15th Oct 2015 17:05
LONDON (Alliance News) - JPMorgan Smaller Companies Investment Trust PLC Thursday said it outperformed its benchmark in the year to end-July, reporting a total return on net assets before dilution of 15.7%.
This compared to a 10.5% total return by its benchmark index, the FTSE Small Cap Index.
Since the year end the company said its net asset value per share has risen 1.3% to 1,052.7 pence, whilst its benchmark has fallen 0.05%.
It proposed a final dividend of 11.0 pence, up from 9.60 pence a year before.
"There are a wide range of economic and political uncertainties that continue to worry markets. Internationally, these include the timing and pace of US interest rate increases, the slowdown of the Chinese economy and political deadlock in Europe. Domestically, the outcome of the forthcoming EU referendum is uncomfortably uncertain," the company said in a statement. Despite this background, the company noted, the UK economy is making good progress.
"A good flow of companies coming to the market is providing our managers with new opportunities, and the recent increase in merger and acquisition activity reinforces our view that smaller companies currently represent relatively good value. This supports the board's confidence that the company is well placed to deliver good performance over the longer term," the trust said in a statement.
Shares in JP Morgan Smaller Companies Investment Trust closed up 0.5% at 902.00 pence Thursday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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