JPM Europe Smaller Companies A

Aggressively managed Europe ex UK smaller stock specialist fund with a flexible approach.

  • 112.70p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 879.10p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 4.25% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.50%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.68%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.50%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 18 September 2020, fund data last updated 15 April 2014

The fund managers aim to produce a capital return in excess of the HSBC European Smaller Companies ex UK Index by investing in smaller company stocks in Continental Europe. The managers also run the JPM European Smaller Companies trust which is a mirror of this fund, outside of the gearing employed by the Trust. Both funds use JPM's Value, Quality and Momentum quantitative screen for idea generation.

Fund summary

Sector European Smaller Companies
Structure OEIC
Launched February, 1990
Size £178m
Yield 0.50%
Charging basis Income
Dividends paid 28 Feb

Charges

Standard initial charge 4.25%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.68%

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Investment process

Stock selection drives the fund's investment process, with the managers taking some elements of the JPM Quality-Momentum-Value equity selection process. This involves screening on value, earnings revisions and price momentum. The fund is structured to have a focus on value companies (more solid and dependable cash flows often trading at a discount to what the manager thinks is fair value).

Manager research

Average monthly relative returns

  • 15/16 0.96%
  • 16/17 -0.11%
  • 17/18 0.74%
  • 18/19 -0.31%
  • 19/20 0.49%

Bestinvest MRI

  • 3 years 0.31%
  • 5 years 0.36%
  • Career 0.04%
  • 3 years 88.10%
  • 5 years 96.00%
  • Career 82.60%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Jim Campbell / Francesco Conte

•Jim Campbell (b.1966) is a senior portfolio manager for European smaller companies funds and head of the pan-European Smaller Companies team within the JPM European Equity Group. An employee since 1995, Campbell previously worked as an investment manager at Ivory and Sime plc, focusing initially on UK smaller companies and later on European smaller companies. Campbell has an MA (Joint Honours) in Economics and Law from the University of Edinburgh. •Co-manager Francesco Conte joined Flemings Investment Management in November 1998 and is a senior portfolio manager for European smaller companies funds within the JPMF European Equity Group. He was previously the lead analyst in the Italian Equities Team at Schroder Securities. Prior to this, he worked at Ermgassen & Co., a M&A boutique specialising in cross-border alliances. Conte obtained a BSc in Economics & Development from the London School of Economics.

Track record

Jim Campbell / Francesco Conte has 20.7 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.04%. During the worst period of relative performance (from February 2000 - September 2014) there was a decline of 48% relative to the index. The worst absolute loss has been 63%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 83%.

Periods of worst performance

Absolute -63.00% (February 2000 - February 2003)
Relative -48.00% (February 2000 - September 2014)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 30 June 2020

3.5% Asm International Nv
3.2% Sig Combibloc
2.9% Bravida Hldg Ab
2.5% Falck Renewables Spa
2.4% Zur Rose Aerzte Ag
2.4% Solaria Energia Y Medio Ambiente Sa
2.3% Siegfried Holding Ag
2.3% Encavis Ag
2.3% Shop Apotheke Europe Nv
2.2% Ams Ag
Source: Trustnet

Sector breakdown

Capital Goods 20.00%
Utilities 11.00%
Software 10.00%
Biotechnology/Medical 8.00%
Semi Conductors 8.00%
Insurance 6.00%
Services 6.00%
Media 6.00%
Real Estate 5.00%
Food, Beverages and Tobacco 5.00%

Portfolio

The Fund would typically hold 50+ stocks.

Constraints

Max 35% in any sector. Tracking error target 8%+ p.a.

Key Investor Information - Income

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Key Investor Information - Accumulation

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