JPMorgan European Discovery : JEDT (formerly JPMorgan European Smaller Companies : JESC) aims for capital growth from smaller European companies (excluding the United Kingdom). The investment universe is defined at the time of purchase by the countries and market capitalisation range of the constituents of the benchmark index, the HSBC Smaller European Companies (ex UK) Index. This universe of potential investments is screened by the manager using a proprietary multi-factor model. The investment process is driven by bottom-up stock selection with a focus on identifying market leading growth companies which offer the potential to outperform over the long term. Position sizing is determined by investment conviction and trading liquidity in a stock. Investments are sold when there is a fundamental negative change in business prospects, long term price momentum has broken down or the market capitalisation has outgrown significantly the benchmark index. The Board’s current gearing policy is to be between 20% net cash and 20% geared. Capital growth is emphasised over income. Therefore shareholders should expect the dividend to vary from year to year.
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