JP Morgan Global Macro I GBP Net Acc NAV

IMA Sector:

Mixed Investment 0-35% Shares

ISIN:

GB00B09RGM51

Fund Type:

OEIC

79.64p
   
  • PEP:
  • ISA:
  • CAT Std:
  • Date: 27-Mar-2024
  • Change: 0.34p
  • Change %: 0.43%
  • Currency: GBP
  • YTD change: 0.33p
  • YTD %: 0.42%

Fund Objective

To achieve over a medium-term horizon, higher returns than those available from money market instruments denominated in Sterling.

View on Past Performance

The fund struggled, due in part to the extreme market dislocation and prolonged volatility. We maintained very conservative positions in the stock portfolio, with minimal exposure to financials, but were damaged by the rally in the markets in the second half of July. In August, we again reduced our equity exposure and remained very cautious on financials, but suffered as the result of both stock specific weakness and also certain sector allocations.In particular, basic material and energy stocks fell sharply and financials rallied in a vicious rotation. Into September, we remained at the lower end of our equity risk allocation with defensive stock names and a bias towards developed over emerging markets; however, any allocation to equities again detracted from performance.Convertible bond performance was also poor as the introduction of short selling restrictions forced many arbitrage managers, who are typically short stocks and long convertible bonds, to liquidate their positions, leading to massive oversupply.

Future Expectations

We expect over the next few months to maintain low levels of risk within the fund, conscious that performance will be rebuilt steadily as we see some stabilisation in markets.We expect to see some rebound from convertibles in the next few months, although there may be further turbulence in the very short term, and we anticipate a short- term bounce in equities as the fiscal response to the crisis takes effect.We are looking for some short-term weakness in European government bonds, when we will increase our positions and further diversify the portfolio.

Fund Details

Latest Price 79.64p IMA Sector Mixed Investment 0-35% Shares
Currency British Pound Launch Date 01/07/2005
Fund Size n/a Fund Manager Neil Nuttall / Talib Sheikh / Tim Harris
ISIN GB00B09RGM51 Dividend 0.00p

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Price Info

Date 27-Mar-2024
NAV 79.64p
Currency GBP
Change 0.34p
% 0.43%
YTD change 0.33p
YTD % 0.42%

Fund Facts

Fund Inception 01/07/2005
Fund Manager Neil Nuttall / Talib Sheikh / Tim Harris
TER 0.65 (31-Jan-2013)

Fund Reports

Minimum Investment
Initial £20000000
Additional £100,000
Savings £100
Charges
Initial 1.00%
Annual Mang't 0.65%
Exit n/a

Risks

Name %
Standard deviation 0.00
Sharpe ratio 0.25

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