News Column

JPMorgan Income & Capital Trust Outperforms Benchmark; Net Profit Falls

May 20, 2014

Anthony Tshibangu

LONDON (Alliance News) - JPMorgan Income & Capital Trust PLC Tuesday reported a fall in net return before tax for the full year, but said its portfolio return outperformed its benchmark during the period.

The company posted a net return before tax of GBP4.1 million for the period ended February 28, down from GBP13.0 million a year earlier.

The firm's overall portfolio return was up 18.4%, in comparison with the benchmark's return of 12.0%, which was also up during the period.

"The portfolio has outperformed its benchmark over the year, benefiting from strong UK equity stock selection whilst our asset allocation of being overweight in equities and consequently underweight in corporate bonds was also positive, given the outperformance of UK equities relative to corporate bonds," the company said.

JPMorgan said its best performing stock over the year was ITV. It said the television broadcaster performed very well both in terms of profit delivery and share price returns, with its share price rising by 71% over the 12 months.

The stock closed down 0.1% at 99.38 pence Tuesday.

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Source: Alliance News