JPMorgan Claverhouse Investment Trust Plc

UK Equity Income

Rated Fund 2019-20. A 'classic get rich slow fund'       

JPMorgan Claverhouse has delivered its 47th consecutive year of dividend growth, a record among funds in this Rated Fund group that is beaten only by City of London. Claverhouse yields 3.6% and pays dividends quarterly. It has enough revenues in reserve to meet dividend payments for the next 1.5 years. William Meadon has managed the trust since 2012. He was joined by Callum Abbot in January 2018 after Sarah Emly, who had previously assisted him, died at the end of 2017.

The trust is style-agnostic, combining both growth and value stocks, with the number of holdings typically between 60 and 80. Its largest sector weighting is to financials at 27%, much in line with the exposure to this sector of its benchmark, the FTSE All-Share index. However, this is skewed by its holdings in other investment trusts, which it counts as financials. It owns JP Morgan Smaller Companies IT and Scottish Mortgage. Meadon wanted to increase exposure to technology in early 2018 and deemed buying FTSE 100-listed Scottish Mortgage a natural move, given its focus on disruptive, high-growth tech stocks and the dearth of options among standalone UK tech stocks.

Canaccord Genuity Wealth Management rates Claverhouse as a "classic get rich slow fund". "You get a portfolio of companies trading at low valuations, with strong balance sheets and high cash flow generation," says investment manager Patrick Thomas. Shares in the trust went from a small premium to a modest discount during 2019, though this has since evaporated.

Narrative and ratings content all as of January 2020.

See all Money Observer rated funds
Name
JPMorgan Claverhouse Investment Trust Plc
Manager
JP Morgan Asset Management (UK) Ltd
Type
Closed Ended Investment Company
ISIN
GB0003422184
Sector
UK Equity Income
Launched
24/04/1963
OCF
0.72 %
Risk Rating
5
3 Year Sharpe
0.00
3 Year Alpha
1.36
Yield
4.9 %
Benchmark
FTSE All-Share
Fund Size
£ 340.47 million
NAV
592
Gearing
114
Discount Premium
0
To provide a combination of capital and income growth from a portfolio consisting mostly of companies listed on the London Stock Exchange.
Holding %
30m Gbp Private Placement Mar 2045 9.13 %
GlaxoSmithKline PLC 7.02 %
Royal Dutch Shell PLC B 6.88 %
AstraZeneca PLC 6.33 %
British American Tobacco PLC 5.53 %
JPMorgan Smaller Companies Ord 5.04 %
HSBC Holdings PLC 3.33 %
Prudential PLC 3.22 %
RELX NV 3.07 %
Tesco PLC 2.92 %
Region %
United Kingdom 94.68 %
Sector %
Financial Services 16.33 %
Consumer Defensive 12.99 %
Consumer Cyclical 12.67 %
Healthcare 12.60 %
Basic materials 8.76 %
Energy 8.46 %
Utilities 7.23 %
Technology 7.02 %
Industrials 5.91 %
Name
JP Morgan Asset Management (UK) Ltd
Address
EC4Y 0JP, London, United Kingdom
UCITS
No
Legal Structure
Closed Ended Investment Company

Managers

Callum Abbot
Joined 01/25/2018
William Meadon
Joined 03/13/2012

William Meadon is a Portfolio Managers in JPMorgan’s London-based International Behavioural Finance Team. William Meadon managing director, is head of the Core team in the J.P. Morgan Asset Management European Equity Group. An employee since 1996, William was previously head of UK specialist pension funds at Newton Investment Management Ltd, responsible for pension funds and the Newton Higher Income Fund. Before this, he was a balanced pension fund manager. Prior to Schroders, William was articled to Peat Marwick (now part of KPMG). William obtained a BA (Hons) in Economics from the University of Nottingham and is a qualified Chartered Accountant.

Data provided by Morningstar.

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