Jupiter US Smaller Companies PLC Edison reviews Jupiter US Smaller Companies (JUS)

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Jupiter US Smaller Companies PLC

02 November 2017

London, UK, 2 November 2017

Edison issues review on Jupiter US Smaller Companies (JUS)

Jupiter US Smaller Companies (JUS) has announced a number of new initiatives and enhancements to its investment process, aimed at boosting shareholder value and the potential for long-term growth and capital preservation. The manager intends to increase concentration in favoured holdings and be less keen to take profits in winning stocks, at the same time as acting more quickly to cut positions that are not proceeding as hoped. Meanwhile, the board has put in place the trust's first gearing facility, scrapped the performance fee and introduced a new, tiered management fee, alongside a commitment to growing the trust to a target GBP200m over the next two to three years. While JUS's value investment style has been out of favour in the US for the past decade, Fund Manager Robert Siddles says that with the bull market in growth stocks becoming more and more extended, the case for value is stronger than ever.

At 31 October 2017, JUS's shares traded at an 8.7% discount to cum-income NAV. This is narrower than one- and three-year averages (9.1% and 10.2%, respectively) but wider than the averages over five and 10 years (6.0% and 6.5%). The board actively buys back shares to keep the discount below the target 10% maximum.

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November 02, 2017 08:52 ET (12:52 GMT)