JPMorgan Claverhouse Investment Trust plc - Ordinary Shares - J.P. Morgan Asset Management
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JPMorgan Claverhouse Investment Trust plc
(GB0003422184)

JPMORGAN CLAVERHOUSE INVESTMENT TRUST PLC

Growing dividends, year after year

JPMorgan Claverhouse Investment Trust invests in income generating UK companies with a focus on those that provide consistent and growing dividends.

Morningstar 4 star *

 

 

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Why invest in the UK?

William Meadon, Fund Manager of JPMorgan Claverhouse Investment Trust plc discusses the opportunities and challenges of investing in the UK large-cap market.

Some of the themes discussed include:

  • Perception vs reality of investing in the UK
  • Evolution of the UK market post Brexit
  • UK Market trends
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About this trust

Risks

Performance

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Portfolio

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Manager Commentary

Fund Managers

Month in review

  • Claverhouse underperformed its benchmark in October during a period of elevated volatility and a selloff in equities globally.
  • The large correction in equity markets seemed to have no clear catalyst; more a confluence of many themes that investors have been faced with during 2018, e.g. monetary tightening, Brexit and the US / China trade discpute.
  • Being overweight in Shire has been positive for us: we have added to this position through the year as we think Takeda’s need to pay its dividend in the short-term makes this cash-generative company a necessary acquisition.
  • Our holdings in both Glaxo SmithKline and Diageo contributed to relative returns during the period as investors bought less cyclical stocks.
  • Fever-Tree was a drag on our monthly performance. There was some profit-taking as investor confidence around highly rated growth stocks waned, but we continue to have a positive outlook on its growth opportunity in the U.S..
  • Cyclicals such as Ashtead, Smurfit Kappa and Bodycote were all badly hit in the global selloff, which was negative for us.
  • Looking ahead

  • In the U.S., continuing interest rate hikes and the ongoing trade war rhetoric of President Trump are likely to continue to cause more volatility in equities.
  • Brexit uncertainty is building as we draw nearer the proposed March 2019 leave date. A no deal Brexit would not be well received by markets but a compromise agreement may be the catalyst needed to release the undoubted medium-term value in the UK equity market, which now yields over 4%. This is attractive compared to both gilts and inflation.
  • At month-end the trust was ungeared, reflecting our short-term caution.
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    Important information

    This is a marketing communication and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the products or underlying overseas investments. Past performance and yield are not reliable indicators of current and future results. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment products, there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy Policy www.jpmorgan.com/emea-privacy-policy.

    Investment is subject to documentation. The Investor Disclosure Document, and Key Features / Terms & Conditions can be obtained free of charge from JPMorgan Asset Management (UK) Limited, and the Key Information Document can be obtained from JPMorgan Funds Limited or www.jpmam.co.uk/investmenttrust. This communication is issued by JPMorgan Asset Management (UK) Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP.

    *Morningstar Analyst rating and FE Crown rating as at 01 November 2018.

    Source: The Association of Investment Companies (http://www.theaic.co.uk/aic/news/press-releases/dividend-heroes-investment-companies-with-at-least-20-year-records-of)

    Source: Morningstar (www.morningstar.co.uk)

    Morningstar Ratings™: © 2018 Morningstar. All rights reserved.

    FE Crown Fund Ratings © 2018 FE. All rights reserved.

    Moneyfacts award as at: 17 November 2017. ©2017 Moneyfacts Group plc. All Rights Reserved.

    Moneywise Investment Trust awards as at: 28 March 2018. Moneywise Publishing Ltd ©2018. All Rights Reserved.

    Past performance is not a reliable indicator of current and future results.