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JPMorgan European Smaller Companies : JESC – annual results and share split

JPMorgan European Smaller Companies has published its results for the year ended 31 March 2014. It was a great year for the fund as the total return on net assets was 40.6%, well ahead of the 32.8% return generated by the Euromoney Smaller European Companies ex UK Index (the company’s benchmark – this used to be the HSBC index but it was renamed during the year). Furthermore, the discount narrowed so the return to shareholders was even better – coming in at 43.6%. The Chairman’s statement claims asset allocation, stock selection and the use of gearing all contributed to the company’s outperformance.

With the shares now around the £12 mark the Board has decided to split each one into five – this will make it easier to operate share savings schemes and dividend reinvestment.

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