IN BRIEF: Jupiter UK Growth Posts "Unacceptably Poor" Performance

Jupiter UK Growth Investment Trust PLC - Net asset value per share at financial year-end of June ...

Alliance News 14 October, 2020 | 2:38PM
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Jupiter UK Growth Investment Trust PLC - Net asset value per share at financial year-end of June 30 was 202.7 pence, down 31% from 292.9p a year prior. NAV total return for financial 2020 was negative 28%. Assets under management at June 30 was GBP31 million, down from GBP54 million a year before. Chair Tom Bartlam says that the "unacceptably" poor performance was caused in part by the impact of Covid-19 in the third quarter of the financial year, when the FTSE All-Share Total Return Index dropped 34% in the 32 days between February 19 and March 23. Admits the market sell-off was compounded for the trust by "poor stock selection and risk management" within its portfolio. Brought in Richard Buxton of Merian Global Investors as new lead fund manager in February. "Unfortunately, by the time he was able to take effective control of the company's portfolio, the damage to the company's asset value had already been done," Bartlam says. Now believes that company liquidation is best option so that shareholders can either receive cash or roll over their investment into another vehicle. Is currently discussing these options with its advisors and will hold annual general meeting on November 19.

Current stock price: 190.00 pence

Year-to-date change: down 37%

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Jupiter UK Growth Ord 188.00 GBX -1.57

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