JPM's Tony Lanning: "This is no normal cycle…it will last another three-to-four years…"

Global equities

Tony Lanning, lead fund manager, and Nick Roberts, portfolio manager, of the J.P.Morgan Fusion funds, explain how their new range of funds have performed in 2013, and why they believe they are at the start of a sustained upswing.

Since the launch of J.P.Morgan Fusion fund range in the spring, the funds have been positioned with a risk-on tilt. Broadly speaking, this means we have been overweight equities and have had a bias towards credit over core government bonds. At a more granular level, we have favoured the US equity market, which despite higher headline valuations has been one of the strongest performers year-to-date. The fund performance has also benefitted from having a pro-cyclical equity bias. The value discipline employed by the managers of holdings such as Schroder Recovery and Aberforth UK Small C...