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Edison Investment Research Limited
London, UK, 15 March 2022
JPMorgan European Discovery Trust (JEDT) - Initiation: A core option within a niche market JPMorgan European Discovery Trust (JEDT) aims to generate long-term capital growth from a portfolio of high-quality, reasonably valued, smaller European equities. The scale of opportunities in a relatively inefficient market gives active managers an excellent opportunity set for outperforming and delivering good long-term investor returns, and JEDT has a strong long-term investment track record but has been a little more challenged of late. The trust currently offers a 1.7% dividend yield.
Currently JEDT is trading on a discount to cum income fair net asset value (NAV) of 15.7%, which is outside the five-year average of 12.3%. These headline figures mask some quite extreme moves, with the shares trading at a discount to cum income fair NAV of 25.5% in March 2020 and 8.9% in November 2021. Arguably, as the largest, most high-profile option for investors in the sector, with an established manager and good long-term performance, the trust deserves to be trading closer to NAV. to view the full report or to sign up to receive research as it is published.
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1301493 15-March-2022
