Retail investors in JP Morgan Russian Securities trust are preparing to vote against a proposal to expand the investment universe, on the grounds that it devalues their investment and goes against what they signed up for.
The board of JRS announced last month (27 October) that it wanted to expand its investment opportunities to beyond Russia to invest in equities domiciled in central, eastern and southern Europe (including Russia), the Middle East and Africa, including those markets that are considered as emerging markets according to the S&P Emerging Europe, Middle East and Africa index. These changes were first hinted at back in July in the trust's half-yearly report, when management claimed it still had "adequate resources" to stay open, despite its then 95.2% drop in net asset value and as Russia's in...
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