JPMorgan Global Growth & Income PLC GBP · LSE:JGGI
JPMorgan Global Growth & Income PLC GBP — JPMorgan Global Growth & Income — Shareholder Meeting (October 2021)
27 slides from JPMorgan Global Growth & Income PLC GBP's shareholder meeting presentation, October 2021
Slide 1: JPMorgan Global Growth & Income plc - 2021 AGM Introduction
JPMorgan Global Growth & Income plc - 2021 AGM Introduction Nigel Wightman, Chairman 0
Slide 2: Total returns (including dividends reinvested) to 30th June
TOTAL RETURNS (INCLUDING DIVIDENDS REINVESTED) TO 30TH JUNE 3 years 5 years 2021 2020 cumulative cumulative Return to shareholders 33.0% 4.8% 51.6% 153.3% Return on net assets 32.3% 6.0% 52.5% 113.0% Benchmark return 24.6% 5.2% 43.7% 91.4% Excess (net assets vs benchmark) 7.7% 0.8% 8.8% 21.6% Annual
Slide 3: Highlights of Merging Companies
Highlights of Merging Companies JPMorgan Global Growth & Income (JGGI) was incorporated on 21st April 1887 as the British Steamship Investment Trust with share capital of £400,000 The Scottish Investment Trust (SCIN) was incorporated on 27th July 1887 with share capital of £250,000. 30th September 2
Slide 4: Media Headlines
Media Headlines... JP Morgan absorbs poorly srforming Scottish tne. Scottish Investment trust per orming Scottish Investment proposes merger with Trust JPMorgan trust INVESTMENT TRUST INSIDER Scottish soars on ‘bold’ merger with JPMorgan Global Growth Combined trust worth over £1.2bn Mail Online "Di
Slide 5: JPMorgan Global Growth & Income plc
JPMorgan Global Growth & Income plc October 2021
Slide 6: JPMorgan Global Growth & Income Plc
HELGE SKIBELI RAJ TANNA TIM WOODHOUSE JPMorgan Global Growth & Income Plc Portfolio Portfolio Manager Portfolio Manager Manager Experience: 24/10 Experience: 12/12 Experience: 35/31 An unconstrained, style agnostic, concentrated global best ideas portfolio Delivering an unconstrained, best ideas p
Slide 7: Global economic recovery underway
Global economic recovery underway 4GTM – UK | Real GDP growth Q4 2021 real GDP forecasts relative to pre-pandemic trend* Index level, rebased to 100 at Q1 2006 % difference 150 400 Forecast US Developed markets China Emerging markets China Developed markets 140 340 Japan Emerging markets South Korea
Slide 8: Earnings are recovering across regions
Earnings are recovering across regions GTM – UK | Consensus estimates for global earnings per share Index level, next 12 months’ EPS in GBP rebased to 100 at Jan 2000 600 EM Japan 500 US Europe ex-UK UK 400 300 200 100 0 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 Source: (Left) FTSE, IBES, MSCI, Re
Slide 9: An unusually quick and sharp global earnings recovery
An unusually quick and sharp global earnings recovery JPM research forecasts 45% global earnings growth for 2021 3500 3000 2500 2000 1500 1000 500 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 JPM forecast global earnin
Slide 10: JPM normalised earnings and free cash flow yields offer valuation support
JPM normalised earnings and free cash flow yields offer valuation support for global equities Earnings and free cash flow yield by region 9.0% 8.0% 8.1% 8.0% 6.8% 7.0% 6.5% 6.0% 5.6% 5.1% 5.1% 4.7% 4.9% 4.8% 5.0% 6.9% 4.0% 3.0% 3.1% 2.2% 2.1% 5.0% 4.7% 2.0% 1.6% 1.2% 1.0% 0.4% 0.3% 0.1% 0.0% Develop
Slide 11: Global Equity Research: bringing together regional insights across the globe
Global Equity Research: bringing together regional insights across the globe Mark Ferguson EUROPE Global Head of Equity Research, (22/22) Maciej Wasilewicz Head of Research (14/6) 14 Research Analysts (19/13) NORTH AMERICA DEVELOPED ASIA David Small David Gleeson Head of Research (20/16) Head of Res
Slide 12: Strategic Classifications: an effective tool to understand a business
Strategic Classifications: an effective tool to understand a business Premium, Quality, Trading, Structurally Challenged Economics Duration Governance Does the business create Can this value creation How will governance impact shareholder value for shareholders? be sustained? value? Sustainable re
Slide 13: ESG is integral to our fundamental research
ESG is integral to our fundamental research A holistic ESG framework designed to evaluate our entire coverage universe PROPRIETARY ESG CHECKLIST 12 QUESTIONS ENVIRONMENT Climate Change Natural Resources GLOBAL EQUITY Pollution and Waste RESEARCH TEAM Environmental Opportunities 12 QUESTIONS
Slide 14: Case study: Ongoing engagement with Walmart de Mexico
Case study: Ongoing engagement with Walmart de Mexico Our ESG analysis allowed us to highlight areas to implement positive change April 2012 August 2013 February 2016 2Q 2020 Today ALLEGATIONS QUALITY RATED STRATEGIC NEW CEO JPMAM ENGAGES ON RESPONSE UPGRADE FROM OF CORRUPTION CLASSIFICATION The n
Slide 15: Capturing our unique research insights in the JGGI portfolio
Capturing our unique research insights in the JGGI portfolio “AN UNCONSTRAINED, STYLE AGNOSTIC, CONCENTRATED GLOBAL BEST IDEAS PORTFOLIO” Portfolio Management Team LOWER P/E HIGHER FCF YIELD HIGHER EPS GROWTH 2023E NORMALIZED P/E* 2023E NORMALIZED FCF YIELD * 2023-2026E NORMALIZED EPS* HELGE SKIBELI
Slide 16: We identify and invest in long term structural winners
We identify and invest in long term structural winners Shift Bigto Data PublicandCloud Artificial Millennial Spending Habits Intelligencel Key holdings: Google (Alphabet), Taiwan Semiconductor Manufacturing Co. Key holdings: Amazon, Adidas Key Holdings: Google (Alphabet), UnitedHealth Shift to Publi
Slide 17: JGGI holdings combine valuation, insight and conviction
JGGI holdings combine valuation, insight and conviction Top 10 JGGI positions as of 30 September 2021 Top Ten Active Portfolio Positions (%) 3.5 3.08 2.96 3.0 2.79 2.67 2.5 2.34 2.34 2.30 2.21 Active weight (%) 2.06 2.06 2.0 1.5 1.0 0.5 0.0 Amazon.com Analog Devices NXP Wells Fargo Mastercard VINCI
Slide 18: Trane Technologies – a climate control ESG leader
Trane Technologies – a climate control ESG leader “Trane Technologies is a leading industrial equipment manufacturer which emerged stronger from the 2008/2009 refinancing crisis with a rebuilt business strategy, broader distribution, and product refresh. Trane’s products are leading the industry in
Slide 19: Amazon – Taking advantage of longer-term structural opportunities
Amazon – Taking advantage of longer-term structural opportunities “Amazon made their name in online retail where they are seeing an ever increasing consumer base but they are also strategically positioned to benefit from a structural transition in the cloud market.” Kris Erickson, Media Analyst STRA
Slide 20: JGGI – Positive excess returns track record
JGGI – Positive excess returns track record JPMorgan Global Growth & Income plc** returns versus MSCI AC World Returns (%) as of 30 September 2021, in GBP JGGI - Net Asset Value JGGI - Share Price MSCI AC World 35 31.63 32.01 30 25 22.19 20 16.85 14.27 15.14 14.18 14.80 15.60 14.19 15.06 15 13.53 11
Slide 21: One year positive performance driven by stock selection
One year positive performance driven by stock selection JPMorgan Global Growth & Income plc Stock: 8.71 Attribution summary for 1 year ending 30 September 2021 Sector: 0.39 Benchmark MSCI AC World Index (£) Stock attribution Relative weight Impact Relative weight Impact Top contributors Stock return
Slide 22: JPMorgan Global Growth & Income Plc
HELGE SKIBELI RAJ TANNA TIM WOODHOUSE JPMorgan Global Growth & Income Plc Portfolio Portfolio Manager Portfolio Manager Manager Experience: 24/10 Experience: 12/12 Experience: 35/31 An unconstrained, style agnostic, concentrated global best ideas portfolio Delivering an unconstrained, best ideas p
Slide 23: Appendix
Appendix 22 | FOR PROFESSIONAL CLIENTS ONLY – NOT FOR RETAIL USE AND DISTRIBUTION
Slide 24: Long term performance track record
Long term performance track record JPMorgan Global Growth & Income plc** returns versus MSCI AC World Rolling 12 month returns to end of latest quarter, 30 September 2021 (%), in GBP JGGI - Offer net of fees JGGI - Share Price MSCI AC World 40 32.99 32.01 28.14 30 22.19 20 17.53 14.88 11.38 12.94 10
Slide 25: New dividend details
New dividend details JPMorgan Global Growth & Income plc as of August 2018 Announce dividend for the following year equal to at least 4% of the NAV as at the end of the preceding financial year. Clarity of income stream - expected dividend payment date and value known for next 12 months. Divid
Slide 26: Investment objectives and risk profile
Investment objectives and risk profile JPMorgan Global Growth & Income plc (the Company) as at 22 December 2020 Investment Objective and Policy Aims to provide superior total returns and outperform the MSCI All Country World Index over the long-term by investing in companies based around the world
Slide 27: Important Information
Important Information This is a marketing communication and as such the views contained herein do not form part of an offer, nor are they to be taken as advice or a recommendation, to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion
JPMorgan Global Growth & Income — Shareholder Meeting (October 2021) on 6ix