London, UK, 22 June 2017
Edison issues review on JPMorgan European Smaller Cos (JESC)
JPMorgan European Smaller Companies Trust (JESC) aims to generate long-term capital growth from a portfolio of European (ex-UK) small-cap equities. Despite a period of underperformance versus the Euromoney Smaller Europe ex-UK benchmark in 2016 due to conservative portfolio positioning, JESC's longer-term performance record remains intact. It has outperformed the benchmark over three, five and 10 years. The managers believe that the European economic backdrop is favourable, political risk has been reduced and they are finding plenty of investment opportunities, across a range of industries, including companies that are adapting in a period of rapid technological change.
JESC's current 10.3% share price discount to cum-income NAV is narrower than the average discounts of the last one, three, five and 10 years (range of 12.1% to 14.8%). The discount has narrowed meaningfully since late 2016 and there is scope for it to narrow further if JESC can build on its positive medium- and long-term investment track record or if there is greater investor appetite for European small-cap equities.
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