JPM Emerging Markets underperforms benchmark for the first time in five years

NAV down 17.3% in the year to June

The £1.4bn JP Morgan Emerging Markets trust has underperformed its benchmark for the first time in five years after a torrid year for equity markets, with the return to shareholders dropping by double-digits after seven years of consecutive rises.

The 31-year old trust, managed by John Citron and Austin Forey, saw its net asset value decline by 17.3% in the year to June 2022, while the MSCI Emerging Markets index fell by 15% in sterling terms.  The return to shareholders declined by 20.6% over the year following seven years of consecutive rises. Despite efforts to narrow the discount over recent years, it widened from 6.4% to a "disappointing" 10.3%. "Last year we were able to report results that were positive both in absolute terms, and relative to our benchmark index. Regrettably this year we can report neither," the managers...