The £1.5bn JP Morgan American trust has ditched petrol and defence stocks as it increases its attention to ESG criteria, according to its half-year report.
The managers previously held Marathon Petroleum and Raytheon Technologies. However, JP Morgan said it has "recently made improvements to our ESG integration process and have incorporated new data points including reviewing the United Nations Global Compact (UNGC) severe violators list". As a result of the change, the two stocks have been removed and replaced with ConocoPhillips and Bristol Myers Squibb. "These names are attractive investments with better ESG credentials," said investment managers Timothy Parton and Jonathan Simon. Investment trust ESG disclosures need to evolve s...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
