JPMorgan Claverhouse (JCH)

JPMorgan Claverhouse's (JCH) disciplined, bottom-up investment process remains focussed on identifying high-quality businesses capable of delivering sustainable income and long-term capital growth. Whilst the portfolio invests predominantly in large-cap companies, the managers retain full flexibility to invest right across the market-cap spectrum, accessing opportunities where valuations, income and capital growth potential align.

Recent Portfolio activity reflects this too, with additions to existing holdings in Prudential exemplifying where the managers see a combination of strong income characteristics and supportive structural drivers. A new position has also been initiated in mid-cap stock Softcat, which boasts a strong market position and attractive dividend-growth potential. Taken together, these changes underpin the managers’ pursuit of blending higher-yielding holdings and quality compounders, diversifying the sources of both income- and capital-growth drivers.

With a Dividend yield of 3.9%, JCH currently sits at a premium to both the UK market and peer group, supported by one of the longest records of dividend growth in the sector. The latest annual dividend rose by 2.3%, marking a 53rd consecutive year of increases, and was supported by an increase in revenue returns, which climbed 11.8% over the year. Whilst not fully covering the dividend, JCH continues to benefit from healthy revenue and distributable reserves to support the payout in leaner times. Over the longer term, dividend growth has also comfortably outpaced inflation, supporting real income progression.

Over the past year to 09/04/2026, JCH has delivered NAV and share price total returns of 41.5% and 40.1%, respectively, marginally ahead of the FTSE All-Share Index. Performance was supported by a few key positions within financials like NatWest and selected smaller companies, although not holding Standard Chartered hurt relative returns.

At the time of writing, JCH trades on a 6.2% Discount, wider than its five-year average of 3.7%.