JPMorgan European Smaller Companies Investment Trust plc - Ordinary Shares - J.P. Morgan Asset Management
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JPMorgan European Smaller Companies Trust plc
(GB00BMTS0Z37)

JPMORGAN EUROPEAN SMALLER COMPANIES TRUST PLC

Charting a course for growth

JPMorgan European Smaller Companies Investment Trust plc focuses on generating long-term growth by scouring European markets for tomorrow’s European and global market leaders.

Morningstar 4 star       *

 

Monthly Factsheet   Other trust documents   How to buy this trust  

Why invest in Europe?

Francesco Conte, Fund Manager, discusses the opportunities and challenges of investing in the European market.

Some of the themes discussed include:

  • What keeps investors wanting more out of Europe?
  • How Brexit could be an opportunity for UK investors looking at Europe
  • How smaller European companies can give you access to a global market
Monthly Factsheet   Annual Report   Learn more about investing in the Europe  

About this trust

Risks

Performance

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Portfolio

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Manager Commentary

Fund Managers

Month in review

  • Positive contributors to relative returns included underweight positions in forestry & paper and industrial metals & mining.
  • Detractors included stock selection in pharmaceuticals & biotechnology and automobiles & parts.
  • Our overweight position in TOMRA outperformed during November as investors continued to respond positively to the company’s market and technological leadership in structurally growing markets driven by plastic recycling and food security trends.
  • Our underweight position in Saipem also contributed positively after a sharp fall in the oil price, following record U.S. production volumes and temporary Iranian sanction relief, led to worries about the sustainability of investment within the oil & gas industry.
  • On the other hand, our overweight position in GrandVision underperformed in November due to profit-taking following very strong performance in October.
  • Another overweight position, this time in S&T, also underperformed after a general selloff in technology growth stocks weighed on the share price.
  • Looking ahead

  • With global growth above-trend both this year and next, we are confident that earnings can continue to grow, and therefore for markets to move higher we need the decline in valuation to halt or reverse.
  • The markets are worried about the spectre of a U.S. recession, which still seems some way off, but they are also concerned about political risk, and there appear to be signs that pragmatic solutions can be found: the UK is far likelier to embrace a ‘soft’ than a ‘hard’ exit, the Italian government appears to have realised that without the confidence of the bond market it will be unable to fund its fiscal ambitions at an affordable rate, and on trade, President Trump appears to have realised that sanctions against other countries can cost jobs domestically as companies adjust their supply chain.
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    Research

    This Investment Trust has been reviewed by a third party agency. Contents of the external links have been prepared by third parties and do not necessarily represent the views of J.P. Morgan Asset Management. These third parties may receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan Asset Management does not endorse or attest to completeness and accuracy of these contents. Reliance upon these contents is at the sole discretion of the reader.

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    Important information

    This is a marketing communication and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the products or underlying overseas investments. Past performance and yield are not reliable indicators of current and future results. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment products, there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy Policy www.jpmorgan.com/emea-privacy-policy.

    Investment is subject to documentation. The Investor Disclosure Document, and Key Features / Terms & Conditions can be obtained free of charge from JPMorgan Asset Management (UK) Limited, and the Key Information Document can be obtained from JPMorgan Funds Limited or www.jpmam.co.uk/investmenttrust. This communication is issued by JPMorgan Asset Management (UK) Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP.

    *Morningstar Analyst rating and FE Crown rating as at 01 December 2018.

    FE Crown Fund Ratings © 2018 FE. All rights reserved.

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

    Moneywise Investment Trust awards as at: 28 March 2018. Moneywise Publishing Ltd ©2018. All Rights Reserved.

    Past performance is not a reliable indicator of current and future results.