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J P Morgan Multi-Asset Trust (MATE).

Closed-end funds and OEICs
richfool
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Re: J P Morgan Multi-Asset Trust (MATE).

#398578

Postby richfool » March 24th, 2021, 10:02 am

Wuffle wrote:Just you and me then richfool.
I am glad you hung on.

Yes, it looks that way. (It seems like LF is no longer focused on investment matters either)
I have even considered topping up MATE. The increase in dividend looks promising, even if only 0.1p.

I just spotted there was also a change of title, but not ticker hidden in there as well:
To better reflect the investment objective of providing an attractive total return of growth and income, the Company will change its name to JPMorgan Multi-Asset Growth & Income plc. The Company's stock market ticker, MATE, will not change.

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Re: J P Morgan Multi-Asset Trust (MATE).

#399022

Postby monabri » March 25th, 2021, 8:21 pm

https://www.investegate.co.uk/jpmorgan- ... 51064719T/

"A fourth interim distribution of 1.00 pence per ordinary share, for the year ending 28th February 2021, will be paid on 6th May 2021 to shareholders on the register at the close of business on 6th April 2021. The ex-dividend date will be 1st April 2021.


For this fourth interim distribution, the Company has elected to 'stream' part of the distribution payment and thereby designate 0.29 pence per share as dividend to shareholders and 0.71 pence per share as an interest distribution to shareholders."

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Re: J P Morgan Multi-Asset Trust (MATE).

#508676

Postby richfool » June 21st, 2022, 3:41 pm

JPMORGAN MULTI-ASSET GROWTH & INCOME PLC

ANNOUNCEMENT OF FINAL RESULTS

The Directors of JPMorgan Multi-Asset Growth & Income plc announce the Company's results for the period ended 28th February 2022

Portfolio Performance

For the year ended 28th February 2022, the Company had achieved a positive total return of 8.1% on its net asset value, an outperformance of 2.1% for the year, against the Company's Reference Index. The Company's Reference Index is a total return of 6.0% per annum measured over a rolling five year period. It was introduced with effect from 1st March 2021.

Share Price Performance

I am pleased to report that the Company recorded a positive share price total return of 18.7% during the 12 months to 28th February 2022. The strong performance of the share price was partially due to the significant narrowing of the discount to net asset value at which the Company's shares trade. The discount commenced the year at 12.6% but moved steadily in towards a much narrower trading range and ended the year at 4.2% as at 28th February 2022. The Company's share price on 11th May 2022 (the last practical date before printing this document), was 100.76p per share, with premium to net asset value of 0.03%.

Revenue and Distributions

During the 12 months to 28th February 2022, the Company's net return on revenue after taxation was £2,650,000 (2021: £3,576,000). The Board has declared four interim distributions, each of 1.025p per share in respect of the financial year ended 28th February 2022, making a total of 4.10p per share for the year (2021: 4.00p), exceeding a distribution yield of 4.0% on the Initial Issue Price as forecast in the Company's Prospectus dated 24th January 2018. The Company has utilised its power to draw on its distributable reserves to cover the dividend. The Company did not 'stream' part of these distributions in the year ended 28th February 2022, as detailed further on page 21 of the Company's annual report and financial statements.

As announced at the start of the reporting period, the Board intends to increase the Company's 2022 distribution by a minimum of the UK's annual Consumer Price Index (CPI). For the Company's year ending 28th February 2023, the Board's expectation is to pay a total distribution of 4.4p per share. This represents an increase of 7.3% on the 2022 distribution and is intended to help protect shareholders' distribution income from inflation. The distributions are expected to be paid to shareholders in August, November, February and May.

https://www.investegate.co.uk/jpmorgan- ... 10086350L/

MATE's share price hasn't done so well over the last week or so. For a (Multi-Asset) trust that is supposed to be less volatile, I note it seems to fall just as much as my more normal equity trust holdings during periods of market falls.

The increase in the dividend noted and appreciated.

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Re: J P Morgan Multi-Asset Trust (MATE).

#509980

Postby toofast2live » June 27th, 2022, 11:48 am

Waste of space. A multi asset trust is bought for one of two reasons:

1. Moderate Growth without the volatility of equities
2. Management skill in timing asset sales and purchases to deliver exceptional growth.

MATE, over 5 years has basically tracked the all share and seems just as or more volatile.

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Re: J P Morgan Multi-Asset Trust (MATE).

#510015

Postby richfool » June 27th, 2022, 2:02 pm

toofast2live wrote:Waste of space. A multi asset trust is bought for one of two reasons:

1. Moderate Growth without the volatility of equities
2. Management skill in timing asset sales and purchases to deliver exceptional growth.

MATE, over 5 years has basically tracked the all share and seems just as or more volatile.

As a holder of MATE, I wouldn't disagree that its performance is disappointing. I hold it, along with PNL and Ruffer, to spread risk, reduce volatility and limit the downside in market corrections, but also to participate in any upside, albeit less strongly. However, the upside seems to be negligible (or like today, still negative) when the market is rising and it still seems to actively participate in the downside when the market is falling!

I did actually reduce my holding a few weeks back and re-allocated the proceeds into RICA and MYI.

I suppose it could be that some of its assets are out of favour and awaiting their day in the sun, and the ones that should be doing well aren't having enough impact, or are falling anyway because of the generally falling market. So currently I seem to be having to make do with the dividend, which isn't bad and is increasing from 1.025p to 1.10p, wef 30th June when it goes ex dividend. Current yield: 4.39%

I like its holdings which include significant percentages of high yield bonds and infrastructure as well as consumer defensives like Johnson & Johnson, Coca Cola and P&G, but ultimately to me the proof has to be in the SP performance.

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Re: J P Morgan Multi-Asset Trust (MATE).

#530118

Postby richfool » September 15th, 2022, 10:24 pm

An article about MATE from the AIC website:

MATE gets friendlier with risk assets but leaves UK alone
15 September 2022

JPMorgan manager Gareth Witcomb is ready to take on some market risk with his multi-asset portfolio as governments roll out more support packages for their populations, but he is still leaving UK equities and gilts out in the cold.
JPMorgan manager Gareth Witcomb is ready to take on some market risk with his multi-asset portfolio as governments roll out more support packages for their populations, but he is still leaving UK equities and gilts out in the cold.

Witcomb, who manages the £75m JPMorgan Multi Asset Growth & Income (MATE ) trust with Katy Thorneycroft, said this year has been tough with both shares the net asset down 10%. While this is in line with the average decline of other listed multi-asset funds, it is below the much smaller dips in capital preservation leaders Ruffer (RICA), Capital Gearing (CGT) and Personal Assets (PNL ).

‘I’ve been doing this since 2005 and it’s one of the toughest backdrops I’ve seen because we haven’t seen inflation at this level since the early 1980s,’ said Witcomb who has worked with Thorneycroft on the trust since its launch in 2018.

‘It’s been a massive surprise, not just to fund managers and economists, but to the central banks. The US Federal Reserve raised rates in March but it was still printing money in January and February,’ he said. ‘If a year ago you had told me that the European Central Bank would raise rates by 75 basis points [0.75%], I’d have laughed you out of the room,’ Witcomb added.

He said swiftly moving markets and economic uncertainty strengthened the case for funds that can make tactical switches between different asset classes to minimise losses and focus on delivering a 6% annual total return over five years.

https://www.theaic.co.uk/aic/news/cityw ... s-uk-alone

I no longer hold MATE. It's dividend yield was fine, but its capital appreciation was poor and inferior to PNL and RICA which I do hold.

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Re: J P Morgan Multi-Asset Trust (MATE).

#530511

Postby Wuffle » September 18th, 2022, 6:53 am

Thanks for taking the trouble richfool, I would have missed this.

RICA has been the standout recently but I was fortunate to pick up MATE at a hefty discount and it has been OK.
I like playing the discount game with Investment Trusts.
CGT and PNL haven't done miles better than cash for a year and I have some of that, so I don't feel too bad about my positioning overall.

W.

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Re: J P Morgan Multi-Asset Trust (MATE).

#638390

Postby richfool » January 5th, 2024, 2:14 pm

Wuffle wrote:Thanks for taking the trouble richfool, I would have missed this.

RICA has been the standout recently but I was fortunate to pick up MATE at a hefty discount and it has been OK.
I like playing the discount game with Investment Trusts.
CGT and PNL haven't done miles better than cash for a year and I have some of that, so I don't feel too bad about my positioning overall.

W.


Ironically, I have recently been looking again at MATE. It's dividend yield is currently a very reasonable c 4.9 (AIC), 4.6% (HL), though the trust has been drawing on reserves to support the dividend, and looking at the AIC site I still don't think it is covered. That said, I like its broad range of holdings, particularly bonds (of which MATE holds a wide range and many of which wouldn't be easy to access as an individual investor), as well as equities and infrastructure (and a few growth stocks like Microsoft and Amazon).

Thus I have been thinking of buying back in, albeit rather belatedly, (rather than topping up the likes of Alliance or Brunner). Noting that my objectives include dividend income, diversity (of sectors) and some growth, any relevant current views would be welcome. (Noted that it is a small trust)

https://www.hl.co.uk/shares/shares-sear ... ome-ord-1p

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Re: J P Morgan Multi-Asset Trust (MATE).

#638429

Postby Wuffle » January 5th, 2024, 4:26 pm

Well this is a coincidence richfool, I bought some more in October for 90p.

Now, to be clear, my portfolio is tiny. Transaction costs, if I were to fiddle about with my allocations, would be more than most so I own a couple of relatively expensive products (CMPI being the other) who do it for me.
It will offend some, I am fine thanks.

I have noted MATE actively engaging in buybacks and adjusting their gearing since we last exchanged views.
They are doing stuff and holding their own against Vanguard 60/40, though I will not pretend to be unconcerned at the market cap in an environment where much larger trusts are disappearing due to lack of scale.

W.

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Re: J P Morgan Multi-Asset Trust (MATE).

#638782

Postby richfool » January 7th, 2024, 11:54 am

Wuffle wrote:Well this is a coincidence richfool, I bought some more in October for 90p.

Now, to be clear, my portfolio is tiny. Transaction costs, if I were to fiddle about with my allocations, would be more than most so I own a couple of relatively expensive products (CMPI being the other) who do it for me.
It will offend some, I am fine thanks.

I have noted MATE actively engaging in buybacks and adjusting their gearing since we last exchanged views.
They are doing stuff and holding their own against Vanguard 60/40, though I will not pretend to be unconcerned at the market cap in an environment where much larger trusts are disappearing due to lack of scale.

W.

Hi Wuffle. Yes, it seems to be just you and I interested in MATE then. That could be indicative of the market's views generally!

I note that the SP has risen over the last year and the discount has fallen to less than 1%. That suggests to me the trust has been popular in the 2023 environment of rising interest rates. Where next, with the anticipated reduction in interest rates later this year, remains to be seen, or at least I don't know. I see it maybe as either a "hold" to take advantage of the income from bonds as rates are falling, or a "sell" to take profits from the bonds. But that's above my pay grade.

Noting your comments on CMPI, I do watch that trust, but I don't hold it, as I hold many of its holdings directly myself, e.g. JGGI, MYI, SAIN, LWDB, (though not MRCH now, nir any private equity). (Plus I do hold DIG and Shires in the UK sector).

Regards

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Re: J P Morgan Multi-Asset Trust (MATE) proposed rollover into JGGI

#642267

Postby richfool » January 24th, 2024, 9:31 am

I didn't know this was in the offing. I recently added MATE to my portfolio of IT's. JGGI is my largest existing holding.

24 January 2024


JPMorgan Global Growth & Income plc

Legal Entity Identifier: 5493007C3I0O5PJKR078

Proposed rollover of assets from JPMorgan Multi-Asset Growth & Income plc

Introduction

The Board of JPMorgan Global Growth & Income plc ("JGGI" or the "Company") is pleased to announce that it has agreed Heads of Terms with the Board of JPMorgan Multi-Asset Growth & Income plc ("MATE") in respect of a proposed rollover of assets from MATE to JGGI to be effected by way of a section 110 scheme of reconstruction by MATE (the "Scheme") and the issuance of new ordinary shares of JGGI to MATE shareholders as consideration for that transfer of assets.

The above proposals are referred to herein as the "Proposals".

The Board of JGGI believes that the Proposals will provide additional scale to JGGI allowing shareholders to benefit from further cost efficiencies, in particular, as a result of the Company's tiered management fee structure. On the basis of valuations as at 22 January 2024, following implementation of the Proposals the weighted average management fee payable on NAV is expected to be 0.42 per cent. per annum and the ongoing charges ratio is expected to be below 0.50 per cent.

New JGGI shares that are issued to MATE shareholders will be issued on a Formula Asset Value ("FAV") for FAV basis. The JGGI FAV and the MATE FAV will be calculated using the respective net asset values of each company on an agreed calculation date.

JPMorgan Funds Limited has agreed to make a cost contribution, to take effect as a waiver of its management fee, equal to the aggregate of the transaction costs incurred by each of JGGI and MATE in connection with the Proposals. Any costs of the realignment/realisation of the MATE portfolio will be borne by MATE. Any costs associated with the transfer of the MATE portfolio to JGGI and any admission fees in connection with the issue of new JGGI shares shall be borne by the enlarged JGGI.

The Proposals will be subject to the approval by the shareholders of both JGGI and MATE in addition to regulatory and tax approvals. It is expected that the Scheme and Proposals will be completed by the end of March 2024.

As it is expected that the rollover of MATE's assets to JGGI will be effected in accordance with section 110 of the Insolvency Act 1986, the Proposals are not expected to represent a transaction falling within the scope of the City Code on Takeovers and Mergers.

Tristan Hillgarth, Chairman of JGGI, commented:

"The Proposals are expected to provide additional scale to the Company building on recent transactions and ongoing issuance, all of which contribute to cost savings for shareholders as JGGI benefits from its tiered management fee structure and fixed costs being spread over a larger asset base. This transaction further demonstrates the interest in the Company's investment proposition and the Board believes JGGI is well placed to continue to deliver for shareholders over the long-term."

https://www.investegate.co.uk/announcem ... te/8003192

Currently MATE yields 4.63% and is on a discount of 1.92%.

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Re: J P Morgan Multi-Asset Trust (MATE) proposed rollover into JGGI

#642308

Postby 77ss » January 24th, 2024, 10:52 am

richfool wrote:I didn't know this was in the offing. I recently added MATE to my portfolio of IT's. JGGI is my largest existing holding.

24 January 2024


JPMorgan Global Growth & Income plc

Legal Entity Identifier: 5493007C3I0O5PJKR078

Proposed rollover of assets from JPMorgan Multi-Asset Growth & Income plc

Introduction

The Board of JPMorgan Global Growth & Income plc ("JGGI" or the "Company") is pleased to announce that it has agreed Heads of Terms with the Board of JPMorgan Multi-Asset Growth & Income plc ("MATE") in respect of a proposed rollover of assets from MATE to JGGI to be effected by way of a section 110 scheme of reconstruction by MATE (the "Scheme") and the issuance of new ordinary shares of JGGI to MATE shareholders as consideration for that transfer of assets........



JGGI is my second largest holding.

MATE is an underperforming minnow. I suspect that MATE holders may not be displeased.

JGGI holders? Well, I can't see MATE's £70m making too much difference to JGGI's £2059m.

The only point of interest is what JGGI will do with MATE's assets.

The regulatory announcement from MATE is rather more informative than that from JGGI:

https://www.investegate.co.uk/announcem ... gi/8003215

Contains the phrase

JGGI's investment objective and policy will not change in connection with the Transaction.


Works for me, but maybe those who value MATE's bond holdings should be looking elsewhere? According to AIC, JGGI has a -6.6% holding in bonds. Not quite sure what that means.

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Re: J P Morgan Multi-Asset Trust (MATE).

#642312

Postby Dod101 » January 24th, 2024, 10:59 am

Presumably this is a tidying up exercise more or less sponsored by JPMorgan. Clearly it is not going to make much difference to JGGI but will certainly be good for the shareholders in MATE.

Dod

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Re: J P Morgan Multi-Asset Trust (MATE).

#642320

Postby richfool » January 24th, 2024, 11:14 am

A thought that often occurs to me in these situations is whether I should add to my holding of MATE, as a backdoor way-in to increase my holding of JGGI. In that context I note that JGGI is trading at a small premium currently and MATE trading at a small discount and the SP's of both haven't moved much so far. Also, JP Morgan say they will cover related costs.

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Re: J P Morgan Multi-Asset Trust (MATE).

#642681

Postby BobGe » January 26th, 2024, 2:42 am

As the two trust portfolios differ quite significantly it rather depends upon market movements over the coming few months. Using recent trends and forecasts as a guide and observing spreads I reached the conclusion that it could well work out that one might be worse off by attempting such a backdoor entry now. I'll reflect as things progress. Meanwhile there could be other market opportunities.

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Re: J P Morgan Multi-Asset Trust (MATE).

#642693

Postby Arborbridge » January 26th, 2024, 7:40 am

BobGe wrote:As the two trust portfolios differ quite significantly it rather depends upon market movements over the coming few months. Using recent trends and forecasts as a guide and observing spreads I reached the conclusion that it could well work out that one might be worse off by attempting such a backdoor entry now. I'll reflect as things progress. Meanwhile there could be other market opportunities.


Any interesting idea, particularly as I might be wanting to add more to my JGGI. However, it's probably as broad as it's long.

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Re: J P Morgan Multi-Asset Trust (MATE).

#642703

Postby richfool » January 26th, 2024, 9:11 am

Arborbridge wrote:
BobGe wrote:As the two trust portfolios differ quite significantly it rather depends upon market movements over the coming few months. Using recent trends and forecasts as a guide and observing spreads I reached the conclusion that it could well work out that one might be worse off by attempting such a backdoor entry now. I'll reflect as things progress. Meanwhile there could be other market opportunities.


Any interesting idea, particularly as I might be wanting to add more to my JGGI. However, it's probably as broad as it's long.


As I bought into MATE only a couple of months back (to increase: dividend yield, bond and alt asset exposure), I will, in due course, find out. Though when the transfer takes place I shall be quite overweight with JGGI anyway.

It will now be a case of where to find some safety in case we get a recession late 2024.

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Re: J P Morgan Multi-Asset Trust (MATE).

#643173

Postby Wuffle » January 28th, 2024, 9:40 am

Well I suppose that was inevitable.
Still pondering my options but I have a fair percentage of this and MATE is not the same as JGGI.
As a natural contrarian, I am minded to sell some JGGI and pick up some RICA as their respective movements this last 12 months look extraordinarily at odds, and end up back in the ballpark of MATE, albeit with less dividend which I don't currently need.
I have options though as a considerable accumulation of cash in my SIPP means I could just add the RICA to suit, and what to do with the cash was vexing me.
Yeah, more thought required.

Critique as you wish.

W.

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Re: J P Morgan Multi-Asset Trust (MATE).

#643183

Postby richfool » January 28th, 2024, 10:52 am

Wuffle wrote:Well I suppose that was inevitable.
Still pondering my options but I have a fair percentage of this and MATE is not the same as JGGI.
As a natural contrarian, I am minded to sell some JGGI and pick up some RICA as their respective movements this last 12 months look extraordinarily at odds, and end up back in the ballpark of MATE, albeit with less dividend which I don't currently need.
I have options though as a considerable accumulation of cash in my SIPP means I could just add the RICA to suit, and what to do with the cash was vexing me.
Yeah, more thought required.

Critique as you wish.

W.

I had also thought about redirecting some of the MATE funds into the likes of Ruffer or PNL as they too have (defensive?!) fixed interest holdings, but..I've held both at various times in the past and tended to find they didn't do what they said on the tin, often with me paying them to lose money over 1 or even 2 year periods. So I concluded apart from perhaps a bond tracker or two (perhaps UK gilts and US treasuries), I would stick primarily to equity type holdings and keep a bit more cash in savings accounts (last year and this year anyway).


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