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JP Morgan US trust issues 1.2m shares
JP MORGAN American Investment Trust plans to test the appetite of the market by issuing nearly 1.2m new shares.
The trust, run by Garrett Fish, will issue up to 1.19m new ordinary shares to professional investors at a price to be announced today and at a premium of at least 1.5 per cent to net asset value. The stock will be offered on a first-come-first-served basis. Its ten largest investments were Exxon Mobil, Apple, Microsoft, IBM, Berkshire Hathaway, Merck & Co, Pfizer, Williams, ConocoPhilips and Philip Morris International at 31 December.
High-profile manager Fish hit the headlines last year when he said stockmarkets were being hurt by the “right moving more to the right and the left becoming more left”.