JPMorgan European Discovery Trust plc (LON:JEDT) has announced its January commentary.
JEDT’s share price and NAV rose 19.03% and 15.05% respectively on a cumulative basis to 31 January 2024
Month in review – As of 31/01/2024
- The trust outperformed its benchmark over January.
- Positive contributors to relative returns included stock selection in industrial engineering and stock selection and an overweight position in industrial support services.
- Detractors included stock selection and an underweight position in industrial transportation and stock selection in technology hardware and equipment.
- At the stock level, an overweight position in Kindred, a Swedish gambling company, outperformed after receiving a takeover offer from Francaise des Jeux.
- An overweight position in SPIE, a French multi-technical services company, outperformed as the company continued to benefit from strong investments into electrification & energy efficiency.