Dividend

JPMorgan American Investment Trust plc
December 2012

JPMorgan American IT - Ordinary Shares
Investment objective

Quarterly portfolio analysis
Quarterly

Capital growth from North American investments.
Investments in US companies including, when
Investments
appropriate, exposure to smaller capitalisation sectors.
appropriate,

The fund lagged its benchmark for the quarter and theyear, despite positive stock selection in the fourth quarter.

Trust statistics
Trust
Trust manager(s)

Board of director(s)

Financial year end
date
date
Total assets (as at
31/12/12)
31/12/12)
Fund launch date
Listing
Dividends
Investment
available through
available

Eytan Shapiro,
Garrett T. Fish
Garrett
Sarah Bates,
James Fox,
James
Kate Bolsover,
Kate
JamesWilliams,
James
S imon Bragg,
Simon
Sir Alan Collins
Sir
31 December
GBP 514.6m
1881
United Kingdom
May
ISA, SIPP, Investment
Account
Account

(as at 31/12/12)

On a stock specific basis, overweight positions in Apple and Microsoft hindered performance. Apple’s stock came under
On
pressure as the market began to debate whether demand has been sufficient to meet lofty expectationsfollowing a series
pressure
of new product launches. The uncertain environment for capital gains taxes also likely contributed to the weakness as
of
many investors were sitting on substantial unrealised gains in their Apple holdings. Microsoft experienced slower­than­
many
expected sales of Windows 8 and its new tablet. Exposure to healthcare names such as Mylan Labs, Amerisourcebergen
andBaxter International helped relative performance the most. Mylan Labs was helped by two rating agencies upgrading
and
its debt to investment grade and the company’s board authorising a new share buyback. Amerisourcebergen benefited
its
from the potential effect of the Obama re­election on the drug distribution business as well as operating estimates for the
from
fourth quarter that were in linewith market estimates. Meanwhile, Baxter’s third­quarter earnings rose as the company's
fourth
margins improved and results from a study evaluating its investigational treatment for patients with haemophilia B came
margins
out positive.
out

Market outlook
Market
While investors may continue to concentrate on the events occurring in Washington, we believe the environment remainsfavourable for equities, as the US economy continues to rebound and the improvement in the housing market remains
favourable
solid. Reaching an agreement on the debt ceiling and fostering a credible long­term deficit reduction could be what we see
solid.
as the last of the significant macro hurdles. It would be a welcome sight for markets to focus on the strong fundamentals
as
that have long sincebeen in place.
that

Benchmark
Benchmark
S&P 500 Index (£ )

Performance A
s

(as at 31/12/12)

Share Price

s

Net asset value

s

Benchmark

Trust codes
Trust
ISIN
Sedol
Bloomberg
Reuters

GB0008465055
0846505
JAM LN
JAM.L

Cumulative performance A
%
Share Price
Net asset value
Benchmark

1M
­0.8
­0.7
­0.5

3M
­4.8
­2.8
­1.1

1Y
7.3
9.0
10.53Y
35.6
29.0
34.1

5Y
47.4
33.5
30.8

10 Y
125.2
109.0
89.8

Rolling 12m performance A
Rolling
%
Share Price
Net asset value
Benchmark

2011/12
7.3
9.0
10.5

2010/11
3.9
0.5
2.5

Please read the Explanatory Notes, Risks and Important Information at the end of this document.

2009/10
21.7
17.8
18.3

2008/09
13.5
11.6
12.2

2007/08
­4.2
­7.3
­13.1JPMorgan American Investment Trust plc

Trust information
Share price
Net asset value B
Discount(­)/Premium
Current
Current
1 2 month high
12
12 month low
12
12 month average
12
C
Yield
Actual Gearing (as at
31/12/12) D
31/12/12)
Gearing range

(as at 31/12/12)
906.0p
916.9p
­1.2%
3.4%
­4.9%
­0.1%
1.2%
96.5%
95 ­120%

Trust charges
Trust
E

Annual Mgt....