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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Jpmorgan Uk Smaller Companies Investment Trust Plc | JMI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 279.00 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 279.00 | 279.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 08/2/2024 10:08 by davebowler Kepler-JMI’s proposed combination with JMF will offer investors a range of potential benefits… Overview The managers of JPMorgan UK Smaller Companies (JMI), Georgina Brittain and Katen Patel, look to take advantage of the lack of research at the smaller end of the UK equity market cap spectrum to find highly innovative or disruptive firms. They take a bottom-up approach that aims to identify companies that can grow rapidly and become the medium and large firms of tomorrow (see Portfolio). Following an announcement in November 2023, JMI is planning a combination with stablemate trust JPMorgan Mid Cap (JMF), subject to shareholder approval. The combination will grow JMI’s asset size, increasing liquidity and lowering costs. It will also see the introduction of an enhanced dividend strategy, which will see a 4% yield on NAV paid from a combination of income and capital, an increase of around 50% from the current level. There will also be a reduction in the Charges which are expected to fall by c. 20%. The managers have delivered excellent Performance over the long term, generating alpha in six of the past seven years and generating strong cumulative outperformance of the benchmark. The trust had a rare challenging period in 2022 but has recovered since, driven by strong stock selection. Despite the bounce back, the managers believe valuations in the portfolio are low as a result of negative sentiment, best demonstrated by a good free-cash-flow rate versus the benchmark, whilst still exhibiting considerably higher quality and better momentum. The managers have looked to capture this by increasing Gearing towards the top end of the range. The negative sentiment has resulted in the trust trading at a wide Discount. The current level is in line with the five-year average and the peer-group average, despite the long-term outperformance. Kepler View In our opinion the proposed combination has a number of beneficial features for investors. It will likely result in lower Charges, as well as offering an enhanced Dividend policy, which is often popular amongst retail investors. We believe this new vehicle would offer investors a stronger total return offering, with income alongside the capital growth potential of the asset class. We believe the track record of managers Georgina and Katen is very impressive, the pair having delivered considerable outperformance of the benchmark over the long term, demonstrating the effectiveness of their process and the strength of the resources available to them at JPMorgan. Despite this, the trust is trading on a wide Discount, which we believe is a result of negative sentiment towards the UK small-cap market. As such, we think this could make a compelling entry point for long-term investors. The recently announced combination could have an impact on this, due to the expected improvement in liquidity from the combined vehicle, should it achieve shareholder approval. The portfolio is currently positioned to capture a recovery in the UK too, with Gearing towards the top end of the range, and the managers rotating into their higher-conviction ideas to ensure they are capturing the best value, quality, and momentum on offer. Should their thesis on a potential recovery prove correct, we believe there is considerable upside on offer from both a continued recovery in Performance and a narrowing of the discount. Bull Excellent long-term track record Trust is trading at a wide discount to NAV Post-combination should enjoy benefits of scale, being cheap and more liquid Bear Gearing is towards the top of its range, which can amplify market movements Less concentrated portfolio than peers, which can be a headwind in rising markets Has historically been more volatile than peers |
Posted at 12/1/2024 15:03 by davebowler Source: SabaUnsurprisingly, several of these companies are undergoing some kind of corporate activity including: Invesco Select, which is ditching its umbrella structure; Abrdn Smaller Companies Income, which merged with Shires (SHRS); JPMorgan Mid Cap (JMF) which is planning to merge with JPMorgan UK Smaller Companies (JMI), the latter is also held by Saba; and Abrdn Diversified Income & Growth (ADIG), which has proposed a wind-down. |
Posted at 07/12/2023 22:43 by essentialinvestor Divi paid in to the account this morning. |
Posted at 04/11/2023 12:17 by essentialinvestor Decent week, with also the recent annual dividend to be paid in December. |
Posted at 13/10/2023 13:11 by essentialinvestor 11.6% increase in the annual Divi, very welcome. Added. |
Posted at 15/9/2023 13:13 by melloteam *FREE EVENT*Just to let shareholders and prospective investors know that Mello Events are hosting a free Investment Trusts and Funds event on Tuesday 26th September 2023. The event will feature the following: Emma Bird, Head of Investment Trust Research at Winterflood Securities, presents ‘Investment Trusts in a Higher Interest Rate World’ Presentations from Georgina Brittain, portfolio manager of JPMorgan UK Smaller Companies (JMI); Impax Environmental Markets plc; George Barrow presents Polar Capital Global Financials Trust; and Ocean Dial and the India Capital Growth Fund There will be over 500 investors attending and these are very popular shows with company presentations, fund manager and investor interviews, and panel sessions. To register for FREE, click here: For more information, click here: |
Posted at 20/4/2021 07:15 by lozzer69 Yes going well. Buying jmi last year was my best idea for UK exposure. |
Posted at 16/7/2019 12:03 by poikka Rubbish performance lately compared to EWI. Wish I had more in EWI and less in JMI. Still, long term and all that. |
Posted at 17/5/2017 10:58 by lenses Hi Bill.The arbitrage opportunity here is getting more attractive by the hour. JMI mid now at 949.5 (offer 950). My broker not quoting on JMIS at present (without phoning), but you could buy at 19 yesterday. With an exercise price of 915 that's 16p of discount on a 'buy the subs and exercise' trade rather than strait buying of JMI. Expiry end of June. L. |
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