JPMorgan Elect plc - Managed Growth - J.P. Morgan Asset Management

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Manager Commentary

Fund Managers

In their words (as of 31 Aug 2016)

The trust's share price outperformed the benchmark in August, while the net asset value underperformed. The investment trust sector underperformed the broader UK equity market. Discounts within the investment trust sector widened, but recovered to end the month unchanged. At an asset allocation level, our underweight position to Japanese equities relative to the benchmark detracted from performance, as did our overweight to US equities. Elsewhere, our underweight to UK equities added value. Our positions in the JPM US Equity All Cap Fund, JPM Asian Investment Trust and JPM European Investment Trust were among the top contributors to absolute performance.

Our ongoing preference for high-quality markets has led us to a continued overweight in US equities relative to other equity markets, while expressing a negative view on Japanese equity. Within emerging markets we hold a more constructive view, as the outlook has improved.


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AGM information

Annual General Meeting: 12 December 2016 12 noon, location TBC
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Benchmark Source: FTSE International Limited ("FTSE") © FTSE 2015. "FTSE®" is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
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. 3 On a look through basis only.