JPMorgan American Investment Trust mostly keeps pace with S&P 500

JPMorgan American Investment Trust PLC on Wednesday said its net asset value total return nearly matched its benchmark, the S&P 500 stock index, in the first half of 2026.

The trust invests in primarily in a 'high-conviction' portfolio of large-cap US companies, split nearly equally between growth and value stocks.

NAV total return was 10.7% in the six months that ended June 30, compared to 11.6% for the US equity market benchmark. Share price total return also was positive at 9.9%.

JPMorgan American Investment Trust shares were down 0.6% to 1,231.02 pence on Wednesday morning in London. However, the stock is up 15% over the past 12 months.

"While the company participated in the strong performance in US equities during the period, performance lagged the benchmark as market leadership remained concentrated in a relatively narrow group of AI-related beneficiaries," portfolio managers Felise Agranoff, Jack Caffrey and Graham Spence said.

"Although disappointing, it should be viewed in the context of the company's long-term investment approach, which remains focused on identifying high-quality businesses with durable competitive advantages and attractive future growth prospects."

JPMorgan American Investment noted that since changing its investment approach in June 2019, its NAV total return has outperformed the S&P 500 by 14 percentage points.

NAV per share was 1,262.6p on June 30, up from 1,149.8p on December 31 and from 1,050.4p a year before.

The company declared an interim dividend of 2.75 pence per share, unchanged from a year before and said it aims to continue its progressive dividend policy. It also bought back 3.7 million shares at a cost of £42.6 million in the half-year.

JPMorgan American Investment said its board and portfolio managers retain a positive view on the outlook for the US market for the remainder of the year and beyond, despite the fresh all-time highs hit by Wall Street, potential interest rate hikes, and the unresolved US-Iran war, with Chair Robert Talbut citing the "dynamism and adaptability of the US economy and its corporate sector".

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