Stocks | Wanguo Gold Group Buys $103.8 Million JPMorgan Mansart Overnight Fund

Wanguo Gold Group (03939) said it subscribed on Friday, July 4, for about $103.8 million of the JPMorgan Mansart Overnight Fund, Class A Accumulating USD Shares, according to ETNet. The open-ended Irish UCITS fund is managed by J.P. Morgan Mansart Management Limited and tracks the Solactive SOFR Daily Total Return Index, with a target performance of SOLSOFR plus 30 basis points. Wanguo Gold said the subscription was low risk and sufficiently liquid, and that the money came from idle proceeds raised through a recent convertible bond issue. It said the move was intended to improve treasury management efficiency and returns, and expected the yield to be higher than ordinary commercial bank demand deposits. The transaction was classified as a discloseable transaction because the highest applicable percentage ratio exceeded 5% but was below 25%.