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

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Manager Commentary

Fund Managers

In their words (as of 31 Oct 2016)

The Company's share price and net asset value outperformed the benchmark in October. Stock selection in the healthcare and producer durables sectors added the most value, while our investments in the technology and financial services space detracted from relative performance. In the producer durables sector, our investments in Toro, a turf and snow maintenance equipment maker, and Douglas Dynamics, a competitor of Toro, held up relatively well vs. the market. Investors favoured these quality companies amid the pre-election uncertainty. In contrast, an overweight in technology name Imperva, a provider of cyber-security solutions, hurt relative performance. The underperformance was primarily driven by its announcement of a delay in its efforts to sell itself. The company now seeks a higher premium as its sales projections have recovered, which has increased deal value expectations.


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AGM information

Annual General Meeting: 26 April 2017 2.30pm at 60 Victoria Embankment, London, EC4Y 0JP

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Source:Morningstar (
3 Actual gearing: Represents the excess amount above shareholders' funds of total assets less cash/cash equivalents, expressed as a percentage of shareholders funds. If the amount calculated is negative, this represents a net cash position.
4 Net asset value assumes that shares held in treasury (if any) have been re issued at the previous nights closing price.
7 Non-Benchmark holdings (where held) are classified in the appropriate sector/region. Cash is net current assets and holdings used as cash substitutes if applicable.