JPMorgan Mid Cap Investment Trust plc - Ordinary Shares - J.P. Morgan Asset Management
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JPMorgan Mid Cap Investment Trust plc
(GB0002357613)

JPMORGAN MID CAP INVESTMENT TRUST PLC

Explore markets beyond the blue chips

JPMorgan Mid Cap Investment Trust plc provides a rare opportunity to invest in the more domestically-focused medium-sized UK companies that make up the FTSE 250 Index. The trust seeks growth and income opportunities delivering performance throughout the market cycle.

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About this trust

Risks

Performance

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Portfolio

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Manager Commentary

Fund Managers

Month in review

  • Detractors included stock selection in support services and an underweight position in real estate investment trusts.
  • At the stock level, our underweight to the ConvaTec, the wound care specialist, contributed to returns. The stock lost a third of its value following a profit warning and the resignation of chief executive Paul Moraviec. Revenue was negatively impacted by challenging market dynamics in its advanced wound care division.
  • Our underweight to Metro Bank, the high street challenger bank, also contributed to returns. The shares fell as the company warned that high levels of competition in the UK mortgage market were exerting pressure on asset yields.
  • On the other hand, our overweight in Ashtead detracted over the month. The majority of this construction rental equipment company’s business is in the U.S.. Therefore, the share price struggled on the back of escalating concerns over the maturity of the U.S. economic cycle.
  • Our overweight position in Games Workshop was also negative. Despite revenue growth and profitability guidance tracking ahead of the market’s expectations, the board announced that there were uncertainties for the rest of the financial year.
  • Looking ahead

  • In the U.S., continuing interest rate hikes and the ongoing trade war rhetoric of President Trump are likely to continue to cause more volatility in equities.
  • Brexit uncertainty is building as we draw nearer the proposed March 2019 leave date. A no deal Brexit would not be well received by markets but a compromise agreement may be the catalyst needed to release the undoubted medium-term value in the UK equity market, which now yields over 4%. This is attractive compared to both gilts and inflation.
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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.

    *FE Crown rating as at 01 November 2018

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

    Moneyfacts award as at: 17 October 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.