JPMORGAN AMERICAN: Thinking big... £1.8bn 信用 built around America's mega 在庫／株s

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投資 信用 JPMorgan American is on a roll. Over the past year, it has 供給するd 株主s with attractive returns of 36 per cent from a 大臣の地位 principally built around 40 mega 在庫／株s 名簿（に載せる）／表（にあげる）d in the 部隊d 明言する／公表するs.

Although the £1.8 billion 信用 has 利益d from the 投資 幸福感 surrounding 人工的な 知能 (AI), it is no one-trick pony.?

同様に as 持つ／拘留するing some of the big tech 在庫／株s such as Microsoft (its biggest 持つ／拘留するing), Meta and Nvidia, the 経営者／支配人s are not averse to 投資するing in more '伝統的な' 商売／仕事s if their 株 prices appear to 代表する 優れた long-称する，呼ぶ／期間／用語 value for money. The 信用 also has six per cent of its 資産s 投資するd in more than 200 smaller companies.

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'It's a diversified and dynamic 大臣の地位,' says Felise Agranoff, one of four 経営者／支配人s who decides the composition of the 基金's 資産s.

'It's a blend of our very best 投資 ideas. We're not wedded to any one 投資 style which means we can find 適切な時期s 権利 across the market.'

The only 条件 that the 経営者／支配人s must 固執する to - laid 負かす／撃墜する by the 信用's board - is that （危険などに）さらす to smaller companies must not 越える 10 per cent. 現在／一般に, the 信用 持つ／拘留するs 20 large growth 在庫／株s and 20 large value 在庫／株s, although the former 代表する the biggest 集団の／共同の position.

Agranoff says 最高の，を越す 10 holdings such as Microsoft and Meta are 'high 有罪の判決' plays on the rise of AI. She 述べるs Microsoft as an '早期に AI leader' and says Meta has been brilliant at using AI to develop 的d advertising.

The 信用 also has positions in lesser-known companies that are 利益ing from the AI にわか景気. They 含む Trane 科学（工学）技術s, which builds the systems needed to 確実にする the 抱擁する data centres that AI relies upon are kept 十分に 冷静な／正味の.

It also has a 火刑／賭ける in Quanta Services, which is helping to build the electric 力／強力にする 組織／基盤／下部構造 necessary to support AI.

The 基金 does not 持つ／拘留する all the big US tech 在庫／株s. For example, it no longer has a 火刑／賭ける in electric car 製造業者 Tesla. 'We sold it earlier this year,' says Agranoff.

'需要・要求する for electric cars in the US has been disappointing. Yes, Tesla has a strong market position, but the market is becoming more 競争の激しい and more political.'

It also has underweight positions in both Apple and Alphabet, while it has recently taken some 利益（をあげる）s from its 持つ／拘留するing in Nvidia.

の中で the value 在庫／株s it 持つ／拘留するs is EOG 資源s, one of the US's largest oil and gas 探検 companies.

'It's a high-質 company operating in a 部門 of the 株式市場 that has been out of favour with 投資家s,' says Agranoff. 'It's a low-cost 操作者 and its 株 are attractively valued.'

Other 重要な holdings are healthcare company Kenvue which was recently spun out of 製薬のs 巨大（な） Johnson & Johnson - and real 広い地所 company Regency 中心s, which has done 特に 井戸／弁護士席 from the 開発 of outdoor 商店街s in Florida.

The 信用's 現在進行中の 告発（する），告訴（する）／料金s are 競争の激しい at 0.38 per cent and, unlike most 競争相手s, its 株 do not 貿易（する） at a big 割引 to the value of underlying 資産s. The 株式市場 身元確認，身分証明 code is BKZGVH6 and the market ticker JAM.

Although it 支払う／賃金s （株主への）配当s twice a year, they are 極小の, 同等（の） to 0.8 per cent a year.

The 信用's 管理／経営 team will change next year when Jonathan Simon retires. But the 衝撃 on 株主s will be 極小の.

'We have a 深い 投資 （法廷の）裁判 here,' says Agranoff.

Eytan Shapiro and Lawrence Playford, both small cap specialists, （不足などを）補う the 現在の team.?