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JPMorgan Claverhouse Investment Trust plcHalf Year Report & Financial Statements for the six months ended 30th June 2019

Awarded to investmentcompanies that haveincreased their dividendseach year for 20 yearsor more

K E Y F E A T U R E S

J P M O R G A N C L A V E R H O U S E I N V E S T M E N T T R U S T P L C . H A L F Y E A R R E P O R T & F I N A N C I A L S T A T E M E N T S 2 0 1 9

Your Company

ObjectiveCapital and income growth from UK investments.

Investment Policies• To invest in a portfolio consisting mostly of leading companies listed on the London Stock Exchange. The Company’s portfolio

consists typically of between 60 and 80 individual stocks in which the Manager has high conviction.

• To invest no more than 15% of gross assets in other UK listed investment companies (including investment trusts).

• To invest no more than 15% of gross assets in any individual investment (including unit trusts and open ended investmentcompanies).

• The Company uses short and long term gearing to increase potential returns to shareholders. The Company’s gearing policy is tooperate within a range of 5% net cash to 20% geared in normal market conditions. The Investment Managers have discretion tovary the gearing level between 5% net cash and 17.5% geared.

• The Board permits the Manager to use FTSE index futures to effect changes in the level of the Company’s gearing.

BenchmarkThe FTSE All-Share Index (total return).

Capital StructureAt 30th June 2019, the Company’s share capital comprised 56,870,653 ordinary shares of 25p each, including 180,272 shares held inTreasury.

The Company has a £30 million debenture in issue, which carries a fixed interest rate of 7% per annum, repayable on 30th March 2020.The Company has agreed to issue £30 million fixed rate 25 year unsecured notes in March 2020 at an annualised coupon of 3.22%.These notes are intended to replace the debenture. The Company also has a £50 million floating rate loan facility with NationalAustralia Bank, which expires on 27th April 2020.

Management Company and Company SecretaryThe Company employs JPMorgan Funds Limited (‘JPMF’ or the ‘Manager’) as its Alternative Investment Fund Manager and CompanySecretary. JPMF delegates the management of the Company’s portfolio to JPMorgan Asset Management (UK) Limited (‘JPMAM’).

Financial Conduct Authority (‘FCA’) regulation of ‘non-mainstream pooled investments’ and MiFID II‘complex instruments’The Company currently conducts its affairs so that the shares issued by the Company can be recommended by independent financialadvisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and intendsto continue to do so for the foreseeable future.

The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in aninvestment trust.

The Company’s ordinary shares are not considered to be ‘complex instruments’ under the FCA’s ‘Appropriateness’ rules and guidancein the COB sourcebook.

Association of Investment Companies (‘AIC’)The Company is a member of the AIC.

AIC Dividend HeroesThe AIC Dividend Hero emblem on the front cover indicates that the Company has increased its dividends each year for at least20 years.

WebsiteThe Company’s website, which can be found at www.jpmclaverhouse.co.uk, includes useful information on the Company, such as dailyprices, factsheets and current and historic half year and annual reports.

C O N T E N T S

C O N T E N T S

Half Year Performance 3 Financial Highlights

Chairman’s Statement 6 Chairman’s Statement

Investment Review 9 Investment Managers’ Report 13 List of Investments 14 Sector Analysis

Financial Statements 16 Statement of Comprehensive Income

17 Statement of Changes in Equity 18 Statement of Financial Position

19 Statement of Cash Flows

20 Notes to the Financial Statements

Interim Management 24 Report

Shareholder Information 26 Glossary of Terms and Alternative

Performance Measures (‘APMs’)

28 Where to buy J.P. Morgan Investment Trusts

29 Information about the Company

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Half Year Performance

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1 Source: Morningstar.2 Source: Morningstar/J.P. Morgan, using cum income net asset value with debt at par value.3 Source: Morningstar. The Company’s benchmark is the FTSE All-Share Index (total return).4 This figure comprises one interim dividend paid of 6.25p and one payable of 6.25p.AAlternative Performance Measure (‘APM’).

A glossary of terms and APMs is provided on pages 26 and 27.

TOTAL RETURNS (INCLUDING DIVIDENDS REINVESTED) TO 30TH JUNE 2019 3 Years 5 Years 10 Years 6 months Cumulative Cumulative Cumulative

Return to shareholders1,A

Return on net assets2,A

Benchmark return3

Net asset returnoutperformance against benchmark return3

Interim dividends4

+10.1% +45.8% +46.6% +218.4%

+16.7% +33.2% +41.4% +200.7%

+12.9% +29.4% +35.7% +166.8%

+3.8% +3.8% +5.7% +33.9%

12.5p


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SUMMARY OF RESULTS

1 Excluding 180,272 (31st December 2018: nil) shares held in Treasury.2 Includes the current year revenue account balance.3 The fair value of the £30 million (2018: £30 million) debenture issued by the Company has been calculated using discounted cash flow techniques using the yield ona similarly dated gilt plus a margin based on the 5 year average yield for the AA Barclays Corporate Bond.

4Using cum-income net asset value per share.AAlternative Performance Measure (‘APM’).

A glossary of terms and APMs is provided on pages 26 and 27.

30th June 31st December 2019 2018

Net assets (£’000) 424,132 372,033

Number of shares in issue1 56,690,381 56,765,653

Share price 716.0p 665.0p

Net asset value per share with debt at par value2 748.2p 655.4p

Net asset value per share with debt at fair value2,3 745.2p 651.0p

Share price (discount)/premium to net asset value per share with debt at par value4,A (4.3)% 1.5%

Share price (discount)/premium to net asset value per share with debt at fair value4,A (3.9)% 2.2%

GearingA 8.1% 2.5%

Ongoing chargesA 0.74% 0.76%


Chairman’s Statement

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C H A I R M A N ’ S S T A T E M E N T


Performance

For the six months to 30th June 2019 I am pleased to report a total return on the Company’s net assets of+16.7% and a share price total return of +10.1%. This result compares with a total return from theCompany’s benchmark index, the FTSE All-Share index, of +12.9% over the same period.

Relative performance continues to be strong over the short and long term. Since the change in investmentstrategy in 2012 the Company has produced a total return on net assets of 100.0% compared with thebenchmark index total return of 74.5% and for the last three, five and ten years to 30th June 2019 theCompany’s cumulative total return on net assets has exceeded the benchmark index by 3.8%, 5.7% and33.9%, respectively.

The Investment Managers’ report on pages 9 to 12 reviews the market and provides more detail onperformance.

Revenue and Dividends

Earnings per share for the six months to 30th June 2019 decreased to 16.45p, compared to 17.30p earnedin the same period in 2018. This 5% decline was principally caused by a generally weaker environment fordividends.

A first quarterly dividend of 6.25p per share (2018: 6.00p) was paid on 31st May 2019. It remains theBoard’s intention that the first three quarterly dividends should be of an equal amount and the Board hasdeclared a second quarterly dividend of 6.25p per share (2018: 6.00p) to be paid on 2nd September 2019 toshareholders on the register at the close of business on 9th August 2019. It continues to be the aim toincrease the total dividend each year and, taking a run of years together, to increase dividends at a rateclose to or above the rate of inflation. Over the last five years annual dividends have increased by 38.9%,compared with inflation of about 7.9% over the period.1 The Company continues to benefit from a relativelyhigh level of revenue reserves and the ability to utilise these, if necessary, to support the dividend.

Discount and Share Repurchases

Discounts in the UK investment trust sector have widened in recent months. This has been reflected in themovement in the Company’s share price significantly lagging the return on net assets, particularly since theend of March. As a result the Company has repurchased 180,272 shares during the six month period(all occurring in May and June), at an average discount of 4.9%. Since the period end the Company hasrepurchased 20,000 shares, as at 31st July 2019. When market sentiment was stronger earlier in the yearthe Company issued 105,000 new shares at an average premium to NAV of 1.5%. As at 30th June 2019 theCompany’s discount (to its cum–income, debt at par, NAV) was 4.3%.

Gearing

The Company’s gearing policy is to operate within a range of 5% net cash and 20% geared and theinvestment managers have discretion to vary the gearing level between 5% net cash and 17.5% geared.In addition to the debenture, which is due to be repaid in March 2020 and to be replaced by loan notesbearing a lower interest rate, the Company has a revolving credit facility of £50 million of which £15 millionwas drawn down as at 30th June 2019.

Andrew SutchChairman

I am pleased toreport a totalreturn on netassets of 16.7%over the period

1 Source: CPI; Office of National Statistics.


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Board of Directors

In addition to the intended retirement of Humphrey van der Klugt as a Director at next year’s AnnualGeneral Meeting, which has already been announced, Jane Tufnell has also decided to retire as a Director atthe same time. The Board has already commenced a recruitment process with a view to appointing two newDirectors in the New Year.

Audit Tender

Ernst & Young LLP has audited the Company’s financial statements for over 20 years and, as reported inthe Annual Report and Accounts, the Company is required to appoint a new audit firm no later than 2020.A tender process is being undertaken with a view to another audit firm being appointed in 2020.

Outlook

Having lived with the issue of Brexit for over three years there are many who would just like it to go away.It does now look as though we are entering the endgame of the UK’s plan to leave the European Union (‘EU’).What is still uncertain is what will be the short and long term effects of Brexit on the UK economy, marketsand livelihoods. Notwithstanding strong equity markets and the Company’s good performance during thefirst half of the year, I believe that we must be prepared for the UK stockmarket and sterling to experiencesignificant volatility over the coming months. However, one can take comfort from the portfolio beinginvested predominantly in large blue chip companies, with no unquoted stocks.

An upside is that many of the portfolio companies trade internationally and earn foreign currency revenueswhich, when translated into sterling, are positive for earnings and dividends. The Company continues tohave strong revenue reserves, which is a strength at a time when dividend growth of UK companies isslowing.

Appetite amongst investors for UK equities has been damaged by the Brexit uncertainty, with significantredemptions over recent months from UK equity open-ended funds and discounts widening in the UK equityinvestment trust sector. The Company is not immune from these headwinds but continues to benefit fromits closed-end structure, its risk controls and the ability of the Managers to construct a portfolio which canbenefit from positive factors in the global economy while seeking to defend against weaknesses in theUK economy.

Andrew SutchChairman 6th August 2019


Investment Review

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William MeadonInvestment Manager

The portfolioperformed wellover the period,benefitting fromboth good stockselection andbeing gearedinto a risingmarket

Callum AbbotInvestment Manager

Investment Approach

We aim to construct a diversified portfolio of our best ideas, comprising both growth and value stocks. Wealso hold a small number of very large stocks by market capitalisation for risk-control reasons. For thepatient investor, such an approach will, we believe, produce outperformance of the index in a steady,risk-controlled manner irrespective of market conditions. We also strive to maintain Claverhouse’s enviabledividend record by biasing the portfolio towards stocks with growing dividends.

Market Review

Equity markets were very strong over the period as investors took the view that the fears of a globalrecession, which dominated thinking in the fourth quarter of last year, were unfounded.

The first six months of the year saw the FTSE All-Share index deliver a total return of +12.9%. The moreinternationally oriented FTSE100 large-cap index returned +13.1%, whilst the FTSE mid 250 and FTSEsmall-cap indices returned 13.0% and 9.4%, respectively. Although volatile, the pound was broadly flatover the period. At its peak, the pound traded at $1.33 but then sank back to $1.27 at the period end. TheUK Gilts market delivered a total return of 4.8%.

The stock market shed no tears when Prime Minister May announced that she was standing down asConservative Party leader, focusing more on the expectation that long term interest rates around the worldwould continue to fall. By the end of the period, 10 year gilts yielded just 0.8% compared to a yield of 4.1%on the FTSE All-Share index, the biggest ‘yield gap’ since the First World War.

The global economy was dominated by elevated trade tensions between the US and China. But globalequity markets remained relatively sanguine, as investors took the view that a near-term resolution wouldbe found or that the Fed would cut rates enough to cushion these headwinds. As the period drew to a closeglobal markets continued to rally with some of them at or close to an all-time high.

Portfolio review

The portfolio performed well over the period, benefitting from both good stock selection and being gearedinto a rising market. The total return of +16.7% on the net assets of the Company (with debt at par),compared well with the benchmark total return of +12.9%.

The UK stock market comprises a healthy, well-diversified mix of both international companies, for exampleGlaxo and BP, where profits are earned largely overseas and domestic stocks, for example housebuildersand general retailers, which are more dependent on the domestic economy.

As part of our risk controls, we have structured the portfolio so it is not dependent on any one particularBrexit outcome. Consequently, whilst the portfolio has meaningful exposure to many large, internationalstocks (which we would expect to perform relatively better in a hard or no deal Brexit), it also holdsa number of attractively valued domestic stocks, which should benefit relatively from a softer Brexit. Asa yardstick, we estimate that approximately 70% of the revenues earned by the companies in the portfolioare earned overseas.

In terms of individual stocks, the exceptional 2019 results of JD Sports proved the sceptics wrong whenthey produced excellent figures. Its strong brand relationships continue to drive rapid growth in theirexisting shops and facilitate expansion into Europe and the US. The 68% rise in the shares during theperiod was a healthy contributor to the portfolio.

Softcat, the IT services company, was another significant contributor. The trend towards digitalisation isstill accelerating with rapid changes in the industry presenting growth opportunities. The company has hadto consistently upgrade guidance due to excellent trading during the period.

Intermediate Capital Group contributed positively to performance. This alternative asset manager hasa range of mezzanine finance and private credit funds. Being an early entrant into these types of productand building an excellent performance track record has meant demand for their funds has beenexceptionally strong leading to them consistently beating expectations.


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Softcat,IntermediateCapital Groupand Rio Tintocontributed toperformance

As commodity prices rallied, the overweight position in the mining sector performed very well and stockselection further benefitted the portfolio. The holding in Rio Tinto rose 40% over the period, driven by thestrong iron ore price; the company also paid a handsome special dividend of 184p per share. The iron oreprice also benefitted the holding in Anglo American. The holding in Glencore performed poorly but theportfolio’s underweight position compared to the Company’s benchmark benefitted our relativeperformance.

The portfolio’s holding in the tobacco stock, Imperial Brands was the biggest detractor from performance.Whilst the sector faces considerable regulatory challenges and disruption from next generation tobaccoproducts, Imperial Brands’ yield of 10% remains attractive and any change in sentiment could drive ameaningful re-rating.

New purchases included Games Workshop. This table-top games producer is a relatively recent addition tothe FTSE 250 index but has been held by the JPMorgan Asset Management (‘JPMAM’) small-cap team foryears. It continues to beat even JPMAM’s high earnings expectations as product innovation and customerengagement through social media drive expansion into global markets. We also purchased a position inLondon Stock Exchange. This unique asset continues to grow its revenues ahead of its costs whilst itinvests for growth. The potential for further growth and the high barriers to entry in its industry shouldhelp it maintain the market’s label of it being a high quality business which deserves to trade on a premiumrating to the market.

The underweight position in the telecoms sector continued to benefit the portfolio. The period saw usreduce holdings further with sales of both BT and Vodafone.

We exited the off-benchmark position in Burford Capital. As the litigation finance market becomes morecrowded, our concerns grew over the sustainability of the company’s high returns on capital.

Top Contributors and Detractors to Performance vs. FTSE All-Share Index:

Top Five Average Contributors Active % Attribution % Explanation

JD Sports +1.2 +0.47 JD Sports’ unique relationships with big brands such asNike and Adidas continue to give it protection from aweaker retail backdrop. The acquisition of Footasylumwas also well received by the market.

Softcat +0.93 +0.37 A fast growing information technology servicescompany whose products have been in high demandgiven the push for digitalisation across many industriesleading to positive earnings surprises.

Rio Tinto +1.5 +0.34 The resurgent Chinese stimulus and a shortfall in ironore supply after the Vale mine disaster has caused theiron ore price to rally from its December lows. Rio Tintohas strong exposure to iron ore and copper as well aslimited exposure to coal which is out of vogue withinvestors.



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Top Contributors and Detractors to Performance vs. FTSE All-Share Index continued:

Top Five Average Contributors Active % Attribution % Explanation

+0.8 +0.34 This alternative asset manager posted strong resultsduring the period. Due to the high demand for thecompany’s relatively niche private credit products, itwas able to raise more money than expected, witha more favourable fee structure which led to earningsupgrades.

Vodafone –1.1 +0.28 Being underweight this sprawling telecommunicationscompany was positive for returns during the quarter asthe company disappointed on revenue and earnings inits full year results. The company also cut its dividendwhich caused some churn in the investor base.

Top Five Average Detractors Active % Attribution % Explanation

Imperial Brands +1.0 –0.30 This tobacco company underperformed during theperiod as it faces regulatory challenges and disruptionfrom next generation tobacco products, which havelower profit margins.

Burford +0.8 –0.20 Owning this litigation finance provider was negative forperformance. Uncertainty over the sustainability of thecompany’s extremely high historic levels of returnscaused the share price to fall. During the period wesold out of the holding.

+0.3 –0.16 This international airlines operator has struggled in theface of a rising oil price and fierce competition in themarkets which the company operates in. Extra sellingpressure was created by the removal from certain MSCIindices as a result of the company’s ownershipstructure.

BT +0.3 –0.15 Despite its cheap valuation, owning BT has beennegative for performance as the company hasstruggled to remain competitive as more nimblecompetitors have entered the sector.

–0.51 –0.12 Not owning the primary stock exchange in theUnited Kingdom has been negative for the portfolio.This unique company continues to grow revenuesahead of costs as it invests for growth. Following theperiod end the portfolio has a small overweightposition.

InternationalConsolidatedAirlines

London StockExchange

IntermediateCapital Group




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Top Over and Under-weight positions vs FTSE All-Share Index:

Top Five Overweight Positions Top Five Underweight Positions

Diageo +2.2% Reckitt Benckiser –1.8%Unilever +2.1% Glencore –1.3%Rio Tinto +2.0% Barclays –1.3%3i +1.8% National Grid –1.3%GlaxoSmithKline +1.7% British American Tobacco –1.1%

Source: JPMAM, as at 30th June 2019.

Market Outlook

Relative global valuations strongly favour equities over bonds and within this, the high yielding UK equitymarket looks particularly good value. But UK dividend growth is slowing as a number of blue chipcompanies (Vodafone, Marks & Spencer and Centrica) have recently cut their pay-outs to shareholders.Moreover, the uncertainty over the timing and nature of our departure from the EU continues to weighheavily on both consumer and company confidence, the effect of which is seen in a moribund housingmarket, subdued corporate investment and a falling pound.

The new Prime Minister, Boris Johnson, is pledging ‘do or die’ to take the UK out of the EU by 31st October2019. However, the EU has reiterated that many of the matters which Mr. Johnson thinks are still up fornegotiation are in, their minds, definitely not. So, if the Prime Minister is to keep his pledge, then a31st October departure is likely to be without a deal with the EU. In such a scenario, we would expect boththe UK economy and sterling to suffer significant setbacks, at least in the short term. However,international companies and exporters (which make up the bulk of the portfolio) would benefit froma weakening of sterling.

These are very uncertain times and the economic and political stakes could not be much higher. With sucha volatile and rapidly changing political UK and European backdrop it would be wrong (and dangerous) ofus to be too prescriptive as to how events will unfold. So whilst the portfolio is biased towards large, ‘bluechip’ companies, which should perform relatively well in a hard/no deal Brexit, the portfolio also holdsa number of attractively valued smaller, domestic stocks which should respond well to a softer Brexit. Withsuch a fast-changing political and economic backdrop, we will be flexible in our allocation betweeninternational and domestic stocks.

Whilst UK equities are likely to be more volatile in the second half of the year, our belief is that theycontinue to represent good value for the medium term investor, especially if interest rates stay low andsterling remains at these very competitive levels. Our core philosophy of investing in quality, reasonablypriced companies with good growth prospects should continue to stand the portfolio in good stead andhelp us navigate these unchartered waters to our shareholders’ benefit.

Claverhouse shareholders should also take comfort from the Company’s very strong revenue reserves,which can be called upon, if necessary, to support future shareholder dividends.

Encouragingly, the global economy remains reasonably strong but not so robust as to change our view thatinterest rates will remain very low in the developed world for the foreseeable future.

Our belief in the medium term attractiveness of UK equities is reflected in the portfolio remaining geared,at the time of writing by 8.9%.

William MeadonCallum AbbotInvestment Managers 6th August 2019

Our benefit isthat therecontinues to begood, mediumterm value inUK equities


L I S T O F I N V E S T M E N T S

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ValuationCompany £’000



FINANCIALSHSBC 23,100

JPMorgan Smaller Companies

Investment Trust 17,024

Prudential 11,296

Lloyds Banking 9,441

3i 9,420

Legal & General 9,319

Intermediate Capital 7,414

Scottish Mortgage Investment Trust 6,211

John Laing 5,636

UNITE 4,898

London Stock Exchange 3,824

Segro 3,320

Barclays 2,489

Safestore 2,482

Charter Court Financial Services 1,937

Royal Bank of Scotland 1,872

119,683

CONSUMER GOODSDiageo 23,798

Unilever 18,399

British American Tobacco 7,235

Imperial Brands 6,825

Barratt Developments 5,769

Persimmon 5,687

Games Workshop 5,197

Fevertree Drinks1 4,276

Bellway 3,707

Taylor Wimpey 1,190

82,083

OIL & GASRoyal Dutch Shell 44,375

BP 23,611

Tullow Oil 1,441

69,427

CONSUMER SERVICESRELX 10,537

Compass 9,635

Tesco 7,626

JD Sports Fashion 6,322

Auto Trader 4,872

National Express 4,099

WPP 2,307

Dunelm 2,301

Cineworld 1,872

Next 1,404

Trainline 666

51,641

HEALTH CAREGlaxoSmithKline 21,043

AstraZeneca 18,479

Smith & Nephew 3,355

42,877

BASIC MATERIALSRio Tinto 17,907

BHP 8,325

Anglo American 8,292

Evraz 2,865

Synthomer 1,400

38,789

INDUSTRIALSExperian 9,231

Ashtead 7,026

Smurfit Kappa 4,642

Spirax-Sarco Engineering 3,582

Bodycote 3,018

Morgan Sindall 2,764

Marshalls 2,389

Rentokil Initial 2,345

Electrocomponents 2,011

37,008

TECHNOLOGYAVEVA 5,458

Softcat 5,056

Micro Focus International 4,378

Spirent Communications 2,116

17,008

TOTAL INVESTMENTS 458,5161 AIM listed.

LIST OF INVESTMENTS

AT 30TH JUNE 2019


S E C T O R A N A L Y S I S


SECTOR ANALYSIS

30th June 2019 31st December 2018 Portfolio Benchmark Portfolio Benchmark %1 % %1 %

Financials2 26.1 26.1 22.7 26.2

Consumer Goods 17.9 13.9 18.3 13.9

Oil & Gas 15.1 14.2 16.7 14.3

Consumer Services 11.3 11.5 10.7 11.5

Health Care 9.3 8.5 9.9 8.5

Basic Materials 8.5 8.1 8.8 7.8

Industrials 8.1 11.5 7.7 10.9

Technology 3.7 1.2 1.4 1.0

Utilities — 2.6 1.0 2.8

Telecommunications — 2.4 2.8 3.1

Total 100.0 100.0 100.0 100.0

1 Based on total investments of £458.5m (31st December 2018: £381.4m).2 Includes the Company’s investment in JPMorgan Smaller Companies Investment Trust plc: 3.7% (31st December 2018: 3.8%) of the portfolio.


Financial Statements


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S T A T E M E N T O F C O M P R E H E N S I V E I N C O M E

FOR THE SIX MONTHS ENDED 30TH JUNE 2019

(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended30th June 2019 30th June 2018 31st December 2018

Revenue Capital Total Revenue Capital Total Revenue Capital Total£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Gains/(losses) on investments held at fair value through profit or loss — 53,797 53,797 — 4,639 4,639 — (70,369) (70,369)

Net foreign currency(losses)/gains — — — — (12) (12) — 31 31

Income from investments 10,517 — 10,517 10,739 — 10,739 19,039 — 19,039Interest receivable and

similar income 39 — 39 46 — 46 119 — 119

Gross return/(loss) 10,556 53,797 64,353 10,785 4,627 15,412 19,158 (70,338) (51,180)Management fee (405) (751) (1,156) (418) (776) (1,194) (840) (1,559) (2,399)Other administrative expenses (356) — (356) (348) — (348) (739) — (739)

Net return/(loss) on ordinary activities before finance costs and taxation 9,795 53,046 62,841 10,019 3,851 13,870 17,579 (71,897) (54,318)

Finance costs (427) (793) (1,220) (466) (865) (1,331) (911) (1,691) (2,602)

Net return/(loss) on ordinary activities before taxation 9,368 52,253 61,621 9,553 2,986 12,539 16,668 (73,588) (56,920)

Taxation (18) — (18) (88) — (88) (45) — (45)

Net return/(loss) on ordinary activities after taxation 9,350 52,253 61,603 9,465 2,986 12,451 16,623 (73,588) (56,965)

Return/(loss) per share (note 3) 16.45p 91.94p 108.39p 17.30p 5.46p 22.76p 30.09p (133.20)p (103.11)p

All revenue and capital items in the above statement derive from continuing operations.

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

The net return/(loss) on ordinary activities after taxation represents the profit/(loss) and also the total comprehensive income for theperiod/year.


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S T A T E M E N T O F C H A N G E S I N E Q U I T Y


Called up Capitalshare Share redemption Capital Revenuecapital premium reserve reserves reserve1 Total£’000 £’000 £’000 £’000 £’000 £’000

Six months ended 30th June 2019(Unaudited)

At 31st December 2018 14,192 155,384 6,680 171,977 23,800 372,033 Issue of new ordinary shares 26 685 — — — 711 Repurchase of shares into Treasury — — — (1,268) — (1,268)Net return on ordinary activities — — — 52,253 9,350 61,603 Dividends paid in the period (note 4) — — — — (8,947) (8,947)

At 30th June 2019 14,218 156,069 6,680 222,962 24,203 424,132

Six months ended 30th June 2018(Unaudited)

At 31st December 2017 14,192 149,641 6,680 235,667 22,318 428,498Issue of shares from Treasury — 1,462 — 2,220 — 3,682 Net return on ordinary activities — — — 2,986 9,465 12,451 Dividends paid in the period (note 4) — — — — (8,456) (8,456)

At 30th June 2018 14,192 151,103 6,680 240,873 23,327 436,175

Year ended 31st December 2018(Audited)

At 31st December 2017 14,192 149,641 6,680 235,667 22,318 428,498Issue of shares from Treasury — 5,821 — 9,898 — 15,719Expenses related to listing of shares — (78) — — — (78)Net (loss)/return on ordinary activities — — — (73,588) 16,623 (56,965)Dividends paid in the year (note 4) — — — — (15,141) (15,141)

At 31st December 2018 14,192 155,384 6,680 171,977 23,800 372,033

1 This reserve forms the distributable reserve of the Company and may be used to fund distributions to investors via dividend payments.


F


S T A T E M E N T O F F I N A N C I A L P O S I T I O N

AT 30TH JUNE 2019

(Unaudited) (Unaudited) (Audited)30th June 2019 30th June 2018 31st December 2018

£’000 £’000 £’000

Fixed assets Investments held at fair value through profit or loss 458,516 480,505 381,377

Current assets Debtors 2,254 6,852 869Cash and cash equivalents 9,080 11,049 20,436

11,334 17,901 21,305

Current liabilitiesCreditors: amounts falling due within one year1 (45,718) (2,299) (703)

Net current (liabilities)/assets (34,384) 15,602 20,602

Total assets less current liabilities 424,132 496,107 401,979

Creditors: amounts falling due after more than one year1 — (59,932) (29,946)

Net assets 424,132 436,175 372,033

Capital and reserves Called up share capital 14,218 14,192 14,192Share premium 156,069 151,103 155,384Capital redemption reserve 6,680 6,680 6,680Capital reserves 222,962 240,873 171,977Revenue reserve 24,203 23,327 23,800

Total shareholders’ funds 424,132 436,175 372,033

Net asset value per share (note 5) 748.2p 792.3p 655.4p

1 Includes £30 million debenture maturing on 30th March 2020 and £15 million drawn down on the National Australia Bank loan maturing on 27th April 2020. They wereclassified under ‘Creditors: amounts falling due after more than one year’ in comparative numbers.



S T A T E M E N T O F C A S H F L O W S


(Unaudited) (Unaudited) (Audited)30th June 2019 30th June 2018 31st December 2018

£’000 £’000 £’000

Net cash outflow from operations before dividends received and interest (note 6) (1,499) (1,511) (3,096)

Dividends received 9,102 9,391 18,928 Interest received 33 44 120 Interest paid (1,169) (1,349) (2,649)Overseas tax recovered 18 87 69

Net cash inflow from operating activities 6,485 6,662 13,372

Purchases of investments (88,679) (85,553) (206,973)Sales of investments 65,336 83,226 232,047 Settlement of foreign currency contracts 2 1 —

Net cash (outflow)/inflow from investing activities (23,341) (2,326) 25,074

Dividends paid (8,947) (8,456) (15,141)Issue of new ordinary shares 711 — —Issue of shares from Treasury — 3,682 15,719 Repurchase of the Company’s shares into Treasury (1,268) — —Repayment of bank loan — (5,000) (45,000)Drawdown of bank loan 15,000 — 10,000 Expenses related to listing of shares — — (78)

Net cash inflow/(outflow) from financing activities 5,496 (9,774) (34,500)

(Decrease)/increase in cash and cash equivalents (11,360) (5,438) 3,946

Cash and cash equivalents at start of period/year 20,436 16,489 16,489 Exchange movements 4 (2) 1 Cash and cash equivalents at end of period/year 9,080 11,049 20,436

(Decrease)/increase in cash and cash equivalents (11,360) (5,438) 3,946

Cash and cash equivalents consist of:Cash and short term deposits 781 250 359 Cash held in JPMorgan Sterling Liquidity Fund 8,299 10,799 20,077

Total 9,080 11,049 20,436


F


N O T E S T O T H E F I N A N C I A L S T A T E M E N T S


1. Financial statements

The information contained within the financial statements in this half year report has not been audited or reviewed by theCompany’s auditors.

The figures and financial information for the year ended 31st December 2018 are extracted from the latest published financialstatements of the Company and do not constitute statutory accounts for that year. Those financial statements have beendelivered to the Registrar of Companies, including the report of the auditors which was unqualified and did not containa statement under either section 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policies

The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 ‘The Financial ReportingStandard applicable in the UK and Republic of Ireland’ of the United Kingdom Generally Accepted Accounting Practice(‘UK GAAP’) and with the Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and VentureCapital Trusts’ (the revised ‘SORP’) issued by the Association of Investment Companies in November 2014 and updated inFebruary 2018.

FRS 104, ‘Interim Financial Reporting’, issued by the Financial Reporting Council (‘FRC’) in March 2015 has been applied inpreparing this condensed set of financial statements for the six months ended 30th June 2019.

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

The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financialstatements for the year ended 31st December 2018.

3. Return/(loss) per share

(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended

30th June 2019 30th June 2018 31st December 2018£’000 £’000 £’000

Return/(loss) per share is based on the following:Revenue return 9,350 9,465 16,623Capital return/(loss) 52,253 2,986 (73,588)

Total return/(loss) 61,603 12,451 (56,965)

Weighted average number of shares in issue 56,833,327 54,705,913 55,249,240

Revenue return per share 16.45p 17.30p 30.09pCapital return/(loss) per share 91.94p 5.46p (133.20)p

Total return/(loss) per share 108.39p 22.76p (103.11)p




4. Dividends paid



Unclaimed dividends refunded to the Company (10) (8) (8)2018 fourth quarterly dividend of 9.5p (2017: 9.5p)

paid in March 5,403 5,183 5,1832019 first quarterly dividend of 6.25p (2018: 6.0p)

paid in May (2018: June) 3,554 3,281 3,2812018 second quarterly dividend of 6.0p paid in September n/a n/a 3,3032018 third quarterly dividend of 6.0p paid in December n/a n/a 3,382

Total dividends paid in the period 8,947 8,456 15,141

All dividends paid in the period/year have been funded from the revenue reserve.

A second quarterly dividend of 6.25p (2018: 6.0p) per share, amounting to £3,543,000 (2018: £3,303,000) has been declaredpayable in respect of the year ending 31st December 2019. It will be paid on 2nd September 2019 to shareholders on the registerat the close of business on 9th August 2019.

5. Net asset value per share


30th June 2019 30th June 2018 31st December 2018

Net assets (£’000) 424,132 436,175 372,033Number of shares in issue at period/year end1 56,690,381 55,053,979 56,765,653

Net asset value per share 748.2p 792.3p 655.4p

1 Excluding 180,272 (30th June 2018: 1,711,674; 31st December 2018: nil) shares held in Treasury.




6. Reconciliation of net return/(loss) on ordinary activities before finance costs and taxation to netcash outflow from operations before dividends and interest



Net return/(loss) on ordinary activities before finance costsand taxation 62,841 13,870 (54,318)

Less capital return/(loss) on ordinary activities before finance costs and taxation (53,046) (3,851) 71,897

Increase in accrued income and other debtors (1,403) (1,259) (61)Increase in accrued expenses 19 39 8 Management fee charged to capital (751) (776) (1,559)Overseas withholding tax (18) (88) (45)Dividends received (9,102) (9,391) (18,928)Interest received (33) (44) (120)Realised (losses)/gains on foreign currency transactions (6) (11) 30

Net cash outflow from operations before dividendsand interest (1,499) (1,511) (3,096)

7. Fair valuation of instruments

The fair value hierarchy analysis for financial instruments held at fair value at the period end is as follows:


30th June 2019 30th June 2018 31st December 2018Assets Liabilities Assets Liabilities Assets Liabilities£’000 £’000 £’000 £’000 £’000 £’000

Level 1 458,516 — 480,505 — 381,377 —

Total value of investments 458,516 — 480,505 — 381,377 —


Interim Management Report

Claverhouse_pp23-24.qxp 07/08/2019 07:25 Page 23


I N T E R I M M A N A G E M E N T R E P O R T

The Company is required to make the following disclosures in its half year report.

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Company fall into the following broad categories: cybercrime; share price discount;political; investment and strategy; market; operational; loss of investment team; legal and regulatory/corporate governance; andfinancial. Information on each of these areas is given in the Strategic Report within the Annual Report and Accounts for the year ended31st December 2018.

Related Parties Transactions

During the first six months of the current financial year, no transactions with related parties have taken place which have materiallyaffected the financial position or the performance of the Company.

Going Concern

The Directors believe, having considered the Company’s investment objectives, risk management policies, capital management policiesand procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriatefinancial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and,more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in suchoperational existence for at least twelve months from the date of the approval of this half yearly financial report. For these reasons,they consider that there is sufficient evidence to continue to adopt the going concern basis in preparing the accounts.

Directors’ Responsibilities

The Board of Directors confirms that, to the best of its knowledge:

(i) the condensed set of financial statements contained within the half year financial report has been prepared in accordance withFRS 104 ‘Interim Financial Reporting’ and gives a true and fair view of the state of affairs of the Company, and of the assets,liabilities, financial position and net return of the Company as at 30th June 2019 as required by the UK Listing AuthorityDisclosure Guidance and Transparency Rules 4.2.4R; and

(ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK ListingAuthority Disclosure Guidance and Transparency Rules.

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 andexplained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continuein business;

and the Directors confirm that they have done so.

For and on behalf of the BoardAndrew SutchChairman 6th August 2019


Shareholder Information


S


GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES ( ‘APMs’ )

Return to Shareholders (APM)

Total return to the shareholders, on a last traded price to last traded price basis, assuming that all dividends received were reinvested,without transaction costs, into the shares of the Company at the time the shares were quoted ex-dividend.

Six months endedTotal return calculation Page 30th June 2019

Opening share price as at 31st December 2018 (p) 4 665.0 (a)Closing share price as at 30th June 2019 (p) 4 716.0 (b)Total dividend adjustment factor1 1.022276 (c)Adjusted closing share price (p) (d = b x c) 731.9 (d)

Total return to shareholders (e = d / a – 1) 10.1% (e)

1 The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the last tradedprice quoted at the ex-dividend date.

Return on Net Assets with Debt at Par Value (APM)

Total return on net asset value (‘NAV’) per share, on a bid value to bid value basis, assuming that all dividends paid out by the Companywere reinvested, into the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend.


Opening cum-income NAV per share with debt at par value as at 31st December 2018 (p) 4 655.4 (a)Closing cum-income NAV per share with debt at par value as at 30th June 2019 (p) 4 748.2 (b)Total dividend adjustment factor2 1.022351 (c)Adjusted closing share price (p) (d = b x c) 764.9 (d)

Total return on net assets with debt at par value (e = d / a – 1) 16.7% (e)

2 The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the cum-incomeNAV at the ex-dividend date.

Return on Net Assets with Debt at Fair Value (APM)

The Company’s debt (debenture) is valued in the Statement of Financial Position (within Creditors: amounts falling due within one year)at amortised cost, which is materially equivalent to the repayment value of the debt on the assumption that it is held to maturity. This isoften referred to as ‘Debt at Par Value’.

The current replacement or market value of the debt, which assumes it is repaid and renegotiated under current market conditions, isoften referred to as the ‘Debt at Fair Value’. The difference between fair and par values of the debt is subtracted from the NAV toderive the NAV with debt at fair value.

The fair value of the £30,000,000 debenture issued by the Company has been calculated using discounted cash flow techniques, usingthe yield from a similar dated gilt plus a margin based on the five year average for the AA Barclays Sterling Corporate Bond spread.As at 30th June 2019, the cum income NAV with debt at fair value was £422,513,000 (31st December 2018: £369,715,000) or 745.2p(31st December 2018: 651.0p) per share.


Opening cum-income NAV per share with debt at fair value as at 31st December 2018 (p) 4 651.0 (a)Closing cum-income NAV per share with debt at fair value as at 30th June 2019 (p) 4 745.2 (b)Total dividend adjustment factor2 1.022472 (c)Adjusted closing cum-income NAV per share (d = b x c) 762.0 (d)

Total return on net assets with debt at fair value (e = d / a – 1) 17.0% (e)

2 The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the cum-incomeNAV at the ex-dividend date.

In accordance with industry practice, dividends payable which have been declared but which are unpaid at the balance sheet date arededucted from the NAV per share when calculating the total return on net assets.


S H A R E H O L D E R I N F O R M A T I O N | 2 7

GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES ( ‘APMs’ )

Benchmark Return

Total return on the benchmark, on a closing-market value to closing-market value basis, assuming that all dividends received werereinvested, without transaction costs, in the shares of the underlying companies at the time the shares were quoted ex-dividend.

The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company’s investmentuniverse. The Company’s investment strategy does not ‘track’ this index and consequently, there may be some divergence between theCompany’s performance and that of the benchmark.

Gearing/(Net Cash) (APM)

Gearing represents the excess amount above net assets of total investments, expressed as a percentage of net assets. If the amountcalculated is negative, this is shown as a ‘net cash’ position.

Six months ended Year ended 30th June 31st December 2019 2018Gearing calculation Page £’000 £’000

Investments held at fair value through profit or loss 18 458,516 381,377 (a)Net assets 4 424,132 372,033 (b)

Gearing (c = a / b – 1) 8.1% 2.5% (c)

Ongoing Charges (APM)

The ongoing charges represent the Company’s management fee and all other operating expenses excluding finance costs payable,expressed as a percentage of the average of the daily cum-income net assets during the year and is calculated in accordance withguidance issued by the Association of Investment Companies.

The figure as at 30th June 2019 is an estimated annualised figure based on the numbers for the six months ended 30th June 2019.

Six months ended Year ended 30th June 31st December 2019 2018Ongoing charges calculation Page £’000 £’000

Management Fee 16 2,312 2,399Other administrative expenses 16 712 739

Total management fee and other administrative expenses 3,024 3,138 (a)

Average daily cum-income net assets 407,125 415,208 (b)

Ongoing charges (c = a / b) 0.74% 0.76% (c)

Share Price Discount/Premium to Net Asset Value (‘NAV’) per Share (APM)

If the share price of an investment trust is lower than the NAV per share, the shares are said to be trading at a discount.

The discount is shown as a percentage of the NAV per share. The opposite of a discount is a premium.



W H E R E T O B U Y J . P . M O R G A N I N V E S T M E N T T R U S T S

Avoid investment fraud1 Reject cold calls

If you’ve received unsolicited contact about an investment opportunity, chances are it’s a high risk investment or a scam. You should treat the call with extreme caution. The safest thing to do is to hang up.

2 Check the FCA Warning List The FCA Warning List is a list of �rms and individuals we know are operating without our authorisation.

3 Get impartial advice Think about getting impartial �nancial advice before you hand over any money. Seek advice from someone unconnected to the �rm that has approached you.

Report a ScamIf you suspect that you have been approached by fraudsters please tell the FCA using the reporting form at www.fca.org.uk/consumers/report-scam-unauthorised-�rm. You can also call the FCA Consumer Helpline on 0800 111 6768

If you have lost money to investment fraud, you should report it to Action Fraud on 0300 123 2040 or online at www.actionfraud.police.uk

Find out more at www.fca.org.uk/scamsmart

Investment scams are designed to look like genuine investmentsSpot the warning signs

Have you been:

• contacted out of the blue• promised tempting returns

and told the investment is safe• called repeatedly, or• told the offer is only available

for a limited time?

If so, you might have been contacted by fraudsters. Remember: if it sounds too good to be true,

it probably is!

Be ScamSmart

J.P. Morgan investment trusts are eligible investments withina stocks & shares individual savings account (ISA) and Junior ISA.

For the 2019/20 tax year, from 6th April 2019 and ending5th April 2020, the annual ISA allowance is £20,000 andJunior ISA allowance is £4,368.

You can invest in a J.P. Morgan investment trust through thefollowing:

1. Via a third party provider

Third party providers include:

Please note this list is not exhaustive and the availability ofindividual trusts may vary depending on the provider. Thesewebsites are third party sites and J.P. Morgan Asset Managementdoes not endorse or recommend any. Please observe each site’sprivacy and cookie policies as well as their platform chargesstructure.

2. Through a professional adviser

Professional advisers are usually able to access the products of allthe companies in the market and can help you find an investmentthat suits your individual circumstances. An adviser will let youknow the fee for their service before you go ahead. You can findan adviser at unbiased.co.uk

You may also buy investment trusts through stockbrokers, wealthmanagers and banks.

To familiarise yourself with the Financial Conduct Authority (FCA)adviser charging and commission rules, visit fca.org.uk

Information for J.P. Morgan investment accountand stocks & shares ISA account holders

On 8th April 2019, J.P. Morgan Asset Management informedholders of J.P. Morgan investment accounts and stocks & sharesISA savings products that it had decided to cease managing theseaccounts. Investors are able to remain invested in J.P. Morganmanaged investment trusts by transferring to another serviceprovider.

Information regarding the transfer arrangements has beenprovided, detailing the options to; transfer to an alternative thirdparty provider, re-register the investment into certificated formor sell the investment. Where no alternative instruction isreceived the account will be transferred later in the year, in linewith the correspondence sent by J.P. Morgan on 8th April 2019.

For full details of all the options available to investors, pleaserefer to correspondence sent by J.P. Morgan on 8th April 2019,contact your financial adviser or contact J.P. Morgan’s ClientAdministration Centre on 0800 20 40 20/+44 (0) 1268 44 44 70.

AJ BellAlliance Trust SavingsBarclays Smart InvestorCharles Stanley DirectFundsNetwork

Hargreaves LansdownInteractive InvestorSelftradeThe Share Centre


I N F O R M A T I O N A B O U T T H E C O M P A N Y

HistoryThe Company was launched as Claverhouse Investment Trust Limited in 1963 withassets of £5 million and managed by Robert Fleming & Co. The Company took itsname from Viscount Claverhouse (‘Bonnie Dundee’) who was killed at the Battle ofKilliecrankie in 1689 whilst leading a rebellion against William and Mary. The namewas chosen to commemorate the Company’s link with Dundee, where Flemingsoriginated in 1873. The Company changed its name to The Fleming ClaverhouseInvestment Trust plc in 1983, to JPMorgan Fleming Claverhouse Investment Trustplc in 2003 and adopted its present name in 2007.

DirectorsAndrew Sutch (Chairman)David FletcherHumphrey van der Klugt Jill MayJane Tufnell

Company NumbersCompany registration number: 754577LEI: 549300NFZYYFSCD52W53London Stock Exchange Sedol number: 0342218ISIN: GB0003422184Bloomberg code: JCH LNReuters code: JCH. L

Market InformationThe Company’s net asset value (‘NAV’) is published daily, via the London StockExchange. The Company’s ordinary shares are listed on the London StockExchange and are quoted daily in the Financial Times, The Times, The DailyTelegraph and on the JPMorgan Internet site at www.jpmclaverhouse.co.uk, wherethe ordinary share price is updated every 15 minutes during trading hours.

Websitewww.jpmclaverhouse.co.uk

Share TransactionsThe Company’s shares may be dealt in directly through a stockbroker orprofessional adviser acting on an investor’s behalf.

Manager and Company SecretaryJPMorgan Funds Limited.

Company’s Registered Office60 Victoria EmbankmentLondon EC4Y 0JPTelephone number: 020 7742 4000

For company secretarial and administrative matters please contact Faith Pengelly.

DepositaryThe Bank of New York Mellon (International) Limited1 Canada SquareLondon E14 5AL

RegistrarsEquinitiReference 1079Aspect HouseSpencer RoadLancingWest Sussex BN99 6DATelephone number: 0371 384 2318

Lines open 8.30 a.m. to 5.30 p.m. Monday to Friday. Calls to the helpline will costno more than a national rate call to a 01 or 02 number. Callers from overseasshould dial +44 121 415 0225.

Notifications of changes of address and enquiries regarding share certificatesor dividend cheques should be made in writing to the Registrars quotingreference 1079. Registered shareholders can obtain further details on individualholdings on the internet by visiting www.shareview.co.uk

AuditorErnst & Young LLPStatutory Auditor25 Churchill PlaceCanary Wharf London E14 5EY

BrokersNumis Securities LimitedThe London Stock Exchange Building10 Paternoster SquareLondon EC4M 7LT

FINANCIAL CALENDAR

Financial year end 31st December

Final results announced March

Half year end 30th June

Half year results announced August

Quarterly interim dividends on ordinary shares paid First business day of June, September, December, March

7% Debenture Stock 2020 interest paid 30th September, 30th March

Annual General Meeting April

A member of the AIC

S H A R E H O L D E R I N F O R M A T I O N | 2 9

www.jpmclaverhouse.co.uk

Telephone calls may be recorded and monitored for security and training purposes.

GB I105 | 08/19

J.P. MORGAN HELPLINE

Freephone 0800 20 40 20 or +44 (0) 1268 444470.Telephone lines are open Monday to Friday, 9.00am to 5.30pm.

100%

jpmorgan claverhouse investment trust plc€¦ · capital structure at 30th june 2019, the...

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