JPMorgan European Smaller Companies Trust beat its benchmark in the six months to the end of September.

The company's net asset value total return of +14.5% compared with a return of +12.2% in the European Smaller Companies (ex-UK) Index.

The share price return was +19.0%, leading to a narrowing of the discount over the period.

At 30 Sep the company's discount was 10.6% compared with 13.9% at the end of March.