JPMorgan Global Growth & Income Investment Trust
Global Equity Income
Rated Fund 2018-20. Delivers reliable quarterly income distributions
JPMorgan Global Growth & Income, named Money Observer’s Best Global Income investment trust in 2018, lost its long-running manager last year, but we retain our conviction in the fund’s process. Jeroen Huysinga, its manager since 2008, quit the City in a switch to the charity sector, leaving Timothy Woodhouse, co-manager since 2017, and two incoming managers, Helge Skibeli and Rajesh Tanna, to run the fund.
This is one of a small band of trusts that takes advantage of its ability to distribute capital as income. It generates an annual dividend of 4% of its net asset value, paid quarterly, regardless of income earned. The trust has done so since 2016, when it moved to the global equity income sector because its modest size meant it tended to be overlooked in the global sector. The strategy affords the managers the freedom to invest in growth sectors, where dividend yields may not be that high. They invest in 50-90 best ideas from across world stockmarkets.
With its performance record looking even more competitive in its new sector, the trust has achieved a premium rating. It has traded on a small single-digit premium for most of the past two-and-a-half years, having been on a discount, typically mid- to high single digit, previously.
The trust has outperformed its benchmark, the MSCI World index, over three, five and 10 years. However, the fund’s strategy can eat into capital, especially in a stock market downturn when shares are losing value. It has a low base fee of 0.4% and a capped performance fee. Ongoing charges at the end of 2019 were 0.56%.
Narrative and ratings content all as of 01 January 2020.See all Money Observer rated funds
|Loan Notes||6.91 %|
|JPM GBP Liquidity LVNAV X (dist.)||6.34 %|
|Microsoft Corp||4.70 %|
|Amazon.com Inc||4.26 %|
|Alphabet Inc A||3.37 %|
|Coca-Cola Co||2.55 %|
|UnitedHealth Group Inc||2.41 %|
|ASML Holding NV||2.39 %|
|Taiwan Semiconductor Manufacturing Co Ltd ADR||2.36 %|
|Honeywell International Inc||2.33 %|
|United States||68.78 %|
|United Kingdom||5.03 %|
|Consumer Cyclical||15.49 %|
|Financial Services||12.50 %|
|Consumer Defensive||7.64 %|
|Communication Services||6.05 %|
Rajesh Tanna, Managing Director, is a portfolio manager for the J.P. Morgan Asset Management European Equity Group – Europe Research Driven Process (RDP) Team. Raj moved to J.P. Morgan Asset Management from J.P. Morgan Private Bank in September 2016, where he was also a European equity portfolio manager. An employee since 2011, Raj joined the Private Bank as a European Equity Strategist. Previously, Raj worked as a long-only European equity portfolio manager for 11 years predominantly with Credit Suisse, where he also held a position as a risk manager. Raj also spent 18 months as a portfolio manager with a small asset management boutique, FOUR Capital. Raj holds a BA in Economics and International Studies, and a Master's degree in Management Science and Operational Research, both from Warwick Business School. He is a CFA Charterholder.
Helge Skibeli is managing director of J.P. Morgan Investment Management and has been an employee of JPMIM or its affiliates (or one of their predecessors) since 1990. Helge became head of research in March 2002. Prior to his current role, he was head of J.P. Morgan Investment Management (Singapore) and head of Investment for Asia Pacific ex-Japan. Before this, he was head of Pacific Rim ex-Japan research. Previously, Helge was an analyst in the Equity Research department in London where he followed the automobile and steel sectors. Prior to that, he worked in security analysis and equity sales in the Norwegian market. Helge obtained an M.A. in general business from the Norwegian School of Management and earned an M.B.A. from the University of Wisconsin. He is a CFA charterholder.
Tim Woodhouse, vice president, is a portfolio manager in the Global Equities Team. An employee since 2008, he was previously a research analyst in the European Equity Research Team, in London, working in the TMT sector. Tim obtained a BSc (Hons) in Economics from the University of York. Tim is a CFA charterholder.
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