JPM UK Smaller Companies A

A smaller companies fund with structured process and targeted tracking error.

  • 108.40p
    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.

  • 581.00p
    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.

  • 0.80%
    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 24 November 2020, fund data last updated 01 January 2002

Fleming's disciplined UK investment process aimed at marginal outperformance versus a benchmark appears to have been translated successfully to this smaller companies fund.

Fund summary

Sector UK Smaller Companies
Structure OEIC
Launched July, 1987
Size £173m
Yield 0.80%
Charging basis Income
Dividends paid 31 Jan, 30 Apr, 31 Jul, 31 Oct

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

The aim is to achieve a small amount of outperformance of the FTSE Small Cap index with relatively low risk through a portfolio of stocks below the FTSE 350. The strategy is to identify mispriced and undervalued companies and the process has 3 stages. The first stage is quant and screen driven. This looks for attractive valuations with high relative growth combined with price momentum and earnings revisions. The second stage involves traditional fundamental analysis. It does not involve company visits but relies on published information. Cash flow, pricing power, and volume growth are important components of this research stage. The third stage is top down looking to find trends and themes from macroeconomic changes.

Manager research

Average monthly relative returns

  • 15/16 -0.98%
  • 16/17 0.33%
  • 17/18 0.33%
  • 18/19 0.87%
  • 19/20 1.00%

Bestinvest MRI

  • 3 years 0.73%
  • 5 years 0.31%
  • Career 0.35%
  • 3 years 100.00%
  • 5 years 95.00%
  • Career 100.00%

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

Georgina Brittain

Georgina Brittain is a portfolio manager for UK smaller companies within the JPMF European Equity Group. She is the named manager for the JPMF Institutional UK Smaller Companies Fund, and joint fund-manager for the Fleming Smaller Companies Investment Trust and for the JPMF UK Smaller Companies Fund. An employee since 1995, Georgina was previously an analyst in the UK Research Department. Georgina obtained an M.A. in Classics from Oxford University, and earned a Diploma in Law from City University, London. She is a qualified barrister.

Track record

Georgina Brittain has 17.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.35%. During the worst period of relative performance (from June 2011 - June 2016) there was a decline of 19% relative to the index. The worst absolute loss has been 60%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance

Absolute -60.00% (May 2007 - February 2009)
Relative -19.00% (June 2011 - June 2016)

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.

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Top 10 holdings

Data accurate as at 30 June 2020

3.7% Future Plc
2.9% Computacenter
2.9% Games Workshop Group
2.9% Dunelm Group Plc
2.8% Pets At Home Group Plc
2.6% Spirent Communications
2.3% Team17 Group Plc
2.3% Avon Rubber
2.2% Softcat Plc
2.1% Judges Scientific Plc
Source: Trustnet

Sector breakdown

Financial Services 14.00%
Software 10.00%
Leisure 9.00%
Retailers - General 8.00%
Media 7.00%
Building & Construction 5.00%
Electronic & Electrical Equipment 4.00%
Equities 4.00%
Travel 4.00%
Household Goods 4.00%

Portfolio

There are around 140 stocks within the portfolio and stock size will range from £50 -£500m, although those which grow above this level can have an upper limit of £1bn.

Key Investor Information - Income

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Key Investor Information - Accumulation

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