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

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Manager Commentary

Fund Managers

In their words (as of 31 Aug 2016)

The Company's share price outperformed the benchmark in August, while the net asset value underperformed. The Company remains ahead of the benchmark over all longer-term periods. The biggest contributor to returns at the stock level came from not holding Novo Nordisk as shares of the Danish pharmaceutical company plunged amid concerns that its newest insulin products will not be as successful as hoped. An overweight position in KBC also contributed positively as the Belgian bank performed well after reporting stronger-than-expected second-quarter results and announcing an interim dividend. Detractors included not holding several defensive, high quality growth stocks that performed well but that do not offer a high enough yield to meet the criteria for inclusion in the portfolio. An overweight position in SalMar was also among the biggest detractors as the Norwegian salmon producer came under pressure from falling salmon prices in Scandinavia.


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AGM information

Annual General Meeting: 17 July 2017 2.30pm at 60 Victoria Embankment, London, EC4Y 0JP

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Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express of implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’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.
7 Based on total investments, which include investment of any borrowings to gear the portfolio and excludes liquidity fund holdings and net current assets.