disclosures required by FRS 102 are given below:
| (Unaudited) Six months ended 30th September 2025 |
(Unaudited) Six months ended 30th September 2024 |
(Audited) Year ended 31st March 2025 |
||||
|---|---|---|---|---|---|---|
| Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Level 1 | 584,808 | — | 515,713 | — | 519,845 | — |
| Level 21 | 1 | (43) | 80 | (48) | 31 | (41) |
| Total | 584,809 | (43) | 515,793 | (48) | 519,876 | (41) |
Forward foreign currency contracts.
7. Analysis of changes in net debt
| (Audited) | (Unaudited) | ||||
|---|---|---|---|---|---|
| As at | Other | As at | |||
| 31st March | Exchange | non-cash | 30th September | ||
| 2025 | Cash flows | movements | charges | 2025 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Cash and cash equivalents | |||||
| Cash at bank | 632 | (156) | 3 | — | 479 |
| Cash held in JPMorgan EUR | |||||
| Liquidity Fund | 14,858 | (2,584) | 168 | — | 12,442 |
| 15,490 | (2,740) | 171 | — | 12,921 | |
| Borrowings | |||||
| Euro 50 million 2.69% | |||||
| Private Placement Note | (41,720) | — | (1,790) | (6) | (43,516) |
| Total net debt | (26,230) | (2,740) | (1,619) | (6) | (30,595) |
Interim Management Report
The Company is required to make the following disclosures in its half year report:
Principal Risks and Uncertainties
The Principal Risks and uncertainties faced by the Company fall into the following broad categories: investment; operational; regulatory; strategy; climate change; geopolitical and economic concerns. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 31st March 2025. A review of risks conducted for this report concluded that the principal risks and uncertainties faced by the Company have not changed significantly.
Related Parties Transactions
During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company.
Going Concern
The Directors believe, having considered the Company's investment objectives, future cash flow projections, risk management policies, liquidity risk, principal and emerging risks, capital management policies and procedures, nature of the portfolio and expenditure projections, the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and, more specifically, that there are no material uncertainties relating to the Company that would prevent its ability to continue in such operation existence for at least 12 months from the date of the approval of this half yearly report. We considered as part of our risk assessment the nature of the Company, its business model and related risks including where relevant the impact of the unrest in the Middle East and Russia's invasion of Ukraine, the requirements of the applicable financial reporting framework the covenants in respect of the Company's private placement debt and the system of internal control. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
- (i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with FRS 104 'Interim Financial Reporting' and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and
- (ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Rita Dhut
Chair 27th November 2025
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Glossary of Terms and Alternative Performance Measures ('APMS') (Unaudited)
Alternative Performance Measure (APM)
Alternative Performance Measures (APMs) are numerical measures of current, historical or future financial performance, financial position or cash flow that are not GAAP measures. APMs are intended to supplement the information in the financial statements, providing useful industry-specific information that can assist shareholders to better understand the performance of the Company.
Where a measure is labelled as an APM, a definition and reconciliation to a GAAP measure is set out below.
Return on share price (APM)
Total return on share price, on a last traded price to last traded price basis, assuming that all dividends received were reinvested, without transaction costs, into the shares of the Company at the time the shares were quoted ex-dividend.
| Six months ended | |||
|---|---|---|---|
| 30th September | |||
| Total return calculation | Page | 2025 | |
| Opening share price (p) | 6 | 111.0 | (a) |
| Closing share price (p) | 6 | 128.5 | (b) |
| Total dividend adjustment factor1 | 1.019721 | (c) | |
| Adjusted closing share price (p) (d = b x c) | 131.0 | (d) | |
| Total return on share price (e = (d/a) – 1) | +18.0% | (e) |
The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the last traded price quoted at the ex-dividend date.
Return on Net Assets with Debt at Fair Value (APM)
The Company's debt (private placement) is valued in the Statement of Financial Position (on page 19) at amortised cost, which is materially equivalent to the repayment value of the debt on the assumption that it is held to maturity. This is often referred to as 'Debt at Par Value'.
The current replacement or market value of the debt, which assumes it is repaid and renegotiated under current market conditions, is often referred to as the 'Debt at Fair Value'.
The difference between fair and par values of the debt is subtracted from the NAV to derive the NAV with debt at fair value. The fair value of the Euro 50 million Private Placement issued by the Company has been calculated using discounted cash flow techniques, using the yield from a similar dated German government bond plus a margin based on the five year average for the AA Barclays Euro Corporate Bond spread.
The NAV with debt at fair value at 30th September 2025 is shown in note 5 of the Notes to the Condensed Financial Statements on page 22.
| Six months ended | |||
|---|---|---|---|
| Total return calculation | Page | 30th September 2025 |
|
| Opening cum-income NAV per share with debt at fair value (p) | 6 | 118.7 | |
| (–) the interim dividend declared but not paid pre end of period (p) | (1.2) | ||
| Adjusted opening cum-income NAV per share with debt at fair value (p) | 6 | 117.5 | (a) |
| Closing cum-income NAV per share with debt at fair value (p) | 132.9 | ||
| (–) the 2nd interim dividend declared but not paid pre end of period (p) | (1.2) | ||
| Adjusted closing cum-income NAV per share with debt at fair value (p) | 131.7 | (b) | |
| Total dividend adjustment factor2 | 1.019074 | (c) | |
| Adjusted closing cum-income NAV per share with debt at fair value (p) (d = b x c) | 134.2 | (d) | |
| Total return on net assets with debt at fair value (e = (d/a) – 1) | 14.2% | (e) |
The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the cum-income NAV at the ex-dividend date.
In accordance with industry practice, dividends payable which have been declared but which are unpaid at the balance sheet date are deducted from the NAV per share when calculating the total return on net assets.
J.P. Morgan Asset Management 27
Glossary of Terms and Alternative Performance Measures ('APMS') (Unaudited)
Return on Net Assets with Debt at Par Value (APM)
Total return on net asset value ('NAV') per ordinary share, on a bid value to bid value basis, assuming that all dividends paid out by the Company were reinvested, without transaction costs, into the shares of the Company at the NAV per ordinary share at the time the shares were quoted ex-dividend.
| Six months ended | |||
|---|---|---|---|
| 30th September | |||
| Total return calculation | Page | 2025 | |
| Opening NAV per ordinary share (p) | 6 | 118.1 | |
| (–) the interim dividend declared but not paid pre end of period (p) | (1.2) | ||
| Adjusted opening NAV per ordinary share (p) | 116.9 | (a) | |
| Closing NAV per ordinary share (p) | 6 | 132.4 | |
| (–) the 2nd interim dividend declared but not paid pre end of period (p) | (1.2) | ||
| Adjusted closing NAV per ordinary share (p) | 131.2 | (b) | |
| Total dividend adjustment factor1 | 1.019139 | (c) | |
| Adjusted closing NAV per ordinary share (p) (d = b x c) | 133.7 | (d) | |
| Total return on net assets with debt at par value (e = (d/a) – 1) | 14.4% | (e) |
The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the NAV at the ex-dividend date.
In accordance with industry practice, dividends payable which have been declared but which are unpaid at the balance sheet date are deducted from the NAV per share when calculating the total return on net assets.
Benchmark Return
Total return on the benchmark, on a closing-market value to closing-market value basis, assuming that all dividends received were reinvested, without transaction costs, in the shares of the underlying companies at the time the shares were quoted ex-dividend (see page 5).
The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company's investment universe. The Company's investment strategy does not follow or 'track' this index and consequently, there may be some divergence between the Company's performance and that of the benchmark.
Gearing/(Net Cash) (APM)
Gearing represents the excess amount above shareholders' funds of total investments, expressed as a percentage of the shareholders' funds. If the amount calculated is negative, this is shown as a 'net cash' position.
| Six months ended | Year ended | |||
|---|---|---|---|---|
| 30th September 2025 |
31st March 2025 |
|||
| Gearing calculation | Page | £'000 | £'000 | |
| Investments held at fair value through profit or loss | 19 | 584,808 | 519,845 | (a) |
| Net assets | 19 | 558,296 | 498,579 | (b) |
| Gearing/(net cash) (c = (a/b) – 1) | 4.7% | 4.3% | (c) |
Glossary of Terms and Alternative Performance Measures ('APMS') (Unaudited)
Ongoing Charges (APM)
The ongoing charges represent the Company's management fee and all other operating expenses excluding finance costs payable, expressed as a percentage of the average of the daily net assets during the year and is calculated in accordance with guidance issued by the Association of Investment Companies.
The figure as at 30th September 2025 is an estimated annualised figure based on the actual figures for the six months ended 30th September 2025, multiplied by two.
| Six months ended | Year ended | |||
|---|---|---|---|---|
| 30th September | 31st March | |||
| 2025 | 2025 | |||
| Page | £'000 | £'000 | ||
| Management Fee | 17 | 1,319 | 2,530 | |
| Other administrative expenses | 17 | 357 | 747 | |
| Total management fee and other administrative expenses | 1,676 | 3,277 | (a) | |
| Average daily cum-income net assets | 526,898 | 494,712 | (b) | |
| Ongoing charges (c = a/b) x 2 | 0.64% | (c) | ||
| Ongoing charges (d = a/b) | 0.66% | (d) |
Share Price Discount/Premium to Net Asset Value ('NAV') per Ordinary Share (APM)
If the share price of an investment trust is lower than the NAV per ordinary share, the shares are said to be trading at a discount. The discount is shown as a percentage of the NAV per share. The opposite of a discount is a premium. It is more common for an investment trust's shares to trade at a discount than at a premium.
| Six months ended 30th September |
Year ended 31st March |
|||
|---|---|---|---|---|
| Page | 2025 | 2025 | ||
| Share price (p) | 6 | 128.5 | 111.0 | (a) |
| Net assets value per ordinary share with debt at par value (p) | 6 | 132.9 | 118.7 | |
| (–) 2nd interim dividend declared but not paid as at the period end date (p) | (1.2) | (1.2) | ||
| Adjusted net asset value per ordinary share with debt at par value | ||||
| (ex div) (p) | 131.7 | 117.5 | (b) | |
| Discount to NAV with debt at fair value (c = (a–b)/b) | (2.4)% | (5.5)% | (c) | |
| Share price (p) | 6 | 128.5 | 111.0 | (a) |
| Net assets value per ordinary share with debt at fair value (p) | 6 | 132.4 | 118.1 | |
| (–) 2nd interim dividend declared but not paid as at the period end date (p) | (1.2) | (1.2) | ||
| Adjusted net asset value per ordinary share with debt at fair value | ||||
| (ex div) (p) | 131.2 | 116.9 | (b) | |
| Discount to NAV with debt at par value (c = (a–b)/b) | (2.1)% | (5.0)% | (c) |
Investing in JPMorgan European Growth & Income plc
You can invest in JPMorgan European Growth & Income plc shares and other J.P. Morgan investment trust shares through the following:
Via a third party provider
Third party providers include:
AJ Bell Investcentre Hargreaves Lansdown
Barclays Smart investor Bestinvest iDealing IG
Charles Stanley Direct Interactive investor
Close brothers A.M. Self IWeb
Directed Service Fidelity Personal Investing Freetrade ShareDeal active Willis Owen X-O.co.uk
Halifax Share Dealing
Please note this list is not exhaustive and the availability of individual trusts may vary depending on the provider. These websites are third party sites and J.P. Morgan Asset Management does not endorse or recommend any. Please observe each site's privacy and cookie policies as well as their platform charges structure.
Through a professional adviser
Professional advisers are usually able to access the products of all the companies in the market and can help you to find an investment that suits your individual circumstances. An adviser will let you know the fee for their service before you go ahead. You can find an adviser at unbiased.co.uk.
You may also buy investment trusts through stockbrokers, wealth managers and banks.
To familiarise yourself with the Financial Conduct Authority (FCA) adviser charging and commission rules, visit fca.org.uk.
Dividend reinvestment plan
The Company operates a dividend reinvestment plan. For further information please contact the Registrars, platform provider or a professional adviser.
Voting on Company business and attending the AGM
The Board encourages all of its shareholders to exercise their rights and notes that many specialist platforms provide shareholders with the ability to receive company documentation, to vote their shares and to attend general meetings, at no cost. Please refer to your investment platform for more details, or visit the Association of Investment Companies' ('AIC') website at https://www.theaic.co.uk/howto-vote-your-shares for information on which platforms support these services and how to utilise them.
Share Fraud Warning
Investment and pension scams are òé÷èñöòóëìö÷ìæä÷èçäñççìĦæøï÷÷òöóò÷
Be a ScamSmart investor and spot the warning signs
Fraudsters will often:
- contact you out of the blue
- apply pressure to invest quickly
- downplay the risks to your money
- promise tempting returns that sound too good to be true
- öäü÷ëä÷÷ëèüđõèòñïüðäîìñê÷ëèòģèõäùäìïäåïè÷òüòøòõ even ask you to not tell anyone else about it
How to avoid investment and pension scams Òéüòøđõèöøöóìæìòøöõèóòõ÷ì÷
Ûèíèæ÷øñèûóèæ÷èçòģèõö 1
Scammers usually cold call, but contact can also come by email, post, word of mouth òõä÷äöèðìñäõÒéüòøđùèåèèñòģèõèçäñ investment out of the blue, chances are it's a high risk investment or a scam.
Check the FCA Warning List 2
Use the FCA Warning List to check the risks of a potential investment – you can also search ÷òöèèìé÷ëèĤõðìöîñòúñ÷òåèòóèõä÷ìñêúì÷ëòø÷ our authorisation.
Ðè÷ìðóäõ÷ìäïäçùìæè 3
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Information About the Company
Financial Conduct Authority ('FCA') regulation of 'non-mainstream pooled investments'
The Company currently conducts its affairs so that the shares issued by JPMorgan European Growth & Income plc can be recommended by independent financial advisers to ordinary retail investors in accordance with the Financial Conduct Authority (FCA) rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The shares are excluded from the FCA's restrictions which apply to non-mainstream investment products because they are shares in an investment trust.
Consumer Duty Value Assessment
The Manager has conducted an annual value assessment on the Company in line with FCA rules set out in the Consumer Duty regulation. The assessment focuses on the nature of the product, including benefits received and its quality, limitations that are part of the product, expected total costs to clients and target market considerations. Within this, the assessment considers quality of services, performance of the Company (against both benchmark and peers), total fees (including management fees and entry and exit fees as applicable to the Company), and also considers whether all consumers, including vulnerable consumers, are able to receive fair value from the product. The Manager has concluded that the Company is providing value based on the above assessment.
Task Force on Climate-related Financial Disclosures
As a listed Investment Trust, the Company is exempt from Task Force on Climate-related Financial Disclosures ('TCFD') disclosures. However, in accordance with the requirements of the TCFD, on 30th June 2025, the Investment Manager published its UK TCFD Report for the Company in respect of the year ended 31st December 2024. The report discloses estimates of the portfolio's climate-related risks and opportunities according to the FCA Environmental, Social and Governance Sourcebook and the TCFD Recommendations. The report is available on the Company's website: www.jpmeuropeangrowthandincome.com under ESG Documents section.
History
JPMorgan European Growth & Income plc was formed in 1929 as The London and Holyrood Trust Limited and was a general investment trust until 1982 when the name was changed to The Fleming Universal Investment Trust. Under this name the portfolio became more internationally invested until November 1988, when the Board decided to concentrate on Continental European investments. In 1992 shareholders approved a formal adoption of this specialisation. The Company adopted separate growth and income portfolios and share classes under the name of JPMorgan European Investment Trust plc in August 2006. The current structure was approved by shareholders and the name changed from JPMorgan European Investment Trust plc to JPMorgan European Growth & Income plc on 4th February 2022.
Directors
Rita Dhut (Chair) Alexander Lennard Karen McKellar Andrew Robson Guy Walker
Company Numbers
Company incorporated and registered in England number: 237958 LEI: 549300D8SPJFHBDGXS57 London Stock Exchange Sedol number: BPR9Y24 ISIN number: GB00BPR9Y246
JEGI LN
A member of the AIC
Market Information
The Company's net asset value with debt at fair value is published daily, via The London Stock Exchange. The Company's shares are listed on the London Stock Exchange. The market prices are shown daily in the Financial Times and on the Company website at www.jpmeuropeangrowthandincome.com, where the share prices are updated every 15 minutes during trading hours.
Website
www.jpmeuropeangrowthandincome.com
Share Transactions
The Company's shares may be dealt in directly through a stockbroker or professional adviser acting on an investor's behalf.
Manager and Company Secretary
JPMorgan Funds Limited
Company's Registered Office
60 Victoria Embankment
London EC4Y 0JP
Telephone: 0800 20 40 20 or +44 1268 44 44 70 email: [email protected]
Please contact Paul Winship for company secretarial and administrative matters.
Depositary
The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA
The Depositary has appointed JPMorgan Chase Bank, N.A. as the Company's custodian.
Registrars
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS99 6ZZ
United Kingdom
Telephone + 44 (0) 370 707 1406
Lines open 8.30 a.m. to 5.30 p.m. Monday to Friday. Shareholders can manage their shareholding online by visiting Investor Centre at
www.investorcentre.co.uk, Shareholders just require their Shareholder Reference Number ('SRN'), which can be found on any communications previously received from Computershare.
Independent Auditor
PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX
Brokers
Winterflood Securities Limited Riverbank House 2 Swan Lane London EC4R 3GA
Telephone: +44 (0)20 3100 0000
CONTACT
60 Victoria Embankment London EC4Y 0JP
Freephone: 0800 20 40 20
Calls from outside the UK: +44 1268 44 44 70 Website: jpmeuropeangrowthandincome.com
