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

About this trust



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Manager Commentary

Fund Managers

In their words (as of 31 Jul 2016)

The trust's net asset value performed in line with the benchmark in July, while the share price outperformed. Top performers in the month included French market research provider Ipsos and French research & development consultant Alten, which both reported strong organic growth. German software solutions provider Software AG also contributed positively after raising its full-year guidance. Detractors from performance included Swedish gambling software developer NetEnt, which reported higher-than-expected costs in the second quarter, and Finnish construction company YIT, as its exposure to Russia continued to depress earnings. Italian apparel retailer OVS also detracted, due to concerns around Italian consumer demand.

We retain our positive economic outlook for Europe due to a strong second-quarter earnings season, rising Citi economic surprise indices globally and stable peripheral bond spreads.


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AGM information

Annual General Meeting: 11 July 2017 12 noon at 60 Victoria Embankment, London, EC4Y 0JP

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*Morningstar rating based on the A Net (Acc) GBP share class, as at August 2016.

Morningstar RatingsTM: © 2016 Morningstar. All rights reserved.

The methodology and calculations used by the companies or organisations that provide the fund or fund manager awards and ratings are not verified by J.P. Morgan Asset Management and therefore we are unable to accept responsibility for their accuracy.  Ratings and awards should not be relied upon for making an investment decision.  Past performance is no guarantee of future results. The value of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. Investment is subject to documentation (Prospectus, Key Investor Information Document (KIID) and Key Features and Terms and Conditions). Issued by JPMorgan Asset Management Marketing Limited which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 288553. Registered address: 25 Bank St, Canary Wharf, London E14 5JP.

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 Non-Benchmark holdings (where held) are classified in the appropriate sector/region. Cash is net current assets and holdings used as cash substitutes if applicable.