Analyst Robert White at private client portfolio manager Gerrard is warning clients to switch out of...
Analyst Robert White at private client portfolio manager Gerrard is warning clients to switch out of JP Morgan Fleming American, the sole actively managed trust left in the North American equities sector. White said the trust continues to trade at an unsustainable discount/premium range to net asset value. Prior to late 2000, he said, the trust normally traded at a discount to NAV of between 5% and 15%. Its current price fluctuates between a 9.9% discount and a premium of 4.8%. 'Holders are taking on a high level of discount risk in a trust that is unlikely to provide significant outperformance,' White said.
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress