**Summary**
JPMorgan American Investment Trust PLCs 2025 annual financial report highlights a NAV total return of 4.6% in sterling terms, underperforming the S&P 500 benchmarks 9.6% return. Despite this, the trust has outperformed the benchmark by 17.2% since June 2019, with a three-year cumulative NAV return of 70.3% and a five-year return of 99.2%. The trust remains competitively priced with an Ongoing Charges Ratio of 0.34% and has issued and repurchased shares, maintaining a net asset value over £1 billion. Dividends increased by 4.5% to 11.5p per share for FY25. The portfolio is primarily invested in US large-cap stocks, with a focus on high-quality growth and value stocks. The trusts strategy has delivered strong long-term performance, and the board is optimistic about the outlook for US equities, citing the resilience of US businesses and the potential for earnings growth. The report also details portfolio activity, risk management, and shareholder engagement initiatives.