News - Investment trusts
JPMorgan has changed the name of its US Discovery investment trust following a change in the investment objective.
The vehicle, managed by Glenn Gawronski, has been renamed the US Smaller Companies investment trust with immediate effect, following a shareholder vote at the company's annual general meeting.
Davina Walter, the company chairman, says the new name better reflects the trust's aim to achieve long-term capital growth through investing in the US smaller companies sector.
JPM says the former name implied a mandate to invest in early stage and unquoted companies.
The US smaller companies universe comprises over 2,500 companies and represents the bottom 10% of the US stock market by market capitalisation, Walter says.
Shareholders in the trust have also voted for the continuation of the company for a further five years.
Categories: Investment Trusts
Topics: | Jpmorgan
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