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.£599.2m
Last close374.50p
High / Low (52 weeks)374.5p / 250.0p
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) is managed by a dedicated, highly experienced, three-man team. The ‘best ideas’ portfolio, which generally comprises 60-80 holdings, currently numbers 63. Stocks are selected on a bottom-up basis from a universe of c 1,000 companies, which constitute the Euromoney Smaller Companies ex-UK index, the trust’s benchmark. Long-term performance has been strong, as evidenced by its 10- and 20-year NAV and share price returns, which comfortably outstrip the benchmark and the MSCI Europe ex-UK index.

Last updated on 09/01/2017

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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
View website