29 Nov 2018 17:50
London, UK, 29 November 2018
Edison issues review on Jupiter US Smaller Companies (JUS)
Jupiter US Smaller Companies (JUS) is managed by Robert Siddles, who aims to generate long-term capital growth, while preserving capital in periods of stock market weakness, from a diversified portfolio of mid- and small-cap US equities. Since October 2017, the manager has employed a tighter investment process, increasing JUS's portfolio concentration and enhancing the sell discipline. This has proved effective; since then, the trust has outperformed its US small-cap equity benchmark by more than 15pp. Relative performance has remained robust during recent months, which have been characterised by high levels of stock market volatility.
JUS is currently trading at an 11.0% discount to cum-income NAV, which is wider than the 6.6% to 10.0% range of averages over the past one, three, five and 10 years. The board actively manages the discount by repurchasing shares, aiming for a maximum 8% discount in normal market conditions. The significant improvement in the trust's performance since the investment process was tightened in October 2017 suggests there is scope for the discount to narrow. US smaller companies is a low-yielding asset class; hence, JUS does not pay a dividend.
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