JARA half-year 2025: cash returned early, NAV edged lower, and the clock runs longer
JPMorgan Global Core Real Assets (JARA) is deep into its managed wind-down and this half-year to 31 August 2025 shows two things clearly: cash is being handed back faster than planned, but wringing liquidity out of private real estate will take longer than hoped.
Here are the essentials, why they matter, and what I think happens next.
Key numbers investors should know
| Metric | Figure |
|---|---|
| NAV total return (six months) | -1.5% |
| Shareholder total return (six months) | -17.5% |
| NAV per share (31 Aug 2025) | 93.5p |
| Share price (31 Aug 2025) | 70.0p |
| Discount to NAV (31 Aug 2025) | 25.1% |
| Share price (26 Nov 2025) | 77.6p |
| Discount to NAV (26 Nov 2025) | 19.2% |
| Net assets | £70.6 million |
| Net loss after tax (six months) | £6.5 million |
| Loss per share | 4.12p |
| Cash and cash equivalents (31 Aug 2025) | £3.36 million |
Definitions: NAV is net asset value – the per-share valuation of the portfolio. The “discount” is how far the share price sits below NAV.
Wind-down progress: large redemptions already banked
JARA’s wind-down is real and active. The company has exited all listed real assets bar a small position in Home REIT plc, plus it has liquidated its mezzanine debt strategies and most of its infrastructure and transportation allocations.
- 28 February 2025: returned approximately £33.7 million via a compulsory partial redemption at 97.0465p, cancelling 34,748,578 shares.
- 8 August 2025: returned approximately £85 million via a compulsory partial redemption at 89.116731p, cancelling 95,613,410 shares.
There are now 75,458,150 shares in issue, around 40% of the level on 20 December 2024. Those two redemptions equate to roughly 60% of assets as at 31 December 2024 – ahead of the company’s previously stated 55% target by the end of 2025.
Next step: once distributable cash reaches about £7.5 million, management intends another distribution at the end of Q1 2026, subject to keeping enough cash to run the company.
Timelines and targets: 2026 target intact, but 2027 now in scope
The Board is still targeting the return of more than 80% of the assets held at 31 December 2024 by the end of 2026. However, the going concern note is frank: based on the latest estimates, the orderly realisation is expected to extend into calendar 2027 at the very least. That reflects the realities of private market liquidity.
What drives the timing from here? Redemption queues, transaction activity, market conditions, exchange rates and deal-level commercial considerations at the underlying strategies. In short, the schedule is moving, and will continue to be revised.
Performance: FX headwinds first, modest rebound later
The six-month NAV total return was -1.5%. The main culprit was currency. Sterling strength earlier in the period hurt as JARA remains heavily exposed to non-GBP assets. Shareholders felt it more keenly, with the share price down from 84.8p on 1 March 2025 to 70.0p on 31 August 2025, a -17.5% total return.
- Quarter to 31 May 2025: NAV total return -5.5% in GBP. All strategies were positive locally, but currency swings were negative.
- Quarter to 31 August 2025: NAV total return +4.2% in GBP. Again, local returns were positive and currency provided a small tailwind on a look-through basis.
As at 26 November 2025, the share price had recovered to 77.6p, putting the discount at 19.2% versus 25.1% at period end. The Board has suspended buybacks, so discount movement will be driven by sentiment, progress on realisations, and FX.
Portfolio now dominated by private real estate
At 31 August 2025 the portfolio was concentrated and increasingly illiquid, which the Board flags as a principal risk as holdings consolidate into fewer strategies.
- Real Estate Equity: 78.5%
- Transportation: 11.9%
- Infrastructure: 3.7%
- Net current assets (including Sterling cash): 5.9%
Currency exposure remains global: USD 54%, GBP 4%, AUD 9%, JPY 12%, SGD 9%, NZD 4%, Others 8%. To reduce FX noise on future redemptions, any cash received is being converted into Sterling as soon as practicable and held on deposit or in Sterling liquid equivalents pending return to shareholders.
Income, costs and capital: dividends off, cash returned via redemptions
JARA has ceased paying dividends. Any income generated will be swept into capital returns as part of the redemption process. Over the half-year, the company reported a net loss after tax of £6.5 million, reflecting investment losses and FX, partly offset by £2.7 million of income and £0.7 million of interest receivable.
Costs were leaner as the vehicle shrank: the management fee was £156,000 and administrative expenses £273,000. Cash at period end was £3.36 million (including liquidity funds). Financing cash flows reflect the August redemption outflow of £118.9 million and £61,000 of associated costs.
The listing will be maintained while it is considered cost-effective and in shareholders’ interests. The Board will review the option of delisting again at the end of 2026. Share buybacks remain suspended.
Why this matters: the bull and bear case from here
Positives
- Execution: approximately 60% of 31 December 2024 assets already returned, ahead of the 2025 target.
- Next catalyst: the Board signals another distribution at the end of Q1 2026 once cash reaches about £7.5 million.
- Discount narrowing: from 25.1% at period end to 19.2% on 26 November 2025 as the market prices in further cash back.
Watch-outs
- Timeline drift: while the target is >80% by end 2026, the Board now expects the realisation to run into 2027 at least.
- Concentration risk: 78% in private real estate, where redemption queues and deal flow drive timing and pricing.
- FX sensitivity: despite a policy to convert receipts to Sterling, portfolio currency exposure can still move NAV.
- No buybacks: discount support is limited to delivery of asset sales and distributions.
My take: disciplined progress, but patience still required
JARA is doing the two things that count in a wind-down: selling assets and handing back cash. The team has moved quicker than expected in early redemptions, which is why we’ve already seen two sizeable returns and a smaller discount today than at the half-year cut-off.
The flip side is concentration in illiquid private real estate. That means the final third of the journey will be slower and more variable. The candid disclosure that the wind-down is now expected to extend into 2027 sets a more realistic horizon.
If you hold, expect staged capital returns rather than income, with the next milestone flagged for end Q1 2026. If you are eyeing the shares, the 19.2% discount offers potential upside as more cash comes back, but the payoff is tied to real estate exit timing, FX, and market conditions. In other words, there is value on the table, but you’ll need a steady hand and a flexible timeline.
