# JPMorgan JEDT March outperformance driven by industrials and services

- Link: https://www.directorstalkinterviews.com/jpmorgan-jedt-march-outperformance-driven-by-industrials-and-services/4121192860
- Published: 2025-04-17T16:40:03+01:00
- Author: Amilia Stone

**[JPMorgan European Discovery Trust plc](https://www.directorstalkinterviews.com/company/jpmorgan-european-discovery-trust-plc/jedt.l)**(
[LON:JEDT](https://www.directorstalkinterviews.com/company/jpmorgan-european-discovery-trust-plc/jedt.l))
has announced its March commentary.

**Month in review As of 31/03/2025**

 * **The Trust outperformed the benchmark over March.**
 * **Positive contributors** to relative returns included stock selection in industrial
   support services and construction and materials.
 * **Detractors included** stock selection in media and stock selection and an overweight
   position in pharmaceuticals and biotechnology.
 * **At the stock level, our overweight in Bilfinger**, the German industrial service
   provider, contributed to performance over the month following German election
   results that led to a rally of German stocks being given hopes of increased stimulus
   packages. Additionally, Bilfinger reported strong Fiscal Year (FY) 2024 and fourth-
   quarter results at the beginning of March, alongside FY 2025 guidance that points
   towards continued margin improvements.
 * **An overweight position in SPIE**, the technical services provider, also contributed
   to relative returns after the company reported positive full year results, with
   earnings ahead of expectations driven by organic growth and continued margin 
   progress. The company also issued ambitious guidance for 2025-2028, including
   a target of 3-4% organic growth per annum.
 * **Our overweight position in DO & CO**, the Austrian airline and event catering
   business, detracted from performance given worries around weakness in US air 
   travel. Several US airlines have issued profit warnings, brought on by unfavourable
   weather and a softer macroeconomic environment that is dampening demand.
 * **Our overweight position in Bonesupport**, the healthcare company specialising
   in orthobiologics, also detracted relatively, given a combination of profit-taking
   after a strong performance, foreign exchange (FX) effects, and tariff risks.

**Looking ahead As of 31/03/2025**

 * **Europe has been galvanised into action** with meaningful fiscal support, which
   could boost growth prospects for years to come. Underneath the geopolitical noise,
   it is clear the fabric of the global economy is changing, with significant consequences
   for the distribution of growth and potentially, inflation.
 * **European equities trade on an extreme discount to US equities. **This argument
   may not be new to prospective investors; however, the European equity market 
   today can offer comparable levels of quality and growth potential. This valuation
   support is recognised by European CEOs, who are buying back more stock than ever
   before.
 * **Technology adoption, healthcare innovation, emerging market consumption and
   climate change** remain the key mega forces behind our secular themes. In 2025,
   we believe the biggest influencer on opportunity in this part of our portfolio
   will be AI.
 * **Looking ahead, improving economic conditions, attractive fundamentals and structurally
   improving interest rates** are likely to present investors with many attractive
   opportunities across markets.

[JPMorgan European Discovery Trust plc[GB_EN][17_04_2025]](https://www.directorstalkinterviews.com/wp-content/uploads/2025/04/JPMorgan-European-Discovery-Trust-plcGB_EN17_04_2025.pdf)
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_**JPMorgan European Discovery Trust** 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._

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