JPMorgan Income & Capital Trust plc Annual General Meeting. 2 July 2015

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1 JPMorgan Income & Capital Trust plc Annual General Meeting 2 July 2015

2 Agenda JPMorgan Income & Capital Trust plc performance Portfolio positioning Outlook 1

3 Performance review Financial year to 28 February 2015 Portfolio return + 5.4% Benchmark return* + 5.8% Zero Dividend Preference Shares Net Asset Value + 6.8% Share Price Total Return + 6.1% Ordinary Shares Net Asset Value + 4.2% Share Price Total Return + 9.9% Twelve month returns FTSE 350 Index (excluding Investment Trusts) Barclays Global Aggregate Corporate Bond Index (in sterling terms) JPMICT Ordinary Shares Dividend per share Dividend increased by 7.3% over previous year +5.6% +7.4% pence a positive year for shareholders, with strong returns from equities Source: J.P. Morgan Asset Management. Returns from 1 March 2014 to 28 February 2015 in GBP net of fees, income reinvested. * Benchmark is 90% FTSE 350 Index (ex Investment Trusts) and 10% Barclays Global Aggregate Corporate Bond Index (in Sterling terms). Past performance is not an indication of future performance. 2

4 Performance record JPMorgan Income and Capital Trust plc 5 year performance (%) Shareholders funds NAV return Benchmark return* a good five year track record Source: J.P. Morgan Asset Management, Thomson Reuters Datastream. Returns as at 28 February 2015, in GBP. NAV returns are net of fees and applicable charges, income reinvested, to financial year end. Indices do not include fees or operating expenses and are not available for actual investment. * Benchmark is 90% FTSE 350 Index (ex Investment Trusts) and 10% Barclays Global Aggregate Corporate Bond Index (in Sterling terms). Past performance is not an indication of future performance. 3

5 Performance attribution of UK equity portfolio 12 months to 28 February 2015 Key positive overweight stock contributors Provident Financial Micro Focus Imperial Tobacco Direct Line Insurance Ashtead British Land ITV British American Tobacco Schroders Beazley 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6%... good UK equity stock selection, particularly from some of our premium dividend yielders Source: J.P. Morgan Asset Management, FactSet Allocations are made at the manager s discretion and can be changed without notice. The inclusion of the securities mentioned above is not to be interpreted as recommendations to buy or sell. 4

6 Performance update JPMorgan Income and Capital Trust plc - to 31 May (%) First Quarter** 1 Year 3 Years 5 Years Shareholders funds NAV return Benchmark return* Relative performance an encouraging start to the new financial year Source: J.P. Morgan Asset Management Returns as at 31 May 2015, in GBP. NAV returns are net of fees and applicable charges, income reinvested, to financial year end. Indices do not include fees or operating expenses and are not available for actual investment. Returns are cumulative for 3 and 5 years. * Benchmark is 90% FTSE 350 Index (ex Investment Trusts) and 10% Barclays Global Aggregate Corporate Bond Index (in Sterling terms). Past performance is not an indication of future performance. **First quarter of financial year from 1 March 2015 to 31 May

7 Agenda JPMorgan Income & Capital Trust plc performance Portfolio positioning Outlook 6

8 Portfolio construction Driven by value & momentum, with a yield focus Not benchmark constrained Don t like it, don t own it Focused portfolio of UK equities Diversification: Understand different areas of risk stocks/style/sector/size/economic cycle Portfolio yield premium... aiming to capture superior income and growth returns from UK equities 7

9 Stock example: Aviva Relative price vs. FTSE 350 Index Turnaround of a disparate collection of insurance companies Operational cash flows improving Acquisition of Friends Life expected to improve Aviva s dividend paying ability transformational new management Source: Bloomberg. Rebased to 100 as at 31 December 2012, data to 31 May Returns are in GBP. The information in this case study is intended as an example only and should not be construed as advice, it may not be suitable for your particular circumstances and if you are unsure of the suitability of any investment you should seek financial advice. Past performance is not a guarantee of the future. The opinions and views expressed here are those held by the author as at date of this document, which are subject to change and are not to be taken as or construed as investment advice. J.P. Morgan Asset Management may or may not hold positions on behalf its clients in any or all of the aforementioned securities. 8

10 Stock example: Berkeley Group Relative price vs. FTSE 350 Index Well positioned London and south-eastern housebuilder, within a structural growth market Financial discipline has generated strong free cash flow and an attractive yield Strong profit growth expected and a positive outlook for next few years high dividend yield and strong capital growth potential Source: Thomson Reuters Datastream. Rebased to 100 as at 31 December 2012, data to 31 May Returns are in GBP. The information in this case study is intended as an example only and should not be construed as advice, it may not be suitable for your particular circumstances and if you are unsure of the suitability of any investment you should seek financial advice. Past performance is not a guarantee of the future. The opinions and views expressed here are those held by the author as at date of this document, which are subject to change and are not to be taken as or construed as investment advice. J.P. Morgan Asset Management may or may not hold positions on behalf its clients in any or all of the aforementioned securities. 9

11 UK equity portfolio stock positions Top 10 overweight positions as at 31 May 2015 Stock Sector Overweight position % Imperial Tobacco Tobacco 1.9 ITV Media 1.9 Provident Financial Financial Services 1.9 Schroders Financial Services 1.6 Berkeley Real Estate 1.5 Beazley Nonlife Insurance 1.4 British Land Real Estate 1.3 Jupiter Fund Management Financial Services 1.3 Direct Line Insurance Nonlife Insurance 1.2 Aviva Life Insurance investing in our best stock ideas Source: J.P. Morgan Asset Management. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not hold positions on behalf of its clients in any or all of the aforementioned securities. 10

12 UK equity portfolio sector positions As at 31 May 2015 Top 5 over/underweight positions Financial Services Tobacco Nonlife Insurance Life Insurance Media Pharmaceuticals & Biotechnology Food & Drug Retailers Travel & Leisure Personal Goods Beverages -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0%... a focused yet diversified portfolio of best ideas Source: J.P. Morgan Asset Management. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not hold positions on behalf of its clients in any or all of the aforementioned securities. 11

13 Agenda JPMorgan Income & Capital Trust plc performance Portfolio positioning Outlook 12

14 UK equities offer premium income yields Percentage of UK companies with dividend yields > average corporate bond yield* Proportion of FTSE 100 stocks yielding more than gilts 40% 35% 30% 25% % of UK companies with DY above CY Average % of Stocks Yielding more than Gilts 20% 50 15% 40 10% 5% % UK equities offer premium income yields Source: Thomson Reuters Datastream, Citi Research as at 31 May *Corporate bond yields defined as the IBOXX UK corporate index yield. 13

15 Conclusion A positive year for UK equity investors Performance record remains good over short and longer term Current UK equity market valuations remain supportive... aiming to meet the needs of both classes of shareholders 14

16 J.P. Morgan Asset Management This is a promotional document and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P. Morgan Asset Management s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all-inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the product(s) or underlying overseas investments. Both past performance and yield may not be a reliable guide to future performance. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment product(s), there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. You should note that if you contact J.P. Morgan Asset Management by telephone those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you will be collected, stored and processed by J.P. Morgan Asset Management in accordance with the EMEA Privacy Policy which can be accessed through the following website Investment is subject to documentation (Investment Trust Profiles, Key Features and Terms and Conditions), copies of which can be obtained free of charge from JPMorgan Asset Management Marketing Limited. Issued by JPMorgan Asset Management Marketing Limited which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: Registered address: 25 Bank St, Canary Wharf, London E14 5JP. 4d03c02a80027a96 15

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