JP Morgan Asset Management plans to overhaul the $214.6 million JPMorgan Dynamic Small Cap Growth fund, changing its name, strategy and management team, according to a Securities and Exchange Commission (SEC) filing.
Starting on May 31, the fund will change its name to the JPMorgan Small Cap Blend fund, which will then adopt a new investment strategy, management team and benchmark.
Playford, who is the chief investment officer of the firm’s US equity value team, will lead the new portfolio management team’s value investments, which it will adopt as part of its shift toward being a blended fund, rather than just growth-focused.
To reflect the change of its investment strategy, the fund will also switch its benchmark from the Russell 2000 Growth index to the Russell 2000 index.
The fund, which is expected to complete implementing the new strategy by June 8, will sell a large portion of its existing small cap growth investments as it migrates to the new strategy, according to the filing.
Following the changes, the fund will invest in either growth or value small-cap stocks, with allocations ranging from 30% to 70% of the fund.
Launched in May 1997, the fund has returned 62.7% over the past three years until the end of January and ranks 10 out of 142 Small-Cap Growth Funds tracked by Citywire.
A JP Morgan spokeswoman confirmed the contents of the filing but declined to comment further.