JPMorgan European Discovery Trust plc (LON:JEDT), the FTSE 250 trust investing in European smaller companies, announces its interim results for the six-month period ended 30 September 2023
European small caps underperformed large caps during the period, as small caps are particularly sensitive to ‘risk off’ conditions. The Company was not immune to these conditions and the portfolio underperformed its benchmark. However, the Manager has made important enhancements to the portfolio selection process with improved risk management. There has been improved performance over recent months as the portfolio adjustments begin to pay off.
Financial highlights for the Reporting Period include:
· NAV per Ordinary Share of 434.5 pence (as at 30 September 2023) down 12.8% from 31 March 2023