Further to our announcement of 2 April 2015, the Board confirms that the losses resulting from the incorrect implementation of the Company's hedging policy have now been quantified as £1,685,685. The Company’s currency hedge has been adjusted and is now correctly based on its net exposure to US dollars.
The Company's Manager, JPMorgan Funds Limited, has undertaken to reimburse £1,685,685 to the Company and the net asset value now reflects this. The Company will resume daily net asset value announcements with immediate effect.
To provide shareholders with a high level of income with a secondary objective of capital appreciation.
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.
Cumulative performance of an original investment of £100.
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 capital only Net Asset Values (NAVs) with net dividend (if any) reinvested, in sterling. For detail see the Trust’s latest Report & Accounts.
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.
For information on charges relating to this trust please check the Trust factsheet.
The targets and aims provided above are the Investment Manager's targets and aims only and are not necessarily part of the Fund's investment objectives and policies as stated in the prospectus. There is no guarantee that these will be achieved.
Secured loans are loans generally made to non-investment grade borrowers. They are typically senior instruments, secured by a substantial proportion of the borrower's assets, and rank ahead of junior loans and unsecured debt in the corporate capital structure.
Secured loans are typically structured, arranged and administered by one or several
commercial or investment banks.
They are then sold to other banks or institutional investors such as the Company who invest in them for their unique attributes.
Companies issue loans to supplement capital structure or to refinance existing debt obligations.
Source: J.P. Morgan. For illustrative purposes only.
Date: 28th April 2015
Time: 11:00 am
Location: Les Echelons Court, South Esplanade, St Peter Port, Guernsey
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