Final Results

RNS Number : 6665A

JPMorgan US Smaller Co. IT

22 March 2013

 



LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN US SMALLER COMPANIES INVESTMENT TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2012

Chairman's Statement

Performance

I am pleased to report, despite yet another year of uncertainty in markets, our net asset value (NAV) per share increased by 12.5% which compared favourably with the Russell 2000, our benchmark index, which rose by 10.9% in sterling terms. During the year a weaker dollar detracted some value for UK investors as the Russell 2000 increased by over 16% in US dollar terms. Our share price gained 12.0% over this same period, reflecting a small widening of the discount to NAV.

2012 followed a similar pattern to each year since the financial crisis of 2008 as investors faced the same set of worries, namely government finances, lack of economic growth and uncertainty over the Eurozone. In the US, one of the main concerns was the inability of the Administration to tackle the ever-increasing budget deficit. Markets feared that if the draconian automatic tax increases and spending cuts, mandated back in 2011 when Congress could not reach an agreement on the deficit, were to take effect on 1st January 2013, the economy would be pushed back into recession, the so-called 'Fiscal Cliff'. In a year with a presidential election it was inevitable that it became a last-minute scramble to reach any form of agreement on cutting spending and increasing taxes, as Republicans and Democrats argued their respective causes and stuck to their party dogma. Hopefully the eleventh-hour agreement, which increased some taxes, keeps the economy moving in the right direction. The Republicans are already battling these tax increases and, as we are yet to see any spending cuts, we are likely to see some market reaction in the coming months as the two political parties do battle to resolve their differences. Hurricane Sandy also had a major impact on the US market as it hit the most densely populated part of the US and ranks only behind Hurricane Katrina in cost to the economy. It also marked the first time in well over 100 years that Wall Street had to shut for weather-related reasons for two consecutive sessions.

Change in lead fund manager

With mixed emotions I have to report that Glenn Gawronski, who took over running the portfolio in November 2008 with so much success, has decided to take a sabbatical from JPMorgan Asset Management (UK) Limited ('JPMAM'). However, I am pleased to say that we have a strong replacement for him as Don San Jose, who is taking over as the lead on the team, has co-managed the Company's portfolio since November 2008 and has partnered Glenn in the management of JPMAM's US smaller company strategies for the past nine years. Don will continue to be supported by the team of dedicated US smaller companies research analysts.

Management fee and performance fee

During the year the Board reviewed its fee structure and concluded that a change needed to be made to ensure the Company remained competitive and offered good long term value to shareholders. With the old fee arrangement JPMAM could earn up to 2% of gross assets in any one year, made up of the basic management fee of 1% plus the performance fee of 1%. The performance fee was devised in such a way that it proved to be a cumbersome calculation and it did not reward long term performance as it lacked a high watermark. An agreement was reached with JPMAM to simplify the fee structure, by removing the performance fee, and revert to a management fee only with effect from 1st January 2013. All outstanding performance fees due as at 31st December 2012 will be paid to JPMAM and the management fee has been increased to 1.2% of the Company's gross assets up to £100 million and 1% per annum on any assets above that amount.

Revenue and dividend

The revenue for the year, after taxation, was £653,000 (2011: £187,000). The revenue return per share, calculated on the average number of shares in issue, was 12.64 pence (2011: 3.57 pence).

Historically, the Company was prohibited from paying a dividend from positive revenue where a deficit existed on the revenue reserve and has therefore not paid a dividend since 1998. However, following recent regulatory changes, the Company is now required to distribute its net income despite its revenue reserve deficit. In line with these changes, the Board recommends that the Company changes its Articles at the forthcoming Annual General Meeting ('AGM') and is recommending a dividend of 9.1 pence per share in respect of the financial year ended 31st December 2012 given the Company's return on its Revenue Account. Subject to shareholders' approval at the Annual General Meeting, this dividend will be paid on 7th May 2013 to ordinary shareholders on the register at the close of business on 12th April 2013.

Shareholders should note that the Company's objective remains that of capital growth and dividends will vary from year to year accordingly.

Board succession planning

As I mentioned in our most recent Half Year Report and Accounts, the Board decided to recruit an additional director in order to provide an orderly succession over time and ensure we kept the right balance of skills. I would particularly like to thank Webster Partners, a specialist head-hunter, who provided some outstanding candidates and through this process I am very pleased to welcome Julia Le Blan, who joined the Board in October. Julia is a chartered accountant by profession and has spent over 30 years in the financial services industry including two terms on the Association of Investment Companies' Technical Committee.

Discount Management and share buy-backs

The Board has shareholder approval to repurchase up to 14.99% of the Company's issued share capital but I am pleased to say we did not have to resort to using this authority during 2012. The daily management of the discount has yet again proved difficult, as there were times during the year when the shares moved outside our target. Our shares, however, often lack liquidity and by actively buying-in our shares we will exacerbate this problem over the long term. Against this liquidity concern your Board is keen that the return to shareholders through the share price should match the returns that are being achieved in the portfolio so we will continue to monitor the discount to NAV closely and take action when appropriate.

Currency hedging

We are exposed to fluctuations in the US dollar/sterling exchange rate as the daily valuation of our US dollar denominated assets is converted into sterling for calculating the NAV. The Board has the authority to reduce or eliminate the exposure to fluctuating currencies through the use of currency hedging. We review our policy on currency hedging regularly but to date we have not carried out any hedging and have no plans to do so in the immediate future.

Gearing

In April 2012 our revolving credit facility of $10 million with Scotiabank was renewed and was fully drawn during the year. At the end of the year the portfolio was 3.1% geared.

Annual General Meeting

We are changing again the location of our AGM and we hope it is convenient for our shareholders. It will now be held at: Holborn Bars, 138-142 Holborn, London EC1N 2NQ on Tuesday 30th April 2013 at 2.30 p.m. There will, as in previous years, be a presentation by one of the investment management team which will cover a review of 2012 and the outlook for the current year. Following the meeting some refreshments will be served which will provide shareholders with the opportunity to meet the Directors and the representatives from JPMAM and ask any questions on the portfolio and performance.

If you have any detailed or technical questions, it would be helpful if you could raise them in advance of the meeting by writing to the Company Secretary at Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ. Shareholders who are unable to attend the AGM are encouraged to use their proxy votes. Shareholders who hold their shares through CREST are reminded that they are able to lodge their proxy votes electronically.

Outlook

Short term fears of the economy not being able to sustain its growth as well as any further battles on the budget deficit and steps to reduce government debt are likely to upset markets. On a positive note, Don and his team have now been responsible for the portfolio for over four years and have demonstrated, through one of the most challenging investment periods, an ability to take advantage of opportunities by adhering to their disciplined investment process which focuses on balance sheet strength as well as cash flow generation.

Small cap as an asset class is deemed to be a risky area of investment and therefore volatile, but it can also be a very rewarding area of investment over the long term. The US economy is particularly good at creating exciting growth prospects in the small cap sector and we believe that our Company is well positioned to take advantage of these opportunities.

Davina Walter

Chairman

22nd March 2013

Investment Managers' Report

Market Review

In 2012, continued low interest rates, manageable inflation levels, modest improvement in unemployment, high levels of corporate profits, and equity valuations that are not stretched by historical standards provided an underlying bid to the market. For the full year, the Russell 2000 Index increased 10.9% in sterling terms, grinding higher as investors received clarity on certain issues - such as who will be President for the next four years - and climbed the wall of worry on the fiscal cliff, tax rates and sequestration. While these uncertainties added some volatility within the fourth quarter and intermittently throughout the year, ultimately investors remained constructive on equities and willing to embrace risk. It probably didn't hurt that investment alternatives remain somewhat unattractive, with yields on 10 year Treasury Bonds hovering around 1.8% for most of the year, which compares unfavourably versus the earnings yield on the Russell 2000 of 5.8% (P/E of 17x).

By year end, the Russell 2000 was up 143% in US dollar terms from its March 2009 low and within 2% of its all time high. While equities do not look as inexpensive as they were three years ago, valuations are relatively fair and there are various 'greenshoots' that are supportive of equities. The unemployment rate started the year at 8.2%, but finished modestly lower at 7.9%, and seems poised to go lower, driven by a recovering housing sector that should provide a tailwind to GDP and job growth. Consumer net worth is increasing, driven by higher home prices and lower debt levels. Bank loans began to grow in earnest, after contracting sharply from 2009 to mid-2011. Finally, the consumer has deleveraged over the last three years with current debt levels as a percentage of disposable income at 15.7% - a 29 year low - and down from the 2008 peak of 19%. For corporations, profits are high and margins appear sustainable, while balance sheets have been repaired over the last three years, leaving companies with plenty of cash, which will likely be put to use via dividends, share repurchase and acquisitions.

Investment Performance

For the year to 31st December 2012, the total return on net assets was +12.5%, outperforming our benchmark, the Russell 2000 Index, which rose 10.9%, both in sterling terms. The Company's outperformance was driven by strong stock selection and sector allocation. Stock selection was strongest in Consumer Discretionary and Health Care, offset by underperformance in Financial Services and Producer Durables.

2012 was a tough year for most small cap investors, and only 30% of active small cap core managers beat their benchmark. Within the Russell 2000 Index, smaller market caps, weaker balance sheets and non-earners tended to outperform for the year. We were happy with the portfolio's performance in light of these headwinds.

Portfolio Positioning

We reduced our exposure to the Consumer Discretionary sector during the year, though we continue to maintain a sizable overweight. We also reduced our allocation to health care given some large buyouts of our healthcare names in 2012 and our difficulty finding ideas that adhere to our investment process in this space. We increased our weighting in the technology sector, but we retain a sizable underweight.

Our sector weights remain a by-product of our bottom-up investment analysis and our disciplined approach to portfolio construction. We adhere to a consistent investment process, which focuses on identifying companies that possess a sustainable competitive advantage, have a durable business model, and are overseen by a competent management team with a track record of success. Finally, we seek to acquire equity stakes in businesses which trade at a discount to what we would deem to be their intrinsic value.

Portfolio Highlights

The most significant contributors to performance were Jarden and Coventry HealthCare. Jarden, a provider of consumer goods and outdoor products, contributed positively to overall results with a 73% return during the period as the stock responded to earnings results that generally exceeded expectations and an active share repurchase program. Coventry is a managed health care company operating health plans and insurance companies under a variety of names. Shares of Coventry rose 44% for the year driven partly by its acquisition by Aetna.

The significant detractors to performance were Active Network and Travelzoo. The Active Network is the leading organisation-based software-as-a-service provider serving business events, community activities, outdoors and sports customer groups. The stock fell 64% during the year, as Active reported third quarter results that were weaker than expectations and announced an unexpected shift in strategy in conjunction with weak 2013 guidance. While the economy was a headwind, the poor execution by the management team is mostly to blame. Our conviction in the story has decreased, which is reflected in the position size in the portfolio. However, we believe the stock's 10% free cash flow yield provides good downside protection until we find a more attractive exit point. Travelzoo provides online marketing solutions to the travel industry. The stock fell 29% during the year, as the company pre-announced disappointing third quarter results. Sales fell 8% in the third quarter, unexpectedly, which caused concern over Travelzoo's competitive position. In addition, Travelzoo announced a significant increase in marketing spend over the following six quarters in order to reaccelerate subscriber growth. We believe Travelzoo is starting to feel the negative effects of a changing competitive landscape and we have since sold out of our position completely. We believe there are better investment opportunities elsewhere in the technology space.

Market Outlook

Looking forward, our optimism around a recovering US economy, lower unemployment, rising housing starts and lower consumer debt levels is balanced against our belief that there will be a drag from US fiscal policy in 2013. While the conclusion of the U.S. Presidential election eliminated some uncertainty, we remain unsure to what degree Republicans and Democrats will work together to help put the country's fiscal house in order and put the US on stronger footing. What we do know is that tax rates are going up for high income earners, while the payroll tax will take a bite out of all paychecks relative to previous years; these tax hikes in conjunction with government spending reductions (to be determined later this year) will present a headwind to economic growth. However, the market has shrugged off this issue, for now.

We also believe that as the US economy continues to heal, the Fed may choose to become more restrictive with respect to monetary policy. This has the potential to unnerve investors, who have grown accustomed to easy Fed policy and quantitative easing, and potentially introduce higher levels of volatility into the market.

As always, rising economic growth is the key determinant for the market to work. Corporate balance sheets remain solid with cash at record levels, and management teams seem more willing to be shareholder friendly through stock buybacks and dividend increases. Mergers and acquisitions announcements appear to be increasing, as management teams have the cash on hand to engage in corporate transactions, debt markets remain wide open, and CEO confidence is increasing.  Market valuations appear relatively fair to us so we will stick to our investment process and continue to judge the investment merits of each individual company and stock. We believe stock selection remains critical and we plan to stay disciplined with regards to our investment strategy: identifying companies with a sustainable competitive advantage, durable business models, and solid management teams with a track record of value creation. We will buy stakes in these companies at valuations that we believe are below their intrinsic value. Our sector weights will continue to reflect our bottom-up investment analysis and disciplined approach to portfolio construction.

Don San Jose

Investment Manager

22nd March 2013

Principal Risks

With the assistance of the Manager, JPMorgan Asset Management (UK) Limited ('JPMAM'), the Board has drawn up a risk matrix, which identifies the key risks to the Company. These key risks fall broadly under the following categories:

·    Investment and Strategy: an inappropriate investment strategy, for example excessive concentration of sector selection or the level of gearing, may lead to underperformance against the Company's benchmark index and peer companies, which may result in the Company's shares trading on a wider discount. The Board manages these risks by diversification of investments through its investment restrictions and guidelines which are monitored and reported on. JPMAM provides the Directors with timely and accurate management information, including performance data and attribution analyses, revenue estimates, liquidity reports and shareholder analyses. The Board monitors the implementation and results of the investment process with the Investment Manager, who attends all Board meetings, and reviews data which show statistical measures of the Company's risk profile. The Investment Manager employs the Company's gearing tactically, within a strategic range set by the Board. In addition to regular Board reviews of investment strategy, the Board holds a separate meeting devoted to strategy each year.

·    Loss of Investment Team: a sudden departure of several members of the investment management team could result in a short-term deterioration in investment performance. The Manager takes steps to reduce the likelihood of such an event by ensuring appropriate succession planning and the adoption of a team-based approach.

·    Discount: a disproportionate widening of the discount relative to the Company's peers could result in a loss of value for Shareholders. In order to manage the Company's discount, which can be volatile, the Company operates a share repurchase programme.

·    Market: market risk arises from uncertainty about the future prices of the Company's investments. It represents the potential loss that the Company might suffer through holding investments in the face of negative market movements. The Board considers asset allocation, stock selection and levels of gearing on a regular basis and has set investment restrictions and guidelines, which are monitored and reported on by JPMAM. The Board monitors the implementation and results of the investment process with the Manager.

·    Political and Economic: changes in financial or tax legislation, including in the European Union and the U.S., may adversely affect the Company. The Manager makes recommendations to the Board on accounting, dividend and tax policies and the Board seeks external advice where appropriate. In addition, the Company is subject to administrative risks, such as the imposition of restrictions on the free movement of capital. These risks are discussed by the Board on a regular basis.

·    Accounting, Legal and Regulatory: in order to qualify as an investment trust, the Company must comply with Section 1158 of the Corporation Tax Act 2010 ('Section 1158'). Details of the Company's approval are given under 'Business of the Company' above. Should the Company breach Section 1158, it may lose investment trust status and, as a consequence, gains within the Company's portfolio could be subject to Capital Gains Tax. The Section 1158 qualification criteria are continually monitored by JPMAM and the results reported to the Board each month. The Company must also comply with the provisions of the Companies Act 2006 and, since its shares are listed on the London Stock Exchange, the UKLA Listing Rules and Disclosure and Transparency Rules ('DTRs'). A breach of the Companies Act could result in the Company and/or the Directors being fined or the subject of criminal proceedings. Breach of the UKLA Listing Rules or DTRs could result in the Company's shares being suspended from listing which in turn would breach Section 1158. The Board relies on the services of its Company Secretary, JPMAM, and its professional advisers to ensure compliance with the Companies Act 2006 and the UKLA Listing Rules and DTRs.

·    Corporate Governance and Shareholder Relations: details of the Company's compliance with Corporate Governance best practice, including information on relations with shareholders, are set out in the Corporate Governance report in the Report & Accounts.

·    Operational: disruption to, or failure of, JPMAM's accounting, dealing or payments systems or the custodian's records may prevent accurate reporting and monitoring of the Company's financial position. Details of how the Board monitors the services provided by JPMAM and its associates and the key elements designed to provide effective internal control are included within the Internal Control section of the Corporate Governance report in the Report & Accounts.

·    Foreign currency: the Company has exposure to foreign currency as part of the risk reward inherent in a company that invests overseas. The income and capital value of the Company's investments can be affected by exchange rate movements as the majority of the Company's assets and income are denominated in currencies other than sterling which is the reporting currency. The Company's loan facility is denominated in US dollars.

The Board has the authority to reduce or eliminate the exposure to fluctuating currencies through the use of currency hedging. It reviews its policy on this matter regularly; to date no hedging has been carried out and there are no plans to do so in the immediate future.

·    Financial: the financial risks faced by the Company include market risk (comprising currency risk, interest rate risk and other price risk), liquidity risk and credit risk. Further details are disclosed in note 21 within the Report & Accounts.

Related Parties Transactions

During the year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company.

Directors' Responsibilities

The Directors each confirm to the best of their knowledge that:

(a)        the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and Applicable Law), give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

(b)        the Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

For and on behalf of the Board

Davina Walter

Chairman

22nd March 2013

Income Statement

for the year ended 31st December 2012

		2012			2011
		Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments held at fair value through profit or loss		-	6,306	6,306	-	1,493	1,493
Net foreign currency gains/(losses)		-	255	255	-	(194)	(194)
Income from investments		1,254	-	1,254	719	-	719
Other interest receivable and similar income		1	-	1	-	-	-
Gross return		1,255	6,561	7,816	719	1,299	2,018
Management fee		(63)	(569)	(632)	(58)	(522)	(580)
Performance fee		-	35	35	-	(348)	(348)
Other administrative expenses		(341)	-	(341)	(357)	-	(357)
Net return on ordinary activities before finance costs and taxation		851	6,027	6,878	304	429	733
Finance costs		(11)	(95)	(106)	(10)	(92)	(102)
Net return on ordinary activities before taxation		840	5,932	6,772	294	337	631
Taxation		(187)	-	(187)	(107)	-	(107)
Net return on ordinary activities after taxation		653	5,932	6,585	187	337	524
Return per share (note 2)		12.64p	114.88p	127.52p	3.57p	6.42p	9.99p

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.

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 Total column represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses ('STRGL'). For this reason a STRGL has not been presented.

Reconciliation of Movements in Shareholders' Funds

	Called up	Capital
	share	redemption	Capital	Revenue
	capital	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000
At 31 December 2010	1,316	1,826	54,155	(4,347)	52,950
Repurchase and cancellation of the Company's own shares	(25)	25	(844)	-	(844)
Net return on ordinary activities	-	-	337	187	524
At 31 December 2011	1,291	1,851	53,648	(4,160)	52,630
Repurchase and cancellation of the Company's own shares	-	-	(1)	-	(1)
Net return on ordinary activities	-	-	5,932	653	6,585
At 31 December 2012	1,291	1,851	59,579	(3,507)	59,214

Balance Sheet

at 31st December 2012

		2012	2011
		£'000	£'000
Fixed assets
Investments held at fair value through profit or loss		61,685	55,241
Investments in liquidity funds held at fair value through profit or loss		2,803	2,700
		64,488	57,941
Current assets
Debtors		50	126
Cash and short term deposits		1,541	1,655
		1,591	1,781
Creditors: amounts falling due within one year		(6,865)	(6,828)
Net current liabilities		(5,274)	(5,047)
Total assets less current liabilities		59,214	52,894
Provisions for liabilities and charges		-	(264)
Net assets		59,214	52,630
Capital and reserves
Called up share capital		1,291	1,291
Capital redemption reserve		1,851	1,851
Capital reserves		59,579	53,648
Revenue reserve		(3,507)	(4,160)
Total equity shareholders' funds		59,214	52,630
Net asset value per share (note 3)		1,146.7p	1,019.2p

The Company's registration number is 552775.

Cash Flow Statement

for the year ended 31st December 2012

		2012	2011
		£'000	£'000
Net cash outflow from operating activities		(69)	(497)
Returns on investments and servicing of finance
Interest paid		(106)	(94)
Net cash outflow from returns on investments and servicing of finance		(106)	(94)
Capital expenditure and financial investment
Purchases of investments		(25,923)	(33,895)
Sales of investments		26,015	33,994
Other capital charges - handling fees		(3)	(3)
Net cash inflow from capital expenditure and financial investment		89	96
Net cash outflow before management of liquid resources and financing		(86)	(495)
Management of liquid resources
Purchases of Time Deposits		(1,538)	-
Net cash outflow from management of liquid resources		(1,538)	-
Financing
Draw down of short term bank loan		-	1,835
Repurchase and cancellation of the Company's own shares		(1)	(844)
Net cash (outflow)/inflow from financing activity		(1)	991
(Decrease)/increase in cash		(1,625)	496

Notes to the Accounts

for the year ended 31st December 2012

1.       Accounting policies

          Basis of accounting

     The accounts are prepared in accordance with the Companies Act 2006, 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', issued by the Association of Investment Companies in January 2009. All of the Company's operations are of a continuing nature.

          The accounts have been prepared on a going concern basis.

          The policies applied in these accounts are consistent with those applied in the preceding year.

2.       Return per share

           The revenue return per share is based on the earnings attributable to the ordinary shares of £653,000 (2011: £187,000) and on the weighted average number of shares in issue during the year of 5,163,623 (2011: 5,245,193).

     The capital return per share is based on the capital return attributable to the ordinary shares of £5,932,000 (2011: £337,000) and on the weighted average number of shares in issue during the year of 5,163,623 (2011: 5,245,193).

     The total return per share is based on the total return attributable to the ordinary shares of £6,585,000 (2011: £524,000) and on the weighted average number of shares in issue during the year of 5,163,623 (2011: 5,245,193).

3.        Net asset value per share

	Net asset value per share		Net assets attributable
	2012	2011	2012	2011
	pence	pence	£'000	£'000
Ordinary shares	1,146.7	1,019.2	59,214	52,630

            The net asset value per share is based on the net assets attributable to the ordinary shareholders of £59,214,000 (2011: £52,630,000) and on the 5,163,623 (2011: 5,163,623) shares in issue at the year end.

4.        Status of announcement

2011 Financial Information

The figures and financial information for 2011 are extracted from the published Annual Report and Accounts for the year ended 31st December 2011 and do not constitute the statutory accounts for that year.  The Annual Report and Accounts has been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

2012 Financial Information

         The figures and financial information for 2012 are extracted from the Annual Report and Accounts for the year ended 31st December 2012 and do not constitute the statutory accounts for the year. The Annual Report and Accounts includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

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.

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

22nd March 2013

For further information:

Lucy Dina

JPMorgan Asset Management (UK) Limited                                       020 7742 4000

ENDS

A copy of the annual report will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM

The annual report is also 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.

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

 

END

 

 

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