Fund highlights




Expertise

Draws on the expertise of an experienced team of macro investors and strategists.


Portfolio

High conviction macro views are reflected in an unconstrained, focused portfolio, through long and short positions across equity, fixed income, derivatives, currency and volatility.


Success

Has achieved medium term (3-5 years) return target of cash plus 7% (annualised, gross of fees)*, with volatility below 10%, through diverse market environments.

 




Macro investing: Managing Volatility

James Elliot, co-portfolio manager of the JPMorgan Investment Funds - Global Macro Opportunites Fund talks about the benefits of the fund's flexibility and broad investment toolkit as we enter a period of potentially higher volatility.

Three-minute read ►

*The stated target returns are the investment manager’s objectives only, and are not necessarily part of the fund’s investment objectives and policies as stated in the prospectus. There is no guarantee that these objectives will be met. Cash refers to ICE 1M USD LIBOR. Past performance is not a reliable indicator of current or future results.


Global macro themes




Widespread technology adoption ►

Global policy divergence ►
Supply-side weakness ►

Maturing US cycle ►
Europe gradual growth recovery ►

Japan beyond Abenomics ►
Emerging market convergence ►

China in transition ►

Source: J.P. Morgan Asset Management (from analysis by the Multi-Asset Solutions strategy and portfolio management teams based on publicly available market data up to 31 December 2017). 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.




Top holdings

Supply side weakness26,70%China in transition9,40%
Maturing US cycle17,50%Emerging market convergence9,40%
Widespread technology adoption16,00%Europe growth recovery7,10%
Japan beyond abenomics9,50%Global policy divergence4,40%
as at: 31.07.2018

The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice.



     

Fund highlights




Expertise

Expertise Highly experienced portfolio managers Bob Michele, Nick Gartside and Iain Stealey are backed by the in-house research of a globally integrated team of over 200 investment professionals.


Portfolio

Provides flexible fixed income exposure across more than 15 sectors and 50 countries, dynamically adjusting its allocation and sensitivity to interest rates as market conditions evolve.


Success

Success Has a track record of attractive returns while managing risk, and can act as a diversifier to traditional bond funds.


HISTORICAL PORTFOLIO POSITIONING (DURATION, YEARS)

Source: J.P. Morgan Asset Management. Dec 16.

     

Performance (as at: 31.08.2018)

 1 month3 months1 year3 years5 yearsSince inception
Fund-0,05%-3,71%3,94%0,82%39,53%80,21%
Benchmark-0,03%-0,10%-0,41%-1,07%-0,94%16,38%
Excess Return-0,02%-3,61%4,37%1,91%40,85%54,85%

Inception: 23 October 1998

Source: J.P. Morgan Asset Management.

All performance details are NAV to NAV with gross income reinvested.

Cumulative performance for the share class A (acc) - EUR. Past performance is not an indication of future performance.
Fund performance is shown based on the NAV of the share class A (acc) - EUR with income (net) reinvested including actual ongoing charges excluding entry and exit fees.


Fund information

To achieve capital appreciation in excess of its cash benchmark by investing primarily in securities, globally, using financial derivative instruments where appropriate.

 

Share Class
JPM Global Macro Opportunities A (acc) - EUR
ISIN
LU0095938881
Benchmark
ICE 1 Month EUR LIBOR
Fund Manager(s)
James Elliot
Shrenick Shah
Fund Launch Date
23.10.98
Fund size
EUR 5500,0m
Morningstar Rating
Not rated
Total Expense Ratio
1,45%
Performance fee is 0,00% when the fund return exceeds the benchmark return. Please refer to the Fund’s Prospectus for conditions on the application of the performance fees.
Asset Under Management as of 18.09.2018

Investor profile: Investors in this Fund should have at least a five year investment horizon.







Risk profile

  • The value of your investment may fall as well as rise and you may get back less than you originally invested.
  • The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions.
  • The Sub-Fund may invest in China A-Shares through the China-Hong Kong Stock Connect Programmes which are subject to regulatory change, quota limitations and also operational constraints which may result in increased counterparty risk.
  • The value of debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. These risks are typically increased for emerging market and below investment grade debt securities.
  • In addition, emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Emerging market currencies may be subject to volatile price movements. Emerging market and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non-emerging market and investment grade debt securities respectively.
  • The credit worthiness of unrated debt securities is not measured by an independent credit rating agency.
  • The value of securities in which the Sub-Fund invests may be influenced by movements in commodity prices which can be very volatile.
  • Convertible bonds are subject to the credit, interest rate and market risks stated above associated with both debt and equity securities and to risks specific to convertible securities. Convertible bonds may also be subject to lower liquidity than the underlying equity securities.
  • The Sub-Fund may be concentrated in, and have net long or net short exposure to, industry sectors, markets and/or currencies. As a result, the Sub-Fund may be more volatile than more broadly diversified funds.
  • The value of financial derivative instruments can be volatile. This is because a small movement in the value of the underlying asset can cause a large movement in the value of the financial derivative instrument and therefore, investment in such instruments may result in losses in excess of the amount invested by the Sub-Fund.
  • Some financial derivative instruments traded on an exchange may be illiquid, and as a result, may need to be held until the contract expires. This may have an adverse impact on the return of the Sub-Fund.
  • The possible loss from taking a short position on an asset may be unlimited as there is no restriction on the price to which the asset may rise. The short selling of investments may be subject to changes in regulations, which could adversely impact returns to investors.
  • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful.
  • The term ‘Fund’ used throughout this document refers to the relevant ‘Sub-Fund’, which is a legal term used in the Prospectus.


 

Disclaimer


This is a marketing communication and as such the views contained herein are not 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 a reliable indicator 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.


As the product may not be authorized or its offering may be restricted in your jurisdiction, it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant jurisdiction. Prior to any application investors are advised to take all necessary legal, regulatory and tax advice on the consequences of an investment in the products. Shares or other interests may not be offered to, or purchased, directly or indirectly by US persons. All transactions should be based on the latest available Prospectus, the Key Investor Information Document (KIID) and any applicable local offering document. These documents together with the annual report, semi-annual report and the articles of incorporation for the Luxembourg domiciled products are available free of charge upon request from JPMorgan Asset Management (Europe) S.à r.l., 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg, your financial adviser or your J.P. Morgan Asset Management regional contact. In Switzerland, JPMorgan Asset Management (Switzerland) LLC, Dreikönigstrasse 21, 8002 Zurich, acts as Swiss representative of the funds and J.P. Morgan (Suisse) SA, 8 Rue de la Confédération, 1204 Geneva, as paying agent of the funds. This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) S.à r.l., 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg, R.C.S. Luxembourg B27900, corporate capital EUR 10.000.000.


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