Deep stock research across the world: meet the new trust on AJ Bell’s Investment trust select list

We keep our Investment trust select list under constant review to ensure we have the highest conviction in the trusts we have selected. Following our latest evaluation of the list, we have added the JPMorgan Global Growth & Income Trust to the list.

The trust offers investors access to a global equity strategy managed by JPMorgan’s Global Core team, led by Helge Skibeli. He has the support of James Cook and Sam Witherow as well as JPMorgan’s extensive global analyst platform, which covers thousands of companies across sectors and regions. That depth of research is a key strength and sits at the heart of the investment process. JPMorgan has announced that Helge will retire in February 2028, and with James and Sam continuing to manage the trust, we believe the strategy is in capable hands following the transition.

At its core, the trust is focused on identifying quality companies with an attractive long-term return potential. The team look for businesses with strong profitability, durable competitive advantages and sustainable earnings, while also maintaining valuation discipline. The portfolio typically holds between 50 and 70 stocks. While the trust can look different to the benchmark, the team are disciplined in how they manage risk, with returns intended to be driven primarily by stock selection rather than large sector, regional or macroeconomic calls.

What makes the trust stand out?

One of the trust’s distinguishing features is its dividend policy. The board targets an annual distribution equal to 4% of the trust’s NAV (net asset value) as of the previous financial year, paid in four equal instalments over the following financial year. Because the managers are not required to generate this level of income from the underlying holdings, part of the dividend may be paid from previously generated capital reserves. While this does mean some of the income can effectively come from investors’ capital, we believe the policy provides a more predictable income stream and allows the managers to retain the flexibility to be unconstrained in their investment approach, rather than being pushed towards higher-yielding areas of the global equity market.

The trust has grown materially in recent years through a series of mergers, helping to improve scale, liquidity and cost efficiency. The ongoing charge of 0.39% is highly competitive, and the board has shown a willingness to ensure the trust’s share price trades close to its NAV.

Our select list is a short list of investment trusts carefully chosen by our experts but are not personal recommendations. Please make sure you read any factsheets or reports attached to a trust before investing. Investment trusts are structured differently to other funds, so please research them carefully before investing.