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JMI Jpmorgan Uk Smaller Companies Investment Trust Plc

279.00
0.00 (0.00%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Jpmorgan Uk Smaller Companies Investment Trust Plc LSE:JMI London Ordinary Share GB00BF7L8P11 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 279.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
278.00 281.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -9.18M -12.86M -0.0936 -29.81 383.43M
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 279.00 GBX

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Date Time Title Posts
27/2/202408:43JPMF Smaller Companies72

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Jpmorgan Uk Smaller Comp... (JMI) Most Recent Trades

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Posted at 17/5/2024 09:20 by Jpmorgan Uk Smaller Comp... Daily Update
Jpmorgan Uk Smaller Companies Investment Trust Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker JMI. The last closing price for Jpmorgan Uk Smaller Comp... was 279p.
Jpmorgan Uk Smaller Comp... currently has 137,431,536 shares in issue. The market capitalisation of Jpmorgan Uk Smaller Comp... is £383,433,985.
Jpmorgan Uk Smaller Comp... has a price to earnings ratio (PE ratio) of -29.81.
This morning JMI shares opened at -
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: Saba


Unsurprisingly, 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 15/9/2023 14:13 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 08:15 by lozzer69
Yes going well. Buying jmi last year was my best idea for UK exposure.
Posted at 16/7/2019 13:03 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 30/11/2018 14:05 by babbler
Ah share split. Cool.
Posted at 28/5/2017 18:18 by kenmitch
And 953p is 38p above 915p!

IF share can go up at similar rate over next 5 weeks as the last 4 it will get to about 980p and the sub share worth 65p compared with current buy price of 25p.
Posted at 17/5/2017 11:58 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.
Posted at 16/2/2017 16:02 by biggest bill
The trust's share price only has to rise 5% for the subscription shares to be in the money. I think that is pretty likely to happen in the next few months. If the share price rises by 10%, the subscription shares will rise enormously. I think it is a reasonable punt at this level.
Jpmorgan Uk Smaller Comp... share price data is direct from the London Stock Exchange

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