JP Morgan Brazil : JPB – interim results

The six months to 31st October 2013 was not a good one for JP Morgan Brazil as the NAV and share price fell by more than the fund’s benchmark index. Over the period the NAV return was -16.6%, the share price return -15% and the MSCI 10/40 Brazil index fell by 9.3% in Sterling terms (3.5% in Reals). The Board attributes this underperformance to the fund’s weighting to stocks exposed to the domestic Brazilian economy which suffered as Brazil’s central bank took steps to dampen inflation and shore up the currency. The managers highlight one change to the portfolio – the addition of a holding in miner, Vale.


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