JPMorgan UK Small Cap Growth & Income plc (JUGI)

Profile

https://am.jpmorgan.co.uk/investment-trusts/trusts/smaller-companies-jpm-it.aspx?isin=GB0007416000

JPMorgan UK Small Cap Growth & Income plc is a UK-domiciled closed-ended investment trust designed to deliver capital growth through a diversified portfolio of UK listed smaller companies, emphasising high-quality stocks at attractive valuations via a bottom-up selection process. Managed by experienced team Georgina Brittain and Katen Patel, it targets the illiquid but higher-growth potential segment of UK smaller companies, benchmarked against the Numis Smaller Companies plus AIM ex-ITs index. Following its 2024 combination with JPMorgan Mid Cap Investment Trust, the trust enhanced its appeal with improved liquidity, reduced management fees (tiered at 0.65% on first £200m, 0.55% above), and a progressive dividend policy paying four equal quarterly dividends equating to 4% of year-end NAV (July 31), awarded KTI’s Income rating for 2025. With net assets around £474m, gearing up to 15% (recently at 10-11%), and sector exposures led by consumer cyclical (19%), technology (11%), and industrials, it trades at a typical discount to NAV, supporting share price management through buybacks. This structure offers investors targeted access to UK small-cap growth alongside attractive income diversification.