JP Morgan Fleming is offering a 2% discount on the 5.5% initial fee on its UK Strategic Value Fund. ...
JP Morgan Fleming is offering a 2% discount on the 5.5% initial fee on its UK Strategic Value Fund.
The offer, which lasts until 1 August, applies to any lump sum investment of more than £7,000 either direct or via Pep or Isa. The fund, run by Michael Barakos, has just passed its third anniversary.
Barakos has been building up a large position in financials, in many cases as yield plays rather than as leveraged exposure to any economic recovery.
He had 29.3% exposure to the sector as of the start of May and five of his top 10 holding were financials.
Barakos added: 'Financials would probably qualify as both growth and value at the moment because they are growing their earnings quite fast and they are benefiting from positive earnings and market momentum, but they are still cheap.
'There is a common perception that value is a bear market strategy and growth is a bull-market strategy. But in the recession of the early 1990s and the subsequent market recovery, it was led by value stocks. Furthermore, every bear market rally since September 2001 has seen value outperform growth.'
Barakos said he looks at stocks on a number of measures including P/E ratios, price to book value and dividend yields to identify cheap stocks and selling points for existing holdings.
For further details contact JP Morgan Fleming on 0800 727 770.
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