Investment Trust Manager Moves at JPMorgan

Rounding up last month's main investment trust news and developments

Szymon Idzikowski 15 June, 2012 | 1:35PM
Facebook Twitter LinkedIn

JPMorgan Japan Smaller Companies (JPS): Shoichi Mizusawa has replaced David Mitchinson as lead manager of JPS. Mizusawa, who is the head of the JPMorgan Asset Management investment team in Tokyo, will be supported by Nicholas Weindling and Naohiro Ozawa. He is also able to leverage the expertise of seven other managers with Japanese and regional research responsibilities based in Tokyo and Hong Kong. JPS has lagged its Japan Small/Mid-Cap Equity category peers for some years now; over the last five years annualised, the fund has lost more than 8% compared with the average category loss of just 0.24%. Mizusawa also co-manages JF Japan, but this too has underperformed its Morningstar Japan Large-Cap Equity category peers since his appointment in December 2007. 

JPMorgan American (JAM): Having served on the board for nine years, Hamish Buchan has retired as chairman and non-executive director of the fund. He has been replaced by Simon Bragg and Sir Alan Collins. It’s the first such role for Bragg, who is the founder and chief executive of Oriel Securities; while Sir Collins also serves as a non-executive director on the board of Amlin (AML), a listed company. 

Lowland (LWI): The board has altered the dividend policy and instead of paying two dividends of different amounts, it now intends to pay four dividends a year of similar amounts. Shareholders in this fund have seen an increase in their dividends every year since 1972, with only one exception in 2009 when the dividend was held steady rather than increased. 

In May, a number of funds issued shares from treasury or because that fund was trading at a premium. Just short of £200 million in shares was issued in total, including the conversion of 35 million of loan stock at Aberdeen Asian Smaller Companies (AAS), and new shares issued at F&C Commercial Property Trust (FCPT), Murray International (MYI) and New Europe Property Investment (NEPI). 

Conversely, investment trusts have recorded outflows of more than £150 million via tender offer, redemption and repurchases. The largest tender was carried out at Thames River Hedge+ GBP (TRMA), with the board bringing back over £50 million in shares or half of the fund.

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

Facebook Twitter LinkedIn

About Author

Szymon Idzikowski

Szymon Idzikowski  is a closed-end fund analyst with Morningstar.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures