JP Morgan US Smaller Companies beat its benchmark in 2013 as its net asset value rose by 38.7% vs. 35.9% for the Russell 2000 Index (in sterling). The shares did even better, rising by 58.6%. JUSC was trading at a premium at the year end and issuing shares. The Board say that managing a tight discount in a fund such as JUSC is hard (because of volatile underlying investments, the time differential between London and New York and the shifting US dollar / sterling exchange rate) but acknowledge that it is important.
The manager highlights contributions from Zillow (+194%) and Jarden Corp (+78%).