16 Jul 2018 11:49
London, UK, 16 July 2018
Edison issues review on JPMorgan European Smaller Companies Trust (JESC)
JPMorgan European Smaller Companies Trust (JESC) aims to generate long-term capital growth from a portfolio of high-quality, reasonably valued, small-cap European equities. While the European stock market, in keeping with global markets, has been more volatile year to date compared with the abnormally low levels of volatility in 2017, the managers believe that there is potential for further upside. They cite an improving European and global economy, low inflation and a benign interest rate environment, which is supportive for corporate earnings growth. JESC has a very strong investment track record, outperforming the EMIX Smaller Europe ex-UK index over the last one, three, five and 10 years. The trust currently offers a 1.7% dividend yield.
JESC is currently trading at an 11.0% discount to cum-income NAV. This compares with the 8.8% to 14.1% range of averages over the last one, three, five and 10 years. Given the trust's positive long-term investment track record, there is scope for the discount to narrow over time. The board's policy is to pay out the majority of income received each year; JESC's current dividend yield is 1.7%.
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