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Et solid team, robust prosess og lave avgifter støtter JPMorgan US Select Equity.

Jeffrey Schumacher, CFA 31.01.2018 | 15:27
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A solid team, robust process, and low fees support JPMorgan US Select Equity’s Morningstar Analyst Rating of Silver.

As anticipated, Tom Luddy, who had comanaged this fund since February 2006 and helped develop the strong stock-valuation model at the strategy's centre, stepped back at the end of 2017. His transition was ably handled. Scott Davis, appointed comanager in July 2016 in anticipation of this transition, has since become lead manager. He runs about 65% of the portfolio. Susan Bao, who has been a comanager here since 2001, retains a 10% sleeve of the fund while assuming lead responsibility on the firm's JPM US Select Equity Plus (130/30) strategies.

The process remains designed to outperform incrementally, primarily through stock selection. In running their combined 75% of the fund, Davis and Bao rely extensively on the research of JPMorgan's strong core analyst team using the firm's proprietary dividend-discount model. The remaining 25% is directly managed by the analyst team under the leadership of David Small. Sector weightings stay within close range of the S&P 500's, and positions are rarely as much as 2 percentage points off the benchmark weightings, resulting in a well-diversified portfolio of more than 140 holdings.

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Om forfatteren

Jeffrey Schumacher, CFA  is fondsanalist bij Morningstar Benelux

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