Fund Research

JPMorgan Claverhouse

Last update 13 June 2018

JPMorgan Claverhouse invests in income-generating UK companies with a focus on those that provide consistent and growing dividends. The fund aims to outperform its benchmark index, the FTSE All-Share, by 2% a year. Since the strategy review in 2012, the managers have continued to pursue a more ‘high conviction’ approach, running their winners and keeping stocks as they become more expensive as long as earnings growth continues.

The portfolio of 66 stocks is built through a bottom up, stock picking approach with macro and economic views having little influence over investment decisions. William looks for companies trading at low valuations, with strong balance sheets and high cash flow generation. This index agnostic approach is reflected in the trust's correlation with the market, which shows the trust has the highest R-squared of all open- and closed-ended UK equity income funds.

Last year saw the trust raise the dividend for the 45th successive year, up 13% over the previous year, and this means that the trust is part of the select group of AIC 'dividend heroes'.

Being a stock picker, William believes that the current volatility across global markets can be used to the benefit of shareholders, enabling him to pick up more of the shares he likes at lower prices. UK companies in particular have faced a huge amount of pessimism, and William points to numerous political events causing this uncertainty, with Brexit’s constant presence as a major feature.

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Fund History: JPMorgan Claverhouse

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