JPMorgan US Smaller Companies Investment Trust plc
JUSC.L
London Stock Exchange401.42
GBp
+3.42
(+0.50%)
JPMorgan US Smaller Companies Investment Trust plc
JUSC.L
(London Stock Exchange)
Recent
price
401.42
P/E
ratio
-21.26
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- JPMorgan US Smaller Companies Investment Trust plc is a United Kingdom-based closed-end investment trust that invests in a diversified portfolio of listed United States smaller companies with sustainable financial competitive advantages, run by competent management teams that are good stewards of capital, and trading at discounts to their intrinsic value; it employs a bottom-up stock-picking approach focusing on high-quality growth stocks across sectors including industrials, financials, consumer discretionary, technology, health care, basic materials, real estate, energy, utilities, consumer staples and telecommunications. The trust benchmarks performance against the Russell 2000 Index total return in sterling terms and may gear its portfolio within a range of 5% net cash to 15% of net assets. Managed by JPMorgan Asset Management (UK) Limited, with portfolio management led by Don San Jose since November 2008 alongside co-managers Dan Percella and Jon Brachle, the trust targets long-term capital growth for investors seeking exposure to the US small-cap market through the investment trust structure, which provides stable capital and borrowing flexibility for less liquid assets. Incorporated in 1955 and launched in 1982, it is headquartered at 60 Victoria Embankment, London EC4Y 0JP, with operations centered on US equities and shares listed on the London Stock Exchange under ticker JUSC.L. In recent developments, the trust repurchased 3,047,895 shares into treasury during 2024 at a weighted average discount of 11.5%, followed by an additional 369,510 shares post-year-end to manage its discount; it renewed its revolving credit facility in March 2024 to US$20 million (with a US$10 million accordion option) initially with Scotiabank, fully utilized the accordion in November 2024, and further renewed in March 2025 with Bank of America for US$35 million (US$5 million accordion) as a 360-day evergreen facility, ending 2024 with US$30 million drawn and gearing at 7.7%; ongoing charges stood at 0.92% for the year, reflecting direct management fees of 0.7% on gross assets; and the board proposed a continuation vote for approval at the June 2025 AGM, supported by a decade-long track record of net asset outperformance versus the benchmark.