NEW YORK: A top-performing JPMorgan fund focused on emerging-market stocks trimmed its bet on Tencent Holdings Ltd., selling shares of what was its largest holding in July as the Chinese technology company struggles to stage a comeback.
JPMorgan Chase & Co.’s $6.5 billion Emerging Markets Equity Fund, which outperformed 94% of peers this year, reduced its position in Tencent by 14% as of Oct. 31, data compiled by Bloomberg show. Shares of Tencent, the largest company in Hong Kong’s Hang Seng Index by market capitalization, fell to a nine-month low on Oct. 30. JPMorgan declined to comment.