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.£595.2m
Last close372.00p
High / Low (52 weeks)383.8p / 275.2p
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) aims to generate long-term capital growth from a portfolio of European (ex-UK) small-cap equities. Despite a period of underperformance versus the Euromoney Smaller Europe ex-UK benchmark in 2016 due to conservative portfolio positioning, JESC’s longer-term performance record remains intact. It has outperformed the benchmark over three, five and 10 years. The managers believe that the European economic backdrop is favourable, political risk has been reduced and they are finding plenty of investment opportunities, across a range of industries, including companies that are adapting in a period of rapid technological change.

Last updated on 22/06/2017

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Key management

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

Company address

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