21st Aug 2020 09:54
(Alliance News) -Â JPMorgan US Smaller Companies Investment Trust PLC on Friday said it outperformed its benchmark index in the first half of 2020.
The firm's net asset total return was minus 4.9% for the first half, outperforming benchmark, the Russell 2000 index, which returned negative 6.8%.
The company chalked up this outperformance to stock selection. Stock selection in the consumer discretionary and producer durables sectors added the most to relative performance, it noted.
Net asset value per share at June 30 was 323.6 pence, down from 343.0p at the end of December and 330.3p at the end of June last year.
"While we believe the economy will eventually recover, we believe a higher-than-average period of uncertainty will persist until there is a viable cure for Covid-19. Through the volatility, we continue to increase our exposure to quality, focus on high conviction stocks, and take advantage of market dislocations for compelling stock selection opportunities," the company said.
Shares in JPMorgan US Smaller Companies were down 0.6% at 296.77 pence in London on Friday.
By Lucy Heming;Â [email protected]
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