This investment trust held its Annual General Meeting on the 18th July. Although the company has a reasonably good long term track record, last year was disappointing. The European Smaller Companies sector was down by 19.6% based on the benchmark used, but JESC was down by 21.3%. This kind of performance is not surprising when a manager has a “growth” focus and a market is out of favour. At such times, defensive stocks tend to outperform, and growth stocks underperform. Their ...