JPMorgan Claverhouse beats benchmark in 'very favourable' environment

JPMorgan Claverhouse Investment Trust PLC on Wednesday said UK equities remain attractively valued, as it posted a net asset value per share gain and eyed a dividend uplift.

The UK equities-focused investment trust reported NAV total return of 27.6% in 2025, while its benchmark, the FTSE All-Share Index, returned 24.0% over the same period.

NAV per share grew 23% to 895.0 pence from 720.8p, with the trust paying our four quarterly dividends totally 36.2 pence for the year, up 2.3% from 35.4p in 2024.

The investment trust said its performance benefitted from overweight positions in the top three performing sectors of the FTSE All-Share, namely: aerospace, defence, banks and insurance.

The company said this was the key driver in its year of outperformance, noting that the investment environment for UK stocks was ‘very favourable’ over the year.

Looking ahead, JPMorgan Claverhouse said it plans to pay the first three quarterly dividends of 2026 at 8.0p, up from 8.40p in 2025.

Shares in the investment trust were up 0.4% at 841.06 pence on Wednesday morning in London.

‘UK equities remain attractively valued…making it one of the few markets globally that does not look over-valued by historic standards. We therefore see plenty of scope for attractive future returns, particularly if the momentum in sectors such as financials and defence can be sustained, or if earnings growth broadens out across the market,’ said Portfolio Managers Anthony Lynch, Katen Patel and Callum Abbot.

‘We are confident that the portfolio is very well-positioned to continue to meet its objective to deliver capital and income growth to its shareholders in coming years.’

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