In a quarterly update for investors Mr Nutt, who is set to retire from Jupiter next year, said he had opened positions in Serco and Mitie during the first quarter of the year, while selling holdings in corporate services provider Hogg Robinson and travel company FirstGroup during the first three months of the year.
Mr Nutt said added that several multinational firms held in the trust’s portfolio had benefitted from the weakening of sterling in the early part of 2013.
The trust, which is run as a split capital structure, reported a 9.6 per cent rise in its net asset value for holders of ‘common’ shares during the first quarter of 2013. The price of these shares rose 10.3 per cent in that period.
When Mr Nutt’s retirement was announced in December Jupiter said the manager would remain in charge of the Dividend & Growth trust “for the foreseeable future”.