JPMorgan American Investment Trust plc - Ordinary Shares - J.P. Morgan Asset Management

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Manager Commentary

Fund Managers

In their words (as of 30 Sep 2016)

The Company's share price and net asset value outperformed the benchmark in September. Stock selection in the information technology and industrials sectors contributed positively to relative returns. In information technology, overweight positions in Apple and Qualcomm were among the top contributors. At the security level, our overweight in Apache in the energy space was the largest positive contributor. The company profited from a substantial new oil discovery in Texas and from rising oil prices after the Organisation of the Petroleum Exporting Countries announced in September that it would cap its output. In contrast, weak stock selection in consumer discretionary and utilities weighed on returns. In consumer discretionary, our lack of exposure to Amazon was the largest detractor. Shares profited from a continued hype around the stock due to the secular shift from traditional retail to e-commerce business, coupled with positive sentiment around Amazon Prime and Amazon Web Services. At the security level, our overweight to financials name MSCI also detracted.


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AGM information

Annual General Meeting: 11 May 2017 2.30pm at 60 Victoria Embankment, London, EC4Y 0JP

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Source:Morningstar (
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.