**Summary of JPMorgan American Investment Trust PLC Half-Year Report (H1 2025)**
**Overview**
JPMorgan American Investment Trust PLC released its half-year report for the six months ended June 30, 2025, highlighting performance, portfolio adjustments, and financial updates amid volatile U.S. market conditions.
**Key Highlights**
1. **Performance**
NAV total return of **-4.6%** (in GBP terms), underperforming the S&P 500 Index (-3.0%).
Share price return of **-8.7%**, reflecting a widening discount to NAV.
Over six years (since June 2019), the trust outperformed the benchmark by **+20.4%**, delivering a NAV total return of **+145.6%** vs. **+125.2%** for the S&P 500.
2. **Dividend**
Declared interim dividend of **2.75 pence per share**, payable on October 6, 2025, to shareholders registered by August 29, 2025.
3. **Share Activity**
Repurchased **3,403,340 shares** (1.9% of issued capital) at an average discount of **3.1%**.
Issued **1,414,046 shares** from treasury at an average premium of **0.8%**.
4. **Portfolio**
**94.5%** invested in U.S. large-cap stocks (39 high-conviction holdings).
Growth/value split**56% growth** and **44% value**.
Small-cap allocation**5.5%**.
5. **Gearing**
Tactical gearing increased from **2.8%** (end-2024) to **4.9%** (end-June 2025), adding **50bps** to portfolio return.
Drew down **US$40 million** from a revolving credit facility.
6. **Market Context**
U.S. markets faced volatility due to geopolitical tensions, fluctuating economic indicators, and trade conflict concerns.
Despite challenges, some companies reported positive earnings growth, lifting markets near record levels by period-end.
**Chair’s and Portfolio Managers’ Comments**
**Chair (Robert Talbut)**Noted market volatility driven by geopolitical tensions and economic uncertainty but highlighted U.S. companies’ adaptability and technological leadership.
**Portfolio Managers**Acknowledged a "rollercoaster" first half but expressed optimism for U.S. equities, citing improved market expectations and corporate resilience.
**Financial Summary**
**Net loss after taxation****£95.87 million** (H1 2025) vs. **£296.33 million** net return (H1 2024).
**Net assets**: **£1860.24 million** (June 302025) vs. **£1845.78 million** (June 302024).
**Net asset value per share**: **1050.4p** (June 302025) vs. **1014.2p** (June 302024).
**Outlook**
The trust remains confident in U.S. equities’ long-term prospects, citing North American companies’ adaptability, technological advancements, and potential for attractive returns despite global uncertainties.
**Conclusion**
Despite short-term underperformance due to market volatility and currency impacts, JPMorgan American Investment Trust maintains a strong long-term track record, strategic portfolio positioning, and optimism for U.S. equities.
| Metric | 2024 (Year Ended) | 2025 (Six Months Ended) | 2024 (Six Months Ended) |
|---|---|---|---|
| Net Asset Value (NAV) per Share (pence) | 1,109.9 | 1,050.4 | 1,014.2 |
| Total Return on NAV (%) | +145.6 | -4.6 | N/A |
| Benchmark Return (S&P 500, GBP terms) (%) | +125.2 | -3.0 | N/A |
| Dividend per Share (pence) | 8.00 | 2.75 | 2.75 |
| Gearing Level (%) | 2.8 | 4.9 | N/A |
| Debt (Private Placements, £'000) | (79,577) | (72,746) | (94,642) |
| Net Debt (£'000) | (54,539) | (91,389) | N/A |
| Cash and Cash Equivalents (£'000) | 25,038 | 10,547 | 15,435 |
| Total Shareholders' Funds (£'000) | 1,987,845 | 1,860,243 | 1,845,784 |