JPMorgan Claverhouse Investment Trust PLC · LSE:JCH
JPMorgan Claverhouse Investment Trust — Shareholder Meeting (May 2025)
26 slides from JPMorgan Claverhouse Investment Trust's shareholder meeting presentation, May 1, 2025
Slide 1: JPMorgan Claverhouse Investment Trust plc: Annual General Meeting
January 2023 JPMorgan Claverhouse Investment Trust plc Great British dividends Annual General Meeting 1st May 2025 Anthony Lynch Callum Abbot Katen Patel Portfolio Manager Portfolio Manager Portfolio Manager This is a marketing communication. Please refer to the legal documents and the KID before ma
Slide 2: Team
Team A proven and highly experienced team with a combined 36 years of working on investment trusts Anthony Lynch, executive director, is a UK equity portfolio manager within JPMorgan's International Equity Group, based in London. Anthony joined JPMorgan in 2009 as a graduate trainee. He obtained a B
Slide 3: JPMorgan Claverhouse Investment Trust plc Overview
JPMorgan Claverhouse Investment Trust plc Overview as of 31 March 2025 Performance Return versus FTSE All-Share Index (Net) Anthony Lynch Callum Abbot Portfolio Manager Portfolio Manager Experience: 15 Experience: 12 Trust (cum income, debt at par) Share price Benchmark 15% Katen Patel 12.6 12.7 12.
Slide 4: Claverhouse has grown its dividend for 52 years in a row
Dividends – Claverhouse has grown its dividend for 52 years in a row Claverhouse – Annual dividend per share (p) FTSE All-Share dividend growth by year DPS (p) Special DPS (p) CPI (cumulative) 40 50% 35.4p 40% 35 30% 30 20% 25 10% 20 0% -10% 15 -20% 10 -30% 5 -40% 0 -50% 1972 1977 1982 1987 1992 199
Slide 5: Process evolution
Process evolution Focus on company fundamentals, rather than macro, resulting in lower portfolio turnover Portfolio positioned to deliver a more diverse & predictable growing dividend stream Looking for dividend yield and growth opportunities across the entire market cap spectrum Gearing decisions t
Slide 6: Performance
Performance JPMorgan ASSET MANAGEMENT
Slide 7: Performance
Performance JPMorgan Claverhouse Investment Trust plc for 1 year ending 31 December 2024 Contributions to total returns % % Benchmark return +9.4% Stock & sector selection -1.0% Gearing & cash +0.8% Investment Manager contribution -0.2% Cost of debt -0.2% Portfolio total return +9.0% Management fee/
Slide 8: Performance attribution
Performance attribution JPMorgan Claverhouse Investment Trust plc for 1 year ending 31 December 2024 Stock attribution Stock Stock Relative Impact Relative Impact Top 10 contributors return Top 10 detractors return weight (%) (%) weight (%) (%) (%) (%) 3i Group 2.91 50.11 1.04 Bytes Technology 1.15
Slide 9: Performance since 1st January
Performance since 1st January JPMorgan Claverhouse Investment Trust plc 110 105 +5.1% +4.2% +1.9% 100 95 90 85 Dec 24 Jan 25 Feb 25 Mar 25 NAV (cum income, debt at fair) Share price FTSE All-Share Index (Net) Source: Bloomberg to 22nd April 2025. NAV is the cum income NAV with debt at fair value, di
Slide 10: Investment process
Investment process JPMorgan ASSET MANAGEMENT
Slide 11: Investment philosophy
Investment philosophy We believe that attractively valued, high quality stocks with positive momentum outperform the market Is it a good Is it attractively Is the outlook business? valued? improving? We consider the quality of the We look at a company’s Assessing the operational company through its
Slide 12: Powerful combination of Income & Growth
Powerful combination of Income & Growth High Growth Quality Compounders High Yield Cranswick: Food producer XPS Pensions Group: Consultant NatWest Group: UK domestic bank Trailing 5-year dividend CAGR: +10% Trailing 5-year dividend CAGR: +9% Trailing 5-year dividend CAGR: n/m Low dividend yield Targ
Slide 13: Current positioning
Current positioning JPMorgan ASSET MANAGEMENT
Slide 14: Portfolio changes
Portfolio changes Largest increases and decreases in positions for calendar year 2024 Benchmark FTSE All-Share Index (£) Change in Current Active Change in Current Active Top 10 buys New/add Top 10 sells New/add Active weight weight (%) Active weight weight (%) Barclays 2.43 1.43 New SSE -3.46 -0.74
Slide 15: Portfolio positions
Portfolio positions JPMorgan Claverhouse Investment Trust plc Benchmark FTSE All-Share Index (£) as of 31 March 2025 Active and absolute sector positions Largest five over- and underweight sectors relative to benchmark (%) 10.0 8.0 7.4 6.0 4.0 3.2 2.8 2.5 2.2 2.0 0.0 -2.0 -1.8 -1.8 -1.9 -2.3 -4.0 -6
Slide 16: Portfolio positions
Portfolio positions JPMorgan Claverhouse Investment Trust plc Benchmark FTSE All-Share Index (£) as of 31 March 2025 Top 10 overweight positions Portfolio Benchmark Relative Stock weight (%) weight (%) position (%) 3i Group 3.9 1.4 2.5 HSBC Holdings 8.5 6.4 2.1 NatWest Group 3.4 1.4 2.1 Shell 9.0 7.
Slide 17: Outlook
Outlook 17 JPMorgan ASSET MANAGEMENT
Slide 18: Global economy
Global consumer balance sheets GTM UK 10/33 Excess savings rates UK unemployment rate and wage growth Global economy % points, savings rates relative to 2015-2019 average %, wage growth is year on year 25 12 12 20 9 8 15 10 6 4 5 0 3 0 -5 -10 0 -4 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '85 '89
Slide 19: Global economy: industrial indicators remain soft
Industrial indicators remain soft GTM UK 5 Global manufacturing PMI Global economy Index level 2025 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Feb Mar Eurozone 47.6 48.7 France 45.8 48.9 Germany 46.5 48.3 Eurozone Italy 47.4 - Spain 49.7 - Greece 52.6 - Ireland 5
Slide 20: UK valuations present compelling opportunity
UK valuations present compelling opportunity GTM UK 44 Relative equity valuations %, relative discount/premium based on 12-month forward P/E ratios 0 -10 Equities -20 -30 -40 Discount widening -50 vs. the US market -60 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Europe ex-UK vs.
Slide 21: Summary
Summary Expanded portfolio management team Identifying UK businesses with attractive dividend yields and strong growth opportunities Attractive valuations provide compelling long-term opportunity The Claverhouse Investment Trust plc: Great British Dividends 21
Slide 22: Appendix
Appendix JPMorgan 22 ASSET MANAGEMENT
Slide 23: Performance
Performance JPMorgan Claverhouse Investment Trust plc as of 31 March 2025 Annualised performance (%) Three Six One Three Five Ten Months Months Year Years p.a. Years p.a. Years p.a. NAV returns 6.0 5.7 10.7 6.2 12.6 5.7 Share Price returns 5.5 6.4 10.5 5.6 12.7 6.2 Benchmark returns 4.5 4.1 10.4 7.2
Slide 24: Gearing and buy back / issuance
JPMorgan Claverhouse Investment Trust plc Gearing Buy back / Issuance ● Debt ● Repurchase of shares at discounts ≥ 5% in normal − £30m of fixed rate (3.22%) 25 year unsecured loan notes market conditions. Shares to be held in treasury − £40 m one-year revolving loan facility with RBSIL started in Ma
Slide 25: Investment objective and risk profile
Investment objective and risk profile JPMorgan Claverhouse Investment Trust plc (the Company) as at 31 March 2025 INVESTMENT OBJECTIVE The Company aims to provide a combination of capital and income growth from a portfolio consisting mostly of companies listed on the London Stock Exchange. The Compa
Slide 26: Important Notes
Important Notes This is a marketing communication and as such the views contained herein do not form part of an offer, nor are they to be taken as advice or a recommendation, to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of th
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