REG - JPMorganUS Small Cos - Half-year Report
22/08/2023 10:15
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RNS Number : 0813K JPMorgan US Smaller Co. IT 22 August 2023
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMorgan US Smaller Companies Investment Trust plc
Half Year Report & FINANCIAL STATEMENTS
for the six months ended 30th June 2023
Legal Entity Identifier: 549300MDD7SOXDMBN667
Information disclosed in accordance with the DTR 4.2.2
The Directors of JPMorgan US Smaller Companies Investment Trust plc announce
the Company's results for the six months ended 30 June 2023.
CHAIR'S STATEMENT
Performance
The Company's performance at the beginning of the reporting period for the six
months to 30th June 2023 was hampered by headwinds from 2022, including high
interest rates and high inflation. However, January 2023 saw a deceleration in
inflation and the re-opening of China which aided growth sentiment. The
Federal Reserve raised rates by 25bps twice during the reporting period.
However, with the continuation of the regional bank crisis and the rising
interest rate environment, the US Equity market remained volatile.
The Company's return on net assets for the reporting period was +0.4%,
underperforming the Company's benchmark, the Russell 2000 index, which rose by
+2.1%. The share price fell by -3.2%, resulting in a widening of the Company's
discount.
A fuller explanation of the performance is set out below in the Investment
Manager's Report.
Discount to Net Asset Value
During the six month period to 30th June 2023, the Company's shares traded at
a discount, averaging a discount of 9.1% over the six months. The relationship
between our share price and the net asset value (NAV) is monitored on a daily
basis by the Board and our professional advisers. To help with the management
of the discount we have in place the authority to repurchase up to 14.99% of
the Company's issued share capital. With the widening of the discount, the
Company repurchased 187,090 shares into Treasury at an average discount of
10.3% during the review period. The Company has purchased an additional 50,000
shares into Treasury since the period end and at the time of writing, the
Company's issued share capital consists of 65,506,265, including 997,733
shares in Treasury.
Board Succession Planning
All of the Directors were re-appointed at the Annual General Meeting (AGM) in
April this year. The Board consists of five non-executive directors with a
range of tenures from one year to eight years.
The Board has set in place a well-structured succession plan. In 2024 I shall
have been on the Board for nine years and will therefore be retiring at the
next AGM. The Board has agreed unanimously that Dominic Neary will take over
from me as Chairman following the AGM in 2024. In addition, it has been agreed
by the Directors that the Board will be reduced to four Directors following my
retirement; we believe that this is an appropriate number given the size of
the Company, and that the Board will continue to offer the correct balance of
skills and diversity of membership.
Gearing
The Investment Manager has been given the flexibility by the Board to manage
gearing tactically and remain invested within a maximum gearing limit set by
the Board of 15% (±2.5% if as a result of market movement). The Company
closed the six month period with a gearing level of 6.1% having averaged
approximately 6.5% throughout the reporting period.
Having renewed the Company's $30 million gearing facility (with an accordion
facility of $10 million) in October 2021 for two years, the Company continued
to utilise its revolving credit facility to maintain a meaningful but modest
level of gearing. $30 million is currently drawn down on the facility. As this
facility expires in October 2023, the Board is currently considering its
renewal.
Task Force on Climate-related Financial Disclosures (TCFD)
The Investment Manager published its first UK TCFD Report for the Company in
respect of the year ended 31st December 2022 on 30th June 2023. The report
discloses the portfolio's climate-related risks and opportunities according to
the FCA Environmental, Social and Governance Sourcebook and the TCFD
Recommendations. The report is available on the Company's website:
https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/esg-information/jpmorgan-us-smaller-companies-investment-trust-plc-tcfd-report.pdf
(https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/esg-information/jpmorgan-us-smaller-companies-investment-trust-plc-tcfd-report.pdf)
This is the first report under the new guidelines and disclosure requirements
and the Board will continue to monitor as these reports evolve.
Outlook
The Company's quality portfolio continues to offer an attractive valuation
with good earnings growth. However, the Company's NAV and share price
performance during the period was negatively impacted by small cap stocks
underperforming large cap stocks, and with higher interest rates and continued
recession fears, it is possible that this trend will continue in the near
term. Despite this, the Board and Portfolio Managers remain optimistic for the
longer term outlook of the Company.
David Ross
Chair
22nd August 2023
INVESTMENT MANAGER'S REPORT
Market Review
The US equity markets have had a solid year so far despite economic headwinds.
In the first six months of 2023, the S&P 500 was up by 17.0% (in US
dollar terms), supported by resilient earnings and hopes for a soft landing as
inflation cooled and the Fed slowed interest rate hikes.
The year 2023 began with an exaggerated January effect, followed by a slight
pullback in February, then reacceleration in March despite the banking
troubles. Small caps saw more muted gains as fears of tightening lending
standards impacted smaller names relative to mega cap stocks. The market
rocketed higher in the second quarter, driven by excitement around artificial
intelligence, which benefited mega-cap technology stocks, in particular. The
much-discussed narrowness in the market also occurred within small caps.
Large cap stocks as represented by the S&P 500 Index, returned +17.0% (in
US dollar terms), outperforming the small cap Russell 2000 Index, which
returned +8.0%. Overall, value underperformed growth as the Russell 3000 Value
Index returned +5.0%, while the Russell 3000 Growth Index returned +28.0%.
Performance
The Company's net asset value total return was +0.4% in the first half of
2023. While positive, this failed to keep pace with the +2.1% total return of
its benchmark, the Russell 2000 Index in sterling terms. Stock selection was
the primary driver of underperformance, with the consumer discretionary and
health care sectors being the largest detractors.
Our sector allocation in industrials and energy contributed to performance.
Within industrials, our overweight position in Simpson Manufacturing and our
position in Diversey for a part of the period were the top contributors.
Simpson Manufacturing is a market leader in the wood connectors building
product space. Shares rallied after the company reported strong quarterly
results despite softer volumes. The company benefitted from resilient margins
driven by strong cost management and lower raw material costs. We continue to
like the stock given its attractive valuation, solid free cash flow generation
and a tenured management team. Diversey, a provider of hygiene, infection
prevention and cleaning solutions, performed well following the announcement
that the company would be acquired by Solenis, a water treatment company owned
by private equity firm Platinum Equity for an enterprise value of USD 4.6
billion.
At the security level, our exposure to Bright Horizons Family Solutions,
within consumer discretionary proved beneficial. Bright Horizons Family
Solutions is a provider of childcare and education services. Shares rose due
to stronger-than-expected first quarter earnings driven by improved
utilisation and enrolment levels, which was partially driven by improved
labour availability. We continue to like the fundamentals of the business and
believe its valuation remains reasonable, leaving us comfortable with our
position.
On the other hand, our stock selection was the primary driver of
underperformance, with the health care and consumer discretionary sectors
being the largest detractors. Within health care, our overweight position in
ModivCare was the largest detractor from performance. ModivCare is a provider
of non-emergency medical transportation and non-medical home care services,
primarily serving Medicaid enrollees. Shares declined due to concerns over
Medicaid eligibility redeterminations and the potential for margin caps in the
personal care segment. Additionally, the timing of receivables collections
pressured cash flows. While disappointing, we believe the risks are
well-understood by the market and are reflected in the current valuation, and
we remain comfortable with our position in the stock.
At the security level, our position in Western Alliance for a part of the
period, and being overweight in ServisFirst Bancshares within the financials
sector were among the top detractors. Western Alliance is a regional bank
serving the Southwestern US. Shares slumped in the wake of the Silicon Valley
Bank and Signature Bank collapses, as investors aggressively sold growthier
banks over fears around deposit retention. While Western Alliance had a strong
liquidity position, we eliminated our position in the company given deposit
uncertainty in the midst of what appeared to be a run on the bank as the
crisis was unfolding. ServisFirst is an Alabama based regional bank that
predominantly focuses on commercial and industrial lending in the southeast
US. Shares fell after the company reported mixed quarterly results. The bank
witnessed higher than expected levels of deposits shifting to interest bearing
accounts in 1Q, thereby resulting in net interest margin compression. We
remain comfortable with our position, given the company's strong fundamentals
and solid deposits.
Portfolio Positioning
With regard to our portfolio positioning, we continue to focus on finding
companies with durable franchises, good management teams and stable earnings
that trade at a discount to intrinsic value. We continue to believe that
smaller companies are worth investing in for long term investors as they
include innovative companies that serve market niches and thereby can be a way
to get in early on innovation.
Our trading activity in the period reflects caution given uncertainty
surrounding the regional bank crisis, as well as opportunistic additions to
high quality, competitively advantaged businesses that were undervalued. We
trimmed outperformers within the industrials and consumer discretionary
sectors, and lower conviction names across all sectors to raise cash and
redeploy proceeds to better ideas. We also had mergers and acquisitions
induced reductions. Within financials, we trimmed outperforming non-bank names
and modestly added to banks as valuations reflect the sector headwinds, though
we remain under-weight banks. Our largest absolute and relative weight remains
in industrials, followed by utilities.
On the other hand, our largest underweights remain in the energy and health
care sectors. While we have struggled to find high quality assets within most
segments of the energy sector, we have found some interesting opportunities
within the alternative energy and midstream areas.
Market Outlook
We remain constructive on the case for small caps in the intermediate and long
term. While multiple signs such as persistent inflation, stretched labour
markets, a stubbornly hawkish Fed and tightening bank lending standards point
to reasons for caution, none of these concerns are new. Valuation versus large
caps continues to look favourable, especially with such a thin slice of the
mega cap technology names driving the overall market. We are cognisant that
the earnings picture for small caps is not poised for an immediate rebound and
recent earnings revisions have been negative. However, the stocks will react
positively before earnings hit bottom and our natural leaning towards high
quality companies should provide downside protection in the interim. We expect
that macro factors will continue to dominate investor focus in the short term
but we believe our process can outperform over the cycle.
While the economy teeters on the edge of recession, we remain balanced and
continue to monitor incremental risks that could represent headwinds for U.S.
equities. Through the volatility, we continue to focus on high conviction
stocks and take advantage of market dislocations for compelling stock
selection opportunities.
For and on behalf of the
Investment Manager
Don San Jose
Jon Brachle
Dan Percella
Portfolio Managers
22nd August 2023
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its Half Year
Report:
Principal and Emerging Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall into the
following broad categories: underperformance; market and economic; discount
control; shareholder demand; lost of investment team or portfolio manager;
outsourcing; cyber crime; statutory and regulatory compliance; and climate
change. In addition, the following were identified as emerging risks:
political and economic; global pandemics; market risk; and ongoing shareholder
demand. The Board continues to closely consider and monitor these risks.
Information on each of these areas is given in the Strategic Report within the
Annual Report and Financial Statements for the year ended 31st December 2022.
Related Parties Transactions
During the first six months of the current financial year, no transactions
with related parties have taken place which have materially affected the
financial position or the performance of the Company.
Going Concern
In accordance with The Financial Reporting Council's guidance on going concern
and liquidity risk, the Directors have undertaken a rigorous review of the
Company's ability to continue as a going concern. The Board has, in
particular, considered the impact of heightened market volatility since the
Russian invasion of Ukraine, the inflationary environment and other
geopolitical and financial risks. However, it does not believe the Company's
going concern status is affected. The Company's assets, the vast majority of
which are investments in quoted securities which are readily realisable,
exceed its liabilities significantly under all stress test scenarios reviewed
by the Board. Gearing levels and compliance with borrowing covenants are
reviewed by the Board on a regular basis. Furthermore, the Directors are
satisfied that the Company and its key third party service providers have in
place appropriate business continuity plans. Accordingly, having assessed the
principal and emerging risks and other matters, the Directors believe that
there are no material uncertainties pertaining to the Company that would
prevent its ability to continue in such operational existence for at least 12
months from the date of the approval of this half yearly financial report.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the
half year financial report has been prepared in accordance with FRS 104
'Interim Financial Reporting' and gives a true and fair view of the state of
affairs of the Company, and of the assets, liabilities, financial position and
net return of the Company as at 30th June 2023 as required by the Disclosure
Guidance and Transparency Rules 4.2.4R; and
(ii) the interim management report includes a fair review of the
information required by 4.2.7R and 4.2.8R of the Disclosure Guidance and
Transparency Rules.
In order to provide these confirmations, and in preparing these financial
statements, the Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and accounting estimates that are reasonable
and prudent;
• state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and explained in the
financial statements; and
• prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will continue in
business;
and the Directors confirm that they have done so.
For and on behalf of the Board
David Ross
Chair
22nd August 2023
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30th June 2023
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th June 2023 30th June 2022 31st December 2022
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Losses on investments held at
fair value through profit or loss - (146) (146) - (40,791) (40,791) - (22,082) (22,082)
Net foreign currency
gains/(losses) on cash
and loans - 1,020 1,020 - (2,028) (2,028) - (2,513) (2,513)
Income from investments 2,135 - 2,135 1,542 - 1,542 3,218 - 3,218
Interest receivable 154 - 154 14 - 14 118 - 118
Gross return/(loss) 2,289 874 3,163 1,556 (42,819) (41,263) 3,336 (24,595) (21,259)
Management fee (207) (828) (1,035) (209) (834) (1,043) (416) (1,664) (2,080)
Other administrative expenses (212) - (212) (233) - (233) (547) - (547)
Net return/(loss) before
finance costs and taxation 1,870 46 1,916 1,114 (43,653) (42,539) 2,373 (26,259) (23,886)
Finance costs (145) (579) (724) (31) (123) (154) (135) (539) (674)
Net return/(loss) before taxation 1,725 (533) 1,192 1,083 (43,776) (42,693) 2,238 (26,798) (24,560)
Taxation (314) - (314) (193) - (193) (466) - (466)
Net return/(loss) after
taxation 1,411 (533) 878 890 (43,776) (42,886) 1,772 (26,798) (25,026)
Return/(loss) per share
(note 3) 2.18p (0.82)p 1.36p 1.37p (67.18)p (65.81)p 2.72p (41.21)p (38.49)p
All revenue and capital items in the above statement derive from continuing
operations.
The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns
represent supplementary information prepared under guidance issued by the
Association of Investment Companies.
The net return/(loss) on ordinary activities after taxation represents the
profit/(loss) for the period/year and also the total
comprehensive income.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Called up Capital
share Share redemption Capital Revenue
capital premium reserve reserves(1) reserve(1) Total
£'000 £'000 £'000 £'000 £'000 £'000
Six months ended 30th June 2023 (Unaudited)
At 31st December 2022 1,638 45,758 1,851 221,271 2,539 273,057
Repurchase of shares into Treasury - - - (734) - (734)
Net (loss)/return for the period - - - (533) 1,411 878
Dividends paid in the period (note 4) - - - - (1,615) (1,615)
At 30th June 2023 1,638 45,758 1,851 220,004 2,335 271,586
Six months ended 30th June 2022 (Unaudited)
At 31st December 2021 1,636 45,367 1,851 250,536 2,393 301,783
Issue of Ordinary shares 2 329 - - - 331
Shares reissued from Treasury - 105 - 479 - 584
Repurchase of shares into Treasury - - - (1,880) - (1,880)
Block listing fees - - - (48) - (48)
Net (loss)/return for the period - - - (43,776) 890 (42,886)
Dividends paid in the period (note 4) - - - - (1,626) (1,626)
At 30th June 2022 1,638 45,801 1,851 205,311 1,657 256,258
Year ended 31st December 2022 (Audited)
At 31st December 2021 1,636 45,367 1,851 250,536 2,393 301,783
Issue of new Ordinary shares 2 329 - - - 331
Shares reissued from Treasury - 62 - 522 - 584
Repurchase of shares into Treasury - - - (2,941) - (2,941)
Block listing fees - - - (48) - (48)
Net (loss)/return for the year - - - (26,798) 1,772 (25,026)
Dividends paid in the year (note 4) - - - - (1,626) (1,626)
At 31st December 2022 1,638 45,758 1,851 221,271 2,539 273,057
(1) These reserves form the distributable reserves of the Company and may be
used to fund distributions to shareholders.
CONDENSED STATEMENT OF FINANCIAL POSITION
At 30th June 2023
(Unaudited) (Unaudited) (Audited)
At At At
30th June 2023 30th June 2022 31st December 2022
£'000 £'000 £'000
Fixed assets
Investments held at fair value through profit or loss 288,233 274,545 291,723
Current assets
Debtors 1,615 985 405
Cash and cash equivalents 6,810 6,920 6,652
8,425 7,905 7,057
Current liabilities
Creditors: amounts falling due within one year (25,072) (1,489) (25,723)
Net current (liabilities)/assets (16,647) 6,416 (18,666)
Total assets less current liabilities 271,586 280,961 273,057
Creditors: amounts falling due after one year - (24,703) -
Net assets 271,586 256,258 273,057
Capital and reserves
Called up share capital 1,638 1,638 1,638
Share premium 45,758 45,801 45,758
Capital redemption reserve 1,851 1,851 1,851
Capital reserves 220,004 205,311 221,271
Revenue reserve 2,335 1,657 2,539
Total shareholders' funds 271,586 256,258 273,057
Net asset value per share (note 5) 420.7p 394.1p 421.7p
CONDENSED STATEMENT OF CASH FLOWS
For the six months ended 30th June 2023
(Unaudited) (Unaudited) (Audited)
30th June 2023 30th June 2022(1) 31st December 2022(1)
£'000 £'000 £'000
Cash flows from operating activities
Net return/(loss) before finance costs and taxation 1,916 (42,539) (23,886)
Adjustment for:
Net loss on investments held at fair value through profit or loss 146 40,791 22,082
Net foreign currency (gains)/losses (1,020) 2,028 2,513
Dividend income (2,135) (1,542) (3,218)
Interest income (154) (14) (118)
Decrease/(increase) in accrued income and other debtors 1 (22) (20)
(Decrease)/increase in accrued expenses (6) (51) 18
(1,252) (1,349) (2,629)
Dividends received 1,637 1,351 2,726
Interest received 179 14 93
Overseas tax recovered 173 40 42
Net cash inflow from operating activities 737 56 232
Purchases of investments (37,763) (41,300) (76,428)
Sales of investments 40,521 47,369 83,743
Settlement of foreign currency contracts - 15 -
Net cash inflow from investing activities 2,758 6,084 7,315
Dividends paid (1,615) (1,626) (1,626)
Issue of Ordinary shares - 331 331
Shares reissued from Treasury - 584 584
Repurchase of shares into Treasury (734) (1,880) (2,941)
Interest paid (665) (148) (530)
Block listing fees - (48) (48)
Net cash outflow from financing activities (3,014) (2,787) (4,230)
Increase in cash and cash equivalents 481 3,353 3,317
Cash and cash equivalents at start of period/year 6,652 3,057 3,057
Exchange movements (323) 510 278
Cash and cash equivalents at end of period/year 6,810 6,920 6,652
Cash and cash equivalents consist of:
Cash and short term deposits 61 7 3
Cash held in JPMorgan US Dollar Liquidity Fund 6,749 6,913 6,649
Total 6,810 6,920 6,652
(1) The presentation of the Cash Flow Statement, as permitted under FRS 102,
has been changed so as to present the reconciliation of 'net return/(loss)
before finance costs and taxation' to 'net cash inflow from operating
activities' on the face of the Cash Flow Statement. Previously, this was shown
by way of note. Other than consequential changes in presentation of the
certain cash flow items, there is no change to the cash flows as presented in
previous periods.
Reconciliation of net debt
As at Other As at
31st December 2022 Cash flows non-cash charges 30th June 2023
£'000 £'000 £'000 £'000
Cash and cash equivalents
Cash 3 379 (321) 61
Cash equivalents 6,649 102 (2) 6,749
6,652 481 (323) 6,810
Borrowings
Debt due within one year (24,940) - 1,343 (23,597)
(24,940) - 1,343 (23,597)
Net debt (18,288) 481 1,020 (16,787)
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the six months ended 30th June 2023
1. Financial statements
The information contained within the condensed financial statements in this
half year report has not been audited or reviewed by the Company's Auditor.
The figures and financial information for the year ended 31st December 2022
are extracted from the latest published financial statements of the Company
and do not constitute statutory accounts for that year. Those financial
statements have been delivered to the Registrar of Companies, including the
report of the Auditor which was unqualified and did not contain a statement
under either section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The financial statements have been prepared in accordance with the Companies
Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and
Republic of Ireland' of the United Kingdom Generally Accepted Accounting
Practice (UK GAAP) and with the Statement of Recommended Practice 'Financial
Statements of Investment Trust Companies and Venture Capital Trusts' (the
revised 'SORP') issued by the Association of Investment Companies in July
2022.
FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting
Council (FRC) in March 2015 has been applied in preparing this condensed set
of financial statements for the six months ended 30th June 2023.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of financial statements
are consistent with those applied in the financial statements for the year
ended 31st December 2022.
3. Return/(loss) per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th June 2023 30th June 2022 31st December 2022
£'000 £'000 £'000
Return/(loss) per share is based on the following:
Revenue return 1,411 890 1,772
Capital loss (533) (43,776) (26,798)
Total return/(loss) 878 (42,886) (25,026)
Weighted average number of shares in issue 64,621,432 65,166,032 65,029,256
Revenue return per share 2.18p 1.37p 2.72p
Capital loss per share (0.82)p (67.18)p (41.21)p
Total return/(loss) per share 1.36p (65.81)p (38.49)p
4. Dividends paid
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th June 2023 30th June 2022 31st December 2022
£'000 £'000 £'000
Final dividend in respect of the year ended 31st December 2022
of 2.5p (2021: 2.5p) 1,615 1,626 1,626
Total dividends paid in the period/year 1,615 1,626 1,626
The dividend paid in the period/year has been funded from the revenue
earnings.
No interim dividend has been declared in respect of the six months ended 30th
June 2023 (2022: nil).
5. Net asset value per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th June 2023 30th June 2022 31st December 2022
£'000 £'000 £'000
Net assets (£'000) 271,586 256,258 273,057
Number of shares in issue at period/year end 64,558,532 65,025,739 64,745,622
Net asset value per share 420.7p 394.1p 421.7p
6. Fair valuation of instruments
The fair value hierarchy analysis for financial instruments held at fair value
at the period end is as follows:
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th June 2023 30th June 2022 31st December 2022
Assets Liabilities Assets Liabilities Assets Liabilities
£'000 £'000 £'000 £'000 £'000 £'000
Level 1 288,233 - 274,545 - 291,723 -
Total value of investments 288,233 - 274,545 - 291,723 -
JPMORGAN FUNDS LIMITED
22nd August 2023
For further information, please contact:
Lucy Dina
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
ENDS
A copy of the 2023 Half Year Report will shortly be submitted to the FCA's
National Storage Mechanism and will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The 2023 Half Year Report will shortly be available on the Company's website
at www.jpmussmallercompanies.co.uk where up-to-date information on the
Company, including daily NAV and share prices, factsheets and portfolio
information can also be found.
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