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...
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JPMorgan Global Growth & Income (JGGI) was established in 1887 and has been focused on global equities since 1982. Originally managed by Robert Fleming & Co, it became part of the JPMorgan stable in 2001. JGGI bought back a large amount of its shares between 1998 and 2015 in an attempt to reduce its discount, first to a target of 10% and then to 5% or less. In 2016, it was one of the first trusts to adopt an enhanced dividend policy, allowing dividends to be paid out of capital and setting its payout at 4% of its NAV. Since this change, JGGI has nearly always traded at a premium and it...
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JPMorgan Indian (ticker: JII) was the first Indian trust to be launched in 1994. After a slow start and multiple manager changes, it produced a very strong period of relative returns from 1997 to 2016, comfortably outperforming the Indian market during this period. Its performance has been weaker on a relative basis since and the discount to NAV has widened from around 10% to 20%. The management team has been refreshed in the last few years with a new line-up that has shifted the focus of the portfolio more towards higher-quality companies. JII has just passed its latest five-year continuation...
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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 Weindling since 2007 with Miyako Urabe coming on board as co-manager more recently in 2019. JFJ invests in a relatively concentrated portfolio of quality growth stocks and normally uses a low double-digit level of gearing, benefiting from low-rate yen loans. Returns since Weindling became the lead manager in 2010 have been 9.0% on an annualised NAV basis compared to 7.6% for the TOPIX benchmark although JFJ has un...
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JPMorgan UK Smaller Companies (ticker: JMI) was launched in 1990. It was run by River & Mercantile up until 1996 and then the mandate was taken over by Robert Fleming & Co., which later became part of JPMorgan. Georgina Brittain has worked on JMI since 1998 and managed the trust since 2003; Katen Patel joined her as co-manager in 2014. Over the last twenty years, JMI has produced an annualised NAV return of 11.3%, well ahead of the 6.5% produced by its benchmark. Like most UK small-cap trusts, it has a growth/momentum bias and its share price has been volatile over time with several la...
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JPMorgan European Discovery (ticker: JEDT) was launched in 1990 and was one of many Fleming-managed trusts that JPMorgan took on in the early 2000s. JEDT has been focused on European smaller companies throughout its existence and was managed by the team of Jim Campbell and Francesco Conte from 1998 until Campbell's departure in 2017. Conte now works with Edward Greaves, who has been a co-manager since 2016 and involved with the trust since 2011. JEDT runs a portfolio of around 50-70 stocks with an emphasis on value, quality, and momentum factors but with a very high level of portfolio turnover...
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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 over £2bn in assets and it holds around 70 positions with around 80% of its portfolio consisting of companies in the FTSE 250 'mid-cap' index. The remaining 20% is split between companies in the lower reaches of the FTSE 100 or at the upper end of the FTSE SmallCap and ...
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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 separate value and growth segments since a strategy refinement in 2019, plus a second portfolio of US small-cap shares that typically varies between 0% and 10% of its assets. Tim Parton, the manager of the growth part of the large-cap portfolio, is retiring in early 2024 and is being replaced by Felise Agranoff. Jonathan Simon looks after the value part of...
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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 versus 5.8% for its benchmark. However, JMG's NAV fell by 17% in the year ended June 2022, its worst loss for over twenty years, as highly-rated shares struggled across most of its markets although it has recovered slightly since. John Citron became a named manager alongside Forey in 2021 and they have now been working together for around a decade. JMG typically has around 60 positions, mostly in consu...
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JPMorgan Global Core Real Assets (ticker: JARA) was launched in 2019 raising just under £150m. It owns a globally diversified portfolio of real estate, infrastructure, and transportation assets targeting a long-term annualised return of between 7% and 9%, inclusive of a yield of between 4% and 6% on its IPO price of 100p. JARA, as it is commonly called, uses JPMorgan's Alternative Solutions platform to hold stakes in over 1,000 underlying private assets via five separate sub-funds. It also has around a sixth of its portfolio in publicly-listed companies involved in real estate, infrastructure,...
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