JPMorgan American Investment Trust PLC (JAM) has disclosed an indicative gearing ratio of 6.8% as at 6 November 2026, in a regulatory announcement published on 9 November 2026. The trust, which provides investors with exposure to US equities through an actively managed closed-end structure, makes periodic gearing disclosures to keep shareholders informed of its leverage position. Gearing levels are closely watched by investment trust investors as they amplify both gains and losses relative to the underlying portfolio, making this figure a meaningful data point for those monitoring risk in the current US market environment.

Key Points

  • JPMorgan American Investment Trust PLC (JAM)
  • The trust has disclosed an indicative gearing ratio of 6.8% as at 6 November 2026
  • The announcement was made on 9 November 2026; no additional financial guidance or portfolio data was provided
  • Investors may wish to monitor future gearing updates to assess whether leverage is being increased or reduced in response to US market conditions

JAM's 6.8% Gearing Level Reflects Active Use of Borrowing Within the US Equity Portfolio

JPMorgan American Investment Trust uses gearing — the deployment of borrowed money alongside shareholder capital — to seek enhanced returns from its exposure to US equities. The indicative gearing ratio of 6.8% as at 6 November 2026 indicates that the trust is employing a moderate degree of leverage relative to its net assets. Investment trusts, unlike open-ended funds, are permitted to borrow to invest, and the level of gearing adopted by the board and portfolio managers can reflect their conviction in prevailing market conditions. The company did not disclose the absolute monetary value of borrowings in this announcement.

Regulatory Disclosure Issued by Company Secretary Divya Amin on 9 November 2026

The gearing announcement was authorised by Divya Amin, Company Secretary, and queries have been directed to Paul Ainger, both reachable via JPMorgan Asset Management's London office. The trust carries the Legal Entity Identifier 549300QNAI4XRPEB4G65, as cited in the regulatory notice. This type of periodic disclosure is consistent with the transparency obligations that apply to listed investment trusts in the United Kingdom, ensuring that shareholders and prospective investors can assess the trust's current risk profile. No changes to the board, management team, investment objective, or dividend policy were referenced in this update.

What the 6.8% Gearing Figure Means for JAM Shareholders Tracking US Market Exposure

For shareholders in JPMorgan American Investment Trust, a gearing ratio of 6.8% means the portfolio holds assets worth approximately 6.8% more than its net asset value, funded through borrowing. This level of gearing means that positive movements in the underlying US equity holdings would be magnified to a modest degree, but losses would equally be amplified if markets move adversely. Investors monitoring the trust should note that this figure is described as indicative, meaning it reflects conditions at a specific point in time and may shift as the portfolio evolves or borrowing facilities are adjusted.