JPMorgan Mid Cap managers admit they 'should have acted more quickly' on stock deratings

NAV fall of 30.4%

Following poor final results including a 38.4% decline in its share price, JPMorgan Mid Cap investment trust’s managers have commented on the portfolio’s performance and what they could have done differently.

In the final results for year end 30 September 2022, the £185m trust's chair John Evans said the "very disappointing share price total return" for the year to 30 June 2022 was a result of a combination of a "general derating of growth stocks" and general concerns about the trading outlook for consumer stocks. This also led to a fall in JMF's net asset value of 30.4%, almost double that of the negative 16% return from its FTSE 250 benchmark. Meanwhile, the trust's discount widened over the 12 months from 2.1% to 13.6%. UK could face pensions crisis warns new financial inclusion index ...