The JPMorgan Global Convertibles Income Fund Limited is a London Listed Investment Trust.
It holds investments in the following sectors:-
Communications 20.50 %
Real Estate 18.00 %
Consumer Cyclicals 12.10 %
Industrial 9.90 %
Consumer Non-cyclical 8.10 %
Other financials 6.30 %
Basic Materials 6.00 %
Banks 5.80 %
Technology 4.90 %
Energy 4.60 %
Utilities 3.80 %
http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=9768953&action=
A £175m Investment Fund, paying out 5% yield
Holding Security Description Market Value % of Fund
7,000,000.00 CHINA OVERSEAS FINANCE INVESTMENT CAYMAN V LTD PUTABLE CONVERTIBLE BOND ZERO CPN 05/JAN/2023 USD 5,898,312.86 2.90%
9,500,000.00 CAPITALAND LTD CONVERTIBLE BOND FIXED 1.85% 19/JUN/2020 SGD 250000 5,432,378.68 2.67%
6,000,000.00 SUBSEA 7 SA CONVERTIBLE BOND FIXED 1% 05/OCT/2017 USD 200000 4,828,405.39 2.37%
5,616,000.00 VEREIT INC CONVERTIBLE BOND FIXED 3.75% 15/DEC/2020 USD 1000 4,680,383.43 2.30%
5,277,000.00 REDWOOD TRUST INC CONVERTIBLE BOND FIXED 4.625% 15/APR/2018 USD 1000 4,333,026.97 2.13%
5,636,000.00 TWITTER INC CONVERTIBLE BOND FIXED 1% 15/SEP/2021 USD 1000 4,250,381.49 2.09%
5,000,000.00 INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA CONVERTIBLE BOND FIXED .25% 17/NOV/2020 EUR 100000 4,152,612.93 2.04%
38,000,000.00 KINGSOFT CORP LTD PUTABLE CONVERTIBLE BOND FIXED 1.25% 11/APR/2019 HKD 1000000 3,973,427.62 1.95%
3,549,000.00 LIBERTY INTERACTIVE LLC CALLABLE CONVERTIBLE BOND FIXED 4% 15/NOV/2029 USD 930.3369 1,798,627.08 0.88%
2,635,000.00 LIBERTY INTERACTIVE LLC CALLABLE CONVERTIBLE BOND FIXED 3.75% 15/FEB/2030 USD 948.4356 1,297,644.19 0.64%
1,029,000.00 LIBERTY INTERACTIVE LLC CALL/PUT CONVERTIBLE BOND FIXED 1.75% 30/SEP/2046 USD 1000 847,034.99 0.42%
41,824,100.00 AIR FRANCE-KLM PUTABLE CONVERTIBLE BOND FIXED 2.03% 15/FEB/2023 EUR 10.3 3,912,947.65 1.92%
4,528,000.00 FANG HOLDINGS LTD PUTABLE CONVERTIBLE BOND FIXED 2% 15/DEC/2018 USD 1000 3,653,108.45 1.79%
4,545,000.00 YANDEX NV CONVERTIBLE BOND FIXED 1.125% 15/DEC/2018 USD 1000 3,564,450.49 1.75%
4,000,000.00 SGL CARBON SE CONVERTIBLE BOND FIXED 2.75% 25/JAN/2018 EUR 100000 3,425,344.50 1.68%
3,500,000.00 AABAR INVESTMENTS PJSC MEDIUM TERM NOTE FIXED 1% 27/MAR/2022 EUR 100000 2,294,038.06 1.13%
1,500,000.00 AABAR INVESTMENTS PJSC MEDIUM TERM NOTE FIXED .5% 27/MAR/2020 EUR 100000 1,080,801.69 0.53%
3,100,000.00 MARKET TECH HOLDINGS LTD PUTABLE CONVERTIBLE BOND FIXED 2% 31/MAR/2020 GBP 100000 3,158,900.00 1.55%
3,922,000.00 YY INC PUTABLE CONVERTIBLE BOND FIXED 2.25% 01/APR/2019 USD 1000 3,128,059.29 1.54%
3,750,000.00 HAITIAN INTERNATIONAL HOLDINGS LTD PUTABLE CONVERTIBLE BOND FIXED 2% 13/FEB/2019 USD 250000 3,125,256.03 1.54%
3,681,000.00 STARWOOD PROPERTY TRUST INC CONVERTIBLE BOND FIXED 3.75% 15/OCT/2017 USD 1000 3,092,248.11 1.52%
3,100,000.00 CARILLION FINANCE JERSEY LTD CONVERTIBLE BOND FIXED 2.5% 19/DEC/2019 GBP 100000 2,989,950.00 1.47%
3,600,000.00 DP WORLD LTD PUTABLE CONVERTIBLE BOND FIXED 1.75% 19/JUN/2024 USD 200000 2,922,843.87 1.44%
2,765.00 WELLS FARGO & CO. PREFERENCE 7.50% 2,921,492.41 1.44%
2,900,000.00 ST MODWEN PROPERTIES SECURITIES JERSEY LTD CONVERTIBLE BOND FIXED 2.875% 06/MAR/2019 GBP 2,753,550.00 1.35%
3,200,000.00 TOTAL SA MEDIUM TERM NOTE FIXED .5% 02/DEC/2022 USD 200000 2,718,257.09 1.34%
3,200,000.00 ZHEN DING TECHNOLOGY HOLDING LTD PUTABLE CONVERTIBLE BOND ZERO CPN 26/JUN/2019 USD 100000 2,647,227.52 1.30%
3,200,000.00 TELEFONICA SA MEDIUM TERM NOTE FIXED 6% 24/JUL/2017 EUR 100000 2,624,343.63 1.29%
2,900,000.00 IBERDROLA INTERNATIONAL BV CONVERTIBLE BOND ZERO CPN 11/NOV/2022 EUR 100000 2,585,313.56 1.27%
2,503.00 BANK OF AMERICA CORP. PREFERENCE 7.25% 2,520,631.15 1.24%
3,100,000.00 AMERICA MOVIL BV CONVERTIBLE BOND FIXED 5.5% 17/SEP/2018 EUR 100000 2,517,839.21 1.24%
2,500,000.00 VODAFONE GROUP PLC CONVERTIBLE BOND ZERO CPN 26/NOV/2020 GBP 100000 2,478,500.00 1.22%
Balance of portfolio 101,939,208.56 50.08%
Total portfolio 203,546,546.90 100.00%
Interesting to see that that the fund is at a massive discount. Assets of £203m and stock market valuation of £175m
Another way of looking at it is to say, it is like buying 203p for only 175p