Jupiter to close Buxton's UK Growth trust as market cap plummets

Market cap falls to £26m

The board of the Jupiter UK Growth trust has opted to liquidate the vehicle as a result of a substantial decline in its total market capitalisation, following a period of sustained poor performance.

Richard Buxton was handed management duties of the trust in June, with the announcement coming in February following a period of poor performance under Steve Davies, who has now left Jupiter to pursue other opportunities. The trust is currently trading on a 12% discount to its net asset value of £198m, according to Association of Investment Companies data, with its share price having fallen by around 40% since the start of 2020.   Jupiter said in March it "would keep the management arrangements under review over the coming months while the economic and market backdrop evolves and to r...