30th Oct 2015 16:28
LONDON (Alliance News) - JPMorgan Elect PLC Friday said it had outperformed its benchmark in the year to end-August, delivering a total return of 8.0%, compared to its benchmark which showed no return at all.
The company uses a composite benchmark comprising of 50% FTSE All-Share Index and 50% FTSE World Index ex-UK.
JPMorgan Elect said that both asset allocation and underlying fund selection added to its performance. The portfolio was overweight in US, Europe and Japan equities, and underweight in UK and Emerging Market equities. Small and mid-cap equities outperformed large caps in the UK and Europe, the trust said, and although they lagged large caps in the US and Japan, still delivered positive returns.
"We maintain a moderately pro-risk stance, reflecting our generally positive outlook for developed economies. While the economic challenges in emerging economies are likely to continue their drag on global growth, we do not believe these forces will be enough to stall domestic recoveries in the US and Europe," the trust said in a statement.
Shares in JPMorgan Elect were down 0.7% at 601.99 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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