Jupiter’s Charlie Thomas has begun modifying his £41m Green investment trust since taking over the whole portfolio.
On 1 July, Thomas took control of 40% of the fund which was run by US and Canadian specialists Winslow Management, following a strategic review by the board.
Changes include selling out of some US stocks with the intention to put more money into Asia. Thomas also plans to improve the income profile of the trust.
Jupiter Green’s current asset allocation is 42% North America, 26% UK, 19% Europe, 7% Japan, 4% other and the remainder in cash.
“The reason for this change was the board felt we needed to look at our investments in a more holistic way, which was difficult to do with two separate mandates,” he says.
“I have been selling off some stocks in the portfolio, while reaffirming my view on others.”
Thomas has swapped a holding in United Natural Foods for Whole Foods Market, and has also sold out of California smoothie bar Jamba Juice and smart grid developer PowerSecure.
“UNF has had a good run and there was a valuation discrepancy between it and Whole Foods,” he says.
Thomas plans to increase the fund’s income through a combination of equity selection and the use of other instruments such as derivatives.
“I will look to add a couple of high-yielding names, but need to resist adding too many otherwise I would end up with a utility-style portfolio, which is not what this fund is about,” he says.
“The board is also interested in opportunities with CFDs and future options such as ETFs in wind or solar power,” he adds.
