JPMorgan Global Convertibles Income Fund (JGCI)

Business description

JGCI seeks to generate dividend income combined with the potential for long-term capital growth by investing in a globally diversified portfolio of convertible securities and other suitable instruments exhibiting convertible or exchangeable characteristics. The company targets an initial gross dividend yield of 4.5% reflecting the opportunity the manager sees to generate income, particularly in the high-yield sub-sector. The dedicated convertibles team at JPMorgan Asset Management will follow a well-developed process that combines equity and credit selection techniques. The MSCI World index is the reference index. Currency exposures for capital and income will be hedged.

Stock data

Market cap.£177.2m
Last close100.50p
High / Low (52 weeks)101.8p / 88.5p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment Companies

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Investment summary

JPMorgan Global Convertibles Income Fund (JGCI) is the only UK-listed closed-end fund specialising in convertible bonds, aiming to generate income along with the possibility of capital growth. Increased investment flexibility granted to the managers in late 2015 means the fund can now invest more in the balanced to equity-like segments of the convertible bond market. NAV performance since launch in 2013 has been fairly steady, in spite of an environment of falling yields and tighter spreads on high-yield bonds. However, share price performance has been volatile at times, so the board has introduced a new discount control policy and has stepped up the pace of share buybacks. There has been a recovery in the share price since the policy was put in place in May 2017, yet JGCI still offers an attractive yield of 4.5%.

Last updated on 28/07/2017

Latest video

Bitesize Briefings - JPMorgan Global Convertibles Income Fund

Key management

Antony Vallee, Fund manager

Company address

60 Victoria Embankment
London
EC4Y 0JP
United Kingdom
+44 (0)20 7742 8879
View website