Annual Financial Report

JPMorgan American IT PLC

01 April 2026

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN AMERICAN INVESTMENT TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 31st DECEMBER 2025

Legal Entity Identifier: 549300QNAI4XRPEB4G65

Information disclosed in accordance with the DTR 4.1.3

Highlights

·      NAV total return of +4.6% (with debt at fair value) for 2025 in sterling terms, compared with +9.6% for the S&P 500 benchmark (total return with net dividends reinvested) in sterling terms. Share price
total return of +0.5% for the period.

·    Three-year cumulative NAV total returns of +70.3% compared with +65.4% for the Benchmark, three-year share price cumulative total return of +68.7%.

·      Five-year cumulative NAV total return of +99.2% compared with +97.2% for the Benchmark; five-year
share price cumulative total return of +104.2%.

·      Since the Company changed its investment approach on 1st June 2019, it has outperformed the benchmark index by 17.2% through to the end of February 2026, providing a NAV total return to shareholders of +173.4%, compared with a benchmark return of +156.2%. This represents an annualised outperformance of 1.0 percentage points since this change.

·      The Company remains one of the most competitively priced US actively managed funds available to UK investors, with an Ongoing Charges Ratio ('OCR') for the year of 0.34% (2024: 0.35%), and net assets over £1 billion being charged at just 0.25%.

·      The Company issued 1,414,046 shares at an average premium of 0.8% to NAV, generating proceeds of £16.5 million. As the year progressed, 10,924,147 shares were purchased into Treasury at a cost of £116.4 million, representing 6.1% of the Company's issued share capital at the beginning of 2025, at an average discount of 3.4%, producing a modest accretion to the NAV per share for continuing shareholders.

·      Dividends: an interim dividend of 2.75p per share was paid on 6th October 2025 (unchanged from the prior year). Subject to shareholder approval, a final dividend of 8.75p will be paid on 29th May 2026, making a total dividend of 11.5p per share for FY25, representing an increase of 4.5% on last year's total dividend of 11.0p per share.

Robert Talbot, Chairman, commented:

"Despite last year's uncertainties, US equity indices showed their continued resilience and closed the year at record highs, demonstrating again the robustness of US businesses…These uncertainties persist. Geopolitical tensions remain elevated, …while the full impact of US tariffs is yet to register on US inflation and growth. More recently …the escalation in conflict within the Middle East with as yet little clarity how events will unfold. Yet, even against such a backdrop, US Equity Indices reached record highs in 2025, and despite recent events remain close to this towards the end of the first quarter. This resilience gives good cause for optimism about the prospects for US companies, and the market, over the coming year and beyond. The Board therefore shares the Portfolio Managers' optimism regarding the outlook for the market and Company and is confident in the team's ability to keep finding the kind of attractive investment opportunities that will reward shareholders with capital growth and outperformance over time."

Portfolio Managers commented:

"2025 can be characterised by the remarkable resilience of US equities in the face of significant market volatility. Despite limited guidance and numerous economic challenges, US equities not only rebounded, but excelled, with established sectors and investment styles once again taking the lead. The market's ability to navigate uncertainty and still deliver robust returns highlights the enduring strength of US capital markets. Looking ahead, these same characteristics underpin our optimism about the outlook for US equities in the coming year and beyond. Our research analysts anticipate strong earnings growth for the S&P 500. These positive forecasts reinforce our confidence in the market's potential. However, we remain alert to risks that could introduce volatility, such as escalating geopolitical tensions and potential changes to US trade, regulatory, and fiscal policies which could damage the US's economic prospects.  Our strategy is to maintain a balanced approach, leveraging our insights and expertise to navigate market complexities while actively pursuing growth and value creation. We are confident that this approach will continue to deliver strong capital growth for our shareholders over time."

CHAIR'S STATEMENT

Last year was an uncomfortable one for equity investors, but their forbearance was ultimately rewarded by healthy returns. Global stock markets plunged in March and April on fears about the economic impact of the US administration's aggressive tariff policy. Subsequent relief as the implementation of these tariffs was postponed subject to further negotiations gave way to renewed concerns that the significant tariffs ultimately imposed could fuel US inflation and slow growth. This uncertainty reduced the Federal Reserve's scope to reduce interest rates, despite unprecedented pressure from the US President. As the year progressed, investors also became increasingly anxious that the very high level of investment in artificial intelligence (AI) capabilities and data centres was fuelling an AI bubble set to burst if the extreme optimism regarding AI's potential is disappointed.

Despite these uncertainties, US equity indices showed their continued resilience and closed the year at record highs, demonstrating again the robustness of US businesses, how quickly they will adapt to changed circumstances and their continued ability to generate profitable growth. It was another example where the media's focus upon US politics could lead many to ignore the many positive characteristics of the US corporate sector. In 2025 within the overall equity market many lower quality, high beta, and highly valued stocks fared best over the year, while many other higher quality stocks, the primary focus of our investment strategy, lagged.

The Company's net asset value (NAV) (in sterling  terms, with debt at fair value), increased by 4.6% on a total return basis in 2025 behind its benchmark, the S&P 500, which increased by 9.6% on the same basis. Overall returns would have been much higher to a sterling holder but were reduced given that the dollar fell by 6.9% versus the pound over the calendar year. The underperformance was very much the result of the Company's bias to high-quality, more reasonably valued growth and value stocks which are favoured by the Company's consistent investment strategy. In contrast the equity market was led by many lower quality and highly valued stocks and hence the portfolio lagging the index was unsurprising in the circumstances. The Board remain confident that the investment process remains appropriate and should deliver outperformance against the benchmark over time. During the year, the share price traded between a premium of 2.1% and a discount of 11.5% compared to NAV, ending the year at a discount of 2.7%.

While the past year's underperformance is disappointing, the Portfolio Managers adopt a long-term investment approach, so it is important to consider performance over a similar timeframe. Since the Company changed its investment approach on 1st June 2019, it has outperformed the benchmark index by 17.2% through to the end of February 2026, providing a NAV total return to shareholders of +173.4%, compared with a benchmark return of +156.2%. This represents an annualised outperformance of 1.0 percentage point since this change.

Reflecting this sustained outperformance I am equally pleased to report that during the past year, the Company won the Citywire Investment Trust Award in the 'Best North American Equities' category for the second successive year. The Company has also been identified as an "ISA millionaire" investment company by the Association of Investment Companies since 2022.

The Portfolio

At the end of the review period, 94.3% of your Company's portfolio assets were invested in US large cap stocks, in a high conviction portfolio of some 40 stocks. This portfolio represents a carefully curated selection of the Manager's best growth and value investment ideas. The proportions of growth and value weightings can vary between 60% and 40% in either direction and stood at 55% in growth stocks and 45% in value names at the end of the period. The overall allocation to the small cap portfolio was approximately 5.7% at this time.

More details about performance attribution and portfolio activity during the year can be found in the Investment Manager's report below, along with the Portfolio Managers' view on the outlook for US equity markets.

Share Price and Premium/Discount

The Company's shares traded near NAV or at a premium at the start of the year, then at a discount to its NAV for the remainder of the year. Consistent with statements made in previous years, and because share buy-backs at a discount to NAV enhance the NAV for remaining shareholders, the Board is prepared to buy back shares when they stand at anything more than a small discount. The Board is also prepared to issue shares at a premium to NAV. This undertaking has operated for several years and applies in normal market conditions.

During the early part of the year, the Company issued 1,414,046 shares at an average premium of 0.8% to NAV, generating proceeds of £16.5 million. As the year progressed, 10,924,147 shares were purchased into Treasury, at a cost of £116.4 million, representing 6.1% of the Company's issued share capital (excluding shares held in Treasury) at the beginning of 2025. The average discount to NAV at which these shares were purchased was 3.4%, producing a modest accretion to the NAV per share for continuing shareholders.

Since the year end, 2,777,921 shares were purchased into Treasury. The share price discount stood at 4.5% as at 30th March 2026.

In line with usual practice, the Company will ask shareholders to approve the repurchase of up to 14.99% of its capital at a discount to estimated NAV at the forthcoming Annual General Meeting (AGM). The Company will also be seeking shareholder permission to issue shares, where the Board is confident of consistent market demand. The authority, if approved, will allow the Company to issue up to 10% of its issued share capital from Treasury. The Company will only issue shares at a price above the estimated NAV, including income and with the value of the debt at fair value.

Dividends

While capital growth is the primary aim of the Company, the Board understands that dividend receipts can be an important element of shareholder returns. As such, the Board has sought to enhance shareholder returns with a longer-term progressive dividend policy.

Consistent with these efforts, the Company paid an interim dividend of 2.75p in respect of the first six months of the 2025 financial year (FY25) on 6th October 2025 (unchanged from the interim dividend paid in FY24). Subject to shareholder approval at the AGM, a final dividend of 8.75p will be paid on 29th May 2026 to shareholders on the register on 17th April 2026, making a total dividend of 11.5p per share for FY25. The Board is pleased to report that this represents an increase of 4.5% on last year's total dividend of 11.0p per share.

The Company's prudent approach of building up revenue reserves in prior years provides it with a means of supporting current and future dividend levels, should earnings per share drop materially in any financial year. The total dividend payment in respect of 2025 was funded from current year revenue and partially from revenue reserves. After the payment of the proposed final dividend, the balance in the revenue reserves will be £ 20.2 million, equivalent to 11.9p per share (2024: 12.0p per share). Reserves are therefore sufficient to cover the 2025 dividend by 1.0 times (2024: 1.1 times).

The Board continues to monitor the net income position of the Company and, based on current estimated dividend receipts for the year ahead, the Board aims to continue its progressive dividend policy in the forthcoming year.

Gearing

The Company is able to deploy gearing, which over time is expected to enhance performance provided the cost of the gearing is less than the performance delivered by the Company's equity portfolio.

The Board believes it is prudent for the Company's gearing capacity to be funded from a mix of sources, including short - and longer-term borrowings, issued on both fixed and floating rate terms. The Company's gearing strategy is currently implemented via the use of two forms of debt. The first is an £85 million revolving credit facility (with an additional £15 million accordion/available), provided by Industrial and Commercial Bank of China Limited, London Branch, which matures in August 2028. This is drawn in US Dollars to match the currency of the Company's asset base.

Alongside this bank facility, the Company has in issue a combined US$100 million of unsecured loan notes issued via private placements, US$65 million of which is repayable in February 2031 and carries a fixed interest rate of 2.55% per annum, and US$35 million of which matures in October 2032 and carries a fixed interest rate of 2.32%.

The Board has set the current level of gearing at 5%, and plans to operate within a permitted range around this level of 5% net cash to 20% geared. The Company ended the year with gearing equivalent to 4.7% of net assets and the Board regularly reviews the appropriate gearing level.

Investment Manager Succession

As previously reported, Jonathan Simon retired as the portfolio manager responsible for value stocks in the Company's large cap portfolio on 3rd March 2025. The portfolio's value stocks are now managed by Jack Caffrey and Graham Spence who have 24 and 13 years' experience with the Manager respectively. During the year under review, the growth stocks were managed by Felise Agranoff and Eric Ghernati. However, with effect from 1st April, Eric will move internally within JPMorgan and we wish him well with his move. There will be no changes to the investment strategy or process as a result of Eric's move and Felise, who has 22 years' experience with the Manager, will continue to be supported by a well-resourced team of experienced analysts in the Growth team.

Board Review of the Manager

As in prior years, the Board visited the Manager's offices in New York and held meetings with the portfolio managers and the analyst teams. The Board also met with JPMorgan's senior management team to discuss the performance of the portfolio, the Company's strategy and to review broader aspects of the Manager's service.

The Manager provides other services to the Company, including accounting, company secretarial and marketing services. These have been formally assessed through the annual manager evaluation process.

Taking all factors into account, the Board concluded that the ongoing appointment of the Manager is in the continuing interests of shareholders.

Ongoing Charges

The Board continues to closely monitor the Company's cost base. The Company's Ongoing Charges Ratio ('OCR') for the year under review was 0.34% (2024: 0.35%). The small decrease over the year is primarily attributable to the growth in the Company's assets and its highly competitive management fee structure, with net assets over £1 billion being charged at just 0.25%.

The Company remains one of the most competitively priced US actively managed funds available to UK investors, in either closed-ended or open-ended form.

Portfolio Company Engagement

As detailed in the Manager's Investment Process in the full Annual Report, extensive engagement with company management teams is a vitally important element of stock selection. Company engagement is led by the Portfolio Managers and analysts with the intention of gaining a full insight into the attractiveness of a company. This will incorporate a deep understanding of the company's current health, strategic direction, competitor landscape and its future prospects. In addition, focus will be placed on assessing how various financially material ESG factors may affect the risk profile of the business.

The Board shares the Investment Manager's view of the importance of this combined approach to company engagement as a central component of the investment process in seeking to deliver attractive risk-adjusted returns for shareholders.

The Board

There was no change to the composition of the Board during 2025.

As previously communicated, Ms Nadia Manzoor will step down from the Board at the conclusion of the forthcoming AGM. On behalf of the Board and all shareholders, I would like to place on record our sincere thanks to Ms Manzoor for her substantial contribution to the Company, particularly in her roles as Senior Independent Director and Chair of the Remuneration Committee. I am pleased to inform you that, following Ms Manzoor's retirement, Ms Pui Kei Yuen will assume the role of Senior Independent Director and Mr Colin Moore will assume the Chair of the Remuneration Committee. The Board is currently conducting a search for a suitable non-executive director. A specialist recruitment agency is assisting in this search, and a further announcement will be made once the process has been finalised.

Subject to shareholder approval at the forthcoming AGM, I intend to serve until the AGM in 2027, at which point I will step down. Further information regarding Chair succession planning will be provided in due course. In the normal course, I would have stepped down from the Board after nine years' service in 2026. However, as was highlighted in last year's Annual Report, and after consultation with our largest shareholders, in order to ensure ongoing Board continuity through this period, the Board believes that it is in the Company's best interests that I should instead step down at the 2027 AGM.

The externally facilitated Board evaluation undertaken during the year by Lintstock, an independent adviser on board governance, concluded that the Directors possess the experience and attributes to support a recommendation to shareholders for their re‑election at the forthcoming AGM. In accordance with the AIC Code of Corporate Governance, additional statements supporting the re‑election of each Director are set out in the full Annual Report.

Annual General Meeting

This year's AGM will be held on Thursday, 14th May 2026 at 2.30 p.m. at 60 Victoria Embankment, London EC4Y 0JP. Apart from the formal business of the meeting, shareholders will have the opportunity to hear from two of our portfolio managers, Felise Agranoff and Jack Caffrey, who will make a presentation by video, to be followed by a question-and-answer session.

Shareholders are invited to attend the meeting and raise any questions they have, either at the meeting, or in advance, by writing to the Company Secretary at the address in the full Annual Report, or via email to [e-mail]. As is normal practice for the Company, all voting on the resolutions will be conducted on a poll. The Board strongly encourages all shareholders to exercise their votes by completing and returning their proxy forms in accordance with the notes to the Notice of Meeting in the full Annual Report.

For shareholders who wish to follow the AGM proceedings, but cannot attend in person, we will be able to offer participation via video conferencing facilities. Details on how to register, together with access details, can be found on the Company's website: www.jpmamerican.co.uk. Shareholders viewing the meeting via conferencing software will not be able to vote in the poll and we therefore especially encourage those shareholders who cannot attend in person, to exercise their votes in advance of the meeting by completing and submitting their form of proxy. Shareholders are also encouraged to send any questions to the Board, via the Company Secretary, at the email address above, ahead of the AGM. We will endeavour to answer all relevant questions at the meeting, or via the website.

If there are any changes to the arrangements for the AGM, the Company will update shareholders through the Company's website and, if appropriate, through an announcement to the London Stock Exchange.

The Board encourages all of its shareholders to exercise their rights by voting at annual general meetings and attending if able to do so. If you hold your shares on the Company's main register, please refer to the notes to the AGM in the full Annual Report and your form of proxy. If your shares are held through a platform, platform providers often provide shareholders with the ability to receive company documentation, to vote their shares and to attend annual general meetings, at no cost. Please refer to your investment platform for more details, or visit the Association of Investment Companies' website at www.theaic.co.uk/how-to-attend-an-AGM for information on which platforms support these services and how to utilise them.

Shareholder Engagement

The Board believes that insight gained from shareholder interactions are very helpful in assisting it with the management of the Company's affairs and, as opportunities arise, Board members welcome and seek such meetings.

During the past year, the Manager held meetings and regular calls with shareholders, including webinars, and provided portfolio and market updates on the Company's website. Such activity is an essential part of building understanding and confidence in the Manager's process among shareholders, and with the Board's support, the Manager will look to build upon these in the future.

Stay Informed

As part of this process, the Company delivers email updates with regular news and views, as well as the latest performance. If you have not already signed up to receive these communications and you wish to do so, you can opt in via https://web.gim.jpmorgan.com/emea_investment_trust_subscription/welcome?targetFund=JAM.

Outlook

The uncertainties I flagged in my last report persist. Geopolitical tensions remain elevated, complicated by rising uncertainty regarding relations between the US and its western allies, while the full impact of US tariffs is yet to register on US inflation and growth. More recently has been added the escalation in conflict within the Middle East with as yet little clarity how events will unfold. All such uncertainties are monitored by the Board to try to understand what if any action could be taken. Yet, even against such a backdrop, US Equity Indices reached record highs in 2025, and despite recent events remain close to this towards the end of the first quarter. This resilience gives good cause for optimism about the prospects for US companies, and the market, over the coming year and beyond. It is another reminder that in spite of considerable focus upon US politics and geopolitical events within the media the US corporate sector remains squarely focused upon delivering growing profitability and shareholder returns. In addition to their well-proven dynamism and capacity to adapt and evolve in response to changing circumstances with an impressive long-term track record in this regard, US businesses remain at the forefront of the AI revolution and other cutting-edge technologies, which should lift productivity and global competitiveness and underpin earnings growth over time.

The Board therefore shares the Portfolio Managers' optimism regarding the outlook for the market and Company and is confident in the team's ability to keep finding the kind of attractive investment opportunities that will reward shareholders with capital growth and outperformance over time.

Thank you for your continued support.

Robert Talbut

Chair                                                                                                                                          31st March 2026

INVESTMENT MANAGER'S REPORT

Market Review

2025 will be remembered as a year of extraordinary uncertainty for investors, yet markets ultimately delivered impressive results. The S&P 500 posted a robust return of +17.7% in US dollar terms, marking its third consecutive year of double-digit gains. This remarkable climb came despite a lack of clarity on US tariffs, uncertainty about the trajectory of interest rates, concerns about the durability of AI-driven growth, and the longest government shutdown in US history.

The year began with a period of significant volatility. In the first four months, US equities ventured into bear market territory as the US administration's erratic approach to tariffs and other key policies left investors on unstable ground. A sharp April sell-off - led by the 'Magnificent 7' tech giants - and growing doubts about the sustainability of AI's momentum added to the turbulence as the year progressed. The S&P 500 fell 19% from peak to trough before bottoming on April 8, then rallied by an impressive 39% through to year-end. Notably, corporate earnings growth proved more resilient to tariffs than many had anticipated.

Investors were also troubled by the uncertain direction of monetary policy. The Federal Reserve paused its rate-cutting cycle in the first half of the year, responding to fears about tariff-induced price pressures and recession. As conditions stabilised, the Fed resumed cuts in September, delivering three 25 basis point reductions before year-end. This contributed to a 40-basis point decline in the ten-year Treasury yield, which closed the year at 4.17% - its first year-on-year decline since 2020.

Late in the year, the government shut down for 43 days in October and November, suspending normal government business including public services, payments and some data releases. Despite these inconveniences, markets continued to post gains, consistent with historical patterns during extended closures. Congress reached a deal in mid-November, clearing the way for the resumption of regular government activity.

Against this challenging backdrop, the S&P 500 demonstrated remarkable resilience, surging to record highs by year-end. Behind the strong returns, market leadership in 2025 remained narrow: ten stocks drove 60% of the S&P 500's return, while roughly 355 stocks (more than 60% of the benchmark) underperformed the market, with nearly 190 stocks (15% of the benchmark) declining over the year. Within equity markets, low-quality, high-beta, and high-valuation stocks dominated, particularly among smaller-cap names.

Sector leadership in 2025 mirrored trends established in 2023 and 2024, with communication services and information technology topping the sector leaderboard for the third consecutive year. However, sector performance varied widely: real estate, consumer staples and consumer discretionary delivered only low single-digit returns.

Large-cap stocks, as represented by the S&P 500, outperformed small caps, with returns of +17.7% versus a rise of 12.8% for the Russell 2000 Index. Growth stocks also outpaced value, as the Russell 3000 Growth Index returned +18.2%, compared to a 15.7% rise in the Russell 3000 Value Index.

The following charts provide an overview of the returns of different investment styles in the US market during 2025, as well as the sector performance of the S&P 500 during that period.

2025 US Equities Style performance (US$)

2025	Value	Blend	Growth
Large	15.9%	17.9%	18.6%
Mid	11.0%	10.6%	8.7%
Small	12.6%	12.8%	13.0%

2025 S&P 500 Index performance (US$)

Refer to the chart in the full Annual Report.

Performance and Overall Asset Allocation

The Company's net asset value rose 4.6% on a total return basis in 2025 (in GBP terms), lagging the 9.6% return of the S&P 500 Index. This result means that 2025 was the worst relative return period for the portfolio in over ten years, as the market's strong preference for the highest beta and lowest quality stocks hindered performance. However, such an outcome is not surprising given the nature of our strategy, given its bias towards high quality stocks capable of generating growth and value. Such underperformance is nonetheless disappointing, but it is important to bear in mind that performance over the longer term remains strong thanks in part to the robust returns registered in 2023 and 2024.

The large cap portion of the portfolio, which, at over 90% of the Company's assets, is its biggest allocation, detracted the most from relative performance over the period. The Company's small cap allocation, which averaged a return of approximately 6% over the period, also detracted from relative returns, as small cap stocks lagged the S&P 500. Gearing was additive given the market's rally.

Performance attribution

For the year ended 31st December 2025

	%	%
Contributions to total returns
Net asset value (debt at fair value) total return
in sterling termsAPM		4.6
Benchmark total return (in sterling terms)		9.6
Relative return		(5.0)
Combined Portfolio return in US dollar terms1	12.9
Benchmark total return in US dollar terms	17.7
Combined Portfolio relative return in US dollar terms	(4.8)
Large & Small Cap Portfolio contribution2:
Large Cap Portfolio in US dollar terms	(4.0)
Small Cap Portfolio in US dollar terms	(0.8)
Combined Portfolio relative return in US dollar terms	(4.8)
Contributions to return:
Equity portfolio (ex-cash and gearing) in US dollar terms	(5.7)
Cash and gearing impact in US dollar terms3	0.9
Combined Portfolio relative return in US dollar terms	(4.8)
Effect of foreign currency translation4	0.3
Combined Portfolio relative return in sterling terms	(4.5)
Management fee and other expenses5		(0.3)
Finance costs5		(0.2)
Share buybacks and share issuances6		0.2
Impact of fair valuation of debt7		(0.2)
Total relative return		(5.0)

Source: Morningstar/J.P.Morgan. All figures are on a total return basis. Performance attribution analyses how the Company achieved its recorded performance relative to its benchmark index.

The figures in the above attribution have been rounded to 1 decimal place.

¹     The aggregated returns of both the Large Cap and Small Cap portfolios.

²     The split of returns by portfolio, relative to the benchmark. This has been calculated using the average weighting of the Large Cap and Small Cap portfolios over the year.

³     Cash and gearing - measures the impact on returns of the principle amount of borrowings or cash balances on the Company's relative performance.

⁴     Effect of foreign currency translation - measures the impact of currency exposure differences between the Company's portfolio and its benchmark.

⁵     Management fee, other expenses and finance costs - the payment of fees, expenses and finance costs (interest paid on borrowings) reduces the level of total assets, and therefore has a negative effect on relative performance.

⁶     Share buybacks - measures the enhancement to net asset value per share of buying back the Company's shares for cancellation at a price which is less than the Company's net asset value per share.

⁷     The impact of fair valuation includes the effect of valuing the combined US$100m private placements at fair value.

^APM Alternative Performance Measure ('APM').

Large Cap Portfolio

After three consecutive years of adding value, stock selection within the large cap portfolio faced notable challenges in 2025. While several holdings performed well, approximately 85% of the large cap portfolio's underperformance was attributable to poor stock selection in the technology, energy, and industrial sectors.

Technology remains our largest absolute allocation, and three of our top five detractors originated from this sector. Since late 2024 and through 2025, we have trimmed positions in leading AI stocks to realise profits and reduce risk in response to our increased concerns about excessive AI spending trends. This led to an underweight position in NVIDIA, which negatively impacted relative performance as the stock surged 39% in 2025 - more than double the S&P 500's return. Although we remain optimistic about NVIDIA's long-term prospects, we do not currently hold a strongly positive view on its near-term growth prospects relative to the market. We believe the market may be underestimating rising competition and potentially overestimating NVIDIA's growth potential, so we have maintained a below-index weighting.

During the year, we shifted some of our NVIDIA exposure into Oracle, which also detracted from performance. Oracle's shares came under pressure due to mixed financial results, increased capital expenditure, and concerns over debt financing. The announcement of a TikTok-US joint venture and OpenAI's ambitious revenue targets did little to alleviate investor concerns. At this time, we continue to hold the name in the portfolio.

Other technology holdings which adversely impacted performance included business software creator HubSpot. This stock was the largest individual detractor in 2025, driven by uncertainty around the monetisation potential of its front-office AI software. Nevertheless, we remain confident in HubSpot's leadership in generative AI (GenAI), a form of AI that creates new, original content such as text, images, videos, audio, and code, by learning from large datasets. The company should also be supported by robust new customer growth and ongoing innovation. We continue to view the valuations of software businesses as relatively attractive compared to historical levels.

In the energy sector, we preferred oil and gas producer EOG Resources over its larger, more integrated competitors, but this positioning detracted from returns. Despite reporting solid operational results, EOG's conservative guidance fell slightly short of consensus expectations, weighing on its share price. The company has expressed caution about increasing oil volumes in what it anticipates will be an oversupplied market for the next few quarters. We continue to view EOG as a best-in-class operator, with a peer-leading balance sheet and highly cost-effective operations. However, we exited our position in early 2026 as we are finding better opportunities in other names.

Rounding out the top detractors was our exposure to UnitedHealth, which we exited in mid-May. UnitedHealth has historically performed well, but recent mispricing and higher-than-expected costs reduced our confidence. While the recent leadership change is encouraging, the timing of improvements remains uncertain, and this has reduced our conviction in the company. Extensive discussions with the management team did little to allay our concerns about the likelihood of an improvement in execution over the medium to long term, so we closed our position.

On the positive side, the large cap portfolio benefited from strong stock selection in the financial sector. Notably, our allocations to Morgan Stanley and Capital One Financial were significant bright spots.

Morgan Stanley delivered robust performance during the period, supported by record revenues and strong profits across its business segments. The company saw meaningful growth in client assets within its wealth and investment management divisions. Successful integration of recent acquisitions and strategic investments in technology - including AI - further strengthened results. We maintain an overweight to this name. Capital One Financial also posted strong results, with early benefits emerging from its acquisition of Discover Financial Services. This transaction is expected to enhance Capital One's banking and payments platform, driving both cost savings and revenue growth. The management team's proven ability to execute large-scale investments, particularly in technology and its national banking strategy, positions the company well for future growth. As a result, we remain overweight the name.

Another top contributor was HCA Healthcare, a leading hospital operator, which we added to the portfolio following our exit from UnitedHealth. HCA reported earnings ahead of expectations, driven by robust pricing and disciplined expense management, and subsequently raised its guidance.

There were also some positive contributors in the technology space. For example, our overweight position in Broadcom added value, with the stock rallying 50% over the period. The company reported strong AI revenue growth, as well as significant orders from Anthropic, the company behind the Claude family of AI products.

Another significant contributor during the period was our underweight position in Tesla. We have previously owned this stock and know the company well. We closed our position in January 2024 as demand for electric vehicles (EV) stalled. The stock has since faced pressure due to various investor concerns, both material and perceived. We capitalised on the sell-off by reintroducing Tesla to our portfolio during the year. Although demand for EVs remains tentative, we are increasingly confident in the company's autonomous driving technology, which we believe is approaching commercial viability, and we see potential for autonomous driving to enhance Tesla's brand perception and eventually reignite demand for its vehicles. This transition is in its early stages, so the portfolio remains around benchmark weight, but we anticipate that autonomous driving will significantly improve Tesla's margins over time, and our long-term investment horizon allows us to be patient while these expectations play out, especially as we repurchased the stock at an attractive level.

Large Cap Portfolio Stock Attribution¹

For the year ended 31st December 2025

	Relative weight	Stock return	Impact
Top Contributors	(%)	(%)	(%)
HCA Healthcare	2.3	56.7	0.7
Morgan Stanley	2.6	45.2	0.6
Capital One Financial	3.0	37.7	0.6
Broadcom	1.8	50.7	0.5
Tesla	0.3	29.0	0.4
	Relative weight	Stock return	Impact
Top Detractors	(%)	(%)	(%)
HubSpot	0.8	(42.4)	(0.9)
EOG Resources	2.1	(11.4)	(0.7)
UnitedHealth*	(0.5)	(45.5)	(0.7)
NVIDIA	0.2	38.9	(0.7)
Oracle	0.2	(40.5)	(0.6)

Source: Wilshire, Excludes Cash & Gearing (USD).

¹      The attribution summary approximates the gross excess returns of the portfolio and is calculated based on daily holdings which does not represent actual trading, liquidity constraints, fee schedules and transaction costs. It is shown for illustrative purposes only and is not meant to be representative of actual results.

*     Indicates stock was not held as of 31st December 2025. The portfolio is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the investment manager without notice. Past performance is not a reliable indicator of current and future results.

Portfolio Activity & Positioning

Over the period, the most significant portfolio shifts occurred in the healthcare space, as we exited three longstanding positions due to changing fundamentals. In addition to the sale of UnitedHealth, already discussed, we also closed positions in Regeneron Pharmaceuticals and Eli Lilly. Regeneron Pharmaceuticals is currently navigating a tough commercial landscape, including increasing competitive pressures on its flagship product, Eylea, for the treatment of eye disease, which are raising doubts about the company's ability to maintain its market leadership in this segment. In addition, there are emerging concerns regarding the lifecycle of Dupixent, used in the treatment of severe inflammatory conditions. Regeneron's overall drug pipeline is a further worry, as it has not developed at a pace sufficient to offset diminishing demand for Eylea and Dupixent. Eli Lilly's stock dropped sharply following its latest earnings report, on concerns over pricing dynamics in the obesity medication market.

During the year we added two new healthcare names - Johnson & Johnson (JNJ) and Gilead Sciences. JNJ trades at a discount to its peers, while offering a premium dividend and an attractive dividend yield, with higher returns on equity and invested capital. Gilead Sciences has also lagged. Despite good take-up of its newest antiviral offerings, its valuation remains attractive. We view Gilead as an important biotechnology leader yet to reap the full rewards of its latest product launch. In addition, its cancer franchise looks set to expand, diversifying its product offering beyond anti-virals.

We made notable adjustments in the materials sector, exiting our long-term position in Martin Marietta Materials, a natural resource-based building materials company, and initiating a new position in Ecolab, a specialist chemicals company. While Martin Marietta Materials has been a strong performer over the longer term, its recent results have been less impressive. In particular, the company's reliance on price increases rather than volume growth, and its transactional, project-based business model, no longer align with our preference for recurring, long-term client relationships. Ecolab, by contrast, is a quality compounder with deep, decades-long customer relationships. Though classified as a materials company, Ecolab operates more as an industrial services provider, delivering essential solutions like sanitation and pest control that are critical to its clients' operations. The company's focus on value creation and its 'One Ecolab' initiative to cross-sell services to major clients supports ongoing growth and margin expansion. Recent bolt-on acquisitions, especially in high-tech sectors such as semiconductor manufacturing, further enhance Ecolab's growth prospects.

We also increased our exposure to industrials by adding 3M, a diversified technology and services conglomerate, to the portfolio. Our confidence in 3M's operational turnaround has grown, enhanced by the incoming CEO's announcement in early 2025 of more detailed and actionable plans to drive growth and enhance operating performance. In addition, 3M has taken meaningful steps to strengthen its balance sheet and proactively manage legal liabilities, thereby reducing overall risk. These positive developments have reinforced our conviction that 3M's recovery is on track and likely to surpass market expectations in both timing and magnitude over the long-term.

Within the consumer discretionary sector, we replaced home improvements retailer Home Depot with its peer, Lowe's. Our decision was driven by growing concerns regarding Home Depot's diversification into the building product distribution business, which generally carries a lower valuation multiple. There have also been notable management departures. In contrast, Lowe's does not face these specific challenges and was trading at a discount to Home Depot's valuation multiple, making it a more attractive holding.

We remain committed to owning high-quality businesses with durable competitive advantages. Our bottom-up stock selection process has resulted in several active deviations from the benchmark at both the stock and sector levels. The information technology sector continues to be our largest absolute weighting, though it is also our largest underweight relative to the benchmark. Over the past year, we have modestly increased our exposure to select software and semiconductor companies where we see strong or rising demand.

Financials represent our next largest allocation and largest overweight. This is driven by attractive valuations, as the sector is trading at a near 30% discount to the S&P 500. Our holdings within financials remain diversified, focusing on companies with strong operations and adaptability to evolving market dynamics. For example, as discussed above, Capital One Financial is well-positioned for future growth and stands to benefit from its recent acquisition of Discover Financial Services, which should enhance its banking and payments platform, while also delivering cost savings and revenue growth.

Consumer discretionary is our third largest allocation and second largest overweight. Within this sector, we aim for a balanced allocation between secular growth companies and those with more defensive, capital-light business models, such as globally recognised brands.

Value and growth exposure

The large cap portfolio is divided between value and growth stocks, with the allocation allowed to vary between 60:40 and 40:60. At the end of the review period, value stocks comprised some 45% of the large cap portfolio, while growth stocks had a 55% allocation. This split is in line with positioning at the start of the year. The graph below provides an overview of the split between value and growth in the strategy since the change in investment approach in June 2019.

Charts included in the full Annual Report.

Portfolio Holdings

Large Cap Portfolio

As at 31st December 2025

Charts included in the full Annual Report.

The table below shows that at the end of 2025, the large cap portfolio continues to trade at a discount to the market on a free cash flow basis, which confirms that we are not paying a premium for good cash flow. Indeed, the discount provides a comforting valuation cushion. The portfolio is expected to deliver consensus earnings growth of around 18% over the next 12 months, in line with estimates of earnings growth for the market as a whole. However, these figures are based on consensus earnings, which may be revised over time.

Characteristics	Large Cap Portfolio	S&P 500
Weighted Average Market Cap	US$1,254.3 bn	US$1,306.7bn
Price/Earnings, 12-month fwd1	21.4x	21.6x
Price/Free Cash Flow, last 12-months	23.3x	27.8x
EPS Growth, 12-mth forward	17.7%	17.6%
Predicted Beta	0.95	-
Predicted Tracking Error	2.52	-
Active Share	55.1%	-
Number of holdings	40	500

Source: Factset, Barra, J.P. Morgan Asset Management.

1     Including negatives. The portfolio is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the investment manager without notice.

Small Cap Portfolio

As mentioned above, the small cap portfolio negatively impacted returns over the review period, as it underperformed the S&P 500. The overall allocation to the small cap portfolio was maintained at close to 6% over the period. Small cap valuations continue to look compelling relative to large caps following a prolonged period during which large caps have outperformed small caps. The stage remains set for a reversal, but timing, as always, is hard to predict.

Outlook

In summary, 2025 can be characterised by the remarkable resilience of US equities in the face of significant market volatility. Despite limited guidance and numerous economic challenges, US equities not only rebounded, but excelled, with established sectors and investment styles once again taking the lead. The market's ability to navigate uncertainty and still deliver robust returns highlights the enduring strength of US capital markets.

Looking ahead, these same characteristics underpin our optimism about the outlook for US equities in the coming year and beyond. The economy continues to demonstrate similar resilience and adaptability, outperforming many forecasts, with the unemployment rate holding relatively steady and consumer financial conditions manageable. These conditions should improve as 2025's monetary easing takes full effect, and rates continue their downward trajectory, creating an environment conducive to growth. Against this encouraging backdrop, our research analysts anticipate strong earnings growth for the S&P 500. These positive forecasts reinforce our confidence in the market's potential. However, we remain alert to risks that could introduce volatility, such as escalating geopolitical tensions and potential changes to US trade, regulatory, and fiscal policies which could damage the US's economic prospects.

Our commitment is to invest in high-quality businesses with strong competitive advantages, providing stability during uncertain periods. We also seek to capitalise on market volatility by selectively identifying opportunities that align with our long-term investment objectives. Most recently, we trimmed our growth allocation and used the proceeds to add to our value sleeve. Overall, our strategy is to maintain a balanced approach, leveraging our insights and expertise to navigate market complexities while actively pursuing growth and value creation. We are confident that this approach will continue to deliver strong capital growth for our shareholders over time.

Felise Agranoff

Jack Caffrey

Eric Ghernati

Graham Spence

Portfolio Managers                                                                                                                          31st March 2026

PRINCIPAL AND EMERGING RISKS

The Risk Committee, comprised of all Directors and chaired by Ms Pui Kei Yuen, confirms that it has carried out a robust assessment of the principal and emerging risks facing the Company, including those that could threaten its business model, future performance, solvency or liquidity.

With the assistance of JPMF, the Risk Committee maintains and regularly reviews a risk matrix, which identifies the principal risks to the Company. The principal risks are categorised under Investment Strategy, Process and Performance; Regulatory, Compliance and Operational; and Geopolitical and Other Exogenous Issues. These risks and the significance of, and change in, their risk scores are regularly reviewed and discussed by the Committee, together with the ways in which they are monitored, and the extent to which they can be managed or mitigated.

In addition, at each Risk Committee meeting, the Committee considers whether any emerging risks, for example potential trends, sudden events or changing risks which are characterised by a high degree of uncertainty in terms of occurrence probability and possible effects on the Company, have arisen. Whilst the Committee has not identified any specific emerging risks at the time of publication of this report, it has noted the continued heightened level and evolving nature of the Geopolitical risks facing the Company and is monitoring these accordingly.

The key principal risks identified by the Committee, how they are monitored, and the extent to which they can be managed or mitigated are summarised below.

			Movement from
Principal risk	Description	Mitigating activities	the prior year
Investment Strategy, Process and Performance
Investment Strategy and Process	An inappropriate investment strategy, poor asset allocation or the level of gearing, may lead to underperformance against the Company's benchmark index and its peer companies, resulting in the Company's shares trading on a wider discount. Furthermore, the relevance and attractiveness of the investment strategy could be impacted by factors such as but not limited to a changing competitive landscape (such as the increasing prevalence of Active Exchange Traded Funds), the continued consolidation of the wealth management industry, or an ineffective marketing strategy, resulting in reduced demand for the shares.	The Board has delegated investment responsibilities to one of the best resourced financial institutions globally and seeks to mitigate this risk through its investment policy and guidelines, which are monitored and reported on regularly by the Manager. The Board monitors the implementation and results of the investment process with the Portfolio Managers and reviews data, which details the portfolio's holdings and risk profile. The Manager deploys the Company's gearing within a range set by the Board. The Board holds a meeting specifically on strategy annually. Furthermore, the Company uses the levers available to it as an Investment Trust vehicle such as buybacks and gearing; it differentiates itself by offering a concentrated quality value and quality growth portfolio with the ability to add small cap exposure; fees are set competitively for an actively managed fund and reviewed by the Board; and these benefits are communicated through the Company's shareholder engagement and marketing strategy including participation in industry-wide activity to promote investment trusts.	áâ
Investment Team	The departure of or failure to adequately replace one or more of the four Portfolio Managers or several members of the wider investment management team could result in a short-term deterioration in investment performance.	The Manager has a depth of experienced investment resources and takes steps to reduce the consequences of such an event by ensuring appropriate succession planning and the adoption of a team-based approach, including the appointment of four Portfolio Managers.	áâ
Market Risk	Market risk arises from uncertainty about the future prices of the Company's investments. Examples of market risk are price volatility, liquidity, currency risk and interest rate risk.	Whilst the board has limited ability to mitigate the impact of market risk beyond the measures described in above, the Board and Manager monitor and review market risks and their potential impact on the Company and the investment portfolio. These are risks that investors take having invested into a single country fund.	áâ
Technological Change	This risk is not confined to the technology sector. The use of technology is pervasive. Changes in technology may disrupt the business of investee companies impacting their market value.	The Manager has extensive research resources focused on technology. The Board receives regular updates from the Manager and other experts.	áâ
Rating Volatility and Corporate Activity Risk	The shares trading at an excessive discount or premium to Net Asset Value can negatively impact shareholders and, with the rise of activism, the Company itself may be at risk of some form of corporate activity, which may not be in the best interests of all shareholders. In addition, low shareholder voting turnout at AGMs (and GMs) may lead to some form of corporate activity which may not be in the best interests of all shareholders, or, the inability to execute corporate activity which may be in the best interests of shareholders.	The Board monitors the Company's premium/discount level and is committed to buy back shares when they stand at anything more than a small discount, and also to issue shares at a premium where the Board is confident of consistent market demand, to enhance the NAV per share for remaining shareholders. Furthermore, the Board monitors changes to its shareholder register carefully and on a timely basis, and actively seeks to engage with its shareholders directly and in conjunction with the Manager and the Company's broker.	áâ
Integration of ESG Factors into the Investment Process	The Company's policy on ESG and climate change may be out of line with investors' expectations and regulatory requirements and/or may impact performance.	The Board liaises with the Manager and other experts to regularly review the policy and understand the implications of its integration into the process.	áâ
Regulatory, Compliance & Operational
Operational Resilience, Controls and Security	The Company has no employees and is therefore dependent on third parties for the provision of all of its services and systems, especially those of the Manager, Depositary and Registrar. Failure to maintain effective and appropriate controls, improper access, disruption to, failure of or inadequate service levels of these parties could prevent accurate reporting and monitoring of the Company's financial position, loss of confidential data, impact its ability to operate or result in reputational damage.	The Company operates through contractual agreements with its service providers, most of which the Manager is also party to. The Board's Audit Committee regularly reviews the controls reports for the Manager, Depositary and Registrar and monitors and evaluates the performance of the Company's service providers, with the assistance of the Manager. Any pertinent issues relevant to the Company are reported to the Board. In addition, the Manager's Business Continuity Plans ('BCP') are designed to accommodate potential threats and are regularly updated, tested, monitored and reviewed. The Manager has assured the Board that the Company benefits directly or indirectly from all elements of JPMorgan's Cyber Security programme.	áâ
Accounting, Legal and Regulatory	A breach of regulatory rules or a failure to maintain accurate accounting records could result in loss of investment trust status, reputational damage, financial penalties, suspension of the Company's listing or a qualified audit report.	Accounting, legal and regulatory compliance are continually monitored by the Manager and the Auditors and the results reported to the Board. In addition, the Board, the Manager and its professional advisers monitor changes in legislation which may have an impact on the Company.	áâ
Geopolitical and Other Exogenous Issues
There are numerous risks of this type. Below are some examples.		There is little direct control of this type of risk possible, but it is important to monitor them.
Geopolitical	There is an increasing risk to market stability and investment opportunities from geopolitical conflicts and tensions (such as between Russia and the Ukraine, China and Taiwan, China and the US and the turmoil in the Middle East). Trade disputes, tariff volatility, sanctions, unpredictable policy shifts, and a more assertive US policy stance are all contributing to a more complex environment for global trade and international relations. In addition, intensifying competition and the growing dominance of major global powers both at the state and corporate level are exerting significant pressure and influence across various domains including trade, technology, financial systems, national security, and critical minerals. These factors could adversely affect the attractiveness and demand for the Company as a single country fund.	The Board monitors geopolitical risks in regular questioning of the Manager and external experts to assess the potential impact on the Company and the investment portfolio. The Company seeks to mitigate these risks through its investment policy and guidelines set by the Board, including the ability to operate across the Company's full gearing range when appropriate and through the implementation of an active buyback policy.	áâ
Artificial Intelligence (AI)	Advances in computing power mean that AI has become a powerful tool that will impact a wide range of applications with potential to disrupt the Company's operations and investments.	The Board monitors developments in this area carefully both in conjunction with the Manager and other external experts when appropriate and considers how this risk might threaten the Company's activities.	ã
Widespread Social and Economic Disruption	Examples such as the Global Financial Crisis or the Covid-19 pandemic may have ended, but disruption may reoccur for several reasons.	As described in above, the Manager's BCPs are regularly updated, tested and monitored, and the Manager conducts periodic due diligence of the Company's key service providers, which includes a BCP review. The Board also reviews reports on the Company's 'Going Concern' status in stress test scenarios.	ã
Climate Change	Climate change could present a material risk to the value of investee companies and the operations of the Company and its service providers.	The Manager's investment process integrates considerations of environmental, social and governance ('ESG') risk factors, including climate change, into its approach to assess the potential impact on investee companies. The Manager and the Company's key service providers incorporate consideration of the impacts of climate change into their BCPs.	áâ
Legislative and Regulatory Change	Changes in legislation may adversely affect the Company and/or the Manager either directly or indirectly.	The Board monitors changes to the regulatory, legislative and taxation framework within which it operates. In order to do this, the Board draws on the expertise and advice of its professional advisers and the Manager.	áâ

Change Key

ã           Heightened

áâ     Broadly Unchanged

ä           Reduced

RELATED PARTIES

The Directors of the company are considered to be related parties. Full details of Directors' remuneration and shareholdings can be found in the full Annual Report.

TRANSACTIONS WITH THE MANAGER

Details of the management contract are set out in the Directors' Report in the full Annual Report. The management fee payable to the Manager for the year was £5,578,000 (2024: £5,205,000) of which £nil (2024: £nil) was outstanding at the year end.

Included in administration expenses in note 6 in the full Annual Report are safe custody fees amounting to £18,000 (2024: £17,000) payable to JPMorgan Chase Bank N.A. of which £3,000 (2024: £3,000) was outstanding at the year end.

Other capital charges (handling charges) on dealing transactions amounting to £15,000 (2024: £13,000) were payable to JPMorgan Chase Bank N.A. during the year of which £2,000 (2024: £2,000) was outstanding at the year end.

The Company also invests in the JPMorgan USD Liquidity Fund, a money market fund which is managed by JPMorgan Asset Management (Europe) S.à.r.l. At the year end this was valued at £11.1 million (2024: £24.9 million). Income amounting to £833,000 (2024: £1,348,000) was receivable during the year of which £nil (2024: £nil) was outstanding at the year end.

At the year end, total cash of £1,488,000 (2024: £112,000) was held with JPMorgan Chase Bank N.A. The net amount of interest of £3,000 (2024: £4,000) was receivable by the Company during the year from JPMorgan Chase Bank N.A. of which £nil (2024: £nil) was outstanding at the year end.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the Annual Report & Financial Statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare the Annual Report & Financial Statements for each financial year. Under that law, the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the Financial Statements unless they are satisfied that, taken as a whole, the Annual Report & Financial Statements are fair, balanced and understandable, provide the information necessary for shareholders to assess the Company's position, performance, business model and strategy and that they give a true and fair view of the state of affairs of the Company and of the total return or loss of the Company for that period. In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:

•        select suitable accounting policies and then apply them consistently;

•        make judgements and accounting estimates that are reasonable and prudent;

•        state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•        prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business

and the Directors confirm that they have done so.

The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The accounts are published on the www.jpmamerican.co.uk website, which is maintained by the Company's Manager. The maintenance and integrity of the website maintained by the Manager is, so far as it relates to the Company, the responsibility of the Manager. The work carried out by the Auditor does not involve consideration of the maintenance and integrity of this website and, accordingly, the Auditor accepts no responsibility for any changes that have occurred to the accounts since they were initially presented on the website. The accounts are prepared in accordance with UK legislation, which may differ from legislation in other jurisdictions.

Under applicable law and regulations the Directors are also responsible for preparing a Directors' Report, Strategic Report, Statement of Corporate Governance and Directors' Remuneration Report that comply with that law and those regulations.

Each of the Directors, whose names and functions are listed in the full Annual Report, confirms that, to the best of their knowledge:

•        the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and return or loss of the Company; and

•        the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

The Board confirms that it is satisfied that the Annual Report & Financial Statements taken as a whole are fair, balanced and understandable and provide the information necessary for shareholders to assess the strategy and business model of the Company.

The Board also confirms that it is satisfied that the Strategic Report and Directors' Report include a fair review of the development and performance of the business, and the position of the Company, together with a description of the principal risks and uncertainties that the Company faces.

For and on behalf of the Board

Robert Talbut

Chair                                                                                                                                           31st March 2026

STATEMENT OF COMPREHENSIVE INCOME

	Year ended			Year ended
	31st December 2025			31st December 2024
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Net gains on investments held at fair value through
profit or loss	-	65,973	65,973	-	459,406	459,406
Foreign currency exchange gains/(losses)	-	4,562	4,562	-	(743)	(743)
Income from investments	23,946	5	23,951	23,579	55	23,634
Interest receivable	836	-	836	1,352	-	1,352
Gross return	24,782	70,540	95,322	24,931	458,718	483,649
Management fee	(1,116)	(4,462)	(5,578)	(1,041)	(4,164)	(5,205)
Other administrative expenses	(1,026)	-	(1,026)	(1,139)	-	(1,139)
Net return before finance costs and taxation	22,640	66,078	88,718	22,751	454,554	477,305
Finance costs	(734)	(2,936)	(3,670)	(494)	(1,970)	(2,464)
Net return before taxation	21,906	63,142	85,048	22,257	452,584	474,841
Taxation charge	(3,549)	-	(3,549)	(3,024)	-	(3,024)
Net return after taxation	18,357	63,142	81,499	19,233	452,584	471,817
Return per ordinary share	10.41p	35.80p	46.21p	10.59p	249.22p	259.81p

The dividends payable in respect of the year ended 31st December 2025 amount to 11.5p (2024: 11.0p) per share, costing £19,651,000 (2024: £19,778,000). Details of dividends paid and proposed are given in note 2.

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies.

The 'Net return after taxation' represents the profit for the year and also the total comprehensive income.

STATEMENT OF CHANGES IN EQUITY

For the year ended 31st December

	Called up	Share	Capital
	share	premium	redemption	Capital	Revenue
	capital	account	reserve	reserves1	reserve1	Total
	£'000	£'000	£'000	£'000	£'000	£'000
At 31st December 2023	14,082	151,850	8,151	1,358,329	31,587	1,563,999
Repurchase of ordinary shares into Treasury	-	-	-	(48,069)	-	(48,069)
Issue of ordinary shares from Treasury	-	7,971	-	5,922	-	13,893
Proceeds from share forfeiture2	-	-	-	731	-	731
Proceeds from forfeiture of unclaimed dividends2 (note 2)	-	-	-	-	71	71
Net return after taxation	-	-	-	452,584	19,233	471,817
Dividends paid in the year (note 2)	-	-	-	-	(14,597)	(14,597)
At 31st December 2024	14,082	159,821	8,151	1,769,497	36,294	1,987,845
Repurchase of ordinary shares into Treasury	-	-	-	(116,395)	-	(116,395)
Issue of ordinary shares from Treasury	-	9,944	-	6,550	-	16,494
Net return after taxation	-	-	-	63,142	18,357	81,499
Dividends paid in the year (note 2)	-	-	-	-	(19,580)	(19,580)
At 31st December 2025	14,082	169,765	8,151	1,722,794	35,071	1,949,863

¹     These reserves form the distributable reserves of the Company and may be used to fund distributions to shareholders.

²     During 2024, the Company undertook an Asset Reunification Program to reunite inactive shareholders with their shares and unclaimed dividends. In accordance with the Company's Articles of Association, the Company exercised its right to forfeit the shares belonging to untraced shareholders for a period of 12 years or more. These shares were sold in the open market and the net proceeds returned to the Company. In addition, any unclaimed dividends older than 12 years from the date of payment of such dividend were forfeited and returned to the Company.

STATEMENT OF FINANCIAL POSITION

	At 31st December	At 31st December
	2025	2024
	£'000	£'000
Fixed assets
Investments held at fair value through profit or loss	2,040,771	2,042,755
Current assets
Debtors	3,177	600
Current asset investments	11,094	24,926
Cash at bank	1,488	112
	15,759	25,638
Current liabilities
Creditors: amounts falling due within one year	(2,797)	(971)
Net current assets	12,962	24,667
Total assets less current liabilities	2,053,733	2,067,422
Creditors: amounts falling due after more than one year	(103,870)	(79,577)
Net assets	1,949,863	1,987,845
Capital and reserves
Called up share capital	14,082	14,082
Share premium account	169,765	159,821
Capital redemption reserve	8,151	8,151
Capital reserves	1,722,794	1,769,497
Revenue reserve	35,071	36,294
Total shareholders' funds	1,949,863	1,987,845
Net asset value per ordinary share - debt at par	1,149.8p	1,109.9p

STATEMENT OF CASH FLOWS

	Year ended	Year ended
	31st December	31st December
	2025	2024
	£'000	£'000
Cash flows from operating activities
Net return before finance costs and taxation	88,718	477,305
Adjustment for:
Net gains on investments held at fair value through profit or loss	(65,973)	(459,406)
Foreign currency exchange (gains)/losses	(4,562)	743
Dividend income	(23,951)	(23,634)
Interest income	(836)	(1,352)
Realised losses on foreign currency exchange transactions	(319)	(292)
Realised foreign currency exchange losses on JPMorgan USD Liquidity Fund	(1,110)	(623)
Decrease in other debtors	5	31
(Decrease)/increase in accrued expenses	(105)	41
Net cash outflow from operating activities before dividends, interest
and taxation	(8,133)	(7,187)
Dividends received	20,475	23,593
Interest received	836	1,481
Overseas withholding tax recovered/(paid)	72	(3,003)
Net cash inflow from operating activities	13,250	14,884
Purchases of investments	(673,293)	(570,659)
Sales of investments	738,523	595,515
Net cash inflow from investing activities	65,230	24,856
Dividends paid	(19,580)	(14,597)
Proceeds from forfeiture of unclaimed dividends	-	71
Issue of ordinary shares from Treasury	16,494	13,893
Repurchase of ordinary shares into Treasury	(114,684)	(48,069)
Proceeds from share forfeiture	-	731
Repayment of bank loan	(29,844)	(15,205)
Drawdown of bank loans	60,650	15,790
Bank loan and overdraft interest paid	(1,522)	(583)
Private placement notes interest paid	(1,890)	(1,925)
Net cash outflow from financing activities	(90,376)	(49,894)
Decrease in cash and cash equivalents1	(11,896)	(10,154)
Cash and cash equivalents at start of year1	25,038	34,207
Foreign currency exchange movements	(560)	985
Cash and cash equivalents at end of year1	12,582	25,038
Cash and cash equivalents consist of1:
Cash at bank	1,488	112
Current asset investment in JPMorgan USD Liquidity Fund	11,094	24,926
Total	12,582	25,038

¹     The term 'cash and cash equivalents' is used for the purposes of the Statement of Cash Flows.

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31st December 2025

1.  Accounting policies

(a)     General information and basis of accounting

The Company is a closed-ended investment company incorporated in the UK. The address of its registered office is at 60 Victoria Embankment, London, EC4Y 0JP.

The financial statements are prepared under the historical cost convention, modified to include fixed asset investments at fair value, in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP'), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies in July 2022.

All of the Company's operations are of a continuing nature.

The Directors have undertaken a rigorous review of the Company's ability to continue as a going concern. The Board has, in particular, considered the impact of market volatility from the ongoing conflicts between Ukraine and Russia and in the Middle East as well as continued uncertainty regarding US domestic and foreign policy, and does not believe the Company's going concern status is affected. The Company's assets, the vast majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly under all stress test scenarios reviewed by the Board. Gearing levels and compliance with borrowing covenants are reviewed by the Board on a regular basis.

Accordingly, the financial statements have been prepared on the going concern basis as it is the Directors' reasonable expectation that the Company has adequate resources to continue in operational existence up to 31st March 2027 which is a period of at least 12 months from the date of approval of the financial statements.

The policies applied in these financial statements are consistent with those applied in the preceding year.

2.       Dividends

(a)     Dividends paid and declared

	2025		2024
	Pence	£'000	Pence	£'000
Dividends paid
Final dividend in respect of prior year	8.25	14,768	5.25	9,594
Interim dividend in respect of the six months	2.75	4,812	2.75	5,003
Total dividends paid in the year	11.00	19,580	8.00	14,597
Refund of unclaimed dividends over 12 years old1			n/a	(71)
Net dividends	11.00	19,580	8.00	14,526

¹     During the year ended 31st December 2024, the Company undertook an Asset Reunification Program to reunite inactive shareholders with their shares and unclaimed dividends. In accordance with the Company's Articles of Association, the Company exercised its right to forfeit the shares belonging to untraced shareholders for a period of 12 years or more. These shares were sold in the open market and the net proceeds returned to the Company. In addition, any unclaimed dividends older than 12 years from the date of payment of such dividend were forfeited and returned to the Company.

All dividends paid and declared in the period have been funded from the Revenue Reserve.

The final dividend proposed in respect of the year ended 31st December 2024 amounted to £14,775,000. However, the amount paid amounted to £14,768,000 due to shares repurchased after the balance sheet date but prior to the share register record date.

(b)    Dividend for the purposes of Section 1158 of the Corporation Tax Act 2010 ('Section 1158')

The requirements of Section 1158 are considered on the basis of dividends declared in respect of the financial year, shown below.

The revenue available for distribution by way of dividend for the year is £18,357,000 (2024: £19,233,000).

	2025		2024
	Pence	£'000	Pence	£'000
Interim dividend in respect of the six months	2.75	4,812	2.75	5,003
Final dividend	8.75	14,839	8.25	14,775
Total	11.50	19,651	11.00	19,778

In accordance with the accounting policy of the Company, the final dividend declared in respect of the year ended 31st December 2025, will be reflected in the financial statements for the year ending 31st December 2026.

The revenue reserve after payment of the final dividend will amount to £20,232,000 (2024: £21,519,000).

3.       Return per ordinary share

	2025	2024
	£'000	£'000
Revenue return	18,357	19,233
Capital return	63,142	452,584
Total return	81,499	471,817
Weighted average number of ordinary shares in issue during the year	176,365,922	181,599,757
Revenue return per ordinary share	10.41p	10.59p
Capital return per ordinary share	35.80p	249.22p
Total return per ordinary share	46.21p	259.81p

The total return per ordinary share represents both basic and diluted return per share as the Company has no dilutive shares.

4.       Net asset value per ordinary share

The net asset value per ordinary share and the net asset value attributable to the ordinary shares at the year end are set out below. These were calculated using 169,585,853 (2024: 179,095,954) ordinary shares in issue at the year end (excluding Treasury shares).

	2025		2024
	Net asset value attributable		Net asset value attributable
	£'000	pence	£'000	pence
Net asset value - debt at par	1,949,863	1,149.8	1,987,845	1,109.9
US$65 million 2.55% Private Placement Feb 2031
Add: amortised cost	48,144	28.4	51,670	28.9
Less: fair value	(45,077)	(26.6)	(45,875)	(25.6)
US$35 million 2.32% Private Placement Oct 2032
Add: amortised cost	25,987	15.3	27,907	15.6
Less: fair value	(23,165)	(13.6)	(23,396)	(13.1)
Net asset value - debt at fair value	1,955,752	1,153.3	1,998,151	1,115.7

JPMORGAN FUNDS LIMITED

1^st April 2026

For further information, please contact:

Divya Amin For and on behalf of

JPMorgan Funds Limited

Telephone: [phone] or or [phone]

E-mail: [e-mail]

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

ENDS 

A copy of the 2025 Annual Report will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The 2025 Annual Report will also shortly be available on the Company's website at www.jpmamerican.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

 

END