JPMorgan European Investment Trust lagged its benchmark in the year to the end of March.

The company said the improvement in European markets and corporate earnings growth was reflected in its positive performance.

The company experienced increases in its Growth and Income share prices of 23.6% and 18.5% respectively.

With net dividends re-invested, the total returns to the company's Growth and Income shareholders were 27.1% and 23.2% respectively.

The company's benchmark, the MSCI Europe ex UK Index in sterling, increased by 27.2%

The company said the return to shareholders on the Growth shares of 27.1% was 0.5% more than the return on net assets of 26.6%, reflecting a slight narrowing of the discount on the Growth shares.

In contrast, the difference between the return to shareholders of 23.2% and return on net assets of 28.2% on the Income shares was -5.0%, reflecting a widening discount on the Income shares.

It said this could be explained largely by the general trend of increasing discounts in the investment trust sector and investors issues over the political uncertainty in Europe.

The board has declared a first interim dividend of 1.10 pence per Income share, for the year to 31 March 2018.

The dividend will be paid on 21 July to shareholders on the register at the close of business on 23 June. The ex-dividend date will be 22 June.

At 8:40am: (LON:JETG) JPMorgan European Investment Trust Growth share price was +1.88p at 305.75p