JPMorgan Claverhouse Investment Trust PLC on Thursday announced a slightly higher net asset value per share, boosted by its holding in venture capital investor 3i Group PLC.
The UK equities-focused investment trust said NAV per share as at June 30 rose 1.8% to 678.4 pence from 666.6p a year prior, though it was down 1.9% from 691.3p on December 31.
JPMorgan Claverhouse said its best performing stock was London-based private equity and venture capital company 3i Group, which posted ‘excellent results on the back of improving market share’ as it continues to roll out of new stores.
Its worst performing stock was Barr, Switzerland-based miner Glencore PLC, which underperformed over the six months to June 30 as coal prices weakened, after benefiting from last year’s surge in coal prices.
Looking ahead, JPMorgan Claverhouse said UK equity valuations are ‘still extremely attractive’ in absolute terms and compared to other markets. ‘This represents a rare opportunity for investors to enter this market at historically low valuations and suggests there is scope for significant market gains, as and when the economic backdrop improves, and investors once again focus on long-term fundamentals,’ JPMorgan Claverhouse said.
JPMorgan Claverhouse Investment Trust shares were 0.3% higher at 658.00 pence each in London on Thursday morning.
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