Profile: JPMorgan Global Growth & Inc.

JPMorgan Global Growth & Income (JGGI) was established in 1887 and has been focused on global equities since 1982. Originally managed by Robert Fleming & Co, it became part of the JPMorgan stable in 2001. JGGI bought back a large amount of its shares between 1998 and 2015 in an attempt to reduce its discount, first to a target of 10% and then to 5% or less. In 2016, it was one of the first trusts to adopt an enhanced dividend policy, allowing dividends to be paid out of capital and setting its payout at 4% of its NAV. Since this change, JGGI has nearly always traded at a premium and it...

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Money Makers podcast: 14 Oct 2023

In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to James Cook, fund manager at J.P. Morgan Global Growth and Income (JGGI) and Chris Clothier, co-CIO at CG Asset Management and a manager at Capital Gearing Trust (CGT).

You can listen to this week’s podcast in full on the audio players below. Alternatively, you can subscribe and download it on most podcast channels including Soundcloud, Apple, Spotify, Google, and others, including now the Money Makers YouTube channel. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers subscribers an opportunity to receive additional premium content, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. This week, as well as the regular features, the Circle features a profile of International Public Partnerships (INPP). Future profiles coming soon include City of London (CTY) and Pacific Assets Trust (PAC). A subscription costs £8 a month, or a modest £2 a week.

Equity markets in relatively good form

0:00:44 – Review of the week
0:03:57 – Money Makers Circle
0:04:29 – This week’s guests
0:04:57 – Corporate news and announcements
0:10:17 – Summary of results
0:16:01 – Q&A with James Cook

0:17:38 – Sustaining outperformance
0:20:55 – Enhanced income approach
0:22:29 – The outlook for the global economy
0:27:22 – The valuation spread
0:29:29 – The US ‘Super Seven’
0:33:01 – The UK market
0:35:39 – The outlook from here

0:37:41 – Q&A with Chris Clothier

0:37:50 – The bond market
0:40:44 – Holding US and UK index linked bonds
0:43:21 – Risk assets
0:44:34 – The impact of elections
0:45:46 – Opportunities in the alternatives sector
0:47:25 – Has derating run its course?
0:52:51 – Commercial property sector
0:54:06 – Cost disclosure
0:57:32 – What happens from here

1:01:06 – Close

Trusts mentioned in this week’s podcast (with tickers) include:

  • 3i Group (III)
  • International Public Partnerships (INPP)
  • HICL Infrastructure (HICL)
  • PRS REIT (PRSR)
  • Odyssean Investment Trust (OIT)
  • Triple Point Social Housing (SOHO)
  • Syncona (SYNC)
  • RTW Venture Fund (RTW)
  • Digital 9 Infrastructure (DGI9)
  • Gresham House Energy Storage (GRID)
  • Nippon Active Value Fund (NAVF)
  • Abrdn Japan (AJIT)
  • Atlantis Japan Growth (AJG)
  • European Opportunities Trust (EOT)
  • Chrysalis (CHRY)
  • ThomasLloyd Energy Impact (TLEI)
  • European Smaller Companies (ESCT)
  • Fidelity Emerging Markets (FEML)
  • Target Healthcare REIT (THRL)
  • Ashoka India Equity (AIE)
  • JPMorgan Smaller Companies Trust (JMI)
  • Pacific Assets Trust (PAC)
  • Invesco Perpetual UK Smaller Companies (IPU)
  • JPMorgan Multi-Asset Growth and Income (MATE)
  • Fidelity Asian Values (FAS)
  • Gore Street Energy Storage (GSF)
  • LXi REIT (LXI)
  • Greencoat UK Wind (UKW)
  • The Renewables Infrastructure Group (TRIG)
  • Warehouse REIT (WHR)
  • Pantheon International (PIN)
  • Worldwide Healthcare (WWH)
  • Pershing Square Holdings (PSH)
  • Smithson Investment Trust (SSON)
  • Personal Assets Trust (PNL)
  • Capital Gearing Trust (CGT)
  • RIT Capital Partners (RCP)
  • Grainger REIT (GRI)
  • Empiric Student Property (ESP)
  • Unite Group (UTG)

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