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16 Mar 2023

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