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JPMorgan European Fledgeling Investment Trust moves into micro-caps

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The JPMorgan European Fledgeling Investment Trust has doubled its weighting in micro cap stocks in the last two weeks.

The JPMorgan European Fledgeling Investment Trust has doubled its weighting in micro cap stocks in the last two weeks.

The investment trust, which has GBP265m assets under management (as at 31 January 2009), has gone from a holding of six per cent in micro cap stocks to 13 per cent during February.

Jim Campbell, co-manager of the JPMorgan European Fledgeling Investment Trust, says they have increased their exposure to micro cap stocks because of the excellent investment opportunities they are finding in this area.

The investment trust, which seeks capital growth from smaller European companies (excluding UK), has increased holdings in online gaming, real estate and support services e.g. cash handling within the micro cap area.

Campbell says: "Through our stock selection process we are seeing a trend in micro caps across Europe with exceptional value. We do not looking for a sector bias but analysis shows that, in many cases, micro cap stocks are offering superior earnings momentum relative to the overall market."

The JPMorgan European Fledgeling Investment Trust’s NAV has outperformed its benchmark by 10.1 per cent over 12 months to end December. Over five years the investment trust’s share price has appreciated 116.2 per cent and the NAV returned 115.3 per cent, whilst the benchmark has returned 52.5 per cent.

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