JPMorgan American Investment Trust PLC announced on Wednesday that it had delivered a double-digit return for the fourth year running.

The London-based investment trust said its net asset value per share increased by 24% in 2023 to 856.5 pence from 690.3p the year before.

JPMorgan American shares were down 0.2% at 982.83 pence each in London on Wednesday morning.

JPMorgan American said it generated a positive 24.7% NAV total return for 2023. This compared favourably with its benchmark, the S&P 500 Index, which delivered a positive 18.9% return over the same period.

In 2023 large cap companies comprised 90% of assets held and added the most value over the period driven by the dominance of the artificial intelligence sector.

JPMorgan American declared a final dividend of 5.25p per share, up 11% from 4.75p the year before. This brings the total dividend up by 6.9% to 7.75p from 7.25p.

Looking ahead, JPMorgan American said it is encouraging to see inflation trending down and the US economy performing more strongly than expected.

While acknowledging the uncertainty surrounding this year’s US presidential election, JPMorgan American believes its recent performance demonstrates the company’s ability to navigate the unique challenges the equity markets face.

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