JPMorgan Claverhouse Investment Trust PLC · LSE:JCH
JPMorgan Claverhouse Investment Trust — Shareholder Meeting (May 2026)
19 slides from JPMorgan Claverhouse Investment Trust's shareholder meeting presentation, May 7, 2026
Slide 1: JPMorgan Claverhouse Investment Trust plc – Annual General Meeting
January 2023 JPMorgan Claverhouse Investment Trust plc Great British dividends Annual General Meeting 7th May 2026 Anthony Lynch Callum Abbot Katen Patel Portfolio Manager Portfolio Manager Portfolio Manager This is a marketing communication. Please refer to the prospectus and the KID before making
Slide 2: Overview as of 31 December 2025
JPMorgan Claverhouse Investment Trust plc Overview as of 31 December 2025 Performance Return versus FTSE All-Share Index (Net) Anthony Lynch Callum Abbot Portfolio Manager Portfolio Manager Experience: 16 Experience: 13 Trust (cum income, debt at par) Share price Benchmark 35% Katen Patel 30% 28.9 2
Slide 3: Year-to-date performance
Year-to-date performance JPMorgan Claverhouse Investment Trust plc as of 28th April 2026 115 110 105 100 95 90 85 Jan 26 Feb 26 Mar 26 Apr 26 FTSE All Share Claverhouse share price Claverhouse NAV (FV) Source: J.P.Morgan Asset Management, Bloomberg. Share price performance figures are calculated on
Slide 4: Performance attribution
Performance attribution JPMorgan Claverhouse Investment Trust plc for 1 year ending 31 December 2025 Attribution summary Stock: 2.04 Sector: 3.93 Benchmark FTSE All-Share Index (£) Stock attribution Stock Stock Relative Impact Relative Impact Top 10 contributors return Top 10 detractors return weigh
Slide 5: Dividends – Claverhouse has grown its dividend for 53 years in a row
Dividends – Claverhouse has grown its dividend for 53 years in a row Claverhouse – Annual dividend per share (p) FTSE All-Share dividend growth by year DPS (p) Special DPS (p) CPI (cumulative) 50% 40 36.2 40% 35 30% 30 20% 10% 25 0% 20 -10% 15 -20% -30% 10 -40% 5 -50% 0 1972 1977 1982 1987 1992 1997
Slide 6: Dividends – Dividend cover improving, revenue reserves remain robust
Dividends – Dividend cover improving, revenue reserves remain robust Claverhouse – revenue & dividend per share (p) 2025 revenue performance 40 +2.3% 36.2 • Dividend per share +2.3% YoY 35 35.4 • Revenue per share +11.8% YoY 30 +11.8% 33.71 30.15 • Dividend cover improved from 85% to 93% 25 • Revenu
Slide 7: 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 8: Powerful combination of Income & Growth
Powerful combination of Income & Growth High Growth Quality Compounders High Yield Games Workshop: Wargaming retailer Softcat: IT solutions provider NatWest Group: UK domestic bank Trailing 5-year dividend CAGR: +29% Trailing 5-year dividend CAGR: +10% Trailing 5-year dividend CAGR: n/m Low dividend
Slide 9: Portfolio changes
Portfolio changes JPMorgan Claverhouse Investment Trust plc calendar year 2025 Benchmark FTSE All-Share Index (£) Top 10 buys Top 10 sells Change in Change in Active weight Active weight Top 10 buys Active New/add Top 10 sells Active Sell/trim (%) (%) weight weight LondonMetric Property 1.73 1.58 Ne
Slide 10: Portfolio positions
Portfolio positions JPMorgan Claverhouse Investment Trust plc as of 31 March 2026 Benchmark FTSE All-Share Index (£) Active and absolute sector positions Relative to benchmark (%) 6.0 5.0 4.7 4.3 4.0 3.0 3.0 2.6 1.9 2.0 1.0 0.0 -1.0 -1.1 -1.3 -1.4 -2.0 -2.0 -3.0 -2.9 -4.0 Investment Banks Software I
Slide 11: Portfolio positions
Portfolio positions JPMorgan Claverhouse Investment Trust plc as of 31 March 2026 Benchmark FTSE All-Share Index (£) Top 10 overweight positions Top 10 underweight positions Portfolio Benchmark Relative Portfolio Benchmark Relative Stock Stock weight (%) weight (%) position (%) weight (%) weight (%)
Slide 12: Economic outlook
Economic outlook UK GfK consumer confidence UK household saving ratio (%) 20 30 10 25 0 20 -10 -20 15 -30 10 -40 5 -50 -60 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2000 2005 2010 2015 2020 2025 GFK headline consumer confidence GFK consumer future personal finances UK househ
Slide 13: Equities – UK equity valuations
UK equity valuations GTM UK 60 UK FTSE All-Share forward P/E ratio MSCI UK relative valuation vs. the US x, multiple %, relative discount/premium based on 12-month forward P/E ratios 24 Comm. Serv. 22 Cons. Discr. Equities 20 Cons. Staples Energy 18 Financials 16 Health Care Average: 13.7x 14 IT UK
Slide 14: Summary
Summary Strong portfolio management team with extensive experience 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
Slide 15: Appendix
Appendix JPMorgan ASSET MANAGEMENT
Slide 16: Performance
Performance JPMorgan Claverhouse Investment Trust plc as of 31 December 2025 Annualised performance (%) One Three Six One Three Five Ten Months Months Months Year Years p.a. Years p.a. Years p.a. NAV returns 2.4 6.9 12.7 28.2 14.3 10.9 7.7 Share Price returns 2.9 6.7 12.5 28.9 12.8 11.1 8.3 Benchmar
Slide 17: Gearing / 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 − The company has the ability to use CFDs, which provides flexibi
Slide 18: Investment objective and risk profile
Investment objective and risk profile JPMorgan Claverhouse Investment Trust plc (the Company) as at 31 March 2026 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 19: 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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