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JPM AM soft-closes US small-cap fund after hitting $1bn limit

JPM AM soft-closes US small-cap fund after hitting $1bn limit

JPMorgan Asset Management has soft-closed the US Smaller Companies fund after the long-running strategy breached $1 billion in assets under management.

The asset manager imposed restrictions on the Luxembourg-domiciled equity fund on January 18, with assets having risen from $882 million on December 31 to $1 billion as of January 18.

This strategy is overseen by Citywire + rated Don San Jose and Citywire A-rated Dan Percella. The duo also run the US-domiciled equivalent, which was soft-closed in November after reaching $4.8 billion, as revealed by sister site Citywire USA.

As with the US version of the fund, the JPM US Smaller Companies fund will remain open to existing investors but there is now a block on money from new shareholders entering the strategy in order to retain the duo’s investment philosophy.

San Jose has been on the fund since 2008, while Percella was assigned in April 2014. The fund was briefly run by three managers, with Eytan Shapiro having also been named on the fund between 1994 and July 2015.

This marks the latest development regarding capacity constraints at JPM this year. The asset manager reopened one of its top-performing long/short equity funds in January after having closed the JPM Europe Equity Absolute Alpha to all investors in April 2015.

Over the three-years to the end of December 2016, the JPM US Smaller Companies fund returned 26.7% in US dollar terms against a 21.6% rise by its Citywire-assigned benchmark, the Russell 2000 TR, over the same period.

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