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Hello, everyone.
My name is James Cook, and I'm a Portfolio Manager on JPMorgan
Global Growth and Income plc.
This trust has got quite an interesting history.
It started back in 1887, known as the British Steamship
Investment Trust, where it held around 30 steamships.
Then by 1900, it had expanded its horizon
and had started to invest in shipping companies and railroad
stocks.
It changed several times more over the years.
And roll the clock forward to 1989,
that's when this became a global equity mandate.
And if you look at the trust today,
it's now a global unconstrained core portfolio
where we're looking to give shareholders
a balance between growth and income,
and that's proven to be really attractive.
So the dividend policy is set by the board
at the start of each fiscal year, which is July the 1st.
So the policy is to pay out 4% of the net asset
value of the investment trust in four quarterly installments.
Now, that's recently been reset to increase
the dividend per share.
That's an increase of 8.5%.
That's a really attractive level of growth in the dividend,
and our enhanced dividend policy has
proven to be really attractive with shareholders.
So since we announced this policy back in 2016,
I believe this is one of the key reasons we
saw the investment trust go from a discount to a premium.
And we've managed to maintain that premium going forward.
On top of that, as portfolio managers,
we aim to look for the best total return stocks, which
means that we don't have to find income
in parts of those areas of high yielding sectors
that typically come with a lot of earnings risk.
But instead, we can fund the dividend
with some of the most attractive total returns,
and therefore, that gives us more flexibility
to find our favorite companies at attractive prices.
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