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JEGI
JPMORGAN EUROPEAN GROWTH & INCOME PLC– ORD

Overall Morningstar Rating™
As of 31/01/2024

Morningstar Category™: Europe ex-UK Large-Cap Equity
* Factsheet
* KID
* How to invest

Past performance is not a guide to current and future performance.
NAV
As of 07/03/2024
116.49p
Discount / premium
As of 07/03/2024
-12.87%
Share price
As of 07/03/2024
101.50p
Total assets
As of 07/03/2024
GBP 540.33 Mn
* OVERVIEW
* PERFORMANCE & FEES
* PORTFOLIO
* COMMENTARY
* DOCUMENTS

JEGI
JPMorgan European Growth & Income plc– ORD

* OVERVIEW
* PERFORMANCE & FEES
* PORTFOLIO
* COMMENTARY
* DOCUMENTS

ADDITIONAL RATINGS AND AWARDS

KEY INFORMATION

Total dividend for last financial year 4.00p
Potential gearing range-10% to 20%
Actual gearing
As of 07/03/20245.31%
Company Broker(s)Winterflood Securities
SEDOLBPR9Y24
ISINGB00BPR9Y246
BloombergJEGI LN
ReutersJEGIx.L
Asset classEquity
RegionEurope
Share class currencyGBP
Share class inception15/03/1929
BenchmarkMSCI Europe ex UK (total return) (£)
ESG Approach ESG Integrated

INCOME AND GROWTH WITHOUT COMPROMISE WITH A EUROPEAN HEART

EUROPEAN STOCKS DESERVE MORE ATTENTION

Karen Ward discusses, why in our view, Europe has structurally improved. The
pandemic and energy crisis have galvanised the region’s leaders and put an end
to a prolonged period of punishing austerity and negative interest rates. Over
the medium-term, we expect this to support nominal earnings in Europe in a way
that current valuations do not appreciate.

Read the article

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Watch Tim Lewis, Portfolio Manager, as he explains which industries he is
excited about for the future, how many different stock ideas they're assessing
and what is the biggest misconception of investing Europe.
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Zenah Shuhaiber and Alexander Fitzalan Howard, Porfolio Managers, provide an
insight into the European Growth and Income Trust. Watch the video to learn more
about the trust and investments into European equities.

EUROPEAN STOCKS DESERVE MORE ATTENTION

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* The Trust invests in a region of well governed companies with a long history
of innovation in the growth themes of tomorrow.

* Founded in 1929, The Trust has established expertise supported by the deeply
resourced investment and research teams of JP Morgan.
* A distinctive structure delivers a resilient income without compromising on
the growth potential of European companies.
* A disciplined investment process, combining the best of fundamental and
quantitative research, delivering a portfolio of well run, attractively
valued companies with improving growth prospects.
* The Trust is managed by highly experienced fund managers with a successful
European stock picking track record aiming to outperform in different
economic, market and style environments.

Preference centre

To receive communications relevant to the JPMorgan European Growth & Income plc,
please register your details in our preference centre.

Annual General Meeting 2023 Presentation >

INVESTMENT OBJECTIVE

The Company aims to provide capital growth and a rising share price over the
longer term from Continental European investments by out-performance of the
benchmark by taking carefully controlled risks through an investment method that
is clearly communicated to shareholders. The Company has the ability to use
borrowing to gear the portfolio within the range of 10% net cash to 20% geared
in normal market conditions. Gearing may magnify gains or losses experienced by
the Company. The Company pays four dividends per financial year in July,
October, January and March and calculated as 4% per annum based on the NAV as at
close of business on 31st March of the preceding financial year.

IN CONVERSATION WITH ZENAH SHUHAIBER AND ALEXANDER FITZALAN HOWARD

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PORTFOLIO MANAGERS

Alexander Fitzalan Howard

38 YEARS
In the industry
38 YEARS
With J.P. Morgan
18 YEARS
Managing this fund

Zenah Shuhaiber

19 YEARS
In the industry
19 YEARS
With J.P. Morgan
3 YEARS
Managing this fund

Timothy Lewis

11 YEARS
In the industry
11 YEARS
With J.P. Morgan
3 YEARS
Managing this fund

HOW TO INVEST

The following are third party providers that you can use to invest in our range
of products.
You can invest via third party providers or by contacting a professional
advisor. You should, of course, only consider investments that are right for
you. If you are in any doubt about the suitability of an investment, please
speak to an independent financial advisor.

The companies are shown for illustrative purposes only. Their inclusion should
not be interpreted as a recommendation to buy or sell. The use of their logos is
in no way an endorsement of those companies by J.P. Morgan Asset Management nor
is it intended to indicate an endorsement of J.P. Morgan Asset Management by
those companies.

JPMorgan Funds Ltd has conducted an annual Value Assessment on the Trust in line
with Financial Conduct Authority (FCA) rules set out in the Consumer Duty
regulation. The Assessment focuses on the nature of the product, including
benefits received and its quality, limitations that are part of the product,
expected total costs to clients and target market considerations.

Within this, the assessment considers quality of services, performance of the
trust (against both benchmark and peers), total fees (including management fees
and entry and exit fees as applicable to the Trust), and also considers whether
vulnerable consumers are able to receive fair value from the product.

JPMorgan Funds Ltd has concluded that the Trust is providing value based on the
above assessment.
The companies are shown for illustrative purposes only. Their inclusion should
not be interpreted as a recommendation to buy or sell. The use of their logos is
in no way an endorsement of those companies by J.P. Morgan Asset Management nor
is it intended to indicate an endorsement of J.P. Morgan Asset Management by
those companies.

JPMorgan Funds Ltd has concluded that the Trust is providing value based on the
above assessment.

RISK PROFILE

* Exchange rate changes may cause the value of underlying overseas investments
to go down as well as up.
* Where permitted, a Company may invest in other investment funds that utilise
gearing (borrowing) which will exaggerate market movements both up and down.
* This Company may use derivatives for investment purposes or for efficient
portfolio management.
* External factors may cause an entire asset class to decline in value. Prices
and values of all shares or all bonds and income could decline at the same
time, or fluctuate in response to the performance of individual companies and
general market conditions.
* This Company may utilise gearing (borrowing) which will exaggerate market
movements both up and down.
* This Company may also invest in smaller companies which may increase its risk
profile.
* The share price may trade at a discount to the Net Asset Value of the
Company.

FINANCIAL CALENDAR

Interim results announcedNovember
Final results announcedJune
Annual general meetingJuly
Financial year-end date31 March
Dividends payableJanuary, March, July, October

BOARD OF DIRECTORS

Rita Dhut
Jutta af Rosenborg
Guy Walker
Alexander Lennard
Karen McKellar
Andrew Robson

ADDITIONAL RATINGS AND AWARDS

KEY INFORMATION

PERFORMANCE

Benchmark
MSCI Europe ex UK (total return) (£)
Quarterly rolling 12 months
As of 31/12/2023
Cumulative
As of 31/01/2024
Annualised
As of 31/01/2024

PERFORMANCE - QUARTERLY ROLLING

2018/20192019/20202020/20212021/20222022/2023Share
price20.25%4.92%27.09%-3.06%19.09%NAV18.54%6.18%25.23%-4.31%16.71%Benchmark19.99%7.49%16.73%-7.62%-

Past performance is not a reliable indicator of current and future results.
Source: J.P. Morgan Asset Management/Morningstar. Net asset value performance
(NAV) data has been calculated on a NAV to NAV basis, including ongoing charges
and any applicable fees, with any income reinvested, in GBP.
NAV is the cum income NAV with debt at fair value, diluted for treasury and/or
subscription shares if applicable, with any income reinvested. Share price
performance figures are calculated on a mid market basis in GBP with income
reinvested on the ex-dividend date. The performance of the company's portfolio,
or NAV performance, is not the same as share price performance and shareholders
may not realise returns which are the same as NAV performance.
Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related
to compiling, computing or creating the MSCI data makes any express or implied
warranties or representations with respect to such data (or the results to be
obtained by the use thereof), and all such parties hereby expressly disclaim all
warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to any of such data. Without limiting any
of the foregoing, in no event shall MSCI, any of its affiliates or any third
party involved, in or related to compiling, computing, or creating the data have
any liability for any direct, indirect, special, punitive, consequential or any
other damages (including lost profits) even if notified of the possibility of
such damages. No further distribution or dissemination of the MSCI data is
permitted without MSCI's express written consent.
Comparison of the Company's performance is made with the benchmark. The
benchmark is a recognised index of stocks which should not be taken as wholly
representative of the Company's investment universe. The Company's investment
strategy does not follow or track this index and therefore there may be a degree
of divergence between its performance and that of the Company.
On 26/03/13 the benchmark for the Trust was changed from FTSE All World
Developed Europe (ex UK) Index to MSCI Europe ex UK Index.

PERFORMANCE - CUMULATIVE

31/01/2024

1 MONTH3 MONTHS1 YEAR3 YEARS5 YEARS10 YEARSShare
price0.51%11.42%12.36%43.64%72.32%138.28%NAV1.30%11.65%10.68%44.95%71.00%140.27%Benchmark0.35%11.31%7.85%27.11%55.55%113.26%

PERFORMANCE - ANNUALIZED

31/01/2024

3 YEARS5 YEARS10 YEARSShare
price12.83%11.50%9.07%NAV13.17%11.33%9.16%Benchmark8.32%9.24%7.87%

MONTH IN REVIEW

As of 31/01/2024
* The trust outperformed its benchmark in January (net asset value debt at fair
value basis).
* Positive contributors to relative returns included stock selection in
materials and pharmaceuticals, biotechnology & life sciences.
* Detractors included stock selection in utilities and energy.
* At a stock level, an overweight position in Novo Nordisk, a Danish
multinational pharmaceutical company, contributed to performance over the
month. The share price hit all-time highs as the company announced that sales
of both Ozempic and Wegovy, its diabetes and weight-loss drugs, continued to
grow rapidly according to recent fourth-quarter results.
* An overweight allocation to ASML, a Netherlands-based semiconductor equipment
maker, contributed to relative returns during the month. Shares hit record
highs after the company reported better-than-expected fourth-quarter earnings
and a growing order backlog that point to a recovery in the computer chip
market.
* An overweight position in RWE, a Germany-based renewable energy company,
detracted from relative returns over the month. The shares declined after the
company guided for lower earnings in 2024 amid a drop in European energy
prices.
* An overweight allocation to Infineon Technologies, a semiconductor
manufacturer, detracted from relative returns during the month. The share
price declined as investors took to profit-taking following the impressive
run in the final quarter of 2023. Additionally, some semiconductor peers have
been reducing financial year 2024 guidance, resulting in a negative
read-across to Infineon Technologies.

LOOKING AHEAD

As of 31/01/2024
* On top of the macroeconomic uncertainties, there are numerous political
uncertainties arising out of ongoing geopolitical tensions.
* European equities trade on an extreme discount to US equities, a discount
that has grown following strong 2023 technology-led gains in the US. This
argument may not be new to prospective investors, but the European equity
market currently can offer comparable levels of quality and growth potential.
* While the short-term outlook remains uncertain, we believe European equities
offer an attractive entry point to the long-term investor, and we remain
focused on selecting companies with pricing power, strong balance sheets and
the ability to grow significantly over the long term.

FEES

Ongoing charge (including the annual management fee detailed below)
0.66%
Annual management fee
0.55% on Net Assets up to £400m and 0.40% on Net Assets above £400m
The Ongoing Charge comprises the Company’s management fee and all other
operating expenses (excluding interest charges on any borrowing) incurred during
the year, expressed as a percentage of the average daily net assets during the
year. All figures are for the previous financial year unless otherwise stated.
The Ongoing Charge comprises the Company’s management fee and all other
operating expenses (excluding interest charges on any borrowing) incurred during
the year, expressed as a percentage of the average daily net assets during the
year. All figures are for the previous financial year unless otherwise stated.
The Ongoing Charge comprises the Company’s management fee and all other
operating expenses (excluding interest charges on any borrowing) incurred during
the year, expressed as a percentage of the average daily net assets during the
year. All figures are for the previous financial year unless otherwise stated.

DIVIDEND HISTORY

20192020202120222023Total dividend per share (p)8.85p8.85p4.45p7.80p4.00p

GROWTH OF HYPOTHETICAL INVESTMENT

Date range
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Last 1 year
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Custom date range
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Performance inception: June, 2008
January
February
March
April
May
June
July
August
September
October
November
December
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
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To

January
February
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April
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June
July
August
September
October
November
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2008
2009
2010
2011
2012
2013
2014
2015
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NAV

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Benchmark
DOWNLOAD CHART DATA
Approximate value of Initial Investment in the fund at NAV with dividends and
capital gains reinvested, and based on the time period selected.
Approximate percent of Initial Investment in the fund at NAV with dividends and
capital gains reinvested, and based on the time period selected.
Approximate values shown are for the time period selected and reflect either;
the Net asset value performance which has been calculated on a NAV to NAV basis
in GBP, including ongoing charges and any applicable fees, with any income
reinvested; or the Share price performance which has been calculated on a mid
market basis in GBP with income reinvested on the ex-dividend date.
Approximate values shown are for the time period selected and reflect either;
the Net asset value performance which has been calculated on a NAV to NAV basis
in GBP, including ongoing charges and any applicable fees, with any income
reinvested; or the Share price performance which has been calculated on a mid
market basis in GBP with income reinvested on the ex-dividend date.
Approximate values shown are for the time period selected and reflect either;
the Net asset value performance which has been calculated on a NAV to NAV basis
in GBP, including ongoing charges and any applicable fees, with any income
reinvested; or the Share price performance which has been calculated on a mid
market basis in GBP with income reinvested on the ex-dividend date.

MONTH IN REVIEW

LOOKING AHEAD

DOCUMENTS

Reports and accounts
* 2023 Half Year Report
* 2023 Annual Report
* 2022 Half Year Report
* 2022 Annual report
* 2021 Half Year Report
* 2021 Annual Report
* 2020 Annual Report

* 2019 Annual Report
* 2019 Half Year Report
* 2018 Annual Report
* 2018 Half Year Report
* 2017 Annual Report
* 2017 Half Year Report
* 2016 Annual Report

* 2016 Half Year Report
* 2015 Annual Report
* 2015/16 Half Year Report
* 2014 Annual Report
* 2014/15 Half Year Report
* 2013 Annual Report
* 2013/14 Half Year Report

* 2012 Half Year Report
* 2011 Half Year Report
* 2010 Annual Report
* 2010 Half Year Report
* 2009 Half Year Report

Legal Documents
* Investor Disclosure Document
* LSE Trust Announcements - European Growth & Income

* PRIIP KID - JPMorgan European Growth & Income

Annual General Meeting and General / Class meeting
* AGM Presentation 2023
* Results of the Poll at 2023 AGM
* AGM Poll Results 2022
* AGM Presentation 2022
* JPMorgan Growth Class Meeting – Poll Results

* JPMorgan General Meeting – Poll Results
* JPMorgan Income Class Meeting – Poll Results
* Circular
* AGM - Presentation 2020
* AGM Poll Results - 15 July 2020

Trust information
* Factsheet
* Complete NAV summary (updated monthly)

* AIFMD Remuneration Disclosure

Committee terms of reference
* Audit Committee
* Nomination Committee

* Management Engagement Committee

ESG Information
* UK TCFD Product Report

This is a marketing communication and as such the views contained herein do not
form part of an offer, nor are they to be taken as advice or a recommendation,
to buy or sell any investment or interest thereto. Reliance upon information in
this material is at the sole discretion of the reader. Any research in this
document has been obtained and may have been acted upon by J.P. Morgan Asset
Management for its own purpose. The results of such research are being made
available as additional information and do not necessarily reflect the views of
J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of
financial market trends or investment techniques and strategies expressed are
unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this
document. They are considered to be reliable at the time of writing, may not
necessarily be all inclusive and are not guaranteed as to accuracy. They may be
subject to change without reference or notification to you. It should be noted
that the value of investments and the income from them may fluctuate in
accordance with market conditions and taxation agreements and investors may not
get back the full amount invested. Changes in exchange rates may have an adverse
effect on the value, price or income of the products or underlying overseas
investments. Past performance and yield are not reliable indicators of current
and future results. There is no guarantee that any forecast made will come to
pass. Furthermore, whilst it is the intention to achieve the investment
objective of the investment products, there can be no assurance that those
objectives will be met. J.P. Morgan Asset Management is the brand name for the
asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
To the extent permitted by applicable law, we may record telephone calls and
monitor electronic communications to comply with our legal and regulatory
obligations and internal policies. Personal data will be collected, stored and
processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy
Policy.
Investment is subject to documentation. The Annual Reports and Financial
Statements, AIFMD art. 23 Investor Disclosure Document and PRIIPs Key
Information Document can be obtained free of charge in English from JPMorgan
Funds Limited or at www.jpmam.co.uk/investmenttrust.
This communication is issued by JPMorgan Asset Management (UK) Limited, which is
authorised and regulated in the UK by the Financial Conduct Authority.
Registered in England No: 01161446. Registered address: 25 Bank Street, Canary
Wharf, London E14 5JP.

J.P. Morgan Asset Management

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