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Annual Results

JPMorgan American lages index

27 March 2017 09:08

JPMorgan American Investment Trust under-performed the S&P 500 Index in the year to the end of December.

The company's net asset value on a total return basis rose by 30.8% compared with a 33.1% increase in the index.

Chairman Sarah Bates said: "In 2016, the US equity market, as measured by the S&P 500 total return Index, provided a return of 11.6% to US investors.

"This strength was considerably boosted to UK investors by the steep decline in sterling following the result of the Brexit referendum.

"That decline, of 16.6% over the period, resulted in an overall return in sterling terms, from the US equity market, of just over 33%.

"In money terms, gains on investments of approximately £153 million were a consequence of sterling weakness following the result of the UK referendum.

"The absolute return for shareholders has been very strong, despite a number of major surprises on the political front.

"The share price total return for the period was also very strong at 34.9%, which was in addition, ahead of the market return.

"The discount at which the shares trade narrowed over the year, as the board stepped up its buyback activities.

"This return has been influenced significantly by the strength of the dollar compared with sterling and by the strength of the US equity market itself. The Company's gearing also provided a small benefit."

At 9:08am: (LON:JAM) JPMorgan American IT Plc share price was -3.75p at 369.85p

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