About this trust
Investment objective and policies
Aims to achieve capital growth from North American investments by outperformance of the S&P 500 index. The company will predominantly invest in quoted companies including, when appropriate, exposure to smaller capitalisation companies. The company has the ability to use borrowing to gear the portfolio within the range of 5% net cash to 20% geared in normal market conditions.
- Broadly-diversified strategy with separate portfolios dedicated to large and smaller companies exposure.
- Actively-managed gearing to enhance shareholder returns.
Strong focus on fundamental research to select the most compelling investment ideas for inclusion in the portfolio.
- The value of investments and the income from them can go down and up, and you may not get back as much as you paid in. Past performance is not a guide to the future.
- For further risks associated with this trust please refer to the 'Risks' section below.
Points to consider
- Exchange rate changes may cause the value of underlying overseas investments to go down as well as up.
- External factors may cause an entire asset class to decline in value. Prices and values of all shares or all bonds could decline at the same time.
- This trust may utlilise gearing (borrowing) which will exaggerate market movements both up and down.
- This trust may also invest in smaller companies which may increase its risk profile.
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In their words (as of 31 Oct 2016)
The Company's share price and net asset value outperformed the benchmark in October. Stock selection in the energy and industrials sectors contributed positively to relative returns. In energy, our overweight position in Valero Energy was among the top contributors. Shares outperformed over the period following strong quarterly earnings results, as its refineries increased crude oil throughput and it was able to lower the operating costs per barrel. At the security level, our overweight in industrials name Northrop also added value. In contrast, weak stock selection in the healthcare and financials sectors weighed on returns. In healthcare, our overweight position in Amgen was the largest detractor as shares traded lower. At the security level, our lack of exposure to consumer discretionary name Netflix also weighed on relative performance. The stock reported better-than-expected third-quarter earnings results and raised its forward guidance for subscriber growth.
- Full portfolio listing as at close of business as at 31st October 2016
- Investment Trust Profiles
- Monthly Factsheet
- J.P. Morgan Asset Management Corporate Governance Policy
- Investor Disclosure Document
- Stock Split Information - May 2014
- LSE Trust Announcements
- AIFMD Leverage and Remuneration Disclosure
Annual General Meeting
Reports and Accounts
- 2016 Half Year Report
- 2015 Annual Report
- 2015 Half Year Report
- 2014 Annual Report
- 2014 Half Year Report
- 2013 Annual Report
- 2013 Half Year Report
- 2012 Annual Report
- 2012 Half Year Report
- 2011 Annual Report
- 2011 Half Year Report
- 2010 Annual Report
- 2010 Half Year Report
- 2009 Annual Report
- 2009 Half Year Report
Find out more
You can get in touch by phone and email or view frequently asked questions.
Annual General Meeting: 11 May 2017 2.30pm at 60 Victoria Embankment, London, EC4Y 0JP
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3 Actual gearing: Represents the excess amount above shareholders' funds of total assets less cash/cash equivalents, expressed as a percentage of shareholders funds. If the amount calculated is negative, this represents a net cash position.
4 Net asset value assumes that shares held in treasury (if any) have been re issued at the previous nights closing price.
7 Non-Benchmark holdings (where held) are classified in the appropriate sector/region. Cash is net current assets and holdings used as cash substitutes if applicable.