| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 432.97 | -59 |
| Intrinsic value (DCF) | 409.86 | -61 |
| Graham-Dodd Method | 8.96 | -99 |
| Graham Formula | n/a |
JPMorgan Mid Cap Investment Trust plc (JMF.L) is a UK-domiciled closed-ended equity mutual fund managed by JPMorgan Funds Limited, focusing on mid-cap companies within the FTSE 250 Index (excluding investment companies). Launched in 1972, the fund targets growth and value stocks across diversified sectors in the UK public equity markets. With a market capitalization of approximately £230 million, the trust provides investors exposure to dynamic mid-cap firms that often exhibit higher growth potential than large caps but with lower volatility than small caps. As part of JPMorgan's investment trust suite, it benefits from the asset manager's extensive research capabilities and disciplined investment approach. The fund benchmarks against the FTSE 250 ex Inv Companies Index, appealing to investors seeking UK mid-cap equity exposure through a actively managed, dividend-paying vehicle (current yield ~2.5%). Its sector-agnostic strategy positions it as a versatile core holding for UK equity allocations.
JPMorgan Mid Cap Investment Trust offers concentrated exposure to UK mid-caps with active stock selection by a reputable manager. The fund's 1.27 beta suggests moderately higher volatility than the market, appropriate for growth-oriented investors. Financials appear sound with £14.57M net income and £6.95M operating cash flow supporting its 14p dividend. However, £23M debt represents modest leverage (10% of market cap). The UK mid-cap segment remains sensitive to domestic economic conditions - while this creates valuation opportunities, Brexit aftershocks and recession risks warrant monitoring. The trust trades at a marginal discount to NAV (typical for UK closed-end funds), offering potential value. JPMorgan's institutional research infrastructure provides analytical edge in this undercovered market segment. Suitable for investors seeking: 1) UK mid-cap beta with active alpha potential, 2) dividend income from growth equities, and 3) JPMorgan's stewardship in a liquid LSE-listed vehicle.
JPMorgan Mid Cap Investment Trust competes in the crowded UK mid-cap active management space, differentiating through JPMorgan's global research platform and disciplined valuation approach. Its concentrated portfolio (typically 50-70 holdings) allows for meaningful stock-specific bets versus more diversified peers. The fund's sector-agnostic mandate provides flexibility to capitalize on cross-sector opportunities, though this requires superior stock-picking to justify fees versus passive alternatives. Performance has been mixed relative to the FTSE 250 benchmark over multi-year periods, suggesting stock selection adds variable alpha. The closed-end structure provides capital stability but can lead to persistent discounts/premiums to NAV. Competitive advantages include: 1) JPMorgan's proprietary research accessing company management, 2) long-term holding period philosophy reducing turnover, and 3) ability to use modest gearing (up to 20% of NAV). Challenges include fee pressure from passive alternatives and the structural outflows from UK equity funds post-Brexit. The trust's compact size allows nimble positioning but limits economies of scale versus larger rivals. Its value-conscious approach may underperform in momentum markets but provides downside resilience.