London, UK, 17 May 2018
Edison issues review on Jupiter US Smaller Companies (JUSC)
Jupiter US Smaller Companies (JUSC) aims to generate long-term capital growth from a focused portfolio of mid- and small-cap US equities. Since 2001, the trust has been managed by Robert Siddles. Following the announcement of adjustments to JUS's investment process - running a more concentrated portfolio, a greater focus on selling underperforming holdings, while holding on to successful positions for longer - the trust has enjoyed an improvement in investment performance. It has delivered above market results in periods of both positive and negative stock market returns, illustrating its commitment to capital preservation. The board has also reduced JUS's management fees, removed the performance fee and introduced the trust's first gearing facility.
JUS's current 8.0% share price discount to cum-income NAV is narrower than the
averages of the last one and three years of 9.0% and 10.3% respectively, but wider
than the 7.2% and 6.7% averages of the last five and 10 years. The board actively
repurchases shares, aiming to ensure that the discount does not exceed 8% (in
normal market conditions). There is scope for the discount to narrow if the manager
continues to build on his improved recent investment performance.
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