Following its announcement on 20 March 2024 that Jonathan Simon, one of its large cap portfolio managers responsible for value stocks, would retire in early 2025, JPMorgan American (JAM) says that it has now been advised that Mr Simon’s retirement will be effective 3rd March 2025. Following Jonathan’s retirement, Graham Spence will join Jack Caffery as a co-portfolio manager on the value stocks in the large cap portfolio, while Felise Agranoff and Eric Ghernati will continue to work on the growth stocks. JAM says that there will be no changes to its investment process or investment objective as a result of these management changes. Jonathan, who joined JPMorgan in 1980, was appointed as a portfolio manager of JAM on 1 June 2019.

Who is Graham Spence?

Graham is a senior member of the US equity value team and is a co-portfolio manager on the JPMorgan Value Advantage strategy within the US equity group at JPMorgan. He joined the US equity value team in 2013 as a dedicated research analyst on Value Advantage.

Previously he worked as an equity analyst on the buy side at Central Securities, a closed-end investment firm in New York. At Central, Graham’s responsibilities included due diligence and monitoring of portfolio companies, as well as the valuation of a large private investment. From 2005 to 2011, he was a senior analyst at Cambridge Associates LLC and later, an associate director in research at IHS Cambridge Energy Research Associates. Graham holds an AB in history from Princeton University and an MBA from Harvard Business School.

Comments from Robert Talbut, chair of JPMorgan American

“On behalf of the shareholders of JPMorgan American Investment Trust plc, I extend our best wishes to Jonathan for a happy and well-deserved retirement. The Company’s Portfolio Managers have delivered impressive returns for shareholders, adeptly navigating the challenging market conditions of recent years. Jonathan leaves the Company’s Large Cap portfolio in capable hands, with Felise and Jack continuing their complementary growth and value investment approach to US equities.”