JPMorgan European Discovery Trust plc (LON:JEDT) has released its latest factsheet for June 2026.
Monthly As of 2026/06/30
- The Trust outperformed the benchmark over June.
- At the stock level, our overweight to Glanbia, the leading health and sports nutrition company, contributed to performance following solid results driven by strong demand across regions and the revision of full-year guidance to the upper end of the range. Glanbia is well positioned in a large and growing market which benefits from structural trends such as healthier lifestyles.
- Our overweight position in Bawag, one of Austria’s largest banking groups, also contributed to performance, alongside others in the financial sector given the current interest rate environment.
- Our overweight position in Umicore, the materials technology company, detracted from performance given profit taking following a period of strong performance that was driven by supportive metal prices and a full-year guide that beat expectations.
- An underweight position in AT&S, the high-end printed circuit boards and integrated circuit substrates which are critical in the production of semiconductor chips, also detracted from performance as AT&S is benefiting from a large discrepancy between supply and demand of critical components.
Looking Ahead As of 2026/06/30
- In a normalised environment, the outlook for corporate profits is healthy, and revisions are trending higher in most regions and industries. Solid economic growth—fuelled by fiscal and monetary stimulus, and, of course, the artificial intelligence (AI) investment boom—is supportive of earnings.
- Geopolitical escalation has begun to show up in activity data, with recent survey evidence pointing to weaker services momentum across major euro area economies as uncertainty rises.
- The economic outlook for the eurozone is characterised by cautious optimism. Activity in continental Europe is expected to rise, driven in part by the substantial fiscal stimulus announced by Germany in 2025.
- Uncertainty and volatility create opportunities for long-term investors to identify companies where share prices have detached from fundamentals, with patience being key as more entry points emerge.
JPMorgan European Discovery Trust plc is an investment trust company. The Investment Trust JEDT objective is to achieve capital growth from a portfolio of quoted smaller companies in Europe, excluding the United Kingdom.
