# Product Snapshot - JPMorgan UK Small Cap Growth & Income plc > Audience: country=gb, language=en, role=adv. > Generated: 2026-10-29T13:13:26.325126129Z. ## Identity - **Fund Name**: JPMorgan UK Small Cap Growth & Income plc - **Share Class Name**: JPMorgan UK Small Cap Growth & Income plc - **Product Page**: [Product Page](https://am.jpmorgan.com/gb/en/asset-management/adv/products/jpmorgan-uk-small-cap-growth-income-plc-gb00bf7l8p11) - **ISIN**: GB00BF7L8P11 - **Fund Type**: INVESTMENT TRUST - **Asset Class**: Equity ## Overview ### Investment objective The Company's objective is to achieve capital growth from UK listed smaller companies over the longer term by taking carefully controlled risks. The Company has the ability to use borrowing to gear the portfolio within the range of 10% net cash to 15% geared in normal market conditions. Gearing may magnify gains or losses experienced by the Company. The Company makes quarterly distributions, that are set at the beginning of each financial year. In aggregate, the intention is to pay dividends totalling at least 4% of the NAV as at the end of the preceding financial year. ## Media ### Overview 2026 Annual General Meeting The Company’s thirty-sixth Annual General Meeting will be held on 23rd November 2026 at 3.00 p.m. as an in-person meeting at the registered office, 60 Victoria Embankment, London EC4Y 0JP. For shareholders wishing to follow the Annual General Meeting proceedings but choosing not to attend, are welcome to join the meeting through conferencing software. If you wish to join the Annual General Meeting by the conferencing software, please register in advance here. As is normal practice, all voting on the resolutions will be conducted on a poll. Please note that shareholders viewing the meeting via conferencing software will not be able to vote on the poll and we, therefore, encourage all shareholders, and particularly those who cannot attend physically, to exercise their votes in advance of the meeting by completing and submitting their proxy. If shareholders would like to submit any questions in advance of the Annual General Meeting, you are welcome to send these to the Company Secretary at jpmam.investment.trusts@jpmorgan.com. If there are any changes to the above Annual General Meeting arrangements, the Company will update shareholders through the Company’s website and, as appropriate, through an announcement on the London Stock Exchange. Behind the UK’s smaller companies are some of the most exciting stories in business: breakthrough products, bold innovation, and ambitious leaders shaping the future. These are the companies that can punch above their weight (with the potential to outperform big companies over time) - and the ones we back. Our joint managers, Georgina Brittain and Katen Patel, have the experience and insight to uncover these opportunities early, before they become tomorrow’s household names. With the depth of J.P. Morgan’s research behind them, they aim to deliver returns that beat the benchmark average over the long term. The results speak for themselves: nearly 10%\* growth per year over the last decade, plus a steady income stream with 4%\*\* of net assets paid out annually in quarterly dividends. While smaller companies can be more volatile than larger names, the stories can also be bigger, the potential is greater, and the opportunities are yours to share. Find out more about JPMorgan UK Small Cap Growth & Income Trust. You won't find another story quite like it. [Disclosure 1] ## Key Information - **Bloomberg**: JUGI LN - **Reuters**: JUGI.L - **ISIN**: GB00BF7L8P11 - **SEDOL**: BF7L8P1 - **Asset class**: Equity - **Region**: UK - **Share class inception**: 26/06/1990 - **Share class currency**: GBP - **Benchmark**: Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies) Index - **Total dividend for last financial year**: 14.52p - **Potential gearing range**: -10% to 15% - **Actual gearing As of 28/10/2026**: 9.90% [Disclosure 2] - **Company Broker(s)**: Panmure Liberum - **ESG Approach**: ESG Integrated [Disclosure 3] ## Fund stats - **NAV As of 28/10/2026**: 386.39p [Disclosure 4] - **Share price As of 28/10/2026**: 355.00p - **Discount / premium As of 28/10/2026**: -8.12% [Disclosure 5] - **Total assets As of 28/10/2026**: GBP 519.25 Mn ## Fees & Charges ### Fees - **Ongoing charge (including the annual management fee detailed below)**: 0.75% - **Annual management fee**: 0.65% on Net Assets up to £200 million; and 0.55% thereafter ## Portfolio managers ### Georgina Brittain - **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/georgina-brittain/) - **In the industry**: 31 YEARS - **With J.P. Morgan**: 31 YEARS - **Managing this fund**: 28 YEARS ### Katen Patel - **Biography**: [Biography](https://am.jpmorgan.com/gb/en/asset-management/adv/bios/katen-patel/) - **In the industry**: 21 YEARS - **With J.P. Morgan**: 13 YEARS - **Managing this fund**: 12 YEARS ## Performance ### Quarterly rolling 12 months _As of 30/09/2026_ | Return | 2021/2022 | 2022/2023 | 2023/2024 | 2024/2025 | 2025/2026 | | --- | ---: | ---: | ---: | ---: | ---: | | Share price | -39.94% | 12.67% | 35.23% | 2.06% | 12.99% | | NAV | -34.58% | 9.80% | 19.77% | 8.69% | 10.96% | | Benchmark | -26.91% | 3.27% | 14.10% | 8.27% | 11.39% | ### Cumulative _As of 30/09/2026_ | Return | 1 MONTH | 3 MONTHS | 1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | Share price | -1.68% | 8.48% | 12.99% | 55.94% | 5.53% | 199.44% | | NAV | -0.12% | 6.62% | 10.96% | 44.45% | 3.75% | 151.05% | | Benchmark | -0.59% | 8.04% | 11.39% | 37.60% | 3.87% | 66.35% | ### Annualised _As of 30/09/2026_ | Return | 3 YEARS | 5 YEARS | 10 YEARS | | --- | ---: | ---: | ---: | | Share price | 15.96% | 1.08% | 11.59% | | NAV | 13.04% | 0.74% | 9.64% | | Benchmark | 11.23% | 0.76% | 5.22% | [Disclosure 6] ## Portfolio ### Top holdings _As of 30/09/2026_ | Name | Sector | Weight | | --- | ---: | ---: | | Keller | Industrials | 4.8% | | Premier Foods | Consumer Staples | 3.6% | | Morgan Sindall | Industrials | 3.4% | | Lion Finance | Financials | 3.1% | | Galliford Try | Industrials | 2.5% | | XPS Pensions | Financials | 2.3% | | Hill & Smith | Basic Materials | 2.3% | | Volution | Industrials | 2.1% | | Currys | Consumer Discretionary | 2.1% | | Mitchells & Butlers | Consumer Discretionary | 2.1% | ### Sector breakdown _As of 30/09/2026_ | Sector | Fund | Benchmark | Deviation | | --- | ---: | ---: | ---: | | Industrials | 30.5% | 24.4% | 6.1% | | Financials | 21.6% | 17.0% | 4.6% | | Consumer Discretionary | 18.3% | 15.2% | 3.1% | | Consumer Staples | 8.4% | 8.3% | 0.1% | | Technology | 6.9% | 6.4% | 0.5% | | Basic Materials | 3.7% | 7.8% | -4.1% | | Energy | 3.7% | 4.0% | -0.3% | | Real Estate | 2.6% | 8.4% | -5.8% | | Telecommunications | 2.3% | 1.7% | 0.6% | | Health Care | 0.4% | 5.2% | -4.8% | | Utilities | 0.0% | 1.6% | -1.6% | | Cash | 1.6% | 0.0% | 1.6% | | Total | 100.0% | 100.0% | 0.0% | ## Commentary **As of **: 30/09/2026 ### Month in review The trust outperformed its benchmark over the month (NAV, debt at fair value). At a sector level, positive contributors to relative returns included stock selection and an overweight position in leisure goods and construction & materials. Conversely, detractors included stock selection and an overweight position in software & computer services and stock selection in food producers. At a stock level, an overweight position in Beauty Tech Group, a premium beauty technology company with proprietary skincare brands, contributed to performance during the period. The stock outperformed due to strong H1 results and raised full-year guidance, driven by the growth of its CurrentBody brand. An overweight position in Keller, a specialist in geotechnical and ground engineering services, contributed to performance during the period. The stock outperformed due to record H1 results driven by strong North American momentum from infrastructure and data centre demand, expanded operating margins through commercial discipline and a record order book providing visibility into future growth. An overweight position in Cerillion, a telecommunications software platform provider for billing and customer management, detracted from performance during the period. The stock underperformed due to a trading update revealing delayed and deferred orders, with FY26 expectations lowered below consensus, alongside concerns about execution risks on large contracts. An overweight position in Trustpilot, a Danish customer review and AI-powered trust platform for enterprises, detracted from performance during the period. The shares declined following a mixed set of first-half results. While revenues exceeded expectations, margins were weaker and the company reiterated its outlook. The sell-off reflected investor disappointment as the market had anticipated Trustpilot to beat earnings and raise its guidance given its history of consistently delivering profits above expectations. ### Looking ahead While diplomatic efforts between the US and Iran continue, negotiations are volatile and the outlook for a lasting resolution and the timing and likelihood of any reopening of the Strait of Hormuz remains highly uncertain. For the UK, which remains sensitive to fluctuations in imported energy prices, a restoration of supply routes would help moderate inflation, support household finances and bolster corporate margins. History suggests that periods of geopolitically driven volatility can create compelling opportunities for long-term investors, and we believe this episode is unlikely to prove an exception. UK equities remain well positioned with diversified global revenue streams, a defensive sector mix and attractive dividend yields, which can be valuable when geopolitical uncertainty is driving market volatility. ## Documents - [2026 Annual report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/uk-smaller-cap-growth-companies-ar-2026.pdf) - [2026 Half Year Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/semi-annual-report/uk-small-cap-growth-income-hy-2026.pdf) - [2025 Annual report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/uk-smaller-cap-growth-companies-ar-2025.pdf) - [2025 Half Year Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/semi-annual-report/uk-small-cap-growth-income-hy-2025.pdf) - [2024 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/uk-smaller-cap-growth-companies-ar-2024.pdf) - [2024 Half Year Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/semi-annual-report/uk-small-cap-growth-income-hy.pdf) - [2023 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/smaller-companies-ar-2023.pdf) - [2023 Half Year Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/semi-annual-report/smaller-companies-half-year-2023.pdf) - [2022 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/smaller-companies-ar-2022.pdf) - [2021 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/smaller-companies-ar-2021.pdf) - [2020 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/smaller-companies-ar-2020.pdf) - [2019 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/annual-report/smaller-companies-ar-2019.pdf) - [Investor Disclosure Document](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/jpm-uk-small-cap-growth-income-it-idd.pdf) - [2021 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/2021-annual-report.pdf) - [JMF Circular consent to be named signed](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/jmf-circular-consent-to-be-named-signed.pdf) - [Transfer Agreement](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/transfer-agreement.pdf) - [Transfer Agreement Undertaking (FRP)](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/transfer-agreement-undertaking-frp.pdf) - [JMI Circular](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/jmi-circular.pdf) - [Proposed Combination Announcement](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/proposed-combination-announcement.pdf) - [Publication of Prospectus Announcement](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/publication-of-prospectus-announcement.pdf) - [Transfer Agreement Undertaking (JPMF)](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/transfer-agreement-undertaking-jpmf.pdf) - [Form of Proxy](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/form-of-proxy.pdf) - [JMI Prospectus](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/jmi-prospectus.pdf) - [2023 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/2023-annual-report.pdf) - [Transfer agreement undertaking (JMF)](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/transfer-agreement-undertaking-jmf.pdf) - [JMI - Articles of Association](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/jmi-articles-of-association.pdf) - [2022 Annual Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/2022-annual-report.pdf) - [Proposed combination with AUSC](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/regulatory/investor-disclosure-document/proposed-combination-ausc.pdf) - [PRIIP KID - JPM Smaller Companies IT - Ordinary](https://www.fundslibrary.co.uk/fundslibrary.dataretrieval/documents.aspx?id=e2cd386f-d06d-4458-a0f4-a5d6901bba3d&user=jpmam&type=point_of_sale) - [Factsheet](https://jp.techrules.com/rebrandingPDF/LoadPdf.aspx?ShareClassId=541&country=GB&lang=EN¶mMIFID=YES) - [Results of the Poll at 2025 AGM](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/agm-result-of-the-poll-at-the-2025.pdf) - [AGM Presentation 2025](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/presentation-agm-2025.pdf) - [Result of the Poll at the 2024 AGM](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/agm-result-of-the-poll-at-the-2024.pdf) - [AGM Presentation 2024](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/presentation-agm-2024.pdf) - [Results of the Poll at 12 Feb 2024 GM](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/agm-result-of-the-poll-at-the-12-feb-2023.pdf) - [Audit Committee](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/committee-terms-of-reference/audit-committee/jpm-smaller-comp-it-audit-committee.pdf) - [Nomination Committee](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/committee-terms-of-reference/nomination-committee/jpm-smaller-comp-it-nomination-committee.pdf) - [Remuneration Committee](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/committee-terms-of-reference/remuneration-committee/jpm-smaller-comp-it-remuneration-committee.pdf) - [Management Engagement Committee](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/committee-terms-of-reference/management-engagement-committee/jpm-smaller-comp-it-management-engagement-committee.pdf) - [Kepler Investment Research](https://www.trustintelligence.co.uk/funds/jpmorgan-smaller-companies-investment-trust) - [ESG Fund Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/esg-information/jpmorgan-uk-small-cap-growth-income-plc-esg-fund-report.pdf) - [UK TCFD Product Report](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/esg-information/jpm-uk-smaller-companies-investment-trust-plc-fund-tcfd-report.pdf) - [JUGI - Information document for shareholders](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/supplemental/fund-announcement/jugi-information-document-for-shareholders-of-ausc.pdf) - [JUGI Announcement of Publication of Circular 29.10.26](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/supplemental/fund-announcement/jugi-announcement-of-publication-of-circular-29-oct-26.pdf) - [JUGI Circular 29.10.26](https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/supplemental/fund-announcement/jugi-circular-29-oct-2026.pdf) ## Disclosures 1. \* Source: Performance \*\* August Factsheet 2. Gearing represents the excess amount above shareholders' funds of total investments (excluding liquidity fund holdings) expressed as a percentage of the shareholders' funds. If the amount calculated is negative, this is known as a "net cash" position. 3. ESG Integration is the systematic inclusion of financially material ESG factors, alongside other relevant factors, in investment analysis and investment decisions with the goals of managing risk and improving long-term returns. ESG integration does not by itself change this product's investment objective, exclude specific types of companies or constrain its investable universe. This product is not designed for investors who are looking for a product that meets specific ESG goals or wish to screen out particular types of companies or investments, other than those required by any applicable law such as companies involved in the manufacture, production or supply of cluster munitions. ESG integration does not imply that the Fund is marketed or authorised as an ESG product in any jurisdiction where such authorisation is required. 4. The value of investment and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value). 5. If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. If the share price of an investment company is higher than the net asset value (NAV) per share, the company is said to be trading at a premium. The discount/premium is shown as a percentage of the NAV. 6. Past performance is not a reliable indicator of current and future results. Source: J.P. Morgan Asset Management/Morningstar. Net asset value performance (NAV) data has been calculated on a NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. NAV is the cum income NAV with debt at fair value, diluted for treasury and/or subscription shares if applicable, with any income reinvested. Share price performance figures are calculated on a mid market basis in GBP with income reinvested on the ex-dividend date. The performance of the company's portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. Comparison of the Company's performance is made with the benchmark. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company's investment universe. The Company's investment strategy does not follow or track this index and therefore there may be a degree of divergence between its performance and that of the Company. Prior to 01/01/19 the benchmark was FTSE Small Cap (ex Inv Companies) (£)