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 30 Sep 2016)

The Company's share price and net asset value underperformed the benchmark in September. Stock selection in healthcare and producer durables detracted from performance, but this was partially offset by positive contributors in the energy and consumer staples sectors. In producer durables, our investment in Herman Miller fell in value as the leading provider of office furniture for North America reported weaker-than-expected earnings and issued guidance below current street estimates. The demand environment appears to be weakening at the margin, with other North American furniture manufacturers also reporting weaker top-line trends and lowering guidance. In contrast, shares of energy name Patterson UTI Energy rose in late September. The operator of fleets of land-based drilling rigs in the US benefited from a rally in crude oil prices, primarily driven by an announcement from the Organisation of the Petroleum Exporting Countries to limit crude production.


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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.