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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Brown Advisory US Smaller Companies (BASC) was launched in 1993. It was originally managed by F&C and then Jupiter before Brown Advisory was appointed in April 2021 and Christopher Berrier became its lead manager. The trust now has more of a growth focus after having a value bias under the previous lead manager, Robert Siddles, who looked after the portfolio from 2001 to 2021. BASC has largely matched its benchmark, the Russell 2000 since Brown Advisory was appointed after underperforming it for several years previously. Its longer-term record since its IPO is still impressive at 9.4% a ye...
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