Jonathan Simon, one of JPMorgan American investment trust’s large-cap portfolio managers, will retire on 3 March 2025.
Following the news, which was first announced in March last year although no date was given, co-portfolio manager Jack Caffrey will be joined by Graham Spence as a co-portfolio manager of the trust’s large-cap value stocks, while Felise Agranoff and Eric Ghernati will continue to work on the company’s growth stocks.
Originally founded in 1881, the JPMorgan American investment trust has been listed on the London Stock Exchange since 1955 and is part of the FTSE 250 index.
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The £2.1bn investment company aims to outperform the S&P 500 index, with a focus on capital growth. It will hold between 30 and 40 stocks at any one time, which are chosen on a bottom-up basis and deemed to be undervalued by the managers. It can also hold up to 10% in quoted smaller companies.
Simon, who has worked at JP Morgan for more than 45 years, originally joined the firm’s London office as an analyst in 1980. He transferred to the firm’s New York office in 1983 and became a portfolio manager four years later, eventually joining the firm’s US Equity Value team in 2013.
Alongside JPMorgan American investment trust, which he has co-managed since 2019, he is lead portfolio manager of the JPMorgan Mid Cap Value, JPMorgan Value Advantage and JPMorgan Equity Focus funds.
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Investment company chair Robert Talbut said: “On behalf of the shareholders of JPMorgan American investment trust, I extend our best wishes to Jonathan for a happy and well-deserved retirement.
“The company’s portfolio managers have delivered impressive returns for shareholders, adeptly navigating the challenging market conditions of recent years.
“Jonathan leaves the company’s large-cap portfolio in capable hands, with Felise and Jack continuing their complementary growth and value investment approach to US equities.”
JPMorgan American investment trust’s investment process will remain unchanged following Simon’s retirement.