JPMorgan Global Emerging Markets Income
Company Notes
Wide discount despite recent outperformance
Background: JPMorgan Global Emerging Markets Income* (JEMI) aims to provide a dividend income, together with the potential for long-term capital growth, from a diversified portfolio of Emerging Markets investments. The fund’s lead manager since 2012 is Omar Negyal, who is supported by co-managers Jeffrey Roskell and Isaac Thong, as well as the wider Emerging Markets Asia Pacific (EMAP) team at JPMorgan Asset Management.
Portfolio: The portfolio typically contains c.80 stocks and the active share relative to the benchmark, the MSCI Emerging Markets Index, was 82% as at 31 January. At this stage, the yield of the portfolio was 4.5% vs 3.2% for the broader market. Key active country weights include an overweight allocation to Mexico (+7%) and an underweight position in India (-9%).
Performance: Under Omar Negyal’s management, the fund has delivered a NAV total return of +92%, outperforming the MSCI Emerging Markets Index (+64%) and its sister open-ended fund (+88%), whilst performing in line with the AIC Global Emerging Markets peer group (+91%).
Dividend: JEMI has maintained or grown its dividend in every financial year since launch in 2010, including +2% growth in the year to 31 July 2022. Its historical dividend yield at present is 4.0%, exceeding the average yield of 2.6% amongst its closest Global Emerging Markets peers.
*Denotes a corporate broking client of Winterflood Securities
To see this content in full, please log in to your account.
Client log in
Please note that this website is part of Winterflood's research service and therefore only available to MiFID II compliant research clients. For further information please e-mail research@winterflood.com