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



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Manager Commentary

Fund Managers

Month in review

  • Positive contributors to relative returns included stock selection in healthcare equipment & services and an overweight position in nonlife insurance.
  • Detractors included stock selection in leisure goods and in electronic & electrical equipment.
  • An overweight in Capio, the Swedish provider of healthcare services, contributed positively to performance after Ramsay Générale increased its offer for Capio’s shares by 20% (a 39% premium to the undisturbed share price) after the healthcare provider rebuffed an earlier bid as too low.
  • Another overweight position, this time in Topdanmark, the Danish insurance provider, also contributed positively following a good set of third-quarter earnings results showing better-than-expected underwriting capabilities.
  • On the other hand, an overweight position in Amplifon, the Italian retailer of branded and private label hearing aids, contributed negatively to performance after Bose announced its plans to enter the over-the-counter hearing aid market.
  • An overweight in Datalogic, the Italian manufacturer of barcode readers and handheld computers, also contributed negatively due to general profit-taking in the technology sector.
  • Looking ahead

  • Despite the recent slowdown in growth, we still expect eurozone GDP to rise by around 2.0% this year and 1.8% in 2019, and this underpins 2018 earnings growth expectations of around 7.0% and dividend growth of 6.3%.
  • Valuation has become more attractive with the falls in prices, and when we take into account expected earnings and dividend growth of 10% and 7% respectively in 2019 then next year’s basis for valuations looks even more attractive.
  • The European Central Bank, although reducing accommodation, is still pursuing a loose monetary policy, and consumer confidence is high across the continent. We feel confident that stronger earnings can propel equity markets higher into the end of 2018, and we think that the balance of political risks will subside in the next six months.
  • Documents


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    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

    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 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 November 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.