JPMorgan European Smaller Comp s

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1 JPMorgan European Smaller Comp s Strong year so far, ready for next phase Investment trusts JPMorgan European Smaller Companies Trust (JESC) invests in small-cap Continental European equities. Within the portfolio there are four investment themes: secular growth, quality financials, cyclically sensitive stocks and restructuring plays. A combination of screening and stock picking based on fundamental research and the managers substantial combined experience have allowed the trust to outperform its benchmark over one, three, five and 1 years, to the end of August. 12 months ending Total share price return* (%) Total NAV return* (%) Total return HSBC Euro SC ex-uk* (%) Total return FTSE World Euro ex UK* (%) Total return FTSE All-Share* (%) 3/9/ /9/11 (1.) (7.1) (13.9) (13.6) (4.4) 3/9/12 (5.7) (2.2) /9/ Note: *Twelve-month rolling discrete performance. Investment strategy: Awaiting next trend JESC invests in small-cap Continental European equities primarily in the 1m-2.5bn range. The two fund managers, Jim Campbell and Francesco Conte, have worked together for over 15 years and apply their knowledge and judgement aided by a proprietary screening tool developed by JPMorgan Asset Management. Although the portfolio is not constrained in terms of sector or country exposure, the NAV correlation with the fund benchmark has been relatively high and the tracking error low so, based on past performance, the fund provides reasonably representative exposure to the European small-cap universe. The managers have been increasing the cyclical exposure of the portfolio but have recently reduced gearing from 15% to 3%, waiting for new market trends to emerge before regearing. Sector outlook: Sentiment improving While European economic growth remains lacklustre, the European equity market and small-cap stocks within it have enjoyed a strong period (the trust s benchmark is up 27% year to date). Nevertheless, valuation metrics do not appear obviously stretched compared with long-term averages or the world average. There has also been a definite improvement in collected sentiment surveys in Europe, pointing to the potential for a gradual improvement in the economic background. This raises the possibility of further expansion of multiples and eventual positive earnings surprises. JESC seeks high quality stocks and has a broadly neutral sensitivity to market movements, with a beta close to 1., allowing investors to benefit from such an improving scenario through an actively managed portfolio. Valuation: Narrower discount warranted The current ex-income discount of 1.5% is below the three-year average of c 15%. Improved sentiment towards Europe and the trust s performance have probably acted as catalysts and underpin the move. 1 October 213 Price 1,17p Market cap* 34m AUM 431m NAV* 1,135.92p Discount to NAV 1.47% NAV** 1,161.3p Discount to NAV 12.34% Yield 1.6% *Adjusted for debt at market value, excluding income. **Adjusted for debt at market value, including income. Ordinary shares in issue 33.4m Code Primary exchange AIC sector JESC LSE Erpn. S.Cos. Share price/discount performance 1,24 1, Share Price Three-year cumulative perf. graph week high/low 1,44.p 682.p NAV* high/low 1,148.1p 78.6p *Including income. Gearing Gross 3% Net 3% Analysts Aug/12 Sep/12 Oct/12 Nov/12 Dec/12 Jan/13 Feb/13 Mar/13 Apr/13 May/13 Jun/13 Jul/13 JESC Equity Discount Aug/1 Nov/1 Feb/11 May/11 Aug/11 Nov/11 Feb/12 May/12 Aug/12 Nov/12 Feb/13 May/13 JESC Equity HSBC European Smllr Co Ex UK Andrew Mitchell +44 () Matthew Read +44 () investmenttrusts@edisongroup.com Discount (%) JPMorgan European Smaller Comp s is a research client of Edison Investment Research Limited

2 Exhibit 1: Trust at a glance Investment objective and fund background Recent developments JESC s investment objective is to achieve capital growth from a diversified portfolio of listed shares in European ex UK Smaller Companies. Liquidity and borrowings are actively managed (investments 8-12% of net assets) with a view to enhancing returns to shareholders. JESC s investment policy emphasises capital growth, rather than income, and so the dividend is expected to vary from year to year. JESC is benchmarked against HSBC Smaller European Companies (ex UK) Total Return Index in sterling 15 May 213: Announced tender offer for up to 5% of outstanding shares at NAV less costs and 3% discount. 31 May 213: Final results. 19 July 213: Interim management statement. terms. Forthcoming Capital structure Fund details AGM July 214 Total expense ratio 1.27% Group JPMorgan Asset Mgmt (UK) Ltd Interim results November 213 Net gearing 3.% Manager Jim Campbell Francesco Conte Year end 31 March Annual mgmt fee 1.3% of market cap Address Finsbury Dials, 2 Finsbury Dividend paid If paid: January, July Performance fee None Street, London EC2Y 9AQ Launch date April 199 Trust life Indefinite Phone +44 () Continuation vote N/A Loan facilities 1m Website Dividend policy and history Share buyback policy and history Between zero and two dividends annually. Interims, when paid, are paid in January. Finals, when paid, are paid in July. DPS (p) Renewed annually, the trust has authority to purchase up to 14.99% and allot up to 5% of issued share capital. Repurchased Allotments Full year div payment Special dividends Total cost Total proceeds Shareholder base (as at 3 Sept 213) Distribution of portfolio (as at 31 August 213) Lazard AM (13.9%) Industrials (31.6%) JPMorgan AM (11.1%) Financials (17.7%) Consumer discretionary (14%) Aerion FM (8%) Information technology (9.7%) Legal & General IM (5.3%) Healthcare (4.2%) National Grid UK PF (5.1%) Energy (2.9%) East Riding PF (4.5%) Telecoms (2.9%) Materials (2.1%) 167 Capital Ptnrs (4.1%) Other (1.9%) Other (48.1%) Cash (13%) Top 1 holdings (as at 31 August 213) Company Country Industry Rationale Portfolio weight % Ubisoft France Software New games consoles cycle 4. PostNL Netherlands Transportation & logistics Restructuring 3.5 SBM Offshore Netherlands Oil, gas and coal Restructuring 3. Delta Lloyd Netherlands Insurance Rising bond yields 2.5 Fischer (Georg) Switzerland Machinery Cyclical strong management 2.4 Wirecard Germany Specialty finance Secular growth 2.1 Trelleborg Sweden Manufactured goods Cyclical margin expansion 2. Eiffage France Engineering & construction services Cyclical government spending 2. Helvetia Switzerland Insurance Rising bond yields 2. Hellenic Exchanges Greece Inst. financial services Greek recovery 1.9 Top Source: JPMorgan Smaller European Companies Trust, Edison Investment Research No of shares (s) Cost/proceeds ( m) JPMorgan European Smaller Companies Trust 1 October 213 2

3 Fund profile: Actively managed, thematic, small-cap fund Managed by JPMorgan Asset Management (JPMAM) since its launch in 199, JPMorgan European Smaller Companies Trust is a UK-registered investment trust focused primarily on capital growth from a diversified portfolio of smaller companies in Europe, excluding the UK. The fund managers, Jim Campbell (also head of JPMAM s European Small Cap team) and Francesco Conte, are both highly experienced and have worked together at JPMAM for 15 years. The managers investment philosophy is that attractively valued, high quality stocks, with positive momentum, will outperform the market. In practice, this means screening the investment universe using JPMAM s in-house multi-factor model, and then applying fundamental analysis to the stocks that have been identified. Fund turnover is relatively high when compared with peers, reflecting the active approach the managers have successfully followed over a long period. Equity outlook: Confidence gradually improving As shown in Exhibit 2, the HSBC European Smaller Cos ex UK index has shown significant strength since mid-212 (up 46%) as macro fears have receded to some extent. Over the same period the smaller-cap index has outperformed the overall European index moderately (7.6%) and the FTSE All-Share more significantly (14%), reflecting the narrowing of some of the risk discount the market was applying to Europe and economically sensitive small caps. Along with market participants factoring in a lower probability of a renewed Eurozone crisis, the economic environment appears to have stabilised somewhat and sentiment has shown distinct signs of improvement. This is captured in the composite economic sentiment indicator collected by the European Commission (Exhibit 3). Absent renewed adverse developments, this should be an encouraging forwards-looking indicator for the region s economic growth and hence corporate earnings. Exhibit 2: European smaller company index compared Exhibit 3: EU Economic sentiment indicator Aug/3 Aug/5 Aug/7 Aug/9 Aug/11 Aug/13 HSBC Eur Smr Co Ex UK HSBC Eur Smr Co ex UK/FTSE All-Share 5 Jul/9 Jul/92 Jul/94 Jul/96 Jul/98 Jul/ Jul/2 Jul/4 Jul/6 Jul/8 Jul/1 Jul/12 Source: Thomson Datastream Source: European Commission services Where do valuations stand following the strong run in the market? As Exhibit 4 shows, the historical P/E for a broad European index (Datastream) is modestly above its 1-year average. The latest reading as a percentage of the 1-year averages is roughly in line with or below UK, US and World markets. The smaller-cap comparisons for Germany, France and Spain show P/Es of 11.3x-14.9x, standing at between 56% and 15% of 1 year averages, reflecting the different market conditions and the wide range of historical multiples generated during the financial crisis. Comparing the latest P/Es across the different areas, the small-cap multiples are generally in line with or below the other markets shown, although yields are shy of the European all-cap and UK market averages. JPMorgan European Smaller Companies Trust 1 October 213 3

4 Exhibit 4: Valuation comparison Price to earnings ratio Last High Low 1 year average Last % of average Europe all cap % Germany small cos % France small cos % Spain small cos % UK % US % World % Dividend yield (%) Europe all cap % Germany small cos % France small cos % Spain small cos % UK % US % World % Source: Thomson Datastream. Note: As at 3 September 213. In summary, we would interpret the economic background as being somewhat more encouraging while still subject to risks. From a valuation perspective, the broad European market is trading modestly above the historical average and within this the small cap market multiples show significant variation. We would expect the small-cap universe to be more economically sensitive and if there is an improving trend emerging in European economies, in due course, earnings could surprise positively, potentially justifying a further expansion of multiples in anticipation of this. The fund managers: Jim Campbell and Francesco Conte The managers view: A pause before new trends emerge The managers have moved the portfolio progressively from a growth bias in mid-212 into financials and more economically sensitive sectors. This has already contributed significantly to the performance of the trust, with profits already taken on some of the stocks added following very strong performances. Examples include GAM and Azimut (the latter top-sliced rather than sold). At the beginning of 213 the managers identified a more positive trend in German car manufacturers and took positions in a number of component makers, again benefiting from strong positive share price moves. There are currently four themes running through holdings in the portfolio: (1) secular growth companies expected to prosper regardless of economic conditions (eg Nutreco, fish food producer); (2) quality financials, now a more mature theme, although still represented by the likes of Azimut and, more recently, insurance-related stocks such as Delta Lloyd Group, which should benefit from rising bond yields; (3) cyclicals an area of increasing allocation including, for example Georg Fischer, which is involved in piping, auto components and machine tools; and (4) restructuring is a new theme and includes companies where there has been a management change and there are already signs of improvement. An example is Gamesa, the wind turbine business that is already responding to a new emphasis on appropriate cost levels. Recently the level of gearing has fallen noticeably from 15% at end-august to 3% currently. The managers have chosen to realise some of the gains from strong performers within the portfolio and wait for clearer trends to emerge in the market before redeploying a higher level of gearing. This is an example of the active approach taken to managing the portfolio. JPMorgan European Smaller Companies Trust 1 October 213 4

5 Asset allocation Investment process: Screening and fundamental analysis The trust s objective is primarily capital growth, which the managers seek to achieve by picking stocks from the benchmark index, the HSBC Smaller European Companies (ex UK) Index. The index contains around 1, companies, broadly spread by country (15), industry and market capitalisation (as at 31 March 213, from 74m-2.6bn). Within the universe the fund is unconstrained in terms of sector or country exposure. The managers apply their investment process to the benchmark constituents, seeking to identify market-leading growth companies at attractive valuations that are gaining market recognition (avoiding value traps ). A liquidity filter trims the universe of potential investments to about 45 stocks, which is then screened using JPMAM s proprietary multi-factor model. This is used across JPMAM and works on the premise that attractively valued, high quality stocks, with positive momentum, outperform the market. Stocks are screened for relative valuation (P/E), earnings revisions, and financial quality (balance sheet ratios, cash flow, return on capital).the managers are left with a manageable group of stocks to which they can apply fundamental analysis, market knowledge and long experience. Portfolio turnover is relatively high at between 2-4% pa. While higher than many funds and incurring trading costs, this active approach allows the portfolio to respond rapidly to market developments. It is a style the managers have followed for many years with trust performance ahead of the benchmark over one, three, five and 1 years (see performance section). Current portfolio positioning Exhibit 5: Sector breakdown (all data are for 31 August 213 except where shown) Trust weight % Trust weight % 31 August 212 Benchmark weight % Trust active weight Trust weight/benchmark weight Industrials Telecommunication services Information technology Consumer discretionary Energy Financials Utilities Consumer staples Healthcare Materials Cash N/A Total Source: JPMorgan European Smaller Companies Trust, Edison Investment Research The trust currently has c 7 holdings in its portfolio and the top 1 holdings at the end of August accounted for 25% of the portfolio. The number of holdings is somewhat below the sector average and the concentration in the top 1 holdings in line. The managers have rationalised a subfund of micro-caps to names and 5 holdings now account for 9% of assets making for a reasonably concentrated fund. As shown in Exhibit 5, JESC s main active weightings were the positive position in Industrials (+7.5 percentage points vs the benchmark) and underweights in Healthcare and Materials. This reflects the increase in holdings in cyclically sensitive stocks funded by reductions elsewhere (see change between August 212 and August 213 columns). Geographically, there is a relatively high weighting in the Netherlands which, along with other country weightings, is more a reflection of individual stock selections than strategic country views (Exhibit 6). An exception to this is the exposure to Greece, where the holding in Hellenic Exchanges is premised on a recovery in the market. JPMorgan European Smaller Companies Trust 1 October 213 5

6 Exhibit 6: Geographical breakdown, as at 31 August 213 Trust weight % Benchmark weight % Trust active weight Trust weight/benchmark weight Netherlands Denmark Greece Switzerland Ireland Luxembourg..2 (.2). France (1.).9 Sweden (1.2).9 Portugal. 1.6 (1.6). Spain (3.).5 Italy (3.2).7 Austria. 3.3 (3.3). Germany (3.7).8 Belgium (3.7).1 Finland (3.9).2 Norway (4.6).3 Cash Total Source: JPMorgan European Smaller Companies Trust, Edison Investment Research Performance: Strong 1-year record Exhibit 7: Investment trust performance Price, NAV and benchmark total return perf, one-year rebased Price, NAV and benchmark total return performance (%) Sep/12 Oct/12 Nov/12 Dec/12 Jan/13 Feb/13 Mar/13 Apr/13 May/13 Jun/13 Jul/13 Aug/13 Sep/13 JESC Equity JESC NAV HSBC European Smllr Co Ex UK Performance m 3 m 6 m 1 y 3 y 5 y 1 y JESC Equity JESC NAV HSBC European Smllr Co Ex UK Source: Morningstar, Thomson Datastream, Edison Investment Research Exhibit 8: Share price and NAV total return performance (sterling adjusted), difference vs benchmarks One month Three Six months One year Three years Five years 1 years months Price vs HSBC European Smaller Co Ex UK (1.) NAV vs HSBC European Smaller Co Ex UK Price vs FTSE World Eur Ex UK TR GBP (.6) NAV vs FTSE World Eur Ex UK TR GBP Price vs FTSE All-Share TR GBP NAV vs FTSE All-Share TR GBP (2.8) Source: Morningstar, Thomson Datastream, Edison Investment Research JESC has outperformed its benchmark over one, three, five and 1 years on both a price and NAV basis. The 1-year NAV performance is especially strong vs both the trust s own European small-cap benchmark and the FTSE World European index (see Exhibit 8). The trust performed relatively well during 28 as the financial crisis took hold, but lagged during 29 when the market rallied sharply and the fund was relatively defensively positioned. In the current year the managers have increased the cyclical exposure and the portfolio has outperformed its benchmark. JPMorgan European Smaller Companies Trust 1 October 213 6

7 Discount: Moving with euro sentiment As Exhibit 9 illustrates, the discount has moved within a range of 7.7% to 2.2%. Having tracked above 1% for over a year in late August the discount contracted sharply with improved sentiment towards Europe and the strong performance of the trust being likely catalysts. This year s tender offer for 5% of the shares may have mopped up some potential sellers, but as this was implemented in July its immediate impact seems to have been limited. The trust does not have a formal discount management mechanism, but the board has used its buyback authority of up to 14.99% to attempt to manage the volatility and size of discount to NAV. In the year to end-march 213 the company bought back 1.7% of the share capital for a consideration of 3.m, including a tender offer in July 212. Exhibit 9 Discount to NAV at par past three years Aug/1 Dec/1 Apr/11 Aug/11 Dec/11 Apr/12 Aug/12 Dec/12 Apr/13 Aug/13 Source: Thomson Datastream Capital structure and fees: Conventional, moderate gearing JESC is a conventional trust, having only one class of share in issue 25p ords. It has an indefinite life and there is no specific mechanism to wind up the company. It is permitted to have an aggregate equity exposure of between 8-12% of total net assets, which can be achieved by using bank borrowing and holding net cash; net gearing (at end-august) stood at 15% but has subsequently fallen to 3%. The group has borrowing facilities totalling 1m with Scotia Bank, including 5m for one year from January 213 and 5m for three years from January 212. The management fee is 1.3% per year of the company s market capitalisation, calculated and paid monthly in arrears (excluding the value of any investments in funds on which JPMAM charges a fee). There is no performance fee. The total expense ratio for the last financial year was 1.26% (previous year: 1.27%). The management contract can be terminated at six months notice by either side. Dividend policy and record: Paying out revenues The board s policy is to pay out the vast majority of revenue available each year. Dividends may fluctuate as the company makes clear that management of the portfolio will not be constrained in order to generate income, given that capital growth is the objective of the trust. Fees and finance costs are charged 7/3% to the capital and revenue accounts in order to reflect the balance of income and capital returns that the trust expects. The 16p dividend relating to FY13 compared with JPMorgan European Smaller Companies Trust 1 October 213 7

8 17p for FY12, equivalent to 97% and 99% of revenue returns respectively. Revenue reserves at the end of March, adjusted for the final dividend declared, stood at 5.9p per share. Peer group comparison The European smaller companies sector is a relatively small peer group. The four constituents all invest in European smaller companies but investment styles and geographic and sectoral allocations can vary markedly. Within this group, in terms of NAV total return, JESC ranks first over one and five years, and second over three years (it also ranks first over 1- and 2-year periods). In absolute terms the Sharpe ratio over one year is high at 2.6, just below the peer group average. The ongoing charge is the second lowest and the trust does not charge a performance fee. With one exception, yields are relatively low in this peer group and, even with its primary focus on capital growth, JESC ranks second on this measure. Exhibit 1: European smaller companies sector, as at 27 September 213 Fund Name Market Cap NAV TR 1 NAV TR 3 NAV TR 5 Sharpe Sharpe Discount Ongoing Perf Net Gearing Yield GBPm Year Year Year 1y (NAV) 3y (NAV) (Ex Par) Charge Fee Ex (%) Sector average (7.2) JPMorgan European Sm Co s (8.) 1.26 No European Assets (.5) 1.71 No Montanaro European Smaller (1.4) 1.5 Yes TR European Growth (1.5).73 Yes Source: Morningstar. Notes: TR=total return. The Sharpe ratio is a measure of risk-adjusted return. The ratios we show are calculated by Morningstar for the past 12- and 36-month periods by dividing a fund s annualised excess returns over the risk-free rate by its annualised standard deviation. Net gearing is total assets less cash/cash equivalents as a percentage of shareholders funds. The board All directors are non-executive and independent of the investment manager. 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