JPMorgan Japan Smaller Companies (JPS): Shoichi Mizusawa has replaced David Mitchinson as lead manager of JPS. Mizusawa, who is the head of the JPMorgan Asset Management investment team in Tokyo, will be supported by Nicholas Weindling and Naohiro Ozawa. He is also able to leverage the expertise of seven other managers with Japanese and regional research responsibilities based in Tokyo and Hong Kong. JPS has lagged its Japan Small/Mid-Cap Equity category peers for some years now; over the last five years annualised, the fund has lost more than 8% compared with the average category loss of just 0.24%. Mizusawa also co-manages JF Japan, but this too has underperformed its Morningstar Japan Large-Cap Equity category peers since his appointment in December 2007.
JPMorgan American (JAM): Having served on the board for nine years, Hamish Buchan has retired as chairman and non-executive director of the fund. He has been replaced by Simon Bragg and Sir Alan Collins. It’s the first such role for Bragg, who is the founder and chief executive of Oriel Securities; while Sir Collins also serves as a non-executive director on the board of Amlin (AML), a listed company.
Lowland (LWI): The board has altered the dividend policy and instead of paying two dividends of different amounts, it now intends to pay four dividends a year of similar amounts. Shareholders in this fund have seen an increase in their dividends every year since 1972, with only one exception in 2009 when the dividend was held steady rather than increased.
In May, a number of funds issued shares from treasury or because that fund was trading at a premium. Just short of £200 million in shares was issued in total, including the conversion of 35 million of loan stock at Aberdeen Asian Smaller Companies (AAS), and new shares issued at F&C Commercial Property Trust (FCPT), Murray International (MYI) and New Europe Property Investment (NEPI).
Conversely, investment trusts have recorded outflows of more than £150 million via tender offer, redemption and repurchases. The largest tender was carried out at Thames River Hedge+ GBP (TRMA), with the board bringing back over £50 million in shares or half of the fund.