**Summary of JPMorgan Claverhouse Investment Trust PLC Half-Year Report (H1 2025)**
**Overview**
JPMorgan Claverhouse Investment Trust PLC reported strong performance for the six months ended June 30, 2025, with a **NAV total return of +13.5%**, outperforming the FTSE All-Share Index benchmark (+9.1%). The share price total return was **+14.6%**, and the Company maintained its 52-year streak of increasing dividends, declaring a second quarterly dividend of **8.40p** payable on September 1, 2025.
**Financial Highlights**
**NAV per share**Increased to **826.5p** (from 729.8p at December 2024).
**Share price**Rose to **786.0p** (from 729.8p at December 2024).
**Dividends**First quarterly dividend of **8.40p** paid in June 2025
second quarterly dividend of **8.40p** declared.
**Share repurchases**Repurchased **886,107 shares** at an average discount of **5.7%**, costing **£6.5 million**.
**Portfolio Performance**
**10-year average annual gain****+7.0%** vs. benchmark **+6.7%**.
**Top contributors**Overweight positions in **NatWest**, **OSB**, and **Rolls-Royce** significantly boosted returns.
**Detractors**Overweight in **4imprint** due to weak US small business confidence and tariff impacts.
**Portfolio Strategy**
Focus on **dividend growth opportunities** while maintaining exposure to high-yielding companies.
Increased holdings in **NatWest**, **Coca-Cola Hellenic**, and **Softcat** for their dividend growth potential.
Sold positions in **Glencore** and **Man Group** due to underperformance.
**Market Outlook**
The Board and Portfolio Managers remain confident in the outlook for UK equities, citing attractive valuations and strong operating momentum in domestically exposed equities. They believe the portfolio is well-positioned to deliver capital and income growth.
**Chairman’s Statement**
Victoria Stewart highlighted the Company’s outperformance, the success of the enhanced dividend strategy, and the Board’s confidence in the UK equity market’s potential.
**Investment Manager’s Report**
The managers emphasized the focus on economic data and company fundamentals amid geopolitical uncertainties. They highlighted the UK market’s resilience and the portfolio’s alignment with dividend growth opportunities.
**Financial Position**
**Net assets****£447.6 million** (up from £409.7 million at December 2024).
**Gearing****6.9%** (down from 7.6% at June 2024).
**Revenue reserves****£13.2 million** (down from £14.4 million at June 2024).
**Board Succession**
Former Chairman David Fletcher retired in May 2025, succeeded by Victoria Stewart.
**Conclusion**
JPMorgan Claverhouse Investment Trust PLC delivered robust performance in H1 2025, outperforming its benchmark and maintaining its dividend growth record. The Company remains optimistic about UK equities and is well-positioned for future growth.