JPMorgan Global Growth & Income (JGGI) fund managers have cut their underweight to the AI tech rally, adding Google-owner Alphabet and US chip maker Broadcom to the portfolio, after their wariness on market momentum saw the £3bn investment trust underperform in the second half of 2025 with a total 9.1% investment return falling behind the 13.3% advance in the MSCI All Countries World index.
The half-year result extends the underperformance JGGI saw in the financial year to 30 June when it provided a 1% investment return against the MSCI World’s 7%. However, the company says it remains one of its sector’s top performers with a total net asset value (NAV) return of 90.6% over five years and 275.2% over ten years. That beats the benchmark’s 72.7% and 232% over the same periods. Shareholders’ actual returns have been 79.4% and 288% respectively, JGGI said.
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