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J.P. Morgan
Asset Management today
announced that three of its U.S. money market funds will begin to disclose
their market-based NAVs per share (also known as Shadow NAVs) on a daily
basis. This additional disclosure will provide investors with greater
transparency regarding the Market-Based NAV's fluctuation, but will not change
the funds' existing objective to maintain $1.00 stable NAV.
Beginning on January 14, 2013, the JPMorgan Prime Money Market Fund, JPMorgan
Liquid Assets Money Market Fund and the JPMorgan Current Yield Money Market
Fund will calculate their Market-Based NAVs per share to four decimals at the
Funds' close of each trading day and disclose it the following business day on
its website. J.P. Morgan plans to add Market-Based NAVs disclosure for its
other money market funds in the near future.
"Daily disclosure of market-based NAVs will help investors better understand
how day to day market movements or events can affect the value of the funds'
portfolios," said Robert Deutsch, head of Global Liquidity at J.P. Morgan
Asset Management. "Increased NAV transparency will allow investors to better
understand the nature of money market fund risks and to make more informed
decisions regarding their investments while they continue to enjoy the
benefits that money market funds offer."
Money market funds' Market-Based NAVs per share have historically been
calculated at least weekly, and since December 2010, have been disclosed
monthly to the SEC within Form N-MFP and made public with a 60-day lag.
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