JPMorgan UK Smaller Cos IT PLC Results analysis from Kepler Trust Intelligence
13 Octubre 2021 - 10:19AM
RNS Non-Regulatory
TIDMJMI
JPMorgan UK Smaller Cos IT PLC
13 October 2021
JPMorgan UK Smaller Companies (JMI)
13/10/2021
Results analysis from Kepler Trust Intelligence
JPMorgan UK Smaller Companies (JMI), formerly JPMorgan Smaller
Companies, has reported strong results for the year ending 31 July
2021. Outstanding returns from UK smaller companies has been
accompanied by substantial outperformance.
Over the period the trust benefitted from positions in defensive
names robust to the effects of the pandemic as well as buying into
discounted cyclical names that suffered from the initial impact of
the pandemic but would emerge stronger in the recovery as weaker
competitors fell by the wayside.
Kepler view
The recently renamed JPMorgan UK Smaller Companies (JMI) has
posted a year of excellent results. This has contributed to an
outstanding long term track record of outperforming their benchmark
and peers; the trust is ranked 3/14 within its peer group over the
last five years for NAV total returns (as at 11/10/2021, source:
JPMorgan Cazenove).
This success has been based on the experience of the
long-standing managers Georgina Brittain and Katen Patel (tenures
beginning in 1998 and 2014 respectively) following a
well-established process combining a quantitative system balancing
quality, valuation and momentum factors with bottom-up fundamental
analysis. We note that balancing the portfolio between 'growth'
(higher quality, premium) stocks and more cyclical, less expensive
'value' stocks has helped the portfolio to navigate the extreme
style rotations that have occurred in the last year.
For an investor with a bullish outlook on UK smaller companies
as an asset class, we think JMI is a way of gaining exposure that
balances the potential for outperformance without making a binary
stylistic bet on 'growth' versus 'value'. If the ongoing rally in
UK smaller companies is led by cheaper, value stocks driven by
broad economic recovery or if the nascent tech, growth orientated
sectors begin to emerge as winners then JMI should benefit either
way due to their balanced approach.
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(END) Dow Jones Newswires
October 13, 2021 11:19 ET (15:19 GMT)
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