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(Alliance News) - JPMorgan American Investment Trust PLC on Wednesday said it underperformed its benchmark in the first half of 2019 despite an improvement in net asset value.
The stock was trading 0.3% lower on Wednesday in London at 481.75 pence a share.
The FTSE 250-listed investment company said its NAV per share as at June 30 stood at 480.8p, up 9.7% from 438.0p reported a year prior, and up 14% from 420.7p as at the end of 2018.
In the six months to the end of June 2019, the total return on net assets per share in sterling terms was 15%, JPMorgan American said. The total return from the company's benchmark, the S&P 500 Index in sterling terms, was 18%.
The return to shareholders per share in sterling terms was 16%, reflecting a small narrowing of the trust's discount to NAV per share at which it traded at the end of the period.
JPMorgan American is paying a 2.5p a share dividend, unchanged on the year before.
Looking ahead, Chair Kevin Carter said: "The board is hopeful that the new investment approach of selecting a more concentrated portfolio of first rate value and growth companies will be resilient in the developing market environment, while having the potential for attractive returns over the medium term."