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Fund Profile

JPMorgan Global Growth & Income 02 May 2023


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.

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JPMorgan Global Growth and Income (LON:JGGI) aims to provide investors with a well-balanced, core global equity investment solution. The trust pays a Dividend equal to 4% of the trust’s NAV at financial year-end which can be topped up using the vast capital reserves if required. The dividend policy affords the managers significant flexibility to invest according to where they see high-quality and attractively valued opportunities. This has allowed JGGI to generate the highest returns in the AIC Global Equity Income sector over the past five years (see Performance).

Paying a dividend partly from capital allows the managers to tilt the portfolio towards companies that are exposed to long-term structural growth themes but don’t pay a high dividend. This can exaggerate the portfolio’s beta to the market, however, the managers’ strictly bottom-up focus, high active share, and access to JPMorgan’s global equity analyst team help keep the portfolio diversified by revenue source, and by stylistic and macro exposure.

JGGI has merged with Scottish Investment Trust (SCIN) and JPMorgan Elect (Elect), which has contributed to the growth of assets from £723m to £1.8bn. This has led to JGGI’s promotion to the FTSE 250 Index, and a significant reduction in Charges. The board’s strict Discount control policy has seen JGGI return to trading at a premium, closer to its long-term average.

As we discuss in Management, James Cook recently replaced Rajesh Tanna as co-portfolio manager to work alongside Helge Skibeli and Tim Woodhouse. This has not impacted the long-term investment strategy that targets both capital growth and an attractive dividend yield.

Analyst's View

We think JGGI offers an attractive way to generate income from global equities. The flexibility afforded to the managers by the Dividend policy is attractive given the volatility in markets and gives them the ability to run a portfolio with greater growth potential than the typical equity income fund. However, we note that there is some variability in the income on offer as if the NAV falls from year to year, then the dividend will likely be lower too.

In our view, the managers’ bottom-up, stock-specific approach to investing offers a potential source of benchmark-agnostic returns. Given the variability of stylistic biases that have been driving equity market returns over the past couple of years, we think this is a particularly valuable characteristic. Furthermore, we believe the heightened levels of volatility across financial markets make the managers’ unwavering focus on quality, coupled with their more core/balanced approach to Portfolio management, likely to enhance the trust’s consistency of Performance across the market cycle.

Finally, we believe the board’s success in maintaining value and enhancing the liquidity for shareholders through their strict Discount control policy is also an attractive feature. With JGGI once again trading at a premium to NAV, the continued issuance of shares is likely to prove accretive to NAV and provide additional capital for the managers to invest, without the need to increase the Gearing, should they see an opportunity to do so. It should also lead to further reductions in Charges.


  • Consistent sector-leading long-term performance track record successfully navigating volatile market conditions
  • 4% of year-end NAV dividend policy can offer an attractive income
  • Mergers have reduced long-term fees


  • May underperform during value-driven market environments
  • Despite the board’s commitment the dividend cannot be guaranteed to be progressive
  • Currently trades at a premium to 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

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 option 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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