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JPMorgan Euro IT said returns generated in its growth and income portfolios undershot its benchmark amid continuing negative market sentiment towards Europe.
Its growth portfolio delivered returns on net assets of 7.9% and a return to shareholders of 8.2%. While its income portfolio delivered returns on net assets of 7.2% and a return to shareholders of 5.4%
Both portfolios delivered returns to shareholders and on net assets that were below the company's benchmark index, the MSCI Europe ex UK Index total return, which increased by 10.2%.
'The board and managers are mindful of the economic and political uncertainties of investing in Europe which currently include concerns about future economic growth the influence of populist parties and Brexit, together with ongoing trade tensions between the US and China, which impacts global stock markets,' the company said.
'However, we think that, within the Company's risk parameters and investment methodology, positive returns are achievable over the medium and longer term,' it added.