William Meadon steps down as co-manager of JPMorgan Mid Cap

JMF : William Meadon steps down as co-manager of JPMorgan Mid Cap

JPMorgan Mid Cap results for the year ended 30 June 2014 have been published today. These show the total return on net assets was 18.3%, ahead of the 17.8% return on the FTSE 250 Index. The discount tightened up resulting in a return to shareholders of 23.2%. The final dividend has been upped to 12.5p from 11.5p

William Meadon, the co-manager of the company alongside Georgina Brittain, is stepping down after the AGM. he has been involved with the management of the company on and off since 19998 but the succession was well planned and Georgina has been co-manager since 2012. Katen Patel, who has been working with the team since April 2013, will become the new co-manager.

The report mentions Ashtead (the largest holding), TalkTalk, Sports Direct and Kentz as positive contributors to performance. Kentz, an oil services company, got a bid at a significant premium to the then share price. The other bid in the portfolio was for Heritage Oil. On the negative side, key detractors included Thomas Cook, Dunelm and International Personal Finance.