JPMorgan Global Convertibles Income Fund Limited · quarter of 2016; reducing our exposure to...
Transcript of JPMorgan Global Convertibles Income Fund Limited · quarter of 2016; reducing our exposure to...
JPMorgan Global Convertibles Income Fund LimitedHalf Year Report & Accounts for the six months ended 31st December 2016
The CompanyThe Company is a closed-ended investment company,incorporated and registered in Guernsey, whose shares arelisted on the London Stock Exchange. It is a non-cellularcompany and has been declared by the Guernsey FinancialServices Commission to be a registered closed-ended collectiveinvestment scheme. The assets of the Company are managed byJPMorgan Funds Limited (the ‘Manager’). The Manager hasdelegated the management of the portfolio to JPMorgan AssetManagement (UK) Limited (‘JPMAM’ or ‘Investment Manager’).
Investment ObjectiveThe Company will aim to provide investors with a dividendincome, combined with the potential for long term capitalgrowth, from investing in a globally diversified portfolio ofconvertible securities.
Investment PolicyThe Company will invest in a globally diversified portfolio ofconvertible securities and other suitable instruments exhibitingconvertible or exchangeable characteristics
BenchmarkThe Company’s benchmark is the Bloomberg Barclays GlobalConvertibles Credit/Rate Sensitive Index (hedged into sterling)for reference purposes but it is not benchmark-driven in itsasset allocation.
Capital StructureAt 31st December 2016, the Company’s share capital comprised216,841,795 ordinary shares of 1p each, including 21,769,025shares held in Treasury.
AdministratorThe Company employs J.P. Morgan Adminstration Services(Guernsey) Limited (the ‘Administrator’) as its administrator.
WebsiteThe Company’s website, which can be found atwww.jpmconvertiblesincome.co.uk, includes useful informationon the Company, such as daily prices, factsheets and willinclude current and historic half year and annual reports.
Financial Conduct Authority (‘FCA’) regulation of‘non-mainstream pooled investments’The Company currently conducts its affairs so that the sharesissued by the Company can be recommended by IndependentFinancial Advisers to ordinary retail investors in accordancewith the FCA’s rules in relation to non-mainstream pooledinvestment products and intends to continue to do so for theforeseeable future.
The shares are excluded from the FCA’s restrictions which applyto non-mainstream investment products because they areshares in an investment company, which if it were domiciled inthe United Kingdom, would currently qualify as an investmenttrust.
Features
1
Contents
HALF YEAR PERFORMANCE
ABOUT THE COMPANY
3 Chairman’s Statement
5 Investment Managers’ Report
INVESTMENT REVIEW
7 Portfolio Analyses
9 Portfolio Disclosure
FINANCIAL STATEMENTS
12 Statement of Comprehensive Income
13 Statement of Changes in Equity
14 Statement of Financial Position
15 Statement of Cash Flows
16 Notes to the Financial Statements
SHAREHOLDER INFORMATION
19 Interim Management Report
20 Glossary of Terms and Definitions
21 Information about the Company
2 JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED. HALF YEAR REPORT & ACCOUNTS 2016
Half Year Performance
TOTAL RETURNS (INCLUDES DIVIDENDS REINVESTED) TO 31ST DECEMBER 2016
2.25pDividend3
Financial Data31st December 30th June %
2016 2016 change
Net assets (£’000) 192,249 188,638 +1.9Ordinary shares in issue (excluding shares held in Treasury) 195,072,770 195,187,705 -0.1Net asset value per share 98.6p 96.6p +2.1Share price 91.3p 87.3p +4.6Share price discount to net asset value per share (7.4)% (9.6)%Gearing 5.5% 6.6%Ongoing charges 0.98% 1.02%
1 Source: Morningstar.2 Source: J.P. Morgan.3 Represents the 2017 first interim dividend paid in December 2016 and the second interim dividend declared on 14 February 2017 and payable in March 2017.4 Based on the share price as at 31st December 2016.
A glossary of terms and definitions is provided on page 20.
4.9%Trailing 12 month dividend yield4
+7.2%Return to shareholders1
+4.4%Return on net assets2
3
About the Company
CHAIRMAN’S STATEMENT
Dear Shareholder
In the half year ended 31st December 2016 the total return on the Company’s net assets was4.4% compared with 4.9% for the Company’s reference index, the Bloomberg BarclaysGlobal Convertibles Credit Rate Sensitive Index (hedged into Sterling). The total return toshareholders was 7.2%, as the discount of the share price to net asset value (‘NAV’)narrowed.
Investment PerformanceOver the past year to 18 months the portfolio had become increasingly bond like, driven inpart by the Manager’s positive view on credit but also caution over a number of political andmacro risks. This bond-like positioning was positive for the portfolio in 2016 as a whole, butled to the flat performance in the final quarter of 2016. As global growth gained furthertraction, bringing enhanced prospects for equity markets, the Manager has repositionedthe portfolio in recent months away from bond-like convertibles towards more balancedconvertibles. These offer a greater exposure to improving equity markets, particularly inthe US at a time when US economic growth and reflation expectations have taken hold.The Board believes these improving economic conditions are a positive backdrop forconvertibles; an asset class that has typically been highly correlated with equity and creditmarkets. A more detailed analysis of the performance of the portfolio is set out in theInvestment Managers’ Report on pages 5 to 6.
DividendsThe Company’s objective is to provide investors with an attractive and consistent level ofdividend income together with the potential for some modest capital growth in sterlingterms over the medium term. During the half year ended 31st December 2016 one quarterlydividend totalling 1.125 pence per share was declared and paid. A second quarterly dividendof 1.125 pence per share was declared on 14th February 2016 and will be paid on 30th March2017.
In the absence of unforeseen circumstances, the Board will seek to maintain the targetedannual dividend of 4.5 pence per share, resulting in a yield of 4.9% on the share priceprevailing at the end of the period. Sterling interest rates remain stubbornly low and, giventhe uncertainties around Brexit, appear to have little obvious catalyst to rise materially inthe next couple of years. As a result, the Board believes that the Company’s yield shouldremain attractive to a wide range of shareholders, particularly when compared to manyother income generating vehicles which have a significantly higher risk profile.
Managing the DiscountWhilst an attractive yield and a modicum of steady growth are very important, weacknowledge that an equally important consideration for shareholders is that the shareprice should remain as stable as possible relative to intrinsic value. Accordingly, the Board iscommitted to using a buyback programme should the discount widen disproportionately andpersistently. In the 6 months to 31st December 2016 the share price fluctuated betweena discount to NAV of 4.9% and 11.9%, with the shares trading at a discount of 6.1% at thetime of publication. During the period, the Company bought back a small number of shares,providing a modest uplift to NAV.
4 JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED. HALF YEAR REPORT & ACCOUNTS 2016
About the Company continued
CHAIRMAN’S STATEMENT CONTINUED
The Board is highly alert to the current level of discount and, should discount volatilityincrease or the discount become persistent beyond 5%, the Board has a number of toolsavailable to address the issue including an active share repurchase programme.
OutlookWith the possible exception of the UK, global economic growth is likely to continue toaccelerate in 2017, supporting cyclical assets at the expense of more interest rate-sensitiveexposures. The Company’s global orientation and recent, greater equity sensitivity shouldensure that the portfolio is well placed to capture these tailwinds to returns. Similarly, therelatively low levels of fixed income duration inherent in convertibles and the Company’sfully hedged exposure back into sterling should ensure that we avoid the worst of the anypotential buffeting from global markets. These characteristics should ensure that theCompany remains an attractive and relevant investment in shareholders’ portfolios.
Simon MillerChairman 17th March 2017
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INVESTMENT MANAGERS’ REPORT
Performance ReviewIn the six months to the end of December 2016, we took significant steps to reposition theportfolio following the strong performance we have seen since February 2016.
The returns we have generated since then were driven primarily by a significant tighteningin credit spreads. Whilst we believe that current economic conditions should remainsupportive for credit, we think the credit markets have moved from being attractively valuedat the beginning of the year to fairly priced at best by the end of the year. With spreads athistorically tight levels, we believe the risks are increasingly skewed to the downside, withthe potential for any market shock to lead to a widening of credit spreads.
To guard against this risk, we reduced the Company’s exposure to credit-sensitive namesthat lacked any company-specific catalysts for further credit improvement. Whilst we do notforesee any specific catalyst for the widening of credit spreads we believe that these issuers,which had produced attractive returns over the course of 2016, no longer represented goodvalue.
In contrast, we continue to find value in companies trading at higher yields withopportunities to improve their credit profile. We believe that these companies will be betterprotected from any general repricing in credit markets, as we expect returns to come fromcompany-specific factors to a greater extent than market-wide shifts in credit prices. Wehave therefore maintained the yield on the portfolio by increasing our exposure to thesecompanies, even as we took profit on positions that we considered to be more exposed to‘credit beta’.
With credit spreads currently at tight levels and the outlook for duration-sensitive assetsuncertain at best, we believe equity markets represent the best source of return in thecurrent market. In line with this conviction, we repositioned the Company over the finalquarter of 2016; reducing our exposure to bond-like convertibles and those exposed to realestate, while increasing the allocation to balanced convertibles offering greater exposure tothe equity market. This increased the Company’s modelled equity sensitivity from 15.5% atthe end of June 2016 to 22.6% at the end of December 2016. While this increase in equitysensitivity was significant, these changes take the portfolio’s equity sensitivity no higherthan we saw in the company’s portfolio at launch in June 2013.
Despite this shift from bond-like credit exposed issuers towards more balanced convertibles,the yield on the portfolio stood at 4.5% at the end of 2016. Furthermore, the positions weadded to increase our equity market exposure were acquired at prices that ensure a positiveyield to maturity; meaning these bonds provide participation in any rise in the equity priceof the issuer whilst also making a contribution to the yield generated by the portfolio.
While maintaining the diversification of the portfolio, which we consider to be important as ameans of reducing the Company’s reliance on a particular source of yield, we have looked tointroduce a more cyclical tilt to the Company’s positioning, reflecting our view that economicgrowth is likely to remain strong.
In particular, we reduced the Company’s allocation to real estate over the past six months infavour of increased exposure to the industrial, basic material, and energy sectors. Ourincreased comfort in allocating to the energy sector (which at 7.4% remains relatively low inthe context of the overall portfolio) is driven in large part by the actions taken by OPEC tocontrol the supply of oil in order to address the imbalance between supply and demand.
Source: J.P. Morgan Asset Management. These estimated portfolioand sub-category returns have been calculated using an internalJ.P. Morgan Asset Management analytical model, and should beconsidered as indicative only. ‘Performance’ figures represent totalreturn calculations in local currency; ‘Contribution’ is the estimatedtotal contribution to portfolio returns. Pricing sources used tocalculate returns are a composite of counterparty-provided pricinginputs. Equity effect = impact of underlying equity performance;Credit effect = impact of changes to input credit spreads; Interestrate effect = impact of changes in risk-free rate; Time decay effect =amortisation of option premium paid to maturity date; Income effect= coupon income; Valuations and Other = Residual, including changesin discount to theoretical value and fees. Prem/Disc effect = Whenthe market price of the Company shares is worth less than the NAVper share, then the Company is said to be trading at a discount. Whenthe market price of the Company shares is worth more than the NAVper share, then the Company is said to be trading at a premium.
6 JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED. HALF YEAR REPORT & ACCOUNTS 2016
About the Company continued
INVESTMENT MANAGERS’ REPORT CONTINUED
While we believe that the prospect of offsetting production in the US is likely to preclude asignificant advance in the oil price, we are confident that OPEC’s commitment will help toensure that the worst is now behind the sector. This has given us increased confidence inexploring attractively priced opportunities to build exposure to companies that areprofitable and have the prospect of improving credit characteristics at an oil price in themid-US$50s.
The Company has utilised moderate gearing on a tactical basis over the past six months. Webelieve that selective use of this facility enables us to tactically add exposure, particularly inthe event of a drawdown in credit markets, since this would provide an opportunity toincrease exposure to securities with an attractive hold-to-maturity yield.
OutlookThe Company has entered 2017 with a renewed commitment to provide an attractive incomefrom the convertibles market. We believe that the portfolio’s increased allocation tobalanced convertibles will help to ensure that its performance in 2017 is furtherdifferentiated from non-convertible fixed income.
We consider the movements in the fixed-income markets in the final quarter of 2016 asindicative of a longer-term movement away from a ‘lower for longer’ interest rateenvironment. While the result of the US presidential election may have accelerated thisrepricing, improvements in economic growth and the recovery of inflation expectations werealready underway prior to November 2016. Significantly, this gives us confidence that thepositive investment environment for risk assets, such as convertibles and equities, is notsolely reliant on President Trump enacting market-friendly policies. Indeed, we see anunpredictable President who has spoken at length about turning the US inward as a key riskfor 2017.
Continued strength in economic data and expectations for higher inflation suggest anenvironment that is likely to be positive for equity and high yield credit markets, whileintroducing downside risks to longer-dated exposures. We see this as a positive backdrop forconvertibles, which have typically been highly correlated with equity and credit markets,while their short-dated maturity (the expected life of the portfolio is a little over three years)puts a natural cap on the extent to which they may suffer from higher rates.
Whilst this environment should be supportive of credit, we see little room for furthertightening of credit spreads following the strong moves since February 2016, and so we takea cautious view on outlook for this component of return. We see equity markets as the mostlikely beneficiary in this environment, and have used the opportunity following strongperformance in 2016 to position the portfolio accordingly.
The portfolio’s holdings are generally short-dated, and the average price of our holdingsremains below par value. Combined with an attractive yield of 4.5%, we believe that thisensures the portfolio retains its defensive characteristics in a year where we see significantpotential for increased volatility.
Antony ValleeNatalia BucciRobin DunmallInvestment Managers 17th March 2017
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Investment Review
PORTFOLIO ANALYSES
Sector 31st December 30th June 2016 2016 Portfolio Portfolio %1 %1
Real Estate 13.2 25.1Software & Services 11.8 14.3Energy 8.9 6.1Diversified Financials 8.7 5.1Capital Goods 8.5 6.0Telecommunication Services 6.5 3.9Materials 6.2 2.5Banks 5.1 7.5Transportation 4.7 3.2Technology Hardware & Equipment 4.7 2.2Retailing 4.1 6.3Semiconductors & Semiconductor Equipment 3.2 4.0Utilities 2.4 2.0Pharmaceuticals & Biotechnology 2.4 2.7Health Care Equipment & Services 2.4 1.3Media 2.3 —Consumer Services 1.9 4.2Food & Staples Retailing 1.7 0.3Food Beverage & Tobacco 0.8 0.5Automobiles & Components 0.5 1.8Consumer Durables & Apparel — 1.0
Total 100.0 100.0
1 Based on total portfolio of £202.9m (30th June 2016: £201.1m).
8 JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED. HALF YEAR REPORT & ACCOUNTS 2016
Geographic 31st December 30th June Interest 2016 Interest 2016 Rate Portfolio Rate Portfolio Convertibles Securities Preference %1 Convertibles Securities Preference %1
United States 34.6 1.6 6.9 43.1 34.2 2.0 6.1 42.3United Kingdom 15.2 1.8 — 17.0 11.1 2.1 — 13.2China 4.9 — 0.9 5.8 7.3 — 0.6 7.9Germany 5.2 — — 5.2 4.3 — — 4.3Netherlands 4.2 — — 4.2 1.6 — — 1.6Spain 2.8 — — 2.8 — — — —Hong Kong 2.6 — — 2.6 3.3 — — 3.3France 2.5 — — 2.5 2.4 1.7 — 4.1Taiwan 2.4 — — 2.4 1.0 — — 1.0United Arab Emirates 2.3 — — 2.3 1.4 2.2 — 3.6Italy 2.3 — — 2.3 2.4 — — 2.4Belgium 1.8 — — 1.8 0.4 — — 0.4South Africa 1.4 — — 1.4 1.0 — — 1.0Norway 1.1 — — 1.1 0.9 — — 0.9Greece 1.0 — — 1.0 0.7 — — 0.7Russia 1.0 — — 1.0 1.6 — — 1.6Australia 0.8 — — 0.8 1.3 — — 1.3Sweden 0.7 — — 0.7 0.4 — — 0.4South Korea 0.6 — — 0.6 — — — —Singapore 0.6 — — 0.6 4.0 — — 4.0Mexico 0.6 — — 0.6 — — — —Finland — 0.2 — 0.2 — 0.2 — 0.2Luxembourg — — — — 2.2 0.6 — 2.8Japan — — — — 1.0 — — 1.0Israel — — — — — — 0.9 0.9India — — — — 0.6 — — 0.6Austria — — — — 0.5 — — 0.5
Total 88.6 3.6 7.8 100.0 83.6 8.8 7.6 100.0
1 Based on total portfolio of £202.9m (30th June 2016: £201.1m).
PORTFOLIO ANALYSES CONTINUED
Investment Review continued
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Holding asa percentage
No. Investment of portfolio Region Country Currency Sector Rating
1. Vereit Inc 2.2% Americas United States USD Real Estate BBB–
2. Redwood Trust Inc 2.1% Americas United States USD Real Estate NR
3. Kingsoft Corp Ltd 1.9% Asia China HKD Software & Services NR
4. OCI NV 1.9% Europe Netherlands EUR Materials NR
5. SGL Carbon Se 1.9% Europe Germany EUR Capital Goods CCC
6. Nyrstar Nv 1.8% Europe Belgium EUR Materials CCC
7. Sacyr SA 1.8% Europe Spain EUR Capital Goods NR
8. Carillion Finance Jersey Ltd 1.7% Europe United Kingdom GBP Capital Goods NR
9. Market Tech Holdings Ltd 1.5% Europe United Kingdom GBP Real Estate NR
10. YY Inc 1.5% Asia China USD Software & Services BB
11. Haitian International Holdings Ltd 1.5% Asia China USD Capital Goods NR
12. SEACOR Holdings Inc 1.5% Americas United States USD Energy B
13. Rocket Internet 1.5% Europe Germany EUR Software & Services NR
14. Brait SE 1.4% Africa South Africa GBP Diversified Financials NR
15. Ias Operating Partnership Lp 1.4% Americas United States USD Diversified Financials NR
16. DP World Ltd 1.4% Asia United Arab USD Transportation BBB
Emirates
17. Ctrip.com International Ltd 1.4% Americas United States USD Retailing NR
18. America Movil Bv 1.3% Europe Netherlands EUR Telecommunication Services A–
19. Weatherford International Ltd 1.3% Americas United States USD Energy B
20. St Modwen Properties Securities Jersey Ltd 1.3% Europe United Kingdom GBP Real Estate NR
21. Wells Fargo & Co 1.3% Americas United States USD Banks BBB
22. Zhen Ding Technology Holding Ltd 1.3% Asia Taiwan USD Technology Hardware & Equipment NR
23. Telefonica Sa 1.3% Europe Italy EUR Telecommunication Services BBB
24. J Sainsbury PLC 1.2% Europe United Kingdom GBP Food & Staples Retailing NR
25. Vodafone Group PLC 1.2% Europe United Kingdom GBP Telecommunication Services BBB+
26. Tpk Holding Co. Ltd 1.1% Asia Taiwan USD Technology Hardware & Equipment NR
27. BW Group Ltd 1.1% Europe Norway USD Energy BB
28. Frontier Communications Corp 1.1% Americas United States USD Telecommunication Services B+
29. FF Group Finance Luxembourg Sa 1.0% Europe Greece EUR Retailing NR
30. China Overseas Finance Investment
Cayman V Ltd 1.0% Asia Hong Kong USD Real Estate NR
31. TCP Capital Corp 1.0% Americas United States USD Diversified Financials BBB–
32. Tpg Specialty Lending Inc 1.0% Americas United States USD Diversified Financials BBB–
33. NRG Yield Inc 1.0% Americas United States USD Utilities BB
34. CPUK Finance Ltd 1.0% Europe United Kingdom GBP Consumer Services B
35. Prospect Capital Corp 1.0% Americas United States USD Diversified Financials BBB–
36. Neopost Sa 1.0% Europe France EUR Technology Hardware & Equipment NR
37. Iberdrola International BV 1.0% Europe Spain EUR Utilities BBB+
38. Zillow Group Inc 1.0% Americas United States USD Software & Services NR
39. Hologic Inc 1.0% Americas United States USD Health Care Equipment & Services BB–
40. Koninklijke BAM Groep NV 1.0% Europe Netherlands EUR Capital Goods NR
41. Salzgitter Finance Bv 1.0% Europe Germany EUR Materials NR
42. International Consolidated Airlines Group SA 1.0% Europe United Kingdom EUR Transportation NR
43. Air France-KLM 1.0% Europe France EUR Transportation NR
PORTFOLIO DISCLOSUREAT 31ST DECEMBER 2016
10 JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED. HALF YEAR REPORT & ACCOUNTS 2016
Holding asa percentage
No. Investment of portfolio Region Country Currency Sector Rating
44. Intel Corp 1.0% Americas United States USD Semiconductors & Semiconductor A–
Equipment
45. Yandex Nv 1.0% Europe Russia USD Software & Services NR
46. Scorpio Tankers Inc 1.0% Americas United States USD Energy NR
47. Teradyne Inc 1.0% Americas United States USD Semiconductors & Semiconductor NR
Equipment
48. Fireeye Inc 1.0% Americas United States USD Software & Services NR
49. Intu Jersey Ltd 1.0% Europe United Kingdom GBP Real Estate NR
50. British Land White 2015 Ltd 1.0% Europe United Kingdom GBP Real Estate A–
51. Baosteel Hong Kong Investment Co Ltd 1.0% Asia Hong Kong USD Banks NR
52. Twitter Inc 0.9% Americas United States USD Software & Services BB–
53. Enterprise Funding Ltd 0.9% Europe United Kingdom GBP Consumer Services B+
54. Helical Bar Jersey Ltd 0.9% Europe United Kingdom GBP Real Estate NR
55. Bank of America Corp 0.9% Americas United States USD Banks BB
56. WebMD Health Corp 0.9% Americas United States USD Software & Services NR
57. Mandatory Exchangeable Trust 0.9% Asia China USD Telecommunication Services NR
58. National Bank of Abu Dhabi Pjsc 0.9% Asia United Arab USD Banks AA–
Emirates
59. Premier Oil Finance Jersey Ltd 0.8% Europe United Kingdom USD Energy NR
60. Nuance Communications Inc 0.8% Americas United States USD Software & Services BB–
61. Tullow Oil PLC 0.8% Europe United Kingdom USD Energy CCC
62. Cromwell Spv Finance Pty Ltd 0.8% Australia Australia EUR Real Estate BBB–
63. Liberty Media Corp 0.8% Americas United States USD Media NR
64. Blackrock Capital Investment Corp 0.8% Americas United States USD Diversified Financials BBB–
65. NantHealth Inc 0.8% Americas United States USD Health Care Equipment & Services NR
66. Remgro Jersey GBP Ltd 0.8% Europe United Kingdom GBP Diversified Financials NR
67. Bayer Capital Corp BV 0.8% Europe Germany EUR Pharmaceuticals & Biotechnology BBB
68. Bunge Ltd 0.8% Americas United States USD Food Beverage & Tobacco BB+
69. Pharmaceutical Industries Ltd 0.8% Americas United States USD Pharmaceuticals & Biotechnology NR
70. Liberty Interactive LLC 0.8% Americas United States USD Media B
71. Blackhawk Network Holdings Inc 0.8% Americas United States USD Software & Services NR
72. Finisar Corp 0.8% Americas United States USD Technology Hardware & Equipment NR
73. Chesapeake Energy Corp 0.8% Americas United States USD Energy CCC
74. DISH Network Corp 0.7% Americas United States USD Media B–
75. Inmarsat PLC 0.7% Europe United Kingdom USD Telecommunication Services BB+
76. Sas Ab 0.7% Europe Sweden SEK Transportation B
77. Arconic Inc 0.7% Americas United States USD Materials BB
78. GNC Holdings Inc 0.7% Americas United States USD Retailing BB
79. GS Engineering & Construction Corp 0.6% Asia South Korea USD Capital Goods NR
80. Allergan Plc 0.6% Americas United States USD Pharmaceuticals & Biotechnology NR
81. Kinder Morgan Inc/DE 0.6% Americas United States USD Energy NR
82. CapitaLand Ltd 0.6% Asia Singapore SGD Real Estate NR
83. Sunpower Corp 0.6% Americas United States USD Semiconductors & Semiconductor NR
Equipment
84. Hess Corp 0.6% Americas United States USD Energy NR
85. Macquarie Infrastructure Corp 0.6% Americas United States USD Transportation BBB–
Investment Review continued
PORTFOLIO DISCLOSURE CONTINUEDAT 31ST DECEMBER 2016
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Holding asa percentage
No. Investment of portfolio Region Country Currency Sector Rating
86. Cemex SAB de CV 0.6% Americas Mexico USD Materials NR
87. Anthem, Inc 0.6% Americas United States USD Health Care Equipment & Services BBB–
88. Asm Pacific Technology Ltd 0.6% Asia Hong Kong HKD Semiconductors & Semiconductor BB+
Equipment
89. Rallye Sa 0.5% Europe France EUR Food & Staples Retailing NR
90. Aabar Investments Pjsc 0.5% Europe Italy EUR Banks NR
91. Western Digital Corp 0.5% Americas United States USD Technology Hardware & Equipment BB
92. Tesla Motors Inc 0.5% Americas United States USD Automobiles & Components B–
93. Ares Capital Corp 0.5% Americas United States USD Diversified Financials BBB
94. Aabar Investments Pjsc 0.5% Europe Italy EUR Banks NR
95. Colony Capital Inc 0.5% Americas United States USD Diversified Financials NR
96. Nuance Communications Inc 0.5% Americas United States USD Software & Services BB–
97. Liberty Interactive LLC 0.5% Americas United States USD Retailing B
98. Liberty Interactive LLC 0.5% Americas United States USD Retailing B
99. Ensco Jersey Finance Ltd 0.4% Americas United States USD Energy BB
100. Derwent London Capital No 2 Jersey Ltd 0.4% Europe United Kingdom GBP Real Estate BBB+
101. National Grid North America Inc 0.4% Europe United Kingdom GBP Utilities BBB+
102. Intu Jersey 2 Ltd 0.4% Europe United Kingdom GBP Real Estate NR
103. TICC Capital Corp 0.3% Americas United States USD Diversified Financials NR
104. Outokumpu OYJ 0.2% Europe Finland EUR Materials B
105. Intercept Pharmaceuticals Inc 0.2% Americas United States USD Pharmaceuticals & Biotechnology NR
100.0%
Note: Rating describes the most conservative rating published by an external reputable credit rating agency. Where a security is described as not rated, no external rating isavailable. These securities are subject to an internal credit analysis and rating procedure
12 JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED. HALF YEAR REPORT & ACCOUNTS 2016
STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31ST DECEMBER 2016
(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended31st December 2016 31st December 20151 30th June 2016
Revenue Capital Total Revenue Capital Total Revenue Capital Total£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Investments held at fair value through profit and loss:
Gains on investments held at fair value through profit or loss — 15,187 15,187 — 857 857 — 19,778 19,778
Income from investments 5,296 — 5,296 5,293 — 5,293 10,791 — 10,791
Gains/(losses) on financial instruments:
Realised losses on close out of futures and options contracts — (231) (231) — (1,389) (1,389) — (761) (761)
Unrealised losses on futures and options contracts — — — — (258) (258) — (41) (41)
Realised foreign currency losses on foreign currency contracts — (6,091) (6,091) — (6,003) (6,003) — (18,697) (18,697)
Unrealised foreign currency losses on foreign currency contracts — (4,000) (4,000) — (4,207) (4,207) — (9,075) (9,075)
Realised foreign currency gains/(losses) — 355 355 — 28 28 — (21) (21)
Unrealised foreign currency losses — (1,225) (1,225) — (544) (544) — (1,935) (1,935)Other income 18 — 18 34 — 34 59 — 59
Total income/(loss) 5,314 3,995 9,309 5,327 (11,516) (6,189) 10,850 (10,752) 98Management fee (471) (254) (725) (529) (285) (814) (1,012) (545) (1,557)Other administrative expenses (222) — (222) (258) — (258) (545) — (545)
Profit/(loss) before finance costs and taxation 4,621 3,741 8,362 4,540 (11,801) (7,261) 9,293 (11,297) (2,004)
Finance costs (96) (51) (147) (66) (36) (102) (149) (81) (230)
Profit/(loss) before taxation 4,525 3,690 8,215 4,474 (11,837) (7,363) 9,144 (11,378) (2,234)Taxation (110) — (110) (171) — (171) (369) — (369)
Net profit/(loss) 4,415 3,690 8,105 4,303 (11,837) (7,534) 8,775 (11,378) (2,603)
Earnings/(loss) per share (note 4) 2.26p 1.89p 4.15p 1.96p (5.40)p (3.44)p 4.13p (5.35)p (1.22)p
1 The 31st December 2015 figures have been amended in line with the change in presentation to liquid assets from Non current assets to Cash equivalents.
Earnings per share is based on the weighted average number of shares in issue during the period.
The Company does not have any income or expense that is not included in net return for the period. Accordingly the ‘Net profit/(loss) for theperiod’ is also the ‘Total comprehensive income for the period’, as defined in IAS 1 (revised).
The ‘Total’ column of this statement is the profit and loss account of the Company and the ‘Revenue’ and ‘Capital’ columns representsupplementary information prepared under guidance issued by the Association of Investment Companies.
All items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.
Financial Statements
13
STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31ST DECEMBER 2016
Share Capital Revenue capital reserve reserve Total £’000 £’000 £’000 £’000
Six months ended 31st December 2016 (Unaudited)At 30th June 2016 217,368 (28,794) 64 188,638 Repurchase of shares into Treasury — (104) — (104)Net profit for the period — 3,690 4,415 8,105 Dividends paid in the period — — (4,390) (4,390)
At 31st December 2016 217,368 (25,208) 89 192,249
Six months ended 31st December 2015 (Unaudited)At 30th June 2015 220,020 1,480 811 222,311 Repurchase of shares into Treasury — (605) — (605)Net (loss)/profit for the period — (11,837) 4,303 (7,534)Dividends paid in the period — — (4,928) (4,928)
At 31st December 2015 220,020 (10,962) 186 209,244
Year ended 30th June 2016 (Audited)At 30th June 2015 220,020 1,480 811 222,311 Shares bought back and cancelled (1,052) — — (1,052)Repurchase of shares into Treasury — (20,496) — (20,496)Cancellation of shares in Treasury (1,600) 1,600 — —Net (loss)/profit for the year — (11,378) 8,775 (2,603)Dividends paid in the year — — (9,522) (9,522)
At 30th June 2016 217,368 (28,794) 64 188,638
14 JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED. HALF YEAR REPORT & ACCOUNTS 2016
STATEMENT OF FINANCIAL POSITIONAT 31ST DECEMBER 2016
(Unaudited) (Unaudited) (Audited) 31st December 2016 31st December 2015 30th June 2016 £’000 £’000 £’000
Non current assets Investments held at fair value through profit or loss 202,866 216,722 201,127
Current assetsDerivative financial assets 130 346 506Trade and other receivables 1,291 1,105 9,628Cash and cash equivalents1 8,445 12,811 3,020Cash held as Broker — 582 169
9,866 14,844 13,323Current liabilitiesDerivative financial liabilities (4,130) (4,592) (9,622)Trade and other payables (16,353) (4,161) (1,229)
Net current (liabilities)/assets (10,617) 6,091 2,472
Total assets less current liabilities 192,249 222,813 203,599Creditors: amounts falling due after more than one year — (13,569) (14,961)
Net assets 192,249 209,244 188,638
Amounts attributable to equity holders Share capital 217,368 220,020 217,368Capital reserve (25,208) (10,962) (28,794)Revenue reserve 89 186 64
Total equity shareholders’ funds 192,249 209,244 188,638
Net asset value per share (note 5) 98.6p 95.6p 96.6p
1 This line item combines the two lines of ‘Investments in liquidity funds held at fair value through profit or loss’ and ‘Cash and short term deposits’ in the financial statements forthe period ended 31st December 2015 into one.
Financial Statements continued
15
STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31ST DECEMBER 2016
(Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st December 2016 31st December 20151 30th June 2016 £’000 £’000 £’000
Operating activitiesGain/(loss) before taxation 8,215 (7,363) (2,234)Deduct dividends received (353) (578) (1,229)Deduct investment income — interest (4,943) (4,715) (9,562)Deduct bank interest received (18) (34) (59)Add back interest paid 147 102 230Deduct gains on investments held at fair value through profit or loss (15,187) (857) (19,778)
(Increase)/decrease in unrealised gains on foreign currency contracts (5,075) 10,135 15,003
(Increase)/decrease in unrealised gains on future and option contracts (41) 341 343
Decrease in cash held as collateral by Brokers for futures 169 546 959
Increase in unrealised losses on foreign currency 1,225 544 1,935Effect of decrease/(increase) in trade and other receivables 3 (2) (5)Effect of (decrease)/increase trade and other payables (36) 22 62
Net cash outflow from operating activities before interest, taxation and dividends (15,894) (1,859) (14,335)
Taxation (110) (171) (369)Interest paid (134) (102) (170)Dividends received 380 590 1,237Investment income — interest 2,781 3,919 6,797Bank interest received 18 34 59
Net cash (outflow)/inflow from operating activities after interest, taxation and dividends (12,959) 2,411 (6,781)
Investing ActivitiesPurchases of investments held at fair value through profit or loss (122,761) (136,337) (217,215)
Sales of investments held at fair value through profit or loss 145,639 141,340 247,156
Net cash inflow from investing activities 22,878 5,003 29,941
Financing activitiesRepurchase of shares into Treasury (104) (605) (20,496)Shares bought back and cancelled — — (1,052)Dividends paid (4,390) (4,928) (9,522)Drawdown of loan — 13,026 13,026
Net cash (outflow)/inflow from financing activities (4,494) 7,493 (18,044)
Increase in cash and cash equivalents 5,425 14,907 5,116Cash and cash equivalents at the start of the period/year 3,020 (2,096) (2,096)
Cash and cash equivalents at the end of the period/year 8,445 12,811 3,020
1 The 31st December 2015 figures have been amended in line with the change in presentation to liquidity assets from Non current assets to Cash equivalents.
16 JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED. HALF YEAR REPORT & ACCOUNTS 2016
Financial Statements continued
NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31ST DECEMBER 2016
1. Financial statementsThe information contained within the financial statements in this half year report has not been audited or reviewed by the Company’sauditors.
2. Accounting policiesThe Company’s financial statements have been prepared in accordance with International Financial Reporting Standards (‘IFRS’),which comprise standards and interpretations approved by the International Accounting Standards Board (‘IASB’), the InternationalAccounting Standards and Standing Interpretations Committee and interpretations approved by the International AccountingStandards Committee (‘IASC’) that remain in effect and to the extent that they have been adopted by the European Union (‘EU’).
The same accounting policies and methods of compensation are followed in these financial statements as compared with the mostrecent annual financial statements.
Where presentational evidence set out in the Statement of Recommended Practice (the ‘SORP’) issued by the Association ofInvestment Companies in November 2014 is consistent with the requirement of IFRS, the financial statements have been prepared ona basis compliant with the recommendation of SORP.
All of the Company’s operations are of a continuing nature.
The financial statements have been prepared on a going concern basis.
3. Dividend paid (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st December 2016 31st December 2015 30th June 2016 £’000 £’000 £’000
2016 fourth interim dividend 1.125p (2015: 1.125p) 2,196 2,464 2,4642017 first interim dividend of 1.125p (2016: 1.125p) 2,194 2,464 2,4642016 second interim dividend of 1.125p — — 2,3552016 third interim dividend of 1.125p — — 2,239
Total dividends paid in the period/year 4,390 4,928 9,522
A second interim dividend of 1.125p per share, has been declared payable in respect of the six months ended 31st December 2016.
17
4. Earnings/(loss) per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st December 2016 31st December 2015 30th June 2016 £’000 £’000 £’000
Earnings/(loss) per share is based on the following:Revenue return 4,415 4,303 8,775Capital return/(loss) 3,690 (11,837) (11,378)
Total return/(loss) 8,105 (7,534) (2,603)
Weighted average number of shares in issue during the period/year 195,165,095 219,277,482 212,639,947
Revenue return per share 2.26p 1.96p 4.13pCapital return/(loss) per share 1.89p (5.40)p (5.35)p
Total return/(loss) per share 4.15p (3.44)p (1.22)p
5. Net asset value per share (Unaudited) (Unaudited) (Audited) 31st December 2016 31st December 2015 30th June 2016
Shareholders’ funds (£’000) 192,249 209,244 188,638Number of shares in issue 195,072,770 218,983,482 195,187,705Net asset value per share 98.6p 95.6p 96.6p
6. Disclosures regarding financial instruments measured at fair valueThe disclosures required by the IFRS 13: ‘Fair Value Measurement’ are given below. The Company’s financial instruments within thescope of IFRS 13 that are held at fair value comprise its investment portfolio.
The investments are categorised into a hierarchy consisting of the following three levels:
Level 1 – valued using unadjusted quoted prices in active markets for identical assets and liabilities.Level 2 – valued by reference to valuation techniques using other observable inputs not included within Level 1.Level 3 – valued by reference to valuation techniques using unobservable inputs.
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair valuemeasurement of the relevant asset.
The recognition and measurement policies for financial instruments measured at fair value are consistent with those disclosed in thelast annual financial statements.
18 JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED. HALF YEAR REPORT & ACCOUNTS 2016
6. Disclosures regarding financial instruments measured at fair value continuedThe following tables set out the fair value measurements using the IFRS 13 hierarchy at the relevant period/year end:
31st December 2016 Level 1 Level 2 Level 3 Total £’000 £’000 £’000 £’000
Financial assets held at fair value through profit or lossInvestments: – Convertibles 179,711 — — 179,711 – Convertible preference 15,733 — — 15,733 – Interest rate securities 7,422 — — 7,422
Total investments 202,866 — — 202,866
Derivative financial instruments:– Forward foreign currency contracts — 130 — 130
Total 202,866 130 — 202,996
Financial liabilities held at fair value through profit or loss– Forward foreign currency contracts — (4,130) — (4,130)
Total — (4,130) — (4,130)
30th June 2016 Level 1 Level 2 Level 3 Total £’000 £’000 £’000 £’000
Financial assets held at fair value through profit or lossInvestments: – Convertibles 168,072 — — 168,072 – Convertible preference 15,317 — — 15,317 – Interest rate securities 17,738 — — 17,738
Total investments 201,127 — — 201,127
Derivative financial instruments:– Forward foreign currency contracts — 506 — 506
Total 201,127 506 — 201,633
Financial liabilities held at fair value through profit or loss– Forward foreign currency contracts — (9,581) — (9,581)– Future contracts (41) — — (41)
Total (41) (9,581) — (9,622)
The Company’s policy for determining transfers between levels is to ascertain the listing status at each period and for each investmentand determine if any changes have occurred that would necessitate a transfer.
Fair values of financial assets and financial liabilitiesAll financial assets and liabilities are either included in the Statement of Financial Position at fair value or the carrying amount is areasonable approximation of fair value.
Financial Statements continued
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
19
The Company is required to make the following disclosures in itsinterim report.
Principal Risks and UncertaintiesThe principal risks and uncertainties faced by the Company fall intothe following broad categories: investment and strategy; foreigncurrency; accounting; corporate governance and shareholderrelations; operational and financial. Information on each of theseareas is given in the Business Review within the 2016 Annual Reportand Accounts.
Related Party TransactionsDuring the half year to 31st December 2016, no new agreementswere entered into with related parties which have materiallyaffected the financial position or the performance of the Company.
Going ConcernThe Directors believe, having considered the Company’s investmentobjectives, risk management policies, capital management policiesand procedures, nature of the portfolio and expenditure projections,that the Company has adequate resources, an appropriate financialstructure and suitable management arrangements in place tocontinue in operational existence for the foreseeable future and,more specifically, that there are no material uncertaintiespertaining to the Company that would prevent its ability to continuein such operation existence for at least 12 months from the date ofthe approval of this half yearly financial report. For these reasons,they consider there is reasonable evidence to adopt the goingconcern basis in preparing the accounts.
Directors’ ResponsibilitiesThe Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within theinterim financial report has been prepared in accordance withInternational Accounting Standard 34 ‘Interim FinancialReporting’ and gives a true and fair view of the state of affairsof the Company and of the assets, liabilities, financial positionand net return of the Company, as at 31st December 2016, asrequired by the UK Listing Authority Disclosure andTransparency Rules 4.2.4R; and
(ii) the interim report includes a fair review of the informationrequired by 4.2.7R (important events that have occurred sinceinception, their impact on these financial statements and adescription of the principal risks facing the Company) and4.2.8R (related party transactions since inception that havematerially affected the financial position or performance of theCompany) of the UK Listing Authority Disclosure andTransparency Rules.
In order to provide these confirmations, and in preparing thesefinancial statements, the Directors are required to:
• select suitable accounting policies and then apply themconsistently;
• make judgements and accounting estimates that arereasonable and prudent;
• state whether applicable accounting standards have beenfollowed, subject to any material departures disclosed andexplained in the financial statements; and
• prepare the financial statements on the going concern basisunless it is inappropriate to presume that the Company willcontinue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Simon MillerChairman 17th March 2017
INTERIM MANAGEMENT REPORT
Shareholder Information
20 JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED. HALF YEAR REPORT & ACCOUNTS 2016
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GLOSSARY OF TERMS AND DEFINITIONS
Return to ShareholdersShare price total return to the Ordinary shareholder, on a last tradedprice to last traded price basis, assuming that all dividends receivedwere reinvested, without transaction costs, into the Ordinary sharesof the Company at the time the shares were quoted ex-dividend.
Return on Net AssetsReturn on the undiluted net asset value (‘NAV’) per share on a bidvalue to bid value basis, assuming that all dividends paid out by theCompany were reinvested into the shares of the Company at the NAVper share at the time the shares were quoted ex-dividend.
Share Price Premium to Net Asset Value (‘NAV’) Per ShareIf the share price of an investment trust is lower than the NAV pershare, the shares are said to be trading at a discount. The discount isshown as a percentage of the NAV per share. The opposite of adiscount is a premium. It is more common for an investment trust’sshares to trade at a discount than at premium.
Gearing/Net CashGearing represents the excess amount above shareholders’ funds oftotal investments expressed as a percentage of the shareholders’funds. If the amount calculated is negative, this is shown as a ‘netcash’ position.
Ongoing ChargesThe Ongoing Charges represent the Company’s management fee andall other operating expenses excluding finance costs, expressed as apercentage of the average of the daily net assets during the year andis calculated in accordance with guidance issued by the Association ofInvestment Companies. The figure as at 31st December 2016 is anestimated annualised figure.
Earnings per ShareThe earnings per Ordinary share represents the return on ordinaryactivities after taxation divided by the weighted average number ofOrdinary shares in issue during the year.
Bond-likeBond-like convertible securities are those with a relatively stablecredit and has a fixed income value far greater than the value of theunderlying equity. It is largely insensitive to changes in the value ofthe underlying equity.
BalancedBalanced convertible securities are those where the underlying equityvalue and the bond value of the security are within a fairly closerange of each other. This makes the value of the instrument sensitiveto both changes in the underlying equity and the fixed income valueof the security.
Shareholder Information continued
HistoryJPMorgan Global Convertibles Income Fund Limited is a Guernsey-incorporatedinvestment company which was launched in June 2013 with assets of£136.0 million.
Company NumbersGuernsey company registration number: 56625
Ordinary SharesLondon Stock Exchange ISIN code: GG00B96SW597Bloomberg code: JGCISEDOL B96SW59
Market InformationThe Company’s unaudited net asset value (‘NAV’) is published daily, via theLondon Stock Exchange.
The Company’s shares are listed on the London Stock Exchange. The market priceis shown daily in the Financial Times, The Times, The Daily Telegraph, TheScotsman and on the JPMorgan website at www.jpmconvertiblesincome.co.uk,where the share price is updated every fifteen minutes during trading hours.
Websitewww.jpmconvertiblesincome.co.uk
Share TransactionsThe Company’s shares may be dealt in directly through a stockbroker orprofessional adviser acting on an investor’s behalf. They may also be purchasedand held through the J.P. Morgan Investment Account, J.P. Morgan ISA andJ.P. Morgan Junior ISA. These products are all available on the online service atjpmorgan.co.uk/online
Manager and Company SecretaryJPMorgan Funds Limited
AdministratorJ.P. Morgan Administration Services (Guernsey) LimitedCompany’s Registered Office1st FloorLes Echelons CourtLes EchelonsSouth EsplanadeSt Peter PortGuernsey GY1 1AR
For company secretarial matters please contact Rhys Williams at the aboveaddress.
DepositaryBNY Mellon Trust and Depositary (UK) LimitedBNY Mellon Centre160 Queen Victoria StreetLondon EC4V 4LA
The Depositary has appointed JPMorgan Chase Bank, NA, as the Company’scustodian.
RegistrarsCapita Registrars (Guernsey) LimitedMont Crevelt HouseBulwer AvenueSt SampsonGuernsey GY2 4LHTelephone number: 0371 664 0300(Calls cost 10p per minute plus network extras)
Lines are open Monday – Friday, 9.00 a.m. to 5.30 p.m. (from outside the UK +44 (0) 20 8639 3399)
Email: [email protected]
Registered shareholders can obtain further details on their holdings on theinternet by visiting www.capitashareportal.com.
Independent AuditorsErnst & Young LLPPO Box 9Royal ChambersSt Julian’s AvenueSt Peter PortGuernsey GY1 4AF
BrokersWinterflood SecuritiesThe Atrium Building Cannon Bridge25 Dowgate HillLondon EC4R 2GATelephone number: 020 3100 0000
Savings Product AdministratorsFor queries on the J.P. Morgan Investment Account and J.P. Morgan ISA, seecontact details on the back cover of this report.
Information about the Company
FINANCIAL CALENDAR
Financial year end 30th June
Final results announced September
Half year end 31st December
Half year results announced March
Annual General Meeting November
A member of the AIC
21
www.jpmconvertiblesincome.co.uk
Telephone calls may be recorded and monitored for security and training purposes.
J.P. Morgan Helpline
Freephone 0800 20 40 20 or +44 (0) 1268 444470.Telephone lines are open Monday to Friday, 9am to 5.30pm.
GB I113 03/17