Richard Titherington has revamped the top 10 holdings of his JPMorgan (JPM) Emerging Markets Infrastructure fund since March.
Titherington made the changes on the back of changing earnings prospects and valuations.
“Most of those stocks we own somewhere else within our emerging markets funds,” he says. “Although they are new to the infrastructure fund, they are not new in general.”
Pacific Rubiales Energy, a Canadian and Colombian-listed producer of oil and natural gas, is now the biggest holding in the fund at 3.4%. Titherington first added it to the £14.3m portfolio in March, when its valuation looked cheap compared to its assets.
Vale, the Brazilian mining giant, accounts for 2.9% of the fund and China Gas Holdings for 2.5%. (article continues below)
Pacific Rubiales Energy and Vale are both new top 10 holdings. Other new additions include Brazil-basedOGX Petroleo e Gas Participacoes, which focuses on oil and natural gas exploration and production, Lanco Infratech, a power trader in India, China Resources Power Holdings, Petrochina and Companhia de Concessoes Rodoviarias, an infrastructure company based in Brazil.
Titherington reduced the weighting in China Gas Holdings by 0.1 percentage points, but the company remains among the top 10 holdings of the JPM Emerging Markets Infrastructure fund.
Thailand-based Siam Cement used to be the fund’s second biggest holding but Titherington sold the stock after a period of good performance. He also sold MMC Norilsk Nickel, the Russian nickel and palladium producer, Samsung Engineering and Indian cement producer Gujarat Ambuja Cement.
Likewise, Russia-based Magnitogorsk Iron and Steel Works, Weg, a Brazil-based company principally involved in the production of electric motors, and Mundra Port and Special Economic Zone in India were dropped from the list of top 10 holdings.