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


A focus on generating sustainable European income

JPMorgan European Investment Trust plc – Income Shares seeks out continental European companies that pay sustainable dividends in order to maintain an attractive quarterly income for shareholders.



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Manager Commentary

Fund Managers

Board of Directors

  • Andrew Adcock

  • Josephine Dixon

  • Stephen Goldman

  • Jutta Rosenborg

  • Stephen Russell

In their words (as of 30 Nov 2017)

In November Europe ex UK finished around 2.0% lower, up 9.9% year-to-date and up 16.4% over the last 12 months. The euro recovered some of the ground it had lost against the US dollar in October, but is still below its year-to-date high. The oil price made new 2017 highs, and industrial metals prices were also strong. Meanwhile, bond markets rallied, despite the signs of strong growth, bringing long-term yields lower. This yield curve flattening meant that interest-sensitive sectors such as real estate, consumer staples and energy outperformed, while cyclicals like consumer discretionary, industrials and information technology underperformed. The Income class NAV outperformed the market and stock selection was positive. Income investing as a style outperformed as interest rates fell, and it was this style element which, more than anything, drove the fund's outperformance. At a stock level, the main contributors were large cyclical stocks that fell, but which we did not own because they do not qualify on yield grounds: Vestas, Leonardo, Altice (which more than halved after running into financing issues) and Cap Gemini all fall under this category. We also benefited from our overweight holdings in the real estate sector, and credit insurer Euler Hermes was bid for.


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*Morningstar Analyst rating as at 01 January 2018.

*FE Crown rating as at 01 January 2018.

Source: Morningstar (

Morningstar Ratings™: © 2017 Morningstar. All rights reserved.

FE Crown Fund Ratings © 2017 FE. All rights reserved.

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

Source:Morningstar (