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JPMorgan Chinese Investment Trust plc:
Annual General Meeting
January 2019
Howard Wang, Managing Director
Portfolio Manager and Head of the Greater China Equities Team
Rebecca Jiang, Executive Director
Portfolio Manager
1
Questions from investors
What’s your view on US-China trade?
Several sectors have sold off quite sharply this year.. what is going on?
Given all that has happened, what have you done with the portfolio?
What are some of the interesting new ideas for the portfolio this year?
2
Outlook
Opportunities?
Drivers of returns?
Risks?
Positioning?
Secular corporate earnings growth in “New China”, widening foreign access and
attention to A-share market, and attractive valuation driven by extreme market
sentiment
Corporate earnings growth coupled with valuation normalization
Escalation of global trade tensions, growth headwinds from domestic financial
deleveraging, and policy over-tightening
Key stock overweights remain in structural growth sectors, including consumer,
technology / internet, healthcare and environmental services
Source: J.P. Morgan Asset Management. As of December 2018. Opinions, estimates, forecasts, projections and statements of financial market trends are based on market
conditions at the date of the publication, constitute our judgment and are subject to change without notice. There can be no guarantee they will be met.
3
Trade wars: It’s a systematic approach
Source: Market Insights – Market Bulletin: Investors eye the negotiating table: Rebalancing
China-U.S. trade and markets. U.S. Bureau of Economic Analysis, U.S. Census Bureau, J.P.
Morgan Asset Management. *Sales data is as of 2015, which is the most recent year for
which sales of multinational firms are available. Data reflect most recently available as of
10/5/18.
Where China makes concessions: Old China
Opening up market access Auto, financial services
Lowering import tariff
Auto & auto parts, consumer
products (cosmetics, perfumes,
spirits etc.)
Increasing imports Oil & LNG, agricultural products
Where China holds the line: New China
Made in China 2025Software, automation, healthcare
services
Goods
Goods
Services
Services
Sales*
Sales*
$0
$100
$200
$300
$400
$500
$600
U.S. China
USD Billions, 2017*
Currently
targeted with
tariffs
Could be
targeted
Likely next
target for
China
$150 billion
level
What China has on hand: things beyond tariffs
“Just had a long and very good call
with President Xi of China. Deal is
moving along very well. If made, it will
be very comprehensive, covering all
subjects, areas and points of dispute.
Big Progress being made!”
- President Trump via Twitter on
Dec 30, 2018.
Image source: Shutterstock.
4
Monetary policy focus changed from deleveraging to stabilizing leverage
Short term rates declined rapidly with more liquidity injection from
PBOCCredit growth has bottomed
Source: Bloomberg, J.P. Morgan Asset Management. As of December 31 2018Source: WIND. Data as of end Dec 2018.
5%
10%
15%
20%
25%
30%
01/1
3
04/1
3
07/1
3
10/1
3
01/1
4
04/1
4
07/1
4
10/1
4
01/1
5
04/1
5
07/1
5
10/1
5
01/1
6
04/1
6
07/1
6
10/1
6
01/1
7
04/1
7
07/1
7
10/1
7
01/1
8
04/1
8
07/1
8
10/1
8
Domestic Credit YoY growth
2
2.5
3
3.5
4
4.5
5
5.5
6
Shibor (3M)China Corp Bond AA (1Yr)
A 6/24People’s Bank of China (PBOC) cut Reserve Requirement Ratio (RRR) by
50bp
B 7/18PBOC will offer Medium-term Lending Facility (MLF) liquidity to banks
specifically to buy low grade corp bonds
C 7/20
Eased Wealth Management Product (WMP) rule is announced from
PBOC/China Banking and Insurance Regulatory Commission (CBRIC)
with more flexibility given to banks
D 10/7 PBOC to cut Reserve Requirement Ratio (RRR) by 100bps
E 10/30 CBIRC urges banks to support SMEs and private sector
F 12/19PBOC to offer banks Targeted Medium-term Lending Facility (TMLF) to
support SMEs lending
G 2019/1/4 PBOC to cut Reserve Requirement Ratio (RRR) by 100bps
A
B
CF
E
D
G
5
More proactive fiscal policies
Pick up in local government bond issuance to support
infrastructure investment
Source: WIND, Ministry of Finance, CICC Estimates. Data as of end Dec 2018.Source: WIND. Data as of end Dec 2018.
0
500
1000
1500
2000
2500
3000
3500
2016 2017 2018 2019ER
mb b
n
Net increase of special-purpose localgovernment bond
Net increase of local government bond
Fiscal policy to reverse
0%
5%
10%
15%
20%
25%
03/1
6
05/1
6
07/1
6
09/1
6
11/1
6
01/1
7
03/1
7
05/1
7
07/1
7
09/1
7
11/1
7
01/1
8
03/1
8
05/1
8
07/1
8
09/1
8
11/1
8
Government revenue growth Government expenditure growth
Government
revenue growth
is faster than
government
expenditure
growth
Government
expenditure
growth is faster
than revenue
growth
1. Personal income tax cut
(0.5% of GDP)”
– 20 Oct 2018
2. Corporate VAT cut
expected in 2019
Expect
government
expenditure
to outgrow
revenue
6
More coordinated policies to support confidence and growth
Source: Bloomberg, J.P. Morgan Asset Management. As of December 31 2018Source: Data as of end Dec 2018.Data as of end Dec 2018. Rolling 3M = Rolling 3 months.
On November 1, 2018 Xi gave major speech on the importance of private sectors and entrepreneurs in the economy…
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
Avg.
3M
16
Ap
r-16
Ma
y-1
6
Jun
-16
Jul-
16
Au
g-1
6S
ep-1
6O
ct-
16
Nov-1
6D
ec-1
6
Avg.
3M
17
Ap
r-17
Ma
y-1
7Jun
-17
Jul-
17
Au
g-1
7S
ep-1
7
Oct-
17
Nov-1
7D
ec-1
7
Avg.
3M
18
Ap
r-18
Ma
y-1
8Jun
-18
Jul-
18
Au
g-1
8S
ep-1
8
Oct-
18
Nov-1
8
Rolling 3M sales volume growth
Tier 1
Tier 2
Tier 3
Property: Relaxation of mortgage and in selective cities
400
450
500
550
600
650
700
Stock market:
• 19 Oct - Coordinated effort
to resolve pledged stock
issue
• Promote onshore equity
market financing via pro-
market reforms
7
200
250
300
350
400
450
500
01/18 02/18 03/18 04/18 05/18 06/18 07/18 08/18 09/18 10/18 11/18 12/18
YTD stock price performance
Sector level tinkering denting confidence
Source: Bloomberg, J.P. Morgan Asset Management. As of 31 Dec 2018. The securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation
to buy or sell.
Past performance is not a reliable indicator of current and future results.
40
45
50
55
60
65
70
75
80
85
0
2
4
6
8
10
12
14
16
01/18 02/18 03/18 04/18 05/18 06/18 07/18 08/18 09/18 10/18 11/18 12/18
YTD stock price performance
SinoBiopharm (LHS)
Hengrui (RHS)Vaccine scandal
CFDA reshuffle
Centralized procurement
Healthcare examples – Jiangsu Hengrui / Sino BiopharmTech example - Tencent
2Q18 results
Planned measures
to reduce the prevalence
of myopia
Start of game
approval suspension
…Perception that government favors SOEs over the Private Sector prevails…
8
Sector level tinkering denting confidence
Source: Bloomberg, J.P. Morgan Asset Management. As of 31 Dec 2018. The securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation
to buy or sell.
Past performance is not a reliable indicator of current and future results.
40
50
60
70
80
90
100
110
0
1
2
3
4
5
6
7
8
01/18 03/18 05/18 07/18 09/18 11/18
YTD stock price performance
Wisdom Education (LHS)
New Oriental (RHS)
Education examples – Wisdom / New Oriental
Revised Draft of the
China Private Education
Promotion Law
Regulations for
after-school tutoring
…Perception that government favors SOEs over the Private Sector prevails…
6.2
6.3
6.4
6.5
6.6
6.7
6.8
6.9
7
7.12500
3000
3500
4000
4500
CSI300 (LHS)
USD / CNY ( RHS - Inverted)
Combined macro and micro level pressures punishing
9
What have we done?
Source: J.P. Morgan Asset Management. Opinions, estimates, forecasts, projections and statements of financial market trends are based on market conditions at the date of the publication, constitute
our judgment and are subject to change without notice. There can be no guarantee they will be met.
Select additions Select reductions
Software / Internet: Structural Growth with
attractive expected return
Consumer cyclicals: Real estate
Growth Staples: Steady earnings growth
Electronics/tech:
• End demand weakness
• Trade-related uncertainties
• The selloff of the market has opened up certain opportunities
• We have initiated and added to companies with high expected returns post the market
panics and the ones continue to execute and whose normalised earnings are unlikely to
see any change
10
Going forward…
Source: J.P. Morgan Asset Management. As of 31 Dec 2018. Opinions, estimates, forecasts, projections and statements of financial market trends are based on market conditions at the date of the publication, constitute our
judgment and are subject to change without notice. There can be no guarantee they will be met.
Past performance is not a reliable indicator of current and future results.
… and onshore underperformed offshoreGrowth has underperformed Value…
• Our base case remains: Controlled China growth moderation
• Interest from foreign investors in the domestic market remains strong
• Valuations are also fairly supportive
• We maintain a long-term view and remain focused on structural opportunities in the
consumer, technology, and healthcare sectors
70
80
90
100
110
120
MSCI ChinaMSCI China GrowthMSCI China Value
70
80
90
100
110
120
MSCI China
CSI300
11
We are positioned towards long term structural growth opportunities
Healthcare
Technology
and
Automation
Consumption
Technology
Mobility device functionality
upgrades
Surveillance solutions
Factory automation
Software solution services
Consumption Upgrade Household durables
Food & beverages
Leisure & entertainment
Education
Healthcare Innovative drug R&D
Consumer-oriented traditional
Chinese medicine
Healthcare services
12
Stock example: Shanghai International Airport (China, industrials)
Source: J.P. Morgan Asset Management, as of end May 2018. Capex = Capital Expenditure.
The companies above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell.
Benefitting from China’s outbound travel growth
Economics
Excellent profitability: highest margins among listed Chinese
airports. In 2016, it achieved a 41% operating margin and a 43%
net margin vs. average of 35% and 26%, respectively.
Non-aeronautical revenue is mainly driven by high-margin retail
rentals and concessions.
Duration
Super hub with highest international exposure: Benefiting from its
strategic location in the affluent Yangtze River Delta (YRD) area
and differentiated positioning, SIA has the highest international
passenger mix among all three super hubs in China which is key to
non-aeronautical revenue.
Governance
The company’s decision of using redundant cash to fund capex of
the satellite terminal helps improve return.
Offline travel/leisure spending outgrowing overall
consumption
5
10
15
20
25
30
35
40
12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17
%
Domestic tourism revenue growth (YoY%)
Total retail sales volume growth (YoY%)
13
Stock example: Wuxi Biologic (China, health care)
Source: J.P. Morgan Asset Management, as of end June 2018.
*JPMAM Estimates. Opinions, estimates, forecasts, projections and statements of financial market trends are based on market conditions at the date of the publication, constitute our judgment and are
subject to change without notice. There can be no guarantee they will be met.
The companies above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell.
Leading Chinese Contract Research Organization (CRO) in the biologics space
Economics
The Company is well positioned to grow well beyond forecasted global
market growth with China market CAGR forecasted to grow in the mid
30s through the duration
Duration
Strong macro drivers into the future due to enduring rise of chronic
illnesses/aging population with strong demand for biologic therapies
Governance
Strong management/scientific team with a good track record of high
quality R&D
China’s Biologics Outsourcing Market- Growing Faster than
Global Outsourcing Market with Wuxi being the dominant
player
0
1
2
3
4
5
6
7
8
0
5,000
10,000
15,000
20,000
25,000
30,000
2017 2020E* 2023E*
Biologics Outsourcing Market Wuxi Revenue % of Market Share
Wuxi CAGR 17-23E: 41%
Industry CAGR 17-23E :18%
USD mn %
14
Stock example: Kingdee International (China, information technology)
Source: J.P. Morgan Asset Management. Updated as of end Jan 2018. ROE = Return on Equity.
JPMAM Estimates. Opinions, estimates, forecasts, projections and statements of financial market trends are based on market conditions at the date of the publication, constitute our judgment and are
subject to change without notice. There can be no guarantee they will be met.
The companies above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell.
Market leader in China’s Enterprise Software-as-a-Service (SaaS) Market
Economics
Free Cashflow expected to continue improving along with the
growth of its cloud Enterprise Resource Planning (ERP) business
ROE expected to recover as it moves toward SaaS-based pricing
model
Duration
Duration expected to improve substantially, as the company moves
aggressively to the subscription-based business model that has
much stronger customer stickiness and visibility in service renewal
because it’s quite difficult to switch vendors given the complexity of
ERP software embedded deeply in enterprise organisations
Governance
Management has a clear strategic direction of cloud migration
China’s enterprise software industry is expected to benefit from
accelerating spending in software
13%
3%
0%
3%3%
7%7%
8%
5%
-5%
-7%
-4%-3%
0%
-10%
-5%
0%
5%
10%
15%
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
2011 2012 2013 2014 2015 2016 2017 2018E 2019E
IT spending in enterprise software (L)
YoY (R)
YoY (subtracting GDP growth, R)
RMB
bn
Underinvestment
15
JPMorgan Chinese Investment Trust plc Update
16
Greater China investment professionals
* Based in China - JPMorgan Asset Management (Shanghai) Limited (Asset Management Wholly Foreign Owned Enterprise)
Source: J.P. Morgan Asset Management
As of 4th January 2019
Number of years experience: Industry/Firm as of 4th January 2019
Select GEM Global and Sector Analysts
Andrew Tan
Natural Resources
Experience: 24/11
Paul Chan
Technology
Experience: 25/19
Simmy Qi
Industrials
Experience: 8/8
Denise Valentine
Biotechnology
Experience: 23/3
Penny Tu
Internet / Media
Experience: 13/5
Richard Titherington
Head of EMAP Equities Team
Experience: 35/33
Joelian Tseng
Experience: 21/<2
Howard Wang
Head of
Greater China
Experience: 24/14
Lilian Leung
Experience: 24/9
James Yeh
Experience: 23/17
China and Greater China Growth
Rebecca Jiang
Experience: 14/2
Greater China Team Portfolio Managers
Shumin Huang
Head of
Greater China Research
Experience: 27/13
Bonnie Chang
Automobiles /
Industrials
Experience: 19/4
Robert Yen
Technology
Experience: 16/2
Elizabeth Pang
Domestic HK /
China Industrials
Experience: 14/14
Greater China Team Research Analysts
Lin He
Industrials /
Consumer
Experience: 16/<2
Dong Xu*
Experience: 16/2
Eva Wang
Consumer
Experience: 14/2
Vincent Yu
Healthcare /
Industrials
Experience: 13/6
Connie Shen
Real Estate /
Financials
Experience: 8/5
Mark Mao
Industrials
Experience: 9/2
China Income and Hong Kong Core
Taiwan Growth
Yunyun Hu*
Consumer
Experience: 10/<2
Weiying Dong
Small Cap
Experience: 13/4
Willy Chen*
Industrials
Experience: 9/<2
Elizabeth Pang
Experience: 14/14
Edward Yen
Technology
Experience: 14/<1
Li Tan
Financials
Experience: 7/7
Ansel Lin
Internet / Media
Experience: 6/<1
17
Performance
Fund launch date = 19 Oct 1993.
^ Dividends reinvested after deduction of withholding tax. Prior to 26 Jan 2016, MSCI Golden Dragon (NDR).Prior to 1 Jun 2002, MSCI Provisional Golden Dragon Index (NDR). Prior to 1 Oct 2001,
Customised benchmark (Calculated by J.P. Morgan Asset Management and comprised 40% HSI, 40% Taiwan Weighted and 20% BNP Paribas China Price). Prior to 1 Oct 1998, BNP Paribas China
Price.
* Arithmetic excess return presented.
Source: J.P. Morgan Asset Management. Net Asset Value (NAV) Performance data has been calculated on NAV to NAV basis, including ongoing charges and any applicable fees, with any income
reinvested, in GBP. The benchmark is for comparative purposes only, unless otherwise indicated in the Investment Trust’s Investment Objective and Policy.
Past performance is not a reliable indicator of current and future results.
JPMorgan Chinese Investment Trust plc as of 31st December 2018
Three months Six months One year Three years Five years Since launch
JPMorgan Chinese Investment Trust plc -14.57 -25.73 -25.15 9.94 8.53 5.39
MSCI China Index (NDR)^ -8.60 -14.41 -13.83 14.20 10.78 4.69
Excess return* -5.98 -11.32 -11.31 -4.25 -2.26 0.71
2013 2014 2015 2016 2017 2018
JPMorgan Chinese Investment Trust plc 13.66 13.12 0.14 15.42 53.82 -25.15
MSCI China Index (NDR)^ 4.91 14.42 -2.07 22.81 40.73 -13.83
Excess return* 8.75 -1.30 2.21 -7.38 13.09 -11.31
Annualised performance (%)
Calendar year performance (%)
Market value
JPMorgan Chinese Investment Trust GBP 186.5m
Overall
10-Year
Morningstar Overall RatingsTM
18
Country and sector positions
Source: J.P. Morgan Asset Management. Individual figures may not add up exactly to the total due to rounding. The investment trust is actively managed. Holdings, sector weights, allocations and
leverage, as applicable, are subject to change at the discretion of the investment manager without notice
JPMorgan Chinese Investment Trust plc as of 31st December 2018
Active and absolute sector positions
Country positions
Benchmark MSCI China Index (NDR)
Portfolio
Weight (%) 117.0 35.3 22.9 1.1 0.5 -18.6
Portfolio
Weight (%) 30.6 13.1 11.3 4.8 7.7 6.4 3.4 0.7 18.8 9.5 1.1 8.3 0.0 21.8 -18.6
Relative to benchmark (%)
10.7 10.2 8.7
2.2 2.0 1.0 0.4
-1.3-4.5
-5.4 -1.0
2.0
-5.2 -5.6
-18.6-24.0-18.0-12.0-6.00.06.0
12.018.0
ConsumerDiscretionary
HealthCare
InformationTechnology
ConsumerStaples
RealEstate
Industrials Utilities Materials Financials Banks DiversifiedFinancials
Insurance Energy Comm.Services
Cash
17.0
32.9
1.3 1.1 0.5
-18.6-30.0
-10.0
10.0
30.0
50.0
China A-shares ADRs Hong Kong Taiwan Cash
Relative to benchmark (%)
19
Portfolio Fund Benchmark
Number of Holdings 66 410
12-Month Forward Price to Earnings (x) 13.4 9.9
3-5 Year Earnings Per Share Growth (%) 20.2 17.5
Dividend Yield (%) 1.5 2.4
Return on Equity (%) 19.8 15.9
Active Share (%) 81.6
Portfolio characteristics
Portfolio yield is the aggregate weighted sum of the estimated yields of the stocks in which the fund invested. It is calculated as (12-month forward DPS / Current price)*100. It is not based on the fund’s
dividend distributions.
Source: FactSet, J.P. Morgan Asset Management.
The investment trust is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the Investment Manager without notice.
JPMorgan Chinese Investment Trust plc as of 31st December 2018
Market capitalisation (USD)
46.2
32.5
20.4
16.9
2.4
55.7
14.9 16.8
12.0
0.60%
10%
20%
30%
40%
50%
60%
> 30 bn 10 bn <> 30bn
4 bn <> 10 bn 1 bn <> 4 bn < 1 bn
Fund Benchmark
Benchmark MSCI China Index (NDR)
20
Appendix
21
Portfolio positions
JPMorgan Chinese Investment Trust plc as of 31st December 2018 Benchmark MSCI China Index (NDR)
Top 10 holdingsFund
weight (%)
Tencent Holdings Ltd. 12.1
Alibaba Group Holding Ltd. 11.3
Ping An Insurance (Group) Company of China, Ltd. 8.3
Baidu, Inc. 4.8
China Merchants Bank Co., Ltd. 4.8
China Overseas Land & Investment Limited 3.8
Shenzhou International Group Holdings Limited 2.8
Country Garden Holdings Co. Ltd. 2.5
ENN Energy Holdings Limited 2.5
Jiangsu Hengrui Medicine Co., Ltd. 2.2
Source: J.P. Morgan Asset Management. The investment trust is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the
investment manager without notice.
Top 5 overweights
Fund
weight (%)
Relative
position (%)
Ping An Insurance (Group) Company of
China, Ltd.8.3 5.0
China Merchants Bank Co., Ltd. 4.8 3.7
China Overseas Land & Investment
Limited3.8 2.9
Jiangsu Hengrui Medicine Co., Ltd. 2.2 2.2
Shenzhou International Group Holdings
Limited2.8 2.2
Top 5 underweights
Fund
weight (%)
Relative
position (%)
China Construction Bank Corporation 0.0 -5.4
China Mobile Limited 0.0 -4.0
Tencent Holdings Ltd. 12.1 -3.5
Industrial and Commercial Bank of China
Limited0.0 -3.4
Bank of China Limited 0.0 -2.4
22
Investment objective and risk profile
JPMorgan Chinese Investment Trust plc
Risk profile
The value of investments and the income from them can go down and up, and you may not get back as much as you paid in. Past performance is not a
guide to the future.
Exchange rate changes may cause the value of underlying overseas investments to go down as well as up.
Investments in emerging markets may involve a higher element of risk due to political and economic instability and underdeveloped markets and
systems. Shares may also be traded less frequently than those on established markets. This means that there may be difficulty in both buying and
selling shares and individual share prices may be subject to short-term price fluctuations.
This fund may use derivatives for investment purposes or for efficient portfolio management.
External factors may cause an entire asset class to decline in value. Prices and values of all shares or all bonds could decline at the same time.
This trust may utlilise gearing (borrowing) which will exaggerate market movements both up and down.
This trust may also invest in smaller companies which may increase its risk profile.
Please refer to the Investor Disclosure Document, latest annual report, and Key Information Document (KID) for more information relating to the Company
Investment objective
The Company aims to provide long term capital growth by investment in companies which are quoted on the stock exchanges of
Hong Kong, China and Taiwan or which derive a substantial part of their revenues or profits from these territories. The Company has
the ability to use borrowing to gear the portfolio within the range of 10% net cash to 20% geared in normal market conditions.
23
Important information
This is a marketing communication and as such the views contained herein do not form part of an offer, nor are they to be taken as advice or a recommendation, to buy or sell any
investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have
been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily
reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are
unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all
inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the
income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange
rates may have an adverse effect on the value, price or income of the products or underlying overseas investments. Past performance and yield are not reliable indicators of current
and future results. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment
products, there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase
& Co. and its affiliates worldwide. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and
regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy Policy
www.jpmorgan.com/emea-privacy-policy.
Investment is subject to documentation. The Investor Disclosure Document, Key Features and Terms and Conditions and Key Information Document can be obtained free of charge
from JPMorgan Funds Limited or www.jpmam.co.uk/investmenttrust. This communication is issued by JPMorgan Asset Management (UK) Limited, which is authorised and
regulated in the UK by the Financial Conduct Authority. Registered in England No: 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP.
Material ID: 0903c02a824c0251
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