24th Aug 2021 12:03
JPMorgan US Smaller Companies Investment Trust PLC - investor focused on smaller US stocks - Net asset value per share rises 35% to 435.5 pence on June 30 from 323.6p on the same date a year prior. NAV was up 10% from 394.9p on December 31. For the recent six-month period, net asset value total return is 10.9%, ran underperformance compared to the benchmark Russell 2000 index, which returned 16.2%.
JPMorgan US Smaller Cos attributes the underperformance to the consumer, technology and basic materials sectors, including its lack of exposure to speculative "meme stock" AMC Entertainment during the period. It also noted profit taking in automotive salvage auction stock IAA, in which the trust has an overweight position.
Declares no interim dividend, in line with year before.
"With high equity prices come concerns about valuation levels, but the investment team's core approach looks through these simplistic value and growth distinctions to find quality businesses at attractive prices. We remain confident that there continues to be a large number of such investment opportunities, and therefore we remain positive about the outlook for the company," says Chair David Ross.
Current stock price: 422.00 pence
Year-to-date change: up 4.7%
By Dayo Laniyan; [email protected]
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