JPMorgan Chinese Investment Trust Underperforms Benchmark In Full Year

LONDON (Alliance News) - JPMorgan Chinese Investment Trust PLC on Thursday said it underperformed ...

Alliance News 6 December, 2018 | 3:15PM
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LONDON (Alliance News) - JPMorgan Chinese Investment Trust PLC on Thursday said it underperformed its benchmark in its recently ended financial year following a decline in net asset value.

NAV total return for the year to the end of September was negative 1.4%. In comparison, the company's benchmark, the MSCI China Index, returned positive 0.6%.

NAV per share declined in the year to 303.9 pence from 309.8p reported at the end of September 2017.

JPMorgan Chinese shares were trading 4.0% lower on Thursday at 243.00p each.

"Although the Chinese economy has grown at a phenomenal pace in recent years, the year under review has demonstrated that it is not immune from global economic challenges and certain Chinese stocks have been hit hard," said Investment Managers Rebecca Jiang and Howard Wang.

JPMorgan Chinese proposed a final dividend of 3.5p a share, up from 1.6p paid the year before.

The company said it repurchased 224,794 shares into treasury during the year to reduce discount volatility.

"There will always be short-term uncertainties that threaten to derail performance but the long-term case for China remains robust," said Jiang and Wang.

"We are excited by the prospect of discovering many more interesting investment opportunities that will benefit from the growth of the Chinese domestic market," added Jiang and Wang.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
JPMorgan Chinese Ord 235.00 GBX -1.26
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