Jupiter European Smaller Companies has announced results for the year ended 31 March 2015. The headline figures aren’t exciting – the net asset value total return was 0.3% which compares to a 0.1% return on the fund’s benchmark and a -1.4% return to shareholders as the discount widened slightly. The total dividend for the year was 3.2p. These numbers mask an eventful year for markets however. Smaller companies lagged larger ones during the year as the MSCI Europe Index returned 10.1%.
The manager’s report says being underweight Norway was beneficial (as it was hit by the oil price slump). Positive contributors included French recreational vehicle manufacturer Trigano on recovering demand, Swiss semiconductor supplier AMS on continued strong operational momentum and Dutch animal and fish feed producer Nutreco following a takeover bid. Stocks which failed to deliver expected returns included Italian auto components manufacturer Sogefi on weak demand in Brazil, Dutch construction group Bam on cost overruns and Swiss online travel business Bravofly Rumbo following a disappointing IPO. Active use of gearing made a small positive contribution to performance.
JESC : Jupiter European Smaller edges ahead