Multi-asset income fund MATE rises on continued positive returns

JPMorgan Multi-Asset Growth & Income plc (LON:MATE) published their ‘month in review’ for July 2021. 

Tim Mitchell, Investment Trust Client Director, at J.P. Morgan Asset Management, commented on the positive July performance of the trust and the economic outlook as the global reopening continues:

Month in review

The trust delivered a positive return on net assets in July.

Our equity exposure contributed positively to performance. Our bespoke equity sleeve – which is run by the International Equity Group – was the biggest positive contributor to performance. Our European small cap holding also provided a positive contribution, while our emerging markets exposure detracted.

Fixed income exposure was flat in aggregate, driven by our underweight duration positioning. Our short US treasury positioning through bond futures detracted from performance, whereas our long Euro Bund futures positioning generated positive returns. Our infrastructure exposure also generated small positive returns. From an asset allocation perspective we continued to reduce our exposure to high yield bonds and added to US equities.

Looking ahead

As the global reopening continues, we believe that while economic performance during the pandemic was defined by China and US exceptionalism, largely related to policy impulses, Western Europe is a more useful guide to post-pandemic growth dynamics. Consumers are powering a strong rebound in growth and still have plenty of firepower in their pockets, while policymakers continue to provide ample support.

We continue to see scope for risk assets to move higher over the course of the year, as pent-up demand is unleashed and rising sales offset higher input prices, albeit with higher volatility amid the spread of the Delta variant.

JPMorgan Multi-Asset Growth & Income plc (LON:MATE) combines sustainable income and capital growth from globally diversified investments. The Trust aims to achieve a long-term total return of 6% per annum and an initial annual dividend of 4% paid quarterly.

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