JPMorgan US Smaller Companies Investment Trust

US Equities

Rated Fund 2014-2018. Looks for successful small companies at a discount

This trust has been managed since 2008 by Don San Jose. His co-manager since 2014 is Dan Percella, and Jon Brachle joined the team in 2017 as a research analyst.

The philosophy of this New York-based management team is to invest in companies that have a sustainable competitive advantage and are run by competent management teams with a track record of success, and to focus on owning stakes in businesses that trade at a discount to their intrinsic value. Sector weights are a by-product of this approach.

They tend to invest towards the larger end of their investment universe and to run a portfolio of around 100 holdings. At the end of 2017 the portfolio's main sector exposures were to financials, consumer discretionary and producer durable stocks. John Bean Technologies, which supplies technology solutions to the food processing and air transportation industries, is a top holding.

The trust's benchmark is the small company Russell 2000 index, which represents the bottom 10 per cent by market capitalisation of all quoted companies in the US. But the managers will run their winners even if these companies grow larger than the index. However, profits are taken when a holding gets to around 3 per cent of the portfolio or a sector weighting gets to 10 per cent above the benchmark.The managers believe their approach has resulted in the trust's portfolio being less volatile than the market.Shares in the trust typically trade at a discount to net asset value as high as 15 per cent over the past three years. However, that had narrowed to around par at the end of 2017.

Narrative and ratings content all as of 01 January 2018.

See all Money Observer rated funds
JPMorgan US Smaller Companies Investment Trust
JP Morgan Asset Management (UK) Ltd
Closed Ended Investment Company
North American Smaller Companies
1.36 %
Risk Rating
3 Year Sharpe
3 Year Alpha
0.7 %
Russell 2000 NR GBP
Fund Size
£ 182.8 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 %
Scotia Bank Usd Stl 8.24 %
JPM USD Liquidity LVNAV X (dist.) 5.13 %
Pool Corp 2.91 %
AptarGroup Inc 2.84 %
The Toro Co 2.77 %
Douglas Dynamics Inc 2.17 %
Catalent Inc 2.14 %
Performance Food Group Co 2.09 %
West Pharmaceutical Services Inc 2.01 %
Quaker Chemical Corp 1.96 %
Region %
United States 100.00 %
Sector %
Industrials 21.83 %
Consumer Cyclical 19.62 %
Financial Services 16.10 %
Technology 15.10 %
Healthcare 8.85 %
Real Estate 6.21 %
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.

Data provided by Morningstar.

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