Manager firm
JPMorgan Asset Management
Manager(s)
Don San Jose, Dan Percella, Jon Brachle
Structure
investment_trust
AIC sector
North American Smaller Companies
Domicile
United Kingdom
Base currency
GBP
Launched
1962-04-02
Latest factsheet
2026-05-31
Snapshot date
2025-08-31
Share price
438.00p
NAV / share
477.46p2026-07-31
Premium / discount
-8.26%
Fund size
£265m
OCF
0.96%
Performance fee
—
Gearing
9.10%
Dividend yield
0.80%
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 1m | 2.9% | — | — |
| 3m | 3.4% | — | — |
| ytd | 6.5% | — | — |
| 1y | 10.7% | — | — |
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 3y | 7.0% | — | — |
| 5y | 0.3% | — | — |
| 10y | 9.9% | — | — |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Novanta | Technology | — | 1.8% |
| 2 | Element Solutions | Basic Materials | — | 1.7% |
| 3 | Modine Manufacturing | Industrials | — | 1.6% |
| 4 | Ryman Hospitality Properties | Real Estate | — | 1.5% |
| 5 | Loar Holdings | Industrials | — | 1.5% |
| 6 | MACOM Technology Solutions | Technology | — | 1.5% |
| 7 | Hayward | Industrials | — | 1.5% |
| 8 | MSA Safety | Industrials | — | 1.4% |
| 9 | SM Energy | Energy | — | 1.4% |
| 10 | Fabrinet | Technology | — | 1.4% |
| Industrials | 27.4% | |
| Financials | 20.6% | |
| Technology | 12.2% | |
| Health Care | 7.8% | |
| Consumer Discretionary | 7.8% | |
| Basic Materials | 6.9% | |
| Energy | 5.1% | |
| Real Estate | 4.5% | |
| Consumer Staples | 3.2% | |
| Utilities | 1.9% | |
| Cash | 1.6% | |
| Telecommunications | 1.0% |
| USA | 96.4% | |
| Cash near Cash | 3.6% |
| Portfolio yield | 1.35% |
| Unlisted holdings | — |
| Cash & equivalents | 3.62% |
| Total assets | £281.6m |
| Revenue reserves | £0 |
| Net gearing | 6.80% |
| Gross gearing | 10.80% |
| Net cash | £0 |
| Gearing range (from) | 0.00% |
| Gearing range (to) | 15.00% |
| Shares in issue | 57,125,784 |
| Shares issued | 0 |
| Shares purchased | 365,000 |
| Treasury shares | 8,280,491 |
The JPM US Smaller Companies Investment Trust seeks to invest in high quality US Smaller Companies at a reasonable valuation, particularly focusing on those companies with strong earnings and cash flow characteristics. Since mid-2025, we have seen a strong rally in performance from more thematic stocks and unprofitable companies, which, given the quality-orientation of our portfolio management approach, we would not tend to invest in. This has led to relative underperformance. Over the long-term, we maintain conviction in our approach to identify high quality companies that should deliver strong risk-adjusted returns over a cycle.
Manager firm
JPMorgan Asset Management
Manager(s)
Don San Jose, Dan Percella, Jon Brachle
Structure
investment_trust
AIC sector
North American Smaller Companies
Domicile
United Kingdom
Base currency
GBP
Launched
1962-04-02
Latest factsheet
2026-05-31
Snapshot date
2025-08-31
Share price
438.00p
NAV / share
477.46p2026-07-31
Premium / discount
-8.26%
Fund size
£265m
OCF
0.96%
Performance fee
—
Gearing
9.10%
Dividend yield
0.80%
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 1m | 2.9% | — | — |
| 3m | 3.4% | — | — |
| ytd | 6.5% | — | — |
| 1y | 10.7% | — | — |
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 3y | 7.0% | — | — |
| 5y | 0.3% | — | — |
| 10y | 9.9% | — | — |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | Novanta | Technology | — | 1.8% |
| 2 | Element Solutions | Basic Materials | — | 1.7% |
| 3 | Modine Manufacturing | Industrials | — | 1.6% |
| 4 | Ryman Hospitality Properties | Real Estate | — | 1.5% |
| 5 | Loar Holdings | Industrials | — | 1.5% |
| 6 | MACOM Technology Solutions | Technology | — | 1.5% |
| 7 | Hayward | Industrials | — | 1.5% |
| 8 | MSA Safety | Industrials | — | 1.4% |
| 9 | SM Energy | Energy | — | 1.4% |
| 10 | Fabrinet | Technology | — | 1.4% |
| Industrials | 27.4% | |
| Financials | 20.6% | |
| Technology | 12.2% | |
| Health Care | 7.8% | |
| Consumer Discretionary | 7.8% | |
| Basic Materials | 6.9% | |
| Energy | 5.1% | |
| Real Estate | 4.5% | |
| Consumer Staples | 3.2% | |
| Utilities | 1.9% | |
| Cash | 1.6% | |
| Telecommunications | 1.0% |
| USA | 96.4% | |
| Cash near Cash | 3.6% |
| Portfolio yield | 1.35% |
| Unlisted holdings | — |
| Cash & equivalents | 3.62% |
| Total assets | £281.6m |
| Revenue reserves | £0 |
| Net gearing | 6.80% |
| Gross gearing | 10.80% |
| Net cash | £0 |
| Gearing range (from) | 0.00% |
| Gearing range (to) | 15.00% |
| Shares in issue | 57,125,784 |
| Shares issued | 0 |
| Shares purchased | 365,000 |
| Treasury shares | 8,280,491 |
The JPM US Smaller Companies Investment Trust seeks to invest in high quality US Smaller Companies at a reasonable valuation, particularly focusing on those companies with strong earnings and cash flow characteristics. Since mid-2025, we have seen a strong rally in performance from more thematic stocks and unprofitable companies, which, given the quality-orientation of our portfolio management approach, we would not tend to invest in. This has led to relative underperformance. Over the long-term, we maintain conviction in our approach to identify high quality companies that should deliver strong risk-adjusted returns over a cycle.
