New York, June 26 - Neftegaz.RU. According to Alliance News, JPMorgan Russian Securities said its net asset value rose in the 1st half of its financial year and it outperformed its benchmark with the aid of its largest single holding, LUKOIL.
The Russia-focused investor said its NAV per share rose 15% to 670.1 pence on April 30 from 581.5p the year before. The firm's return to shareholders, on a total return basis, was 16%, beating its RTS Index benchmark return of 9.4%.
"The most notable positive contributor - and the largest holding in our portfolio - was our exposure to LUKOIL, one of the world's largest oil and gas companies, which reported better-than-expected results for its 4th quarter of 2018. Its profits for the year were up almost 50% year-on-year," said Investment Managers Oleg Biryulyov and Habib Saikaly.
More than half of JPMorgan Russian Securities' portfolio is invested in energy, and benefited from "an improved outlook for energy prices", the investment managers noted.
The company's interim dividend will be considered for declaration in September and is expected to represent most of the dividend for the year. It will be followed by a "significantly smaller final dividend".