Smaller board and new manager for reformed JPM Russia portfolio

Total return down 94.9% for the period.

Eve Maddock-Jones
clock • 5 min read

The full impact of Russia’s invasion of Ukraine and the consequential market blacklist has been unveiled for the JP Morgan Emerging Europe, Middle East & Africa Securities (JEMA) fund in its final results.

Formerly JP Morgan Russian Securities, the portfolio's share price had fallen by 90.5% on a total return basis in the 12-month period to 31st October 2022, and its total return was down 94.9% for the period. Since then, the net asset value has remained relatively unchanged, and sat at 46.6p per share as of 23 January. Analysts at QuotedData said these "car crash" results should not be surprising, given that the overwhelmingly majority of JEMA's investments had to be written down to zero as Western sanctions prohibited the trading of Russian assets. JP Morgan Russian Securities' sha...

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