reports
- Sarah Godfrey
JPMorgan Global Convertibles Income Fund - Positive outlook for niche ...
JPMorgan Global Convertibles Income Fund (JGCI) is the UK’s only listed closed-end fund focused on the convertible bond market. Convertibles usually pay a coupon (like an ordinary bond) but also have an embedded option to buy the underlying equity, meaning they benefit from rising share prices, as well as downside protection from the par value of the bond being repaid at maturity. While JGCI’s NAV total return has been flat to negative over the past year and its share price has drifted lower...
- Sarah Godfrey
JPMorgan Global Convertibles Income Fund - Continuity of approach unde...
JPMorgan Global Convertibles Income Fund (JGCI) is managed by the convertible bonds team at J.P. Morgan Asset Management (JPMAM), now led by Natalia Bucci following the departure of Antony Vallée in February 2018. Bucci and other members of the team have worked together for many years, and stress the continuity of a process that has been developed collaboratively over time, based on in-depth fundamental security analysis. The portfolio management team has been bolstered with the addition of Pau...
- Sarah Godfrey
Steady NAV progression and a 4.5% yield
JPMorgan Global Convertibles Income Fund (JGCI) is the only UK-listed closed-end fund specialising in convertible bonds, aiming to generate income along with the possibility of capital growth. Increased investment flexibility granted to the managers in late 2015 means the fund can now invest more in the balanced to equity-like segments of the convertible bond market. NAV performance since launch in 2013 has been fairly steady, in spite of an environment of falling yields and tighter spreads on h...
- Sarah Godfrey
Low-volatility, income-tilted convertibles portfolio
JPMorgan Global Convertibles Income Fund (JGCI) is the only UK-listed closed-end fund focusing on convertible bonds. While its primary aim is to provide investors with an income, the fund has recently moved to a more total return-orientated approach to meeting its objective, taking advantage of attractive risk/reward opportunities in the balanced segment of the market. Although fundamentally a bond portfolio, the equity participation offered by convertibles could prove defensive for JGCI investo...
Review: Seeking opportunity in more difficult conditions
JPMorgan Global Convertibles Income Fund (JGCI) is the only UK-listed fund investing in convertible bonds. It aims to produce income with the potential for capital growth from a diversified global portfolio. A difficult period recently for the sector has seen the fund experience some share price volatility, although NAV has largely been protected by avoiding the capital risk inherent in some very high yielding issues. Over the past year the number of securities in the portfolio has risen as a fu...
Review: Total returns from underappreciated asset class
JPMorgan Global Convertibles Income Fund Limited (JGCI), launched in mid-2013, seeks to provide investors with income (current yield of 4.4%) and long-term capital growth potential by investing globally in convertible bonds, which combine a degree of equity upside with the regular income and capital preservation characteristics of bonds. It is the only closed-end fund of its kind in the UK, and has so far delivered on its income objective, paying a 4.5p dividend in its first year. Unfavourable c...
Review: Balancing equity upside with downside protection
JPMorgan Global Convertibles Income Fund Limited (JGCI) targets income and capital growth through investment in a globally diversified portfolio of convertible securities. The fund’s yield of over 4% is above the MSCI World and FTSE All-Share equity indices by close to two percentage points and one point respectively. A key attraction of convertibles is that they are seen to offer downside protection in a market downturn and a degree of participation in a stronger equity market, with lower vol...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.