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



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Manager Commentary

Fund Managers

Month in review

  • Claverhouse performed broadly in line with its benchmark in September.
  • Being overweight in Royal Dutch Shell was positive for us. We had added to this position through the year in anticipation of the higher oil price after the US exited the Iran nuclear deal.
  • Owning Sky was also beneficial for us as we believed this unique asset was being undervalued by the market. Subsequently, Comcast bought it for a price above even our expectations.
  • Holding global mining company Anglo American contributed to relative returns during the period: the share price rallied strongly through the month as commodity prices continued to be supportive.
  • Being overweight in JD Sports was a drag on performance as there was some profit-taking around its interim results, but we continue to have a positive outlook on its growth opportunities in the US.
  • Looking ahead

  • Quantitative tightening continues to be a hot topic of debate as we exit this period of extraordinarily loose monetary policy. In the US, the reduction in the size of the Federal Reserve’s balance sheet and its interest rate increases continue to challenge global markets.
  • Brexit uncertainty will build as we come closer to the March 2019 leave date. We still remain confident that the UK equity market is well-supported. Profit growth remains robust in the UK, particularly supported by stronger oil and commodity prices and a weaker pound. Valuation is still compelling, with the UK equity market trading at a discount to its long-term average. Therefore, we are still seeing a number of attractive investment propositions for the company. The trust was geared 6.3% at month-end.
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    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

    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 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 October 2018.

    Source: The Association of Investment Companies (

    Source: Morningstar (

    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.