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J P Morgan Multi-Asset Trust (MATE).

Closed-end funds and OEICs
richfool
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J P Morgan Multi-Asset Trust (MATE).

#189361

Postby richfool » December 26th, 2018, 3:30 pm

Over the Christmas period I have been taking a look at how my IT's have fared in the recent falls, and also how the supposed "wealth preservers" such as PNL and CGT, in the Flexible Investment (multi-asset class) sector, have fared. (OK, that may well be somewhat premature, as the falls are still continuing).

I noted that CGT (Capital Gearing trust) has performed better than PNL (Personal Assets), (in fact over all periods up to 10 years), maybe because the latter holds more US equities which may have weighed it down more recently.

(On a general point, I also noted, understandably, that most growth trusts that I hold had fallen back more than growth & income trusts.).

However, to progress to my main point, during my research, I looked at the 3 month past performance table in the Flexible Investment category, (as that was the period during which most of the volatility and falls have occurred) and was surprised to see a trust I hadn't come across before, namely: JP Morgan Multi-Asset Trust (with the amusing ticker: MATE). Its objectives are stated as:
The Company has an objective of income generation and capital growth, while seeking to maintain lower levels of portfolio volatility than traditional equity portfolios.The Company will seek to achieve its investment objective through a multi-asset strategy, maintaining a high degree of flexibility with respect to asset class, geography and sector of the investments selected for the portfolio.


Its yield is quoted as 4.29% and discount -1.3%

Whilst it very early days yet, as the trust has only shown up on the 3 month tables, and it is still a small trust [under £100M] I like the fact it is using a multi-asset investment strategy and that it seeks to "maintain lower levels of portfolio volatility than traditional equity portfolios". I also like its holdings. So I shall be adding it to my watch list, to see how it fares in the new year, with a view to maybe adding it to my portfolio.

https://citywire.co.uk/funds_insider/in ... undID=4050

https://www.hl.co.uk/shares/shares-sear ... ary-shares

I did also look at Seneca (SIGT) in that same sector, (also a small trust), but was put-off by the fact that it was at a slight premium, that it holds other IT's some of which I already hold in my portfolio and I didn't like its direct holdings.

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Re: J P Morgan Multi-Asset Trust (MATE).

#189367

Postby Parky » December 26th, 2018, 4:08 pm

MATE was created, I think, as a roll-over vehicle for one of JPM's ZDP split capital companies which was being wound up. Maybe the portfolio was transferred over to the new trust. I haven't checked, as I took the cash for my ZDP shares. I seem to remember the MATE charges being rather steep.

richfool
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Re: J P Morgan Multi-Asset Trust (MATE).

#189369

Postby richfool » December 26th, 2018, 4:27 pm

Parky wrote:MATE was created, I think, as a roll-over vehicle for one of JPM's ZDP split capital companies which was being wound up. Maybe the portfolio was transferred over to the new trust. I haven't checked, as I took the cash for my ZDP shares. I seem to remember the MATE charges being rather steep.

According to the KID the "transaction costs" are: 0.24% and "other costs" are: 0.99%. (total: 1.23%).

It is classed as a "3" in terms of risk.

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Re: J P Morgan Multi-Asset Trust (MATE).

#189490

Postby richfool » December 27th, 2018, 2:10 pm

I already hold JPGI (JP Morgan Grth & Inc trust) from the Global G&I sector. JPGI predominantly holds equities, and has fallen most in that sector over the last 3 months, understandably as it has a higher exposure to growth and technology stocks. MYI has held up best in terms of capital over the last 3 months from that sector. Thus I am looking at MATE as a broadly based multi-asset class trust with lower volatility.

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Re: J P Morgan Multi-Asset Trust (MATE).

#195605

Postby richfool » January 22nd, 2019, 3:36 pm

Are there any other views on this new trust MATE (JP Morgan Multi-Asset trust)?

I already hold JPGI in the global growth & inc sector. I tend to see MATE as a less volatile (perhaps lower growth) income focussed trust with exposure to multi assets in the flexible sector.

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Re: J P Morgan Multi-Asset Trust (MATE).

#195794

Postby MaraMan » January 23rd, 2019, 10:30 am

Thanks for posting, I am certainly considering investing in MATE. I am though giving some thought as to whether the trust having large holdings in Pfizer, Merck, Novartis and Roche is a good thing. They are all in the top ten equity holdings, I suppose for their yield. Not convinced yet but will look further into it.

MM

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Re: J P Morgan Multi-Asset Trust (MATE).

#195826

Postby richfool » January 23rd, 2019, 12:04 pm

MaraMan wrote:Thanks for posting, I am certainly considering investing in MATE. I am though giving some thought as to whether the trust having large holdings in Pfizer, Merck, Novartis and Roche is a good thing. They are all in the top ten equity holdings, I suppose for their yield. Not convinced yet but will look further into it.

MM

Thanks for your thoughts MaraMan.

Yes, I noted that there is an overlap of holdings with several of the main Global G&I and European trusts, but the trust also holds other asset classes which increase its diversity and are intended to reduce volatility. I expect one downside at this stage will be the small size of the trust.

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Re: J P Morgan Multi-Asset Trust (MATE).

#195844

Postby richfool » January 23rd, 2019, 1:07 pm

Another trust I am aware of - BMPI (BMO Managed Portfolio trust), (formerly F&C Managed Income trust), which has been moved form the Global Growth & Inc sector to the Flexible sector.

BMPI focuses on income (yield: 4.49%) and invests in a range of other IT's to provide diversification, which adds slightly to its charges. It offers exposure to Private Equity, biotech, healthcare, and smaller coys, as well as the normal Global G&I trusts such as JPGI, MYI & HINT. BMPI doesn't talk of reduced volatility or of exposure to foreign currencies or fixed interest, whereas MATE does.

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Re: J P Morgan Multi-Asset Trust (MATE).

#198569

Postby richfool » February 3rd, 2019, 1:32 pm

Do any experts have any thoughts on this:

I have been watching this trust for several weeks now, and I note (from the HL website) that almost all of the recent trades each day are shown as sales (and the prices the trades took place at seem to concur). I.e. no purchases.

I am aware that for every sale there should be a buy, but could it be a case that the trust's management are buying back shares into treasury where there is no normal market buyer? If so, that would represent a concern to me, as a potential buyer, that the trust, which only launched in Feb 2018, is shrinking. The SP seems to be fairly constant, as opposed to falling.

https://www.hl.co.uk/shares/shares-sear ... ary-shares

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Re: J P Morgan Multi-Asset Trust (MATE).

#198599

Postby MaraMan » February 3rd, 2019, 4:33 pm

When looking at these types of trusts that themselves other investment trusts are we not paying twice to hold the underlying shares? For instance BMPI has a large holding in the BB Healthcare Trust, which itself has an on-going charge of 1.36% and BMPI itself is charging 1.07%, giving it seems to me a combined annual charge of 2.43%, which is a lot, or am I missing something here?
Maybe I have got it all wrong and would welcome any wise words from other Lemon Fools.

MM

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Re: J P Morgan Multi-Asset Trust (MATE).

#198624

Postby richfool » February 3rd, 2019, 5:46 pm

MaraMan wrote:When looking at these types of trusts that themselves other investment trusts are we not paying twice to hold the underlying shares? For instance BMPI has a large holding in the BB Healthcare Trust, which itself has an on-going charge of 1.36% and BMPI itself is charging 1.07%, giving it seems to me a combined annual charge of 2.43%, which is a lot, or am I missing something here?
Maybe I have got it all wrong and would welcome any wise words from other Lemon Fools.

MM

Yes, I am aware of the implications of double charging on BMPI., but am prepared to accept that in certain situations, where it gives me access to several, (if not many) other more specialist trusts, which I neither have the specialist knowledge of, or want to be bothered in maintaining a significant number of small additional separate holdings.

My interest and latest post/question is about the number of apparent sales of MATE, without there appearing to be any "buys". Sorry, I now realise, I should have included the ticker - MATE - or the name of the trust, in my latest/today's post, - though the link was to MATE. The post should have read:
I have been watching this trust (MATE) for several weeks now, and I note (from the HL website) that almost all of the recent trades each day are shown as sales (and the prices the trades took place at seem to concur). I.e. no purchases.

I am aware that for every sale there should be a buy, but could it be a case that the trust's management are buying back shares into treasury where there is no normal market buyer? If so, that would represent a concern to me, as a potential buyer, that the trust, which only launched in Feb 2018, is shrinking. The SP seems to be fairly constant, as opposed to falling.

https://www.hl.co.uk/shares/shares-sear ... ary-shares

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Re: J P Morgan Multi-Asset Trust (MATE).

#359949

Postby richfool » November 25th, 2020, 1:24 pm

For a trust in the multi-asset (flexible) sector, I felt that MATE did not perform too well in the falls of early this year. However, it continues to offer a diversified investment, with a good yield, at a discount.

It's SP has been slowly clawing its way back up since the falls early this year and based on its current SP it offers a dividend yield of: 4.58% at a discount of -11.07% So offers a much better yield than the likes of PNL and CGT.

I am therefore contemplating whether to top up my holding.

https://www.hl.co.uk/shares/shares-sear ... ary-shares

https://citywire.co.uk/wealth_manager/i ... ePeriod=12

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Re: J P Morgan Multi-Asset Trust (MATE).

#361144

Postby Aminatidi » November 29th, 2020, 12:10 pm

I was just looking at the RNS for this and there's one this week showing that CG Asset Management now have a 6% share in MATE.

Also interestingly (or not!) the MATE factsheet seems totally different to their RNS on the LSE website?

Website top 10 https://am.jpmorgan.com/gb/en/asset-man ... #portfolio

RNS https://www.londonstockexchange.com/new ... s/14752503

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Re: J P Morgan Multi-Asset Trust (MATE).

#361185

Postby richfool » November 29th, 2020, 2:40 pm

Aminatidi wrote:I was just looking at the RNS for this and there's one this week showing that CG Asset Management now have a 6% share in MATE.

Also interestingly (or not!) the MATE factsheet seems totally different to their RNS on the LSE website?

Website top 10 https://am.jpmorgan.com/gb/en/asset-man ... #portfolio

RNS https://www.londonstockexchange.com/new ... s/14752503

Aminatidi, The fact sheets appear different because the LSE one lists its various larger fund holdings first - (high yield bonds, infrastructure, EM debt etc), before starting to move on to the various individual equity holdings.. Whereas the JPM listing goes straight into the top ten individual equity holdings.

I usually watch it through HL fact sheet, which includes both in the relevant order:
https://www.hl.co.uk/shares/shares-sear ... ary-shares

I must admit as a holder of MATE, which has a stated objective of being less volatile, I was rather disappointed by the amount it fell back in March/April. Though, upon a quick check, I note that its SP suffered more than its NAV., so more so adverse investor sentiment than the fall in its real real asset values. However, it seems to be recovering well now and I like its holdings. I know some are cautious about as it is quite small at c £87m.

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JP Morgan Multi-Asset Trust (MATE)

#368193

Postby richfool » December 20th, 2020, 10:40 pm

Information on MATE's Dividend and top holdings:
17th December 2020
The Directors of JPMorgan Multi-Asset Trust plc have declared the following dividend:

Third interim dividend

A third interim dividend of 1.00 pence per ordinary share, for the year ending 28th February 2021, will be paid on 5th February 2021 to shareholders on the register at the close of business on 29th December 2020. The ex-dividend date will be 24th December 2020.

For this third interim dividend, the Company has elected not to 'stream' part of the dividend payment and therefore the whole of the 1.00 pence will be designated as a dividend to shareholders.

https://www.londonstockexchange.com/new ... n/14796891


THE TEN LARGEST INVESTMENTS IN % OF TOTAL ASSETS As at: 30 November 2020:

https://www.londonstockexchange.com/new ... s/14791798

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Re: J P Morgan Multi-Asset Trust (MATE).

#375045

Postby Wuffle » January 9th, 2021, 9:51 am

The NAV here has sneaked up to 103.6.
Meanwhile, the market makers have moved the official buy price up a bit and given the impression that it is more expensive than it is.
They can be bought for 88.7, giving a discount of about 15%.
Subtle stuff, but this is by design a conservatively managed trust and so I would say these things are worth paying attention to.

I understand that this is a small (and young) trust but how much discount is appropriate when its clearly stated remit is that it can go anywhere and into anything to find return. It makes sense to me that a more restricted (be that geographical or investment type) trust could be deemed in some trouble for a while but how does this apply here?
BMPI ( a recent discovery, along with its growth stablemate) goes about its business in a markedly different way but is also small. It has a nominal discount.
Buried in the 2020 half year report is a confession that they didn't get all of their buying and selling timing right in spring but all of that is reflected in the NAV. Or is that it, the market expects them to stuff up and for the NAV to come to meet the price in an unfavourable way?

W.

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Re: J P Morgan Multi-Asset Trust (MATE).

#375062

Postby richfool » January 9th, 2021, 10:56 am

Wuffle wrote:The NAV here has sneaked up to 103.6.
Meanwhile, the market makers have moved the official buy price up a bit and given the impression that it is more expensive than it is.
They can be bought for 88.7, giving a discount of about 15%.
Subtle stuff, but this is by design a conservatively managed trust and so I would say these things are worth paying attention to.

I understand that this is a small (and young) trust but how much discount is appropriate when its clearly stated remit is that it can go anywhere and into anything to find return. It makes sense to me that a more restricted (be that geographical or investment type) trust could be deemed in some trouble for a while but how does this apply here?
BMPI ( a recent discovery, along with its growth stablemate) goes about its business in a markedly different way but is also small. It has a nominal discount.
Buried in the 2020 half year report is a confession that they didn't get all of their buying and selling timing right in spring but all of that is reflected in the NAV. Or is that it, the market expects them to stuff up and for the NAV to come to meet the price in an unfavourable way?

W.

Thanks for your thoughts on MATE.

I must admit I am beginning to lose patience with it. For a trust with an objective of being less volatile, it fell back significantly in the March/April covid falls, and despite rising markets since, its recovery has been insipid/tame. My holding still hasn't just got its head back above water. I'm still 5% down. I've been holding on because of the dividend yield of c4.4%, (NAV -c13%) expecting that its infrastructure amongst other holdings would help it perk up and perform well.

So currently it's on my "watch I may offload" list, along with HINT.

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Re: J P Morgan Multi-Asset Trust (MATE).

#398468

Postby Wuffle » March 23rd, 2021, 10:01 pm

This is clearly not that popular but there may be interest.
Management have updated the market on their direction.
RNS out today and initially the market seems to like it but it is never widely traded.

W.

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Re: J P Morgan Multi-Asset Trust (MATE).

#398483

Postby richfool » March 23rd, 2021, 10:36 pm

Wuffle wrote:This is clearly not that popular but there may be interest.
Management have updated the market on their direction.
RNS out today and initially the market seems to like it but it is never widely traded.

W.

Thanks for the heads up. I found the RNS. For those interested:

https://www.investegate.co.uk/jpmorgan- ... 37021695T/

Key part:
The Board has reconsidered their expectation that the Manager provides a fully covered dividend from portfolio income. This will provide the Managers with greater flexibility in portfolio construction:

o Although the valuations of higher yielding equites are currently attractive, this change in emphasis will allow the Managers greater freedom when allocating the portfolio to strategies across the JPMorgan platform.

· The Company's progressive distribution policy to be linked to inflation:

o The Board will adjust the existing policy so that the total annual distribution will grow, as a minimum, in line with the UK's annual Consumer Price Index (CPI), from the current distribution level of 4 pence per share, per annum, paid quarterly. Based on the most recently published (February 2021) CPI figures by the Office for National Statistics, the Company envisages paying a distribution of 4.1 pence per share for the Company's financial year ending 28th February 2022. Distributions will continue to be paid to shareholders in August, November, February and May of each year.

o It is expected that the first interim distribution for this financial year will be declared in June, payable in August 2021.

o The Company will draw on distributable revenue and capital reserves when the dividend is not covered by current year income.


Dividend increasing from 4.0p to 4.1p

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Re: J P Morgan Multi-Asset Trust (MATE).

#398515

Postby Wuffle » March 24th, 2021, 4:01 am

Just you and me then richfool.
I am glad you hung on.

I thought the casual reference to buybacks might have been significant as well.
They clearly wish hundreds of punters would just turn up and do it for them but......

One of the directors put an oar in the water not long ago and has done quite well.
We perhaps should have picked up on that.
(I am sure he had no idea this was coming).

W.


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