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Select a Role TERMS AND CONDITIONS TABLE OF CONTENTS * For Personal Investors * Role Definition * Terms of Use * Privacy Policy * Accessibility Statement FOR PERSONAL INVESTORS You are about to enter the J.P. Morgan Asset Management website for UK Personal Investors, also known as UK retail clients. Please read the following legal and regulatory information which applies to our company status, use of this website and information about any investment in our products referred to in this website (the "Site"). By using this Site, you agree to the placement of certain cookies on your computer – please read our cookie policy for more information. ROLE DEFINITION DEFINITIONS FOR INVESTOR TYPES Advisers are professional investors who are authorised by relevant regulators to provide their clients with investment and/or pension advice. Asset or Wealth Managers are financial planners, investment portfolio managers and other professional investors. The 'Institutional' site is for pension schemes, consultants or other professional investors. The 'Global Liquidity' site is for professional investors who are looking for liquidity investment opportunities. Personal investors (also known as 'retail clients') are client organisations or individuals who cannot meet both (i) one or more of the professional client criteria laid down in Annex II to the Markets in Financial Instruments Directive (Directive 2004/39/EC), and (ii) one or more of the qualified investor criteria set out in Article 2 of the Prospectus Directive (Directive 2003/71/EC). The personal investor category gives investors the greatest level of protection under the regulations and ensures investors get full information about any products they invest in. If you are a retail investor but would like to be categorised as a professional investor, you should know that this is allowed but it would mean: * You could receive less information about our investments products and services; and * you wouldn't be entitled to receive a suitability report or appropriateness assessment in cases where they would be required for personal investors. If you are a professional investor (also known as a 'professional client') but would like to be categorised as a personal investor, this is allowed but it doesn't necessarily mean you can refer any complaints to the Financial Ombudsman Service and you may not be eligible for compensation under the Financial Services Compensation Scheme. PROFESSIONAL INVESTORS (ALSO KNOWN AS 'PROFESSIONAL CLIENTS') The definition of a professional client comes from the MiFID directive which provides definitions for professional and retail clients as well as eligible counterparties. MiFID adopts two main categories of client: retail and professional. There is a separate and distinct third category for a limited range of business: eligible counterparty (ECP) has the lowest level of protection under MiFID. Professional clients are those who may be deemed to possess the experience, knowledge and expertise to make their own investment decisions and properly assess the risks associated thereto. The list below taken from the official Journal of the European Union (L 145/44 EN Official Journal of the European Union 30.4.2004) should be understood as including all authorised entities carrying out the characteristic activities of the entities mentioned: entities authorised by a Member State under a Directive, entities authorized or regulated by a Member State without reference to a Directive, and entities authorised or regulated by a non-Member State: * Credit institutions * Investment firms * Other authorised or regulated financial institutions * Insurance companies * Collective investment schemes and management companies of such schemes * Pension funds and management companies of such funds * Commodity and commodity derivatives dealers * Locals * Other institutional investors * Large undertakings meeting two of the following size requirements on a company basis: * balance sheet total: EUR 20 000 000 * net turnover: EUR 40 000 000 * own funds: EUR 2 000 000 * National and regional governments, public bodies that manage public debt, central banks, international and supranational institutions such as the World Bank, the International Monetary Fund (IMF), the European Central Bank (ECB), the European Investment Bank (EIB) and other similar international organisations * Other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions Please note that the above summary is provided for information purposes only. If you are uncertain as to whether you can be classified both as a professional client under the Markets in Financial Instruments Directive and classed as a qualified investor under the Prospectus Directive then you should seek independent advice. TERMS OF USE 1. GENERAL INFORMATION * The information on this Site is approved for issue by JPMorgan Asset Management (UK) Limited, which is part of the J.P.Morgan Asset Management ("JPMAM") marketing group (hereafter referred to as ‘we’ or ‘us’), which sells investments, life assurance and pension products. It is authorised and regulated in the UK by the Financial Conduct Authority under registration number 122754. * This Site has been produced for information purposes only and the views contained in it are not to be taken as advice or a recommendation to buy or sell any investment. (Reliance upon information in the Site is at the sole discretion of the reader). * This Site provides information about J.P. 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Please read through the disclaimer before entering the site AcceptGo to jpmorgan.com Skip to main content * Funds Overview FUND EXPLORER * Search our funds CAPABILITIES * Investment Trusts * Fixed Income * Equities * Multi-Asset * Alternatives * ETFs FUND INFORMATION * Fund news and announcements * Regulatory updates * Administrative information * Policies * Legal Documents * Fund Management Charges * Assessment of Value * Investment Themes Overview * Sustainable investing * Insights Overview MARKET INSIGHTS * On the Minds of Investors * The Weekly Brief * Investment Principles * Investment Outlook * Monthly Market Review PORTFOLIO INSIGHTS * Asset Allocation Views * Fixed Income Views * Equity Views * ETF Perspectives * Investment Trust Insights * How to Invest * About Us Overview * Diversity, Equity and Inclusion * Our Leadership Team * Contact Us * Personal Investors * United Kingdom Manage your account Search Menu Search You are about to leave the site Close J.P. Morgan Asset Management’s website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan Asset Management isn’t responsible for (and doesn't provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan Asset Management name. CONTINUE Go Back JUSC JPMORGAN US SMALLER COMPANIES INVESTMENT TRUST PLC– ORD * Register for trust updates * Factsheet * KID * How to invest Past performance is not a guide to current and future performance. NAV As of 19/04/2024 433.17p Discount / premium As of 19/04/2024 -13.89% Share price As of 19/04/2024 373.00p Total assets As of 19/04/2024 GBP 288.61 Mn * OVERVIEW * PERFORMANCE & FEES * PORTFOLIO * COMMENTARY * DOCUMENTS JUSC JPMorgan US Smaller Companies Investment Trust plc– ORD * OVERVIEW * PERFORMANCE & FEES * PORTFOLIO * COMMENTARY * DOCUMENTS KEY INFORMATION Total dividend for last financial year 3.00p Potential gearing range-5% to 15% (+/- 2.5%) Actual gearing As of 19/04/20242.80% Company Broker(s)Numis Securities SEDOLBJL5F34 ISINGB00BJL5F346 BloombergJUSC LN ReutersJUSC.L Asset classEquity RegionAmerica Share class currencyGBP Share class inception02/04/1962 BenchmarkThe Russell 2000 Index (£) ESG Approach ESG Integrated INVEST IN THE HEART OF AMERICA CONSIDER US SMALLER COMPANIES IN YOUR 2023/2024 ISA ALLOCAITON More than a hundred years of US financial market data consistently tells us that smaller companies outperform larger companies in the long run. But over the last decade, the opposite has been true, with large caps significantly outperforming. With US smaller companies expected to return to the ascendancy, we look at the reasons why it could now once again make sense to invest in the heart of America. Read the article ARE US SMALLER COMPANIES POISED FOR RECOVERY? JPMorgan US Smaller Companies Investment Trust aims to provide investors with capital growth by investing in US smaller companies that have a sustainable competitive advantage. After a difficult year in 2023, the Company’s managers suggest the conditions are in place for a recovery. Read the article US ELECTION 2024: EMEA INVESTOR GUIDE. The upcoming US presidential election will be at the forefront of many investors' minds throughout the year. Read the article Hear from Jonathan Brachle on Investing in the heart of America CONSIDER US SMALLER COMPANIES IN YOUR 2023/2024 ISA ALLOCAITON More than a hundred years of US financial market data consistently tells us that smaller companies outperform larger companies in the long run. But over the last decade, the opposite has been true, with large caps significantly outperforming. With US smaller companies expected to return to the ascendancy, we look at the reasons why it could now once again make sense to invest in the heart of America. Read the article ARE US SMALLER COMPANIES POISED FOR RECOVERY? JPMorgan US Smaller Companies Investment Trust aims to provide investors with capital growth by investing in US smaller companies that have a sustainable competitive advantage. After a difficult year in 2023, the Company’s managers suggest the conditions are in place for a recovery. Read the article INVEST IN THE HEART OF AMERICA 2024 Annual General Meeting The Company’s sixty-seventh Annual General Meeting will be held on Monday, 22nd April 2024 at 2.30p.m. as an in-person meeting at the registered office, 60 Victoria Embankment, London EC4Y 0JP. For shareholders wishing to follow the Annual General Meeting proceedings but choosing not to attend, we will be able to welcome you through conferencing software. If you wish to join the Annual General Meeting by the conferencing software, please register in advance here. As is normal practice, all voting on the resolutions will be conducted on a poll. Please note that shareholders viewing the meeting via conferencing software will not be able to vote on the poll and we therefore encourage all shareholders, particularly those who cannot attend physically, to exercise their votes in advance of the meeting by completing and submitting their proxy. If shareholders would like to submit any questions in advance of the Annual General Meeting, you are welcome to send these to the Company Secretary at invtrusts.cosec@jpmorgan.com. If there are any changes to the above Annual General Meeting arrangements, the Company will update shareholders through the Company’s website and, as appropriate, through an announcement on the London Stock Exchange. The JPMorgan US Smaller Companies Investment Trust plc offers access to one of the deepest market opportunities available anywhere in the world. With a long runway of growth ahead of them, smaller companies tend to outperform over the long term and play a key role in driving productive economic growth. The US smaller companies’ market is entrepreneurial, diverse, and under-researched – characteristics that have made it an exciting and rewarding market for investors. Key points * Focus - gain pure exposure to the heart of corporate USA, where underappreciated growth opportunities are abundant * Expertise - managed by a team of specialist investors with more than six decades of combined experience and an impressive long-term track record in the US small cap market * Quality - the investment team focuses on identifying well-managed, cash-generative businesses that enjoy an enduring competitive advantage and attractive growth prospects Why invest in this trust The long-term economic success of the United States is founded upon the depth and breadth of its thriving corporate sector, with ambitious companies providing a constant source of renewal and evolution. With acknowledged expertise in US equities, J.P. Morgan’s US Smaller Companies Investment Trust team has a demonstrable track record of identifying high-quality businesses with outstanding long-term prospects. Invest in the heart of America. Past performance is not a reliable indicator of current and future results. Watch the latest JPMorgan US Smaller Companies Investment Trust Annual General Meeting. INVESTMENT OBJECTIVE The Company aims to provide investors with capital growth by investing in US smaller companies that have a sustainable financial competitive advantage. As the emphasis is on capital growth rather than income, shareholders should expect the dividend to vary from year to year. The Company focuses on owning equity stakes in businesses that the manager believes trade at a discount to intrinsic value, with strong management teams. The Company has the ability to use borrowing to gear the portfolio within a range of 5% net cash to 15% of net assets. Gearing may magnify gains or losses experienced by the Company. PORTFOLIO MANAGERS Don San Jose 27 YEARS In the industry 24 YEARS With J.P. Morgan 16 YEARS Managing this fund Dan Percella 22 YEARS In the industry 16 YEARS With J.P. Morgan 9 YEARS Managing this fund Jonathan Brachle 17 YEARS In the industry 17 YEARS With J.P. Morgan 6 YEARS Managing this fund HOW TO INVEST The following are third party providers that you can use to invest in our range of products. You can invest via third party providers or by contacting a professional advisor. You should, of course, only consider investments that are right for you. If you are in any doubt about the suitability of an investment, please speak to an independent financial advisor. The companies are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. The use of their logos is in no way an endorsement of those companies by J.P. Morgan Asset Management nor is it intended to indicate an endorsement of J.P. Morgan Asset Management by those companies. JPMorgan Funds Ltd has conducted an annual Value Assessment on the Trust in line with Financial Conduct Authority (FCA) rules set out in the Consumer Duty regulation. The Assessment focuses on the nature of the product, including benefits received and its quality, limitations that are part of the product, expected total costs to clients and target market considerations. Within this, the assessment considers quality of services, performance of the trust (against both benchmark and peers), total fees (including management fees and entry and exit fees as applicable to the Trust), and also considers whether vulnerable consumers are able to receive fair value from the product. JPMorgan Funds Ltd has concluded that the Trust is providing value based on the above assessment. The companies are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. The use of their logos is in no way an endorsement of those companies by J.P. Morgan Asset Management nor is it intended to indicate an endorsement of J.P. Morgan Asset Management by those companies. JPMorgan Funds Ltd has conducted an annual Value Assessment on the Trust in line with Financial Conduct Authority (FCA) rules set out in the Consumer Duty regulation. The Assessment focuses on the nature of the product, including benefits received and its quality, limitations that are part of the product, expected total costs to clients and target market considerations. Within this, the assessment considers quality of services, performance of the trust (against both benchmark and peers), total fees (including management fees and entry and exit fees as applicable to the Trust), and also considers whether vulnerable consumers are able to receive fair value from the product. JPMorgan Funds Ltd has concluded that the Trust is providing value based on the above assessment. The companies are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. The use of their logos is in no way an endorsement of those companies by J.P. Morgan Asset Management nor is it intended to indicate an endorsement of J.P. Morgan Asset Management by those companies. JPMorgan Funds Ltd has conducted an annual Value Assessment on the Trust in line with Financial Conduct Authority (FCA) rules set out in the Consumer Duty regulation. The Assessment focuses on the nature of the product, including benefits received and its quality, limitations that are part of the product, expected total costs to clients and target market considerations. Within this, the assessment considers quality of services, performance of the trust (against both benchmark and peers), total fees (including management fees and entry and exit fees as applicable to the Trust), and also considers whether vulnerable consumers are able to receive fair value from the product. JPMorgan Funds Ltd has concluded that the Trust is providing value based on the above assessment. RISK PROFILE * Exchange rate changes may cause the value of underlying overseas investments to go down as well as up. * External factors may cause an entire asset class to decline in value. Prices and values of all shares or all bonds and income could decline at the same time, or fluctuate in response to the performance of individual companies and general market conditions. * This Company may utilise gearing (borrowing) which will exaggerate market movements both up and down. * This Company invests in smaller companies which may increase its risk profile. * The share price may trade at a discount to the Net Asset Value of the Company. * The single market in which the Company primarily invests, in this case US, may be subject to particular political and economic risks and, as a result, the Company may be more volatile than more broadly diversified companies. FINANCIAL CALENDAR Interim results announcedAugust Final results announcedMarch Annual general meetingApril Financial year-end date31 December Dividends payableMay BOARD OF DIRECTORS David Ross Mandy Donald Christopher Metcalfe Dominic Neary Shefaly Yogendra KEY INFORMATION Total dividend for last financial year 3.00p Potential gearing range-5% to 15% (+/- 2.5%) Actual gearing As of 19/04/20242.80% Company Broker(s)Numis Securities SEDOLBJL5F34 ISINGB00BJL5F346 BloombergJUSC LN ReutersJUSC.L Asset classEquity RegionAmerica Share class currencyGBP Share class inception02/04/1962 BenchmarkThe Russell 2000 Index (£) ESG Approach ESG Integrated PERFORMANCE Benchmark The Russell 2000 Index (£) Quarterly rolling 12 months As of 31/03/2024 Cumulative As of 31/03/2024 Annualised As of 31/03/2024 PERFORMANCE - QUARTERLY ROLLING 2019/20202020/20212021/20222022/20232023/2024Share price-25.82%100.34%-4.50%-5.18%3.74%NAV-17.11%68.07%2.95%-0.77%9.52%Benchmark-20.30%74.80%-1.43%-6.08%16.90% Past performance is not a reliable indicator of current and future results. Source: J.P. Morgan Asset Management/Morningstar. Net asset value performance (NAV) data has been calculated on a NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. NAV is the cum income NAV with debt at fair value, diluted for treasury and/or subscription shares if applicable, with any income reinvested. Share price performance figures are calculated on a mid market basis in GBP with income reinvested on the ex-dividend date. The performance of the company's portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. Benchmark source: Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell© is a trademark of Russell Investment Group. Comparison of the Company's performance is made with the benchmark. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company's investment universe. The Company's investment strategy does not follow or track this index and therefore there may be a degree of divergence between its performance and that of the Company. PERFORMANCE - CUMULATIVE 31/03/2024 1 MONTH3 MONTHS1 YEAR3 YEARS5 YEARS10 YEARSShare price3.07%-0.25%3.74%-6.07%39.60%164.43%NAV3.32%5.86%9.52%11.89%55.88%202.19%Benchmark3.69%6.09%16.90%8.21%50.76%168.19% Past performance is not a reliable indicator of current and future results. Source: J.P. Morgan Asset Management/Morningstar. Net asset value performance (NAV) data has been calculated on a NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. NAV is the cum income NAV with debt at fair value, diluted for treasury and/or subscription shares if applicable, with any income reinvested. Share price performance figures are calculated on a mid market basis in GBP with income reinvested on the ex-dividend date. The performance of the company's portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. Benchmark source: Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell© is a trademark of Russell Investment Group. Comparison of the Company's performance is made with the benchmark. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company's investment universe. The Company's investment strategy does not follow or track this index and therefore there may be a degree of divergence between its performance and that of the Company. PERFORMANCE - ANNUALIZED 31/03/2024 3 YEARS5 YEARS10 YEARSShare price-2.06%6.90%10.21%NAV3.82%9.28%11.69%Benchmark2.67%8.56%10.37% Past performance is not a reliable indicator of current and future results. Source: J.P. Morgan Asset Management/Morningstar. Net asset value performance (NAV) data has been calculated on a NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. NAV is the cum income NAV with debt at fair value, diluted for treasury and/or subscription shares if applicable, with any income reinvested. Share price performance figures are calculated on a mid market basis in GBP with income reinvested on the ex-dividend date. The performance of the company's portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. Benchmark source: Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell© is a trademark of Russell Investment Group. Comparison of the Company's performance is made with the benchmark. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company's investment universe. The Company's investment strategy does not follow or track this index and therefore there may be a degree of divergence between its performance and that of the Company. Past performance is not a reliable indicator of current and future results. Source: J.P. Morgan Asset Management/Morningstar. Net asset value performance (NAV) data has been calculated on a NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. NAV is the cum income NAV with debt at fair value, diluted for treasury and/or subscription shares if applicable, with any income reinvested. Share price performance figures are calculated on a mid market basis in GBP with income reinvested on the ex-dividend date. The performance of the company's portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. Benchmark source: Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell© is a trademark of Russell Investment Group. Comparison of the Company's performance is made with the benchmark. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company's investment universe. The Company's investment strategy does not follow or track this index and therefore there may be a degree of divergence between its performance and that of the Company. MONTHLY As of 2024/03/31 * The trust underperformed its benchmark for March 2024. * The S&P 500 Index® returned +3.22% (in USD terms) in March 2024, representing the fifth straight month of gains. During its March meeting, the Federal Open Market Committee (FOMC) held policy rates steady for the fifth consecutive time in a range of 5.25% to 5.50%. While the labour market showed signs of moderating, Federal Reserve Chair Jerome Powell suggested that policymakers would be vigilant about cutting interest rates prematurely if growth remains strong and labour markets remain tight. * Our stock selection in technology and sector allocation in energy detracted from performance. * Within technology, our lack of exposure to MicroStrategy was the largest detractor. Shares rose driven by an increase in the price of bitcoin, as the company acquired a significant amount of the cryptocurrency. We remain comfortable with our lack of exposure in the stock due to its dependency on cryptocurrency. * Among individual names, our exposure to Allegro Microsystems proved lacklustre. * On the other hand, our stock selection in the healthcare and consumer staples sectors contributed to performance. * Within healthcare, our exposure to Encompass Health proved beneficial. * At the security level, our exposure to nCino, within technology was the largest contributor. LOOKING AHEAD As of 2024/03/31 * We continue to focus on the fundamentals of the economy and company earnings. Our analysts’ estimates for S&P 500 Index® earnings currently project +12% for 2024 and +12% for 2025. * Easing inflation and improved prospects for growth have helped fuel optimism for a soft landing. However, be it the US election, higher policy rates or significant geopolitical tension, risks continue to remain that could push the economy into recession in 2024. Through the volatility, we continue to focus on high-conviction stocks and take advantage of market dislocations for compelling stock selection opportunities. FEES Ongoing charge (including the annual management fee detailed below) 0.93% Annual management fee 0.70% on Gross Assets The Ongoing Charge comprises the Company’s management fee and all other operating expenses (excluding interest charges on any borrowing) incurred during the year, expressed as a percentage of the average daily net assets during the year. All figures are for the previous financial year unless otherwise stated. The Ongoing Charge comprises the Company’s management fee and all other operating expenses (excluding interest charges on any borrowing) incurred during the year, expressed as a percentage of the average daily net assets during the year. All figures are for the previous financial year unless otherwise stated. The Ongoing Charge comprises the Company’s management fee and all other operating expenses (excluding interest charges on any borrowing) incurred during the year, expressed as a percentage of the average daily net assets during the year. All figures are for the previous financial year unless otherwise stated. DIVIDEND HISTORY 20192020202120222023Total dividend per share (p)2.50p2.50p2.50p2.50p3.00p GROWTH OF HYPOTHETICAL INVESTMENT Date range Last 5 years Last 1 year Last 3 years Last 5 years Last 10 years Last 15 years Custom date range From Performance inception: June, 2008 January February March April May June July August September October November December 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 To January February March April May June July August September October November December 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Initial amount Regular savings amount Frequency Monthly Quarterly GBP 6,000GBP 8,000GBP 10,000GBP 12,000GBP 14,000GBP 16,000GBP 18,000Jan 20Jan 21Jan 22Jan 23Jan 24 GBP 6,000GBP 8,000GBP 10,000GBP 12,000GBP 14,000GBP 16,000GBP 18,000Jan 20Jan 21Jan 22Jan 23Jan 24 NAV Share Price Benchmark DOWNLOAD CHART DATA Approximate value of Initial Investment in the fund at NAV with dividends and capital gains reinvested, and based on the time period selected. Approximate percent of Initial Investment in the fund at NAV with dividends and capital gains reinvested, and based on the time period selected. Approximate values shown are for the time period selected and reflect either; the Net asset value performance which has been calculated on a NAV to NAV basis in GBP, including ongoing charges and any applicable fees, with any income reinvested; or the Share price performance which has been calculated on a mid market basis in GBP with income reinvested on the ex-dividend date. Approximate values shown are for the time period selected and reflect either; the Net asset value performance which has been calculated on a NAV to NAV basis in GBP, including ongoing charges and any applicable fees, with any income reinvested; or the Share price performance which has been calculated on a mid market basis in GBP with income reinvested on the ex-dividend date. Approximate values shown are for the time period selected and reflect either; the Net asset value performance which has been calculated on a NAV to NAV basis in GBP, including ongoing charges and any applicable fees, with any income reinvested; or the Share price performance which has been calculated on a mid market basis in GBP with income reinvested on the ex-dividend date. MONTHLY As of 2024/03/31 * The trust underperformed its benchmark for March 2024. * The S&P 500 Index® returned +3.22% (in USD terms) in March 2024, representing the fifth straight month of gains. During its March meeting, the Federal Open Market Committee (FOMC) held policy rates steady for the fifth consecutive time in a range of 5.25% to 5.50%. While the labour market showed signs of moderating, Federal Reserve Chair Jerome Powell suggested that policymakers would be vigilant about cutting interest rates prematurely if growth remains strong and labour markets remain tight. * Our stock selection in technology and sector allocation in energy detracted from performance. * Within technology, our lack of exposure to MicroStrategy was the largest detractor. Shares rose driven by an increase in the price of bitcoin, as the company acquired a significant amount of the cryptocurrency. We remain comfortable with our lack of exposure in the stock due to its dependency on cryptocurrency. * Among individual names, our exposure to Allegro Microsystems proved lacklustre. * On the other hand, our stock selection in the healthcare and consumer staples sectors contributed to performance. * Within healthcare, our exposure to Encompass Health proved beneficial. * At the security level, our exposure to nCino, within technology was the largest contributor. LOOKING AHEAD As of 2024/03/31 * We continue to focus on the fundamentals of the economy and company earnings. Our analysts’ estimates for S&P 500 Index® earnings currently project +12% for 2024 and +12% for 2025. * Easing inflation and improved prospects for growth have helped fuel optimism for a soft landing. However, be it the US election, higher policy rates or significant geopolitical tension, risks continue to remain that could push the economy into recession in 2024. Through the volatility, we continue to focus on high-conviction stocks and take advantage of market dislocations for compelling stock selection opportunities. DOCUMENTS Reports and accounts * 2023 Annual Report * 2023 Half Year Report * 2022 Half Year Report * 2021 Annual Report * 2021 Half Year Report * 2020 Annual Report * 2020 Half Year Report * 2019 Annual Report * 2019 Half Year Report * 2018 Annual Report * 2018 Half Year Report * 2017 Annual Report * 2017 Half Year Report * 2016 Annual Report * 2016 Half Year Report * 2015 Annual Report * 2015 Half Year Report * 2014 Annual Report * 2014 Half Year Report * 2013 Annual Report * 2013 Half Year Report * 2012 Annual Report * 2012 Half Year Report * 2011 Annual Report * 2011 Half Year Report * 2010 Annual Report * 2010 Half Year Report * 2009 Annual Report * 2009 Half Year Report Legal Documents * Investor Disclosure Document * LSE Trust Announcements - US Smaller Companies * PRIIP KID - JPM US Smaller Companies IT - Ordinary Annual General Meeting and General / Class meeting * AGM Presentation 2023 * Results of the Poll at 2023 AGM * AGM Presntation 2022 * Results of Poll at 2022 AGM Trust information * Factsheet * Complete NAV summary (updated monthly) * AIFMD Remuneration Disclosure * Sub-division of the Company's shares (with effect from 6th March 2014) Committee terms of reference * Audit Committee * Nomination Committee * Remuneration Committee * Management Engagement Committee Research * Kepler Investment Research This Investment Trust has been reviewed by a third party agency. Contents of the external links have been prepared by third parties and do not necessarily represent the views of J.P. Morgan Asset Management. These third parties may receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan Asset Management does not endorse or attest to completeness and accuracy of these contents. Reliance upon these contents is at the sole discretion of the reader. This Investment Trust has been reviewed by a third party agency. Contents of the external links have been prepared by third parties and do not necessarily represent the views of J.P. Morgan Asset Management. These third parties may receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan Asset Management does not endorse or attest to completeness and accuracy of these contents. Reliance upon these contents is at the sole discretion of the reader. This Investment Trust has been reviewed by a third party agency. Contents of the external links have been prepared by third parties and do not necessarily represent the views of J.P. Morgan Asset Management. These third parties may receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan Asset Management does not endorse or attest to completeness and accuracy of these contents. Reliance upon these contents is at the sole discretion of the reader. ESG Information * UK TCFD Product Report * ESG Fund Report This is a marketing communication and as such the views contained herein do not form part of an offer, nor are they to be taken as advice or a recommendation, to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the products or underlying overseas investments. Past performance and yield are not reliable indicators of current and future results. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment products, there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy Policy. Investment is subject to documentation. The Annual Reports and Financial Statements, AIFMD art. 23 Investor Disclosure Document and PRIIPs Key Information Document can be obtained free of charge in English from JPMorgan Funds Limited or at www.jpmam.co.uk/investmenttrust. This communication is issued by JPMorgan Asset Management (UK) Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP. J.P. Morgan Asset Management -------------------------------------------------------------------------------- * Terms of use * Privacy policy * Cookie policy * Accessibility statement * Scams and fraud * Sitemap * Investment stewardship J.P. Morgan -------------------------------------------------------------------------------- * J.P. Morgan * JPMorgan Chase * Chase Copyright © 2024 JPMorgan Chase & Co., all rights reserved. Hello, You appear to be located in: Germany Do you want to be redirected? 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