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

  • The trust outperformed its benchmark over the month of September. This was largely due to a sector overweight in oil services and also due to stock selection in healthcare equipment & services. Detractors to performance included stock selection in construction & materials and in aerospace & defence.
  • Our overweight position in TOMRA, the Norwegian developer and manufacturer of ‘reverse vending’ bottle banks, contributed positively to performance over the month after the company reiterated its ambitious full-year guidance at its capital markets day. Another positive contributor to relative performance came from not owning Ambu, the medical device manufacturer, after the company’s share price fell following concerns that the potential market opportunity for its new products may be smaller than initially anticipated.
  • On the other hand, our position in Rubis detracted from performance following weaker-than-expected first half earnings, which were impacted by underutilisation of the Turkish storage terminal and provisions for the company’s stake in its Iranian asset.
  • Looking ahead

  • The largest stock increase over the month was the purchase of SBM Offshore, the Dutch supplier of floating production and mooring systems for the offshore oilfield service industry, after an agreement was reached with the Brazilian government to settle the long-running historical bribery allegations with Petrobras. The settlement means that SBM is now free to resume business with Petrobras, the world’s largest player in deepwater offshore oil and gas (SBM’s specialty).
  • On the other hand, a significant stock sale was Rémy Cointreau, the French sprits group, after strong year-to-date performance, combined with worries over Chinese demand due to the trade war, made the investment case less compelling.
  • Looking forward, the market is likely to be driven by concerns over the impact of central bank tightening and the threat of a global trade war as well as geopolitical concerns such as the Italian budget proposal, Brexit and waning popularity of the incumbent Christian Democrats in Germany. As a result, we have increasingly biased the portfolio to stocks such as defensives and insurance or stocks that are not dependent on general macroeconomic developments but rather depend on their sector specifics, such as oil services.
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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 October 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.