This month in IPE we analyse the portfolio style of the JPMF Europe A Acc fund using the return-based Portfolio Analyser developed by London-based firm Style Research.
The fund, managed by JP Morgan Fleming Asset Management was launched in 1964 and invest in equities across Europe excluding UK.
The graph shows the changes in style the fund experienced during the 12 months starting in October 2000, based on the fund’s monthly historical data provided by Standard & Poor’s Micropal.
According to the analysis the fund is strongly growth-orientated. In October 2000, the percentage of fund’s total assets invested in European large growth equities represented 62%. The high exposure to large growth stocks continued throughout the period analysed amounting to 65% of total assets in December 2001
A small proportion of large value investments has also been part of the fund’s portfolio during the last quarter of 2000 – representing 22% of assets in October 2000 – decreasing during the first two quarters of 200. In July last year large value stocks only amounted for 3% of total assets.
Although small value assets were only 6% of total assets in October 2000, exposure to this type of investments increased considerably during the following months to, reaching a 35% proportion in April 2001.
The JPMF Europe A Acc has also had some exposure to small growth stocks at the end of 2000 – representing not more than 8% of total investments – and, according to the graph, an even smaller proportion was invested in cash at the end of last year. The fund, which has obtained a three-star rating from Standard & Poor’s, has a three-year performance of 3.47% and a three-year volatility of 5.49.