JPMorgan European outperforms benchmark in year as net assets grow

(Alliance News) - JPMorgan European Smaller Cos Trust PLC on Wednesday said its performance ...

Alliance News 16 June, 2021 | 8:48AM
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(Alliance News) - JPMorgan European Smaller Cos Trust PLC on Wednesday said its performance improved in its most recently ended financial year.

In addition, the trust said it has changed its name to JPMorgan European Discovery Trust PLC to better reflect its investment strategy and its portfolio.

The investment company reported total return on net assets of 66% as at March 31, outperforming its benchmark, the MSCI Europe (ex UK) Small Cap Index, which rose by 58%.

JPMorgan European noted that top performers over the financial year included Spanish renewable energy operator Solaria, Dutch semiconductor equipment manufacturer ASM International, and German online pharmacy Shop Apotheke.

Net asset value per share rose to 530.7 pence as at March 31 from 324.4p recorded the year prior.

The discount of the company's share price to NAV narrowed during the financial year, to 13% as at March 31 from nearly 23% as at the end of March 2020, with an average discount over the 12 months of 14%.

JPMorgan European shares were trading 0.3% higher in London on Wednesday at 505.51p each.

The trust said an interim dividend of 1.2p per share was paid on January 22. A final dividend of 5.5p per share will be paid on July 30 to shareholders on the register as at the close of business on June 25.

"Whilst uncertainty still looms, the board believes there to be significant investment opportunities in Europe and supports the investment managers' approach in seeking such opportunities to meet our long term objectives," said Chair Marc van Gelder.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
JPMorgan European Smaller Comp Ord 513.00 GBX 1.18

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