JPMAM overhauls China trust's dividend policy in bid to challenge Fidelity's dominance

Renamed J.P. Morgan China Growth & Income plc

The J.P. Morgan Chinese investment trust has overhauled its dividend policy and will change its name as it looks to break out from under Fidelity China Special Situations' shadow.

Shareholders approved an AGM resolution to allow the trust to pay an 'enhanced' dividend by distributing from capital profits as well as net revenue. Under the policy, the dividend target will be set by the board and aim to pay, in the absence of unforeseen circumstances, equivalent to 4% of net asset value (NAV) on the last business day of the preceding financial year. The trust will also change its name to J.P. Morgan China Growth & Income plc, the board said. Baillie Gifford 'still has work to do' to win over European Growth Trust investors Simon Crinage, head of investment t...