7th Aug 2019 11:34
(Alliance News) - JPMorgan Claverhouse Investment Trust PLC said Wednesday it outperformed its benchmark in the first half of 2019.
For the six months to the end of June, the investment trust reported a net asset value total return of 16.1%, compared to the FTSE All-Share Index of 12.9% in the same period.
Net asset value per share as at June 30 was 748.2 pence, down 5.6% from 792.3p the same date the year before, but up 14% from 655.4p at the end of December.
JPMorgan Claverhouse said its portfolio performed well over the period, with JD Sports Fashion PLC, Softcat PLC being the strongest contributor due to strong trading performance and Intermediate Capital Group PLC also performing well on strong fund demand.
Market-wise, JPMorgan said equity markets were very strong over the period as investors started to conquer fears of a global recession, as well as hopes that the US Federal Reserve would cut rates to cushion headwinds from trade tensions between the US and China.
JPMorgan Claverhouse declared an interim dividend of 12.5 pence per share, up 4.2% from 12.0p the year before.
"Having lived with the issue of Brexit for over three years there are many who would just like it to go away. It does now look as though we are entering the endgame of the UK's plan to leave the European Union. What is still uncertain is what will be the short and long term effects of Brexit on the UK economy, markets and livelihoods," said Chair Andrew Sutch.
"Notwithstanding strong equity markets and the company's good performance during the first half of the year, I believe that we must be prepared for the UK stock market and sterling to experience significant volatility over the coming months. However, one can take comfort from the portfolio being invested predominantly in large blue chip companies, with no unquoted stocks," Sutch added.
Shares in JPMorgan Claverhouse were down 0.2% at 685.00 pence on Wednesday.
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