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JUGI
JPMORGAN UK SMALL CAP GROWTH & INCOME PLC– ORD

FE Crown Rating
As of 31/01/2024
* Factsheet
* KID
* How to invest

Past performance is not a guide to current and future performance.
NAV
As of 07/03/2024
337.25p
Discount / premium
As of 07/03/2024
-14.31%
Share price
As of 07/03/2024
289.00p
Total assets
As of 07/03/2024
GBP 513.48 Mn
* OVERVIEW
* PERFORMANCE & FEES
* PORTFOLIO
* COMMENTARY
* DOCUMENTS

JUGI
JPMorgan UK Small Cap Growth & Income plc– ORD

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

ADDITIONAL RATINGS AND AWARDS

KEY INFORMATION

Total dividend for last financial year 7.70p
Potential gearing range-10% to 15%
Actual gearing
As of 07/03/20248.09%
Company Broker(s)Panmure Gordon
SEDOLBF7L8P1
ISINGB00BF7L8P11
BloombergJUGI LN
ReutersJUGI.L
Asset classEquity
RegionUK
Share class currencyGBP
Share class inception26/06/1990
BenchmarkNumis Smaller Companies plus AIM (excluding Investment Companies) Index
ESG Approach ESG Integrated

INVESTMENT OBJECTIVE

The Company's objective is to achieve capital growth from UK listed smaller
companies and a rising share price over the longer term by taking carefully
controlled risks. The Company has the ability to use borrowing to gear the
portfolio within the range of 10% net cash to 15% geared in normal market
conditions. Gearing may magnify gains or losses experienced by the Company. The
Company makes quarterly distributions, that are set at the beginning of each
financial year. On aggregate, the intention is to pay dividends totalling at
least 4% of the NAV as at the end of the preceding financial year.

ANNUAL GENERAL MEETING PRESENTATION

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Watch our 2023 Annual General Meeting fund manager presentation.

PORTFOLIO MANAGERS

Georgina Brittain

29 YEARS
In the industry
29 YEARS
With J.P. Morgan
26 YEARS
Managing this fund

Katen Patel

19 YEARS
In the industry
11 YEARS
With J.P. Morgan
9 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

* 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 invests 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.
* The single market in which the Company primarily invests, in this case the
UK, may be subject to particular political and economic risks and, as a
result, the Company may be more volatile than more broadly diversified
Company's.
* Companies listed on AIM tend to be smaller and early stage companies and may
carry greater risks than an investment in a Company with a full listing on
the London Stock Exchange.

FINANCIAL CALENDAR

Interim results announcedMarch
Final results announcedOctober
Annual general meetingNovember/December
Financial year-end date31 July
Dividends payableDecember

BOARD OF DIRECTORS

Andrew Impey
Alice Ryder
Gordon Humphries
Katrina Hart
Richard Gubbins
Lisa Gordon
Hannah Philp

ADDITIONAL RATINGS AND AWARDS

KEY INFORMATION

PERFORMANCE

Benchmark
Numis Smaller Companies plus AIM (excluding Investment Companies) Index
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
price67.53%15.57%11.13%-28.49%9.69%NAV49.21%10.46%29.00%-28.03%7.41%Benchmark22.16%4.93%20.03%-21.93%3.21%

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.
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.
Prior to 01/01/19 the benchmark was FTSE Small Cap (ex Inv Companies) (£)

PERFORMANCE - CUMULATIVE

31/01/2024

1 MONTH3 MONTHS1 YEAR3 YEARS5 YEARS10 YEARSShare
price-1.36%22.88%2.99%-4.10%57.84%116.89%NAV-0.21%16.71%4.37%0.86%54.81%105.75%Benchmark-1.59%13.06%-3.30%-5.48%15.73%45.65%

PERFORMANCE - ANNUALIZED

31/01/2024

3 YEARS5 YEARS10 YEARSShare
price-1.39%9.56%8.05%NAV0.29%9.13%7.48%Benchmark-1.86%2.96%3.83%

MONTH IN REVIEW

As of 31/01/2024
* The trust outperformed its benchmark in January.
* Positive contributors to relative returns included stock selection and an
overweight position in media and stock selection in oil, gas and coal.
* Detractors included stock selection in investment banking and brokerage
services and an overweight position in personal goods.
* At a stock level, an overweight position in 4imprint, a London based direct
marketer of promotional merchandise, contributed to relative returns. The
company announced a very strong set of results for its full year and was very
positive about the outlook for the business.
* Elsewhere, our overweight position in Jet2, a UK package holiday provider,
contributed positively to relative performance. The share price rose, as
positive UK consumer confidence and disposable income data was supportive for
the prospects of UK holiday spending.
* On the other hand, our overweight position in Watches of Switzerland, a
luxury watch retailer, contributed negatively to relative returns following a
profit warning indicating weaker trading over the Christmas period.
* Lastly, an overweight position in Card Factory, a UK listed retailer of
greetings cards, detracted from investment performance. The company detailed
a robust Christmas trading update and guided to profitability at the top end
of the range of expectations, but investors may have been anticipating
stronger trading given trends in 2023.

LOOKING AHEAD

As of 31/01/2024
* Domestic economic prospects are uncertain. Discretionary spending has been
relatively resilient, aided by a tight labour market and strong wage growth,
which has recently moved above the rate of inflation. GDP growth has also
been better than expected. However, there continues to be concern over the
impact of higher interest rates on aggregate demand, while unemployment has
started to tick up.
* Commodity prices and supply chains remain key considerations. Energy prices,
while below the levels seen at the start of the war in Ukraine, have remained
volatile amid producer supply cuts and increasing geopolitical uncertainty.
More broadly, industrial indicators have been soft in recent months, while
supply chain constraints have eased materially. These factors will have
significant impacts on many UK companies.
* The reaction of central banks to inflationary pressure has driven markets to
a great extent. Higher rates and the implementation of ‘quantitative
tightening’ represent a clear departure from the accommodative monetary
policy of the previous decade. We appear to be approaching the end of the
current tightening cycle, particularly following some recent inflation data
points, which have been lower than expected.
* While the short-term outlook remains uncertain, we are optimistic given the
historically low valuation levels we observe. We believe UK 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 medium term.

FEES

Ongoing charge (including the annual management fee detailed below)
1.02%
Annual management fee
0.65% on net assets up to £200 million, 0.55% on net assets above £200m
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)5.50p5.50p5.70p6.90p7.70p

MONTH IN REVIEW

LOOKING AHEAD

DOCUMENTS

Reports and accounts
* 2023 Annual Report
* 2023 Half Year Report
* 2022 Annual Report
* 2022 Half Year Report
* 2021 Annual Report
* 2021 Half Year Report
* 2020 Annual Report
* 2020 Half Year 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 Annual Report
* 2012 Half Year Report
* 2012/13 Half Year Report

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

Legal Documents
* JMI - Articles of Association
* Transfer Agreement
* 2023 Annual Report
* Transfer agreement undertaking (JMF)
* Transfer Agreement Undertaking (JPMF)
* Investor Disclosure Document
* Form of Proxy
* JMF Circular consent to be named signed
* Proposed Combination Announcement

* Publication of Prospectus Announcement
* Transfer Agreement Undertaking (FRP)
* JMI Prospectus
* 2022 Annual Report
* 2021 Annual Report
* JMI Circular
* LSE Trust Announcements - Smaller Companies Investment
* PRIIP KID - JPM Smaller Companies IT - Ordinary

Annual General Meeting and General / Class meeting
* Results of the Poll at 12 Feb 2024 GM
* AGM Presentation 2023

* Result of the Poll at the 2023 AGM

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

* AIFMD Remuneration Disclosure

Committee terms of reference
* Audit Committee
* Nomination Committee

* Remuneration Committee
* Management Engagement Committee

Research
* Kepler Investment Research

This Investment Trust has been reviewed by a third party agency. Contents of the
external links have been prepared by third parties and do not necessarily
represent the views of J.P. Morgan Asset Management. These third parties may
receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan
Asset Management does not endorse or attest to completeness and accuracy of
these contents. Reliance upon these contents is at the sole discretion of the
reader.
This Investment Trust has been reviewed by a third party agency. Contents of the
external links have been prepared by third parties and do not necessarily
represent the views of J.P. Morgan Asset Management. These third parties may
receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan
Asset Management does not endorse or attest to completeness and accuracy of
these contents. Reliance upon these contents is at the sole discretion of the
reader.
This Investment Trust has been reviewed by a third party agency. Contents of the
external links have been prepared by third parties and do not necessarily
represent the views of J.P. Morgan Asset Management. These third parties may
receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan
Asset Management does not endorse or attest to completeness and accuracy of
these contents. Reliance upon these contents is at the sole discretion of the
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* 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.
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monitor electronic communications to comply with our legal and regulatory
obligations and internal policies. Personal data will be collected, stored and
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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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