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JPMorgan Global Core Real Assets Limited

JARA.L
48
Asset Management · Financial Services
Price
80.60 GBp
+0.20 (+0.25%)
Market Cap
£23.1M
Exchange
London Stock Exchange
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Aug 31, 2025
How the score breaks down
Quality
Strong
Growth
Weak
Cash Flow
Exceptional
Stability
Good
Valuation
Weak
Dividends
Exceptional

Winston Score History

The full picture

JPMorgan Global Core Real Assets Limited is a closed-end investment fund listed on the London Stock Exchange. It pools money from investors and uses it to buy real assets — things like infrastructure, transportation, and real estate — around the world. The fund is managed by JPMorgan Asset Management, one of the largest investment managers globally.

The fund makes money by collecting income from the assets it owns, such as rent from properties or fees from infrastructure projects, and passes much of that income to shareholders as dividends. It invests across multiple regions including Europe, North America, and Asia-Pacific, giving investors diversified exposure to physical assets in a single vehicle. The main appeal is steady, inflation-linked income, but the key risk is that rising interest rates can reduce the attractiveness of income-focused funds like this one, putting pressure on its share price and ability to raise new capital.

Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 206.5M (2021) → 207.1M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
102.7%
Premium pricing power — 102.7% gross margin
Profit after running costs
Operating Margin
107.5%
Excellent — 107.5% operating margin
Return on the money invested
ROCE
10.5%
Below par — 10.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
108%
Turns 108% of profit into real cash
Spare cash per sale
FCF Margin
37.9%
Converts sales into free cash efficiently (37.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
37.0x
Pricey — P/E 37.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
301.04%
Healthy income — 301.04% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+1820.6%
Dividend growing fast (1820.6% YoY)

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