JAM : JPMorgan American technology overweight pays off
JPMorgan American, managed by Garrett Fish (pictured), has published its interims for the period to end June 2014. It outperformed its benchmark over this period, delivering a net asset value total return of 4.1% vs. a 3.6% return on the S&P500 Index. The return to shareholders was 4.2%.
The manager’s statement says that stock selection amongst its large cap. holdings was the main driver for outperformance and he mentions some specific examples including Apple, which rose after buying Beats Music and Beats Electronics, and SanDisk, which announced a deal to buy Fusion-io – a data storage company.
JPMorgan American split its shares 5 for 1 during the period – to make it easier to deal in them. It raised £21.8m by issuing new shares to meet demand and the Board has confirmed that, as a quid pro quo for this, it will buy back shares if JPMorgan American’s discount opens up.