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 30 Sep 2016)

The Company's net asset value outperformed the benchmark in September, while the share price underperformed. The Company is slightly down year to date, but remains ahead of the benchmark over all other long-term periods. At the sector level, stock selection and an underweight in pharmaceuticals, biotechnology & life sciences contributed the most to returns, where not holding Novo Nordisk was the top contributor at the stock level. The Danish pharmaceutical company reported weaker-than-expected second-quarter results, which sparked another round of downgrades. 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. The biggest detractor at the stock level was not holding Anheuser-Busch InBev, as the Belgian brewer rose following news that shareholders had approved its USD 100 billion takeover of rival SABMiller. The trust's gearing has remained at 0% since the referendum vote, but we are looking to increase this.


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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.