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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.£624m
Last close390.00p
High / Low (52 weeks)446.0p / 379.0p
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) aims to generate long-term capital growth from a portfolio of high-quality, reasonably valued, small-cap European equities. While the European stock market, in keeping with global markets, has been more volatile year to date compared with the abnormally low levels of volatility in 2017, the managers believe that there is potential for further upside. They cite an improving European and global economy, low inflation and a benign interest rate environment, which is supportive for corporate earnings growth. JESC has a very strong investment track record, outperforming the EMIX Smaller Europe ex-UK index over the last one, three, five and 10 years. The trust currently offers a 1.7% dividend yield.

Last updated on 16/07/2018

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
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