JPM UK Dynamic A

Contrarian style manager who seeks to exploit anomalies in the market.

  • 129.00p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 174.10p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 4.25% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.50%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.68%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 2.20%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 23 November 2020, fund data last updated 14 June 2010

The fund's aim is to achieve long term capital growth from UK equities from an unconstrained and pragmatic "best ideas" portfolio, encompassing both value (cheap in relation to assets) and growth (cheap in relation to growth prospects) style stocks across the capitalisation scale. The manager has access to JP Morgan's proprietary TMV (trends, momentum, value) quant screening process which is used by several of JPM's funds; however the manager stresses that this not the prime driver of stock selection.

Fund summary

Sector UK All Companies
Structure OEIC
Launched October, 2000
Size £67m
Yield 2.20%
Charging basis Income
Dividends paid 30 Apr, 31 Oct

Charges

Standard initial charge 4.25%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.68%

Allocation

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Investment process

The objective is to identify those value and growth opportunities where the companies are about to undergo a turning point in their businesses. This could be a stock that has been out of favour with the market but has become very attractively valued and where the manager believes, as a result of his fundamental analysis, the company has a prospect of recovery. In this respect the manager looks to exploit market inefficiencies. The manager finds new ideas through a number of sources, for example, thematic investigation, individual stock research and he can also draw on JPM's proprietary quant model TVM (Trends, Value, Momentum). However, the manager stresses that he uses TVM to a lesser extent than other JPM UK Equity managers and also chooses to run a punchier portfolio than some of his contemporaries.

This is a former Bestinvest rated fund, which lost its way some years ago following a number of key team member changes on JP Morgan's Pan European desk. We have higher conviction towards a range of other funds where there is consistency in manager and process. Therefore please consider one of our rated funds within the UK All Companies sector.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -0.08%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 36.30%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

John Baker

Baker is a portfolio manager within the high alpha team of the JPMorgan Asset Management European Equity Group. An employee since 1994, he was previously an assistant on the UK Retail Funds desk, now integrated in the European Equity Group. Prior to this, he was an administrator in the Life & Pensions department at Save & Prosper. Baker obtained a BA in European Studies, French and Italian from University College Cork, Ireland and earned a Diploma in Business Studies from University College Galway, Ireland. He is an Associate of Institute of Investment Management & Research.

Track record

John Baker has 4.7 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.08%. During the worst period of relative performance (from July 2000 - July 2001) there was a decline of 13% relative to the index. The worst absolute loss has been 53%.

Periods of worst performance

Absolute -53.00% (August 2000 - February 2003)
Relative -13.00% (July 2000 - July 2001)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

6.2% Astrazeneca Plc
4.3% Glaxosmithkline
4.3% Reckitt Benckiser Group Plc
4.2% Royal Dutch Shell Plc
4% Rio Tinto
4% British American Tobacco
3.6% Bhp Group Ltd
3.1% Hsbc Hldgs
2.7% Anglo American
2.6% Prudential Plc
Source: Trustnet

Sector breakdown

Biotechnology/Medical 12.00%
Mineral Extraction 12.00%
Household Goods 9.00%
Banks 7.00%
Life Insurance 6.00%
Oil & Gas Exploration & Production 6.00%
Retailers - General 6.00%
Tobacco 5.00%
Software 4.00%
Support Services 4.00%

Portfolio

Generally 50-60 stocks are held.

Constraints

No more than 35% of the portfolio can be represented in any one sector. Max. cash weight 10%. Therefore the fund has a lot of flexibility in relation to its benchmark.

Key Investor Information - Income

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Key Investor Information - Accumulation

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