Over the course of 2013 JP Morgan Claverhouse generated a total net asset value return of 33.8% – well ahead of the return on the FTSE All-Share Index of 20.8%. The dividend was increased by 3.4% and, for the first time in five years, is now covered by revenue – an important leap forward for a fund that is now grouped as a UK Equity Income fund. The good performance was driven by stock selection with easyjet leading the way as the top performing investment.