TIDMJAM
JPMorgan American IT PLC
20 May 2019
JPMorgan American: New research
20/05/19
-- JAM has been re-invigorated by a new manager set-up, due to
take effect at the end of May 2019...
Read more
From 31 May, JPMorgan American's (JAM) large-cap portfolio will
reflect the best growth and value ideas from the "Equity Focus"
team in New York. As such, JAM's new portfolio will be
significantly more concentrated. To some extent, this change
reflects an extension of the portfolio changes which were made in
2017, encouraging the previous manager to increase concentration in
the portfolio, but also to run winners longer.
JAM is one of few trusts focused on North America to have
outperformed the benchmark over the short, medium and longer term.
However, given the board has been consistently buying shares back,
it has taken a proactive move to make the trust more interesting
and/or relevant to today's investment trust buyer by modifying the
strategy.
The key changes to the portfolio will be that each stock will
reflect the best ideas from two co-managers who have worked
together for over 20 years, and together run JP Morgan's Equity
Focus Strategy, who each have very different growth and value stock
selection styles respectively. The split between growth and value
is expected to remain fairly evenly balanced over time, but never
more than a 60:40 tilt either way.
Each manager has ultimate decision-making authority over their
stocks in the portfolio, but at all times must have between 10
(minimum) and 20 (maximum) holdings at any one time. Position sizes
are related entirely down to conviction levels, rather than any
other considerations (benchmark constituent etc). Importantly, both
managers in the past worked alongside and contributed to the
management of JAM as a closed-end vehicle, and so the ins-and-outs
of trusts, boards and the subtleties of managing a trust versus an
open-ended fund.
In other respects, JAM remains the same in terms of it's
objective, and positioning. The trust aims to achieve capital
growth, and is expected to provide a 'core' exposure to North
American equities.
Since 2011 (when the JPMorgan Equity Focus SICAV launched),
JAM's previous manager outperformed peers, but marginally lagged
the S&P 500. It is noteworthy that the new strategy has
outperformed both, and without any gearing. The historic
performance shows that the new strategy represents an evolution
rather than a revolution to the returns that shareholders have come
to expect from the trust.
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