JPMorgan Claverhouse Investment Trust Plc

UK Equity Income

Rated Fund 2019-20. A 'classic get rich slow fund'       

JPMorgan Claverhouse has delivered its 47th consecutive year of dividend growth, a record among funds in this Rated Fund group that is beaten only by City of London. Claverhouse yields 3.6% and pays dividends quarterly. It has enough revenues in reserve to meet dividend payments for the next 1.5 years. William Meadon has managed the trust since 2012. He was joined by Callum Abbot in January 2018 after Sarah Emly, who had previously assisted him, died at the end of 2017.

The trust is style-agnostic, combining both growth and value stocks, with the number of holdings typically between 60 and 80. Its largest sector weighting is to financials at 27%, much in line with the exposure to this sector of its benchmark, the FTSE All-Share index. However, this is skewed by its holdings in other investment trusts, which it counts as financials. It owns JP Morgan Smaller Companies IT and Scottish Mortgage. Meadon wanted to increase exposure to technology in early 2018 and deemed buying FTSE 100-listed Scottish Mortgage a natural move, given its focus on disruptive, high-growth tech stocks and the dearth of options among standalone UK tech stocks.

Canaccord Genuity Wealth Management rates Claverhouse as a "classic get rich slow fund". "You get a portfolio of companies trading at low valuations, with strong balance sheets and high cash flow generation," says investment manager Patrick Thomas. Shares in the trust went from a small premium to a modest discount during 2019, though this has since evaporated.

Narrative and ratings content all as of January 2020.

See all Money Observer rated funds
JPMorgan Claverhouse Investment Trust Plc
JP Morgan Asset Management (UK) Ltd
Closed Ended Investment Company
UK Equity Income
0.72 %
Risk Rating
3 Year Sharpe
3 Year Alpha
4.9 %
FTSE All-Share
Fund Size
£ 340.47 million
Discount Premium
To provide a combination of capital and income growth from a portfolio consisting mostly of companies listed on the London Stock Exchange.
Holding %
30m Gbp Private Placement Mar 2045 9.13 %
GlaxoSmithKline PLC 7.02 %
Royal Dutch Shell PLC B 6.88 %
AstraZeneca PLC 6.33 %
British American Tobacco PLC 5.53 %
JPMorgan Smaller Companies Ord 5.04 %
HSBC Holdings PLC 3.33 %
Prudential PLC 3.22 %
RELX NV 3.07 %
Tesco PLC 2.92 %
Region %
United Kingdom 94.68 %
Sector %
Financial Services 16.33 %
Consumer Defensive 12.99 %
Consumer Cyclical 12.67 %
Healthcare 12.60 %
Basic materials 8.76 %
Energy 8.46 %
Utilities 7.23 %
Technology 7.02 %
Industrials 5.91 %
JP Morgan Asset Management (UK) Ltd
EC4Y 0JP, London, United Kingdom
Legal Structure
Closed Ended Investment Company


Callum Abbot
Joined 01/25/2018
William Meadon
Joined 03/13/2012

William Meadon is a Portfolio Managers in JPMorgan’s London-based International Behavioural Finance Team. William Meadon managing director, is head of the Core team in the J.P. Morgan Asset Management European Equity Group. An employee since 1996, William was previously head of UK specialist pension funds at Newton Investment Management Ltd, responsible for pension funds and the Newton Higher Income Fund. Before this, he was a balanced pension fund manager. Prior to Schroders, William was articled to Peat Marwick (now part of KPMG). William obtained a BA (Hons) in Economics from the University of Nottingham and is a qualified Chartered Accountant.

Data provided by Morningstar.

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Morningstar. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.