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Highlights

NAV total return of +5.9%, outperforming the MSCI Emerging Markets Index.

Two interim dividends declared, reinforcing the company’s income focus.

£12.7 million in share buybacks, enhancing NAV per share.

JPMorgan Global Emerging Markets Income Trust plc (JEMI) has announced its half-year results for the six-month period ending 31st January 2025, reporting NAV growth and outperforming its benchmark, the MSCI Emerging Markets Index.

Key Financial Highlights

JEMI delivered a NAV total return of +5.9%, surpassing the MSCI Emerging Markets Index return of +4.9% (with net dividends reinvested, in sterling terms). The total return to shareholders stood at +3.4%, reflecting a widening discount to NAV from 10.5% in July 2024 to 12.9% in January 2025.

The company’s five-year cumulative NAV total return reached +39.5%, significantly outperforming the Benchmark's +23.2%. The total return to shareholders over the same period was +31.3%.

Dividend and Share Buybacks

JEMI declared two interim dividends of 1.0p per share for the period, with the first paid on 24th January 2025 and the second scheduled for 22nd April 2025.

During the half-year, the company executed share buybacks amounting to 9.4 million shares, at a total cost of £12.7 million, purchased at an average discount of 12.8%. This initiative added 1.8 pence per share to the NAV, reflecting management’s commitment to enhancing shareholder value.

Introduction of Five-Year Performance-Based Tender Offer

The Board has introduced a new conditional five-year tender offer, effective from 1st August 2025. Under this scheme, JEMI will offer to repurchase up to 25% of its issued share capital (excluding Treasury shares) at a 2% discount to NAV, should the company's NAV total return fail to outperform its benchmark on a cumulative basis over the five-year period.