JPMorgan US Smaller Companies (JUSC) was launched as an international small-cap trust in 1982 before switching to focus on US micro-caps in April 1998 and then both US micro and small-caps from 2008 onwards. Although it underperformed its benchmark in both 2023 and 2024, its longer-term record is respectable, with an NAV return of 10% a year versus 9% a year for its benchmark, the Russell 2000. The portfolio consists of 70-100 companies considered as 'best ideas', with most holdings falling in a market cap range from £1bn to £10bn. A small dividend has been paid since 2017, but the trust typic...