7th Mar 2019 18:02
LONDON (Alliance News) - JPMorgan Global Growth & Income PLC on Thursday said it underperformed against its benchmark in the first half of its year due to stock selection.
The investment trust posted a net asset value total return for the six months to December of minus 8.6%, lagging behind its benchmark - the MSCI All Countries World Index in sterling terms - which had a return of minus 5.7%.
The company's holdings in fashion retailer ASOS PLC, video game firm Electronic Arts Inc, and budget airline Ryanair Holdings PLC, were the largest detractors.
The company's NAV declined to 285.6 pence per share on December 31 from 318.4p per share on June 30 and 323.7p per share year-on-year.
Shares in JPMorgan Global Growth & Income closed down 0.3% at 306.00 pence on Thursday.
Jeroen Huysinga and Tim Woodhouse, the trust's investment managers, said: "Our high conviction stock picking has frequently been a key driver of the company's outperformance of its index, so it is disappointing that stock picking was the primary reason for underperformance in 2018."
The company declared a third interim dividend of 3.12p per share for its year ended June 30, up 2.6% from 3.04p for the year-ago period.
Huysinga is to depart the company, after over 10 years as its portfolio manager, in order to pursue a masters degree and role in the non-profit sector.
Trust Chair Nigel Wightman said: "Jeroen will continue to support the team over the course of the summer to ensure a smooth transition. The investment process for the company's portfolio management will remain unchanged. The board would like to thank Jeroen for his stewardship of the Company's portfolio during the past ten years and wishes him all the best for the future."
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