JPMorgan Claverhouse (JCH)

JPMorgan Claverhouse (JCH) has rewarded patience since Anthony Lynch and Katen Patel joined long-standing manager Callum Abbot in July 2024, delivering NAV and share price total returns of 43.5% and 50.3% respectively, ahead of the FTSE All-Share's 41.5%. Over the past year (to 24/08/2026), JCH delivered a NAV total return of 20.1%, edging out an already strong UK market, up over 19.6%, aided by overweight positions in NatWest, buoyed by resilient results and Softcat, which delivered strong results pointing to AI-driven revenue acceleration, prompting an earnings upgrade (see Performance section).

Given the recent market volatility, the managers took advantage, adding to a number of attractive names, including Softcat as well as switching part of the Imperial Brands position into British American Tobacco on a more favourable US regulatory outlook for next-generation nicotine products. Conversely, they exited M&S entirely amid weak UK consumer sentiment. Elsewhere, the portfolio benefitted from M&A. Inbound takeover activity, part of a UK market where bids surged past $231bn in the first half of 2026 alone, has been a supportive feature of the Portfolio's year. Beazley, one of the trust's non-life insurers, was bid for at a 60% premium, with proceeds recycled into a new position in Hiscox, whilst fellow holding Segro also received an approach, from Prologis.

On the Dividend front, JCH offers a 3.7% yield and has grown its dividend for 53 consecutive years, comfortably ahead of inflation throughout, cementing its place among the top ten of AIC Dividend Heroes. The trust looks on track for a 54th, with the board having so far held to its stated intention to raise interim dividends for FY26, supported by substantial total distributable reserves.

At the time of writing, JCH trades at a 1.1% Discount, below its near 3.9% five-year average.