|
JPMorgan American Investment Trust PLC on Thursday held its interim dividend steady and expressed confidence in US equities, despite a negative total return in the first half. The trust operates a high-conviction, ‘best ideas’ approach to investing in US-listed value and growth stocks. Net asset value per share was 1,050.4 pence on June 30, down 5.4% from 1,109.9p on December 31, though up 3.6% from 1,014.2p a year ago. Including dividend payments, NAV total return was negative 4.6% in the recent half-year, compared to negative 3.0% for the S&P 500 index in sterling terms. Sterling returns were hurt by the dollar, which the trust noted had its weakest first-half performance since 1973. JPMorgan American held its interim dividend steady at 2.75p per share. Share price total return was negative 8.7%, as the discount to NAV widened. ‘The first half of 2025 was a rollercoaster for US markets, with significant ups and downs, driven by bouts of optimism and unexpected challenges,’ commented the portfolio managers, who are Felise Agranoff, Jack Caffrey, Eric Ghernati and Graham Spence. ‘Despite these concerns, markets demonstrated resilience and reached new all-time highs by mid-year. We are optimistic about the prospects for US equities for the rest of this year and beyond. Market expectations have improved in recent months, with investors no longer focused on worst-case scenarios.’ JPMorgan American Investment Trust shares were up 0.6% to 1,066.00 pence midday Thursday in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
