We were notified by J.P. Morgan that Lorenzo Napolitano left the firm on March 1, 2026, to pursue other opportunities. Napolitano was one of four comanagers on JPMorgan Global Corporate Bond. His focus was on US investment-grade corporate bonds.
The three other comanagers remain in place. Andreas Michalitsianos was added as comanager here in 2013. He took over Lisa Coleman’s role as head of global investment-grade corporate credit in October 2025, has over 24 years of credit portfolio management experience, and has worked closely with Coleman for 17 years. He retains ultimate decision-making authority here. Vikas Pathani, who focuses on US investment-grade credit and has over 20 years of experience with J.P. Morgan, was added as comanager here in April 2025, following the announcement of Coleman’s retirement. Usman Naeem has been a comanager here since August 2015 with a focus on European investment-grade corporates. Both Pathani and Naeem report to Michalitsianos.
There will not be any change to the investment strategy or process, and the fund will continue to be managed in a team-based approach. Our conviction in the team remains unchanged, given the experience of the three remaining portfolio managers. Additionally, the credit analyst team provides depth and expertise and supports security selection efforts. We therefore maintain our People and Process Pillar ratings at Above Average.
