Jpmorgan Us Smaller Co. Inv Tst PLC

First-pass take

Investment trust focused on value-quality small caps that explicitly avoided AI exposure during 2025, resulting in significant underperformance (-10.9% vs +4.8% benchmark). Zero direct AI beneficiary exposure combined with leveraged cyclical portfolio and weak long-term returns (2.3% CAGR over 5 years) make it unsuitable for AI-focused strategy.