JP Morgan Mid Cap Investment Trust has reported a 9 per cent return on net assets in the second half of 2015 and the chairman of the board intends to step down.
Over the six months to 31 December 2015 the company’s total return on net assets was 9 per cent, 8.4 percentage points ahead of the company’s performance benchmark, the FTSE 250 index (excluding investment trusts) which returned 0.6 per cent on a total return basis.
Chairman Andrew Barker said it was extremely pleasing that towards the end of the period the discount at which the company’s shares had traded for a number of years was eliminated.
Mr Barker said that trend has continued into 2016 with the shares trading at or around net asset value.
He said: “This improved rating of the Company’s shares reflects not just the improvement in performance but also the increased marketing activities driven by JPMorgan over the last year.
“The tightening of the discount and the move to a premium at the year end resulted in a strong return to shareholders of 25.5 per cent in the six months.”
Mr Barker, who has held the position of chairman since 2005, also said he plans to step down from the board at the conclusion of the trust’s 2016 annual general meeting in November.
The trust’s senior independent director, Michael Hughes will succeed hime.
Adviser View
Ray Galt, financial adviser at Macarthur Denton, said: “In an environment where valuations are high and dividends are being squeezed, they keep enhancing their credentials by a focus on their core beliefs and objectives.
“An excellent first half performance, in a difficult period, and you wouldn’t bet against them continuing to outperform their benchmark going forward. A safe pair of hands for clients and advisers alike.”
