JPMorgan US Smaller Companies Investment Trust

US Equities

Rated Fund 2014-20. Looks for successful small companies at a discount    

JPMorgan US Smaller Companies has beaten its benchmark, the small company Russell 2000 index - which represents the bottom 10% by market capitalisation of all quoted companies in the US - over one, three, five and 10 years. Its strong track record earned it runner-up in the Best North America Trust category of Money Observer's 2019 investment trust awards.

The trust is suited to investors wanting well-managed exposure to fast-growing companies in an under-researched part of the US market. It boasts a diversified portfolio of stocks (around 100). The trust makes active use of gearing.

Managers Don San Jose, Dan Percella and Jon Brachle invest in firms with a sustainable competitive advantage run by competent managers with successful records. They like businesses that trade at a discount to their intrinsic value. The emphasis on value means the portfolio tends to be underweight technology and healthcare stocks, but this has not prevented the managers from finding winners, which are run even when companies grow larger than the index. But profits are taken when a holding hits around 3% of the portfolio or a sector weighting 10% above the benchmark. Shares in the trust mostly traded at a single-digit premium to net asset value over the past three years.

Narrative and ratings content all as of January 2020.  

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JPMorgan US Smaller Companies Investment Trust
JP Morgan Asset Management (UK) Ltd
Closed Ended Investment Company
North American Smaller Companies
1.23 %
Risk Rating
3 Year Sharpe
3 Year Alpha
0.8 %
Russell 2000 NR GBP
Fund Size
£ 162.65 million
Discount Premium
To achieve long-term capital growth from investing in US micro-cap companies. A bottom-up approach will be taken and the Fund will target companies that have a sustainable competitive advantage, run by competent management teams who have a track record of success and are good stewards of capital; and to focus on owning equity stakes in businesses that trade at a discount to their intrinsic value.
Holding %
JPM USD Liquidity LVNAV X (dist.) 4.56 %
Catalent Inc 2.92 %
Pool Corp 2.82 %
AptarGroup Inc 2.78 %
The Toro Co 2.59 %
ICU Medical Inc 2.27 %
Douglas Dynamics Inc 2.14 %
Encompass Health Corp 2.07 %
West Pharmaceutical Services Inc 1.96 %
Lincoln Electric Holdings Inc 1.96 %
Region %
United States 100.00 %
Sector %
Industrials 21.10 %
Financial Services 18.28 %
Consumer Cyclical 17.31 %
Technology 13.30 %
Healthcare 13.23 %
Real Estate 5.19 %
JP Morgan Asset Management (UK) Ltd
EC4Y 0JP, London, United Kingdom
Legal Structure
Closed Ended Investment Company


Jon Brachle
Joined 06/30/2018
Daniel Percella
Joined 06/30/2018

Daniel J. Percella, CFA, Managing Director, and Portfolio Manager, joined JPMorgan in 2008. Prior to that, Daniel Percella was executive director and analyst and co-portfolio manager on the Small Cap Active Core Team. Dan was previously a member of Institutional Investor-ranked equity research teams covering the transportation sector at Bear Stearns, Bank of America and Citigroup.  Dan holds a B.S. in economics from Georgetown University’s Walsh School of Foreign Service and is a member of both the New York Society of Security Analysts and The CFA Institute.  He is also a CFA charterholder.

Don San Jose
Joined 05/01/2009

Don San Jose, CFA, Managing Director, has been an analyst with the U.S. small cap equity group since 2004 and a portfolio manager since 2007. An employee since 2000, Don was an analyst in JPMorgan Securities' equity research department covering capital goods companies before joining the small cap group. Prior to joining the firm, he was an equity research associate at ING Baring Furman Selz. Don holds a B.S. in finance from The Wharton School of the University of Pennsylvania and is a member of both the New York Society of Security Analysts and The CFA Institute. He is a CFA charterholder.

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