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JAM
JPMORGAN AMERICAN INVESTMENT TRUST PLC– ORD

Overall Morningstar Rating™
As of 31/01/2024

FE Crown Rating
As of 31/01/2024
Rayner Spencer Mills
As of 31/07/2021
Morningstar Category™: US Large-Cap Blend Equity
* Factsheet
* KID
* How to invest

Past performance is not a guide to current and future performance.
NAV
As of 07/03/2024
958.91p
Discount / premium
As of 07/03/2024
0.22%
Share price
As of 07/03/2024
961.00p
Total assets
As of 07/03/2024
GBP 1818.31 Mn
* OVERVIEW
* PERFORMANCE & FEES
* PORTFOLIO
* COMMENTARY
* DOCUMENTS

JAM
JPMorgan American Investment Trust plc– ORD

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

ADDITIONAL RATINGS AND AWARDS

KEY INFORMATION

Total dividend for last financial year 7.25p
Potential gearing range-5% to 20%
Actual gearing
As of 07/03/20240.58%
Company Broker(s)Stifel Nicolaus Europe Limited
SEDOLBKZGVH6
ISINGB00BKZGVH64
BloombergJAM LN
ReutersJAM.L
Asset classEquity
RegionAmerica
Share class currencyGBP
Share class inception18/06/1881
BenchmarkS&P 500 Index, net of appropriate withholding tax (£)
ESG Approach ESG Integrated

US EQUITIES, HAND-PICKED BY EXPERTS

WILL THE US ECONOMY AVOID RECESSION NEXT YEAR?

It is still a close call as to whether or not the US economy will enter a
recession. While we believe that the risks for a mild recession remain, we think
slow growth will be the most likely outcome.

Read the article

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Fiona Harris, Investment Specialist, provides an insight into JPMorgan American
Investment Trust. Watch the video to learn more about the trust and investments
into US equities.
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In Conversation with Jonathan Simon: Six reasons to buy JAM

US EQUITY POSITIONING: LARGE CAPS OR SMALLER COMPANIES?

Investors in the US stock market enjoyed impressive performance in 2023, led by
large cap stocks. However, rate cuts and after some stronger relative
performance from smaller companies at the back end of last year, investors are
now asking where to position themselves along the market cap spectrum.

Read the article

WILL THE US ECONOMY AVOID RECESSION NEXT YEAR?

It is still a close call as to whether or not the US economy will enter a
recession. While we believe that the risks for a mild recession remain, we think
slow growth will be the most likely outcome.

Read the article

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Fiona Harris, Investment Specialist, provides an insight into JPMorgan American
Investment Trust. Watch the video to learn more about the trust and investments
into US equities.

US EQUITIES, HAND-PICKED BY EXPERTS

Our flagship American trust offers a high conviction portfolio of both US value
and growth stocks that represent the managers' best ideas, designed to
outperform across market cycles.

The managers' decades of US stock-picking experience underpin a track record of
consistent performance and dividends.

Key points:

* Excellence - outperforming the benchmark, net of fees over 3, 5 and 10 years.
* Expertise - deep in-house stock research
* Experience - long-standing and proven investment team.

All delivered at a competitively low cost.

This Trust has a curated portfolio of both growth and value stocks, which adds
flexibility in different market conditions. Our investment process starts with
ideas, driven by the output of our sector-specific analysts. Both our value and
growth teams employ a similar, research-driven approach to find quality
businesses with good management and strong balance sheets. These ideas drive the
managers' decision-making as they construct our focussed portfolio.

The Trust is managed by Jonathan Simon, Timothy Parton and Felise Agranoff who
have spent their careers investing in the US. They are supported by a New
York-based team of approximately 40 analysts, including sector and small-cap
specialists. Our investment process is driven by the output of these analysts,
who research the US equity market to find quality businesses with strong
management and robust balance sheets in both the value and growth buckets that
the portfolio combines.

Marketing communications email sign up >

Annual General Meeting 2023 Presentation >

INVESTMENT OBJECTIVE

The Company aims to achieve capital growth from North American investments by
outperformance of the Company's benchmark, the S&P500 Index, with net dividends
reinvested, expressed in sterling terms. The Company emphasises capital growth
rather than income and when appropriate may have exposure to smaller
capitalisation companies. The Company's gearing policy is to operate within a
range of 5% net cash to 20% geared in normal market conditions. Gearing may
magnify gains or losses experienced by the Company.

PORTFOLIO MANAGERS

Jonathan Simon

44 YEARS
In the industry
44 YEARS
With J.P. Morgan
4 YEARS
Managing this fund

Felise Agranoff

20 YEARS
In the industry
20 YEARS
With J.P. Morgan
1 YEAR
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.
* 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.
* The single market in which the Company primarily invests, in this case the
US, may be subject to particular political and economic risks and, as a
result, the Company may be more volatile than more broadly diversified
companies.

FINANCIAL CALENDAR

Interim results announcedAugust
Final results announcedMarch
Annual general meetingMay
Financial year-end date31 December
Dividends payableMay and October

BOARD OF DIRECTORS

Dr Kevin Carter
Nadia Manzoor
Robert Talbut
Claire Binyon
Pui Kei Yuen
Colin Moore

ADDITIONAL RATINGS AND AWARDS

KEY INFORMATION

PERFORMANCE

Benchmark
S&P 500 Index, net of appropriate withholding tax (£)
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
price22.80%21.18%34.29%-9.87%26.63%NAV21.63%22.01%28.14%-8.74%24.74%Benchmark26.03%14.43%29.62%-8.02%18.87%

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: The S&P 500 Index (£) (“Index”) is a product of S&P Dow Jones
Indices LLC and/or its affiliates and have been licensed for use by JP Morgan
Chase Bank N.A. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P
Global, Inc.,and/or its affiliates. All rights reserved.
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.

PERFORMANCE - CUMULATIVE

31/01/2024

1 MONTH3 MONTHS1 YEAR3 YEARS5 YEARS10 YEARSShare
price4.07%18.41%31.99%61.19%127.95%339.41%NAV2.45%12.19%21.25%51.93%112.06%337.84%Benchmark1.77%10.48%16.52%46.40%98.94%311.60%

PERFORMANCE - ANNUALIZED

31/01/2024

3 YEARS5 YEARS10 YEARSShare
price17.25%17.91%15.95%NAV14.96%16.22%15.91%Benchmark13.55%14.75%15.20%

MONTH IN REVIEW

As of 31/01/2024
* The trust posted a positive return and outperformed its benchmark during
January 2024.
* The S&P 500 Index® returned +1.68% in January 2024. US equity markets started
the year on a positive note, as continued optimism around a 'soft landing'
propelled markets higher. The rally was once again largely driven by the
'Magnificent Seven' companies. Inflation rose to 3.4% year-on-year, from a
five-month low of 3.1% in November; as energy prices declined at a slower
pace. Meanwhile, economic data releases indicated that the US economy
continued to move from strength to strength.
* Our stock selection in the information technology and consumer discretionary
sectors contributed to performance.
* Within information technology, our overweight position in Advanced Micro
Devices (AMD) was one of the top contributors. The stock rallied on the back
of stronger-than-expected revenue and earnings growth for the fourth quarter
and full-year 2023. This was driven by record high quarterly sales for AMD
Instinct GPU, EPYC CPU and AMD Ryzen processor. We remain comfortable with
our overweight position in the stock.
* Among individual names, our overweight position in Meta Platforms proved
beneficial.
* On the other hand, our sector allocation in real estate and stock selection
in energy detracted from performance.
* Within energy, our overweight position in EOG Resources proved lacklustre.
The stock plunged due to weakness in the broader oil and energy sector.
However, we continue to remain overweight, due to its returns-oriented
management team, low-cost focus and inventory quality.
* In the real estate sector, our overweight position in Weyerhaeuser was the
largest detractor.

LOOKING AHEAD

As of 31/01/2024
* We continue to focus on the fundamentals of the economy and company earnings.
Our analysts’ estimates for S&P 500 Index® earnings currently project +12%
for 2024 and +12% for 2025.
* Easing inflation and improved prospects for growth have helped fuel optimism
for a soft landing. However, be it the US election, higher policy rates or
significant geopolitical tension, risks continue to remain that could push
the economy into recession in 2024. Through the volatility, we continue to
focus on high-conviction stocks and take advantage of market dislocations for
compelling stock selection opportunities.

FEES

Ongoing charge (including the annual management fee detailed below)
0.36%
Annual management fee
0.35% on Net assets < £500m, 0.30% on Net assets > £500m < £1bn, 0.25% on Net
Assets > £1bn
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

20182019202020212022Total dividend per share (p)6.50p6.50p6.75p7.00p7.25p

GROWTH OF HYPOTHETICAL INVESTMENT

Date range
Last 5 years
Last 1 year
Last 3 years
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Custom date range
From

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
2019
2020
2021
2022
2023
2024
To

January
February
March
April
May
June
July
August
September
October
November
December
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Initial amount

Regular savings amount

Frequency
Monthly
Quarterly
GBP 8,000GBP 10,000GBP 12,000GBP 14,000GBP 16,000GBP 18,000GBP 20,000GBP
22,000GBP 24,000GBP 26,000Jan 19Jan 20Jan 21Jan 22Jan 23Jan 24
GBP 8,000GBP 10,000GBP 12,000GBP 14,000GBP 16,000GBP 18,000GBP 20,000GBP
22,000GBP 24,000GBP 26,000Jan 19Jan 20Jan 21Jan 22Jan 23Jan 24

NAV

Share Price

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
* 2022 Annual Report
* 2021 Annual Report
* 2021 Half Year Report
* 2020 Annual Report
* 2020 Half Year 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 Half Year Report
* 2014 Annual Report
* 2014 Half Year Report
* 2013 Annual Report
* 2013 Half Year Report
* 2012 Annual Report

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

Legal Documents
* Investor Disclosure Document
* LSE Trust Announcements - American Investment

* PRIIP KID - JPM American IT - Ordinary

Annual General Meeting and General / Class meeting
* AGM Poll Results 2023

* AGM - Presentation 2023

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

* AIFMD Leverage and Remuneration Disclosure
* Stock Split Information - May 2014

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
reader.
ESG Information
* UK TCFD Product Report

* ESG Fund 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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