JPMorgan avoids commodities to beat benchmark

JPMorgan Asset Management’s Sarah Emly and John Baker said their decision to avoid major mining and oil & gas stocks was the reason for their recent outperformance.

The £132.8m Income and Capital investment trust delivered a share price total return of 16.2 per cent in the year to February 28, outperforming the 13.3 per cent return for its benchmark, which is made up of 90 per cent FTSE 350 index and 10 per cent Barclays Capital Global Corporate Bond index.