Half Year Report2015 JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts for the six months ended 30th June 2015

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1 Half Year Report2015 JPMorgan US Smaller Companies Investment Trust plc Half Year Report & Accounts for the six months ended 30th June 2015

2 Features Contents About the Company 1 Half Year Performance 2 Chairman s Statement Investment Review 3 Investment Manager s Report 7 Sector Analysis 8 List of Investments Financial Statements 10 Statement of Comprehensive Income 11 Statement of Changes in Equity 12 Statement of Financial Position 13 Statement of Cash Flows 14 Notes to the Financial Statements Shareholder Information 17 Interim Management Report 18 Glossary of Terms and Definitions 19 Where to buy J.P. Morgan Investment Trusts 21 Information about the Company Objective Capital growth from investing in US smaller companies. Investment Policy The portfolio is a product of the investment team s bottom-up investment approach and disciplined portfolio construction. The investment philosophy is simple and straightforward; to invest in companies that have a sustainable competitive advantage, run by competent management teams who have a track record of success and are good stewards of capital; and to focus on owning equity stakes in businesses that trade at a discount to their intrinsic value. Benchmark The Russell 2000 Index total return with net dividends reinvested, expressed in sterling terms. This index is a smaller companies index and is rebalanced annually to represent the bottom 10% by market capitalisation of all quoted companies in the US. Comparison of the Company s performance is made with the benchmark. Capital Structure At 31st December 2014, the Company s share capital comprised 56,040,928 ordinary shares of 2.5p each. During the period the Company issued 135,000 new ordinary shares for cash from Treasury. At 30th June 2015, the Company s share capital comprised 56,175,928 ordinary shares of 2.5p each. Continuation Vote In accordance with the Company s Articles of Association, the Directors are required to propose a resolution that the Company continue as an investment trust at the Annual General Meeting in 2020 and every fifth year thereafter. Management Company The Company employs JPMorgan Funds Limited ( JPMF or the Manager ) as its Alternative Investment Fund Manager and Company Secretary. JPMF delegates the management of the Company s portfolio to JPMorgan Asset Management ( JPMAM ). The investment team is situated in New York. The portfolio manager, Don San Jose, has managed the portfolio since November Don is supported by Dan Percella and three experienced investment professionals dedicated to researching US smaller companies, as well as the wider JPMAM investment management team. FCA regulation of non-mainstream pooled investments The Company currently conducts its affairs so that the shares issued by JPMorgan US Smaller Companies Investment Trust plc can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The shares are excluded from the FCA s restrictions which apply to non-mainstream investment products because they are shares in an investment trust. AIC The Company is a member of the Association of Investment Companies. Website The Company s website, which can be found at includes useful information on the Company, such as daily share prices, factsheets and current and historic half year and annual reports.

3 Half Year Performance Total returns +2.0% +4.6% Return to shareholders 1 Return on net assets % Benchmark return 3 Financial Data 30th June 31st December % change Shareholders funds ( 000) 104,224 99, Number of shares in issue 56,175,928 56,040, Net asset value per share 185.5p 177.3p +4.6 Share price 175.5p 172.1p +2.0 Share price discount to net asset value per share (5.4)% (2.9)% Gearing 4 9.4% 6.5% Ongoing charges % 1.73% A glossary of terms and definitions is provided on page Source: Morningstar. 2 Source: J.P. Morgan. 3 Source: Russell Investments. The Company s benchmark is the Russell 2000 Index total return with net dividends reinvested, expressed in sterling terms. 4 Please refer to definition in the glossary of terms on page 18. JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts

4 Chairman s Statement Performance It is pleasing to report a rise of 4.6% in the Company s net asset value ( NAV ) for the first six months of 2015, which compares with a rise of 3.8% in the Russell 2000 Index in sterling terms, as these figures mask a volatile period for US equities. Market sentiment at the beginning of 2015 benefited from the perceived improvement in Europe and the drastic decline in the oil price. The sell-off in the latter part of the period under review was caused by the strength of the US dollar, the low oil price together with concerns about China and the Eurozone, which combined have put corporate profits under pressure, giving rise to worries about valuations. Discount and Premium The Company s share price rose 2.0% during the first six months of 2015, lagging the increase in NAV and resulting in a small widening of the discount. Whilst it is disappointing to report the shares discount widened at the end of June, US smaller companies are seen as riskier assets, and therefore volatile in nature, and aligning our share price movement with the change in the NAV is always going to be challenging. This relationship is monitored on a daily basis by your Board and our professional advisers and to help with the management of the discount we have in place the authority to repurchase up to 14.99% of the Company s issued share capital. This authority has not been used during the first six months of Board Changes At the recent Annual General Meeting Alan Kemp retired and the Board are grateful for the strong contribution he has made. Meanwhile we were delighted to welcome David Ross as an independent non-executive Director who joined us in March. David started his career at Ivory & Sime and in 1990 became one of the founding partners of Aberforth Partners, the specialist UK small cap manager. The Board is pleased to be joined by such an experienced investment professional, with considerable knowledge of both small cap stocks and investment trusts. Outlook At the time of writing this statement we are entering the holiday period which in the past has produced volatile markets as bad news (or good) can trigger sharp moves on light volumes. There is clearly much uncertainty in markets currently and reasons to be cautious over the short term, however these set-backs often produce good investment opportunities for long term patient investors. We would also expect the investment team s focus on balance sheet strength and intrinsic value to provide some protection to the Company s portfolio. Over the longer term the US economy has demonstrated its ability to create exciting growth prospects in the small cap sector and our Company should continue to take advantage of these opportunities. Davina Walter Chairman 19th August JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts 2015

5 Investment Manager s Report Market Review US equity markets experienced somewhat of a roller coaster over the first six months of the year. Investors felt relief when crude oil prices began to rebound and the US dollar s appreciation began to slow down. Brisk merger and acquisition activity has also been supportive of equities. However, investor sentiment remained cautious as global currency and fixed income markets were quite volatile. As the six months came to a close, fears surrounding Greece re-emerged and US equity markets sold off as Greece missed a payment to the International Monetary Fund (IMF). Large cap stocks as represented by the S&P 500 Index managed a small advance of 0.2%, while more domestically focused small cap stocks fared better as evidenced by the Russell 2000 Index s gain of 3.8%, all in sterling terms. Recent economic releases point to a US economy reaccelerating modestly from its 1st quarter lull. The June Employment Report wasn t spectacular, but solid. Non-farm payrolls grew by a healthy 223,000 in June, in line with the consensus estimate of 233,000. These payrolls numbers have continued the trend over the last three years of slow and steady progress on the employment front. The housing market and the US consumer are also seeing improving trends. While new home sales remain at low levels by historic standards, the pace of sales in May was the highest reported since February of Across the market caps, growth is outperforming value so far this year as investors grapple with a continuation of the low economic growth scenarios around the world. Within the Russell 2000, the sectors that stand out on the positive side are health care, technology and consumer discretionary. Health care has been bolstered by strong product pipelines and a wave of M&A that has driven shares higher. With the decline in the price of oil, the US consumer has spent a little of the incremental savings on new retail purchases and travel. However, the most interesting thing to note in this environment of significantly lower oil prices is that the US consumer has managed to increase their savings rate and not spend all of the windfall from the lower price of oil. Not surprisingly one of the weakest sectors in the year to date period is the energy sector, as earnings estimates have been slashed and companies are reacting as quickly as they can to adjust their cost structures lower. Performance The Company s net asset value grew by 4.6% over the first six months of The return was ahead of the benchmark, the Russell 2000 Index, which rose by 3.8%. When reviewing the portfolio s performance, the majority of the performance was driven by our stock picking which is highlighted in more detail in the following paragraphs. Additionally, in a rising equity environment, the portfolio s gearing also contributed, although to a lesser extent. In terms of key drivers of relative performance, the portfolio benefitted from strong stock selection in the financial services and consumer discretionary sectors. In the financial services sector, our exposure to software provider Advent Software and commercial real estate broker Marcus & Millichap proved beneficial. Shares of Advent JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts

6 Investment Manager s Report continued Software, which provides software to investment management firms, rose strongly during the period due to the announcement that its rival SS&C Technologies would be acquiring the company. Given the pending acquisition we have been trimming our position as the share price has rallied. Marcus & Millichap reported strong earnings during the period which was predominately driven by a strong commercial real estate (CRE) market as transaction volumes and CRE prices are approaching prior peak levels. Within the consumer discretionary space, we had good performance from a host of names rather than any stand out performers. Amongst the names adding value were Papa John s International and Sequential Brands Group. Pizza chain Papa John s reported much better than expected Q1 results driven by both strong sales and margins. The company continues to perform very strongly from a same restaurant sales perspective and also improving margins which have been aided by lower cheese prices. Additionally, the company s international locations are finally starting to gain traction from a profitability standpoint. We continue to like Papa John s due to their strong brand and large insider ownership. However, the valuation has also risen, so we have selectively trimmed our position on this strength. Sequential Brands, a diversified consumer products company specialising in brand management and licensing, saw its share price increase over the period after announcing the addition of two prominent brands, Jessica Simpson and Martha Stewart, to its line-up. The company s strong stable of brands compete very effectively against peers. We like the high free cash flow generation of the businesses they hold, and how management thoughtfully allocate capital. In terms of some individual names that helped, our overweight position in Freescale Semiconductor was the top contributor to relative performance. The company designs and manufactures embedded processors for the global automotive, networking and industrial end markets. Freescale was a strong performer in the period driven by the announcement that NXP Semiconductors would be acquiring the company. We have taken advantage of Freescale s share price appreciation to reduce our exposure. In contrast, our relative performance was hindered by both our stock and sector positioning in the health care sector. As we mentioned previously, health care was the best performing sector in the Russell 2000 over the period, and its strong performance was aided significantly by the performance of the biotech segment. We have no exposure to this area, as we find if difficult to find biotech companies which meet our investment criteria, and our underweight hindered relative performance. With regards to stock selection, our exposure to IDEXX Laboratories also weighed on our performance in this sector. IDEXX provides diagnostic testing products and reference lab services to companion animal veterinary practices worldwide. The stock exhibited some weakness due to mis-execution by management around the company s recent move to all-direct distribution. While the company s key profit centres, diagnostic consumables and reference lab services, posted solid organic growth in their earnings report, the company s much smaller rapid assay business suffered a decline. Management blamed the weakness on unexpected competitive pressure in first generation stand-alone feline tests. While 4 JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts 2015

7 these tests are fairly immaterial at less than 5% of revenue and carry relatively lower margins, the stock sold off on concerns that this competitive pressure would spread into the company s much more lucrative diagnostic consumables business now that the distribution landscape is open to competitors. While some concern is warranted, we have seen compelling evidence that suggests the competitive pressure will be largely contained to the stand-alone feline tests, and our conversations with management suggest that competitive pressure is not getting worse. Customer retention in IDEXX s key diagnostic modalities remains at 96-98%, and we think the fact that IDEXX continues to spend 80% of the veterinary diagnostic industry s R&D dollars will enable them to retain the strong competitive position they have always enjoyed. We believe IDEXX remains a compelling long term investment and have been adding to our position on weakness. In addition, our overweight position in the producer durables name Generac, which manufacturers portable and standby generators and mobile light towers, also detracted. Disappointing performance in the company s residential standby business, which is driven by electricity outages from storm activity, weighed on the stock. US outages have been below normal for several years following Hurricane Sandy, which has put pressure on top-line growth in recent quarters. Moreover, Generac had been offsetting some of the weakness in the residential standby market by a strong commercial and industrial (C&I) business which was being driven by telecom carriers installing backup power on cell towers. However, consolidation in the telecom space in has resulted in a short-term freeze/reduction to capex spending by telecom carriers to fund M&A, which has weighed on C&I revenues at Generac. We remain confident in the management team and their strategy, but without any insight and visibility into when storm activity increases from current trough levels, we have not aggressively added to the position, though we do consider Generac a core holding at current levels. In terms of our overall positioning, we remain focused on finding companies with durable franchises, good management teams and stable earnings that trade at a discount to intrinsic value. Not much has changed in terms of sector exposure over this period and the consumer discretionary, producer durables and materials & processing are the largest overweight sectors. In contrast, our largest underweights are focused in health care, technology and utilities. In terms of the Company s level of gearing, which was 9.4% as of 30th June 2015, it has increased slightly from six months ago, when it was 6.5%. As always, we will look to add or trim our gearing opportunistically. Market Outlook Little has changed since I wrote my 2014 annual commentary to affect our outlook for the US equity market and we continue to remain somewhat constructive on the outlook for US equities. Our view of overall profitability has not altered much; our 2015 forecasts have stabilised after the sharp downwards revisions required by the rise in the Dollar and fall in the oil price, and our long-term estimates actually edged JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts

8 Investment Manager s Report continued slightly higher over the period. Upwards revisions were concentrated in the healthcare, media and financial sectors, with the industrials the focus for lower forecasts. For most companies, fundamentals still look pretty strong, with an improvement in domestic consumer spending a healthy antidote to weak demand in many foreign economies. And even with operating margins close to record levels, revenue gains are still being enhanced by operating margin improvement. This golden age of profitability will suffer another cyclical interruption at some point, but we see little chance of that in the domestic economy for at least a couple of years. And from a long-term viewpoint, eventually competition must rise and high margins will be undermined, but so far most American companies have proved resilient to global competition. Overall we see little growth in profits this year thanks to the strong Dollar and weak oil price, but the underlying growth rate looks solid enough to sustain operating profits growth in the mid-single digits. Meanwhile the use of capital remains a huge theme and differentiator in the current market. Stock buybacks at record levels are boosting earnings growth by about 2% this year, although the market is rewarding buybacks less these days, which is a logical response to the much higher prices that companies now have to pay when repurchasing their own shares. The M&A cycle is now in full swing, driven by abundant cash flow and cheap financing. Deals are coming thick and fast, especially in the healthcare sector, while the market is still often rewarding acquirers as well of course as the targets. Eventually M&A booms end in tears with companies overreaching and overpaying, but we do not think we have reached that stage just yet. For this outlook, investors are paying around 19 times forward earnings estimates for the small cap market; not cheap at all, and a premium to large caps, though valuation levels in equities do seem more reasonable relative to fixed income alternatives, especially when comparing today s earnings yields with the yield on the ten year government bond and long-term interest rates. We would expect equities to be a bit more volatile in the second half, especially as the Fed begins to increase rates. While the stock market has been very easy to live with in recent years history tells us that single-digit returns and double-digit volatility are the norm. Setbacks of 8-10% in the market are both inevitable and impossible to forecast, but bigger declines usually come at the end of the business cycle, though we suspect that this cycle may have a few years left to run. Don San Jose Dan Percella Investment Managers 19th August JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts 2015

9 Sector Analysis 30th June st December 2014 Overweight/ Overweight/ (Underweight) (Underweight) Portfolio 1 Benchmark Position Portfolio 1 Benchmark Position % % % % % % Financial Services (0.1) (0.6) Consumer Discretionary Producer Durables Technology (4.4) (4.6) Materials & Processing Health Care (7.3) (5.1) Consumer Staples Energy (0.3) (0.7) Utilities (1.5) (1.4) Based on investments, excluding liquidity funds, at fair value of 114.1m (2014: 105.7m). JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts

10 List of Investments at 30th June 2015 Valuation Company Sector 000 % Jarden Consumer Discretionary 3, Waste Connections Producer Durables 3, Spectrum Brands Consumer Staples 2, Brinker Consumer Discretionary 2, Pool Consumer Discretionary 2, Toro Producer Durables 2, Douglas Dynamics Producer Durables 2, Associated Banc-Corp Financial Services 1, AptarGroup Materials & Processing 1, Patrick Industries Materials & Processing 1, Silgan Materials & Processing 1, Healthsouth Health Care 1, West Pharmaceutical Services Health Care 1, Portland General Electric Utilities 1, HFF Financial Services 1, Idexx Laboratories Health Care 1, Crocs Consumer Discretionary 1, Q2 Holdings Technology 1, ProAssurance Financial Services 1, RLJ Lodging Financial Services 1, First of Long Island Financial Services 1, Northwestern Utilities 1, RBC Bearings Materials & Processing 1, Monotype Imaging Technology 1, Bankunited Financial Services 1, Morningstar Financial Services 1, Cinemark Consumer Discretionary 1, Catalent Health Care 1, Drew Industries Consumer Discretionary 1, J & J Snack Foods Consumer Staples 1, Malibu Boats Consumer Discretionary 1, CoreLogic Financial Services 1, KAR Auction Services Consumer Discretionary 1, National Retail Properties Financial Services 1, Altra Producer Durables 1, Western Alliance Bancorp Financial Services 1, FEI Technology 1, Generac Producer Durables 1, Monarch Casino & Resort Consumer Discretionary 1, Umpqua Financial Services 1, Rovi Technology 1, Papa John s International Consumer Discretionary 1, Magellan Health Services Health Care 1, Servicemaster Global Holdings Consumer Discretionary 1, Herman Miller Producer Durables 1, Wellcare Health Plans Health Care 1, Marcus & Millichap Financial Services 1, Patterson-Uti Energy Energy 1, Mid-America Apartment Communities Financial Services 1, JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts 2015

11 Valuation Company Sector 000 % Advent Software Financial Services 1, Chico s FAS Consumer Discretionary 1, First Republic Bank Financial Services 1, Ascent Capital Producer Durables 1, Hanger Orthopedic Health Care 1, GrubHub Technology NN Materials & Processing Knight Transportation Producer Durables Great Western Bancorp Financial Services Imperva Technology Rexnord Materials & Processing Brunswick Consumer Discretionary Sequential Brands Consumer Discretionary Allison Transmission Producer Durables Dana Consumer Discretionary FactSet Research Systems Financial Services Cimarex Energy Energy Freescale Semiconductor Technology Greenhill Financial Services EW Scripps Consumer Discretionary American Eagle Outfitters Consumer Discretionary NetSuite Technology Glacier Bancorp Financial Services Watsco Materials & Processing Moelis & Co Financial Services First Financial Financial Services Dril Quip Energy Iberiabank Financial Services Guidewire Software Technology Team Industrial Services Producer Durables Anixter International Technology First Horizon National Financial Services Regal Beloit Producer Durables Janus Capital Financial Services Laredo Petroleum Energy Forward Air Producer Durables US Ecology Producer Durables Comfort Systems Materials & Processing Shutterstock Consumer Discretionary Brady Producer Durables Tyler Technologies Technology Landstar System Producer Durables Tidewater Producer Durables Career Education Consumer Discretionary Journal Media Consumer Discretionary Ply Gem Holdings Materials & Processing 14 JPMorgan US Dollar Liquidity Fund Liquidity Funds 2, Total investments 116, JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts

12 Statement of Comprehensive Income for the six months ended 30th June 2015 (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June th June st December 2014 Revenue Capital Total Revenue Capital Total Revenue Capital Total Gains/(losses) on investments held at fair value through profit or loss 4,615 4,615 (184) (184) 12,132 12,132 Net foreign currency gains/(losses) (371) (371) Income from investments ,390 1,390 Gross return 897 4,773 5, ,390 11,761 13,151 Management fee (67) (607) (674) (56) (505) (561) (114) (1,027) (1,141) Other administrative expenses (206) (206) (170) (170) (402) (402) Net return/(loss) on ordinary activities before finance costs and taxation 624 4,166 4, (480) (50) ,734 11,608 Finance costs (5) (43) (48) (4) (29) (33) (9) (68) (77) Net return/(loss) on ordinary activities before taxation 619 4,123 4, (509) (83) ,666 11,531 Taxation (122) (122) (99) (99) (218) (218) Net return/(loss) on ordinary activities after taxation 497 4,123 4, (509) (182) ,666 11,313 Return/(loss) per share (note 4) 0.89p 7.35p 8.24p 0.58p (0.90)p (0.32)p 1.15p 18.96p 20.11p All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. The Total column of this statement is the profit and loss account of the Company and the Revenue and Capital columns represent supplementary information prepared under guidance issued by The Association of Investment Companies. 10 JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts 2015

13 Statement of Changes in Equity Called up Capital Six months ended share Share redemption Capital Revenue 30th June 2015 capital premium reserve reserves 1 reserve 1 Total (Unaudited) At 31st December ,424 7,936 1,851 90,471 (2,334) 99,348 Shares issued from Treasury Net return on ordinary activities 4, ,620 At 30th June ,424 7,996 1,851 94,790 (1,837) 104,224 Called up Capital Six months ended share Share redemption Capital Revenue 30th June 2014 capital premium reserve reserves 1 reserve 1 Total (Unaudited) At 31st December ,366 4,550 1,851 81,553 (2,981) 86,339 Shares issued 58 3,391 3,449 Net (loss)/return on ordinary activities (509) 327 (182) Dividends appropriated in the period (398) (398) At 30th June ,424 7,941 1,851 80,646 (2,654) 89,208 Called up Capital Year ended share Share redemption Capital Revenue 31st December 2014 capital premium reserve reserves 1 reserve 1 Total (Audited) At 31st December ,366 4,550 1,851 81,553 (2,981) 86,339 Shares issued 58 3,643 3,701 Repurchase of shares into Treasury (1,350) (1,350) Costs of placing (257) (257) Net return on ordinary activities 10, ,313 Dividends appropriated in the year (398) (398) At 31st December ,424 7,936 1,851 90,471 (2,334) 99,348 1 These reserves form the distributable reserves of the Company and may be used to fund distribution of profits to investors via dividend payments. JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts

14 Statement of Financial Position at 30th June 2015 (Unaudited) (Unaudited) (Audited) 30th June th June st December Fixed assets Investments held at fair value through profit or loss 114,057 93, ,663 Cash equivalents (including liquidity funds) held at fair value through profit or loss 1 2,910 2,072 2, ,967 95, ,927 Current assets Debtors Cash and short term deposits ,123 Creditors: amounts falling due within one year 2 (13,096) (6,983) (9,702) Net current liabilities (12,743) (6,678) (8,579) Total assets less current liabilities 104,224 89,208 99,348 Net assets 104,224 89,208 99,348 Capital and reserves Called up share capital 1,424 1,424 1,424 Share premium 7,996 7,941 7,936 Capital redemption reserve 1,851 1,851 1,851 Capital reserves 94,790 80,646 90,471 Revenue reserve (1,837) (2,654) (2,334) Shareholders funds 104,224 89,208 99,348 Net asset value per share (note 5) 185.5p 156.6p 177.3p 1 This line item was shown as Investment in liquidity fund held at fair value through profit or loss in the financial statements for the year ended 31st December At 30th June 2015, the Company had drawn down US$20.0 million (GBP 12.7 million equivalent) on its loan facility with Scotiabank. The Company s registration number is JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts 2015

15 Statement of Cash Flows for the six months ended 30th June 2015 (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June th June st December Cash outflow from operations (note 6) (77) (122) (364) Interest paid (51) (41) (71) Overseas tax recovered Net cash outflow from operating activities (112) (147) (412) Purchases of investments (13,225) (15,059) (31,048) Sales of investments 9,576 12,903 28,208 Other capital charges (1) (128) (5) Net cash outflow from investing activities (3,650) (2,284) (2,845) Dividends paid (398) (398) Drawdown of bank loans 3,289 6,013 9,197 Repayment of bank loans (6,013) (6,013) Shares issued from Treasury 256 Issue of ordinary shares 3,574 3,444 Repurchase of shares into Treasury (1,350) Net cash inflow from financing activities 3,545 3,176 4,880 Increase/(decrease) in cash and cash equivalents (217) 745 1,623 Cash and cash equivalents at the start of the period 3,171 1,382 1,382 Exchange movements (43) (55) 166 Cash and cash equivalents at the end of the period 2,911 2,072 3,171 (Decrease)/increase in cash and cash equivalents (217) 745 1,623 Cash and cash equivalents consist of: Cash at bank Investments in Liquidity funds 2,910 2,072 2,264 2,911 2,072 3,171 JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts

16 Notes to the Financial Statements for the six months ended 30th June Financial statements The information contained within the Financial Statements in this Half Year Report has not been audited or reviewed by the Company s Auditor. The figures and financial information for the year ended 31st December 2014 are extracted from the latest published accounts of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies and included the report of the Auditor which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act Accounting policies The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland of the United Kingdom Generally Accepted Accounting Practice ( UK GAAP ) and with the Statement of Recommended Practice Financial Statements of Investment Trust Companies and Venture Capital Trusts (the revised SORP ) issued by the Association of Investment Companies in November FRS 104 Interim Financial Reporting, issued by the Financial Reporting Council ( FRC ) in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 30th June As a result of the first time adoption of FRS 102 and the revised SORP, comparative numbers and presentational formats have been restated where required. All of the Company s operations are of a continuing nature. The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 31st December 2014 with the following exceptions and amendments: Finance costs Finance costs are accounted for on an accruals basis using the effective interest rate method in accordance with the provisions of FRS 102. Financial instruments Cash and cash equivalents may comprise cash (including demand deposits which are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value) as well as cash equivalents (in accordance with the requirements of the Alternative Investment Fund Managers Directive regulations, investments are regarded as cash equivalents if they meet all of the following criteria; highly liquid investments held in the sub-fund's base currency that are readily convertible to a known amount of cash, are subject to an insignificant risk of change in value and provide a return no greater than the rate of a three-month high quality government bond). Functional currency In accordance with FRS 102 the Company is required to identify its functional currency, being the currency of the primary economic environment in which the Company operates. The Board, having regard to the currency of the Company s share capital and the predominant currency in which its shareholders operate, has determined that sterling is the functional currency. Sterling is also the currency in which the accounts are presented. Taxation Current tax is provided at the amounts expected to be paid or received. Deferred tax is accounted for in accordance with FRS JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts 2015

17 Dividends payable In accordance with FRS 102, the final dividend is included in the accounts in the year in which it is approved by shareholders. Repurchases of ordinary shares for cancellation The cost of repurchasing ordinary shares including the related stamp duty and transactions costs is charged to capital reserves and dealt with in the Statement of Changes in Equity. Repurchase of shares to hold in Treasury The cost of repurchasing shares into Treasury, including the related stamp duty and transaction costs is charged to capital reserves and dealt with in the Statement of Changes in Equity. Only the relevant section of the applicable policies from the last year end accounts which have changed as a result of the application of the 2014 AIC SORP and FRS 102 have been reproduced above all other aspects of those policies remain the same. The impact of the changes is substantially in relation to presentational, disclosure and non-quantifiable aspects. 3. Dividend (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June th June st December Final dividend paid in respect of the year ended 31st December 2014 of nil (2013: 0.7p) No interim dividend has been declared in respect of the six months ended 30th June 2015 (2014: Nil). The figure of 398,000 reflects the dividend paid in May 2014 in respect of the year ended 31st December All the dividends paid and declared in the period have been funded from the Capital Reserve. 4. Return/(loss) per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June th June st December Return/(loss) per share is based on the following: Revenue return Capital return/(loss) 4,123 (509) 10,666 Total return/(loss) 4,620 (182) 11,313 Weighted average number of shares in issue 56,128,939 56,358,013 56,265,899 Revenue return per share 0.89p 0.58p 1.15p Capital return/(loss) per share 7.35p (0.90)p 18.96p Total return/(loss) per share 8.24p (0.32)p 20.11p JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts

18 Notes to the Financial Statements continued 5. Net asset value per share Net asset value per share is based on the net assets attributable to ordinary shareholders of 104,224,000 (30th June 2014: 89,208,000 and 31st December 2014: 99,348,000) and on the 56,175,928 (30th June 2014: 56,970,928 and 31st December 2014: 56,040,928) shares in issue at the period end. 6. Reconciliation of total return/(loss) on ordinary activities before finance costs and taxation to net cash outflow from operating activities (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June th June st December Net return/(loss) on ordinary activities before finance costs and taxation 4,790 (50) 11,608 (Less capital return)/add capital loss on ordinary activities before finance costs and taxation (4,166) 480 (10,734) Decrease in net debtors and accrued income (Decrease)/increase in accrued expenses (27) (34) 8 Management fee charged to capital (607) (505) (1,027) Overseas withholding tax (138) (112) (230) Net cash outflow from operating activities (77) (122) (364) 7. Fair valuation of investments The fair value hierarchy analysis for investments held at fair value at the period end is as follows: (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June th June st December 2014 Assets Liabilities Assets Liabilities Assets Liabilities Quoted prices for identical instruments in active markets 114,057 93, ,663 Prices of recent transactions for identical instruments 1 2,910 2,072 2,264 Total value of investments 116,967 95, ,927 1 Includes JPMorgan US Dollar Liquidity Fund. 16 JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts 2015

19 Interim Management Report The Company is required to make the following disclosures in its Half Year Report: Principal Risks and Uncertainties The principal risks and uncertainties faced by the Company remain unchanged and fall into the following broad categories: investment and strategy; loss of investment team or investment manager; discount; market; political and economic; accounting, legal and regulatory; corporate governance and shareholder relations; operational; foreign currency; going concern; and financial. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 31st December Related Parties Transactions During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company. Going Concern The Directors believe, having considered the Company s investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and, more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operation existence for at least twelve months from the date of the approval of this half yearly financial report. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts. Directors Responsibilities The Board of Directors confirms that, to the best of its knowledge: (i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with the Accounting Standards Board s Statement Half Yearly Financial Reports and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 30th June 2015, as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and (ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules. In order to provide these confirmations, and in preparing these financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and the Directors confirm that they have done so. For and on behalf of the Board Davina Walter Chairman 19th August 2015 JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts

20 Glossary of Terms and Definitions Total return to shareholders Total return to the investor, on a mid-market price to mid-market price basis, assuming that all dividends received were reinvested, without transaction costs, into the ordinary shares of the Company at the time the shares were quoted ex-dividend. Total return on net assets Total return on net asset value per share, on a bid value to bid value basis, assuming that all dividends paid out by the Company were reinvested into the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend. Total benchmark return Total return on the benchmark assuming that all net dividends received were reinvested in the shares of the underlying companies at the time the shares were quoted ex-dividend. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company s investment universe. The Company s investment strategy does not follow or track this index and consequently, there may be some divergence between the Company s performance and that of the benchmark. Actual gearing factor Investments, excluding holdings in liquidity funds, expressed as a percentage of net assets. This shows the effect of gearing on the NAV if the market value of the portfolio were to increase by 100%. Gearing/Net Cash Gearing represents the excess amount above shareholders funds of total assets expressed as a percentage of the shareholders funds. Total assets include total investments and net current assets/liabilities less cash/cash equivalents and excluding bank loans of less than one year. If the amount calculated is negative, this is shown as a net cash position. Ongoing Charges Estimated annualised management fee and all other operating expenses, excluding finance costs expressed as a percentage of the average of the daily net assets during the period. Ongoing charges are calculated in accordance with guidance issued by the Association of Investment Companies in May Share price discount/premium to net asset value ( NAV ) If the share price of an investment trust is lower than the NAV per share, the Company s shares are said to be trading at a discount. The discount is shown as a percentage of the NAV. The opposite of a discount is a premium. It is more common for an investment trust s shares to trade at a discount than at a premium. Financial Conduct Authority In association with: Beware of share fraud Fraudsters use persuasive and high-pressure tactics to lure investors into scams. They may offer to sell shares that turn out to be worthless or non-existent, or to buy shares at an inflated price in return for an upfront payment. While high profits are promised, if you buy or sell shares in this way you will probably lose your money. How to avoid share fraud Report a scam Keep in mind that firms authorised by the FCA are unlikely to contact you out of the blue with an offer to buy or sell shares. Do not get into a conversation, note the name of the person and firm contacting you and then end the call. Check the Financial Services Register from to see if the person and firm contacting you is authorised by the FCA. Beware of fraudsters claiming to be from an authorised firm, copying its website or giving you false contact details. Use the firm s contact details listed on the Register if you want to call it back Call the FCA on if the firm does not have contact details on the Register or you are told they are out of date. Search the list of unauthorised firms to avoid at Consider that if you buy or sell shares from an unauthorised firm you will not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme. Think about getting independent financial and professional advice before you hand over any money. Remember: if it sounds too good to be true, it probably is! If you are approached by fraudsters please tell the FCA using the share fraud reporting form at where you can find out more about investment scams. You can also call the FCA Consumer Helpline on If you have already paid money to share fraudsters you should contact Action Fraud on ,000 people contact the Financial Conduct Authority about share fraud each year, with victims losing an average of 20, JPMorgan US Smaller Companies Investment Trust plc. Half Year Report & Accounts 2015

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