Jupiter Primadona Growth is reporting a 1.4% increase in its NAV for the second half of 2014 and a 2.8% total return (including dividends) – ahead of the return on the FTSE All-Share Index which fell by 0.4% but well behind the FTSE World ex UK Index which rose by 8.6% – their benchmark, a combination of these two, increased by 1.9%.
The manager’s report says the market fell more quickly than anticipated, leading to some underperformance. Currency volatility, particularly sterling strength, also hit industrial companies with big overseas earnings, such as Rotork. Performance also suffered due to over exposure to resources stocks, e.g. mining and oils, which fell alongside the underlying commodity price.
JPG : Jupiter Primadona interims