TIDMJII
RNS Number : 2850O
JPMorgan Indian Invest Trust PLC
29 May 2020
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN INDIAN INVESTMENT TRUST PLC
Half Year Report & FINANCIAL STATEMENTS
for the six months ended 31st MARCH 2020
Legal Entity Identifier: 549300OHW8R1C2WBYK02
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
I pr esen t m y first half y ear statement as the Chairman of
the C ompan y in what ar e exc eptional times. The
COVID- 1 9 pandemic has had a very significant impact on global
ec onomies and equity markets as indeed it has on all of our
personal liv es. This half y ear report c o v er s the six months
to 31st Mar ch 2020 . The market fall as a result of the COVID- 1 9
crisis w as most pronounc ed towar ds the end of that period,
indeed the Compan y' s net asset v alue fell b y 2 8 .2% in the
month of Mar ch alone . Since the period end, markets have rallied
and stabilised a little but clearly ther e is a very lon g w ay to
go until w e will feel that a degr ee of normality has
returned.
Performance
In the first six months of the Company's financial year to 31st
March 2020, the Company produced a total return on net assets of
-33.6%. This was well behind our benchmark index, the MSCI India
Index (in sterling terms), which returned -27.9% over the same
period. In their report which follows, the Investment Managers
provide some commentary on the Indian market and details of the
factors which affected the Company's performance.
The return to shareholders was worse at -40.5%, reflecting a
significant widening of the discount over the six months, from 9.3%
at the previous financial year end to 18.7% at the period end.
The Board judges performance over the long term. The Company's
underperformance in recent periods is disappointing and has
impacted its longer term performance record: the Company has now
under-performed the benchmark over three and five years but remains
ahead over the ten years to 31st March 2020. The Board continues to
monitor investment strategy and performance very closely.
Gearing
The Company has a floating rate loan facility to provide the
Investment Managers with the flexibility to gear the portfolio when
they think it is appropriate to do so. As at 31st March 2020, the
Company's portfolio was not geared, it was 1.3% net cash (please
note that gearing continues to be calculated on a pro forma group
basis in order to give shareholders clarity on the overall levels
of borrowing). Towards the end of the period, as markets fell and
given the low utilisation of the loan, we reduced the capacity of
the facility from GBP100 million to GBP50 million.
Discount
The Board has guidelines in place with regard to the management
of the discount of the share price to net asset value at which the
Company's shares trade. During the six months under review, the
Company did not buy back any shares into Treasury. Given the
extreme market volatility as a result of the COVID-19 pandemic, the
Board has considered that during this period share buybacks would
be likely to have minimal impact, but it continues to monitor the
situation closely.
The Company currently holds 21,042,646 shares in Treasury which
may only be reissued at a premium to the prevailing net asset value
at the time of reissue. The Company has not repurchased any shares
into Treasury subsequent to the half year end.
Tender Offer
At a General Meeting of the Company held on 5th February 2020,
shareholders gave authority for the Company to make market
purchases of its shares in connection with a tender offer of up to
25% of the issued share capital. Shareholders validly tendered
38.8% of the Company's shares in issue and, after scaling back, a
total of 26,143,735 shares were repurchased and cancelled.
Taxation
As has been explained previously, the India-Mauritius tax treaty
has been amended and the advantages of investing in India via
Mauritius have, to a large degree, been removed. However, it
remains advantageous for the Company to continue to hold its
investments made prior to February 2018 through the Mauritius
subsidiary company until such time as the Investment Managers
decide to reduce or sell those holdings.
Therefore the Company's assets are in the process of moving to
the UK parent company through natural trading. This is likely to
take a number of years and at the time of writing approximately
GBP175 million of the Group's investments are held directly by the
parent company.
The Board
Richard Burns stepped down from the Board at the conclusion of
the General Meetings held on 5th February 2020, having served as a
Director since 2006. On behalf of the Board and shareholders I
would like to thank him for his service to the Company. We will
miss his experience and wisdom. On 1st February this year, Vanessa
Donegan and Jeremy Whitley were appointed Directors. We welcome
them to the Board and look forward to working with them.
Outlook
The COVID-19 pandemic continues to impact communities, economies
and equity markets globally and at the time of writing, it is
thought that the rate of infection has not yet peaked in India.
Whilst there was something of a market rally in April, we are still
a long way off pre-COVID market levels. When we do finally emerge
from this crisis, the world will look very different and therefore
the opportunities for companies will have changed: some will thrive
and some will not. For our Investment Managers this means
reassessing companies' balance sheet strength and the business case
for investing. Whilst their fundamental bottom-up process to
identify the highest quality companies with prospects for long term
growth will not change, as they mention in their report that
follows, some opportunities have already been identified and
changes made to the positioning of the Company's portfolio.
Rosemary Morgan, Chairman
29th May 2020
INVESTMENT MANAGERS' REPORT
Market Review
The global response to the COVID-19 pandemic has resulted in one
of the most extraordinary periods in stock markets in a generation.
Emerging markets equities and debt were hit hard due to record
outflows from foreign investors in the first quarter of this year,
which also led to steep falls in emerging markets currencies. The
Company's benchmark index, the MSCI India Index (expressed in
sterling terms) fell 27.9% in the first half of our financial year
to 31st March 2020, underperforming Asian and emerging markets
indices.
In an attempt to contain the spread of COVID-19, the Indian
government announced an unprecedented national lockdown in March.
While the number of confirmed cases remains modest relative to the
size and density of India's population, the numbers will inevitably
continue to rise as testing is expanded across the country. To ease
the pain of the economic shock, the government announced a series
of measures, including direct income transfers and provision of
food to the vulnerable sections of society. While the aggregate
amount of the stimulus seems large at almost US$265bn
(approximately 10% of GDP), this also includes monetary stimulus
measures announced by the Reserve Bank of India to the extent of
almost 40% of the total. Furthermore, credit guarantees and
financing facilities for small and medium enterprises and the
agriculture sectors account for another 40%. While these measures
are undoubtedly important and in the right direction, the quantum
of actual fiscal stimulus is significantly smaller. In fact, most
economists estimate that the impact of these measures on the
current year's fiscal deficit is likely to be less than 1%. This
somewhat cautious and calibrated approach might also be due to the
fact that the government seems to be mindful of the fiscal
constraints and the risk of a downgrade of the sovereign credit
rating, which remains just one notch above "junk". It is worth
noting that even before the shock of the pandemic, economic
momentum in India was weak, with GDP growth decelerating steadily
to a six year low.
The pandemic overshadowed another key development in the six
month period: the long overdue implosion of the troubled private
bank Yes Bank. To protect depositors, the Reserve Bank of India,
not surprisingly, announced a bail out led by State Bank of India
and a group of other private sector banks.
The other highlight of the period was that the telecom sector
was rocked by a shock verdict from the Supreme Court in October
2019, which levied punitive fines on the incumbents in an old
dispute with the government. Counter-intuitively, this boosted the
share price of telecom stocks such as Bharti Airtel due to price
hikes and expectations of further consolidation in the sector,
since the verdict raised existential concerns for the third largest
operator, Vodafone Idea Cellular.
Performance
The six month period was challenging for the Company, which
underperformed the benchmark index by 5.7%. The key overweight
position in financials was among the largest detractors as the
sector struggled in a period of extreme macro turbulence. IndusInd
Bank was the biggest detractor as, following the collapse of Yes
Bank, there were fears that IndusInd was also vulnerable, due to
its exposure to certain stressed borrowers. The underweight
position in index heavyweight Hindustan Unilever was the other key
detractor as the stock was remarkably resilient during the macro
turmoil, despite its exceptionally rich valuation. The overweight
positions in other cyclical stocks such as Tata Motors, Larsen
& Toubro and Maruti Suzuki, amongst others, also contributed
negatively. This was only partially offset by the underweight
positions in index heavyweights such as Infosys Technologies and
Bajaj Finance, while select overweight holdings in Tata Consultancy
Services and a few small caps, such as Jubilant Foodworks and Multi
Commodity Exchange, outperformed and contributed positively to
relative performance.
In order to facilitate the Company's 25% tender offer to
shareholders that was undertaken earlier this year, we reduced our
investments proportionately across the portfolio and as a result
the tender itself had no impact on the shape of the portfolio.
Outlook and Strategy
The sharp rebound in risk assets in April seems to be pricing in
a quick rebound in economic activity, which is by no means assured.
In the short term, the economic impact of the pandemic is likely to
be severe as the lockdown has led to a complete freeze in economic
activity in India. Beyond the immediate term, the outlook is
dependent on the intensity and duration of the pandemic, which
remains uncertain at this stage. It is worth noting that India
remains particularly vulnerable due to the high population density
and fragile healthcare infrastructure. In this context, while the
fiscal and monetary stimulus is undoubtedly positive, it will
provide a backstop at best rather than any substantial support to
the economy. That said, equities are undoubtedly factoring in a
fair amount of this pain, with the price-to-book multiples near the
trough seen during previous crises.
Shareholders no doubt are aware that we "seek quality growth, to
compound over long periods of time, within an appropriate valuation
framework". Unfortunately, our focus on Quality per se did not
shield us in March. Unlike any other period in the past, this is a
full shut down, by government mandate. The quality of the product,
service or overall management does not help in the short term. Our
core holdings in high quality financials have hurt performance
recently due to the macro turmoil.
However, we remain convinced that, when the economy eventually
recovers from the pandemic, our long-held positions in well managed
banks and financials such as HDFC Bank, Kotak Bank and HDFC have
the potential to gain significant market share from the severely
handicapped public sector banks and impaired private banks (for
example YES Bank) and the weaker non-bank financial companies. Such
similar attributes of return on quality and execution could be
found in a host of sectors and stocks (Maruti, Larsen & Toubro,
TCS & Infosys, Jubilant Foodworks, Titan, Crisil).
The correction in the market has preceded the inevitable cut to
earnings in 2021, which in many cases will be very severe. When
evaluating opportunities, we are balancing the likely cut in near
term earnings versus the longer-term earnings power of companies.
In this context, we have classified stocks into three very broad,
subjective buckets:
-- Cases where the market may be incorrectly extrapolating
current uncertainties and pain into the future and where share
prices have fallen to attractive levels. We have selectively added
a few names in this category.
-- Fundamentally attractive businesses with long duration, where
valuations remain pricey, despite the recent correction. We
continue to monitor this group closely, and are adding selectively
where valuations are beginning to look interesting.
-- Stocks that appear very cheap, but that may not yet reflect
the extent of the likely impact on their business; this group
includes companies that are highly dependent on either a cyclical
recovery or government policy. We are less likely to purchase
companies in this group, though may occasionally take advantage of
trading opportunities.
While the current challenges, in India and globally, are
unprecedented, we remain confident that a disciplined, bottom-up,
quality-oriented, research-driven investment process, with a
long-term focus will serve our investors best.
Rukhshad Shroff
Raj Nair
Investment Managers
29th May 2020
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its
Half Year Report.
Principal and Emerging Risks and Uncertainties
The principal and emerging risks and uncertainties faced by the
Company fall into the following broad categories: investment and
strategy; environmental; market; legal and regulatory; taxation;
corporate governance and shareholder relations; operational,
including cyber crime; financial; and political and economic.
Information on each of these areas is given in the Business Review
within the Annual Report and Financial Statements for the year
ended 30th September 2019. However, these risks have been updated
to reflect the potential impact of COVID-19 on the operations and
controls of the Manager and the Company's other third party
suppliers.
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 during the period.
Going Concern
The Directors believe, having considered the Company's
investment objective, risk management policies, capital management
policies and procedures, nature of the portfolio and expenditure
projections, that 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 pertaining to the Company that would prevent
its ability to continue in such operational existence for at least
twelve months from the date of the approval of this half yearly
financial report. In reaching that view, the Directors have
considered the impact of the current COVID-19 pandemic on the
Company's financial and operational position. 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 the Accounting Standards Board's Statement 'Half Yearly
Financial Reports' 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 at 31st March 2020, 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
Rosemary Morgan
Chairman
29th May 2020
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31ST MARCH 2020
(Unaudited) (Unaudited) (Audited) Year ended
Six months ended Six months ended 30th September 2019
31st March 2020 31st March 2019
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================== =========== ============== ===================== ========= ========== =========== ========= =========== ===========
(Losses)/gains on
investments held
at fair value
through
profit or loss - (219,636) (219,636) - 79,901 79,901 - 88,483 88,483
Net foreign
currency
losses - (286) (286) - (204) (204) - (378) (378)
Income from
investments 1,091 - 1,091 355 - 355 1,437 - 1,437
Interest
receivable
and similar
income 31 - 31 26 - 26 75 - 75
================== =========== ============== ===================== ========= ========== =========== ========= =========== ===========
Total
income/(loss) 1,122 (219,922) (218,800) 381 79,697 80,078 1,512 88,105 89,617
Management fee (869) - (869) (144) - (144) (640) - (640)
Other
administrative
expenses (547) - (547) (377) - (377) (842) - (842)
================== =========== ============== ===================== ========= ========== =========== ========= =========== ===========
(Loss)/profit
before
finance costs and
taxation (294) (219,922) (220,216) (140) 79,697 79,557 30 88,105 88,135
Finance costs (321) - (321) (132) - (132) (533) - (533)
================== =========== ============== ===================== ========= ========== =========== ========= =========== ===========
(Loss)/profit
before
taxation (615) (219,922) (220,537) (272) 79,697 79,425 (503) 88,105 87,602
Taxation - 118 118 - (416) (416) - (118) (118)
================== =========== ============== ===================== ========= ========== =========== ========= =========== ===========
Net (loss)/profit (615) (219,804) (220,419) (272) 79,281 79,009 (503) 87,987 87,484
================== =========== ============== ===================== ========= ========== =========== ========= =========== ===========
(Loss)/earnings
per share (note
4) (0.64)p (227.26)p (227.90)p (0.26)p 75.81p 75.55p (0.48)p 84.14p 83.66p
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31ST MARCH 2020
Called up Exercised Capital
share Share Other warrant redemption Capital Revenue Total
capital premium reserve reserve reserve reserves reserve GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
======================================================== ============= ============= =============== =============== ============== ========== =============
Six months ended 31st March 2020 (Unaudited)
At 30th September
2019 31,404 97,316 41,929 5,886 6,362 698,869 (24,137) 857,629
Shares bought back
and cancelled (6,536) - (41,929) - 6,536 (168,073) - (210,002)
Loss for the period - - - - - (219,804) (615) (220,419)
========================== ============================ ============= ============= =============== =============== ============== ========== =============
At 31st March 2020 24,868 97,316 - 5,886 12,898 310,992 (24,752) 427,208
========================== ============================ ============= ============= =============== =============== ============== ========== =============
Six months ended 31st March 2019 (Unaudited)
At 30th September
2018 31,404 97,316 41,929 5,886 6,362 610,882 (23,634) 770,145
Profit/(loss) for
the period - - - - - 79,281 (272) 79,009
========================== ============================ ============= ============= =============== =============== ============== ========== =============
At 31st March 2019 31,404 97,316 41,929 5,886 6,362 690,163 (23,906) 849,154
========================== ============================ ============= ============= =============== =============== ============== ========== =============
Year ended 30th September 2019 (Audited)
At 30th September
2018 31,404 97,316 41,929 5,886 6,362 610,882 (23,634) 770,145
Profit/(loss) for
the year - - - - - 87,987 (503) 87,484
========================== ============================ ============= ============= =============== =============== ============== ========== =============
At 30th September
2019 31,404 97,316 41,929 5,886 6,362 698,869 (24,137) 857,629
========================== ============================ ============= ============= =============== =============== ============== ========== =============
STATEMENT OF FINANCIAL POSITION
AT 31ST MARCH 2020
(Unaudited) (Unaudited) (Audited) 30th
31st March September 2019
2019
31st March 2020 GBP'000 GBP'000
GBP'000
============================================================= ==================== =============================
Non current assets
Investments held at fair value through
profit or loss 138,056 86,755 151,029
Investments in subsidiaries held at
fair value through profit or loss 308,607 775,302 681,559
============================================== ============== ==================== =============================
Total non current assets 446,663 862,057 832,588
Current assets
Financial assets: Derivative financial
instruments 1 - -
Other receivables 75 243 6,257
Cash and cash equivalents 10,687 3,873 19,127
============================================== ============== ==================== =============================
10,763 4,116 25,384
Current liabilities
Other payables 1 (30,218) (519) (225)
============================================== ============== ==================== =============================
Net current (liabilities)/ assets (19,455) 3,597 25,159
============================================== ============== ==================== =============================
Net assets 427,208 865,654 857,747
Creditors: amounts falling due after
more than one year - (16,500) (118)
============================================== ============== ==================== =============================
Net assets 427,208 849,154 857,629
============================================== ============== ==================== =============================
Amounts attributable to shareholders
Called up share capital 24,868 31,404 31,404
Share premium 97,316 97,316 97,316
Other reserve - 41,929 41,929
Exercised warrant reserve 5,886 5,886 5,886
Capital redemption reserve 12,898 6,362 6,362
Capital reserves 310,992 690,163 698,869
Revenue reserve (24,752) (23,906) (24,137)
============================================== ============== ==================== =============================
Total shareholders' funds 427,208 849,154 857,629
============================================== ============== ==================== =============================
1 As at 31st March 2020, GBPNil relates to the provision for
Indian Capital Gains Tax (31st March 2019: GBP416,000; 30th
September 2019: 118,000).
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31ST MARCH 2020
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended 31st ended 31st 30th September
March 2020 March 2019 2019
GBP'000 GBP'000 GBP'000
======================================================================================================== ==================== ==============================
Operating activities
(Loss)/profit before taxation (220,537) 79,425 87,602
Deduct dividends received (1,091) (355) (1,437)
Deduct bank interest received (31) (26) (75)
Add interest paid 321 132 533
Add losses/(deduct gains) on investments
held at fair value through profit or
loss 219,636 (79,901) (88,483)
Unrealised foreign exchange losses (1) - -
(Increase)/decrease in prepayments,
VAT and other receivables (25) 33 39
Decrease in other payables (2) (37) 45
============================================================== ======================================== ==================== ==============================
Net cash outflow from operating activities
before Interest and taxation (1,730) (729) (1,776)
============================================================== ======================================== ==================== ==============================
Interest paid (325) (150) (511)
Dividends received 1,133 151 1,377
Interest received 31 16 76
============================================================== ======================================== ==================== ==============================
Net cash outflow from operating activities (891) (712) (834)
============================================================== ======================================== ==================== ==============================
Investing activities
Purchases of investments held at fair
value through profit or loss (162,838) (72,320) (148,882)
Sales of investments held at fair vale
through profit or loss 335,291 58,000 166,438
============================================================== ======================================== ==================== ==============================
Net cash inflow/(outflow) from investing
activities 172,453 (14,320) 17,556
============================================================== ======================================== ==================== ==============================
Financing activities
Repurchase of shares for cancellation (210,002) - -
Drawdown of loan 30,000 51,500 -
Repayment of loan - (35,000) -
============================================================== ======================================== ==================== ==============================
Net cash (outflow)/inflow from financing
activities (180,002) 16,500 -
============================================================== ======================================== ==================== ==============================
(Decrease)/increase in cash and cash
equivalents (8,440) 1,468 16,722
Cash and cash equivalents at the start
of the period 19,127 2,405 2,405
============================================================== ======================================== ==================== ==============================
Cash and cash equivalents at the end
of the period 10,687 3,873 19,127
============================================================== ======================================== ==================== ==============================
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31ST MARCH 2020
1. Principal activity
The principal activity of the Company is that of an investment
trust company within the meaning of Section 1158 of the Corporation
Tax Act 2010.
2. Financial Statements
The financial information for the six months ended 31st March
2020 and 2019 has not been audited or reviewed by the Company's
auditors.
The financial information contained in these half year financial
statements does not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006.
The information for the Company for the year ended 30th
September 2019 has been extracted from the latest published audited
financial statements. Those financial statements have been
delivered to the Registrar of Companies and included 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.
3. Accounting policies
The financial statements have been prepared in accordance with
International Financial Reporting Standards ('IFRS'), which
comprise standards and interpretations approved by the
International Accounting Standards Board to the extent that they
have been adopted by the European Union.
Where presentational guidance set out in the Statement of
Recommended Practice (the 'SORP') for investment trusts issued by
the Association of Investment Companies in October 2019 is
consistent with the requirements of IFRS, the financial statements
have been prepared on a basis compliant with the recommendations of
the SORP.
The accounting policies applied to this condensed set of
financial statements are consistent with those applied in the
financial statements for the year ended 30th September 2019.
JPMorgan Indian Investment Trust plc has a 100% holding in
JPMorgan Indian Investment Company (Mauritius) Limited, which
qualifies as an investment entity under IFRS 10. The subsidiary is
valued at fair value, and the total value at 31st March 2020 is
disclosed on a separate line of the Statement of Financial
Position. In addition the List of Investments has been prepared on
a look through basis, meaning the stocks held by the subsidiary are
disclosed.
4. (Loss)/earnings per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months Year ended
ended
31st March 2020 31st March 30th September
2019 2019
GBP'000 GBP'000 GBP'000
------------------------------- ----------------- ------------ ---------------
Loss per share is based on
the following:
Revenue loss (615) (272) (503)
Capital (loss)/return (219,804) 79,281 87,987
------------------------------- ----------------- ------------ ---------------
Total (loss)/return (220,419) 79,009 87,484
------------------------------- ----------------- ------------ ---------------
Weighted average number of
shares in issue 96,717,533 104,574,940 104,574,940
Revenue loss per share (0.64)p (0.26)p (0.48)p
Capital (loss)/return per
share (227.26)p 75.81p 84.14p
------------------------------- ----------------- ------------ ---------------
Total (loss)/return per share (227.90)p 75.55p 83.66p
------------------------------- ----------------- ------------ ---------------
5. Net asset value per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st March 2020 31st March 2019 30th September
2019
--------------------------- ----------------- ----------------- ---------------
Net assets (GBP'000) 427,208 849,154 857,629
Number of shares in issue
excluding shares held in
Treasury 78,431,205 104,574,940 104,574,940
Net asset value per share 544.7p 812.0p 820.1p
--------------------------- ----------------- ----------------- ---------------
The Company will only re-issue shares held in Treasury at a
premium and therefore these shares have no dilutive potential.
For further information, please contact:
Jonathan Latter
For and on behalf of JPMorgan Funds Limited, Company Secretary
020 7742 4000
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
JPMORGAN ASSET MANAGEMENT (UK) LIMITED
ENDS
A copy of the half year report will be submitted to the National
Storage Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The half year will also shortly be available on the Company's
website at www.jpmindian.co.uk where up to date information on the
Company, including daily NAV and share prices, factsheets and
portfolio information can also be found.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR QVLFLBELZBBD
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