JPMorgan Asset Management (JPMAM) has said it is confident its UK Strategic Equity Income fund will regain its place in the IMA sector, having been removed last week.
The trade body demands that a fund in the IMA UK Equity Income sector achieves a 110 per cent yield of the FTSE All-Share index at the end of a three-year rolling period, tested at the end of fund’s financial year.
Last week it removed the £139.9m fund, but the group said it was confident the product would return to the sector.
James Glover, head of the group’s European equity client portfolio management team, said the fund had missed the yield requirement by 0.1 percentage point when the dividend it had achieved was calculated for the fund’s 2013 financial year, which ended on January 1.
However, Mr Glover said data he had run on the fund to its latest dividend payment on May 1 meant he was confident it would get back into the sector.
“I have run the figures to May 1 and we are back in line with the requirements,” he said.
But Mr Glover added that the group would have to wait until February next year to make it back into the sector because the IMA calculates the numbers at a fund’s year end, which, in UK Strategic Income’s case, is January 31.
An IMA spokesperson said it did not comment on individual funds but that information on how funds were performing against their yield targets was published on its website.