The Lemon Fool

funduffer wrote:I can only say what happened in my account to my JETI shares. I bought JETI (N shares) last year, and after the merger my account now holds 1.7247xN JEGI shares. I didn't do anything, the broker just did it for me. I guess I may have lost a small fraction of a share along the way!

richfool wrote:JEGI not doing too well today, thanks to Putin. Down over 6.5%.

Arborbridge wrote:

richfool wrote:JEGI not doing too well today, thanks to Putin. Down over 6.5%.

I think it may have gone XD today too, which doesn't help. If it weren't for the muddle in my mind about what the dividend policy and yield are after this merger, I would feel tempted to topup.
On the face of it, I seem to have gone from a reasonable dividend payer and contributor to my annual income, to either something like 2% or a total unknown.

Arb.

mike wrote:When JP Morgan's 2 linked European IT's (Income JETI and Growth JETG) combined to be one new fund JEGI in early 2022 it stated that its dividend policy would be

a target annual dividend on the Ordinary Shares of 4 per cent. per annum (based on the NAV
as at close of business on the last Business Day of the preceding financial year)

We are now in the third year of this new policy, and after a 1.05p quarterly dividend for the FY ending 31 March 2024, JEGI have just announced their 1st quarterly dividend for the FY ending 31 March 2025.

This has been set at 1.20p per quarter, following their year end NAV of 118.3p. So an increase of some 14.3% on last year's dividend.

I used to hold JETI, the income part of their previous European IT, but reduced my exposure when they moved to their current dividend policy, so JEGI provides about 5% of my income. [*] Did I make a hasty decision reducing my exposure ? I suppose time will tell when there is a reduction in NAV on the last day of the FY.

For holders - Dividend 1.20p per share, ex-div 30 May, paid 5 July.
https://www.investegate.co.uk/announcem ... on/8212154

I decided to take the masterly inactive route and just let JETI turn into JEGI. It's done rather well having given an XIRR of over 10%. The increase in dividend is welcome and re-establishes some faith in this as an income provider. Some people keep telling me Europe is finished, but it doesn't seem so - it has some clever companies.


Arb.

* For comparison, Far East HFEL & SOI provide about 20% of my income combined, North America NAIT about 12%, and the general overseas MYI & HINT about 25% combined. The rest is between mainly-non-UK infrastucture BBGI, emerging/frontier markets BRFI & UEM, and UK income ITs.

Arborbridge wrote:I decided to take the masterly inactive route and just let JETI turn into JEGI. It's done rather well having given an XIRR of over 10%. The increase in dividend is welcome and re-establishes some faith in this as an income provider. Some people keep telling me Europe is finished, but it doesn't seem so - it has some clever companies.

Arb.

clissold345 wrote:

Arborbridge wrote:I decided to take the masterly inactive route and just let JETI turn into JEGI. It's done rather well having given an XIRR of over 10%. The increase in dividend is welcome and re-establishes some faith in this as an income provider. Some people keep telling me Europe is finished, but it doesn't seem so - it has some clever companies.

Arb.

I think Arborbridge meant to write the above in answer to mike's post - but he got the quoting wrong.

Arborbridge wrote:Some people keep telling me Europe is finished, but it doesn't seem so - it has some clever companies.

kempiejon wrote:

Arborbridge wrote:Some people keep telling me Europe is finished, but it doesn't seem so - it has some clever companies.

They might be right soon but historically wrong. I invest in Europe exUK with Vanguards VERX which over 5 years is up 60% my VUKE ftse100 is up 40% over the same period. Perhaps Europe is finished just less finished than UK? USA managed 90%.

richfool wrote:I have a significant holding of JEGI, held since it was JETI and topped up along the way.. It's performed very well. My holding is currently up +20%.

Conversely, my holding of EAT (European small coys) provides a good dividend yield (c10%), but my holding is down -20%.

(I get my US exposure through BRSA for dividend income and through JAM for growth. Though my holdings of various global trusts give me significant US exposure (e.g. JGGI, ATST, VEVE etc).

Arborbridge wrote:I looked up BRSA, the S stands for Sustainable. Yet they have a slice of Shell. I guess it depends whether you think the means justify the ends...

kempiejon wrote:

Arborbridge wrote:I looked up BRSA, the S stands for Sustainable. Yet they have a slice of Shell. I guess it depends whether you think the means justify the ends...

Long ago I had a pension with Friends Provident, I chose a fund with an ethical bent and when I looked under the hood they had Shell and/or BP justifying it as they were among the largest producers of green energy - at sub 1% of their business. More recently I was reading recently that some ESG funds still invest in companies with sub par green principals as it allows the find managers some influence. Green hog-washing.

Arborbridge wrote:

richfool wrote:I have a significant holding of JEGI, held since it was JETI and topped up along the way.. It's performed very well. My holding is currently up +20%.

Conversely, my holding of EAT (European small coys) provides a good dividend yield (c10%), but my holding is down -20%.

(I get my US exposure through BRSA for dividend income and through JAM for growth. Though my holdings of various global trusts give me significant US exposure (e.g. JGGI, ATST, VEVE etc).

I looked up BRSA, the S stands for Sustainable. Yet they have a slice of Shell. I guess it depends whether you think the means justify the ends...

PS, not criticising your choice of invesment in BRSA, indeed, it looks quite interesting.

Lootman wrote:

kempiejon wrote:They might be right soon but historically wrong. I invest in Europe exUK with Vanguards VERX which over 5 years is up 60% my VUKE ftse100 is up 40% over the same period. Perhaps Europe is finished just less finished than UK? USA managed 90%.

Yeah, I see Europe as an "old economy" market. Too regulated and taxed to really give world-beating returns. The UK is just a special case of that. Arguably more committed to capitalism but in practice suffering from the same structural issues as Europe.

So I am overweight North America, Asia and emerging markets. And like you I use VERX as a proxy for Europe for the sake of having some exposure to it just in case. But otherwise pay no attention to it.