JPMorgan Global Growth & Income (JGGI)

JPMorgan Global Growth & Income (JGGI) aims to provide investors with a Portfolio capable of outperforming the broader global equity market, regardless of the prevailing market regime. To that end, managers Helge Skibeli, James Cook, and Sam Witherow select 50 to 90 companies on a bottom-up basis, focussing on those offering superior earnings quality, faster earnings growth, and valuations at least in line with the broader market.

This approach has delivered strong Performance since Helge’s appointment in early 2019, with JGGI having outperformed its benchmark, the MSCI ACWI, in every individual calendar year between 2019 and 2024. However, the trust has trailed its benchmark in 2025 and so far this year, notably because of a strongly momentum-driven market that has played against the team’s focus on fundamentals, although returns have remained positive in absolute terms.

To construct the portfolio, the Management team leverage the insights of the c. 80 research analysts J.P. Morgan Asset Management has located around the world before overlaying an in-house framework developed by James Cook consisting of ‘Focus Groups’. The team then allocate to these focus groups depending on the valuation opportunity they offer. For instance, since our previous update in February 2026, the managers have increased their exposure to the ‘high-growth cyclicals’ focus group, which consists of companies with strong growth potential but more variable demand for their products, notably semiconductor-related companies. Conversely, they have reduced their allocation to the ‘low-growth cyclicals’ focus group, which comprises companies operating in mature industries and that are sensitive to the macroeconomic environment, due to elevated valuations and the potential impact of geopolitical tensions in the Middle East on the economy.

For FY 2027, JGGI aims to pay a total Dividend of 24.80p, distributed in four equal instalments of 6.20p. This represents a 7.8% year-on-year increase and results in a prospective yield of 4.1%. As such, JGGI currently offers the highest dividend yield in the AIC Global Equity Income sector. It is also worth noting that Helge plans to retire in February 2028.