7th Aug 2014 10:20
LONDON (Alliance News) - JPMorgan American Investment Trust PLC Thursday said the rise in US stock markets in the first six months of 2014 took its net asset value with debt at par to 247.5 pence per share, from 239.4p.
In a statement, the trust said it outperformed the broader US equity market, providing a NAV total return per share with debt at par (in sterling terms) of 4.1%, and a share price total return of 4.2%, compared with the equivalent return of 3.6% from the S&P 500 Index, its benchmark.
"The large company portfolio provided a positive contribution to relative performance over the period, whilst the small company portfolio underperformed the S&P 500. Our modest level of gearing also helped a little. Your manager has underperformed the market over three and five years of the rather dramatic bull run, but has outperformed both over the longer ten year period as well as since his taking over the mandate in 2002. He has also outperformed over the last year and the current year to date," Chairman Sarah Bates said in a statement.
Shares were Thursday quoted up 0.4% at 246.00p.
By Samuel Agini; [email protected]; @samuelagini
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