Review: Ready for the next 25 years
JPMorgan European Smaller Companies Trust (JESC) has a 25-year track record of seeking capital appreciation by investing in smaller Continental European companies. The managers note that the sector competes for investor attention against other high-growth areas such as emerging markets, and the recent sell-off in Asia could underpin investor demand, a trend suggested by the historically low level of discount. Performance has been strong versus the benchmark over both short and longer periods, with a 20-year NAV total return of 1,173% – all of which has been achieved under the long-serving current managers – beating the nearest peer by more than 60%. The managers favour cyclical stocks in the expectation of further economic recovery in Europe, driven by domestic demand.JPMorgan European Smaller Companies Trust is an investment trust company and invests primarily in european equities. Co.'s operations are located in the U.K. As of Mar 31 2017, Co.'s investment portfolio totaled £653.6 million.
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