J.P. Morgan Brazil investment trust attracts £46.7m

J.P. Morgan has raised £46.7m for its Brazil investment trust, the first UK closed-ended company focused on the Latin American country.

Retail investors accounted for £18.6m of the money raised, with the rest coming from institutional accounts. J.P. Morgan targeted £50m for the launch. Managers Sebastian Luparia and Luis Carrillo plan to run a concentrated portfolio of 40 to 45 stocks, investing in companies which will benefit from increased domestic spending. It means the trust will be unlikely to hold Petrobras and Vale, which account for a combined 40% of the Brazilian stock exchange. The trust will be overweight consumer discretionary, consumer staples and industrials, but be underweight energy and materials. I...