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JPMorgan UK Small Cap Growth & Income

JUGI.L
63
Asset Management · Financial Services
Price
358.50 GBp
+2.50 (+0.70%)
Market Cap
£433.6M
Exchange
London Stock Exchange
Winston Score
63
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jan 31, 2026
How the score breaks down
Quality
Strong
Growth
Strong
Cash Flow
Mixed
Stability
Exceptional
Valuation
Good
Dividends
Good

Share count rising — dilution

+72.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 78.1M (2021) → 134.4M (2025)

Winston Score History

The full picture

JPMorgan UK Small Cap Growth & Income Plc is a closed-end investment trust listed on the London Stock Exchange. It invests in shares of smaller UK companies, aiming to grow investors' money while also paying regular dividends. The trust is managed by JPMorgan Asset Management, one of the largest investment managers in the world.

The trust makes money by charging an annual management fee based on the value of assets it holds on behalf of shareholders. It operates exclusively in the UK small-cap equity market, giving investors focused exposure to smaller British businesses. JPMorgan's brand, research resources, and long track record in UK equities provide a degree of competitive advantage over smaller rivals. The key risk is that smaller companies tend to fall harder than large ones during economic downturns, making the trust more sensitive to UK economic conditions and investor sentiment toward growth stocks.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+172.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+163.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

£0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.3%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£523M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

JPMorgan UK Small Cap Growth & Income is growing revenue at 173% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
94.5%
Premium pricing power — 94.5% gross margin
Profit after running costs
Operating Margin
93.3%
Excellent — 93.3% operating margin
Return on the money invested
ROCE
11.2%
Below par — 11.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+26.1%
Fast-growing sales (+26.1% YoY)
Profit growth
EPS YoY
+19.4%
Earnings growing fast (+19.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
18%
Weak — only 18% of profit becomes cash
Spare cash per sale
FCF Margin
16.2%
Converts sales into free cash efficiently (16.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.12
Conservative — low debt load (0.12)
Covers its interest
Interest Cover
40.59x
Comfortably covers interest (40.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
8.3x
Attractive valuation — P/E 8.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
4.08%
Healthy income — 4.08% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
-1.9%
Dividend cut (-1.9% YoY) — warning sign

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