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Contact details

Information not available

Fund managers

* Alexander Fitzalan Howard»02-Aug-2006 to Present
* Stephen Macklow-Smith»02-Aug-2006 to Present
* Michael Barakos»01-Mar-2013 to Present

Investment objectives

To provide a growing income together with the potential for longterm capital growth from a diversified portfolio of investments in Continental European stockmarkets.

Key Information

Fund vs sector

  1y 3y
Position 5 / 8 5 / 8
Quartile 3 3

Fund ratings

FE Crown Rating: 3 FE
Crown Rating


  1y 3y
Volatility 12.64 15.58
Alpha 4.33 -0.82
Beta 1.29 1.08
Sharpe 0.73 1.18
InfoRatio 0.93 0.04
R2 0.78 0.77
Quartiles:   1  2   3  4   help with ratios
vs. Europe»


performance chart
    1y 3y 5y 12m-24m 24m-36m 36m-48m 48m-60m
+7.6 +80.7 +69.3 +32.7 +26.5 -12.5 +7.1
  NAV +7.9+69.2+62.9+28.1 +22.4-13.0+10.7
  Europe +7.6+86.5+75.0+29.9+33.4-14.5+9.8
Share Price
 ShareTypePriceDatePrem/DiscDiluted NAVGearingDiv yield
EstimLast pub.NetGross
pdf JP MORGAN EUROPEAN IT INCOME UNIT 119.50 (p) 19-Dec-2014 -6.85 128.83 129.01
110 4.02 4.02
Capital structure & income
Share Type Exchange Nominal value Issued Market value (m) Wind-up date Splits News
JP MORGAN EUROPEAN IT INCOME UNIT LONDON 3 73,573,000 88.29 n/a n/a company announcements
Share identifiers: TIDM: JETI; SEDOL: B17XWW4; ISIN: GB00B17XWW44
Detailed fund information
Fund type flag United Kingdom-registered Investment Trusts
Gross assets£103.9m / $162.2m
Sector Europe
Asset ClassEquity
Own ISA wrapper Fund has ISA Wrapper help with ISA
Savings plan Fund has no Savings Plan 
Annual accountsannual (Click to order)
Last report / accounts31-Mar-2012
Last AGM18-Jul-2013
Next AGMJuly 2013
Management contractUnder the terms of the Management Agreement, the Manager will receive a management fee in respect of the Income Shares at an annual rate of 0.75% of the total assets less current liabilities of the Income Pool, which will be calculated and paid monthly in arrears. Where NAV performance of the Income Pool exceeds benchmark performance plus 0.5% in any one year, a performance fee is payable and is calculated at 15% of the excess of the Income Pools NAV total return over the benchmark total return plus a hurdle of 0.5%. Any performance fee earned is spread evenly over three years, with a cap of 0.75% of total gross assets in any one year. Any unpaid performance fee in respect of the Income Shares or Growth Shares is carried forward until paid in full (or offset against subsequent under-performance). Any under-performance is offset at the earliest opportunity and must be fully offset before any performance fee can be paid.
Borrowing limitn/a
Continuation / Wind-up provisionThe fund has an unlimited life. The board has the authority to repurchase up to 14.99% of its own issued share capital. The Board will apply an active discount management policy and aim to keep discount as close to 10% as can be achieved. Shares held in treasury may be issued at a discount to NAVs per shares (provided the discount is narrower than the average discount at which the Company repurchased the Shares then held in treasury) or at a premium to NAVs per Share. Shareholders' of both classes (Growth Pool & Income Pool) will have a semi-annual opportunity to convert their Shares into Shares of the other class in 15 March and 15 September of each year. Such conversions will not, under current law, be treated as a disposal for UK capital gains tax purposes.
Dividend policyn/a
Investment restrictionsn/a
Reconstruction proposaln/a
Settlement detailsn/a
Tax policyn/a
Peer groups
Region Asset Class Investment Focus Sector
Europe Ex UK Equity Mixed Europe
Largest holdings, 30-Nov-2014
Holding (%) Rank Prev Holding (%) Rank Prev
TOTAL SA2.104(4)BASF SE1.409(8)
SIEMENS AG1.805(5)BNP PARIBAS1.3010(9)
Regional weightings, 30-Nov-2014
Region (%) Rank Prev  
Switzerland 18.40 1 (1) 18.40% Switzerland
Germany 15.80 2 (2) 15.80% Germany
France 13.30 3 (3) 13.30% France
Sweden 9.50 4 (4) 9.50% Sweden
Netherlands 8.00 5 (5) 8.00% Netherlands
Italy 7.50 6 (6) 7.50% Italy
Spain 7.30 7 (7) 7.30% Spain
Finland 6.60 8 (9) 6.60% Finland
Norway 6.20 9 (8) 6.20% Norway
Belgium 3.10 10 (10) 3.10% Belgium
Denmark 1.70 11 (12) 1.70% Denmark
Portugal 1.20 12 (11) 1.20% Portugal
Austria 1.10 13 (13) 1.10% Austria
Ireland 0.30 14 (14) 0.30% Ireland
Sector weightings, 30-Nov-2014
Sector (%) Rank Prev  
Financials 32.70 1 (1) 32.70% Financials
Industrials 11.90 2 (2) 11.90% Industrials
Utilities 9.60 3 (3) 9.60% Utilities
Consumer Staples 9.20 4 (4) 9.20% Consumer Staples
Consumer Discretionary 8.30 5 (5) 8.30% Consumer Discretionary
Health Care 8.10 6 (6) 8.10% Health Care
Telecommunication Services 7.10 7 (8) 7.10% Telecommunication Services
Energy 6.40 8 (7) 6.40% Energy
Materials 3.80 9 (9) 3.80% Materials
Information Technology 2.90 10 (10) 2.90% Information Technology

All prices in Pence Sterling (GBX) unless otherwise specified. Price total return performance figures are calculated using closing mid prices and with net income (dividends) reinvested. NAV total return performance figures are calculated using fully diluted (where applicable) daily estimated NAV figures from Thomson Financial Datastream and with gross income (dividends) reinvested.

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Asset allocation

Swiss Equities, 18.40%
18.4000% ofSwiss Equities
German Equities, 15.80%
15.8000% ofGerman Equities
French Equities, 13.30%
13.3000% ofFrench Equities
Swedish Equities, 9.50%
9.5000% ofSwedish Equities
Dutch Equities, 8.00%
8.0000% ofDutch Equities
Italian Equities, 7.50%
7.5000% ofItalian Equities
Spanish Equities, 7.30%
7.3000% ofSpanish Equities
Finnish Equities, 6.60%
6.6000% ofFinnish Equities
Norwegian Equities, 6.20%
6.2000% ofNorwegian Equities
Belgian Equities, 3.10%
3.1000% ofBelgian Equities
Danish Equities, 1.70%
1.7000% ofDanish Equities
Portuguese Equities, 1.20%
1.2000% ofPortuguese Equities
Austrian Equities, 1.10%
1.1000% ofAustrian Equities
Irish Equities, 0.30%
0.3000% ofIrish Equities

Sector analysis


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