Fund Profile

JPMorgan Global Growth & Income 05 June 2024


Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by JPMorgan Global Growth & Income . The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

JGGI’s rapid growth in assets reflects outstanding performance…

The past couple of years have seen JPMorgan Global Growth and Income (JGGI) merge with three trusts: Scottish Investment Trust (SCIN), JPMorgan Elect in 2022, and more recently JPMorgan Multi-Asset Growth and Income (MATE). This has contributed to the significant growth in JGGI’s net assets from £723m to £2.5bn at the time of writing. JGGI is now by some way the largest trust in the AIC Global Equity Income sector. Along with greater liquidity for investors of all sizes, this has brought a reduction in its ongoing charges .

This success in raising money – the trust has regularly issued shares notwithstanding the mergers – is built on excellent performance, the trust being the leading performer in the sector and outperforming global equity indexes over multiple time frames (see Performance). JGGI has been managed by Helge Skibeli for five years, Tim Woodhouse – who joined the team as co-manager in 2017 – and more recently by James Cook. The managers have access to JPMorgan’s expansive team of analysts, driving equity research from across the globe, who are aligned through a central research process focusing on quality and valuations, leading to a high competition for capital.

JGGI pays a Dividend equal to 4% of the trust’s financial year-end NAV. Given it isn’t reliant on the underlying income to pay the dividend, the managers have greater flexibility to invest in wherever they see high quality and attractively valued opportunities. This has allowed them to manage the portfolio with a greater allocation to growthier equities which, alongside their awareness for managing the risk exposures of the portfolio, have contributed to its success.

JGGI has been awarded a Kepler Income and Growth rating for 2024.

Kepler View

In our view, a third merger of assets in as many years highlights the quality of JGGI’s strategy which has seen JGGI significantly increase in size, with regular issuance on top of the mergers, bringing with it greater liquidity. Furthermore, thanks to a tiered management fee structure, as the trust continues to grow it will benefit from a greater proportion of assets in the cheapest tier, which will have a significant impact on charges over time. Given its continued growth in 2024, the fees should already be lower on an ongoing basis. These two characteristics alone mean we think it will appeal to an ever wider pool of investors.

A key reason for the success in raising such large amounts of money is that JGGI’s performance has been impressive versus the sector and a range of global equity indexes as it has benefitted from the greater allocation to growthier areas of the market that have driven markets over much of the past five years. That said, the managers’ stock selection has proven to consistently deliver alpha regardless of the stylistic biases driving markets. Moreover, from a total return perspective, this has also helped grow the dividend, which at 4% of financial year-end NAV is an attractive feature. Therefore, we believe that JGGI is an easy choice for a wide range of investors who are seeking a ready-made core global equity portfolio, or for those looking to enhance their income growth or capital growth amongst a broader range of holdings.


  • Merger of assets leads to further benefits that come with increased scale
  • Strong relative and absolute performance over multiple time frames
  • 4% of financial year-end NAV dividend policy can offer good income


  • Consistently trades at a premium to NAV, which can impact returns if premium falls
  • Growth bias may enhance volatility compared with other strategies in the Global Equity Income sector
  • Dividend may experience some volatility in tandem with NAV
Continue to Portfolio
2024 Kepler Income & Growth Rated Fund

This trust has been awarded a rating by Kepler Trust Intelligence for income & growth... Find out more

Fund History

10 Jul 2024 Things can only get better
Discounts are yawning but markets are thawing and boards are on the offensive; Labour might not be the only thing making a comeback this year...
03 Jul 2024 Flash update: JPMorgan Global Growth & Income
JGGI has announced a large increase in its dividend for the current financial year…
05 Jun 2024 Fund Analysis
JGGI’s rapid growth in assets reflects outstanding performance…
07 May 2024 Thomas McMahon speaks on the Money Makers podcast
Thomas McMahon, Head of Investment Companies Research, appears on the Money Makers podcast to discuss three current themes in the investment trust sector: BCPT and commercial property, ASIT and split-level trusts, and the UK micro-cap sector...
03 Apr 2024 Tall poppies
We highlight those trusts having to print new shares to keep up with demand…
17 Jan 2024 Top of the Pops
We reveal the winners of our investment trust ratings for 2024…
10 Jan 2024 Definitely maybe
Fund flows and discounts may shed some light on a once-in-a-generation opportunity…
29 Sep 2023 Fund Analysis
JGGI has delivered consistently strong performance across multiple time periods…
11 May 2023 Tipping point
Battered growth strategies have staged a comeback recently, but what happens now?
02 May 2023 Fund Analysis
JGGI’s flexible, bottom-up investment approach has led to sector-leading performance over five years…
11 Jan 2023 Solving the Rubik’s Cube
We reveal the winners of our investment trust ratings for 2023…
11 Nov 2022 Fund Analysis
JGGI’s wider-than-average discount may offer long-term investors an opportune entry point following the successful merger with SCIN…
18 Feb 2022 Fund Analysis
JGGI’s flexible approach to income investing has generated strong, sector-leading returns over a volatile 12 months…
19 Jan 2022 Apples and pears
We examine the relationship between the demand for open- and closed-ended funds, and ask whether investor behaviour can be predicted...
22 Dec 2021 No humbug
Our analysts look back at a year of predictions, theories and ideas, and highlight those they think could matter most…
01 Oct 2021 Results analysis: JPMorgan Global Growth & Income
JGGI has generated strong outperformance over its 2021 financial year, effectively navigating the pandemic while still providing an attractive yield…
28 Jul 2021 How are the mighty fallen
Dividend culture as we knew it is dead, according to Kepler's David Johnson, but investment trusts offer a solution...
29 Jun 2021 Fund Analysis
JGGI is now the best-performing trust in the AIC’s Global Equity Income sector, thanks to its managers’ flexible approach to global equity investing…
05 Mar 2021 Results analysis: JPMorgan Global Growth & Income
JGGI is well positioned for the year ahead and offers useful diversification for income hungry investors...
20 Jan 2021 Kepler's top-rated investment trusts for 2021
We update our annual quantitative ratings for investment trusts…
19 Nov 2020 Fund Analysis
JGGI offers a differentiated solution to global equity income investing…
12 Mar 2020 The importance of buying earners*
Our analysis shows that the impact of dividend contributions on long term returns is anything but trivial...
03 Mar 2020 Fund Analysis
JGGI is an attractive ‘core holding’ for income-hungry investors…
27 Feb 2020 Robbing Peter to pay Paul?
Two of our analysts discuss the growing trend for companies to pay an income out of capital…
01 Aug 2019 Fund Analysis
JPMorgan Global Growth & Income combines a strong track record of NAV growth with a robust yield...
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Current Site Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.