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Jupiter US Smaller Companies (JUS) aims to achieve long-term capital growth for shareholders from a diversified portfolio primarily of quoted US smaller and medium-sized companies.
Run by Robert Siddles for over 17 years, the £147m trust takes a risk-averse approach, aiming to preserve capital rather than chasing short-term growth. Robert pays particular interest to the areas of the market that lack positive sentiment, in his view enabling patient investors to take advantage of the misguided sell-offs from market participants employing a shorter-term approach.
Performance has been dull over the medium term, however, 2018 has seen an extraordinary turnaround for the trust, and it has done well relative to its benchmark, the Russell 2000. Since the year began the trust has delivered returns of 22.0%. The outperformance has principally come from the smallest stocks in the portfolio (<$1bn) and the manager has had success in his stock selection in materials & processing, consumer staples, producer durables and technology sectors. However, sectors like healthcare and energy have performed poorly within the portfolio. Currently, the trust’s largest allocations remain in financial services (21.1%), producer durables (18.9%) and consumer discretionary (18.9%).
The board has used buybacks actively over the past few years, helping to maintain an average discount of less than 10%. As of the end of October 2018, the discount sits at c.-9%.
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Fund History: Jupiter US Smaller Companies Trust
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