JPMorgan manager set to ignore benchmark

The manager of the JPMorgan Overseas investment trust, has announced he is prepared to ignore the fund's benchmark to take advantage of wider investment opportunities.

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Jeroen Huysinga said his preferred bottom-up approach to stock selection did not work well within a benchmark-focused fund.

He said: "In the current environment, I want to be able to invest where I see potential and not be constrained to hold the same stocks as my peers.”

Mr Huysinga, who took over management of the trust in the final quarter of last year, said his approach had borne results in the subsequent months.

He added: "It has been a turbulent few months, with incredible market volatility, but we have avoided the noise and focused on finding good companies around the world to invest in.

"Our main differentiator with peers has been a combination of avoiding focusing on the benchmark and using local expertise of analysts.”

The trust currently has a low exposure to the utilities and telecom sectors, as well as consumer durables.

Mr Huysinga said he was beginning to add to its pharma holdings after moving away from an overweight position at the end of 2008.

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