US orders boost for Fleming's China trust

trust to rebrand under jp morgan umbrella and retain overweight position in taiwanese electronics firms as us import pick-up expected

The Fleming Chinese Investment Trust has added the JP Morgan prefix to its name, following a shareholder vote at its AGM on 12 December 2001. Over the year to 30 September 2001, the £37m trust managed by Steve Luk, has fallen 40.9% compared to its benchmark, a composite China index, which fell 37.6%. Luk said this underperformance was down to an overweight position in Taiwanese electronic companies, which have been hit by the recession in the US and the consequent slowdown in exports. In addition, he believes the trust suffered from having too low an exposure to China B shares. Until...