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Fund Profile


Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by JPMorgan American. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

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JPMorgan American (JAM) follows a distinctive approach to US equity investing, blending both growth and value styles through two separately managed allocations which are run by Timothy Parton and Jonathan Simon respectively. JAM also retains a small but dedicated allocation to US small-cap growth stocks. While the trust has a slight tilt towards growth stocks – with a 52% allocation at the time of writing – the team have their strongest conviction in value names, with nine of JAM’s ten largest overweight positions being in value stocks.

The team have made few changes to their portfolio over recent months, which they believe has been justified by the strong earnings reports of their holdings. As we describe in the Portfolio section, the team have a nuanced approach to diversification, both within their own allocations and at an aggregate portfolio level.

JAM has demonstrated impressive Performance since adopting this strategy, having beaten both its benchmark the S&P 500 and its peer group since June 2019. JAM has also generated strong performance over the past 12 months, with its balanced approach to factors benefitting shareholders in a volatile market.

JAM currently trades at a 3.6% Discount that is narrower than both that of its peers and its own long-term average, which we think is the result of the board’s judicious approach to discount control, having bought back c.2% of outstanding shares over the last 12 months, as well as being due to JAM’s long-term return profile. We note that JAM also has by far the lowest Charges in the peer group, with an OCF of a mere 0.34%.

Analyst's View

We believe JAM offers investors a ‘one-stop shop’ approach to US equity investing, capturing alpha potential from both growth and value styles, albeit with a clear preference for high-quality businesses. This should give investors the comfort of knowing that they will not be caught on the wrong side of stylistic rotations in US equities, something which has become ever more important over the last 12 months. We think that JAM’s use of two highly experienced specialist managers is a key advantage, as not only do they have a deep understanding of the nuances of growth and value investing, but they have also experienced multiple economic cycles in the US. We think this is very important, given the current market volatility.

We are also encouraged by JAM’s long-term outperformance of the S&P 500, which can be a very difficult thing to achieve given how efficient the US large-cap market is. Given the managers’ successes in adding value while still offering a ‘core’ portfolio, JAM could also be an option for investors looking to replace a passive exposure to the US, especially when one considers JAM’s low OCF.

Due to the difficult market environment we currently find ourselves in, we believe that investors could be well served over the near term by taking a more prudent approach to investing, with JAM offering investors a way to ‘hedge their bets’ by simultaneously allocating to both growth and value. While value stocks can outperform during periods of rising interest rates and economic activity, the current risk factors could see a reduction in interest rate expectations which might lead to a resurgence in growth stock outperformance.


  • A balanced allocation has been able to outperform in a difficult market environment
  • Lowest OCF in the peer group
  • Blended portfolio offers a ‘one-stop shop’ solution to US equity investing


  • Gearing can enhance losses on the downside
  • Can underperform during strong growth or value momentum
  • Lack of an attractive yield may prevent it from being a solution for income investors
Continue to Portfolio

Fund History

27 Mar 2024 Results analysis: JPMorgan American
JAM continues to cement its position as a core US equity trust with another year of outperformance…
01 Feb 2024 Bring some yin-yang into your portfolio in 2024
Inherent contradictions within portfolios can give them stability in a polarised world...
22 Dec 2023 Is greed good?
With the Fear and Greed Index ending the year on a high, is investor optimism justified…?
27 Oct 2023 What else?
Some trusts still offer attractive return potential, without the high valuations the US offers...
06 Sep 2023 You should be dancing…
North America should be a core part of any portfolio…
28 Jul 2023 It’s Déjà vu all over again
US stocks continue to trade at high valuations. Is that warranted and are there other options for investors looking to get exposure to the world’s largest economy?
06 Jul 2023 Fund Analysis
JAM’s outperformance puts it in the spotlight as a low-cost, core option for US equities…
12 May 2023 By the dawn’s early light
Could the news that inflation fell in the US in April herald a brighter outlook for investors?
16 Mar 2023 Diversity matters
We examine the effect of blending multiple funds within your regional allocation and find that – while the culture wars may rumble on elsewhere – the benefits of diversity for investors are unarguable…
21 Nov 2022 Fund Analysis
JAM’s continued outperformance puts it in the spotlight as a low-cost, core option for US equities...
05 Oct 2022 European equities: Oui ou non?
Our analysts go head to head on the prospects for investors looking to the continent for prospective investments...
28 Sep 2022 The importance of profit growth in a rising rate environment
US equities have come under pressure this year from a cocktail of concerns, including elevated inflation, rising interest rates, slower growth and geopolitical tensions. Against this backdrop, company earnings are going to come under pressure. But not all companies are created equally and the managers of the JPMorgan American Investment Trust (JAM) believe they have the formula to identifying those stocks that could be the most resilient...
07 Sep 2022 American muscle
Beating US indices is a monumental task. We examine the closed- and open-ended North American sectors to see how they have fared…
29 Jul 2022 USA - TINA
The US remains an attractive option for investors, whatever some might say…
24 Jun 2022 Investing in the US with investment trusts
Closed-ended funds can support your investments in the Land of the Free...
15 Jun 2022 Staying active
We highlight several alternatives to passive investments for investors looking for core exposure in uncertain markets...
22 Apr 2022 Surviving the stress test
JPMorgan American has delivered the goods during a wild couple of years…
05 Apr 2022 Fund Analysis
JAM’s blended approach to US equities has allowed it to outperform in a very difficult market…
30 Mar 2022 You say tomato…
Do it yourself or put it into a global fund and leave it to the experts - our analyst debate the merits of each approach...
24 Dec 2021 A winning combination
How the JPMorgan American team is delivering strong returns with both growth and value stocks…
17 Nov 2021 How Do You Like Them Apples
Judging whether the US market is expensive is not as easy as many make it out to be…
06 Oct 2021 Fund Analysis
JAM offers investors a ‘one stop shop’ to US equities, with a core approach that has outperformed the S&P 500…
22 Apr 2021 FAANGs for the memories
The massive outperformance of mega-cap tech last year could become a thing of the past if anti-trust legislation and negative sentiment starts to bite...
31 Mar 2021 East End boys and West End girls
Our analysts debate whether the US or Asian stock markets will deliver the best returns over the next decade…
31 Mar 2021 Fund Analysis
JAM offers investors a core portfolio of US equities, blending both growth and value styles, while aiming to outperform the S&P 500…
19 Nov 2020 Hope springs eternal
The US election has given long-suffering value investors new hope of a 'great rotation' in their favour, but that light at the end of the tunnel could in fact be a train…
01 Sep 2020 Fund Analysis
In what has been a challenging year for investors, the benefits of JAM’s new approach are coming to the fore…
14 May 2020 Sea change
While global giants like Amazon still hold the weather gauge, we examine the long term prospects for a shift in the prevailing wind...
29 Apr 2020 On solid ground
Our analysis of discounts highlights trusts which are likely to offer significantly less discount downside from the current level…
13 Feb 2020 Choose your own adventure
Predicting the future is impossible, but identifying which trends have coincided in the past can give us clues about what may be to come...
05 Feb 2020 The best form of defence
We look at the continued rise of passive funds, and find out how investment trust managers are countering it...
18 Dec 2019 The squeeze continues: how trust costs keep falling
As pressure on costs remains, we reveal which trusts have achieved the most significant reductions in 2019….
12 Dec 2019 Regime change: how manager changes impact performance
Does a change in manager result in improved trust performance?
10 Dec 2019 Fund Analysis
JAM offers a reinvigorated core US equity exposure, which is well placed in the event of a future rotation between value and growth…
24 Jul 2019 Fool's gold?
We examine the relationship between how much a fund costs and how it performs, with surprising results...
26 Jun 2019 Measure for measure
In the first of a two-part series, we examine the tools investors can use to assess how active a manager actually is…
14 May 2019 Fund Analysis
JAM has been re-invigorated by a new manager set-up, due to take effect at the end of May 2019...
24 Dec 2018 Why did the chicken cross the road?
Because he was so bored of reading newspapers devoted entirely to Brexit he was hoping he’d be hit by a truck.
13 Dec 2018 Efficiency is everything
With fee structures under increasing scrutiny, we analyse which trusts limit their costs without sacrificing standards...
31 Oct 2018 The Trump effect
Two years after the shock election of Donald Trump, we take a look at what the Trump administration has really meant for US markets and the trusts that invest in them...
31 Oct 2018 Fund Analysis
One of few trusts in this sector to have outperformed the benchmark over five, ten and fifteen years...
26 Apr 2018 The $23.9 trillion dollar question*
Are US equities, which have hit record highs on 71 occasions in the last 12 months, overpriced or are they actually trading at a price worth paying?
26 Apr 2018 Fund Analysis
A North American equity fund which has outperformed the benchmark, which is notoriously hard to beat, over five, ten and 15 years
View all

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