Income Trust Rating 2026: JPMorgan Global Growth and Income

JGGI’s portfolio of high-quality companies has delivered outperformance in a range of market environments…by Jean-Baptiste Andrieux

This trust has been awarded a rating by Kepler Trust Intelligence for income. Find out more

Overview

JPMorgan Global Growth & Income (JGGI) aims to provide investors with an all-weather portfolio, built on a bottom-up, unconstrained basis. The trust is managed by Helge Skibeli, James Cook, and, since September 2025, Sam Witherow, who has replaced Tim Woodhouse. Together, they focus on investing in high-quality companies exhibiting faster earnings growth and trading at attractive valuations. This approach has delivered strong returns over the past five years, with JGGI outperforming its benchmark, although the trust faced stylistic headwinds in 2025.

Instead of relying on standard industry classifications, Helge, James, and Sam use a proprietary framework to categorise their holdings into four broad areas: high growth defensives, high growth cyclicals, low growth defensives, and low growth cyclicals. Currently, the portfolio is roughly balanced across the focus groups, as the managers do not see compelling valuation discrepancies between them and believe the best opportunities are stock-specific. As a result, they reduced exposure to semiconductor-related names in 2025, although names like NVIDIA and ASML remain high-conviction ideas. They have also introduced Tencent into the portfolio to capitalise on progress in AI made by China. Outside the high-growth focus groups, the managers initiated a new position in Walt Disney, viewing it as a potential recovery story supported by improving revenues and room for margin expansion.

JGGI has traded at an average premium of 0.7% over the past five years, but a small discount has developed since Q2 2025, currently standing at 2.4%. In response, the board has repurchased c. 4.1% of the shares outstanding since the end of June 2025. The board also aims to pay a total dividend of 23p for the current financial year, with two interim dividends already distributed. This equates to a prospective yield of c. 4%, the highest in the AIC Global Equity Income sector at the time of writing.

Kepler View

JGGI has an impressive performance track record. The trust has not only outperformed the MSCI ACWI over the past five years but also beat its benchmark for six consecutive calendar years, from 2019 to 2024. In our view, this highlights the repeatability of the process and its capacity to deliver outperformance across a broad range of market environments. While 2025 interrupted this winning streak, as JGGI faced stylistic headwinds due to momentum-driven market returns, we believe this could be a simple blip. Such periods have occurred before, and history suggests that companies with strong fundamentals – such as those JGGI targets – tend to outperform over a full market cycle. As such, we believe JGGI could see improvements in relative returns if the market refocuses on fundamentals.

In addition, JGGI currently offers the highest prospective dividend yield in the AIC Global Equity Income sector. However, this is achieved by investing in stocks with stronger potential for share price appreciation, supported by the trust’s ability to use its capital reserves to help fund dividend payments. As a result, JGGI allows income-seeking investors to gain exposure to growth-oriented stocks – many of which offer low or no dividends – while still meeting their income requirements. Moreover, JGGI has historically traded at small premiums or narrow discounts, with the board proactively buying back shares to maintain an average discount of c. 5% or less. This, combined with the liquidity of the trust’s shares – making JGGI accessible to a broad range of investors – should reassure shareholders that a wide discount is unlikely to develop. Finally, it is worth noting that JGGI is the most cost-competitive vehicle in the AIC Global Equity Income sector. All in all, we believe JGGI makes a compelling core holding for investors seeking exposure to global equities.

Bull

• Outstanding long-term performance track record
• Highest dividend yield in the sector
• Very large and liquid making it investible for a broad set of investors

Bear

• Could struggle in momentum-driven markets where long-term fundamentals are not rewarded
• Overweight to US equities could prove a headwind if US equities continue to trail other major markets (in sterling terms)
• Dividend may experience some volatility in tandem with NAV

See the full research on JGGI here >

_Disclaimer

_{Disclosure – Non-Independent Marketing Communication}

_{This is a non-independent marketing communication commissioned by JPMorgan Global Growth & Income (JGGI). The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.}