JPMorgan Asset Management (JPMAM) has launched a new long/short UK equity fund as part of its active extension range.
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Dubbed JPM UK Equity Plus fund, the new product will invest in multi-cap UK equities, holding 70 to 220 long positions and 35 to 100 short positions, while maintaining a net market exposure of 100%.
The C share class of the new fund will comprise a total expense ratio of 1.13%.
With an alpha target of 3.5%, the fund will be co-managed by James Illsley, Nicholas Horne and Callum Abbot.
Portfolio manager Illsley said: "Beyond the handful of mega-cap stocks that dominate the FTSE All-Share index, the vast majority of companies have index weights less than 0.5% of the index.
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By GlobalData"A long-only portfolio manager can only express views on these smaller stocks by not holding them, but their slight weight in the index renders this impact marginal.
"The concentration of the UK equity market, which is heavily skewed towards large companies, really lends itself to active extension."
