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JPMorgan European Smaller Companies Trust

Finding exciting investment opportunities

Review | Investment Companies | 22 Jun 2017

JPMorgan European Smaller Companies Trust (JESC) aims to generate long-term capital growth from a portfolio of European (ex-UK) small-cap equities. Despite a period of underperformance versus the Euromoney Smaller Europe ex-UK benchmark in 2016 due to conservative portfolio positioning, JESC's longer-term performance record remains intact. It has outperformed the benchmark over three, five and 10 years. The managers believe that the European economic backdrop is favourable, political risk has been reduced and they are finding plenty of investment opportunities, across a range of industries, including companies that are adapting in a period of rapid technological change.

JPMorgan Global Convertibles Income Fund

Continuity of approach under new team head

Review | Investment Companies | 06 Jun 2018

JPMorgan Global Convertibles Income Fund (JGCI) is managed by the convertible bonds team at J.P. Morgan Asset Management (JPMAM), now led by Natalia Bucci following the departure of Antony Vallée in February 2018. Bucci and other members of the team have worked together for many years, and stress the continuity of a process that has been developed collaboratively over time, based on in-depth fundamental security analysis. The portfolio management team has been bolstered with the addition of Paul Levene, who joined JPMAM in 2015. JGCI continues to achieve its target yield of 4.5% and NAV progression has been broadly steady, with the share price having risen by a greater margin over 12 months, following the introduction of a discount management policy in May 2017. The team remains positive on the outlook for the global economy, which supports exposure to more equity-sensitive areas of the convertible bond market.

JPMorgan Global Growth & Income

Value-focused growth fund with 4% distributions

Review | Investment Companies | 06 Feb 2018

JPMorgan Global Growth & Income (JPGI) has enjoyed a strong period of share price performance since adopting a higher distribution policy in mid-2016. NAV returns have also kept pace with the benchmark MSCI AC World index, in spite of the trust’s focus on long-term valuations in an environment where market returns have been driven more by ‘growth at any price’. JPGI is the only UK retail investment product offering access to J.P. Morgan Asset Management’s (JPMAM’s) global focus investment process, which uses a large team of expert sector analysts to identify undervalued stocks with significant profit potential. Manager Jeroen Huysinga remains positive on the global economic outlook for at least the next 12-18 months, and has been finding particular opportunities in industrial cyclicals and financials, while being significantly underweight in technology stocks.

JPMorgan European Smaller Companies Trust

Very strong performance track record

Review | Investment Companies | 04 Dec 2017

JPMorgan European Smaller Companies Trust (JESC) was launched in 1990 and aims to generate long-term capital growth from a diversified portfolio of small-cap European equities. The investment process involves screening the c 1,500 company universe to construct a relatively concentrated portfolio of 50-75 positions in firms with positive fundamentals and reasonable valuations. JESC has a very good investment track record, outperforming its benchmark over one, three, five and 10 years. It has also performed strongly versus the average of its four peers, ranking second over one, three and five years and first over the last 10 years, where its NAV total return is 23.6pp higher than its closest peer.

JPMorgan Global Convertibles Income Fund

Steady NAV progression and a 4.5% yield

Review | Investment Companies | 28 Jul 2017

JPMorgan Global Convertibles Income Fund (JGCI) is the only UK-listed closed-end fund specialising in convertible bonds, aiming to generate income along with the possibility of capital growth. Increased investment flexibility granted to the managers in late 2015 means the fund can now invest more in the balanced to equity-like segments of the convertible bond market. NAV performance since launch in 2013 has been fairly steady, in spite of an environment of falling yields and tighter spreads on high-yield bonds. However, share price performance has been volatile at times, so the board has introduced a new discount control policy and has stepped up the pace of share buybacks. There has been a recovery in the share price since the policy was put in place in May 2017, yet JGCI still offers an attractive yield of 4.5%.

JPMorgan Global Growth & Income

Strong outperformance from focused global fund

Review | Investment Companies | 21 Jun 2017

JPMorgan Global Growth & Income (JPGI) is a 50-90 stock portfolio of global equities, chosen by manager Jeroen Huysinga from the output of a rigorous, valuation-based investment process developed by J.P. Morgan Asset Management (JPMAM). After a long period where investors were focused on defensive growth stocks, a recovery in the appetite for cyclical companies since mid-2016 has favoured JPGI's approach. The resulting resurgence in performance has seen the trust's NAV total return outperform both its MSCI AC World benchmark and all of its peers in the AIC Global Equity Income sector over one, three and five years and since 1 October 2008 (when it adopted its current strategy). Recent share price performance has been even stronger, arguably boosted by greater investor appetite for the trust since announcing a 4% annual distribution policy in July 2016.

JPMorgan European Smaller Companies Trust

Strong continuity of management

Update | Investment Companies | 09 Jan 2017

JPMorgan European Smaller Companies Trust (JESC) is managed by a dedicated, highly experienced, three-man team. The ‘best ideas' portfolio, which generally comprises 60-80 holdings, currently numbers 63. Stocks are selected on a bottom-up basis from a universe of c 1,000 companies, which constitute the Euromoney Smaller Companies ex-UK index, the trust's benchmark. Long-term performance has been strong, as evidenced by its 10- and 20-year NAV and share price returns, which comfortably outstrip the benchmark and the MSCI Europe ex-UK index.

JP Morgan Private Equity Limited

Termination of coverage

Update | Investment Companies | 07 Dec 2016

Edison Investment Research is terminating coverage on JP Morgan Private Equity (JPEL). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

JPMorgan Global Convertibles Income Fund

Low-volatility, income-tilted convertibles portfolio

Review | Investment Companies | 22 Nov 2016

JPMorgan Global Convertibles Income Fund (JGCI) is the only UK-listed closed-end fund focusing on convertible bonds. While its primary aim is to provide investors with an income, the fund has recently moved to a more total return-orientated approach to meeting its objective, taking advantage of attractive risk/reward opportunities in the balanced segment of the market. Although fundamentally a bond portfolio, the equity participation offered by convertibles could prove defensive for JGCI investors if the recent fixed income sell-off becomes protracted. The NAV performance of the sterling-hedged fund has been steady while funds with unhedged overseas portfolios have seen material gains post-Brexit; JGCI's managers note that currency volatility is a two-edged sword.

JPMorgan Global Growth & Income

Long-term growth, now with higher distributions

Initiation | Investment Companies | 27 Sep 2016

JPMorgan Global Growth & Income (JPGI), previously JPMorgan Overseas IT, uses a disciplined and research-intensive approach to identifying 50-90 ‘best ideas' from around the world, with the aim of achieving capital appreciation in excess of the MSCI AC World index. It has recently adopted a new distribution policy whereby at the start of each year it will announce a dividend equivalent to at least 4% of NAV, to be paid in quarterly instalments. The board and management see this level of distribution o which may come from capital or income returns o as sustainable, and the predictability of the income stream as well as the higher yield should increase the attraction of the trust from investors who seek income as well as growth, potentially leading to a narrowing in the discount.

JPMorgan European Smaller Companies Trust

Long-term outperformance versus benchmark

Review | Investment Companies | 24 May 2016

JPMorgan European Smaller Companies Trust (JESC) is a relatively concentrated portfolio of 60-80 stocks offering the potential for capital growth. The fund has well-established managers: Jim Campbell since 1995 and Franceso Conte since 1998, who draw on their experience to select high-quality companies with strong management teams, with positive stock price and earnings momentum, that they perceive to be undervalued. JESC has outperformed its benchmark over both short- and long-term periods and over 20 years has outperformed its nearest peer by 410pp.

JPMorgan Global Convertibles Income Fund

Bitesize Briefings - JPMorgan Global Convertibles Income Fund

Edison TV: | Investment Companies | 02 May 2016

In this two minute video Edison Analyst Sarah Godfrey discusses the main points of this review note on JPMorgan Global Convertibles Income Fund.