JPMorgan Global Convertibles Income Fund Limited

ISIN:GG00B96SW597 Bloomberg ticker:JGCI LN

The only closed ended fund investing in a portfolio of global convertible securities with a focus on income.

  • Share price -p
  • NAV* -p
  • Premium*-
For information on charges relating to this trust please check Trust factsheet.
Source: J.P. Morgan Asset Management. Share Price updates every
15 minutes, current update as - on - .
* All other figures shown are as at close of business on 27/09/2016 using the cum income NAV per share with debt at fair value.

The content on this page and any materials about the Convertibles product are targeted at experienced investors who have sufficient investment knowledge to understand the product and underlying risks.

About this trust

  • Investment objective

    • The Company aims to deliver dividend income with the potential for long term capital growth, from investing in a globally diversified portfolio of convertible securities.

       

  • Fund facts

    • Total fund size: £211,020,587
    •  (as at 31/08/2016)
    • Benchmark: MSCI World Index (Total Return Net)
    • Investment style: Income
    • Sector: Global
  • Risk warnings

    The value of investments and the income from them can go down and up, and you may not get back as much as you paid in. Past performance is not a guide to the future.

    For further risks associated with this trust please refer to the 'Key risks' section below.

Performance

Cumulative performance of an original investment of £100.

  • 1 yr
  • 3 yr
  • 5 yr
 
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You should remember that past performance is not a guide to the future.
Source: J.P. Morgan Asset Management. Total return, net of charges and any applicable fees using cum income Net Asset Values (NAVs) debt at par with net dividend (if any) reinvested, in sterling. For detail see the Trust’s latest Report & Accounts.

Fund Managers

  • Fund Manager - Antony Vallee
    Antony Vallee

    Antony Vallee is a senior portfolio manager in the Asset Management Solutions – Global Multi-Asset Group (AMS – GMAG), based in London, with primary responsibility for convertible bond portfolios. He is a member of the Global Strategy Team, responsible for deciding asset allocation for the AMS - GMAG's balanced portfolios. An employee since 2006, Antony previously was head of convertible arbitrage and equity linked strategies at SYSTEIA Capital Management, responsible for investment strategy including gamma trading, convertible as well as credit arbitrage, and directional investments. Prior to this, Antony worked as a fixed income and convertible bond asset manager at HSBC Asset Management. Antony obtained an MSc in Finance from the HEC School of Management at the University of Montreal, and graduate and post-graduate degrees in Applied Mathematics and Economics from the University of Lyon and is a CFA charterholder.

  • Fund Manager - Natalia Bucci
    Natalia Bucci

    Natalia Bucci, executive director, is a portfolio manager in the Asset Management Solutions – Global Multi-Asset Group, based in London, focusing on convertible bond portfolios. An employee since 2005, she previously worked in the Investment Strategy Group in Private Wealth Management at Goldman Sachs. Natalia obtained a BA in Economics from the Luigi Bocconi University, a Masters in Finance from Princeton University and is a CFA charterholder.

  • Robin Dunmall

    Robin Dunmall, vice president, is a junior portfolio manager in the Asset Management Solutions - Global Multi-Asset Group, based in London, focusing on convertible bond portfolios. An employee since 2008, Robin joined the firm as a graduate trainee having obtained a BA (Hons) in Economics from the University of Cambridge and is a CFA charterholder.

Important information

Key attributes
  • Investment objective to deliver dividend income with potential for capital growth from a portfolio of global convertible bonds.
  • A convertible is typically a bond with an embedded option which allows it to be swapped for a company's shares on prescribed terms. In practice, convertibles perform like debt-equity hybrids and are expected to exhibit bond-like characteristics, providing income in normal and falling equity markets, but grow like an equity when share prices rise.
  • The Company is free to invest broadly across sectors, geography, market capitalisations and credit quality.
Essential information

Shares in this investment fund are not subject to the Financial Conduct Authority's (FCA) restrictions for marketing Non-mainstream Pooled Investment products and can be marketed to retail investors directly or via Independent Financial Advisers.

The shares are excluded from the FCA's restrictions which apply to non-mainstream investment products because the company would qualify as an investment trust if the company was based in the UK.

Charges

For information on charges relating to this trust please check the Trust factsheet.

What are some of the risks?
  • Exchange rate changes may cause the value of underlying overseas investments to go down as well as up.
  • This trust may invest in non investment grade bonds which increases the capital risk and have an adverse effect on the performance of funds which invest in them.
  • For income funds/shares - Dividend income is not guaranteed and will fluctuate.
  • This fund may use derivatives for investment purposes or for efficient portfolio management.
  • Convertible bonds are subject to the risks associated with both debt and equity securities, and to risks specific to convertible securities. Investors should be prepared for greater volatility than straight bond investments, with an increased risk of capital loss, but with the potential of higher returns. Their value may change significantly depending on economic and interest rate conditions, the creditworthiness of the issuer, the performance of the underlying equity and general financial market conditions. In addition, issuers of convertible bonds may fail to meet payment obligations and their credit ratings may be downgraded. This is generally known as credit risk. Convertible bonds may also be subject to lower liquidity than the underlying equity securities.
  • External factors may cause an entire asset class to decline in value. Prices and values of all shares or all bonds could decline at the same time.
  • This trust may utlilise gearing (borrowing) which will exaggerate market movements both up and down.
  • This trust may also invest in smaller companies which may increase its risk profile.

An investment in the shares of JPMorgan Global Convertibles Income Fund Limited carries a number of risks, including the risk that the entire investment may be lost. Not all risks associated with such an investment are set out above. Potential investors should carefully review the prospectus and the risk factors set out therein.

Awards

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What are convertible securities?

For illustrative purposes only. This figure is not intended to imply that the price of stock will rise constantly in any market or that the bonds will remain stable in all circumstances.

A convertible is typically a bond with an embedded option which allows it to be swapped for a company's shares on prescribed terms. In practice, convertibles perform like debt-equity hybrids exhibiting bond-like characteristics, providing income in normal and falling equity markets, but growing like an equity when share prices rise.

Annual and half year reports





Annual general meeting

Date: 26th November 2015
Time: 12 noon
Location: Guernsey

Proxy Voting as at:

24 November 2015 - AGM

4 November 2014 - AGM

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