JPMorgan Mid Cap Investment Trust plc - Ordinary Shares - J.P. Morgan Asset Management
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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Manager Commentary

Fund Managers

Month in review

  • Positive contributors to relative returns included an overweight position in financial services and stock selection in construction & materials.
  • Detractors included stock selection in support services and pharmaceuticals & biotechnology.
  • Being overweight in Plus 500, the conracts for difference trading platform, was positive for relative returns over the month. The shares performed strongly after the company issued a positive trading update, citing continued positive momentum in the business.
  • Our underweight position in CYBG, the holding company, also contributed positively. CYBG’s acquisition of UK-based Virgin Money Brands, a consumer finance company, took place amidst cyclical headwinds and Brexit concerns, and therefore was felt by the market to be poorly timed.
  • On the other hand, our overweight position in Electrocomponents, the British-based distributor of industrial and electronics products, detracted from returns this month. Electrocomponents shares derated this month as the company reported solid results; however, investors are concerned about the possible impact of global trade tensions on industry demand.
  • Our overweight position in the British financial services company Charter Court Financial Services was another detractor. Despite its low valuation, the potential for a chaotic Brexit has left investors wary this month.
  • Looking ahead

  • Investors globally are watching for signs of the Federal Reserve’s future plans for the U.S. interest rate: signs of hawkish policy are likely to drive markets down, whilst dovish policy will be well received. Investors are also monitoring the U.S.-China trade situation, which could cause further instability in markets.
  • 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

    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.

    *FE Crown rating as at  01 December 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.