Beautiful Virgin Islands

Tuesday, Jun 03, 2025

JP Morgan fund dumps “severe violator” petrol and defence stocks

JP Morgan fund dumps “severe violator” petrol and defence stocks

A £1.4 billion JP Morgan fund has dumped shares in two giant American companies in the latest sign of the pressure investors are facing over climate change.
With Extinction Rebellion bringing chaos to London and other campaigners pushing for large firms to act on the environment, stock market funds are under increasing scrutiny.

Today the JP Morgan American Investment Trust said it has sold its holdings in Marathon Petroleum and Raytheon Technologies “substantially on poor ESG (environmental, social and governance) grounds”.

Marathon a $36 billion petrol refiner, and Raytheon, a $130 billion defence giant, are both on the United Nations Global Compact “severe violators” list.

The trust said in a stock market announcement it has switched the proceeds into ConocoPhillips and Bristol Myers Squibb which have “better ESG credentials”.

The statement said: “The Board has noted with approval the increasing attention paid by the Manager to Environmental, Social and Governance (ESG) issues in their research process and stock selection decisions for the Company’s portfolio.”

The fund also noted that it has sold its stake in Tesla, generally regarded as an environmentally friendly stock to fund an investment in Facebook, which is not.

JP Morgan, the world’s biggest bank led by perhaps the most powerful banker, Jamie Dimon, says sustainable investing is “a growing concern for our clients”. It has $2.3 trillion in ESG assets.

The bank did not return calls seeking comment on the investment trust that bares its name.

The fund is listed in London and has seen the shares jump 20% this year. They rose 5p to 693p today. It is run by Timothy Parton and Jonathan Simon.

A report this year by Friends of the Earth showed that UK local government pension funds alone held £10 billion in fossil fuel shares.

Those funds, typically run by large City firms such as Schroders, have seen the value of those holdings tumble during the pandemic, perhaps strengthening the case to sell oil stocks and buy green shares.

While dividends from the likes of BP and Shell have been a vital income stream to pension funds for decades, payouts have been cut as the companies try to reshape their businesses.

ESG funds run by City firms have seen huge inflows in the last year as investors large and small move to embrace green principles.

Critics of the ESG industry argue that there is a clear difference between boycotting certain investments and actively campaigning for change.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×