JPMorgan Mid Cap, managed by Georgina Brittain and Katen Patel, has reported a total return on net assets for the year to 30th June 2015 of 24.7%, 9.7% ahead of the Company’s benchmark index, the FTSE 250 Index (excluding investment trusts), which returned 15.0%. The discount at which the ordinary shares trade to their net asset value per share widened marginally, giving a total return to shareholders of 24.0%. The Board has decided to propose a final dividend of 12.0p making 20p for the year as a whole, 11% more than last year. Given the level of special dividends paid by underlying companies the Board has further resolved to propose the payment of a special dividend of 4.5p.
The managers says the key contributors to outperformance were support services (positions in Howden Joinery and Ashtead in particular), general retailers (Card Factory, WH Smith and Dixons Carphone, among others) and household goods (the UK house builders). M&A was a further benefit, with bids for holdings in CSR, Brit and Pace (and subsequent to the year end, a bid for HellermannTyton).
JMF : JPMorgan Mid Cap outperforms on strong stock selection