Fund Profile

JPMorgan Global Growth & Income 29 September 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 (JGGI) aims to provide investors with a high-conviction, benchmark-agnostic portfolio capable of delivering strong total returns across the market cycle. As discussed in Performance, the managers’ stock-specific, bottom-up approach to investing has generated alpha over the short and long term, outperforming the MSCI ACWI by 25% and 5.2% over five years and 12 months respectively, as at 26/09/2023.

JGGI is managed by Helge Skibeli, Tim Woodhouse, and James Cook. As discussed in Portfolio, they have the luxury of being able to access the breadth and depth of JPMorgan’s internationally diverse research engine across global equities. The strategy has historically had a growth tilt which has enhanced the trust’s ability to generate capital growth. The dividend policy gives the managers the freedom to invest this way as it allows the board to pay dividends from capital. The policy is to pay out an annual dividend of 4% of the financial year-end NAV (see Dividend).

However, the elevated levels of uncertainty and volatility in the markets over the last couple of years have led the managers to take a more balanced approach to portfolio management with the aim of neutralising the trust’s beta and dampening the trust growth style exposure to markets. This is also reflected in the managers’ more cautious approach to Gearing.

The mergers with Scottish Investment Trust (SCIN) and JPMorgan Elect in 2022, led to significant growth in the trust’s net assets. This has reduced Charges and the trust now trades at a premium of 1.8%, in line with its five-year average of 1.8% (see Discount).

Analyst's View

In our view, the managers’ investment strategy has demonstrated its long-term value through JGGI’s very strong relative and absolute Performance. What is particularly impressive is the trust’s consistency of alpha generation across periods when markets have been driven by different stylistic biases. This demonstrates the success of the managers’ focus on individual stock selection, and their efforts to deliver a more core/stylistically-balanced approach to Portfolio management. In our view, this should make the trust appealing to a long-term investor.

JGGI’s strong performance has been aided by the dividend policy. The ability to finance the dividend through revenue and capital affords the managers the flexibility to invest across growthier companies. We believe this is an attractive feature. Interest rates look to be close to a peak, and should we see rate cuts we would expect that to benefit growthier companies/strategies. However, it is important to note that such a structure can also result in some dividend volatility – particularly if we experience a broader market selloff.

We think the premium rating is well deserved given JGGI’s strong long-term track record of performance and the combination of income and growth it offers. Post-merger, the trust is more liquid and should enjoy a reduction in Charges which will only continue should the trust continue to grow.


  • Strong consistency of performance over a prolonged period of volatile market conditions
  • Ability to pay dividends from capital allows for a more flexible investment strategy compared to income-focussed peers
  • Merging of assets has reduced charges


  • Dividend cannot be guaranteed to be progressive
  • Ability to invest in growthier markets leads to higher volatility of returns compared to the peer group
  • Currently trading at a premium to NAV, which may exaggerate losses if the premium falls
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

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 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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