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JPMorgan European Discovery Trust PLC on Wednesday reported it swung to a loss on investment as it lagged its benchmark index.
In the year ended March 31, the investment firm reported a significantly reduced net return before tax of £5.8 million. The previous year, its net return stood at £340.5 million.
JPMorgan European Discovery also swung to a loss on investment of £1.0 million in the year from a gain of £334.3 million the year prior.
At March 31, net asset value per share stood at 526.1 pence, down 0.8% from 530.7p at the same time the previous year.
The company's total return on net assets in the year was 0.3%, underperforming its benchmark index, the MSCI Europe ex UK Small Cap Index, which returned 3.8% over the same period.
Unchanged from financial 2021, JPMorgan European Discovery proposed a final dividend of 5.5p.
Looking forward, the company said it remains confident in its ‘robust’ investment process though acknowledged that predicting the outlook is very challenging in these ‘uncertain times’.
Shares in JPMorgan European Discovery Trust were up 3.3% at 395.50p on Wednesday morning in London.
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