LONDON, June 3, 2015 /PRNewswire/ --
Edison Investment Research, a leading international investment research firm, announces the initiation of full coverage of Jupiter Primadona Growth Trust
Highlights of the analysis on Jupiter Primadona Growth Trust by Edison's financial analysts Sarah Godfrey and Andrew Mitchell include:
Jupiter Primadona Growth Trust (JPG) is a global investment trust with a structural bias towards the UK (currently 61% of total assets). It blends direct holdings in UK shares with global funds to produce a portfolio that represents fund manager Jupiter's 'best ideas'. Over the past 18 months the trust has simplified its investment approach (removing a short-term trading subsidiary and some derivative exposure), moved to quarterly payment of dividends and adopted a nil-discount approach. With a composite benchmark of 75% FTSE All-Share and 25% FTSE World ex-UK, absolute and relative performance has been positive over most periods.
Since adopting a zero-discount management policy in February 2014, JPG's shares have traded close to par, and stood at a 1.6% discount to cum-income NAV at 1 June, a little above the one-year average of 1.1%. This compares with an average discount of 5.6% over three years, and 7.8% in the three years prior to the introduction of the new policy. Shares are bought back into treasury on a regular basis to manage the discount, and may be reissued at a premium. Since February 2014, JPG has bought back 2.7m shares (13.5% of the total) at a cost of £8.2m.
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