J.P. Morgan to overhaul America Equity fund

J.P. Morgan is set to overhaul its £292m America Equity fund next month, slashing 50% of the portfolio's holdings.

Manager Brian Green will cut the number of stocks in the portfolio from 80 to between 20 and 40 of his top stock picks, giving the fund a more concentrated approach. This will allow him to take more active bets and boost performance, the group said. The fund sits in the second quartile of the IMA North America sector on a three- year view, but over one year performance has dipped, with the fund dropping to the bottom quartile. It has returned 17.9% over one year, below the sector average of 22.3%, according to Morningstar. “We believe the best way to provide long-term capital ...