Update (Oct 2026): The trust was renamed JPMorgan India Growth & Income (JIGI) in October 2025, when it adopted a 4% of NAV enhanced dividend policy. It underwent a 30% tender offer in July 2025, with valid tenders for 38.7% of its shares. The trust returned +18.1% versus +27.7% for its benchmark in the year to September 2024, followed by -11.4% versus -13.5% to September 2025, and -16.5% versus -12.4% for the six months to March 2026. From 1 October 2025, the management fee was cut to 0.65% on the first £300m and 0.55% thereafter, based on the lower of NAV and market cap. Over the last fe...
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UPDATE (Oct 2026): On 18 September 2026, JUGI said it planned to combine with Aberdeen UK Smaller Companies Growth (AUSC), which had a market cap of around £215m at the time. The deal is expected to complete around the end of 2026, with AUSC shareholders being offered a cash exit at a 2% discount for up to 35% of its shares. JUGI plans to cut the management fee on the first £200m of its net assets from 0.65% to 0.6% upon completion. JUGI's NAV returns were +28.4% for the year ended July 2024 versus +13.2% for its benchmark, +0.6% versus +2.5% to July 2025, and +7.2% versus +9.8% to July 2026. ...
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UPDATE (Oct 2026): JGGI merged with Henderson International Income in May 2025, taking on around £350m of assets. Tim Woodhouse left the management team in September 2025 and was replaced by Sam Witherow. Helge Skibeli intends to retire in February 2028. The trust returned +1.0% versus +7.2% for its benchmark in the year to June 2025, and +16.7% versus +27.7% to June 2026, due as "stock selection within the Technology sector proved a drag on relative returns, [with] the Portfolio Managers underestimating the scale and market impact of the AI investment boom." JGGI's five-year return to June 20...
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Update (Oct 2026): JFJ returned +24.2% versus +10.3% for its benchmark in the year to September 2024, +25.0% versus +16.9% to September 2025, and +2.0% versus +6.7% in the six months to March 2026. The trust took on £144m of assets in October 2024 when it merged with JPMorgan Japan Small Cap Growth & Income, reducing its fee to 0.6% up to £500m of net assets, then 0.4% up to £750m, and 0.35% thereafter.
JPMorgan Japanese (ticker: JFJ) was launched in 1927 as The Capital & National Trust and has been focused on Japanese equities since 1982. This trust has been managed by Nicholas Weind...
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JPMorgan European Growth & Income (JEGI) was established in 1929 and has been focused on Continental European stocks since 1988, and it was one of many Fleming trusts that became part of the JPMorgan stable in 2000. From 2006 to 2022, it had separate classes of Growth and Income shares, before merging the two portfolios back together again. At the same time, JEGI significantly cut its management fee, adopted a 4% of NAV enhanced dividend policy, and said it would target a single-digit discount via buybacks. JEGI holds around 100 stocks looking for Quality, Value, and Momentum characteristi...
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Update (Oct 2026): On 7 October 2026, it was announced that shareholders of Brown Advisory Smaller Companies (BASC) are to be offered a full cash exit or the option to roll over into JUSC. JUSC will cut its management fee to 0.65% on the first £200m of net assets and 0.6% thereafter, and introduce a 5-yearly conditional tender offer at a 2% discount for up to 30% of its shares starting on 1 January 2027. As well as a performance trigger, the tender offer will also be held if the average discount exceeds 5% in the final year of the assessment period. JUSC returned -10.9% versus +4.8% for its be...
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UPDATE (Oct 2026): In February 2024, following an internal review, JEDT appointed Jon Ingram, Jack Featherby and Jules Bloch as Portfolio Managers, in place of Francesco Conte and Edward Greaves. In the year to March 2024, JEDT returned 6.8% versus +5.9% for its benchmark, followed by +2.9% versus +1.3% to March 2025 and +23.2% versus +17.5% to March 2026. Over the last three years, the trust has bought back nearly half its shares, including a 15% tender offer at a 2% discount in September 2024, reducing its share count from 157m to 89m, narrowing its discount from around 12% to 8%. A 15% cond...
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UPDATE (Sep 2026): In September 2025, the trust changed its name to JPMorgan Emerging Markets Growth & Income (JMGI) and adopted a 4% of NAV enhanced dividend policy. The NAV total return for the year to June 2023 was 0% versus -3% for its benchmark, followed by +7% versus +13% in 2024, +5% versus +6% in 2025, and +54% versus +48% in 2026, the latter thanks to rapid gains in semiconductor stocks.
JPMorgan Emerging Markets (ticker: JMG) was launched in 1991 and has been managed by Austin Forey since 1994. His near 30-year period in charge has seen the trust return a compounded 7.7% a year ...
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UPDATE (Sep 2026): MRC returned 5% in the year to January 2024 versus 2% for its benchmark, 14% to Jan 2025 versus 12%, and 12% to Jan 2026 versus 16%. The trust has bought back around 20% of its shares over the last three years, narrowing its discount from 15% to 10%.
Mercantile (ticker: MRC) traces its origins back to 1884 and it has been focused on UK medium-sized and smaller companies for the last three decades. Guy Anderson of JPMorgan has looked after the portfolio since 2012, initially as a co-manager and then as the lead manager from 2019 onwards. Mercantile is a very large trust with...
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UPDATE (Sep 2026): JAM returned 25% in 2023, versus 19% for the S&P 500, 31% in 2024 versus 27%, and 5% in 2025 versus 10%. It returned 11% in the first half of 2026, versus 12% for the S&P. The manager of its Value portfolio, Jonathan Simon, retired in March 2025, with Jack Caffrey and Graham Spence now looking after this part of the strategy.
JPMorgan American (ticker: JAM) can trace its origins back to 1881. It was a generalist trust up until 1982 before deciding to concentrate on North American equities. JAM runs a main portfolio of large-cap shares, which has been divided into s...
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