JP Morgan Asset Management (JPMAM) has reclassified its £1 billion Strategic Bond fund as absolute return mandate.

The house said that the move from the Investment Association's Strategic Bond sector to the Absolute Return Bond sector, effective 18 December 2017, reflected the ‘existing tactical approach to investing’.

‘We’ve always had an absolute return mindset for this fund, with the manager’s actively shifting positions to mitigate downside risk,’ JPMAM said in a statement.

The fund will be managed the same way by Nick Gartside, Iain Stealey and Bob Michele (pictured), but the name and category changes are to clarify the investment objective and policy of the fund.

JPMAM claim that the fund ‘successfully provided absolute returns in a variety of market environments since the fund’s launch in May 2009'.