JPMorgan European Smaller Companies Trust (JESC)

Business description

JESC's investment objective is to achieve capital growth from a diversified portfolio of listed shares in European ex UK Smaller Companies. Liquidity and borrowings are actively managed (investments 80-120% of net assets) with a view to enhancing returns to shareholders. JESC's investment policy emphasises capital growth, rather than income, and so the dividend is expected to vary from year to year. JESC is benchmarked against HSBC Smaller European Companies (ex UK) Total Return Index in sterling terms.

Stock data

Market cap.£710.4m
Last close444.00p
High / Low (52 weeks)444.0p / 300.5p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment Companies

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Investment summary

JPMorgan European Smaller Companies Trust (JESC) was launched in 1990 and aims to generate long-term capital growth from a diversified portfolio of small-cap European equities. The investment process involves screening the c 1,500 company universe to construct a relatively concentrated portfolio of 50-75 positions in firms with positive fundamentals and reasonable valuations. JESC has a very good investment track record, outperforming its benchmark over one, three, five and 10 years. It has also performed strongly versus the average of its four peers, ranking second over one, three and five years and first over the last 10 years, where its NAV total return is 23.6pp higher than its closest peer.

Last updated on 04/12/2017

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Key management

Carolan Dobson, Chairman
Edward Greaves, Fund manager
Jim Campbell, Fund manager
Francesco Conte, Fund manager

Company address

60 Victoria Embankment
London
EC4Y 0JP
United Kingdom
+44 (0)20 7742 8879
View website