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JPMorgan European Smaller beat its benchmark by 4%

JPMorgan European Smaller beat its benchmark by 4% – For the year to 31st March 2018, JPMorgan European Smaller’s net asset total return was +14.4%. For the same period the total return from the benchmark index, the Euromoney Smaller European Companies (ex UK) index, was +10.0%. The share price rose by 21.6% from 334.0 pence to 406.0 pence over the reporting period, reflecting the rise in NAV and a narrowing of the discount to NAV (the discount narrowed from 13.9% to 7.5%). They declared dividends totalling 6.7p in respect of the year.

The manager’s report says that the outperformance of the benchmark was largely due to stock selection. Top performers over the period included French recreational vehicle manufacturer, Trigano, supported by the trend towards more active outdoor lifestyles and selective accretive acquisitions, Swiss semiconductor designer, AMS, due to the company’s strong growth outlook driven by its leadership position in 3D sensing technology, and French computer game publisher, Ubisoft, as a result of its improving revenue mix as high margin digital sales continued to grow strongly. Detractors from performance included Swiss and French flooring companies, Forbo and Tarkett, both due to input cost inflation headwinds resulting from rising oil prices, and Norwegian oil services provider, Aker Solutions, as a recovery in orders failed to gain traction.

JESC :  JPMorgan European Smaller beat its benchmark by 4%

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