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JPMorgan UK Strategic Growth fund sells Shell

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By Eleanor Lawrie

The JPMorgan UK Strategic Growth fund has sold out of Royal Dutch Shell as the oil and gas sector is hit by weak prices and disappointing earnings.

Shell, which at the end of April was the fund’s seventh-biggest holding, has been sold following the announcement of its merger with UK-based gas giant BG Group.

“The weak oil price and the deal with BG Group means they will have to raise capital and dilute earnings, so we sold our position,” co-manager Ian Butler explained.

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