JPMorgan China Growth & Income (JCGI)

JCGI has had a solid twelve months. It’s NAV and share price total returns of 8.1% and 9.3% (to 30/07/2026) left the MSCI China Index's 4.1% decline well behind (see Performance). Technology holdings were the standout, with MiniMax, Sieyuan Electric and two out-of-index Taiwanese names, TSMC and MPI, among the key contributors, each benefitting directly or indirectly from the structural tailwinds around AI and related infrastructure the portfolio had been deliberately positioned to capture. Whilst 2026 has been a tougher environment, JCGI has outperformed a declining index, which we think speaks to the quality of the underlying stock selection.

Rebecca Jiang and team have built the portfolio around high-quality businesses across Greater China, targeting those they believe to boast durable competitive advantages and the potential for strong returns on capital over time. The managers have been active over the past year, buying new names including CGN Mining, which supplies uranium to nuclear power plants and broadens the portfolio's renewable energy exposure, whilst also adding to their highest-conviction existing holdings. Regarding the latter, following shareholder approval at the February 2026 AGM, an amendment to the investment policy now allows the managers to take larger positions in individual names, which saw the managers top up their holding in Tencent, building the position to approximately 15.8% of the Portfolio.

On income, JCGI's NAV-linked enhanced Dividend policy is on track to deliver a full-year dividend of 13.56p, up 24.2% on the prior year, reflecting the growth in NAV over the period. This, and the trust's strong recent performance, has seen JCGI’s Discount narrow toward its own five-year average of 8.8% but remains wider than the sector simple average of 7.0%.