JPMorgan Global Growth & Income (JGGI)

JPMorgan Global Growth & Income (JGGI) aims to provide investors with an all-weather portfolio, built on a bottom-up, unconstrained basis. The trust is managed by Helge Skibeli, James Cook, and, since September 2025, Sam Witherow, who has replaced Tim Woodhouse. Together, they focus on investing in high-quality companies exhibiting faster earnings growth and trading at attractive valuations. This approach has delivered strong returns over the past five years, with JGGI outperforming its benchmark, although the trust faced stylistic headwinds in 2025.

Instead of relying on standard industry classifications, Helge, James, and Sam use a proprietary framework to categorise their holdings into four broad areas: high growth defensives, high growth cyclicals, low growth defensives, and low growth cyclicals. Currently, the portfolio is roughly balanced across the focus groups, as the managers do not see compelling valuation discrepancies between them and believe the best opportunities are stock-specific. As a result, they reduced exposure to semiconductor-related names in 2025, although names like NVIDIA and ASML remain high-conviction ideas. They have also introduced Tencent into the portfolio to capitalise on progress in AI made by China. Outside the high-growth focus groups, the managers initiated a new position in Walt Disney, viewing it as a potential recovery story supported by improving revenues and room for margin expansion.

JGGI has traded at an average premium of 0.7% over the past five years, but a small discount has developed since Q2 2025, currently standing at 2.4%. In response, the board has repurchased c. 4.1% of the shares outstanding since the end of June 2025. The board also aims to pay a total dividend of 23p for the current financial year, with two interim dividends already distributed. This equates to a prospective yield of c. 4%, the highest in the AIC Global Equity Income sector at the time of writing.