JPMorgan Europe Dynamic (Ex-UK) Accumulation
Also available as
income units
Charges and savings
| Fund manager's initial charge | 4.25% |
|---|---|
| HL saving on initial charge | 4.25% |
| HL Dealing charge | Free |
| Net initial charge | 0.00% |
| Fund manager's annual charge | 1.50% |
| HL Annual saving (loyalty bonus) | 0.25% 2 |
| Net Annual charge | 1.25% |
| Fund manager's other expenses | 0.18% |
| Performance fee | No |
| HL Platform charge | Free |
Please read the Simplified Prospectus/Key Investor Information Document in addition to the information above. Further details available in the HL guide to fund prices, savings and yields.
Other information
| Launch date | 04-02-2005 |
|---|---|
| Launch price | £0.50 |
| Sector | Europe Excluding UK |
| Fund size | £86.00 million |
| Number of holdings | 80 |
| Fund type | ICVC |
| Type of units | Accumulation |
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Before you invest please read the documents below.
HL research - our view on this fund
Economic growth is likely to remain slow in the year ahead which could present a risk to company profits. Many companies are also unwilling to make large-scale investment commitments until they are more confident, according to John Baker and Jonathan Ingram, managers of the JPM Europe Dynamic ex.UK Fund.Despite the challenging economic backdrop they continue to find attractive companies in which to invest. Defence firm EADS has been increasing earnings as underlying profitability has continued to improve and airlines have been placing record orders for new aircraft in an effort to improve fuel efficiency. Within the industrial transportation sector the duo favour Kapsch Traficom. This company provides the software and hardware for road tolling as well as collection services. They believe the company's earnings growth is strong and underpinned as road tolling is an attractive way for governments to finance infrastructure improvements.
Over the past year exposure to telecoms companies has been reduced. Deteriorating revenue and profitability has meant several companies in the sector were forced to cut their dividends. They also reduced exposure to chemical companies as earnings were hit by weakening demand. Conversely, exposure to beverage company Anheuser-Busch Inbev was increased. The company has been managing its portfolio of brands more efficiently, driving sales volumes higher. Earnings growth has also been strong.
This fund does not currently feature on the Wealth 150 list of our favourite funds in each sector.
About the Fund Manager
Jonathan Ingram
Located in: London
Jon Ingram is a portfolio manager within the high alpha team of the JPMorgan Asset Management European Equity Group. An employee since 2000, Jon was previously a quantitative and investment analyst and subsequently a client portfolio manager in the Currency Group. He obtained an M.Eng (Hons) in Natural Sciences (Metallurgy) from Oxford University. He is a CFA charter holder.
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Income details
| Historic yield | 1.00% |
|---|---|
| Income paid | Annually |
| Type of payment | Dividend |
All yields are variable and not guaranteed. Information as at 31-03-2013.
Top 10 holdings
| Smurfit Kappa Group | 3.66% |
|---|---|
| Syngenta AG | 3.18% |
| Swedbank AB Series A | 2.59% |
| Sanofi | 2.58% |
| Svenska Cellulosa AB Series B, | 2.57% |
| European Aeronautic Defence & Space Co. EADS N.V. | 2.42% |
| Glanbia | 2.38% |
| SpareBank 1 SMN | 2.30% |
| Credit Agricole S.A. | 2.28% |
| Deutsche Lufthansa AG | 2.26% |
Top 10 sectors
| Banks | 14.35% |
|---|---|
| Chemicals | 9.26% |
| Nonlife Insurance | 8.56% |
| Pharmaceuticals & Biotechnology | 6.57% |
| General Industrials | 5.78% |
| Technology Hardware & Equipment | 4.95% |
| Food Producers | 4.85% |
| Construction & Materials | 4.57% |
| Personal Goods | 3.67% |
| Support Services | 3.61% |
Top 10 countries
| France | 13.71% |
|---|---|
| Sweden | 13.53% |
| Germany | 13.49% |
| Switzerland | 11.05% |
| Ireland | 9.10% |
| Netherlands | 7.96% |
| Norway | 7.52% |
| Denmark | 5.91% |
| Austria | 4.18% |
| United Kingdom | 3.06% |
Some of the data on this page and other related pages is provided to you for your information and is received from the Fund Management Company administering this fund. Hargreaves Lansdown accepts no liability for the reliability or accuracy of the data provided by third parties.
2 Annual saving (loyalty bonus) only available on holdings worth over £1,000. Loyalty bonuses in the Vantage Fund & Share Account are paid net of basic rate tax. Loyalty bonuses in the Vantage ISA and SIPP are tax-free and paid gross.
4 If you elect to receive the income from a Vantage ISA or Vantage Fund & Share Account, we will collect any dividends for you and then pay them directly into your bank account within the first 10 working days of the following month.
Prices as at 24-05-2013. Data as at 30/04/2013.
