London, UK, 23 March 2017

Edison issues review on Jupiter US Smaller Companies (JUS)

Jupiter US Smaller Companies (JUS) invests in small and mid-cap US companies with the aim of achieving long-term capital growth with capital preservation. Robert Siddles, the manager since the trust's launch in 1993, seeks to invest in companies with strong franchises, equity-owning managements, high free cash flow and pricing power, which have experienced a period of share price weakness and offer at least 50% upside to their assessed fair value. This conservative approach means that the portfolio can underperform in periods when either high-risk stocks such as biotechnology lead, as happened in 2015, or when the market rises rapidly, as occurred last year.

At 21 March 2017, JUS's shares traded at a 9.9% discount to net asset value. This was a little narrower than the 12-month average of 10.7% and a little wider than the 9.3% average over three years, although the five-year average discount is narrower at 4.8%. The board uses share buybacks with the aim of keeping the discount below 10% over the longer term. The discount has narrowed since a year ago when US equities were out of favour, and there is scope for it to narrow further from its current level if the style rotation from growth to value continues.

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