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

  • The trust underperformed its benchmark in September. Positive contributors to relative returns included stock selection in support services and an overweight position in leisure goods. Detractors included stock selection in general retailers and in travel & leisure.
  • Our overweight in Ashtead benefited the portfolio during the period. The majority of this construction rental equipment company’s business is in the US and is benefiting from the strength of the US construction market. Its earnings have also had an additional tailwind from the strong US dollar.
  • On the other hand, being overweight in Plus500, the contracts for difference trading platform, was negative for relative returns. The share price was negatively impacted by a combination of regulatory concerns and recent secondary stock offerings.
  • Looking ahead

  • A significant stock change was the purchase of Hikma, a producer of generic medicines, which is largely focused on emerging markets. A new position was purchased following a positive trading statement and a favourable outlook for the company.
  • On the other hand, a significant sale was Thomas Cook, where we exited our holding following a profit warning from the company due to increased competition in its markets.
  • The lack of clarity over how businesses could be affected by Brexit presents downside risk, although there is the potential for a positive surprise if a satisfactory deal can be reached. With UK equities flat year-to-date, we believe much of the potential negative news has been priced in and there appears to be a disconnection between what the fundamentals suggest and share price levels.
  • In our opinion, the UK equity market remains cheap compared to other developed markets and continues to offer an attractive forward dividend yield of 4.3%. A hard Brexit is a possibility but any deal better than ‘no deal’ could prove a tailwind for share prices.
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    AGM information

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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.